NEW YORK--(BUSINESS WIRE)--Golar LNG Partners LP, an indirect subsidiary of New Fortress Energy Inc. (NASDAQ: NFE), has declared a cash distribution of $0.546875 per unit of 8.75% Series A Cumulative Redeemable Preferred Units for the period from November 13, 2021 through February 14, 2022. This will be payable on February 15, 2022 to all Series A preferred unitholders of record as of February 8, 2022.
About New Fortress Energy Inc.
New Fortress Energy Inc. (NASDAQ: NFE) is a global energy infrastructure company founded to help accelerate the world’s transition to clean energy. The company funds, builds and operates natural gas infrastructure and logistics to rapidly deliver fully integrated, turnkey energy solutions that enable economic growth, enhance environmental stewardship and transform local industries and communities.
IR:
Joshua Kane
(516) 268-7455
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Media:
Jake Suski
(516) 268-7403
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AUSTIN, Texas--(BUSINESS WIRE)--Terradepth, the world's end-to-end ocean data system, has beefed up its leadership team in recent months, as it continues to move toward virtually mapping Earth’s oceans.
The new executives position the company to build on last year’s successes that included the launch of its Ocean Data Cloud — the fundamental technology that will enable the Terradepth Virtual Ocean, the world's first comprehensive virtual ocean. It will provide a beneath-the-sea interactive experience analogous to what Google Earth provides internet users on what the world looks like above sea level. The Ocean Data Cloud is the first platform to fuse all known types of ocean data sets: acoustic, seismic, topographical, current, chemical, environmental and others.
Terradepth’s mission is to increase ocean knowledge through autonomous, high-resolution, scalable data collection and a radically improved data experience. The company is applying autonomous robotics, artificial intelligence, machine learning and the latest software concepts and methodologies to create the world's first deep ocean data-as-a-service business.
Terradepth last March successfully completed its phase-one trials at Lake Travis, roughly 20 miles northwest of downtown Austin. During those trials, the company’s autonomous submersible vehicle demonstrated it could collect and process underwater data, understand features of import and automatically re-task itself with no human intervention.
“The ocean is a hard place to operate,” said Terradepth co-founder and co-CEO Joe Wolfel. “Many people have dismissed its importance or assumed it’s just a bridge too far to understand. It’s vitally important that we create the capability of collecting and using ocean data to make better decisions. We asked the team to accomplish some extraordinary goals in a very short timeframe, and they’ve delivered in excess of expectations. We’re honored to continue contributing to the current effort to better understand Earth’s ocean.”
New hires to propel Terradepth for next phase of growth
Kris Rydberg in January joined Terradepth, becoming the company’s first chief operating officer. Rydberg boasts about three decades of executive global-strategy and operations experience. His expertise includes leading teams responsible for startup innovation, scaling and growth and business turnarounds. Prior to coming aboard the Terradepth team, Rydberg served as vice president of service operations at Savigent, an industrial-internet-of-things (IIoT) company with customers such as 3M, Cargill and Seagate. There, he led solution implementation, support and training, enabling 25 percent year-over-year revenue growth. He has two U.S. patents in the respective fields of IIoT and edge computing. Rydberg earned an MBA from Syracuse University and a bachelor’s degree from Bethel University.
Evan Martzial in December became Terradepth’s first vice president of business development responsible for commercial markets. He joins the company from QPS, a hydrographic and maritime software company, where he spent about three years overseeing the Americas region as sales and business development manager. Martzial possesses about a decade of experience working in leadership positions for marine-related companies, where he was responsible for growing revenue, developing strategic partnerships and enhancing market position. He earned a bachelor’s degree in cartography and geographic information systems from Salem State University.
Andrew Burcham in October joined Terradepth as the company’s first vice president of business development, government and defense. Burcham has roughly two decades of experience developing and monetizing unmanned vehicles and sensor solutions for national security applications. He specializes in bringing disruptive technologies to market within the maritime industry. Before coming to Terradepth, he spent more than two years serving as president of Sensor Technology Engineering, a company that supplies the federal government with tactical radiation sensors to detect nuclear weapons. Prior to that role, Burcham worked at Liquid Robotics for about 11 years, where he rose to become head of business development. He also held leadership positions there in maritime operations and program management. He earned a bachelor’s degree in electrical engineering from the University of California at Santa Barbara.
Doug Lambert in July assumed the role of Terradepth’s first vice president of engineering. After about a decade working in the field, he is an engineer of uncommon versatility. With a passion for cutting-edge maritime technology, Lambert has been an electronics architect for unmanned surface vehicles, run a systems-engineering department and led multiple maritime engineering research and development departments. He comes to Terradepth after about eight and a half years at Liquid Robotics, which designs and manufactures wave- and solar-powered unmanned ocean robots, where he rose to become the company’s head of engineering. Lambert earned a master’s degree in engineering management from Dartmouth College and a bachelor’s degree in electrical engineering from Lehigh University.
“The larger trend in ocean exploration is characterized by a move to greater autonomy,” said Judson Kauffman, Terradepth co-founder and co-CEO. “There are many talented teams driving forward in the application of advanced robotics, machine learning, and edge technology to affect this paradigm shift. Terradepth is on the leading edge of this movement in the maritime domain.”
Collecting high-resolution ocean data at scale was a previously insurmountable challenge. Specialized equipment and teams could not scale. Vehicles experienced limited travel range. Research vessels have been forced to focus on localized or niche areas. Despite advances in robotics, subsea drones have been limited by battery power, depth tolerance, and other design factors.
Terradepth has overcome these design limitations through its long-range subsea “buddy” drones, which rotate between data collection and uploads to the cloud. It is the only available technology that can result in an intuitive undersea geospatial cloud experience that is navigable with Google Earth-like ease. Recently, Fast Company named Terradepth on its honorable mention list for its 2021 Innovation by Design Awards.
Potential customers include companies in the sub-sea telecommunications industry and the offshore wind sector.
“These customers are excited by the prospect of having a richer, more immersive and intuitive experience with their survey data,” Wolfel said. “The Terradepth data-collection and interaction platform promises significant cost savings, as well as reduced human-exposure risk at sea.”
About Terradepth
Terradepth Inc. is enabling a holistic reasoning of the Earth for the first time in human history. By making high-resolution undersea mapping accessible to everyone, Terradepth is removing the barriers to understanding our ocean. From environmental understanding to new medical treatments, Terradepth's combination of subsea drones and its Virtual Ocean are changing our relationship to the ocean for good. Co-CEOs Josef Wolfel and Judson Kauffman co-founded the Austin-headquartered company in 2018. Both are former U.S. Navy SEALs. It employs more than 30 people.
To learn more, visit Terradepth.com.
Treble
Michael Kellner
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Distribution Amounts and Dates Declared for:
Tortoise Energy Infrastructure Corp. (NYSE: TYG)
Tortoise Midstream Energy Fund, Inc. (NYSE: NTG)
Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP)
Tortoise Energy Independence Fund, Inc. (NYSE: NDP)
Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ)
OVERLAND PARK, KS--(BUSINESS WIRE)--Tortoise and the Board of its closed-end funds announced significant increases to distributions for its closed-end funds. As previously announced, the funds have adopted managed distribution policies and those policies have been reviewed and modified to provide more of the fund total return in the form of distributions. These increases are the product of the 26-week average NAV ended November 30, 2021 and the distribution target ranges outlined below. The funds have also implemented a discount management program that aims to further enhance shareholder value.
Tortoise closed-end funds distribution details are as follows:
Fund |
Ticker |
Distribution
|
%
|
Distribution
|
Distribution
|
Tortoise Energy Infrastructure Corp. |
TYG |
$0.71 |
58% |
7%-10% |
Quarterly |
Tortoise Midstream Energy Fund, Inc. |
NTG |
$0.77 |
35% |
7%-10% |
Quarterly |
Tortoise Pipeline & Energy Fund, Inc. |
TTP |
$0.59 |
60% |
7%-10% |
Quarterly |
Tortoise Energy Independence Fund, Inc., |
NDP |
$0.48 |
55% |
7%-10% |
Quarterly |
Tortoise Power and Energy Infrastructure Fund, Inc. |
TPZ |
$0.105 |
75% |
7%-10% |
Monthly |
TYG, NTG, TTP, NDP and TPZ (each, a “Fund” and collectively, the “Funds”) distributions are payable on February 28, 2022, to shareholders of record on February 21, 2022.
Discount Management Program
In addition to share repurchases which have been executed by the Funds, the Board of Directors has approved tender offers as part of the discount management program and announced conditional tender offers for each of the calendar years 2022 and 2023. A Fund would conduct a tender for 5% of the Fund’s outstanding shares of common stock at a price equal to 98% of net asset value (NAV) if its shares trade at an average discount to NAV of more than 10% during either of the designated measurement periods. The first measurement period will commence on February 1, 2022 and end July 31, 2022 for 2022, and the second measurement period will commence on August 1, 2022 and end July 31, 2023, for 2023. Should a tender offer be required, it will be executed following the completion of each of the aforementioned measurement periods. The Board will continue to evaluate the effectiveness of share repurchases and tender offers as part of the Funds’ discount management program, and may announce additional actions in the future.
The Funds’ portfolio managers, officers and Board of Directors will not tender their shares if a tender is required.
“We believe revising the distribution levels and managed distribution targets, and the conditional tenders for each of 2022 and 2023, to be very positive for shareholders,” said Brad Adams, CEO of Tortoise’s closed-end funds.
“We also have deep conviction in the closed-end fund structure as it allows managers to invest with long investment horizons, without constant inflows and outflows of cash and provides the opportunity to invest in less liquid securities and private placements, use leverage and provide high current distributions.”
Sector Outlook
“Our outlook for energy infrastructure is incredibly bullish,” said Matt Sallee, President – Tortoise. “Energy was the top performing sector in 2021 with midstream energy outperforming the S&P 500 for the first time in five years. We think several data points indicate a favorable outlook for 2022. A number of Wall Street firms have recommendations to increase energy and infrastructure exposure to position for a higher inflationary environment. From a fundamental perspective, companies have been generating significant amounts of free cash flow and returning it to shareholders. There are also signs the COVID-19 pandemic could move to an endemic in 2022, a great boost for energy demand. Finally, there are indications of global acceptance that natural gas should be included as a sustainable energy source and investment option as energy transitions. Although there are some potential macro headwinds that are hard to predict including the global pandemic and other geopolitical concerns, we believe that all of these catalysts will lead to strong returns for energy and power infrastructure companies and we want to pass along that value to our shareholders.”
