SiFAB™, Unifrax’s Patented Silicon Fiber Anode Battery Technology, Holds Breakthrough Potential in the Broader Transition to Clean, Renewable Energy
LOS ANGELES & BUFFALO, N.Y.--(BUSINESS WIRE)--#BCGDV--BCG Digital Ventures (BCGDV), the leading corporate innovation and business building arm of Boston Consulting Group (BCG), and Unifrax, a leading provider of high-performance specialty materials backed by Clearlake Capital Group, L.P., today announced that the two companies are collaborating on SiFAB™, Unifrax’s patented silicon fiber anode battery technology for improving energy density, accelerating charges, and lengthening battery life.
SiFAB, which can be added to existing battery production processes, addresses a critical barrier to mass adoption of electric vehicles and the broader transition to clean renewable energy. The technology also has wide-ranging implications for the future of electric vehicles, power tools, portable electronics, and grid storage — all of which can benefit from the superior performance, longer battery life, and reduced size and weight that SiFAB delivers.
After several years of R&D, Unifrax sought collaboration with BCGDV to validate SiFAB’s market opportunity and performance characteristics, establish competitive benchmarks, and confirm the company’s scale-up plans. The team is now focusing on commercialization, as Unifrax works toward production of SiFAB in early 2022. In a move to advance the building of thousands of tons of long-term manufacturing capacity, Unifrax recently announced plans to establish its first large-scale SiFAB manufacturing line, at its north-central Indiana facility.
“SiFAB is a major breakthrough for the battery industry and will accelerate transition to renewable energy,” said John Dandolph, CEO of Unifrax. “Our collaboration with BCG Digital Ventures combines our success in manufacturing and fiber-based technology with the firm’s expertise in accelerating innovative and sustainable ventures. Working together, we can create a significant impact for customers, stakeholders, and advanced industries worldwide.”
BCGDV goes beyond the scope of traditional consulting by teaming with its clients to imagine, build, and launch market-disrupting businesses. The company has launched and scaled more than 160 businesses to date with its corporate partners, nearly 20 percent of which are businesses that address environmental, social, and governance (ESG) concerns.
“Today’s climate and environmental challenges are an existential threat that can be addressed only through decisive action by the world’s most ambitious corporations, entrepreneurs, institutions, and investors,” said Raju Sarma, managing director and partner and Social Impact global practice area lead for BCG Digital Ventures. “BCG believes that SiFAB is uniquely positioned to lead the evolution of lithium ion battery technology, in part due to the significant energy density gains enabled by its drop-in technology, as well as to Unifrax’s large-scale manufacturing capabilities and facilities around the world. Our team is excited to continue our collaboration with Unifrax to bring this technology to market at a rapid pace and help advance the global transition to a zero-carbon economy.”
To further its commitment to its decarbonization and sustainability agenda, BCGDV recently announced the launch of BCG Green Ventures. The new offering with a dedicated team will focus on BCG’s mission to accelerate climate action through corporate innovation, enabling clients to create value through their ESG initiatives while helping the world address today’s climate and environmental challenges. BCG Green Ventures will leverage BCGDV’s previous climate innovation work, its ecosystem of partners, and BCG’s broader commitment to invest in, co-develop, and scale innovative ventures as a long-term partner. The initiative will also draw on BCG’s cross-sector climate innovation expertise.
“Established corporations have significant assets at their disposal—from market position, expertise, and ecosystems to their capital reserves — that put them in an advantageous position to reap the rewards in the move to the decarbonization economy. Harnessing our deep technology and sector-specific expertise, as well as our proven track record in corporate innovation, we look forward to continuing to support organizations in unlocking growth opportunities in climate innovation,” added Sarma, who also leads the BCG Green Ventures team.
To learn more about BCG’s and BCG Digital Ventures’ perspectives on climate innovation market opportunities, read “The Next Generation of Climate Innovation.” For more information on BCG Green Ventures, read “Introducing BCG Green Ventures.”
About BCG Digital Ventures
BCG Digital Ventures (BCGDV) is the corporate innovation and digital business building arm of Boston Consulting Group. The organization invents, launches, scales, and invests in industry-changing new businesses with the world's most influential companies. BCGDV's diverse, multidisciplinary team of entrepreneurs, operators, and investors work cross-functionally, rapidly moving from idea to market in less than 12 months. Founded in 2014, the organization has 11 Innovation Centers and satellite locations around the world. www.bcgdv.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 world-class 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 consumer, industrials, and technology. 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.
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Engineering, construction leader sees path to decarbonization and sustainability emerge from Canada’s history of innovation in power, oil & gas, water and telecom
TORONTO--(BUSINESS WIRE)--As Black & Veatch celebrates its 60th year of innovative operations in Canada, the company recognizes the more than 1,500 completed projects that span power and energy market segments, essential water management solutions, and telecommunications advancements across the country. With the milestone, the company’s experts – now at the forefront of the decarbonization and sustainability movements – see significant opportunities to accelerate Canada’s deployment of advanced infrastructure assets.
In a country that has long invested in resilient, reliable infrastructure to serve its broad, diverse geographical needs, Black & Veatch opened its Toronto operations in 1960 to help build power and water infrastructure capacity. Decades later, the company has broadened its footprint in Edmonton and Vancouver, growing its local workforce to deliver projects encompassing power generation to water services, grid modernization and zero-carbon transportation markets.
These professionals are key to the company’s globally integrated workforce. The company’s presence is expected to rise as Black & Veatch sees increasing demand in Canada for solutions that balance performance, resilience, reliability and sustainability.
“Black & Veatch’s six decades of work on Canadian infrastructure directly reflects the engineering talent, regional knowledge and commitment of our professionals,” said Ali Assaf, associate vice president for Black & Veatch. “As we look forward to supporting Canada’s infrastructure future, we’re now delivering on tomorrow’s solutions, answering the demand for decarbonization by helping produce advanced solutions in cleaner energy harnessing the wind, sun and hydrogen, all while providing water-related green infrastructure and advanced transportation.”
Over the past six decades, the company’s projects have spanned critical energy, water and telecommunication markets, making Black & Veatch a valued partner in achieving several important milestones in Canada’s infrastructure history:
“A new, exciting chapter of innovation in infrastructure is emerging as technologies that leverage hydrogen, renewable energy, energy storage, advanced broadband and 5G technology will transform how power, water and telecom services are delivered,” said Alex Bettencourt, Senior Managing Director at Black & Veatch.
Editor's Notes:
About Black & Veatch
Black & Veatch is an employee-owned global engineering, procurement, consulting and construction company with a more than 100-year track record of innovation in sustainable infrastructure. Since 1915, we have helped our clients improve the lives of people around the world by addressing the resilience and reliability of our most important infrastructure assets. Our revenues in 2020 exceeded US$3.0 billion. Follow us on www.bv.com and on social media.
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AKRON, Ohio--(BUSINESS WIRE)--$BW #cleanenergy--Babcock & Wilcox (B&W) (NYSE: BW) announced today that it has entered into two contracts to design and supply advanced technologies to achieve reduced emissions and generate cleaner energy at a power plant in Asia. The total value of the contracts is more than $11 million.
B&W will upgrade the plant’s existing combustion equipment, supplying a B&W AireJet® low-NOx (nitrogen oxides) combustion system and other equipment to improve the unit’s emissions and efficiency.
“As we continue to expand our business in the Asia-Pacific region, as well as other regions globally, we’re seeing an increasing number of significant opportunities to help customers reduce emissions from thermal plants,” said B&W Chief Operating Officer Jimmy Morgan. “The emphasis on clean energy technologies is global and growing, and customers in Asia and elsewhere are moving quickly to protect the environment as they generate energy efficiently and economically.”
As part of B&W’s strategy to expand its international presence, it established its Asia-Pacific regional headquarters, located in Perth, Australia, in 2020 to pursue opportunities in Asia. This expansion will enable B&W to deliver its ClimateBrightTM technology platform and grow its B&W Environmental, B&W Renewable and B&W Thermal businesses to meet the demand for clean energy, decarbonization, renewable waste-to-energy, biomass and environmental technologies, as well as services for utility and industrial customers.
About Babcock & Wilcox
Headquartered in Akron, Ohio, Babcock & Wilcox is a global leader in energy and environmental technologies and services for the power and industrial markets. Follow us on LinkedIn and learn more at www.babcock.com.
