GREENFIELD, Ind.--(BUSINESS WIRE)--The new Yamaha Marine Precision Propeller (YPPI) facility in Greenfield, Ind. reached full production capacity this July. The advanced casting facility and foundry uses state-of-the-art robotics to significantly reduce lead times and increase production by more than 67 percent, allowing YPPI to deliver more than 100,000 propellers to customers annually.
“It’s great to finally be firing on all cylinders in the Greenfield facility,” said Batuhan Ak, Plant Manager of YPPI Greenfield. “Propellers are part of the integrated systems that boats need today, and the new facility gives us the opportunity to leverage more efficient manufacturing technologies that increase quality while decreasing manufacturing costs.”
Yamaha acquired Precision Propellers, Inc. in 2008. The group, which is the sole manufacturer of stainless-steel propellers for Yamaha outboards in the U.S., broke ground on the 55,000 square foot building on five of 28 acres in July of 2019. Yamaha plans to further expand the YPPI campus in the future.
The Greenfield YPPI facility now houses the entire propeller casting operation while the YPPI location in Ritter, Ind. will serve as the manufacturer’s post casting and finishing facility. YPPI is one of only two marine propeller foundries in the U.S. and one of the largest stainless-steel investment casting foundries in the world.
As a captive foundry (owned by the company that makes the product), YPPI is in a unique position to meet market demand quickly. While other manufacturers who rely on external sources are currently suffering from lead times that have doubled and tripled, YPPI’s investment in the Greenfield facility helps the company meet demand in a more timely manner.
“Yamaha built the Greenfield facility with additional capacity in mind – not only to meet today’s demand, but tomorrow’s as well,” said Ak. “As key customers of many vendors that supply U.S.-sourced products, we’ve been at the forefront of receiving the raw materials we needed to keep up the pace.”
To achieve greater levels of efficiency and increased production, the YPPI team brought in several new equipment advancements including a first-of-its-kind pouring system in addition to higher levels of space-efficient automation, i.e. robotic processing. The robotics created the need for new technical roles to support the equipment and technology.
YPPI employees have the advantage of on-the-job foundry training and expert skill development that is directly transferrable to other manufacturing industries. The manufacturer also offers world-class benefits and competitive salaries that start well above minimum wage, giving employees comfortable lifestyle options within the cost-of-living factor in Greenfield.
YPPI plans to hire more than 30 new employees through the end of 2021 for a total just over 200 employees between the two facilities.
Yamaha Marine products are marketed throughout the United States and around the world. Yamaha Marine U.S. Business Unit, based in Kennesaw, Ga., supports its 2,400 U.S. dealers and boat builders with marketing, training and parts for Yamaha’s full line of products and strives to be the industry leader in reliability, technology and customer service. Yamaha Marine is the only outboard brand to have earned NMMA®’s C.S.I. Customer Satisfaction Index award every year since its inception.
REMEMBER to always observe all applicable boating laws. Never drink and drive. Dress properly with a USCG-approved personal floatation device and protective gear. Messaging and data rates may apply.
® 2021 Yamaha Motor Corporation, U.S.A. All rights reserved.
This document contains many of Yamaha’s valuable trademarks. It may also contain trademarks belonging to other companies. Any references to other companies or their products are for identification purposes only and are not intended to be an endorsement.
Melissa Boudoux
Media Relations and Dealer Education
Yamaha U.S. Marine Business Unit
Office: (770) 701-3269
Mobile: (404) 381-7593
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MINNEAPOLIS--(BUSINESS WIRE)--Xcel Energy today announced that it is the largest clean energy provider in the country when it comes to wind, solar and battery storage, according to the American Clean Power Association (ACP). In its recently published annual report, the ACP ranks investor-owned utilities, based on the amount of clean power on their systems at the end of 2020, and Xcel Energy came out on top.
“The nation has seen tremendous growth on the wind and solar front, and we’re proud to be leading the charge in providing our customers with clean energy,” said Ben Fowke, CEO and chairman of Xcel Energy. “This is a time of significant change for our company and industry as we embrace renewables and other technologies that provide value to our customers, communities and the environment.”
Xcel Energy is the first major U.S. power provider to announce a vision of delivering 100% carbon-free electricity to its customers by 2050, and it’s more than halfway there. The company has also proposed plans to retire most of its coal generation ahead of schedule, which will help reduce carbon emissions 80% by 2030, one of the most aggressive interim targets in the industry, consistent with the Paris Agreement targets.
At the end of 2020, Xcel Energy had 11,205 megawatts of wind and solar on the system, edging out its peers by 43 megawatts, according to the report.
In 2021, the company surpassed 10,000 megawatts of wind on its system, after wrapping up the largest multi-state wind expansion in the country. By the end of this year, Dakota Range, a large wind farm in South Dakota, is expected to come online.
In addition to reducing carbon emissions 80% by 2030, Xcel Energy expects to serve customers company-wide with electricity that is nearly 80% carbon free, including approximately 65% renewable sources, by the end of the decade.
About Xcel Energy
Xcel Energy (NASDAQ: XEL) provides the energy that powers millions of homes and businesses across eight Western and Midwestern states. Headquartered in Minneapolis, the company is an industry leader in responsibly reducing carbon emissions and producing and delivering clean energy solutions from a variety of renewable sources at competitive prices. For more information, visit xcelenergy.com or follow us on Twitter and Facebook.
Xcel Energy Media Relations
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LEAWOOD, Kan.--(BUSINESS WIRE)--Tallgrass Energy Partners, LP (“TEP”) announced today that it has commenced a cash tender offer (the “Tender Offer”) to purchase any and all of the outstanding senior notes (the “Notes”) listed in the following table upon the terms and conditions described in TEP’s Offer to Purchase, dated August 11, 2021 (the “Offer to Purchase”).
Issuer (1) |
|
Title of Security |
|
CUSIP
|
|
Principal
|
|
Purchase
|
Tallgrass Energy
|
5.50% Senior Notes due 2024 |
|
87470LAA9/ U8302LAA6 |
|
$489,285,000 |
|
$1,016.50 |
(1) Tallgrass Energy Finance Corp., a wholly owned subsidiary of TEP, is a co-issuer of these securities.
(2) Holders whose Notes are purchased will also receive accrued and unpaid interest thereon from the last interest payment date up to, but not including, the initial settlement date.
The Tender Offer is being made pursuant to the terms and conditions contained in the Offer to Purchase, Letter of Transmittal and Notice of Guaranteed Delivery, copies of which may be obtained from Global Bondholder Services Corporation, the tender agent and information agent for the Tender Offer, by calling (866) 794-2200 (toll free) or, for banks and brokers, (212) 430-3774. Copies of the Offer to Purchase, Letter of Transmittal and Notice of Guaranteed Delivery are also available at the following web address: https://www.gbsc-usa.com/tallgrass/.
The Tender Offer will expire at 5:00 p.m., New York City time, on August 17, 2021 unless extended or earlier terminated (such time and date, as the same may be extended, the “Expiration Time”). Tendered Notes may be withdrawn at any time before the Expiration Time. Holders of Notes must validly tender and not validly withdraw their Notes (or comply with the procedures for guaranteed delivery) before the Expiration Time to be eligible to receive the consideration for their Notes.
Settlement for Notes tendered prior to the Expiration Time and accepted for purchase will occur promptly after the Expiration Time, which is expected to be August 18, 2021, assuming that the Tender Offer is not extended or earlier terminated. The settlement date for any Notes tendered pursuant to a Notice of Guaranteed Delivery is expected to be on August 20, 2021, subject to the same assumption.