To learn more, watch our video with Matt Sallee and Mark Marifian, Director-Client Portfolio Manager here.
For book purposes, the source of distributions for TYG and NTG is estimated to be 0-10% ordinary income, with the remainder as return of capital, and the source of distributions for NDP is estimated to be approximately 30-40% ordinary income, with the remainder as return of capital.
You should not draw any conclusions about TTP’s or TPZ’s investment performance from the amount of these distributions or from the terms of TTP’s or TPZ’s distribution policy.
TTP and TPZ estimate that they have distributed more than their income and net realized capital gains; therefore, a portion of the distribution may be return of capital. A return of capital may occur, for example, when some or all of the money that you invested in TTP and TPZ is paid back to you. A return of capital distribution does not necessarily reflect TTP’s and TPZ’s investment performance and should not be confused with “yield” or “income.”
TTP and TPZ will report the sources for their distributions at the time of the payment in the applicable Section 19(a) Notice. The amounts and sources of distributions TTP and TPZ report are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon TTP’s and TPZ’s investment experience during the remainder of their fiscal years and may be subject to changes based on tax regulations.
About Tortoise
Tortoise focuses on energy & power infrastructure and the transition to cleaner energy. Tortoise’s solid track record of energy value chain investment experience and research dates back more than 20 years. As one of the earliest investors in midstream energy, Tortoise believes it is well-positioned to be at the forefront of the global energy evolution that is underway. With a steady wins approach and a long-term perspective, Tortoise strives to make a positive impact on clients and communities. To learn more, please visit www.TortoiseEcofin.com.
Tortoise Capital Advisors, L.L.C. is the adviser to Tortoise Energy Infrastructure Corp., Tortoise Midstream Energy Fund, Inc., Tortoise Pipeline & Energy Fund, Inc., Tortoise Energy Independence Fund, Inc. and Tortoise Power and Energy Infrastructure Fund, Inc.
For additional information on these funds, please visit cef.tortoiseecofin.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain statements that may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although the funds and Tortoise Capital Advisors believe that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the fund’s reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, the funds and Tortoise Capital Advisors do not assume a duty to update this forward-looking statement.
Jen Ashlock
(913) 981-1020
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BOSTON--(BUSINESS WIRE)--Vanguard Renewables, a U.S. leader in farm-derived renewable natural gas, announces the recent appointment of David Darr as its Chief Sustainability Officer. Darr joins Vanguard Renewables from Dairy Farmers of America (DFA) in Kansas City, KS.
“For more than twenty years, David has worked to enhance sustainable and regenerative farming practices across the United States. At this time of expansive growth for Vanguard Renewables, it is a tremendous opportunity to bring David to our team,” said Neil H. Smith, Chief Executive Officer of Vanguard Renewables. “David’s knowledge, expertise, and energy will be instrumental in guiding our sustainability initiatives and solutions internally and for our farm and food industry partners.”
Before joining Vanguard Renewables, Mr. Darr served as Senior Vice President, Chief Strategy and Sustainability Officer at Dairy Farmers of America. Dairy Farmers of America is a farmer-owned cooperative with more than 12,500 members producing ingredients for cheese, butter, ice cream, fluid milk and more under well-known, quality national and regional brands.
Mr. Darr provided leadership and strategic direction for DFA, and many of its customers. He worked alongside farms to develop viable, sustainable, and cost-effective processes to enhance income streams and herd health and production. At Vanguard Renewables, Darr will work across all areas of the business to lead internal and partner sustainability initiatives to meet the needs that the climate crisis demands.
“I've been passionate about sustainability, food, and farming my whole life. Joining Vanguard is an opportunity to even more deeply ‘talk the talk and walk the walk’ expanding sustainable initiatives for agriculture and the food industry, and producing renewable energy,” Darr said. “Developing projects and establishing partnerships and relationships that reduce greenhouse gas emissions and support local farmers and their communities is incredibly important at this moment in time.”
Mr. Darr holds both a BS and MS in Agricultural Economics from Ohio State University and an MBA from Rockhurst University. Darr assumed the role of Chief Sustainability Officer at Vanguard Renewables on January 4, 2022.
Please visit our media room for Mr. Darr’s photo. You can find the link below.
About Vanguard Renewables
Vanguard Renewables is a national leader in the development of food and dairy waste-to-renewable energy projects. The Company, based in Wellesley, Massachusetts, is committed to advancing decarbonization by reducing greenhouse gas emissions from farms and food waste and supporting regenerative agriculture best practices on partner farms. Vanguard founded the Farm Powered Strategic Alliance alongside food industry leaders Dairy Farmers of America, Unilever, and Starbucks; the Alliance now includes Cabot Creamery, Stonyfield Organic, and Smithfield Foods. The Alliance commits to developing a circular solution for food waste reduction and recycling and decarbonization of manufacturing and the supply chain. Vanguard Renewables owns and operates six on-farm anaerobic digester facilities in the northeast and plans to expand to more than 100 sites nationwide by 2025. Vanguard’s established relationships and renewable natural gas offtake agreements with national utilities including Dominion Energy, Enbridge, ONE Gas, National Grid, and Eversource, and its strategic alliance with 12,500-dairy member cooperative Dairy Farmers of America, position the Company to significantly increase U.S. production and delivery of renewable natural gas to commercial and residential customers across the country. Vanguard is a 2020 Energy Vision Leadership Award recipient and its Farm Powered anaerobic digester at Goodrich Farm in Salisbury, Vermont earned the 2021 Outstanding Dairy Sustainability Award from the Innovation Center for U.S. Dairy. Please visit https://vanguardrenewables.com/ to learn more.
Vanguard Renewables Media Room
https://vanguardrenewables.com/vanguard-renewables-media-room
Vanguard Renewables Media
Billy Kepner
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(781) 371-4935
PHOENIX--(BUSINESS WIRE)--Arizonans have moved closer to having the power to choose clean, renewable energy for their homes and businesses. Green Mountain Energy (GME) has entered into a Letter of Intent (LOI) with Sawtooth DevCo, LLC (“Sawtooth”), to provide locally sourced renewable energy to Arizonans from new solar facilities to be located in Arizona. The LOI was executed to support expected customer enrollment following GME’s 2021 application to the Arizona Corporation Commission (ACC) to provide competitive retail electric services in accordance with the Energy Competition Act (ECA). The approval of GME’s application by the ACC will allow GME to move forward on purchasing solar energy from the Sawtooth projects.
Through the LOI, GME will provide 100 percent local renewable energy from new projects to its Arizona customers pending a favorable decision by regulators to allow consumers to exercise their existing right to choose their electric provider. When approved, GME will be the first and only Arizona electricity provider to provide only clean renewable energy to all its customers, meeting the ACC’s pending 100 percent clean energy requirement nearly 50 years ahead of the proposed 2070 deadline. GME estimates that customer interest in its local renewable offering would support 100 MW of locally generated solar from the projects.
GME’s ACC application and this LOI provide Arizonans the option to get green energy from a 100 percent local Arizona solar generator -- if customers are given their existing right under law to choose. Arizonans will be able to access 100 percent renewable offerings once GME’s application with the ACC is approved.
Arizona’s current electric monopolies are actively attempting to block the ability of all customers to choose GME’s 100 percent local renewable product through efforts at the legislature. If their efforts succeed, this freedom for Arizonans to choose their electric provider and products they desire would be denied.
“Arizona consumers deserve the freedom to choose clean energy, now,” said Mark Parsons, vice president and general manager of Green Mountain. “This agreement supports Green Mountain’s mission to change the way power is made and brings the state one step closer to meeting their clean energy goals. Green Mountain can help Arizonans accelerate the transition to renewables with our commitment to clean energy and local jobs.”
About Green Mountain Energy Company
Green Mountain Energy Company is the nation’s longest serving renewable energy retailer and believes in using wind, sun, and water for good. The company was founded in 1997 with a simple mission: to change the way power is made. Green Mountain offers consumers and businesses the choice of cleaner electricity products from renewable sources, as well as a variety of carbon offset products and sustainable solutions for businesses. Green Mountain customers have collectively helped avoid 90 billion pounds of carbon dioxide emissions. To learn more about Green Mountain, visit greenmountainenergy.com.
Estefania Joy
832-588-3634
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Twitter: @GreenMtnEnergy
NEW YORK--(BUSINESS WIRE)--Macquarie Capital, the corporate advisory, capital markets and principal investing arm of Macquarie Group, today announced the launch of Aerogy, a platform that develops, operates and invests in renewable natural gas (“RNG”) infrastructure projects that convert waste into low-carbon energy.
“Aerogy combines Macquarie’s market-leading expertise in infrastructure with its successful track record working with development partners to deploy our balance sheet into innovative RNG and renewable fuels projects,” said Nicholas Gole, Senior Managing Director at Macquarie Capital. “Methane remains one of the most significant contributors to climate change globally, and Aerogy is designed to address its impacts by transforming organic waste into cleaner energy solutions.”
Aerogy delivers a suite of innovative energy solutions through project development, financing, construction and commercial operation as well as subsequent project expansions with a focus on renewable natural gas. By investing in breakthrough energy solutions that convert organic material and waste into renewable fuel, Aerogy is targeting investments that help reduce emissions and support the lower carbon economy transition.
Aerogy has brought on Andrew Nekus and Greg Meyer, formerly with Brightmark, to help build out the Aerogy platform. The company will initially focus on funding and accelerating projects in the broader RNG and renewable fuels landscape and plans to expand into renewable diesel, sustainable aviation fuel and hydrogen. Across projects, it will support the reduction of emissions and transition to a lower carbon economy through investment in alternative energy solutions such as converting waste to renewable fuel.
Macquarie Capital has more than 120 employees located around the world focused on infrastructure and energy development and investment, and in excess of $US16 billion committed to projects in construction or in development.