Forward-Looking Statements
B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to the execution and completion of contracts to design and supply environmental equipment for a power plant in Asia. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties. For a more complete discussion of these risk factors, see our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. We caution readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and we undertake no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.
Investor Contact:
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Babcock & Wilcox
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LOS ANGELES--(BUSINESS WIRE)--Romeo Power, Inc. (“Romeo Power”) (NYSE: RMO), an energy technology leader delivering advanced electrification solutions for complex commercial vehicle applications, today announced the appointment of Matthew Sant to the role of General Counsel. Mr. Sant is a seasoned in-house legal executive and lawyer who brings to Romeo Power extensive experience at the intersections of technology, business and legal issues.
Prior to joining Romeo Power, Mr. Sant served as Vice President and Deputy General Counsel at Skyworks Solutions, Inc. (NASDAQ: SWKS), a manufacturer of analog semiconductors for wireless communications. At Skyworks, Matt was responsible for a broad portfolio of legal matters, including commercial contracts, securities and corporate governance, mergers and acquisitions, compliance and litigation. Prior to this, Mr. Sant served as Vice President and Deputy General Counsel at Broadcom Corporation (NASDAQ: AVGO). Mr. Sant was also a partner in the Los Angeles-based law firm of Irell & Manella LLP, and served as Co-Chair of the firm's Emerging Technologies practice.
Mr. Sant received his undergraduate degree from Westmont College, summa cum laude, with a double major in Political Science and Economics/Business. He received his Juris Doctor from Harvard Law School.
Mr. Sant also served as an adjunct professor at Chapman University, teaching graduate level courses in the Masters in International Studies program, including courses on Corporate Social Responsibility and International Law. He is a member of the Pacific Council on International Policy in Los Angeles, California and the former Chairman of the World Affairs Council of Orange County.
About Romeo Power
Founded in 2016 and headquartered in Los Angeles, California, Romeo Power (NYSE: RMO) is an energy technology leader delivering advanced electrification solutions for complex commercial vehicle applications. The company’s suite of advanced hardware, combined with its innovative battery management system, delivers the safety, performance, reliability and configurability its customers need to succeed. Romeo Power's 113,000 square-foot manufacturing facility brings its flexible design and development process inhouse to pack the most energy dense modules on the market. To keep up with everything Romeo Power, please follow the company on social @romeopowerinc or visit romeopower.com.
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DALLAS--(BUSINESS WIRE)--Matador Resources Company (NYSE: MTDR) (“Matador”) today announced that its Board of Directors declared a quarterly cash dividend of $0.025 per share of common stock payable on September 3, 2021 to shareholders of record as of August 12, 2021.
About Matador Resources Company
Matador is an independent energy company engaged in the exploration, development, production and acquisition of oil and natural gas resources in the United States, with an emphasis on oil and natural gas shale and other unconventional plays. Its current operations are focused primarily on the oil and liquids-rich portion of the Wolfcamp and Bone Spring plays in the Delaware Basin in Southeast New Mexico and West Texas. Matador also operates in the Eagle Ford shale play in South Texas and the Haynesville shale and Cotton Valley plays in Northwest Louisiana. Additionally, Matador conducts midstream operations, primarily through its midstream joint venture, San Mateo, in support of its exploration, development and production operations and provides natural gas processing, oil transportation services, natural gas, oil and produced water gathering services and produced water disposal services to third parties.
For more information, visit Matador Resources Company at www.matadorresources.com.
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Led by Peter Cramton, researchers from The University of Maryland and The University of Cologne, and Centre for Net Zero will use real-world data from Octopus Energy to compare household responses to dynamic energy prices in the US & the UK
HOUSTON--(BUSINESS WIRE)--The Centre for Net Zero, the research firm focused on clean energy and decarbonization projects and backed by Octopus Energy Group, today announced a global collaboration with leading researchers from The University of Maryland and The University of Cologne, led by eminent economist Peter Cramton.
Drawing upon smart meter and time-of-use tariff data from Octopus Energy customers in Texas and the UK, Centre for Net Zero, Cramton and his research team will examine consumer price responsiveness under different electricity market conditions and compare and contrast insights from Texas and the UK.
The research will deliver an improved understanding of how different households adapt their energy use in response to wholesale price signals - and how Texans can leverage these insights to reform regulation of energy retail and shape energy products that both suit customers and support the decarbonisation of the grid. Public adoption of new technologies, like electric vehicles, heat pumps and smart thermostats, offers a huge opportunity to create new sources of flexibility. The research will seek to highlight the benefits to consumers, networks and energy providers of innovation in retail, such as smart energy tariffs.
The findings of the research will feed into Centre for Net Zero’s ongoing work to develop the world’s most comprehensive, openly accessible agent-based model (ABM) of the energy transition, simulating the behaviour of households within a people-centred energy transition. The research will also provide valuable insights for Octopus Energy as the team expands access to affordable and renewable energy across the state of Texas.
The outputs from the first phase of research are expected to be shared ahead of COP26, the 26th United Nations Climate Change conference, later this year. These will inform the next stages of the research, which will likely involve additional global research partners.
Michael Lee, CEO of Octopus Energy comments: “With weather extremes reaching new heights across the globe, the vulnerability of the current power system is becoming increasingly apparent. In preparation for record-breaking temperatures and high energy usage that come with it, this research project will serve as a way to better understand how we can make modern energy markets work effectively and serve our customers in the most meaningful way.”
Lucy Yu, CEO of Centre for Net Zero comments: “We’re delighted to announce this partnership with Peter Cramton and his team of globally leading researchers. This research will advance our mission to realise faster, fairer and more affordable routes to net zero. We know that data and digital innovation combined with low carbon technologies can transform energy markets as we seek to rapidly decarbonise. This research will deepen our understanding of the potential for more flexible energy consumption from different types of households, and what this means for a just transition. We look forward to sharing our findings as we build up to COP26 later this year and the first public code release of our agent-based model (ABM), which focuses on a people-centred simulation of the energy transition’.”
Peter Cramton comments: “Our research team welcomes the opportunity to collaborate with Centre for Net Zero. Addressing climate change requires decarbonizing electricity. To decarbonize electricity we must engage consumers in adapting demands in response to energy costs, which vary over time and location. Our research will help us understand how innovation in technology and rate plans can benefit consumers in the transition to renewable energy.”
About Centre for Net Zero
Centre for Net Zero is an open research lab powered by Octopus Energy. Founded in 2021, its mission is to realise faster, fairer and more affordable paths to net zero. Its research is based on real world data-driven modelling and simulation of a people-centred energy transition, to provide the critical insights that policy makers need to take bold climate action. In addition to research, the Centre is developing a platform approach to share its models and data, making them openly available for a community of global researchers and policymakers to adapt and localise for other territories - helping the world work towards a brighter, greener future.
About Octopus Energy Group
Octopus Energy Group is a technology-driven, renewable energy retailer, directly supplying over 2 million customers globally with 100% green electricity at a cheaper price and with a focus on incredible customer service. Founded five years ago as a global energy retailer, Octopus Energy entered the U.S. market in 2020, starting in Texas, forming Octopus Energy U.S. and fueling the company’s global expansion. Octopus Energy is valued at over $2 billion and is one of energy-tech’s fastest-growing private companies. To learn more, visit: www.octopusenergy.com
About Peter Cramton
Since 1983, Peter Cramton has conducted research on auctions and market design, with a focus on the design of complex markets to best achieve goals. Applications include electricity markets, financial markets, and auctions for radio spectrum. He has introduced innovative market designs in many industries and is working with regulators and system operators in the UK and the US on electricity market design.
Pakelody Cheam
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LUXEMBOURG--(BUSINESS WIRE)--FREYR Battery (“FREYR”), a developer of clean, next-generation battery cell production capacity, has signed a contract with Mpac Lambert for the supply of the casting and unit cell assembly equipment package to the battery cell production line at FREYR’s Customer Qualification Plant (“CQP”) in Mo i Rana, Norway. Preparatory work on the facility is already ongoing with a targeted start of initial operations in the second half of 2022.