To the extent the Tender Offer is not subscribed in full, TEP intends to exercise its right to redeem any Notes that are not tendered in the Tender Offer. The redemption date is expected to be on or about September 17, 2021. The redemption price for the Notes will be 101.375% of the aggregate principal amount being redeemed, plus accrued and unpaid interest on the Notes redeemed to, but not including, the redemption date. The Tender Offer and the redemption are conditioned upon the satisfaction of certain conditions, including the completion of a contemporaneous notes offering (the “Notes Offering”) by TEP on terms and conditions (including, but not limited to, the amount of proceeds raised in such Notes Offering) satisfactory to TEP. The Tender Offer is not conditioned upon any minimum amount of Notes being tendered. The Tender Offer may be amended, extended, terminated or withdrawn. TEP intends to use the net proceeds of the Notes Offering, together with borrowings under its existing senior secured revolving credit facility, to fund the Tender Offer and to redeem any 2024 Notes outstanding after completion of the Tender Offer.
TEP has retained MUFG Securities Americas Inc. to serve as the exclusive Dealer Manager for the Tender Offer. Questions regarding the terms of the Tender Offer may be directed to MUFG Securities Americas Inc. at (212) 405-7440 (phone) or (646) 434-3455 (fax).
This press release is neither an offer to purchase nor a solicitation of an offer to sell any Notes in the Tender Offer. In addition, this press release is not an offer to sell or the solicitation of an offer to buy any securities issued in connection with any contemporaneous notes offering, nor shall there be any sale of the securities issued in such offering in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
About Tallgrass Energy
Tallgrass Energy is a leading energy and infrastructure company operating across 11 states with transportation, storage, terminal, water, gathering and processing assets that serve some of the nation’s most prolific crude oil and natural gas basins.
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Latest release of pipeline management software meets new standards, including cybersecurity-related guidance sponsored by the Department of Energy
HOUSTON--(BUSINESS WIRE)--Quorum Software (Quorum), the global software leader dedicated to the energy industry, today announced the latest release of its myQuorum Pipeline Management software meets the North American Energy Standards Board (NAESB) 3.2 standards recently approved by the Federal Energy Regulatory Commission (FERC). FERC Order No. 587-Z includes updates to existing cybersecurity-related standards developed in response to the Department of Energy-sponsored cybersecurity surety assessment and are intended to enhance the security measures of business transactions on interstate natural gas pipelines. Quorum accelerated compliance with the latest standards to help pipeline operators quickly adopt the latest best practices, including transparency and cybersecurity-related guidance.
“Security is a critical priority for the energy industry, and recent cyberattacks have put pipeline operators at the forefront,” said Tyson Greer, Chief Product Officer, Quorum Software. “Quorum is committed to developing software that meets high standards, helps our customers minimize disruptions, and supports their operations. We have a longstanding track record of delivering and successfully implementing new versions of the NAESB standards to our customers, including prioritizing NAESB standards as part of our product roadmap, participating actively as a member, and partnering with customers to help them meet the regulatory requirements and demands of an evolving industry.”
Version 3.2 includes updates to the Nominations Related Standards and the Quadrant Electronic Delivery Mechanism Standards and modifications to the data sets that support Nominations, Additional Standards, Flowing Gas, and Capacity Release. Per the Order, interstate natural gas pipelines must make compliance filings by November 12, 2021, and comply with the standards incorporated by reference by June 1, 2022.
The latest release of myQuorum Pipeline Management is certified to comply with NAESB 3.2. Courtney Harmon, Senior Quorum Manager responsible for myQuorum Pipeline Management, is an elected member of the 2021 NAESB Wholesale Gas Quadrants Services Segment. In addition to proactive support for NAESB through software and stewardship, Quorum provides the following advantages to pipeline operators:
To learn more about Quorum’s oil and gas transportation software and connect with a customer success representative, visit quorumsoftware.com.
About Quorum Software
Quorum Software connects people and information across the energy value chain. Twenty years ago, we built the first software for gas plant accountants. Pipeline operators came next, followed by land administrators, pumpers, and planners. Since 1998, Quorum has helped thousands of energy workers with business workflows that optimize profitability and growth. Our vision for the future connects the global energy ecosystem through cloud-first software, data standards, and integration. The trusted source of decision-ready data for 1,800+ companies, Quorum Software makes the essential connections that let us work better together in the connected energy workplace. For more information, visit quorumsoftware.com.
Jenna Billings
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978-618-8424
DUBLIN--(BUSINESS WIRE)--The "Sonar Fish Finder Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2021 to 2029" report has been added to ResearchAndMarkets.com's offering.
The Sonar fish finder market is forecasted to grow at a CAGR of 6.8% within the forecasted period.
Companies Mentioned
The global sonar fish finder market is emerging as the technology enhances its growth by research & innovation. Sonar is a high performance horizontal fish finder that can detect and display objects in all directions around the device. The sonar technology is majorly used for fishing in various regions across the globe. The market is driven by the fishing sector as fishing sector is worth of $ 527,052 million worldwide. In 2021 the per person intake of sea food is accounted as 4.5 kg approximately. The use of technology ensures fishing of appropriate fishes, detection of ground levels & object detection. The application of sonar technology in ecofriendly way is the key factor for growth. The key application includes wide range of fishing of sea food. The technical advancement & innovation ensure growth in application of market.
Significant Growth in Fishing Ensures Market Revenues
Fishing is carried out in various regions across the globe; some of the regions have fishing as their primary source of income. The sales have boosted in past few decades, as there was growth in demand for sea food. Change in lifestyle, income sources, and change in eating habits plays a vital role in demand for sea food. The key factors such as increase in fish consumption, ecommerce, wide range of sea food & favorable fish farming ensure growth in revenue. Some of the government policies to protect the coral reefs and other species on verge of extension restrain the revenue generation.
Technology Plays a Vital Role
The GPS, sonar screening & radar systems play important role in fish finder market. The sonar technology is mostly used by the fishermen as it is convenient to use, accurate & is cost efficient. The technology detects accurate location of underwater bodies, in depth temperature and change in surrounding. The fishing is carried out in a cost effective way through sonar technology. Online platforms are very convenient and have been a big boon to sell sea food.
Asia pacific dominates the market
The fishing industries have significant growth in the Asian countries such as India, China and Japan as fishing is carried out on large scale. The North America & Europe are registered as second growing regions. Asia has the most import & export of products across the globe. Many fishers have adopted various technology oriented methods of fishing as they ensure more revenue generation, easy application & low risk of uncertainty.
Key questions answered in this report
Key Topics Covered:
Chapter 1 Preface
Chapter 2 Executive Summary
Chapter 3 Market Dynamics
3.1 Introduction
3.1.1 Global SFFM Market Value, 2019 - 2029, (US$ Mn)
3.2 Key Trends Analysis
3.2.1 Significant growth in fishing ensures revenue generation
3.2.2 Technology plays a vital role
3.2. Asia pacific dominates the market
3.3 Market Dynamics
3.3.1 Market Drivers
3.3.1.1 Evolving Textile Trend and Rise in Discretionary Income
3.3.1.2 Superiors Advantages of Using SFFM
3.3.1.3 Increasing use of Customized material as a Promotional Tool
3.3.2 Market Challenges
3.3.2.1 Limitations of Technique over other Methods
3.3.3 Impact Analysis of Drivers and Restraints
3.4 See-Saw Analysis
3.5 Attractive Investment Proposition
3.6 Competitive Landscape
3.6.1 Market Positioning of Key SFFM Vendors
3.6.2 Strategies Adopted by SFFM Vendors
Chapter 4 SFFM Market, By Type
Chapter 5 SFFM Market, By Application area
Chapter 6 North America SFFM Market Analysis
Chapter 7 Europe SFFM Market Analysis
Chapter 8 Asia Pacific SFFM Market Analysis
Chapter 9 Rest of the World SFFM Market Analysis
Chapter 10 Company profiles
For more information about this report visit https://www.researchandmarkets.com/r/srkpoo
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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Successful sequestration test well significantly de-risks the project while demonstrating carbon dioxide can be safely stored underground
COLUMBIA, La.--(BUSINESS WIRE)--Strategic Biofuels LLC, the leader in developing negative carbon footprint renewable fuels plants, announced today that its Carbon Capture and Sequestration (CCS) Test Well Program was successfully completed at the company’s Louisiana Green Fuels Project (LGF) in Caldwell Parish, Louisiana. LGF is the first renewable diesel fuel project to achieve this milestone.