Zahn’s Farm facility reaches financial close
Aerogy has successfully co-developed, closed financing and commenced construction on an anaerobic digestion (“AD”) facility at a leading dairy producer, Zahn’s Farm, located near Gillett, Wisconsin. The facility will convert manure into RNG and is anticipated to produce over 200,000 MMBTu of RNG per year. The project utilizes technology from DVO Inc., the leading on-farm AD technology provider in the US, and P&E Solutions will provide engineering, procurement and construction services. Aerogy is examining further opportunities to expand the facility to additional farms in the region and serve as a hub for other anaerobic digestion projects.
“We look forward to working with our partners to bring this exciting project to fruition. Macquarie’s expertise coupled with DVO technology, one of the leading digester technology providers yielding some of the highest biogas per cow figures in the market, should make for a successful initial project with significant room for growth,” said Robert Zahn, owner of Zahn’s Farm.
To learn more about Aerogy and the Zahn’s Farm facility, visit https://www.aerogyenergy.com/.
About Macquarie Capital
Macquarie Capital is the advisory, capital markets and principal investment arm of Macquarie Group. It encompasses corporate advisory, a full spectrum of capital solutions, including capital raising services from equity, debt and private capital markets and principal investments from Macquarie’s balance sheet. Macquarie Capital has deep sector expertise in the aerospace, energy, defense and government services, consumer, gaming and leisure, financial institutions, healthcare, industrials, infrastructure, resources, software and services, technology, telecommunications and media sectors.
Sarah Stein
Macquarie Group Media Relations
+1 212 231 1310
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OVERLAND PARK, Kan.--(BUSINESS WIRE)--Ecofin Sustainable and Social Impact Term Fund (NYSE: TEAF) announced a 12.5% increase in its monthly distributions to $0.09 per share beginning in March and payable on the dates noted below. This distribution falls within the managed distribution target range of 6-8% of the Fund’s trailing average NAV and represents an annualized distribution rate of 7.05% based on TEAF’s market price of $15.31 on January 14, 2022.
“This distribution increase demonstrates our constructive view on the underlying assets in the portfolio over a full cycle,” said Nick Holmes, Managing Director and Portfolio Manager. “Our conviction behind the shift to more sustainable investments remains strong as does our view of the expected long-term total return of the portfolio with its diversified asset base and income streams. As a result, we expect to monetize a portion of the total return over time and deliver that return to shareholders in the form of distributions.”
Upcoming distribution dates and amounts
TEAF monthly distributions are payable on March 31, 2022, April 29, 2022, and May 31, 2022, to shareholders of record on the respective dates of March 24, 2022, April 22, 2022, and May 24, 2022.
For book purposes, the source of distributions for TEAF is estimated to be approximately 90 to 100% ordinary income, with the remainder as return of capital. For tax purposes, the characterization will not be made until determination of earnings and profits after year end.
Monthly portfolio update
Additionally, an update on TEAF’s direct investments, portfolio asset allocation, structure types and impact statistics as of December 31, 2021 are provided on the company website here. On a monthly basis, details on each private deal that has taken place in the prior month will be published here. The list includes all deals completed since the fund’s inception through December 31, 2021. Updates will continue to be posted on a monthly basis until the fund reaches its target of 60% direct investments.
For additional information on this fund, please visit https://cef.ecofininvest.com/funds/teaf/.
TCA Advisors is the adviser to Ecofin Sustainable and Social Impact Term Fund and Ecofin Advisors Limited is the fund’s sub-adviser.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain statements that may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although the fund and TCA believe that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the fund’s reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, the fund and TCA do not assume a duty to update this forward-looking statement.
Jen Ashlock, (913) 981-1020
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IRVING, Texas--(BUSINESS WIRE)--ExxonMobil today announced its ambition to achieve net zero greenhouse gas emissions for operated assets by 2050, backed by a comprehensive approach to develop detailed emission-reduction roadmaps for major facilities and assets.
The net-zero ambition is contained in the company’s Advancing Climate Solutions - 2022 Progress Report, formerly known as the Energy & Carbon Summary. The net-zero aspiration applies to Scope 1 and Scope 2 greenhouse gas emissions and builds on ExxonMobil’s 2030 emission-reduction plans, which include net-zero emissions for Permian Basin operations and ongoing investments in lower-emission solutions in which it has extensive experience, including carbon capture and storage, hydrogen and biofuels.
“ExxonMobil is committed to playing a leading role in the energy transition, and Advancing Climate Solutions articulates our deliberate approach to helping society reach a lower-emissions future,” said Darren Woods, chairman and chief executive officer. “We are developing comprehensive roadmaps to reduce greenhouse gas emissions from our operated assets around the world, and where we are not the operator, we are working with our partners to achieve similar emission-reduction results.”
The report provides details of how ExxonMobil’s business strategy is resilient when tested against a range of Paris-aligned net-zero scenarios, including the United Nations Intergovernmental Panel on Climate Change’s 2018 Special Report and the International Energy Agency’s Net Zero by 2050 scenario.
ExxonMobil’s Outlook for Energy, which is based on current policy and technology trends, continues to be the basis for the company’s business plans and investment decisions. In the Advancing Climate Solutions report, the company outlines how its short- and medium-term business plans are adjustable to developments in policy and technology and how it uses signposts and leading indicators to evaluate the need for any changes in future years.
Sound government policies will accelerate the deployment of key technologies at the pace and scale required to support a net-zero future. ExxonMobil continues to support an explicit price on carbon to establish market incentives and encourage investments in lower-emissions technologies.
ExxonMobil is also committed to helping customers reduce their greenhouse emissions by investing in carbon capture and storage, hydrogen and biofuels. Bio-based feed and plastic waste streams provide further opportunities for lowering greenhouse gas emissions.
“As we invest in these important technologies, we will advocate for well-designed, high-impact policies that can accelerate the deployment of market-based, cost-effective solutions,” said Woods. “We believe our strategy is unique among industry and enables us to succeed across multiple scenarios. We will create shareholder value by adjusting investments between our existing low-cost portfolio and new lower-emission business opportunities to match the pace of the energy transition.”
To help reach net zero for operated assets by 2050, the company has identified more than 150 potential steps and modifications that can be applied to assets in its upstream, downstream and chemical operations.
Initial actions already underway prioritize energy efficiency measures, methane mitigation, equipment upgrades and the elimination of venting and routine flaring. Further high-impact reduction opportunities include power and steam co-generation and electrification of operations, using renewable or lower-emission power. The company expects to finalize detailed roadmaps that address approximately 90% of operations-related greenhouse gas emissions by the end of this year, and the remainder will be completed in 2023.
Initial steps to achieve net zero by 2050 are included in the company’s plans to invest more than $15 billion by 2027 on lower-emission initiatives. Policies further accelerating the development and deployment of lower-emission technologies could provide ExxonMobil with additional investment opportunities.
Advancing Climate Solutions - 2022 Progress Report is available online at exxonmobil.com. The report expands on the company’s 2030 greenhouse gas emission-reduction plans, which are consistent with Paris-aligned pathways, the U.S. and European Union’s Global Methane Pledge and the U.S. Methane Emissions Reduction Action Plan. Compared to emission levels in 2016, the time of the Paris Agreement, the 2030 plans include a 20-30% reduction in corporate-wide greenhouse gas intensity, which includes 40-50% reduction in upstream greenhouse gas intensity, 70-80% reduction in corporate-wide methane intensity, and 60-70% reduction in corporate-wide flaring intensity.
The 2030 emission-reduction plans are expected to achieve World Bank Zero Routine Flaring by 2030 and reduce absolute greenhouse gas emissions by an estimated 30% for the company’s upstream business and 20% for the entire corporation. Similarly, absolute flaring and methane emissions are expected to decrease by 60% and 70%, respectively by 2030.
ExxonMobil has regularly updated emission-reduction plans as technologies and policies have evolved and will continue to do so. When final data is collected and analyzed, the company expects to report it achieved its 2025 emission-reduction plans as of year-end 2021, including a 15-20% reduction in greenhouse gas intensity for its upstream operations, compared to 2016 levels.
ExxonMobil’s strategy is outlined in Advancing Climate Solutions and leverages its advantages in scale, integration, technology and people to build globally competitive businesses that lead industry in earnings and cash flow growth across a broad range of future scenarios.
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, the Energy Factor and Carbon capture and storage | ExxonMobil.
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Cautionary Statement
CAUTIONARY STATEMENT RELEVANT TO FORWARD LOOKING INFORMATION FOR THE PURPOSE OF THE “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
Statements of future aims, ambitions, plans, events or conditions in this press release, including projections, plans to reduce emissions and emissions intensity, sensitivity analyses, expectations, estimates, the development of future technologies, and business plans, are forward-looking statements. Actual future results, including the achievement of ambitions to reach Scope 1 and Scope 2 net zero from operated assets by 2050, to reach Scope 1 and 2 net zero in Upstream Permian Basin operated assets by 2030, to eliminate routine flaring in-line with World Bank Zero Routine Flaring, to reduce methane emissions, to meet its emission reduction, divestment and start-up plans, and associated project plans could vary depending on the ability to execute operational objectives on a timely and successful basis; changes in laws and regulations including international treaties and laws and regulations regarding greenhouse gas emissions and carbon costs; government incentives; trade patterns and the development and enforcement of local, national and regional mandates; unforeseen technical or operational difficulties; the outcome of research efforts and future technology developments, including the ability to scale projects and technologies on a commercially competitive basis; changes in supply and demand and other market factors affecting future prices of oil, gas, petrochemical and future product offerings; changes in the relative energy mix across activities and geographies; changes in regional and global economic growth rates and consumer preferences; the pace of regional and global recovery from the COVID-19 pandemic and actions taken by governments and consumers resulting from the pandemic; changes in population growth, economic development or migration patterns; military build-ups or conflicts; and other factors discussed in this release and in Item 1A. “Risk Factors” in ExxonMobil’s Annual Report on Form 10-K for 2020 and subsequent Quarterly Reports on Forms 10-Q, as well as under the heading “Factors Affecting Future Results” on the Investors page of ExxonMobil’s website at www.exxonmobil.com. We do not undertake to provide any updates or changes to any forward-looking statements in this press release.