Mpac Lambert, a UK-based developer of automation and mass production solutions, was prequalified to participate in the competitive tender following nearly three years of cooperation with 24M Technologies (“24M”) on industrializing and scaling 24M’s SemiSolid lithium-ion battery platform technology. The company will leverage 24M’s innovative battery casting technology and in-house expertise and experience in automation and mass production systems to construct and install the equipment.
“The casting and unit cell assembly sits at the heart of the battery cell production process. This is FREYR’s first contract for critical production line machinery, and we are excited to take the important step towards achieving the milestones outlined in our project plan. We expect to commence construction in August 2021. FREYR looks forward to announcing other contract awards for other equipment to the CQP in due course,” said Einar Kilde, EVP Projects at FREYR.
The contract with Mpac Lambert also grants FREYR options for delivery of the casting and unit cell assembly equipment packages for FREYR’s planned Gigafactories.
“We are delighted to be a partner to FREYR to support them in their vision and play our part as Mpac automation ecosystems to provide know-how, equipment and services to industrialize the battery cell energy storage device production,” said Tony Steels, the CEO of Mpac.
“FREYR continues to advance Norway’s first lithium-ion battery cell manufacturing facility at industrial scale with a production line developed to our own specifications. The CQP will be used to optimize and industrialize 24M’s technology to produce clean, low-cost and high-energy density battery solutions based on renewable energy. We look forward to establishing a long-term partnership with Mpac Lambert through the CQP and potential later Gigafactory development,” said Tom Einar Jensen, the CEO of FREYR.
About FREYR Battery
FREYR plans to develop up to 35 GWh of battery cell production capacity in Norway and additional 8 GWh via joint ventures in Norway and/or the Nordic region by 2025 to position the company as one of Europe’s largest battery cell suppliers. Five of the facilities will be located in the Mo i Rana industrial complex in Northern Norway, leveraging Norway’s highly skilled workforce and abundant, low-cost renewable energy sources from hydro and wind in a crisp, clear and energized environment. FREYR will supply safe, high energy density and cost competitive clean battery cells to the rapidly growing global markets for electric vehicles, energy storage, and marine applications. FREYR is committed to supporting cluster-based R&D initiatives and the development of an international ecosystem of scientific, commercial, and financial stakeholders to support the expansion of the battery value chain in our region. For more information, please visit www.freyrbattery.com.
About Mpac Group
Mpac Group plc is a global leader in high-speed packaging and automation solutions. The Company serves blue chip customers throughout the world in the essential and growing sectors of healthcare, pharmaceutical and food and beverage, Headquartered in the UK, the Company has strategically located manufacturing and service locations in North America, Europe and Asia to provide customers with local support through its highly respected subsidiaries: Lambert, Langen and Switchback.
Forward-looking Statements
The information in this press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, including, without limitation, regarding the development, timeline, capacity and other usefulness of FREYR’s CQP and planned Gigafactories, the success of the Mpac casting and unit cell assembly equipment package in the CQP or other future plants, the development and commercialization of 24M SemiSolid technology, FREYR’s manufacturing capacity relative to other market participants, and the development of customer and supplier relationships are forward-looking statements.
These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside FREYR’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to the following: (i) FREYR faces significant barriers in its attempts to scale and commercialize the SemiSolid lithium-ion battery platform cell technology and related manufacturing processes, which may not be successful, (ii) FREYR may encounter substantial delays in the development, manufacture, regulatory approval, and launch of FREYR’s battery cells and building out of the CQP or other planned plants, which could prevent FREYR from commercializing products on a timely basis, if at all, (iii) FREYR’s licensing strategy relies heavily on 24M’s process and technology, and any disagreements with 24M may impede FREYR’s ability to maximize the benefits of its licensing strategy, and (iv) FREYR may not be able to engage target customers successfully and convert such contacts into meaningful orders in the future. FREYR cautions that the foregoing list of factors is not exclusive. Additional information about factors that could materially affect FREYR is set forth under the “Risk Factors” section in FREYR’s Registration Statement on Form S-4 filed with the Securities and Exchange Commission on March 26, 2021, as amended, and available on the SEC’s website at www.sec.gov.
Except as otherwise required by applicable law, FREYR disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. Should underlying assumptions prove incorrect, actual results and projections could different materially from those expressed in any forward-looking statements.
Source: FREYR Battery
FREYR Battery contact information
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Mpac Group contact information
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Report Findings Include USD 27.7 Million in Additional Income for Farmers and Small- and Medium-sized Enterprises in Nigeria's Niger Delta
WASHINGTON & ABUJA, Nigeria--(BUSINESS WIRE)--#AnnualReport--The Niger Delta Partnership Initiative (NDPI) released the NDPI 2020 Annual Report, which highlights the PIND (Foundation for Partnership Initiatives in the Niger Delta) 2020 Annual Report, outlining the peacebuilding and economic development work being done in Nigeria's Niger Delta region. The publications, both of which are aptly titled "Resilience & Results in a Pandemic," summarize a milestone year with sections like:
"PIND and NDPI are proud of the positive impact we have made in facilitating peacebuilding and economic development in the Niger Delta over the past decade," said Mamadou Beye, NDPI Board of Directors Chairman. "This was accomplished through our private and public sector partnerships, and the collective knowledge, expertise, and collaboration of our partners, donors, communities, and the citizens of the Niger Delta."
"We plan to remain focused and sustain the momentum in the coming years through capacity building and innovation. We thank you for being a part of bringing peace and prosperity to the Niger Delta region and look forward to a more sustained partnership in the years ahead," said Nadeem Anwar, NDPI Executive Director.
"Throughout this annual report, we will introduce program participants with stories that reflect resilience in the face of ten years of hard work and one pandemic year of uncertainty. Because of you and the work we are doing together; conflicts are being mitigated, people are being moved out of poverty, and hope is rising for a better tomorrow. Thank you for the selfless collaborations, engagements, and partnerships that have given the people of the Niger Delta renewed hope," said PIND Executive Director Dr. Dara Akala.
The NDPI 2020 Annual Report and PIND 2020 Annual Report were prepared with data collected from January 1 through December 31, 2020. Learn more about PIND and NDPI's work in Nigeria's Niger Delta at PINDfoundation.org and NDPIfoundation.org.
About PIND
The Foundation for Partnership Initiatives in the Niger Delta (PIND) is a Nigerian nonprofit organization established in 2010 with initial funding from Chevron Corporation to promote peace and equitable economic growth in Nigeria's Niger Delta region by forging multi-sectoral and multi-stakeholder partnerships at the regional, national, and international levels. PIND works closely with numerous partners to implement collaborative market-based, community-owned programs to mitigate conflicts and boost economic opportunities for local businesses, ensuring that economic progress occurs in a systemic, inclusive, and sustainable manner. Learn more about PINDfoundation.org.
About NDPI
The Niger Delta Partnership Initiative (NDPI) is the U.S.-based 501(c)(3), nonprofit operating partner of Nigeria-based implementing partner PIND (Foundation for Partnership Initiatives in the Niger Delta). Since 2010, NDPI & PIND have strengthened and stabilized Niger Delta communities by reducing poverty, powering coastline communities, nurturing employment, fostering stability, and enabling development through multi-stakeholder partnerships. Learn more about NDPIfoundation.org.
Media Contacts:
Chinwe Nnoham-Onyejekwe, PIND (Foundation for Partnership Initiatives in the Niger Delta)
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Stockholders of Record as of June 21, 2021 are Eligible to Vote at Annual Meeting
VIENNA, Va. & RESTON, Va.--(BUSINESS WIRE)--NavSight Holdings, Inc. (NYSE: NSH, “NavSight”), a publicly-traded special purpose acquisition company, and Spire Global, Inc. (“Spire”), a leading provider of space-based data, analytics and space services, today announced that NavSight’s registration statement on Form S-4 (File No. 333-256112), relating to the previously announced merger of NavSight and Spire (the “Business Combination”) has been declared effective by the U.S. Securities and Exchange Commission as of July 22, 2021.
NavSight also announced that it will hold the special meeting of stockholders (the “Special Meeting”) on August 13, 2021 at 10:00 AM ET to, among other things, allow its stockholders to vote to approve the proposed Business Combination with Spire. The Special Meeting will be completely virtual and conducted via live webcast.
Stockholders of record of NavSight common stock as of the close of business on the record date of June 21, 2021 may vote at or before the Special Meeting.
