NEW YORK & OSLO, Norway--(BUSINESS WIRE)--Alussa Energy Acquisition Corp. (“Alussa Energy”) (NYSE: ALUS), a Cayman Island exempted special purpose acquisition company, announced that its shareholders approved all proposals related to the previously announced business combination (the “Business Combination”) with FREYR AS (“FREYR”), a Norway-based developer of clean, next-generation battery cell production capacity, at a special meeting of Alussa Energy’s shareholders held today. Approved votes for the five proposals for shareholder consideration represented a range of between approximately 89.0%-99.6% of votes cast at the meeting, depending on the proposal. Total votes cast at the meeting represented approximately 58.8% of Alussa Energy’s outstanding shares. The formal results of the vote will be included in a Current Report on Form 8-K to be filed by Alussa Energy with the U.S. Securities and Exchange Commission.
Alussa Energy and FREYR expect to close the Business Combination on July 9, 2021. Following closing, the combined company will be known as FREYR Battery and its common stock and warrants are expected to trade on the New York Stock Exchange under the ticker symbols “FREY” and “FREY.WS”, respectively. At the closing of the Business Combination, each Alussa Energy unit will separate into its components consisting of one Alussa Energy ordinary share and one-half of one warrant and, as a result, will no longer trade as a separate security.
“We are proud of this significant achievement for Alussa Energy. We sincerely thank all of our sponsors, shareholders, investors in the private investment in public equity offering and other stakeholders for their dedication and support throughout the transaction process,” said Daniel Barcelo, Chief Executive Officer of Alussa Energy. “It has been a privilege to partner with FREYR and we are excited to deliver the capital from the business combination to support the company’s ambition of developing clean battery solutions to decarbonize transport and energy systems around the globe. We look forward to FREYR’s journey as a New York Stock Exchange listed company.”
“We are ready to deploy the equity capital from the expected completion of the business combination between Alussa Energy and FREYR to advance our sustainable battery cell production in Norway and accelerate commercial discussions across all market segments,” remarked Tom Jensen, Chief Executive Officer of FREYR. “With the completion of this transaction, FREYR is closer to realizing our goal of producing clean, low-cost and low-carbon battery cells, with the final investment decision for our pilot plant as the next milestone.”
About Alussa Energy Acquisition Corp.
Alussa Energy is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While Alussa Energy may pursue an acquisition opportunity in any industry or sector, Alussa Energy intends to focus on businesses across the entire global energy supply chain. For more information, please visit www.alussaenergy.com.
About FREYR AS
FREYR plans to develop up to 43 GWh of battery cell production capacity by 2025 to position the company as one of Europe’s largest battery cell suppliers. The facilities will be located in the Mo i Rana industrial complex in Northern Norway, leveraging Norway’s highly skilled workforce and abundant, low-cost renewable energy sources from hydro and wind in a crisp, clear and energized environment. FREYR will supply safe, high energy density and cost competitive clean battery cells to the rapidly growing global markets for electric vehicles, energy storage, and marine applications. FREYR is committed to supporting cluster-based R&D initiatives and the development of an international ecosystem of scientific, commercial, and financial stakeholders to support the expansion of the battery value chain in our region. For more information, please visit www.freyrbattery.com.
Forward-Looking Statements
This press release contains, and certain oral statements made by representatives of Alussa Energy and FREYR and their respective affiliates, from time to time may contain, “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Alussa Energy’s, FREYR Battery’s and FREYR’s actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “might” and “continues,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, expectations with respect to the listing of FREYR Battery’s common stock and warrants on the New York Stock Exchange, the production of clean and cost-effective batteries, the plan to deliver 43 GWh of next-generation battery cell manufacturing capacity in Norway by 2025, collaborations with customers and global supply chain partners across the transportation and energy storage sectors, the ability to leverage the Nordic region’s developing battery ecosystem and the closing of the Business Combination shortly after the Special Meeting and related targeted dates. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside the control of Alussa Energy, FREYR Battery or FREYR and are difficult to predict. Factors that may cause such differences include, but are not limited to: the inability to consummate the transaction; the inability to obtain the listing of FREYR Battery’s common stock and warrants on the New York Stock Exchange following the transaction; the failure of capital to be delivered in the Business Combination; the risk that the transaction disrupts current plans and operations as a result of the announcement and consummation of the transaction; the inability to recognize anticipated benefits of the proposed Business Combination; the possibility that Alussa Energy, FREYR Battery or FREYR may be adversely affected by other economic, business, and/or competitive conditions that might lead to, among other things, a failure to develop clean and cost-effective batteries, deliver on the targeted battery cell manufacturing capacity, leverage Norway’s perceived advantages in battery production and build collaborations with customers in the transportation and energy markets; and other risks and uncertainties identified in the registration/proxy statement relating to the transaction, including those under “Risk Factors” therein, and in other filings with the SEC made by Alussa Energy, FREYR Battery and FREYR. Alussa Energy, FREYR Battery and FREYR caution that the foregoing list of factors is not exclusive, and caution readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. None of Alussa Energy, FREYR Battery or FREYR undertakes or accepts any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based, subject to applicable law.