The goals of the test well program were to demonstrate that carbon dioxide (CO2), the main greenhouse gas generated during the fuel production process, can be safely and securely stored deep underground and that the storage reservoir has sufficient capacity to store all the gas produced over the plant’s lifetime. Completing the test well program is an essential pre-requisite for securing the permit for the EPA Class VI sequestration well.
“Carbon capture and permanent geologic sequestration is no longer a hypothetical scenario for Louisiana Green Fuels — successful completion of the test well is a major milestone that’s not been achieved by any other renewable diesel project,” said Dr. Paul Schubert, Chief Executive Officer of Strategic Biofuels. “These results enable us to move forward knowing that combining CCS with conversion of sustainable forestry waste to renewable diesel at our project site will enable us to achieve our deeply negative carbon footprint goal. Deep carbon negativity greatly increases the potential carbon credit revenues from our fuel and vastly improves the project’s returns. What’s set us apart from other developers was recognizing that the de-risking we could achieve with the test well more than justified the multi-million-dollar expenditure for the program at this early stage.”
The design and execution of the test well program was developed by Chief Operating Officer Bob Meredith with help from Geostock Sandia, an international consulting firm that has worked with the Department of Energy on carbon sequestration wells for almost two decades. Notably the program used oil field workers and traditional oilfield equipment to advance this green energy project.
Engineering phase next for LGF
Strategic Biofuels is now moving into a phase of engineering design for the plant that will give even greater clarity on the overall, long-term costs of the project, while also applying for the required regulatory permits and putting third party contracts in place.
“It’s easy to get excited about what the success of this sequestration test well means to the economic development for Caldwell Parish and the State of Louisiana, but we still have a lot of work to do entering an aggressive capital raise,” added Meredith. “What we have been able to accomplish could very well be a blueprint for the renewable energy industry that is working to address our country’s carbon footprint far into the future.”
Although the data collection from the CCS test well is done, it will remain in place as a monitoring well once the plant is complete and carbon dioxide injection begins in its Class VI well. The current project schedule is for the plant to be mechanically complete in mid-2025 and achieve full commercial operation in late 2025.
The first carbon negative plant demonstrating circular economy tenets
Located on a 171-acre site at the Port of Columbia, the LGF plant will affordably convert forestry waste feedstock into cleaner-burning renewable diesel and is projected to produce 33.7 million gallons of renewable fuel per year once in operation.
LGF has secured a 20-year agreement with an established, bankable feedstock supplier for delivery of compliant feedstock to the plant, ensuring long-term and cost-effective supply. The waste material will be in-woods processed and delivered as sized chips. The cleaner, renewable fuels produced at the plant will be transported to California by rail for one of the largest truck stop operators in the country through a 20-year offtake agreement, which includes purchase of all the site’s Federal (RFS) and California (LCFS) carbon credits. These agreements provide financial stability for the plant, while demonstrating a circular economy cycle often not achieved due to lack of scalability.
Just like synthetic motor oil is superior to traditional motor oil, LGF’s synthetic renewable diesel will be superior to both fossil diesel and biodiesel. If used unblended it would dramatically reduce engine emissions by up to 80 percent including the smoke and soot which are normally associated with fossil diesel. Not only is it cleaner burning, it is also non-toxic and biodegradable.
Led by a strong management team with invaluable experience
The management team that Schubert has put together has set them up for early success. Schubert has 35 years of experience in the petrochemical and renewable fuels industry and was formally COO of Velocys, an international sustainable fuels company. Meredith has almost 50 years of experience in the oil and gas industry. The Company’s other team members, Victor Filatov (CFO), Dr. Robert Freerks (VP Products), and Paul Oesterreich (VP Sales & Marketing) have long track records of success in the renewable energy industry and bring expertise in renewable energy project finance, carbon credit and fuel marketing and fuel quality development.
About Strategic Biofuels
Strategic Biofuels LLC is a team of O&G, petrochemical and renewable technology gurus focused on developing a series of deeply negative carbon footprint plants in northern Louisiana that convert waste materials from managed forests into renewable diesel fuel and renewable naphtha. The fuel qualifies for substantial Carbon Credits under the Federal Renewable Fuel Standard Program (RFS) and under the California Low Carbon Fuels Standard (LCFS).
About Louisiana Green Fuels
Louisiana Green Fuels (LGF) is the first project by Strategic Biofuels LLC in Northern Louisiana at the Port of Columbia in Caldwell Parish. The plant and its accompanying Class VI Carbon Capture and Sequestration Well will be the first renewable diesel project in North America to achieve “negative” carbon emissions. The feedstock for the plant is forestry waste from managed and sustainable forests.
Strategic Biofuels LLC
Hunter Dodson
Pierpont Communications
+ 1 512 914-6745
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RICHMOND, Va.--(BUSINESS WIRE)--Harris Williams, a global investment bank specializing in M&A advisory services, announces it advised Sparus Holdings, Inc. (Sparus), a portfolio company of Source Capital, LLC (Source Capital), on its sale to Ridgemont Equity Partners (Ridgemont). Sparus and its subsidiaries, Southern Cross and The Spear Group, deliver critical outsourced services to North America’s leading utilities. The transaction was led by Luke Semple, Matt White and Phil Hart of the Harris Williams Energy, Power & Infrastructure (EPI) Group.
“There is strong investor interest for high-quality assets in the utility services space, particularly with providers of inspection and professional services. Sparus has established itself as a leader in its service lines and a true partner to its utility clients,” said Luke Semple, a managing director at Harris Williams. “It was a pleasure working with the management team and Source Capital on this transaction and we look forward to following Sparus’ continued growth with their new partner.”
“The Sparus team has achieved impressive growth delivering highly technical services to a client base that demands uncompromising expertise,” added Matt White, a managing director at Harris Williams. “Sparus illustrates the continued demand for leading providers of critical outsourced services to support power infrastructure.”
Sparus is a leading provider of end-to-end outsourced field and professional services for utility and industrial customers. Through a growing family of brands, including Southern Cross, The Spear Group and OneVision Utility Services, Sparus provides gas line inspection and leak detection, utility metering services, utility locate and damage prevention services, project management and delivery, owners’ representation, and other related professional services. For over 75 years, Sparus has been committed to the highest standards of safety and industry expertise to meet the evolving needs of its customers.
Source Capital is a private investment firm focused on providing flexible equity and debt capital to lower-middle market companies across a range of industries. Source Capital’s investment strategy targets growing companies with greater than $2 million in EBITDA seeking a growth-oriented partner. Since its founding in 2002, Source Capital has made 23 equity platform investments, 44 add-on acquisitions and 35 debt investments through four separate credit funds.
Ridgemont is a Charlotte, North Carolina-based middle market buyout and growth equity investor. Since 1993, the principals of Ridgemont have invested over $5.5 billion. The firm focuses on equity investments up to $250 million and utilizes a proven, industry-focused investment approach and repeatable value creation strategies. Ridgemont’s most recent flagship fund, REP III, was formed in 2018 and has $1.65 billion of committed capital.