If the proposals at the Special Meeting are approved, the parties anticipate that the Business Combination will close shortly thereafter, subject to the satisfaction or waiver (as applicable) of all other closing conditions. Upon the closing of the Business Combination, the parties expect that the combined company will operate as Spire Global, Inc., and that the shares of common stock and the warrants of the combined company are expected to be listed on New York Stock Exchange under the symbols “SPIR” and “SPIR.WS,” respectively.
NavSight stockholders who need assistance voting, have questions regarding the Special Meeting, or would like to request documents may contact NavSight Holdings, Inc., 12020 Sunrise Valley Drive, Suite 100, Reston, Virginia 20191, by telephone at (571) 500-2236, or by email at This email address is being protected from spambots. You need JavaScript enabled to view it., or NavSight’s proxy solicitor D.F. King & Co., Inc. by calling (800) 207-3158 or banks and brokers can call at (212) 269-5550, or by emailing This email address is being protected from spambots. You need JavaScript enabled to view it..
About Spire Global, Inc.
Spire is a leading global provider of space-based data, analytics, and space services, offering access to unique datasets and powerful insights about Earth from the ultimate vantage point so that organizations can make decisions with confidence, accuracy, and speed. Spire uses one of the world’s largest multi-purpose satellite constellations to source hard to acquire, valuable data and enriches it with predictive solutions. Spire then provides this data as a subscription to organizations around the world so they can improve business operations, decrease their environmental footprint, deploy resources for growth and competitive advantage, and mitigate risk. Spire gives commercial and government organizations the competitive advantage they seek to innovate and solve some of the world’s toughest problems with insights from space. Spire has offices in San Francisco, Boulder, Washington DC, Glasgow, Luxembourg, and Singapore. To learn more, visit http://www.spire.com.
About NavSight Holdings, Inc.
NavSight Holdings, Inc. is a newly organized blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.
Additional Information and Where to Find It
In connection with the Proposed Transaction, NavSight has filed the Registration Statement with the SEC, which includes a proxy statement which has been distributed to holders of NavSight’s common stock in connection with NavSight’s solicitation of proxies for the vote by NavSight’s stockholders with respect to the Proposed Transaction and other matters as described in the Registration Statement, a prospectus relating to the offer of the securities to be issued to Spire’s stockholders in connection with the Proposed Transaction, and an information statement to Spire’s stockholders regarding the Proposed Transaction. NavSight has mailed a definitive proxy statement/prospectus/information statement and other relevant documents to its stockholders of record as of June 21, 2021, the record date established for the Special Meeting. Investors and security holders and other interested parties are urged to read the proxy statement/prospectus/information statement, any amendments thereto and any other documents filed or that will be filed with the SEC carefully and in their entirety as they become available because they will contain important information about NavSight, Spire and the Proposed Transaction. Investors and security holders may obtain free copies of the proxy statement/prospectus/information statement and other documents filed with the SEC by NavSight (when available) through the website maintained by the SEC at http://www.sec.gov, or by directing a request to: NavSight Holdings, Inc., 12020 Sunrise Valley Drive, Suite 100, Reston, VA 20191.
Participants in Solicitation
NavSight and Spire and their respective directors and certain of their respective executive officers and other members of management and employees may be considered participants in the solicitation of proxies with respect to the Proposed Transaction. Information about the directors and executive officers of NavSight is set forth in its final prospectus filed on July 22, 2021 (the “NavSight Prospectus”). Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, is included in the Registration Statement, the NavSight Prospectus and other relevant materials filed or that will be filed with the SEC regarding the Proposed Transaction as they become available. Stockholders, potential investors and other interested persons should read the Registration Statement and NavSight Prospectus carefully before making any voting or investment decisions. These documents can be obtained free of charge from the sources indicated above.
No Offer or Solicitation
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.
Forward-Looking Statements
The information in this press release includes “forward-looking statements” within the meaning of the federal securities laws with respect to the Proposed Transaction. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other 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, expectations of achieving and maintaining profitability, projections of total addressable markets, market opportunity and market share, net proceeds from the Proposed Transactions, potential benefits of the Proposed Transaction and the potential success of Spire’s market and growth strategies, and expectations related to the terms and timing of the Proposed Transaction. These statements are based on various assumptions and on the current expectations of NavSight’s and Spire’s 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 any 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 NavSight and Spire. These forward-looking statements are subject to a number of risks and uncertainties, including (i) the risk that the Proposed Transaction may not be completed in a timely manner or at all, which may adversely affect the price of NavSight's securities; (ii) the risk that the Proposed Transaction may not be completed by NavSight's business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by NavSight; (iii) the failure to satisfy the conditions to the consummation of the Proposed Transaction, including the approval of the Proposed Transaction by the stockholders of NavSight, the satisfaction of the minimum trust account amount following any redemptions by NavSight's public stockholders and the receipt of certain governmental and regulatory approvals; (iv) the inability to complete the PIPE investment in connection with the Proposed Transaction; (v) the failure to realize the anticipated benefits of the Proposed Transaction; (vi) the effect of the announcement or pendency of the Proposed Transaction on Spire’s business relationships, performance, and business generally; (vii) risks that the Proposed Transaction disrupts current plans of Spire and potential difficulties in Spire employee retention as a result of the Proposed Transaction; (viii) the outcome of any legal proceedings that may be instituted against NavSight or Spire related to the business combination agreement or the Proposed Transaction; (ix) the ability to maintain the listing of NavSight’s securities on the New York Stock Exchange; (x) the ability to address the market opportunity for Space-as-a-Service; (xi) the risk that the Proposed Transaction may not generate expected net proceeds to the combined company; (xii) the ability to implement business plans, forecasts, and other expectations after the completion of the Proposed Transaction, and identify and realize additional opportunities; (xiii) the occurrence of any event, change or other circumstance that could give rise to the termination of the business combination agreement; (iv) the risk of downturns, new entrants and a changing regulatory landscape in the highly competitive space data analytics industry; and those factors discussed in the NavSight Prospectus under the heading “Risk Factors,” and other documents of NavSight filed, or to be filed, with the SEC. If any of these risks materialize or Spire’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither NavSight nor Spire presently know or that NavSight and Spire currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect NavSight’s and Spire’s expectations, plans or forecasts of future events and views as of the date of this press release. NavSight and Spire anticipate that subsequent events and developments will cause NavSight’s and Spire’s assessments to change. However, while NavSight and Spire may elect to update these forward-looking statements at some point in the future, NavSight and Spire specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing NavSight’s and Spire’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
For Spire Global, Inc.:
Investor Contacts:
Hillary Yaffe
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Michael Bowen and Ryan Gardella
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Hillary Yaffe
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Phil Denning
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For NavSight Holdings, Inc.:
Investor Contact:
Jack Pearlstein
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Transition of Tractor Fleet to Zero Emission Vehicles Begins at Air Products
LEHIGH VALLEY, Pa. & COLUMBUS, Ind.--(BUSINESS WIRE)--Air Products (NYSE:APD), a world leader in the supply and transport of hydrogen, and Cummins Inc., a global power and hydrogen technologies leader, jointly announce the signing of a memorandum of understanding (MOU) to work together to accelerate the integration of hydrogen fuel cell trucks in the Americas, Europe and Asia. Cummins will provide hydrogen fuel cell electric powertrains integrated into selected OEM partners’ heavy-duty trucks for Air Products, as Air Products begins the process of converting its global fleet of distribution vehicles to hydrogen fuel cell vehicles.
Following a successful demonstration and pilot phase, Air Products plans to convert its global fleet of approximately 2,000 trucks to hydrogen fuel cell zero-emission vehicles. Cummins and Air Products expect the demonstration phase to begin in 2022. Additionally, Cummins and Air Products will work together to increase the accessibility of renewable hydrogen, including hydrogen infrastructure opportunities that promote the adoption of hydrogen for mobility.
“We believe hydrogen is the future for heavy duty segments of the transportation market and we can demonstrate to the world its merits by being a first-mover in transitioning our heavy-duty fleet of trucks to hydrogen fuel cell electric vehicles. We are pleased to be working with Cummins to achieve our fleet transition goals. Sustainability is Air Products’ growth strategy and creates our growth opportunities, and nothing says more about our company’s approach to sustainability than a fleet of zero-emission vehicles on the road delivering product to customers every day,” said Seifi Ghasemi, Air Products’ chairman, president and chief executive officer.