The reference to any scenario, including any potential net zero scenario, does not imply ExxonMobil views any particular scenario as likely to occur. In addition, energy demand scenarios require assumptions on a variety of parameters. As such, the outcome of any given scenario using an energy demand model comes with a high degree of uncertainty. Third-party scenarios discussed in this press release reflect the modeling assumptions and outputs of their respective authors, not ExxonMobil, and their use or inclusion herein is not an endorsement by ExxonMobil of their underlying assumptions, likelihood or probability. Any reference to ExxonMobil’s support of a third-party organization within this press release does not constitute or imply an endorsement by ExxonMobil of any or all of the positions or activities of such organization. The term “project” as used in this press release can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports.
Exxon Mobil Corporation has numerous affiliates, many with names that include ExxonMobil, Exxon, Mobil, Esso, and XTO. For convenience and simplicity, those terms and terms such as Corporation, company, our, we, and its are sometimes used as abbreviated references to one or more specific affiliates or affiliate groups. Abbreviated references describing global or regional operational organizations, and global or regional business lines are also sometimes used for convenience and simplicity. Nothing contained herein is intended to override the corporate separateness of affiliated companies. Exxon Mobil Corporation’s aims, ambitions and plans do not guarantee any action or future performance by its affiliates or Exxon Mobil Corporation’s responsibility for those affiliates’ actions and future performance, each affiliate of which manages its own affairs.
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972-940-6007
On the heels of a Series B fundraise, Calgary-based technology company announces project to develop and demonstrate an alternative to traditional Phase Behaviour Measurement devices for the global energy industry
CALGARY, Alberta--(BUSINESS WIRE)--Two months after closing a Series B fundraise, Interface Fluidics has announced a joint industry project (JIP) with Equinor and ExxonMobil to accelerate the deployment of the world’s first compact, rapid fluid screening equipment for oil and gas. Essentially a portable laboratory, this technology will revolutionize pressure-volume-temperature (PVT) testing, an essential part of the exploration and production process for the oil and gas industry.
After the successful demonstration and pilot of Interface's miniature slim tube system developed in partnership with Equinor, the companies are coming together to expand the capability of the technology to include the remainder of the standard oil and gas characterization tools such as constant composition expansion, gas/oil ratio, LVR, live oil viscosity and density, and swelling in the suite of PVT capabilities.
This new platform will build on Interface’s existing work, which has demonstrated significant advantages compared to traditional oil and gas testing options. For instance, when compared to other options for testing minimum miscibility pressures (MMP), Interface Fluidics provides measurements that:
- Are at least 50% less expensive
- Require 99% smaller samples
- Deliver results 95% faster
- Remove the need for interpolation
“This project, while intended to make field decisions easier, goes far beyond traditional oil and gas testing options, to include carbon capture utilization and storage insights, as well as the ability to optimize the design of surface facilities and full-field development,” says Stuart Kinnear, CEO & Co-Founder of Interface Fluidics.
“It is exciting to start the JIP aiming for a complete new PVT solution with large potential to change the current way of working. Based on our experience with the talented development team at Interface, we have high confidence for fruitful results from close collaborations between Interface and all partners,” says Tao Yang, PVT specialist at Equinor.
The partnerships made with this JIP will mobilize Interface’s technology platform into the hands of consumers. By making critical fluid property data accessible, it may open up new methods for developing and managing oil and gas production that could avoid significant GHG emissions. Re-injecting gas that might have been flared for Enhanced Recovery is one such application. It will also make the collecting and testing of samples more convenient for field use, potentially saving the industry hundreds of millions of dollars.
This technology generates data that can facilitate the reduction of chemical and freshwater usage, and emissions uniquely accessible, by providing an exponentially faster, on-demand approach. The method will enable quicker, more affordable sampling, shipping, and testing, allowing for expedited results and solutions.
For more information about Interface Fluidics, please visit www.InterfaceFluidics.com.
About Interface Fluidics:
Interface Fluidics is facilitating a net zero energy industry and the conservation of finite resources with fluid testing that is cost effective, rapid, and repeatable – and at higher pressures and temperatures. By providing more and better data, Interface is helping reduce emissions and increase efficiencies with visual insights at the microscopic level. The innovative, proprietary technology created by Interface Fluidics provides results that can increase ROI, reduce chemical costs, and take the guesswork out of operations.
InterfaceFluidics.com | LinkedIn | YouTube | Twitter
Leigh Nelson
+1.403.860.2080
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ATHENS, Greece--(BUSINESS WIRE)--Danaos Corporation (the "Company") (NYSE: DAC), one of the world’s largest independent owners of containerships, announced today that it has entered into new charter arrangements for 11 of its vessels ranging between 2,500 to 10,000 TEU with major liner companies, that significantly improve cash flow visibility and charter coverage. These charters, which have a revenue weighted average contract duration of 4.7 years commence on the expiration of the vessels’ existing charters between February 2022 and April 2023 and extend up to May 2028.
The new charters increase the Company’s contracted revenue backlog by approximately $870 million, or by approximately $700 million in contracted EBITDA. Inclusive of these charters, total contracted operating revenue was $2.8 billion as of December 31, 2021, with a remaining average contracted charter duration of four years, weighted by aggregate contracted charter revenue. Additionally, contract coverage in terms of operating days is now 95% for 2022, 77% for 2023 and 57% for 2024.
The Company has also entered into an agreement to sell two 20-year-old 6,422 TEU vessels for a total consideration of $130 million and are expected to be delivered to their buyer in November 2022. The Company acquired these two vessels as part of the consolidation of Gemini Shipholdings Corporation on July 1, 2021, based on a fair value of $73 million, and expects to book a healthy profit when the sale is completed.
The Company’s CEO, Dr. John Coustas commented:
“We are very pleased to announce the continued improvement of our contracted backlog with multi-year charters for 11 of our vessels and the profitable sale of two older vessels. The combined result is up to $1 billion of contracted revenue accretion and sales proceeds. These transactions significantly improve our liquidity and cash flow visibility for the next several years and further strengthen our balance sheet. We will continue to work to maximize our profitability and secure more accretive transactions with a focus on creating value for our shareholders.”
About Danaos Corporation
Danaos Corporation is one of the largest independent owners of modern, large-size containerships. Our current fleet of 71 containerships aggregating 436,589 TEUs ranks Danaos among the largest containership charter owners in the world based on total TEU capacity. Our fleet is chartered to many of the world's largest liner companies on fixed-rate charters. Our long track record of success is predicated on our efficient and rigorous operational standards and environmental controls. Danaos Corporation's shares trade on the New York Stock Exchange under the symbol "DAC".
Evangelos Chatzis
Chief Financial Officer
Danaos Corporation
Athens, Greece
Tel: +30 210 419 6480
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Iraklis Prokopakis
Senior Vice President & Chief Operating Officer
Danaos Corporation
Athens, Greece
Tel. +30 210 419 6400
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Investor Relations and Financial Media:
Rose & Company
New York
Tel. 212-359-2228
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BUSAN, South Korea--(BUSINESS WIRE)--#BusanMetropolitanCity--Busan Metropolitan City is aspiring to host the World Expo 2030 at the Busan North Port which will run from May 1st to the end of October 2030 with the strong support of the Korean government.
By hosting the World Expo 2030 in Busan following the World Expo 2020 Dubai and the World Expo 2025 Osaka-Kansai, Korea will present a global vision for future paradigm shifts, under the theme of ‘Transforming Our World, Navigating toward a Better Future,’ with three sub-themes such as a sustainable planet, technology for humanity and platform for sharing and caring.
Currently, the World Expo 2020 Dubai is taking place in Dubai, the United Arab Emirates, for the first time in the Middle East. The Korean Pavilion, decorated with 1,597 spinning cubes, symbolically demonstrates Korea's dynamism leading the Fourth Industrial Revolution and sharing the future vision with mankind as a whole under the theme of the ‘Smart Korea, Moving the World to You.’
Busan is well known as one of the world’s most dynamic cities, which draws attention for its history of transformation from the town of Korean war refugees to the vibrant hub of commerce and culture.
Currently, it serves as a transport and logistics hub having the world’s 2nd largest trans-shipment port which provides easy access thanks to its railways, roads, ports, and airport. At the same time, it is transforming into a global city boasting openness, broad-mindedness, and diversity on the basis of K-Pop, movies, and games, and in the near future, it will also be equipped with the infrastructure to become an eco-friendly smart city with digital technology.
Hosting the World Expo 2030 will make Busan as an inspiring city that leads the historical transformation of Korea once again.
The World Expo 2030 Busan will provide both the right time and the right place for global citizens to gather and start a discourse on grand transformations toward a better future for mankind.
The World Expo has been spreading hope and vision to humanity, irrespective of race, region, generation, and gender.
In support of the World Expo 2030 Busan, please join our efforts for ‘Transforming Our World, Navigating Toward a Better Future.’
Busan Metropolitan City
Minkyu Park
+82-51-888-1312
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JV to focus on natural gas solutions, which are critical to a zero-emissions future
DALLAS & FORT WORTH, Texas & COLUMBUS, Ind.--(BUSINESS WIRE)--Cummins Inc. (NYSE: CMI) and Rush Enterprises, Inc. (NASDAQ: RUSHA & RUSHB) today announced that they have closed on Cummins’ acquisition of 50% equity interest in Momentum Fuel Technologies from Rush Enterprises.
The joint venture between Rush Enterprises and Cummins will seek to enhance production of near-zero emissions natural gas powertrains by manufacturing Cummins-branded natural gas fuel delivery systems for the commercial vehicle market in North America. The new company combines the strengths of Momentum Fuel Technologies’ compressed natural gas (CNG) fuel delivery systems and Cummins’ powertrain expertise. When powered by renewable natural gas (RNG), using methane collected from organic waste as the primary fuel source, the engines can be credited with a neutral to negative carbon index, resulting in net greenhouse gas (GHG) emissions at or below zero.
“This collaboration shows Cummins’ continued commitment to natural gas powertrains and this partnership will expand and improve the service and support for CNG and RNG customers,” said Srikanth Padmanabhan, President of the Engine Business at Cummins. “The partnership will help us bring to market the highest quality, clean and efficient natural gas products, including the 15-liter natural gas engine we announced in October.”
“Our range of natural gas powertrains, including our 15-liter engine, are important to advancing our path to zero emissions solutions strategy that reduces the greenhouse gas and air quality impacts of its products in a way that is best for our customers and all stakeholders,” Padmanabhan added. “In order to truly achieve a zero-emission economy, we have to help customers transition seamlessly, which requires multiple solutions including natural gas, along with advanced diesel, electrified solutions, hydrogen fuel cell and other technologies.”