Harris Williams, an investment bank specializing in M&A advisory services, advocates for sellers and buyers of companies worldwide through critical milestones and provides thoughtful advice during the lives of their businesses. By collaborating as one firm across Industry Groups and geographies, the firm helps its clients achieve outcomes that support their objectives and strategically create value. Harris Williams is committed to execution excellence and to building enduring, valued relationships that are based on mutual trust. Harris Williams is a subsidiary of the PNC Financial Services Group, Inc. (NYSE: PNC).
The Harris Williams EPI Group has significant experience advising market leading providers of technology, services and products across a broad range of sectors. These sectors include energy management; infrastructure services; utility services; testing, inspection, and certification services; environmental services; engineering and construction; power products and technology; and energy technology. For more information on the Group’s experience, please visit the EPI Group’s section of the Harris Williams website.
Harris Williams LLC is a registered broker-dealer and member of FINRA and SIPC. Harris Williams & Co. Ltd is a private limited company incorporated under English law with its registered office at 8th Floor, 20 Farringdon Street, London EC4A 4AB, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. Corporate Finance Advisors GmbH is registered in the commercial register of the local court of Frankfurt am Main, Germany, under HRB 107540. The registered address is Bockelnheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany (email address: This email address is being protected from spambots. You need JavaScript enabled to view it.). Geschäftsführer/Directors: Jeffery H. Perkins, Paul Poggi. (VAT No. DE321666994). Harris Williams is a trade name under which Harris Williams LLC, Harris Williams & Co. Ltd and Harris Williams & Co. Corporate Finance Advisors GmbH conduct business.
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NEW YORK--(BUSINESS WIRE)--BentallGreenOak (BGO), on behalf of an institutional investor, announced plans to install its first community solar project, financed by Summit Ridge Energy (SRE) and facilitated by Black Bear Energy. The two solar projects totaling 2.7 MW in size will be owned and operated by SRE and hosted on two of BGO’s industrial assets. Once operational in Q1 2022, both rooftop systems will participate in Maryland’s community solar program to provide renewable power to local residents and businesses and are expected to produce 3,498,755 kWh of electricity, enough to power approximately 300 homes for one year. This is the first community-use solar project for BGO, who is evaluating similar community solar hosting opportunities for the firm’s national industrial portfolio.
“It is inherent in our investment philosophy to explore innovative and meaningful ways to create connection points between our assets and the communities that surround them, in order to produce economic, environmental and social benefits. In partnership with Black Bear Energy and Summit Ridge Energy, we are demonstrating that industrial assets can also achieve these goals by utilizing valuable rooftop square footage to reliably deliver clean energy back to the local grid,” said Mark Reinikka, Managing Director of U.S. Asset Management, BentallGreenOak.
“Summit Ridge Energy continues to be the nationwide leader in financing community solar projects and is thrilled to partner with BGO and Black Bear Energy to build another project in Maryland. SRE looks forward to starting construction on this large-scale rooftop solar array,” said SRE’s Vice President of Business Development Nate Greenberg.
“It is exciting to work with clients like BGO that take advantage of community solar opportunities to create value not just for themselves but for the greater community. We are proud to support our clients’ efforts in increasing renewable energy generation and providing low-cost renewable power to the wider community,” commented Drew Torbin, Black Bear Energy’s Chief Executive Officer.
About BentallGreenOak
BentallGreenOak is a leading, global real estate investment management advisor and a globally-recognized provider of real estate services. BentallGreenOak serves the interests of more than 750 institutional clients with expertise in the asset management of office, industrial, multi-residential, retail and hospitality property across the globe. BentallGreenOak has offices in 24 cities across twelve countries with deep, local knowledge, experience, and extensive networks in the regions where we invest in and manage real estate assets on behalf of our clients in primary, secondary and co-investment markets. BentallGreenOak is a part of SLC Management, which is the institutional alternatives and traditional asset management business of Sun Life.
For more information, please visit www.bentallgreenoak.com
About Summit Ridge Energy
Summit Ridge Energy is the country’s leading owner-operator of community solar assets. Through dedicated funding platforms, the team acquires pre-operational projects within the rapidly growing solar energy and battery storage sectors. Follow Summit Ridge Energy on and for updates, or learn more at www.srenergy.com.
About Black Bear Energy
Black Bear Energy is a technology-enabled, commercial buyer’s representative specializing in onsite renewable energy and cleantech services. In the past five years, Black Bear has helped its clients bid out over 1,000 clean technology projects in more than 20 states through its data driven process. For more information about Black Bear Energy, visit www.blackbearenergy.com.
Media
Rahim Ladha
Global Head of Communications
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Brianna Stevens
Director, Communications, Summit Ridge Energy
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Interplay of geography and demand underpins energy interdependency between the two countries, IHS Markit report says
CALGARY, Alberta--(BUSINESS WIRE)--Canadian oil production is more than two and half times domestic demand, yet the majority of crude oil demand in the country arrives via the United States, according to a new analysis by IHS Markit (NYSE: INFO), a world leader in critical information, analytics and solutions.
The latest report by the IHS Markit Oil Sands Dialogue finds that approximately 55% of crude oil and condensate demand in Canada in 2019 was served either by imports from the United States (600,000 b/d) or were sourced from domestic production routed through the United States and then back into the country (480,000 b/d), known as reexports.
“The necessities of geography and the varying demands of markets for different types of crude underpin a highly complex and interdependent oil logistics system between Canada and the United States,” said Celina Hwang, director, North American crude oil markets, IHS Markit. “Although this study highlights Canadian dependence on the United States for both supply and transportation, the relationship is truly symbiotic with both nations relying on one another to meet domestic demand each day.”
A major factor in the workings of the system is that 95% of Canadian production occurs onshore, inland and often in areas far from its main consuming areas in the more populous central regions of Ontario and Quebec, the report says. The type of oil demanded in different regions also plays a role. Refineries in the U.S. Midwest and U.S. Gulf Coast invested in heavy processing units take advantage of growing western Canadian heavy oil production, while refineries in Ontario and Quebec remained geared toward lighter crude grades.
“Although not well-recognized, the U.S. Gulf Coast refinery complex is only slightly farther away from western Canadian production than Ontario and Quebec, and it’s significantly larger and already configured to consume significant volumes of heavy sour crude,” said Hwang. “That presents an attractive solution for both sides.”
IHS Markit estimates that, overall, Canada’s long-distance transportation system—which includes pipeline, rail and marine transport—handled about 6.6 MMb/d of crude oil in 2019, approximately 2 MMb/d more than the country produced.
The report says that the demands on that transportation system are also set to increase in coming years. The recently released IHS Markit 10-year production forecast estimates that, despite short- and medium-term impacts from COVID-19, Canadian crude supply is still expected to grow by nearly 900,000 b/d from 2020 to 2030.
“Most of the anticipated growth in Canadian production is set to come from the ramp-up and optimization of existing projects,” said Kevin Birn, vice president and chief Canadian oil market analyst, IHS Markit. “That growth is coming, and transportation capacity is needed to keep pace. IHS Markit estimates that, by just 2025, total crude movements could increase by more than 650,000 barrels per day from pre-pandemic levels.”
Pipeline capacity could see the greatest increase to keep up with the added supply, followed by an increase in marine tanker traffic. However, delays in new pipeline projects could result in greater movements of crude-by-rail than currently anticipated, the report says.
Additionally, potential disruption to existing pipelines—such as attempts to shut down the Enbridge Line 5 pipeline that serves Detroit and surrounding areas of Michigan and Ohio, as well as Toronto and surrounding areas in Ontario and Quebec—could have significant implications.
“Differing views on the pace of energy transition have put the energy interdependency between Canada and the United States under some strain,” Birn says. “Any disruption of existing infrastructure could have significant implications for Canada, the broader North American system and energy security.”