“This is another turning point for hydrogen and the energy transition,” said Tom Linebarger, chairman and chief executive officer at Cummins. “As we develop the technologies of tomorrow, we need the partnership of others to be successful, and this partnership with Air Products is the next step in leading the industry on the path to a zero-emissions future.”
“The best way to promote the adoption of hydrogen for mobility in heavy-duty applications is for us to have units on the road and lead by example. In addition to other heavy-duty applications like transit fleets, where we already provide fueling solutions, the semi-truck market is a major opportunity for hydrogen due to its rigorous requirements. Only hydrogen fuel cell vehicles can provide the necessary range, refueling time, and weight requirements to decarbonize this important transportation sector,” said Eric Guter, Air Products’ vice president for hydrogen for mobility solutions.
“We are thrilled to work with Air Products to take this important step towards transitioning thousands of their trucks to zero-emissions, hydrogen fuel cell electric vehicles,” said Amy Davis, vice president and president of New Power at Cummins. “Together with Air Products, we will combine our vast expertise in hydrogen—from production to consumption—with the on-road learnings we already have through our Cummins-powered zero-emissions fleet. From the hundreds of battery electric buses and trucks to fuel cell systems for bus and rail, working with these innovative fleets creates the tipping point necessary for us to scale and accelerate a carbon-neutral world.”
Hydrogen is an important technology option for sustainable transportation, including for heavy-duty vehicles. Hydrogen fuel cells are gaining momentum as the technology of choice in heavy-duty applications due to the duty cycles, especially in extreme climate conditions. Hydrogen as a transportation fuel most closely mirrors the traditional consumer transportation fuel experience, and Air Products has been a pioneer in this area for decades. The company’s technologies are used in over 1.5 million refuelings annually across 20 countries, with Air Products having been involved in over 250 projects.
As the world’s largest hydrogen producer, Air Products has experience across the full value chain for hydrogen and is driving sustainable growth by building, owning and operating the world’s largest production, gasification, carbon capture, transportation and fueling projects. With over 60 years of global hydrogen experience operating in over 50 countries, Air Products has the proven capability and know-how to make hydrogen through all available production methods and to distribute this increasingly important emission-free fuel safely, reliably, and economically.
Cummins has a long history of advanced technology and engineering capabilities and has a broad portfolio of market-leading hydrogen technologies, including PEM electrolyzer and fuel cell solutions. To date, the company has deployed more than 2,000 fuel cells and 600 electrolyzers globally. Cummins hydrogen innovations have been part of many of the world’s “firsts,” including powering the world’s first hydrogen fuel cell passenger trains, the world’s first hydrogen refueling station suitable for ships, cars and trucks in Antwerp, Belgium and the world’s largest PEM electrolyzer in Bécancour, Canada.
About Air Products
Air Products (NYSE:APD) is a world-leading industrial gases company in operation for 80 years. Focused on serving energy, environment and emerging markets, the Company provides essential industrial gases, related equipment and applications expertise to customers in dozens of industries, including refining, chemical, metals, electronics, manufacturing, and food and beverage. Air Products is also the global leader in the supply of liquefied natural gas process technology and equipment. The Company develops, engineers, builds, owns and operates some of the world's largest industrial gas projects, including: gasification projects that sustainably convert abundant natural resources into syngas for the production of high-value power, fuels and chemicals; carbon capture projects; and world-scale carbon-free hydrogen projects supporting global transportation and the energy transition.
The Company had fiscal 2020 sales of $8.9 billion from operations in 50 countries and has a current market capitalization of nearly $65 billion. More than 19,000 passionate, talented and committed employees from diverse backgrounds are driven by Air Products’ higher purpose to create innovative solutions that benefit the environment, enhance sustainability and address the challenges facing customers, communities, and the world. For more information, visit airproducts.com or follow us on LinkedIn Twitter, Facebook or Instagram.
Cautionary Note Regarding Forward-Looking Statements: This release contains “forward-looking statements” within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s expectations and assumptions as of the date of this release and are not guarantees of future performance. While forward-looking statements are made in good faith and based on assumptions, expectations and projections that management believes are reasonable based on currently available information, actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors, including risk factors described in our Annual Report on Form 10-K for the fiscal year ended September 30, 2020. Except as required by law, we disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any change in the assumptions, beliefs or expectations or any change in events, conditions or circumstances upon which any such forward-looking statements are based.
About Cummins Inc.
Cummins Inc., a global power leader, is a corporation of complementary business segments that design, manufacture, distribute and service a broad portfolio of power solutions. The company’s products range from diesel, natural gas, electric and hybrid powertrains and powertrain-related components including filtration, aftertreatment, turbochargers, fuel systems, controls systems, air handling systems, automated transmissions, electric power generation systems, batteries, electrified power systems, hydrogen generation and fuel cell products. Headquartered in Columbus, Indiana (U.S.), since its founding in 1919, Cummins employs approximately 57,800 people committed to powering a more prosperous world through three global corporate responsibility priorities critical to healthy communities: education, environment and equality of opportunity. Cummins serves its customers online, through a network of company-owned and independent distributor locations, and through thousands of dealer locations worldwide and earned about $1.8 billion on sales of $19.8 billion in 2020. Learn more at cummins.com.
Media Inquiries:
(Air Products) Art George, tel: (610) 481-1340; e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
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Investor Inquiries:
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(Cummins) Jack Kienzler, tel: (224) 254-6282; email: This email address is being protected from spambots. You need JavaScript enabled to view it.
TORONTO--(BUSINESS WIRE)--$NETZ #NETZ--Carbon Streaming Corporation (“Carbon Streaming” or the “Company”) (NEO: NETZ) is pleased to announce that the Neo Exchange Inc. (“NEO Exchange”) has granted final approval of the Company’s listing application and that Carbon Streaming will commence trading on the NEO Exchange as of 9:30am ET on Tuesday, July 27, 2021, under the symbol “NETZ”. The Company will host a corporate update during a live webcast at 10:30am ET, following a virtual bell ringing market open ceremony with the NEO Exchange. Further details are provided below.
Justin Cochrane, President and CEO of Carbon Streaming, noted “we are exceptionally proud of what we are building, together with our stakeholders, to deliver on our mission of financing a net-zero and carbon neutral future.” Mr. Cochrane continued, “Our public debut on the NEO Exchange marks yet another strategic milestone for Carbon Streaming, with many more yet to come.”
Public Listing
Carbon Streaming’s debut on the NEO Exchange provides investors fresh exposure in the dynamic carbon economy at a global inflection point. The Company is among the first publicly traded carbon offset investment companies on any exchange and affords unique access to the carbon marketplace. The Company also remains posted for trading on the OTC Markets in the United States under the updated ticker “OFSTF”.
NEO Exchange Bell Ringing Ceremony
Join us for a Digital Market Open Event celebrating the launch of Carbon Streaming Corporation on the NEO Exchange Tuesday July 27, 2021, at 9:20 am ET. Register here to join the virtual ceremony: Webinar Registration - Zoom
Carbon Streaming Webcast
The public is also invited to attend a live webcast following the launch, at 10:30am ET on Tuesday July 27, 2021. During the webcast, Mr. Cochrane will present a Company overview and provide a corporate update to attendees and answer questions. Registration details will be available on the Company’s website at www.carbonstreaming.com.
About Carbon Streaming Corporation
Carbon Streaming is a unique ESG principled investment vehicle offering investors exposure to carbon credits, a key instrument used by both governments and corporations to achieve their carbon neutral and net-zero climate goals. Our business model is focused on acquiring, managing and growing a high-quality and diversified portfolio of investments in projects and/or companies that generate or are actively involved, directly or indirectly, with voluntary and/or compliance carbon credits.
The Company invests capital through carbon credit streaming arrangements with project developers and owners to accelerate the creation of carbon offset projects by bringing capital to projects that might not otherwise be developed. Many of these projects will have significant social and economic co-benefits in addition to their carbon reduction or removal potential.
About the NEO Exchange Inc.