“Due to upcoming regulatory requirements, corporate ESG goals and the environmental and economic benefits of RNG vehicles, many customers are seeing the value in these vehicles, which we believe will drive growth for the foreseeable future,” said W.M. “Rusty” Rush, Chairman, Chief Executive Officer and President, Rush Enterprises, Inc. “With this joint venture, we are able to continue to serve CNG and RNG customers throughout the country with both Cummins’ and Rush Truck Centers nationwide network of support locations and portfolio of aftermarket solutions,” he added.
The joint venture will offer aftermarket support through Rush Truck Centers dealerships and Cummins distributors which will be able to service both the engine and the fuel delivery system. The partnership between Cummins and Rush Enterprises will benefit customers by providing them with access to an extensive CNG vehicle parts and service network; both Cummins’ and Rush Enterprises’ respective networks, which together represent over 250 locations in the US and Canada, will be equipped with certified technicians and access to a comprehensive CNG vehicle parts inventory.
About Rush Enterprises, Inc.
Rush Enterprises, Inc. is the premier solutions provider to the commercial vehicle industry. The Company owns and operates Rush Truck Centers, the largest network of commercial vehicle dealerships in North America, with 139 locations in 23 states, including 125 franchised dealership locations. These vehicle centers, strategically located in high traffic areas on or near major highways throughout the United States, represent truck and bus manufacturers, including Peterbilt, International, Hino, Isuzu, Ford, IC Bus and Blue Bird. They offer an integrated approach to meeting customer needs — from sales of new and used vehicles to aftermarket parts, service and body shop operations plus financing, insurance, leasing and rental. Rush Enterprises' operations also provide CNG fuel systems, telematics products and other vehicle technologies, as well as vehicle up-fitting, chrome accessories and tires. For more information, please visit us at www.rushtruckcenters.com, www.rushenterprises.com and www.rushtruckcentersracing.com, on Twitter @rushtruckcenter and Facebook.com/rushtruckcenters.
About Momentum Fuel Technologies.
Momentum Fuel Technologies, headquartered in the Dallas-Fort Worth Metroplex, is the industry’s first complete compressed natural gas (CNG) fuel system solution for Class 6-8 vehicles. Momentum Fuel Technologies launched in 2015 and is a vertically integrated provider of fuel system solutions, featuring state-of-the-art engineering, design and manufacturing processes, complete system installation capabilities and the industry’s most comprehensive sales, service and support network. For more information, please visit www.momentumfueltech.com.
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.
Jon Mills
Director, External Communications
317-658-4540
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TORONTO--(BUSINESS WIRE)--Li-Cycle Holdings Corp. (“Li-Cycle”or the “Company”) (NYSE: LICY, LICY.WS), today announced that it plans to release its fourth quarter and full year 2021 financial results (for the periods ended October 31, 2021) prior to market open on Thursday, January 27, 2022. Management will review the results during a conference call and audio-only webcast at 8:30 a.m. (Eastern Time) on the same day.
Investors may listen to the conference call live via audio-only webcast or through the following dial-in numbers:
Domestic: 1 (800) 909-5202
International: 1 (785) 830-1914
Participant Code: LICYQ421
Webcast: https://investors.li-cycle.com
A replay of the conference call/webcast will also be made available on the Investor Relations section of the Company’s website at https://investors.li-cycle.com.
About Li-Cycle Holdings Corp.
Li-Cycle (NYSE: LICY) is on a mission to leverage its innovative Spoke & Hub Technologies™ to provide a customer-centric, end-of-life solution for lithium-ion batteries, while creating a secondary supply of critical battery materials. Lithium-ion rechargeable batteries are increasingly powering our world in automotive, energy storage, consumer electronics, and other industrial and household applications. The world needs improved technology and supply chain innovations to better manage battery manufacturing waste and end-of-life batteries and to meet the rapidly growing demand for critical and scarce battery-grade raw materials through a closed-loop solution. For more information, visit https://li-cycle.com/.
Investor Relations
Nahla A. Azmy
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Press
Sarah Miller
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AE’s program provides tuition support, internship opportunities and professional mentoring for students from seven partner universities
DENVER--(BUSINESS WIRE)--Advanced Energy (Nasdaq: AEIS) – a global leader in highly engineered, precision power conversion, measurement and control solutions – today announced the launch of this year’s Advanced Energy STEM Diversity Scholarship Program. The program aims to develop emerging talent and promote greater ethnic, racial and gender diversity in STEM (science, technology, engineering and mathematics). In addition to providing each of the four recipients a $20,000 grant towards tuition cost, benefits include professional mentoring and internship opportunities at AE.
“The technology industry’s success depends on a diverse, innovative and entrepreneurial workforce that reflects the global customers we serve and communities in which we operate,” said Randy Heckman, Chief Technology Officer at Advanced Energy. “Our STEM Diversity Scholarship Program aims to address this need and develop students into workforce-ready professionals. Through the program, we provide these students with academic assistance, mentoring and hands-on internship experience with Advanced Energy.”
The 2022 program is currently accepting applications from undergraduate and post-graduate students enrolled in seven partner universities that excel in education and research supporting precision power technologies: the University of Colorado, Colorado State University, University at Buffalo, Rochester Institute of Technology, University of Minnesota, San Jose State University and California Polytechnic State University at San Luis Obispo. The scholarship application submission deadline is February 11, 2022.
Recipients of the inaugural Advanced Energy STEM Diversity Scholarships in 2021 attend the University of Colorado, Colorado State University and University at Buffalo.
To learn more about the submission and selection process, visit: https://www.advancedenergy.com/stemscholarship
About Advanced Energy
Advanced Energy (Nasdaq: AEIS) is a global leader in the design and manufacturing of highly engineered, precision power conversion, measurement and control solutions for mission-critical applications and processes. AE’s power solutions enable customer innovation in complex applications for a wide range of industries including semiconductor equipment, industrial, manufacturing, telecommunications, data center computing and healthcare. With engineering know-how and responsive service and support around the globe, the company builds collaborative partnerships to meet technology advances, propel growth for its customers and innovate the future of power. Advanced Energy has devoted four decades to perfecting power for its global customers and is headquartered in Denver, Colorado, USA. For more information, visit www.advancedenergy.com.
Advanced Energy | Precision. Power. Performance.
Simon Flatt
Grand Bridges for Advanced Energy Industries, Inc.
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+1 310.529.0321
Sustained focus executing on investment pipeline, revenue and U.S. listing strategy
TORONTO--(BUSINESS WIRE)--$NETZ #NETZ--Carbon Streaming Corporation (NEO: NETZ) (OTCQB: OFSTF) (FSE: M2Q) (“Carbon Streaming” or the “Company”) is pleased to provide its 2022 strategic objectives, including acquiring additional carbon credit stream and royalty investments, revenue from the sale of carbon credits, and executing on its U.S. listing strategy. Values in U.S. dollars unless otherwise noted.
Reflecting on the first calendar year of formal operations and the Company’s outlook for 2022, Justin Cochrane, CEO stated: “If last year was about laying the foundations for success – raising significant capital, listing on the NEO Exchange, announcing our first three flagship carbon streaming investments and expanding our investment and management team – 2022 is the year in which we accelerate the growth of our business.”
Mr. Cochrane continued, “Growth was slower than expected in 2021 because of due diligence delays related to Covid and changes to carbon baseline methodologies for specific pipeline opportunities. Moving into 2022, we anticipate the delivery of approximately 7.0 million carbon credits from our existing stream investments, announcing new carbon project investments around the globe and deepening relationships with our growing community of carbon project developers. We will continue to invest in building the best team in the carbon markets industry and progressing our plans for a proposed U.S. Listing.”
2022 Strategic Plans and Guidance
|
|
Low End |
High End |
|||
2022E Carbon Credit Volumes (1) |
Credits |
6,400,000 |
7,400,000 |
|||
2022E Attributable Carbon Credit Volumes (2) |
Credits |
5,000,000 |
5,600,000 |
|||
2022E Delivery Payment (3) |
% Sale Price |
75% |
85% |
(1) Carbon Credit volumes are estimated based on forecasts provided by project developers and historical credit generation by the project. Actual results may vary. For the Rimba Raya project, volumes reflect receiving 2 annual verification cycles of credits; for the Cerrado Biome project, volumes reflect receiving 4 annual verification cycles of credits.
(2) Attributable volumes are composed of credits attributable to the Company, which is calculated based on the carbon credits estimated to be verified by the registry, less (i) credits committed to previous buyers and (ii) credits that are subject to stream participation rights.
(3) Delivery payment to project developers is subject to fluctuation based on the net realized price obtained on the sale of carbon credits and the terms of the carbon credit stream agreement.
Brand Refresh and New Logo
The Company is pleased to reveal a new Company logo and associated website. The new logo retains its signature tree and stream, in the emblematic colors of the planet Earth, with the “O” in CARBON being the slashed or communications zero – a nod to the Company’s vision of accelerating the transition to a net-zero carbon future.
About Carbon Streaming
Carbon Streaming is a unique ESG principled company 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.
To receive corporate updates via e-mail as soon as they are published, please subscribe here.
Cautionary Statement Regarding Forward-Looking Information
This news release contains certain forward-looking statements and forward-looking information (collectively, ‘forward-looking information’) within the meaning of applicable securities laws. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements and figures with respect to the timing and estimation of future carbon credit generation from the Company’s existing investments; revenue from the sales of carbon credits; the ability to acquire additional investments; the estimated values associated with such additional investments; timing and ability to achieve a U.S. listing; and statements regarding the Company’s financial future) are forward-looking information.
There can be no assurance that the Company will be able to enter into definitive agreements for, or otherwise complete the acquisition of, all or any of the potential carbon streaming opportunities referenced above. The opportunity pipeline represents an estimate prepared by management based on current potential investment opportunities and the estimated values of such opportunities, which remain under various states of non-binding proposal, negotiation and/or evaluation by the Company.
This forward-looking information is based on the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: general economic, market and business conditions and the other risks disclosed under the heading “Risk Factors” and elsewhere in the Company’s Annual Information Form dated as of September 27, 2021 filed on SEDAR at www.sedar.com.
Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
ON BEHALF OF THE COMPANY:
Justin Cochrane, Chief Executive Officer
Tel: 647.846.7765
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www.carbonstreaming.com
HOUSTON--(BUSINESS WIRE)--Texas LNG Brownsville LLC (“Texas LNG”), a controlled subsidiary of Glenfarne Group, LLC (“Glenfarne”) developing a four million tonnes per annum (“MTPA”) liquefied natural gas (“LNG”) export terminal in the Port of Brownsville, South Texas, and Enbridge Inc. (“Enbridge”) (TSX: ENB) (NYSE: ENB), a leading North American energy infrastructure company, have executed a pipeline transportation precedent agreement for the expansion of the Valley Crossing Pipeline (“VCP”) to deliver approximately 720 million cubic feet per day of natural gas to Texas LNG’s export facility for a term of at least 20 years.
VCP consists of a 160-mile 42- and 48-inch diameter pipeline originating at Agua Dulce, a major Texas gas hub, and extending to the Port of Brownsville. A 10-mile lateral will be built to extend the pipeline to Texas LNG’s facility, along with the addition of compression facilities on the existing pipeline.
VCP’s pipeline header at Agua Dulce, a growing gas pricing and transportation hub in South Texas, interconnects with ten major gas pipeline systems providing access to abundant and competitively priced gas from the Permian and other major gas basins with a total receipt capacity of more than seven billion cubic feet per day. The compression facilities at Agua Dulce will use electric motors which can be powered by plentiful Texas renewable energy, thus reducing CO2 emissions.
“Enbridge has been a tremendous supporter of Texas LNG from the project’s inception. We are pleased that we can leverage Enbridge’s leading natural gas pipeline expertise to safely transport responsible natural gas to our ‘green by design’ LNG facility,” said Vivek Chandra, Founder and CEO of Texas LNG LLC.
Langtry Meyer, Founder and COO of Texas LNG LLC commented, “Our pipeline transportation agreement with Enbridge enables Texas LNG to deliver abundant, diverse, reliable, low-cost natural gas supply to our LNG customers around the world.”
“Enbridge is committed to the development and advancement of the Valley Crossing Pipeline as it serves Texas LNG and helps the facility meet global LNG demand,” said Bill Yardley, Enbridge’s Executive Vice President and President, Gas Transmission and Midstream. “We welcome the opportunity to expand our pipeline solutions in support of LNG efforts.”
Glenfarne is a developer, owner, and operator of energy transition infrastructure, and through its controlled subsidiaries, is the managing member and majority owner of Texas LNG.
Glenfarne’s founder and CEO Brendan Duval said, “The execution of this agreement is the next of several important milestones Texas LNG will achieve as the facility moves toward a final investment decision. Our agreement with Enbridge helps us accomplish our strategy of delivering LNG to our own gas-consuming projects around the world and to third party customers. We thank Enbridge for their partnership.”
The agreement is subject to routine conditions precedent and other industry standard provisions.
Texas LNG's other strengths include efficient modular construction design, transparent competitive pricing structure, and lower-carbon "green" LNG resulting from usage of more efficient electrical drive motors rather than gas-fired engines to drive the liquefaction compressors. The realistically sized four MTPA capacity of the facility fills an essential niche from LNG customers seeking smaller contracted volumes to diversify their gas supply portfolio. Texas LNG expects to achieve the final investment decision in 2022 and commercial operations in 2026.
White & Case acted as legal advisor for Texas LNG, and Vinson & Elkins represented Enbridge.
About Texas LNG
Texas LNG Brownsville LLC is a Houston-based LNG export company focused on creating value and minimizing risk for all stakeholders, including the local community, investors, and customers.
The Texas LNG export facility will be constructed in South Texas on a 625-acre site strategically located on the Port of Brownsville’s deepwater ship channel near plentiful natural gas supply and pipelines. The FERC- and DOE-permitted facility will enable the export of 4 MTPA of LNG to established and emerging markets worldwide.
Through its controlled subsidiaries, Glenfarne is the majority owner of Texas LNG Brownsville LLC. Samsung Engineering Co., Ltd. is a minority equity owner in and strategic partner to Texas LNG LLC (a minority equity owner of Texas LNG Brownsville LLC).
Additional information about the Texas LNG Project may be found on its website at www.txlng.com.
About Glenfarne Group, LLC
Glenfarne is a privately held energy and infrastructure development and management firm based in New York City and Houston, Texas with offices in Dallas, Texas; Panama City, Panama; Santiago, Chile; Bogota, Colombia; Florianopolis, Brazil; Seoul, South Korea; and Ho Chi Minh City, Vietnam. Glenfarne’s seasoned executives, asset managers, and operators develop, acquire, manage, and operate energy infrastructure assets throughout North and South America and Asia. For more information, please visit www.GlenfarneGroup.com.
About Enbridge Inc.
Enbridge Inc. is a leading North American energy infrastructure company. We safely and reliably deliver the energy people need and want to fuel quality of life. Our core businesses include Liquids Pipelines, which transports approximately 25 percent of the crude oil produced in North America; Gas Transmission and Midstream, which transports approximately 20 percent of the natural gas consumed in the U.S.; Gas Distribution and Storage, which serves approximately 3.8 million retail customers in Ontario and Quebec; and Renewable Power Generation, which owns approximately 1,766 megawatts (net) in renewable power generation capacity in North America and Europe. The Company's common shares trade on the Toronto and New York stock exchanges under the symbol ENB. For more information, visit www.enbridge.com.
Cautionary Statement:
The information and materials in this document are provided for informational purposes only and are subject to addition, deletion and modification without notice at the sole discretion of Texas LNG LLC and Texas LNG Brownsville LLC, and are not warranted or guaranteed to be correct, complete or up-to-date. The information and materials could include technical inaccuracies, other errors and are provided "As Is" without any representation or warranties of any kind. Texas LNG LLC and Texas LNG Brownsville LLC will neither accept or assume any liability, direct, indirect or consequential, of any kind arising from the use of information and materials contained in this document or linked website. This document is not to be considered or to be constituted as investment advice or as any type of offer, invitation, solicitation or recommendation in relation to the purchase or sale of any type of financial instruments or security in any jurisdiction.
Any forward-looking statements contained in the information and materials in this document are only predictions and are subject to risks, uncertainties and assumptions, many of which are outside the control of Texas LNG LLC or Texas LNG Brownsville LLC or its officers or representatives. These risks, uncertainties and assumptions include commodity prices, currency fluctuations, economic and financial market conditions in various countries and regions, environmental risks and legislative, fiscal or regulatory developments, political risks, project delay or advancement, approvals and cost estimates. Actual values, results or events may be materially different to those expressed or implied in this document. Given these uncertainties, readers are cautioned not to place reliance on forward-looking statements.
Readers are strongly advised to complete their own investigations to the accuracy and completeness of the contents of this or any other communication or document, written or oral, provided by or referred to by Texas LNG LLC or Texas LNG Brownsville LLC or its officers or representatives.
Kris Cole
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MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Wallbox (NYSE:WBX), a leading provider of electric vehicle (EV) charging and energy management solutions worldwide, announced that it would air its first-ever national television advertisement in the U.S. during Super Bowl LVI on February 13, 2022.
The announcement comes after a year of rapid growth for Wallbox, which entered the U.S. market in February 2021 and listed on the New York Stock Exchange in October.
Wallbox’s best-selling smart charger worldwide, Pulsar Plus, has been adapted to meet the growing needs of the North American market as more and more people transition to electric vehicles. Pulsar Plus is compatible with all EVs, including Tesla, and became the number one bestseller on Amazon within its first three months on the U.S. market. The 48 Amp version of Pulsar Plus is one of the fastest home charging options in the market.
“Most electric vehicle charging takes place at home and, as a global leader in this space, we have the hardware and software technology to simplify EV adoption for American drivers,” said Enric Asuncion, CEO of Wallbox. “Today the potential buyer for an EV and an EV charger in the U.S. is almost anyone shopping for a car - studies show that due to incentives and the variety of models available, most people at least consider an electric option. We want to introduce our innovative, design-led products to these consumers and the heavily-watched Super Bowl is the prime venue for us to market our brand to such a broad audience.”
About Wallbox
Wallbox is a global technology company, dedicated to changing the way the world uses energy. Wallbox creates advanced electric vehicle charging and energy management systems that redefine users' relationship to the grid. Wallbox goes beyond electric vehicle charging to give users the power to control their consumption, save money, and live more sustainably. Wallbox offers a complete portfolio of charging and energy management solutions for residential, semi-public and public use in more than 80 countries.
Founded in 2015 and headquartered in Barcelona, the company now employs over 700 people in its offices in Europe, Asia, and the Americas.
For additional information, please visit www.wallbox.com.
Wallbox Forward Looking Statements
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 contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding Wallbox’s televised advertisement at the Super Bowl. In some cases, you can identify forward-looking statements by terminology such as "anticipate," "believe," "may," "can," "should," "could," "might," "plan," "possible," "project," "strive," "budget," "forecast," "expect," "intend," "will," "estimate," "predict," "potential," "continue" or the negatives of these terms or variations of them or similar terminology, but the absence of these words does not mean that statement is not forward-looking. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements. In addition, any statements or information that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking.
These forward-looking statements are based on management’s current expectations and beliefs. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause Wallbox’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to the factors discussed under the caption "Risk Factors" in Wallbox’s final prospectus on Form 424(b)(3) filed with the SEC on November 12, 2021, as such factors may be updated from time to time in its other filings with the SEC, accessible on the SEC’s website at www.sec.gov and the Investors Relations section of Wallbox’s website at investors.wallbox.com.
These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any forward-looking statement that Wallbox makes in this press release speaks only as of the date of such statement. Except as required by law, Wallbox disclaims any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise.
Elyce Behrsin
PR Manager - Wallbox
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LONG BEACH, Calif.--(BUSINESS WIRE)--The West Coast MTO Agreement (WCMTOA) today reminded port users that the Traffic Mitigation Fee (TMF) at the Ports of Los Angeles and Long Beach will return to its pre-December rate on February 1, 2022.
On November 10, WCMTOA announced that the TMF would be temporarily adjusted to $78.23 per TEU between December 1 and January 31, and would be charged only on weekdays during the daytime shift. The temporary change in TMF levels and rules was intended to create a financial incentive to move more containers during off-peak hours by charging a TMF only during peak hours.