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.
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Equipment to provide 1,000 megawatts of power electronics to support buildout of projects in Texas ERCOT electrical market
HOUSTON--(BUSINESS WIRE)--Broad Reach Power LLC (“Broad Reach”), an independent power producer based in Houston which owns a 13-gigawatt portfolio of utility-scale solar and energy storage power projects in Montana, California, Wyoming, Utah and Texas, announced today that it has entered into an agreement with Sungrow Power Supply Co., Ltd for 1,000 MW of energy storage technology to support the construction and operation of six standalone battery storage projects in Texas.
“Broad Reach is committed to investing in and developing energy infrastructure to help support the grid in key markets such as Texas,” said Broad Reach Power’s Managing Partner & Chief Technology Officer, Doug Moorehead. “Broad Reach’s energy storage projects, connected at both distribution voltages and high voltage transmission, are critical in the further growth of solar and wind renewable generation in the US as well as the resiliency and reliability that US grid operators will increasingly demand in the future.”
The equipment was procured under a structured framework, Master Procurement Agreement between Broad Reach and Sungrow that establishes a versatile procurement platform for purchase of both power conversion equipment and battery energy storage products.
“Broad Reach is the US leader in energy storage development and asset buildout. This is one of the largest orders ever placed in the energy storage industry for this equipment and represents a historical inflection point for this globally important and purpose driven ESG-focused industry,” said Mizhi Zhang, Managing Director- ESS business, Americas Region at Sungrow. Zhang also mentioned that approximately 1.8 GWh of Sungrow energy storage turnkey systems utilizing both NCM and LFP technology are expected to be deployed in the US in 2021, facilitating its market share locally and meeting the growing demand as the industry leader.
About Broad Reach Power
Broad Reach Power is the leading utility-scale storage independent power producer (IPP) in the United States. Based in Houston, Broad Reach Power is backed by leading energy investors EnCap Investments L.P., Yorktown Partners and Mercuria Energy. The company owns a 13-gigawatt portfolio of utility-scale solar and energy storage power projects in Montana, California, Wyoming, Utah and Texas which give utilities, generators and customers access to technological insight and tools for managing merchant power risk so they can better match supply and demand. Broad Reach is led by a team comprised of solar, wind and storage experts who have delivered more than four gigawatts of projects and have a combined 80 years of experience in the field. For more information about the company, visit www.broadreachpower.com.
About Sungrow
Founded in 1997 by University Professor Cao Renxian, Sungrow Power Supply Co., Ltd. (“Sungrow”) is the world’s most bankable inverter brand. In 2006, Sungrow ventured into the energy storage system (“ESS”) industry. Relying on its cutting-edge renewable power conversion technology and industry-leading battery technology, Sungrow focuses on integrated energy storage system solutions. The core components of these systems include PCS, lithium-ion batteries and energy management systems. These “turnkey” ESS solutions can be designed to meet the demanding requirements for residential, C&I and utility-side applications alike, committed to making the power interconnected reliably.
After 15 years of growth, Sungrow is on the path to becoming the world-leader in supply of ESS equipment and integrated system solutions, with zero security incidents. Last year, Sungrow shipped more than 800 MWh ESS worldwide, ranging from islands and high altitude plateaus to ports and residential installations.
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NORTH MANKATO, Minn.--(BUSINESS WIRE)--NextGen RF is pleased to announce they have signed an agreement to acquire three products from CalAmp® including Guardian™, Viper SC+™ and Viper SC+ Base Station™. This acquisition has a unique connection to NextGen RF’s President, David Mitchell, along with several engineers from the NextGen RF team who were instrumental in the engineering and development of these products 16 years ago with the original company Dataradio—which was acquired by CalAmp® in 2006. In 2008, when NextGen RF was founded, a partnership between the two companies began.
“We are pleased to welcome these products into the NextGen RF brand and feel confident that we can fully support the current product while we take it to the next level in the coming years,” said NextGen RF President, David Mitchell. “The history I have with Dataradio, as well as several engineers from the NextGen RF team, made this an ideal choice. We are excited to grow our product line and company in such a natural way with this acquisition.”
The 10-year plus partnership between NextGen RF and CalAmp® expanded over the past year when CalAmp® selected NextGen RF to become the contract manufacturer, as well as provide RMA service for the Guardian™ and Viper SC+™ products. Bringing these products into the NextGen RF family allows for continued sustainability with the current portfolio and the ability to revive and improve the high quality, ruggedized radio products for the current and future customer base. NextGen RF’s partnership with established distribution partners will continue to bring high quality service to our customers.
“NextGen RF wants distributors and customers to truly understand that we have a historic and deep connection in mutual product development and engineering with Dataradio and CalAmp®,” Mitchell said. “We are committed to providing quality engineering and exceptional customer service.”
Dataradio was founded in 1981 and was a leading supplier of proprietary advanced wireless data systems, products and solutions for public safety, critical infrastructure and industrial control applications until it was acquired by CalAmp® in May 2006.
About NextGen RF
NextGen RF is a USA owned and operated engineering services company providing valuable wireless design expertise on a variety of products, ranging from design consultation to fully turnkey product development and manufacturing. For more information, visit www.nextgenrf.com.
Luke Tholen
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Malia H. Wasson is the first woman to chair the company’s board of directors
PORTLAND, Ore.--(BUSINESS WIRE)--NW Natural Holding Company’s (NYSE: NWN) board of directors has elected its new board chair, Malia H. Wasson, effective as of August 9, 2021.
For the past seven years, Wasson has served as a member of the board, most recently as chairperson of the audit committee.
“It’s an exciting moment in our 162-year history to welcome Malia as our board chair,” said David H. Anderson, president and chief executive officer of NW Natural. “Malia brings tremendous experience and insight to the table and we’re very fortunate to have her leadership.”
In addition to her role on the board, Wasson is chief executive officer of Sand Creek Advisors LLC, which provides business consulting to chief executive officers of public and private companies. And prior to that, she was an executive vice president of commercial banking at U.S. Bank, N.A., and served as president of U.S. Bank’s Oregon and Southwest Washington operations from 2005 to 2015.
Wasson also currently serves on the board of directors of Columbia Sportswear Company where she chairs the audit committee, is a director and past chair of the Oregon Business Council and serves as a senior fellow at American Leadership Forum. Her management and leadership roles, as well as her strong community presence help advise the board on a wide range of strategic matters – from financial and regulated industry to public policy and change management.
“It’s clear to me that NW Natural has an important role in our region, and I’m proud and committed to furthering the hard work that’s underway,” said Wasson.
Wasson formerly served on the boards of Oregon Health & Science University Foundation, Inc., OHSU Knight Cancer Institute, Portland Business Alliance, Greater Portland Inc., Portland Mall Management, Inc., SOLVE Founders’ Circle and the American Red Cross-Oregon Trail Chapter and was past chair of the Oregon Business Plan. She holds a bachelor of science and commerce degree in finance from Santa Clara University.
Wasson was also elected as chair to the board of directors of Northwest Natural Gas Company (NW Natural), the company’s wholly owned subsidiary, starting August 9, 2021.
ABOUT NW NATURAL HOLDINGS
Northwest Natural Holding Company, (NYSE: NWN) (NW Natural Holdings), is headquartered in Portland, Oregon, and through its subsidiaries has been doing business for over 160 years in the Pacific Northwest. It owns NW Natural Gas Company (NW Natural), NW Natural Water Company (NW Natural Water), and other business interests.