The NEO Exchange is Canada’s Tier 1 stock exchange for the innovation economy, bringing together investors and capital raisers within a fair, liquid, efficient, and service-oriented environment. Fully operational since June 2015, NEO puts investors first and provides access to trading across all Canadian-listed securities on a level playing field. NEO lists companies and investment products seeking an internationally recognized stock exchange that enables investor trust, quality liquidity, and broad awareness including unfettered access to market data.
NEO Exchange does not accept responsibility for the adequacy or accuracy of this news release.
Justin Cochrane, Director, President and CEO
Tel: 647.846.7765
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www.carbonstreaming.com
BLACKWOOD, N.J.--(BUSINESS WIRE)--#SolarEnergy--Vision Solar, which is one of the leaders in Residential Solar Panel Installations, has launched their Deerfield, FL and Connecticut locations.
In Deerfield Beach, FL, the new 12K sq.ft. office space, designed with the latest technology, will be used as their SOFLO (South Florida) HUB to forward their marketing, innovation – serving as their “think tank” and sales training. Vision Solar will also be hiring hundreds of new sales personnel for this location.
Our most recent expansion to Farmington, Connecticut, has established an ideal location for a state that is booming in solar energy. Our office in Connecticut will be sales focused, encouraging homeowners to make the wise switch over to solar power. Connecticut continues being a beacon of light for the solar industry.
Vision Solar is set to expand nationwide. Building a robust sales team, mixed with growing their in-house sales team and also focusing on building the consumer client services side of the business.
Vision Solar is the fastest growing Solar Panel Installation company in the US history.
“This move to South Florida and Connecticut will continue to allow us to expand and reach areas we weren’t able to reach before. In Connecticut, Net metering isn’t going away anytime soon, the credits will be in dollars and cents, not kilowatt-hours, and Homeowners will be able to size up their systems to allow for future electric vehicle plug-ins,” Michael Eden stated.
For any inquiries regarding this press release, please feel free to contact John Czelusniak at This email address is being protected from spambots. You need JavaScript enabled to view it.
About Vision Solar
Vision Solar is one of the fastest growing solar energy companies in the United States. Their full-service renewable energy company installs solar services for residential homeowners nationwide. Over the past three years, Vision Solar has grossed over $100 million in revenue, with significant increase in projected growth to produce 1000+ high-quality Green Jobs by 2022. To learn more, visit: https://visionsolar.com
John Czelusniak
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DUBLIN--(BUSINESS WIRE)--The "Growth Opportunities in Hydrogen Generation and Batteries" report has been added to ResearchAndMarkets.com's offering.
This report features information on the use of modular battery swapping stations enabling faster adoption of electric vehicles, and the use of battery swapping stations for two-wheeler and three-wheeler electric vehicles.
The report also provides information on 3D printed proton exchange membranes for designing and fabricating solid state capacitors used in energy storage devices. The TOE features information on an innovative anode-free battery design that enables development of solid state batteries.
The TOE also focuses on innovations associated with the fabrication of a temperature controlled battery design for enhancing ultra-fast charging. The TOE additionally provides insights in solid oxide fuel cells, and the latest insights on the conversion of sewage waste into hydrogen.
The Energy and Power Systems TOE provides insights on the latest advances in the broad range of technology related to the energy industry. The topics regularly presented range from energy storage technologies (solid state batteries, solar chemical storage and other advanced energy storage devices) to non-renewable energy such as oil and gas.
Special emphasis is given to emerging areas in the renewable sector such as photovoltaics, wind energy, and geothermal energy, and emerging alternative fuels such as hydrogen, syngas, ethanol and biofuels. The EPS TOE keeps clients abreast of the latest R&D developments at major corporate and academic research centers, provides competitor intelligence and helps create strategic alliances.
The Energy and Environment cluster provides global insights and intelligence on a wide variety of disruptive emerging technologies and platforms ranging from energy storage, advanced batteries, solar and wind energy, to unconventional oil, bioenergy, geothermal energy, and energy transmission.
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/hvfv7k
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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NASHUA, N.H.--(BUSINESS WIRE)--BAE Systems, Inc. has received a $117 million contract from Lockheed Martin to produce next-generation missile seekers for the Long Range Anti-Ship Missile (LRASM). The seeker technology enables LRASM to detect and engage specific maritime targets in contested environments with less dependence on traditional navigation systems. The next-generation seeker design reduces overall missile costs.
“We’re committed to providing affordable systems that deliver unmatched capabilities to the U.S. and its allies,” said Bruce Konigsberg, Radio Frequency Sensors product area director at BAE Systems. “We’ve designed efficient seeker systems that are easier to build and test without compromising on performance.”
Following design improvements conducted under a Diminishing Sources/Affordability contract, BAE Systems is producing next-generation seekers for Lots 4 and 5 that are more capable and easier to produce, with less-complicated manufacturing processes. The next-generation seekers have replaced obsolescent and limited-availability parts, dramatically reducing the system cost.
The LRASM contract will support missiles for the U.S. Navy, U.S. Air Force, and U.S. allies through Foreign Military Sales, as well as research, development, test, and evaluation services.
BAE Systems’ work on the LRASM seeker is conducted at the company’s facilities in Wayne, N.J.; Greenlawn, N.Y.; and Nashua, N.H. For additional information, visit: www.baesystems.com/lrasm.
Mark Daly, BAE Systems
Mobile: 603-233-7636
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FORT DAUPHIN, Madagascar--(BUSINESS WIRE)--Rio Tinto has signed a power purchasing agreement for a new renewable energy plant to power the operations of its QMM ilmenite mine in Fort Dauphin, Southern Madagascar.
This project, which uses solar and wind energy, will significantly contribute towards Rio Tinto’s operations in Madagascar achieving its carbon neutral objective by 2023. The project is part of a broader initiative to reduce the ilmenite mine’s environmental footprint which includes programmes that focus on emissions reduction, waste and water management, carbon sequestration, ecological restoration and reforestation.
The renewable energy plant, to be built, owned and operated by independent power producer, CrossBoundary Energy (CBE), over a 20-year period, will consist of an 8 MW solar facility and a 12 MW wind energy facility to power mining and processing operations. There will also be a lithium-ion battery energy storage system of up to 8.25 MW as reserve capacity to ensure a stable and reliable network.
It will supply all of QMM’s electricity demand during peak generation times, and up to 60 percent of the operations’ annual electricity consumption. QMM will replace the majority of the power it currently supplies to the town of Fort Dauphin and the community of around 80,000 people with renewables.
The renewable energy plant will comprise more than 18,000 solar panels and up to nine wind turbines located in the Port Ehoala Park area. Construction is expected to begin this year with the solar plant scheduled to start operations at the beginning 2022. The wind power plant is planned to commence construction early 2022 and become operational by the end of 2022.
QMM President Ny Fanja Rakotomalala said: “This project is a strong example of our commitment with the Government of Madagascar to the sustainable development of the region. On a sunny and windy day, all the electricity needed by QMM and the Fort Dauphin community will be generated by the Malagasy sun and wind. It is a major step forward on our journey towards a truly sustainable mine, that protects and promotes the uniqueness of Madagascar’s environment and benefits the community with reliable and clean electricity.”
Secretary General, Ministry of Energy and Hydrocarbons of the Republic of Madagascar, Andriatongarivo Tojonirina Andrisoa, said: “The Government of Madagascar is committed to the energy transition and to setting up Madagascar to be energy independent, as stated in the President’s Initiative pour l’Emergence de Madagascar (IEM). QMM’s renewable energy project, technically ambitious with two installations dedicated to solar and wind, is fully aligned with that vision. It makes Madagascar a global reference point for the use of renewable energy to supply clean, reliable power in the mining sector and other industries, and to the community.”
Rio Tinto Minerals Chief Executive Sinead Kaufman said: “With this flagship project, QMM is leading the way at Rio Tinto and in Madagascar in utilizing renewable energy to power mining operations and reduce carbon emissions.”
CrossBoundary Energy Co-founder and Managing Partner Matt Tilleard commented: “Emissions from electricity use in mining is estimated to account for around 1% of all greenhouse gases globally. Rio Tinto is leading the way in demonstrating how mines can seize a huge opportunity to reduce these emissions. We are focused on delivering cleaner power to businesses and were therefore able to offer Rio Tinto a flexible, fast, all-equity funding approach, combined with our reliable track record as one of Africa’s largest distributed renewable utilities.”