At the start of February, the TMF will revert to $34.21 per TEU (twenty-foot equivalent unit) or $68.42 for all other sizes of container for non-exempt international container moves through the terminals at the ports, and will again be payable throughout all hours of terminal operation.
WCMTOA worked with the Port Envoy to the Biden-Harris Administration Supply Chain Disruptions Task Force, as well as the Executive Directors of the Ports of Los Angeles and Long Beach, in an effort to address challenges with links in the supply chain. The temporary change was put into place as the goods movement community entered the final holiday push in December followed by the January period leading up to Lunar New Year.
Over the course of the seven weeks since the TMF’s temporary adjustment was implemented, and with outreach to the entire supply chain and all of its users, the proportion of gate activity during the day shift versus the night shift did not change from where it has been averaging since 2018.
Under the original PierPass OffPeak Program established in 2005 to mitigate severe traffic congestion around the ports, incentive pricing (charging a TMF for weekday, daytime container moves) was used to enable and drive traffic to new night shifts. OffPeak was modified in 2018 to address supply chain requests that the program mitigate traffic with appointment systems instead of incentive pricing. The change also sought to eliminate the problematic truck bunching that occurred between shifts with the previous program.
Containers exempt from the TMF include empty containers, domestic and transshipment cargo, and import cargo or export cargo that transits the Alameda Corridor in a container and is subject to a fee imposed by the Alameda Corridor Transportation Authority. Empty chassis and bobtail trucks are also exempt.
PierPass is a not-for-profit company created by marine terminal operators at the Port of Los Angeles and Port of Long Beach to address multi-terminal issues such as congestion, air quality and security. The West Coast Marine Terminal Operator Agreement (WCMTOA) is filed with the Federal Maritime Commission, and comprises the 12 international MTOs serving the Los Angeles and Long Beach ports.
For more information, please see www.pierpass.org.
PierPass Customer Service Number: 877-863-3310
Paul Sherer
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NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
TORONTO--(BUSINESS WIRE)--#EV--Sherritt International Corporation (“Sherritt”) (TSX:S), a world leader in the mining and hydrometallurgical refining of nickel and cobalt from lateritic ores, today announced production results for the fourth quarter and year ended December 31, 2021, and provided guidance for expected production, unit costs and spending on capital in 2022.
Highlights
Summary of 2021 Production Results
Production volumes3 |
Q4 2021 |
FY2021 |
Guidance for
|
Moa Joint Venture (tonnes, 100% basis) |
|
|
|
Nickel |
8,533 |
31,184 |
31,000 – 32,000 |
Cobalt |
953 |
3,526 |
3,300 – 3,600 |
Power (GWh, 331/3% basis) |
130 |
450 |
450 – 500 |
Finished nickel production at the Moa JV in 2021 was 31,184 tonnes on a 100% basis, in line with guidance. Finished cobalt production at the Moa JV in 2021 was 3,526 tonnes on a 100% basis, consistent with guidance for the year.
Despite additional health and safety measures implemented since the start of the global pandemic, finished production in 2021 was impacted by a number of factors relating to the spread of COVID-19, including delays in the transportation of mixed sulphides from Moa, reduced contractor availability that extended the full-facility shutdown at the refinery in Fort Saskatchewan, and the significant rise in number of cases in the third quarter due to the Delta variant. Finished production in 2021 was also impacted by unplanned maintenance activities in the third quarter.
Power production in 2021 was 450 gigawatt hours of electricity, consistent with guidance. Production for 2021 was impacted by increased maintenance activities that had been deferred from 2020 due to limited liquidity.
Sherritt expects to report its full operational and financial results for the fourth quarter and year ended December 31, 2021 on February 9, 2022 after market close.
2022 Guidance
Guidance for 2022 is based on a number of assumptions and estimates as of January 17, 2022 including, among other items, assumptions about commodity prices, prevailing currency exchange rates, and anticipated costs and expenditures. Sherritt’s guidance for 2022 also includes estimates based on a number of risks and uncertainties, which may cause actual results to differ materially.
Summary of 2022 Production Forecasts
Production volumes |
Guidance for 2022 |
Moa Joint Venture (tonnes, 100% basis) |
|
Nickel |
32,000 – 34,000 |
Cobalt |
3,400 – 3,700 |
Power (GWh, 331/3% basis) |
450 - 500 |
In 2022, nickel and cobalt production at the Moa JV are forecast at between 32,000 and 34,000 tonnes and 3,400 and 3,700 tonnes, respectively. Anticipated production for 2022 is consistent with initial guidance for 2021 and recent performance at the Moa JV, and is reflective of the ongoing commitment to operational excellence and employee health and safety. The Moa JV expects to launch a number of initiatives in 2022 in support of its previously announced expansion strategy aimed at growing finished nickel and cobalt production by 15 to 20% from the 34,876 tonnes produced in 2020. This incremental growth is expected in subsequent years.
The Power business is expected to produce between 450 and 500 gigawatt hours of electricity in 2022. Production may be impacted by lower natural gas availability provided to Sherritt for power production activities and operational spending which are dependent on the receipt of funds under Sherritt’s energy agreements with its Cuban partners. Sherritt continues to be in discussion with its Cuban partners for the provision of additional natural gas.
Summary of 2022 Unit Cost Forecasts
Unit Operating Costs4 |
Guidance for 2022 |
Moa Joint Venture – Net Direct Cash Costs – (US$ per lb.) |
US$4.00 - $4.50 |
Power (unit operating costs, C$ per MWh) |
C$26.50 - $28.00 |
Net direct cash costs (NDCC) at the Moa JV are forecast at between US$4.00 and US$4.50 per pound of finished nickel sold, below guidance for 2021 due to higher forecast cobalt and fertilizer prices, partly offset by higher input commodity prices. NDCC for the year to date Q3 2021 was US$4.305. Net direct cash costs include by-product credits and input commodities that are subject to considerable change given the volatility of cobalt, fertilizers, crude oil, natural gas and sulphur prices. Forecasted NDCC for 2022 will have some quarterly variance due to the seasonality of fertilizer sales, which are typically higher in the second and fourth quarters. NDCC guidance for 2022 is based on a forecast cobalt reference price of US$27.50 per pound and a forecast average sulphur price of US$330 per tonne including freight and handling.
Operating costs for the Power business in 2022 are expected to be between C$26.50 and C$28.00. Power unit operating costs for the year to date Q3 2021 was C$23.195. Operating costs for 2022 may vary if maintenance activities are impacted by delays in the collection of receivables.
Summary of 2022 Spending on Capital Cost Forecasts
Spending on capital6 (C$ millions) |
2022 Guidance |
Moa Joint Venture (50% basis) and Fort Site (100% basis) |
$75.0 |
Power (331/3% basis). |
$5.0 |
Sherritt’s share of spending on capital at the Moa JV and at the Fort Site is forecast at C$75 million in 2022. Spending on capital for the year to date Q3 2021 was C$25.6 million5. Spending on capital in 2022 is planned for the replacement of mine and plant equipment, fertilizer handling, tailings management, and includes amounts deferred in 2021 due to the impacts of COVID-19 and disruptions to logistics, supplies and contractor availability. The total for 2022 excludes amounts planned for Sherritt’s growth initiatives aimed at expanding finished nickel and cobalt production by 15 to 20% from the combined totals of 34,876 tonnes produced in 2020. The incremental growth is expected in subsequent years. Additional details on the expansion strategy, which will better enable the Moa JV to capitalize on the growing demand for high purity nickel and cobalt being driven by the rapid adoption of electric vehicles, will be disclosed once estimates are finalized.
Capital spend at the Power business is forecast at C$5 million, which will be primarily earmarked towards maintenance activities previously deferred. Spending on capital at Power for year to date Q3 2021 was negligable5.
Non-GAAP and Other Financial Measures
Unit operating cost and net direct cash cost (NDCC) and spending on capital are non-GAAP measures. Management uses these measure to monitor the financial performance of the Moa JV, Power and other operating divisions. Management believes these measures enable investors and analysts to compare the Corporation’s financial performance with its competitors and/or evaluate the results of its underlying operations. These measures are intended to provide additional information, not to replace International Financial Reporting Standards (IFRS) measures, and do not have a standard definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. As these measures do not have a standardized meaning, they may not be comparable to similar measures provided by other companies.
Historical unit operating cost and net direct cash cost/NDCC and spending on capital are incorporated by reference to Sherritt’s Q3 2021 Management Discussion and Analysis for the three and nine months ended September 30, 2021, dated November 3, 2021, which is available on Sherritt’s website. unit operating cost and net direct cash cost/NDCC amounts have been reconciled to their most directly comparable IFRS measures in the Non-GAAP and other financial measures section of the MD&A starting on page 44.
The Q3 2021 Management Discussion and Analysis is also available on SEDAR.
About Sherritt
Sherritt is a world leader in the mining and refining of nickel and cobalt – metals essential for the growing adoption of electric vehicles. Its Technologies Group creates innovative, proprietary solutions for oil and mining companies around the world to improve environmental performance and increase economic value. Sherritt is also the largest independent energy producer in Cuba. Sherritt’s common shares are listed on the Toronto Stock Exchange under the symbol “S”.
Forward-Looking Statements
This press release contains certain forward-looking statements. Forward-looking statements can generally be identified by the use of statements that include such words as “believe”, “expect”, “anticipate”, “intend”, “plan”, “forecast”, “likely”, “may”, “will”, “could”, “should”, “suspect”, “outlook”, “potential”, “projected”, “continue” or other similar words or phrases. Specifically, forward-looking statements in this document include, but are not limited to, statements regarding future guidance and forecasts set forth in this press release and certain expectations regarding production volumes; operating costs and capital spending.
Forward-looking statements are not based on historical facts, but rather on current expectations, assumptions and projections about future events, including commodity and product prices and demand; the level of liquidity and access to funding; share price volatility; production results; realized prices for production; earnings and revenues; global demand for electric vehicles; the commercialization of certain proprietary technologies and services; advancements in environmental and greenhouse gas reduction technology; environmental rehabilitation provisions; availability of regulatory and creditor approvals and waivers; compliance with applicable environmental laws and regulations; debt repayments; redemptions and interest deferrals; collection of accounts receivable; and certain corporate objectives, goals and plans. By their nature, forward-looking statements require the Corporation to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that predictions, forecasts, conclusions or projections will not prove to be accurate, that those assumptions may not be correct and that actual results may differ materially from such predictions, forecasts, conclusions or projections.