NW Natural is a local distribution company that currently provides natural gas service to approximately 2.5 million people in more than 140 communities through more than 770,000 meters in Oregon and Southwest Washington, with one of the most modern pipeline systems in the nation. NW Natural consistently leads the industry with high J.D. Power & Associates customer satisfaction scores. NW Natural owns and operates 20 Bcf of underground gas storage capacity in Oregon.
NW Natural Water provides water distribution and wastewater services to communities throughout the Pacific Northwest and Texas. NW Natural Water currently serves approximately 63,000 people through about 26,000 connections. Learn more about our water business at nwnaturalwater.com.
Additional information is available at nwnaturalholdings.com.
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Multi-year Agreement with Brookfield Renewable U.S. Includes Services for M&A and Capital Financing Activities
MINNEAPOLIS--(BUSINESS WIRE)--Datasite®, a leading SaaS-based technology provider for global mergers and acquisitions (M&A) professionals, today announced that Brookfield Renewable U.S. (“Brookfield”), a leading owner, operator and developer of renewable power, has entered into a multi-year agreement to use Datasite’s services to support its capital transactions.
“Brookfield is among the nation’s largest renewable power providers, serving as a key source of electricity for driving sustainable growth in regional economies across the U.S.,” said Mark Williams, Datasite Chief Revenue Officer, Americas. “We’re excited to expand our support for Brookfield’s U.S. development activities with innovative software solutions that support their capital transactions.”
The agreement includes Brookfield’s use of Datasite Outreach™, Prepare™, Diligence™ and Acquire™ applications, which support M&A professionals in the management of due-diligence and post-merger integration. With offices in more than 20 global financial hubs, Datasite will provide Brookfield with local expertise and global experience.
“Datasite’s M&A cloud technology services bring value in supporting the execution of M&A, financing, and asset development activities,” said Rizwaan Sahib, Chief Technology Officer at Brookfield Renewable U.S. “We are pleased to extend our work with Datasite through this agreement.”
Dealmakers in more than 170 countries make their deals in Datasite, including 74 of the top 100 legal firms and all the top 20 global financial advisory firms. Additionally, Datasite’s customer service team is available to customers 24/7/365 in 18 languages.
To learn more about Datasite, please visit: www.datasite.com
About Datasite
Datasite is a leading SaaS (software as a service) provider for the M&A industry, empowering dealmakers around the world with the tools they need to succeed across the entire deal lifecycle. For more information, visit www.datasite.com
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Applying These Energy Saving Tips Will Help Reduce the Impact of Hot Weather on Power Bills
SAN FRANCISCO--(BUSINESS WIRE)--Energy use typically increases in the summer since air conditioning is one of the biggest drivers of energy consumption in the home. Pacific Gas and Electric Company (PG&E) encourages customers to take steps to conserve energy to avoid bill surprises as the mercury rises.
“We encourage customers to take these simple and inexpensive steps to minimize increases in their monthly energy bill this summer. These actions will help customers both save energy and increase the comfort inside their home,” said Marlene Santos, PG&E Executive Vice President and Chief Customer Officer.
Set the right temperature
Keep AC temperature set at 78 F degrees or higher when home, health permitting. Every degree above 78 F represents an approximately 2% savings on cooling costs.
Shade the air conditioner
Keep outside AC equipment shaded to keep the system cooler, while ensuring the air flow isn’t blocked. Also, keep the area around the AC system clear and free of overgrown vegetation or other items that could impact equipment efficiency.
Use ceiling fans
Ceiling fans circulate cool air, taking some of the burden off the AC system. However, remember to turn them off when leaving your home. Fans move air, not cool it, so they waste energy if left on when no one is at home or work.
Change air filters regularly
A dirty air filter makes the AC system work harder, which uses more energy.
Close window coverings
Keep blinds, drapes and curtains closed to help prevent the sun’s rays from heating the home.
Turn off unnecessary lights
Be sure to turn off lights when leaving a room. Lights emit heat and can cause the AC system to work harder.
For more ways to save at home, click on PG&E’s easy-to-use energy-saving checklist and pge.com/summer.
About PG&E
Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is a combined natural gas and electric utility serving more than 16 million people across 70,000 square miles in Northern and Central California. For more information, visit pge.com and pge.com/news.
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SAN JOSE, Calif.--(BUSINESS WIRE)--#IoT--As the Cloudleaf solution ecosystem continues to grow, Cloudleaf, Inc. and EyeSeal are pleased to announce their strategic partnership. Cloudleaf provides a SaaS digital intelligence platform that leverages IoT and digital twin technologies to bring enhanced solutions that deliver end-to-end supply chain visibility across the globe.
EyeSeal provides devices that enable full visibility and protection for container shipping assets. They make it possible to continuously capture data directly from cargo assets. This level of certainty makes it possible for EyeSeal to provide its customers with the most competitive integrated insurance, intervention and recovery services.
Together Cloudleaf and EyeSeal are providing organizations with the ability to capture data directly from cargo assets on the move. Cloudleaf’s ‘single source-of-truth’ intelligence platform captures EyeSeal’s tamper-proof device data to provide customers with real-time alerts and information. In addition to this immediate visibility, the Cloudleaf platform also connects this information to other critical supply chain systems. Managing custom workflows and business rules, this level of clarity ensures shipments are moving through the supply chain in a secure and timely manner.
"With EyeSeal, we created a solution to a problem we suffered first-hand. Our mission is to eliminate uncertainty from cargo transportation. Our devices keep a watchful eye on your cargo from the moment it is loaded all the way to its final delivery,” says EyeSeal’s CEO, Enrique Acosta. “To use a metaphor, EyeSeal is very much like a 'flight recorder' for shipping containers. This level of visibility makes it possible for our customers to benefit from assured insurance coverage and swift recovery services in the event of shipping incidents.”
“Supply chain disruption due to the pandemic and resource limitations in the supply chain sometimes start with something as simple as the shipment container. It’s location, safety, and traceability in periods of heightened disruption become critical, especially in cases of insurance,” says Cloudleaf’s Head of Partnerships, Ken Carpenter. “In the journey to achieve end-to-end supply chain transformation and automation, the blend of Cloudleaf, EyeSeal, and our growing digital ecosystem effectively and cost-efficiently use IoT as a means to further those goals.”
For more information, please go to www.cloudleaf.com and www.eye-seal.com.
About Cloudleaf
Cloudleaf powers next-generation digital supply chains with insights from ground truth and real-time decision-making. Our SaaS platform leverages hyper-scale cloud, digital twin, AI/ML, and IoT technologies to deliver continuous visibility and intelligence. We enable business leaders to make the right decisions in real-time to increase revenues, avoid disruptions, deliver better business outcomes, improve customer satisfaction and increase sustainability. For more information, visit: www.cloudleaf.com
About EyeSeal
EyeSeal's mission is to eliminate uncertainty from cargo transportation. EyeSeal's tamper-proof devices are installed inside shipping containers to keep a watchful eye on your cargo from the moment it is loaded all the way to its final delivery. The ability to capture data directly from cargo assets on the move makes it possible for EyeSeal to provide its customers with the most competitive integrated insurance, intervention and recovery services. For more information, visit: www.eye-seal.com
Mac Hess
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Marketing Programs Manager
GILBERT, Ariz.--(BUSINESS WIRE)--#arizonabased--Kayo Energy, an energy solutions company whose mission is to provide broad-based community access to clean and affordable solar energy, is excited to announce that Chief Executive Officer Aaron Weymann was recently honored in June of 2021 by Forbes, as part of the “Forbes Next 1000” list. The “Forbes Next 1000” list features “upstart entrepreneurs redefining the American dream,” as, “this year-round initiative showcases the ambitious sole proprietors, self-funded shops and pre-revenue startups in every region of the country…screened by top business minds and entrepreneurial superstars (Forbes, 2021: https://www.forbes.com/profile/aaron-weymann/?sh=53d51a8d266b).”