About QIT Madagascar Minerals
QIT Madagascar Minerals (QMM), is a joint venture between Rio Tinto (80%) and the government of Madagascar (20%). It is located near Fort Dauphin in the Anosy region of south-eastern Madagascar, and primarily produces ilmenite which is a major source of titanium dioxide, predominantly used as a white pigment in products such as paints and paper.
QMM also produces zirsill used in the manufacturing ceramic tiles and digital screens, and monazite, a rare earth element, used in renewable energy technologies like high-powered permanent magnets used in wind turbines and electric vehicles.
QMM includes the deep-water Port d’Ehoala, where the raw material is shipped to the Rio Tinto Fer et Titane plant in Canada and processed into titanium dioxide.
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Media Relations, UK
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Rio Tinto plc
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Rio Tinto Limited
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Category: QMM
DES MOINES, Iowa--(BUSINESS WIRE)--Berkshire Hathaway Energy today issued the following statement in support of advancing the bipartisan infrastructure framework:
Berkshire Hathaway Energy applauds the work of President Biden and Congress to drive forward a bipartisan agreement on infrastructure that will enable the further deployment of clean energy technologies and clean transportation for all Americans. The Bipartisan Infrastructure Framework includes important provisions now approved by the Senate Committee on Energy and Natural Resources that will catalyze transmission planning, siting and investment for critical interregional connections, resulting in a more resilient grid and accelerating the delivery of clean, reliable, affordable energy to communities across the country. We look forward to the enactment of these provisions.
It is also our hope that additional legislation will be approved that provides a durable and supportive tax regime to incent further investment in clean energy generation, transmission and energy storage, as this would allow us to meet the needs of our customers. Those incentives should be available to both utilities and energy developers equally without the impediment of current tax normalization restrictions; a robust competitive landscape helps drive down costs and allows the industry to provide affordable service to customers. We support eligibility criteria that includes emerging technologies like advanced nuclear and other carbon-free generation sources that can be deployed in a cost-effective and reliable manner. Berkshire Hathaway Energy looks forward to working with Secretary Granholm, the administration and Congress toward that end, with the shared goal of further reducing carbon emissions and benefiting customers.
About Berkshire Hathaway Energy
From our roots in renewable energy, Berkshire Hathaway Energy has grown to a $127.5 billion portfolio of locally managed businesses that share a vision of being the best energy company in serving our customers, while delivering sustainable energy solutions. These businesses deliver low-cost, safe and reliable service each day to more than 12 million electric and natural gas customers and end-users throughout the U.S., Great Britain and Alberta, Canada. Our employees pride themselves in putting customers first in all they do, and as a result, our businesses consistently rank high among energy companies in customer satisfaction. Berkshire Hathaway Energy is headquartered in Des Moines, Iowa, U.S. Learn more at www.brkenergy.com.
Berkshire Hathaway Energy
Media Hotline: 515-242-3022
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IRVING, Texas & RIYADH, Saudi Arabia--(BUSINESS WIRE)--ExxonMobil and SABIC announced today that their joint venture, Gulf Coast Growth Ventures located near Corpus Christi, Texas, has reached mechanical completion of a monoethylene glycol unit and two polyethylene units. Project startup is expected to begin ahead of schedule, likely in the fourth quarter of 2021.
“Gulf Coast Growth Ventures is a key development of our plan to serve growing demand for our high value performance products,” said Karen McKee, president of ExxonMobil Chemical Company. “This is truly a best-in-class project, as demonstrated in schedule acceleration and cost competitiveness, despite the many challenges related to the COVID-19 pandemic.”
“We are very proud to bring GCGV one step closer to operations,” said Abdulrahman Al-Fageeh, SABIC’s executive vice president of petrochemicals. “Not only are we ahead of schedule, but we have executed this project with the highest commitment and emphasis on safety with nearly 18 million safe person-hours worked, all while acting on the promises we made to the community when we started this journey four years ago.”
The project created more than 600 permanent jobs with average salaries of $90,000 per year. An additional 6,000 high-paying jobs were created during construction. The venture has generated more than $22 billion in economic output for the state of Texas during construction and is estimated to create $50 billion in economic benefits during the first six years of operation.
The project, which includes a 1.8 million metric ton ethane steam cracker, is expected to be delivered under budget and approximately 25 percent less than the average cost of similar projects along the U.S. Gulf Coast. When completed, GCGV will produce 1,100 kilotons of monoethylene glycol and 1,300 kilotons of polyethylene per year.
Monoethylene glycol is commonly used in the manufacturing of polyesters and automotive coolants, and as a building block to create various forms of high-performance plastics. Polyethylene is commonly used in protective film, packaging and bottles and containers that prolong the shelf-life of food and medicines, as well as in various automotive parts that improve fuel efficiency and performance, and in medical applications.
Gulf Coast Growth Ventures expands the successful international relationship between ExxonMobil and SABIC, who have worked together in petrochemical ventures for more than 35 years. Ownership interests in the Gulf Coast Growth Ventures project is 50 percent ExxonMobil and 50 percent SABIC, with ExxonMobil as site operator.
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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About SABIC
SABIC is a global diversified chemicals company headquartered in Riyadh, Saudi Arabia. SABIC manufactures on a global scale in the Americas, Europe, Middle East and Asia Pacific, making distinctly different kinds of products: chemicals, commodity and high performance plastics, agri-nutrients and metals. SABIC supports customers by identifying and developing opportunities in key end-use applications such as construction, medical devices, packaging, agri-nutrients, electrical and electronics, transportation and clean energy. To learn more, visit www.sabic.com.
Cautionary Statement
Statements of future events or conditions in this release are forward-looking statements. Actual future results, including project plans, timing, costs, and capacities; actual production; performance relative to competition; demand growth; and business, economic, and employment and community impacts could differ materially due to changes in market conditions affecting the oil, gas and petroleum product industries or long-term oil, gas and petroleum product price levels; political or regulatory developments including changes in environmental regulations or taxes; future technological developments including the development and costs of alternative or competing technologies; actions of competitors; technical or operating factors; the outcome of commercial negotiations; changes in consumer preferences; and other factors cited under the caption “Factors Affecting Future Results” on the Investors page of our website at exxonmobil.com.
ExxonMobil Media Relations
972-940-6007
SABIC Media Relations
281-455-0626
HOUSTON--(BUSINESS WIRE)--Kraken Resources II, LLC (“Kraken II” or the “Company”) is pleased to announce it has received an equity commitment in excess of $400 million from funds managed by Kayne Anderson Capital Advisors, L.P. (“Kayne Anderson”), including Kayne Anderson Energy Fund VIII, L.P. (“KAEF VIII”) and Kayne Private Energy Income Fund II, L.P. (“KPEIF II”) along with Kraken II’s management team.
Headquartered in Houston, Texas, Kraken II is a private oil and gas company formed to pursue large, oil-weighted acquisitions with an initial focus in the Williston Basin. The Company will target assets that have a significant existing production component and a multi-year inventory of development locations the Kraken II team can exploit.
The Kraken II management team is led by Bruce Larsen, President and CEO, and Brad Suddarth, Executive Vice President and CFO. Mr. Larsen and Mr. Suddarth currently lead Kraken Resources, LLC (“Kraken I”), an existing portfolio company of certain funds managed by Kayne Anderson. Kraken I’s operating footprint consists of over 130,000 net acres across North Dakota and Montana, with over 20,000 net boe/d of production.
Bruce Larsen commented, “We are excited to again partner with Kayne Anderson in search of acquisitions. Kraken I has drilled over 200 wells since 2017 and currently operates approximately 350 wells in the Williston Basin. We have built an organization of talented, driven people who will ultimately help Kraken II succeed in acquiring and developing a new asset base. We look forward to continuing to utilize our advantageous cost structure to drive meaningful improvements to operating margins and deliver superior investment returns.”
Mark Teshoian, Managing Partner at Kayne Anderson, said, “Over the course of our nine-year partnership, the Kraken II management team has demonstrated the ability to successfully manage a large-scale asset base across a number of commodity price cycles. We are excited to both continue our existing commitment to Kraken I and also to partner with this accomplished team once again.”
ABOUT KRAKEN RESOURCES II, LLC
Kraken Resources II, LLC is a Houston-based, private energy company focused on the acquisition and development of onshore oil and gas assets throughout the Lower 48.