Forward-looking statements are not based on historical facts, but rather on current expectations, assumptions and projections about future events, including commodity and product prices and demand; the level of liquidity and access to funding; share price volatility; production results; realized prices for production; earnings and revenues; global demand for electric vehicles; the commercialization of certain proprietary technologies and services; advancements in environmental and greenhouse gas reduction technology; GHG emissions reduction goals and the anticipated timing of achieving such goals, if at all; statistics and metrics relating to ESG matters which are based on assumptions or developing standards; environmental rehabilitation provisions; environmental risks and liabilities; availability of regulatory and creditor approvals and waivers; compliance with applicable environmental laws and regulations; debt repayments; redemptions and interest deferrals; collection of accounts receivable; and certain corporate objectives, goals and plans. By their nature, forward-looking statements require the Corporation to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that predictions, forecasts, conclusions or projections will not prove to be accurate, that those assumptions may not be correct and that actual results may differ materially from such predictions, forecasts, conclusions or projections. The Corporation cautions readers of this press release not to place undue reliance on any forward-looking statement as a number of factors could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, the impact of the COVID-19 pandemic, changes in the global price for nickel, cobalt, oil and gas, fertilizers or certain other commodities; security market fluctuations and price volatility; level of liquidity; access to capital; access to financing; the risk to Sherritt’s entitlements to future distributions from the Moa Joint Venture; uncertainty about the pace of technological advancements required in relation to achieving ESG targets; identification and management of growth opportunities; risk of future non-compliance with debt restrictions and covenants and mandatory repayments; Sherritt’s ability to replace depleted mineral reserves; risks associated with the Corporation’s joint venture partners; variability in production at Sherritt’s operations in Cuba; risks related to Sherritt’s operations in Cuba; risks related to the U.S. government policy toward Cuba, including the U.S. embargo on Cuba and the Helms-Burton legislation; potential interruptions in transportation; uncertainty of gas supply for electrical generation; the Corporation’s reliance on key personnel and skilled workers; growth opportunity risks; the possibility of equipment and other failures; risks associated with mining, processing and refining activities; uncertainty of resources and reserve estimates; the potential for shortages of equipment and supplies, including diesel; supplies quality issues; risks related to environmental liabilities including liability for reclamation costs, tailings facility failures and toxic gas releases; risks related to the Corporation’s corporate structure; political, economic and other risks of foreign operations; risks associated with Sherritt’s operation of large projects generally; risks related to the accuracy of capital and operating cost estimates; foreign exchange and pricing risks; compliance with applicable environment, health and safety legislation and other associated matters; risks associated with governmental regulations regarding climate change and greenhouse gas emissions; risks relating to community relations and maintaining the Corporation’s social license to grow and operate; credit risks; competition in product markets; future market access; interest rate changes; risks in obtaining insurance; uncertainties in labour relations; uncertainty in the ability of the Corporation to enforce legal rights in foreign jurisdictions; uncertainty regarding the interpretation and/or application of the applicable laws in foreign jurisdictions; legal contingencies; risks related to the Corporation’s accounting policies; identification and management of growth opportunities; uncertainty in the ability of the Corporation to obtain government permits; risks to information technologies systems and cybersecurity; failure to comply with, or changes to, applicable government regulations; bribery and corruption risks, including failure to comply with the Corruption of Foreign Public Officials Act or applicable local anti-corruption law; the ability to accomplish corporate objectives, goals and plans for 2022; and the Corporation’s ability to meet other factors listed from time to time in the Corporation’s continuous disclosure documents. The Corporation, together with its Moa Joint Venture and Fort Site and Technologies segments, are pursuing a range of growth and expansion opportunities, including without limitation, process technology solutions, development projects, commercial implementation opportunities, life of mine extension opportunities and the conversion of mineral resources to reserves. In addition to the risks noted above, factors that could, alone or in combination, prevent us from successfully achieving these opportunities may include, without limitation: identifying suitable commercialization and other partners; successfully advancing discussions and successfully concluding applicable agreements with external parties and/or partners; successfully attracting required financing; successfully developing and proving technology required for the potential opportunity; successfully overcoming technical and technological challenges; successful environmental assessment and stakeholder engagement; successfully obtaining intellectual property protection; successfully completing test work and engineering studies, prefeasibility and feasibility studies, piloting, scaling from small scale to large scale production, commissioning, procurement, construction, commissioning, ramp-up to commercial scale production and completion; and securing regulatory and government approvals. There can be no assurance that any opportunity will be successful, commercially viable, or will generate any meaningful revenues, savings or earnings, as the case may be, for the Corporation. In addition, the Corporation will incur costs in pursuing any particular opportunity, which may be significant. Additional risks, uncertainties and other factors include, but are not limited to, the ability of the Corporation to achieve its financial goals; the ability of the Corporation to continue to realize its assets and discharge its liabilities and commitments; the Corporation’s future liquidity position, and access to capital, to fund ongoing operations and obligations (including debt obligations); the ability of the Corporation to stabilize its business and financial condition; the ability of the Corporation to implement and successfully achieve its business priorities; and the ability of the Corporation to comply with its contractual obligations, including without limitation, its obligations under debt arrangements. Readers are cautioned that the foregoing list of factors is not exhaustive and should be considered in conjunction with the risk factors described in this press release and in the Corporation’s other documents filed with the Canadian securities authorities, including without limitation the “Managing Risk” section of the Management’s Discussion and Analysis for the three and nine months ended September 30, 2021 and the Annual Information Form of the Corporation dated March 17, 2021 for the period ending December 31, 2020, which is available on SEDAR at www.sedar.com
__________________________________
1 Sherritt adjusted its nickel production guidance for 2021 on November 3, 2021 as a result of disruptions caused in the third quarter by the spread of COVID-19, timing of the full-facility shutdown at the refinery in Fort Saskatchewan, Alberta, and unplanned maintenance activities.
2CC is a Non-GAAP measure, See the Non-GAAP and Other Financial Measures section below.
3 Nickel and cobalt production are presented on a 100% basis. Sherritt’s share varies by business unit, with the Moa JV being a 50% joint venture and Power a 331/3% interest.
4 Unit operating costs (NDCC for the Moa JV) – are Non-GAAP financial measure See the Non-GAAP and Other Financial measures section below.
5 YTD Q3 2021 unit operating cost/NDCC and spending on capital are incorporated by reference to Sherritt’s Management Discussion and Analysis (MD&A) for the three and nine months ended September 30, 2021, dated November 3, 2021, which is available on Sherritt’s website. These amounts can be found in the Review of Operations section: Moa Joint Venture and Fort Site – page 27, Power – page 32. The Q3 2021 MD&A is also available on SEDAR. The primary determinants impacting unit operating costs are: for Moa Joint Venture – production levels, cobalt price and input commodity prices, primarily Sulphur; for Power, the primary determinants are production levels and maintenance costs. The primary determinants impacting spending on capital are timing of expenditures and foreign exchange rates (as most purchases are denominated in U.S. dollars).
6 Capital spend is based on Sherritt’s ownership interests in the Moa Joint Venture (50%); Fort Site (100%), Power (33%).
For more information, please contact:
Joe Racanelli, Director of Investor Relations
Telephone: 416-935-2457
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
www.sherritt.com
New plan expands on successful Peoples line protection programs
PITTSBURGH--(BUSINESS WIRE)--Starting today, Peoples is offering its residential customers a new repair service program to help them save money and time when their water heater needs to be repaired. This new feature builds on Peoples’ gas, water and sewer line protection programs that have been in place since 1996. To enable this new program, Peoples has joined forces with HomeServe, the leading provider of home emergency repair service programs.
“Customers have really appreciated the line protection programs we’ve had in place over the years; in fact, participation has been growing by over 20% per year. Many new customers enroll in multiple protection programs,” commented Vivian Sabatini, Manager, Sales Residential at Peoples. “We’re pleased to build on that success and introduce another valuable service plan available through our new partner HomeServe.”
Peoples’ customers now can enroll in a service plan option covering their water heater. HomeServe’s Water Heater Plans range from $6.99 to $13.99 per month, depending on the plan features homeowners select – a repair only plan or a replacement plan that includes repair. Like the current Peoples service programs, customers who enroll in this new water heater repair program will be able to conveniently pay for the coverage directly on their Peoples utility bill. The program is completely optional, and the coverage can be canceled at any time.
“Homeownership can be a challenge and when something goes wrong, the cost of repairs can easily exceed any ‘rainy day’ funds homeowners have set aside,” commented HomeServe CEO Tom Rusin. “Peoples’ partnership with HomeServe means its customers can have a little more peace of mind knowing if a repair is needed, they can count on the best local, licensed contractors to come help.”
Customers can expect information about the program to arrive in the mail in the coming days, which will explain how to enroll in the service program. Customers can also call 1-866-215-1610 to learn more.
About HomeServe USA
HomeServe USA Corp. (HomeServe) is a customer-focused company that enables utilities and municipalities to educate, protect and advocate for their customers who are faced with home repair emergencies. Serving more than 4.8 million customers across the US and Canada and working through over 1,100 leading municipal and utility partners, HomeServe protects homeowners against the expense and inconvenience of plumbing, electrical, HVAC and other home repair emergencies.
Through its network of skilled locally based technicians, HomeServe makes a repair or install in a customer’s home every 34 seconds. HomeServe is also a leading provider of residential Energy Efficiency Solutions. Over the past twelve months, HomeServe has installed almost $100 million dollars’ worth of residential HVAC efficiency upgrades.
HomeServe has an exceptional customer satisfaction rating, is accredited with an A+ grade from the Better Business Bureau and is endorsed by the National League of Cities. For more information about HomeServe, a certified Great Place to Work and Stevie Awards winner for Sales and Service, please go to www.homeserve.com. Connect with HomeServe on Facebook and Twitter @HomeServeUSA and on LinkedIn @HomeServe-USA. For news and information follow on Twitter @HomeServeUSNews.
MEDIA:
Barry Kukovich
Peoples Gas
1-877-325-3477
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Myles Meehan
HomeServe
(203) 356-4546
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