In 2019, Aaron Weymann created Kayo Energy, a company that transitions customers into clean energy sources by vertically integrating the entire transition process through one company, from solar: enrollment, design, engineering, permitting, installation, and activation. Kayo Energy’s attention to detail and customer-centric approach have been catalysts to the company’s exponential growth, as everything Kayo Energy does is with a focus on long-term sustainability. The result is a reduction in energy costs for customers and a reduction in their carbon footprint, supporting the health of the world environment. Additionally, with each product Kayo Energy installs they make a charitable donation to the GivePower Foundation (whose mission is to provide access to clean and renewable energies to underserved communities around the globe: https://givepower.org/).
From 2019 to the beginning of 2021, Kayo Energy has: grown from 0 to 100+ employees, provided 14 million+ kilowatt hours of solar-derived electricity, and acquired ~$15 million in revenue. Aaron is proud of this recognition by Forbes, stating, “I feel an immense amount of gratitude towards the entire Kayo Energy team and customers who have made this all possible. We have accomplished so much in so little time. In the wake of the worst pandemic in decades, Kayo Energy was not only able to survive but thrive. The company experienced a growth rate of +2,000% from 2019-2020. I attribute our resiliency to the motivation we all receive in being engaged in such meaningful work. The social impact nature of providing people access to clean and affordable energy has been a source of enduring motivation.”
Kayo is currently headquartered in Tempe, Arizona with operations in multiple states within the U.S.A. For more information please visit: https://kayoenergy.com/.
Timothy Weymann (He/his/him)
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Rivlin chose to join the wireless EV charging infrastructure provider in order to pursue his next mission: a war on global warming
BEIT YANAI, Israel--(BUSINESS WIRE)--#electricvehicles--ElectReon (TASE: ELWS.TA), the leading provider of in-road wireless electric vehicle (EV) charging technology, today announced that Reuven “Ruvi” Rivlin, Israel’s tenth President, has been named as the company’s president. This appointment comes after his term as Israel’s President came to an end in July of this year.
During his tenure as Israeli President, Rivlin strongly supported sustainability initiatives and fighting climate change. He also spoke out on setting achievable and clear targets for fighting global warming.
"After the pleasure of serving the people of Israel for the last seven years, I have decided to continue focusing on one of the world’s most critical issues: the conservation of our planet,” said Rivlin. “With ElectReon there is an incredible opportunity to decarbonize the transportation sector by growing a network of electrified roadways that will make EV ownership more attainable.”
As the leading provider of wireless charging solutions for EVs, ElectReon has developed a technology that fundamentally changes the way EVs are operated. By electrifying the road below the vehicle, EVs are able to charge while in motion or while stopped一meeting the needs and efficiency demands of drivers, eliminating range anxiety, lowering total costs of EV ownership, and reducing battery capacity needs.
As President of ElectReon, Rivlin will cultivate relationships with governments and companies around the world, particularly in the United Statesto increase the company’s footprint globally and continue to build out an international network of electrified roadways and wireless charging stations for bus, taxi and delivery fleets at their facilities. Currently, ElectReon is operating a series of active wireless charging road pilots and deployments in Sweden, Germany, Italy, and Tel Aviv.
“We are very excited about the joining of Ruvi, a leader of international stature, to the ElectReon team,” said Oren Ezer, CEO of ElectReon. “Together with his passion for green energy and ElectReon’s promise to accelerate EV adoption through accessible charging, we will help to create a better and more sustainable future for all.”
About ElectReon
ElectReon is the leading provider of wireless charging solutions for electric vehicles (EVs), providing end-to-end charging infrastructure and services to meet the needs and efficiency demands of shared, public and commercial fleet operators and consumers. The company’s proprietary inductive technology dynamically (while in motion) and statically (while stopped) charges EVs quickly and safely, eliminating range anxiety, lowering total costs of EV ownership, and reducing battery capacity needs—making it one of the most environmentally sustainable, scalable, and compelling charging solutions available today. ElectReon works with cities and fleet operators on a charging as a service (CaaS) platform that enables cost-effective electrification of public, commercial, and autonomous fleets for smooth and continuous operation. For more information, visit electreon.com.
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DUBLIN--(BUSINESS WIRE)--The "Hydraulic Marine Cranes Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Design, Capacity, and Boom Length" report has been added to ResearchAndMarkets.com's offering.
According to this report the market is expected to reach US$ 5,850.88 million by 2028, registering a CAGR of 6.4% from 2021 to 2028.
The marine crane market is growing substantially, owing to the presence of a large number of players operating in the market. The market players are experiencing significant demand for their product, owing to rise in ship/vessel production across the ship builders. Europe comprises the highest volume of hydraulic marine crane manufacturers, followed by APAC and North America. The leading European hydraulic marine crane manufacturers include Heila Cranes S.p.A, HIAB, Palfinger AB, Liebherr, MKG Maschinen & Kranvertrieb GmbH, and Konecranes. The players mentioned above invest noteworthy amounts in respective R&D teams to innovate newer models, which attract the end users (ship builders as well as ship owners).
In the APAC region, Chinese marine crane manufacturers dominate the market. Companies such as Jiangsu OUCo Heavy Industry and Technology Co., Ltd.; SANSANGIN Heavy Industries Ltd.; Jiangsu Tonghui Lifting Equipment Co. Ltd.; and PilotFits Engineering Co., Ltd., are the leading manufacturers of marine cranes. China accounts for the largest sea trade business in the region, holding nearly 60% of the sea trade business in the APAC. Additionally, the ship building industry in China is enormous. Thus, coupling the sea trade business and ship building industry, the Chinese hydraulic marine crane market players observe continuous demand for their products. This factor is driving the hydraulic marine cranes market. Apart from China, Japanese and South Korean marine crane manufacturers also enjoy sufficient order volumes year-on-year, which supports the growth of the hydraulic marine crane market in APAC.
From the North American perspective, the US and Canada dominate the market from both supply side and demand side. The two countries have noteworthy number of hydraulic marine crane manufacturers, as well as ship builders and ship owners. Also, the number of marine ports in the two countries are higher as compared to Mexico. The higher number of marine cranes suppliers as well as end users is one of the critical factors propelling the hydraulic marine crane market. The leading hydraulic marine crane market players in the region include Fred Wahl Marine Construction, Inc.; The Manitowoc Company, Inc.; Allied Systems Company; Hawboldt Industries; and Appleton Marine, Inc.
The hydraulic marine cranes market is segmented into design, capacity, boom length, and geography. Based on design, the market is further segmented into knuckle boom, telescopic boom, stiff boom, and foldable boom. In 2021, the foldable boom segment accounted for a significant share in the global hydraulic marine cranes market. In terms of capacity, the market is categorized into below 50 Tm, 50-150 Tm, and above 150 Tm. In 2021, the 50-150 Tm segment accounted for a significant share in the global hydraulic marine cranes market. Based on boom length, the market is further segmented into below 10 meters, 10- 20 meters, and above 20 meters. In 2021, the below 10 meters segment accounted for a significant share in the global hydraulic marine cranes market. Geographically, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa, and South America (SAM). In 2021, Europe accounted for a significant share in the global hydraulic marine cranes market.
Reasons to Buy
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Opportunities
Future Trends
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For more information about this report visit https://www.researchandmarkets.com/r/tj60cq
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Joby Aviation, one of JetBlue Technology Ventures’ first sustainability-focused investments, is the first U.S.-based eVTOL company listed on the public markets
SAN CARLOS, Calif.--(BUSINESS WIRE)--JetBlue Technology Ventures (JTV), the corporate venture capital subsidiary of JetBlue Airways (NASDAQ:JBLU), today congratulates its portfolio company Joby Aviation, Inc. (Joby) on the completion of its merger with Reinvent Technology Partners (Reinvent), a special purpose acquisition company. The combined company is now listed on the New York Stock Exchange (NYSE) for public trading under the ticker symbols “JOBY” and “JOBY WS,” respectively.