ABOUT KAYNE ANDERSON
Kayne Anderson Capital Advisors, L.P., founded in 1984, is a leading alternative investment management firm focused on real estate, credit, infrastructure/energy, renewables, and growth equity. Kayne Anderson’s investment philosophy is to pursue niches, with an emphasis on cash flow, where our knowledge and sourcing advantages enable us to deliver above average, risk-adjusted investment returns. As responsible stewards of capital, Kayne Anderson’s philosophy extends to promoting responsible investment practices and sustainable business practices to create long-term value for our investors. Kayne Anderson manages over $30 billion in assets (as of 6/30/2021) for institutional investors, family offices, high net worth and retail clients and employs over 325 professionals in five core offices across the U.S. For more information, please visit www.kaynecapital.com.
Kraken Resources LLC
Bruce Larsen
713-360-7705
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Kayne Anderson Capital Advisors, L.P.
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ALEXANDRIA, Va.--(BUSINESS WIRE)--VSE Corporation (NASDAQ: VSEC), a leading provider of aftermarket distribution and maintenance, repair, and overhaul (MRO) services for land, sea and air transportation assets for government and commercial markets, today announced that it has acquired privately held Global Parts Group, Inc. (Global Parts) in an all-cash transaction valued at approximately $38 million, subject to customary working capital adjustments.
Global Parts is a fully integrated aftermarket distribution and MRO services provider supporting the global business and general aviation (B&GA) market. Global Parts’ distribution business focuses on supporting airframe components, while its repair capabilities extend to hydraulics and pneumatics. Global Parts’ experienced workforce operates from its distribution and MRO center of excellence in Augusta (Wichita), Kansas.
TRANSACTION RATIONALE
MANAGEMENT COMMENTARY
“We are pleased to welcome the Global Parts team to the VSE family,” stated John Cuomo, President and CEO of VSE Corporation. “This transaction represents an important strategic investment for our Aviation segment, which significantly expands product distribution offerings and repair capabilities across a diverse base of global business and general aviation customers. Global Parts’ customer service-focused culture, long-term customer relationships, OEM supplier partnerships, consistent financial performance, and proven technical expertise are highly complementary to our existing business, providing the opportunity for both revenue and margin enhancement opportunities over a multi-year period.”
“We view the B&GA market as a significant long-term opportunity for our business,” stated Ben Thomas, President of VSE Aviation. “By bringing together Global Parts with our recently announced Pratt and Whitney Canada engine accessory distribution agreement and existing B&GA distribution and MRO offerings, we’ve laid a solid foundation to build a sustainable and profitable business of scale in this market. Business jet customers want a single end-to-end solution capable of providing them with replacement parts and MRO services on a 24/7 AOG basis. With the addition of Global Parts, VSE is well-equipped to meet the stringent, real-time demands of business jet owner-operators, positioning us to take share and drive growth into the ongoing aviation recovery.”
ADVISORS
Jones Day served as legal counsel to VSE Corporation.
ABOUT VSE CORPORATION
VSE is a leading provider of aftermarket distribution and repair services for land, sea and air transportation assets for government and commercial markets. Core services include maintenance, repair and overhaul (MRO) services, parts distribution, supply chain management and logistics, engineering support, and consulting and training services for global commercial, federal, military and defense customers. VSE also provides information technology and energy consulting services. For additional information regarding VSE’s services and products, visit www.vsecorp.com.
FORWARD LOOKING STATEMENTS
This document contains certain forward-looking statements. These forward-looking statements, which are included in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, may involve known and unknown risks, uncertainties and other factors that may cause VSE’s actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this document. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that actual results will not differ materially from these expectations. “Forward-looking” statements, as such term is defined by the Securities Exchange Commission (the “SEC”) in its rules, regulations and releases, represent our expectations or beliefs, including, but not limited to, statements concerning the expected benefits and financial impact of our acquisition of Global Parts, our operations, economic performance, financial condition, our growth and acquisition strategies, investments and future operational plans. Without limiting the generality of the foregoing, words such as “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “forecast,” “seek,” “plan,” “predict,” “project,” “could,” “estimate,” “might,” “continue,” “seeking” or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. These statements, by their nature, involve substantial risks and uncertainties, certain of which are beyond our control, and actual results may differ materially depending on a variety of important factors, including, but not limited to, the uncertainty surrounding the ongoing COVID-19 outbreak and the other factors identified in our reports filed or expected to be filed with the SEC including our Annual Report on Form 10-K for the year ended December 31, 2020. All forward-looking statements made herein are qualified by these cautionary statements and risk factors and there can be no assurance that the actual results, events or developments referenced herein will occur or be realized. Readers are cautioned not to place undue reliance on these forward looking-statements, which reflect management's analysis only as of the date hereof. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
INVESTOR CONTACT
Noel Ryan
(720) 778-2415
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Arasimowicz joins the company during a period of robust growth and rapid deployment of its record-setting pipeline of solar and solar-plus-storage power plants
LOS ANGELES--(BUSINESS WIRE)--Today, 8minute Solar Energy (8minute) announced that Jennifer D. Arasimowicz has been hired as 8minute’s new General Counsel and Corporate Secretary, underscoring 8minute’s continued evolution to one of the country’s clean energy leaders. At 8minute, Arasimowicz will lead the legal and human resources teams, and also oversee compliance, governance, intellectual property strategy and protection, as well as company ESG initiatives.
Arasimowicz has more than 20 years of experience advising private and public companies in the renewable energy and technology industries, with extensive expertise in commercial contracts, intellectual property protection, corporate governance and government affairs. Prior to joining 8minute in early July 2021, Arasimowicz was part of the FuelCell Energy, Inc. (FCEL) leadership team and most recently served as the company’s Executive Vice President, General Counsel, Chief Administrative Officer, and Corporate Secretary, where she was responsible for all legal, regulatory, compliance, government affairs, intellectual property protection, and human resources.
“For the past decade, 8minute has paved a new path for the clean energy transition, and in the process, has solidified solar-plus-storage as a reliable, responsive, and cost-effective energy solution,” said Arasimowicz. “As the company embarks on its next stage of growth, I am thrilled to be joining such a distinguished team of engineers and developers at such a pivotal moment, both for 8minute and for the entire clean energy industry.”
Previously, Arasimowicz also served as General Counsel for Total Energy, Inc. and as a Partner and Chair of the Utility Law Practice Group at Shipman & Goodwin, LLP. In 2018, Arasimowicz was appointed to serve on Connecticut Governor-elect Ned Lamont’s Energy Transition Team. She was also the first female President of the Connecticut Power and Energy Society and is a current member of Chief, a private network designed specifically for women leaders.
“The clean energy transition hasn’t happened in a vacuum – it’s been rapidly accelerated by leaders who both foster the potential of emerging technologies and are eager to reach a future where clean energy is universally accessible, reliable, and affordable. Jennifer is one of those leaders,” said Dr. Tom Buttgenbach, Founder and CEO of 8minute. “An expert in energy and technology, Jennifer’s tenacious drive, innovative thinking and valuable expertise aligns with our design and engineering driven approach. As we continue delivering on our industry-leading products and services, we’re excited to welcome Jennifer to our 8minute team and look forward to her contributions during this important phase of growth at 8minute.”
ABOUT 8MINUTE SOLAR ENERGY
As a record-breaking, unrivaled technology leader, 8minute Solar Energy (8minute) is championing the clean energy transition in the United States and shaping the future of energy through its next generation of smart solar power plants. Since its founding in 2009, 8minute has successfully put 2 GW of solar projects in operation and currently has over 18 GW of solar and 24 GWh of energy storage projects under development. By prioritizing technology and engineering innovation, 8minute’s best-in-class team has continued to set new industry records: developing the largest solar plant in the nation starting in 2011, delivering the first operational solar plant in the U.S. to beat fossil fuel prices in 2016, and securing a deal to deliver solar with storage at record-low prices in 2019. Now one of the largest solar developers in the country with an established track record of delivering above-market profitability, 8minute’s relentless pursuit of smart energy generation is unlocking growth and expanding access to affordable and reliable clean energy. For more information, please visit www.8minute.com, and follow 8minute on Twitter and LinkedIn.
Katie Struble
Director, Corporate Communications
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