“We’re incredibly proud of the Joby team for all of the hard work that led to this moment and look forward to following their success for years to come. Joby’s product will transform the way that people move about urban environments every day, and also solve rising traffic congestion and vehicle pollution within connected cities,” said Amy Burr, president of JetBlue Technology Ventures.
Joby is building a fully-electric vertical take-off and landing (eVTOL) passenger aircraft that it intends to operate for commercial use in the U.S. beginning in 2024. The piloted, four-passenger aircraft travels at speeds up to 200 miles per hour, flies 150 miles on a single charge, and will be significantly quieter than existing rotorcraft or small planes during takeoff and landing.
“Aviation connects the world in critically important ways, but today it does that at the expense of our planet. By taking Joby public we have the opportunity to drive a renaissance in aviation, making emissions-free flight a part of everyday life. This is our generation’s moonshot moment, and at Joby we’re proud to be leaning in,” said JoeBen Bevirt, founder and CEO at Joby.
JTV’s initial 2017 strategic investment in Joby aligns with its commitment to identify and invest in sustainable travel technology. In doing so, the subsidiary also aids JetBlue’s mission to become a sustainability leader. This announcement follows recent news that JetBlue is working in conjunction with Joby and Signature Aviation to ensure that the carbon markets for aviation include the generation of credits for flights powered by green electric and hydrogen propulsion technologies.
JTV continues to support Joby’s success via follow-on investments and assistance to help grow the company. JTV’s founder Bonny Simi joined Joby in December 2020 to serve as Joby’s Head of Air Operations and People to continue to guide the strategic direction of the company.
About JetBlue Technology Ventures
JetBlue Technology Ventures invests in and partners with early stage startups innovating in the travel, transportation, and hospitality industries. The company prioritizes investments that advance the seamless customer-centric journey; reimagine the accommodation experience; next-generation aviation operations and enterprise tech; distribution, loyalty, and revenue management; and sustainable travel. Founded in 2016, JetBlue Technology Ventures is a wholly-owned subsidiary of JetBlue (NASDAQ: JBLU) and is located in Silicon Valley, California. For more information, visit www.JetBlueVentures.com.
About Joby Aviation
Joby Aviation, Inc. is a California-headquartered transportation company developing an all-electric vertical take-off and landing aircraft which it intends to operate as part of a fast, quiet, and convenient air taxi service beginning in 2024. The aircraft, which has a range of 150 miles on a single charge, can transport a pilot and four passengers at speeds of up to 200 mph. It is designed to help reduce urban congestion and accelerate the shift to sustainable modes of transit. Founded in 2009, Joby employs more than 800 people, with offices in Santa Cruz, San Carlos, and Marina, California, as well as Washington D.C. and Munich, Germany. To learn more, visit www.jobyaviation.com.
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SANTA CRUZ, Calif.--(BUSINESS WIRE)--Joby Aviation, Inc. (“Joby” or the “Company”), a California-based company developing all-electric aircraft for aerial ridesharing, announced today that Joby Aero, Inc. completed its previously announced business combination with Reinvent Technology Partners (“RTP”) (NYSE: RTP), a special purpose acquisition company that takes a “venture capital at scale” approach to partnering with bold leaders and companies. Upon the completion of the transaction, RTP changed its name to “Joby Aviation, Inc.” Joby’s common stock and warrants will commence trading on the New York Stock Exchange (“NYSE”) on August 11, 2021, under the ticker symbols “JOBY” and “JOBY WS,” respectively.
“Aviation connects the world in critically important ways but today it does that at the expense of our planet,” said JoeBen Bevirt, founder and CEO at Joby. “By taking Joby public we have the opportunity to drive a renaissance in aviation, making emissions-free flight a part of everyday life. This is our generation’s moonshot moment, and at Joby we’re proud to be leaning in.”
Reid Hoffman, LinkedIn Co-Founder and Co-Lead Director of RTP, added, “With its advanced technology, we believe Joby is ‘Tesla meets Uber in the air’ and the clear leader in the eVTOL and aerial ridesharing space. We believe Joby is well-positioned with capital to be the first company to certification and commercialization. Closing this business combination accelerates Joby’s roadmap, and we look forward to supporting JoeBen and Joby’s world-class team in executing on their vision.”
Joby’s leadership in the sector is demonstrated by:
This transaction values Joby at $4.5 billion enterprise value, with proceeds raised plus cash on the balance sheet as of March 31, 2021 equaling approximately $1.6 billion. The proceeds are expected to fund Joby through initial commercial operations.
To memorialize the completion of the business combination, Joby will ring the opening bell at the NYSE at 9:30 a.m. ET on August 11, 2021. A live stream of the event and replay can be accessed by visiting https://www.nyse.com/bell. The Company’s revolutionary eVTOL aircraft will be exhibited outside the NYSE between 8:30 a.m. and 11:30 a.m. ET on August 11, 2021. Members of the public are warmly invited to visit the aircraft.
Advisors
Morgan Stanley & Co. LLC and Allen & Company LLC served as placement agents on the PIPE transaction. Morgan Stanley & Co. LLC and Allen & Company LLC served as financial advisors to Joby, and Latham & Watkins LLP served as legal advisor. Skadden, Arps, Slate, Meagher & Flom LLP served as legal advisor to RTP.
About Joby
Joby Aviation, Inc. is a California-headquartered transportation company developing an all-electric vertical take-off and landing aircraft which it intends to operate as part of a fast, quiet, and convenient air taxi service beginning in 2024. The aircraft, which has a range of 150 miles on a single charge, can transport a pilot and four passengers at speeds of up to 200 mph. It is designed to help reduce urban congestion and accelerate the shift to sustainable modes of transit. Founded in 2009, Joby employs more than 800 people, with offices in Santa Cruz, San Carlos, and Marina, California, as well as Washington D.C. and Munich, Germany. To learn more, visit www.jobyaviation.com.
About Reinvent Technology Partners
Reinvent Technology Partners is a special purpose acquisition company led by Reid Hoffman, Mark Pincus and Michael Thompson, that takes a “venture capital at scale” approach. RTP was formed to support a technology business to innovate and achieve entrepreneurship at scale by leveraging its team’s operating expertise as founders of iconic technology companies, their experience building companies as advisors and board members, and the capital it raised.
Forward Looking Statements
This Press Release contains certain forward-looking statements within the meaning of the federal securities laws. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” in “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this Press Release, including but not limited to: (i) the outcome of any legal proceedings that may be instituted against the Company related to the transaction, (ii) the price of the Company’s securities may be volatile due to a variety of factors, including changes in the competitive and highly regulated industries in which the Company operates, variations in operating performance across competitors, and changes in laws and regulations affecting the Company’s business, (ii) the ability to implement business plans, forecasts, and other expectations and to identify and realize additional opportunities, and (iii) the risk of downturns and a changing regulatory landscape in the highly competitive aviation industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of RTP’s definitive proxy statement/final prospectus dated July 16, 2021 and filed by RTP with the SEC on July 16, 2021 and other documents filed by the Company from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company 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. The Company gives no assurance that it will achieve its expectations.
Investors:
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+1-831-201-6006
Media:
Joby: This email address is being protected from spambots. You need JavaScript enabled to view it.
Mojgan Khalili
+1-408-489-4015
Reinvent Technology Partners: Ed Trissel / Scott Bisang
Joele Frank, Wilkinson Brimmer Katcher
+1-212-355-4449
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