No Assurances
There can be no assurance that the transaction will be completed, nor can there be any assurance, if the transaction is completed, that the potential benefits of combining the companies will be realized.
Information Sources; No Representations
This press release has been prepared for use by Alussa Energy, FREYR Battery and FREYR in connection with the transaction. The information herein does not purport to be all-inclusive. The information herein is derived from various internal and external sources, with all information relating to the business, past performance, results of operations and financial condition of Alussa Energy was derived entirely from Alussa Energy and all information relating to the business, past performance, results of operations and financial condition of FREYR and FREYR Battery was derived entirely from FREYR. No representation is made as to the reasonableness of the assumptions made with respect to the information herein, or to the accuracy or completeness of any projections or modeling or any other information contained herein. Any data on past performance or modeling contained herein is not an indication as to future performance.
No representations or warranties, express or implied, are given in respect of this press release. To the fullest extent permitted by law in no circumstances will Alussa Energy, FREYR Battery or FREYR, or any of their respective subsidiaries, affiliates, shareholders, representatives, partners, directors, officers, employees, advisors or agents, be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from the use of this press release, its contents (including without limitation any projections or models), any omissions, reliance on information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith, which information relating in any way to the operations of FREYR or FREYR Battery has been derived, directly or indirectly, exclusively from FREYR and has not been independently verified by Alussa Energy. Neither the independent auditors of Alussa Energy nor the independent auditors of FREYR or FREYR Battery audited, reviewed, compiled or performed any procedures with respect to any projections or models for the purpose of their inclusion in this press release and, accordingly, neither of them expressed any opinion or provided any other form of assurances with respect thereto for the purposes of this press release.
Source: FREYR Battery
For investor inquiries, please contact:
For Alussa Energy:
Chi Chow
Investor Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
Tel (+1) 929-303-6514
For FREYR:
Jeffrey Spittel
Vice President, Investor Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
Tel: (+1) 281-222-0161
Harald Bjørland
Investor Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
Tel: (+47) 908 58 221
74% of Employees Would Consider Leaving Their Job if Office Health and Sustainability Expectations Go Unmet: NEXT Energy Technologies Report
SANTA BARBARA, Calif.--(BUSINESS WIRE)--Returning to the office is causing a growing rift between workers and managers according to a new report from NEXT Energy Technologies, Inc., released today. The report shows most employees (74%) are willing to leave their jobs if existential issues like health and sustainability are not adequately addressed in the workplace.
NEXT surveyed more than 450 remote employees and more than 150 senior managers and C-suite decision-makers across business verticals to better understand employees’ priorities in considering a return to in-person office spaces. The report, The Case for Office Space: How Buildings Need to Change to Suit a Climate-Conscious, COVID-Weary Workforce, found that in a quickly rebounding economy, a changed and newly empowered workforce has clear conditions about health and sustainability for their offices.
Productivity Is Steady, but Companies and Employees Split on Returning to the Office
While both employers and employees agree WFH has not diminished overall productivity, they are starkly split on what to do next: one-third (32%) of companies represented in the report are requiring employees to return to the office full-time now that the COVID threat is subsiding.
“We’re seeing a standoff between companies that, for a variety of legitimate reasons, want their staff to return to in-person offices and a high-demand workforce that is holding more decision-making power than ever before,” said Daniel Emmett, founder and CEO of NEXT.
Employees Want Control Over Their Health Through Office Space Influence
When asked to recall their old in-person work schedules, 57% of employees said working in the office negatively impacted their health. Employees cited a number of factors they believed took a toll on their health, primarily their mental health, a lack of sunlight and inadequate space between employee workstations.
Employees Prioritize Climate and Sustainability
With a heightened appreciation and outlook of their personal health, many workers are focusing on how external factors, those beyond their control, impact their physical well-being. A large majority (83%) believe that the environment, and the imminent climate crisis, play a direct role in their health. The report shows employees are looking for an office-environment overhaul; they want to have influence over the company’s health and wellness measures moving forward.
“We all went through a lot in the past year, and not just because of the COVID pandemic. Wildfires, extreme heat, droughts, floods and other unpredictable climate events are all taking a toll on people’s well-being,” continued Emmett.
Companies, however, are not entirely on board with this change. Close to half (42%) of decision-makers said their employees do not currently have influence over their company’s health and wellness measures while 82% of employees believe they should.
“Most rational people, including business decision-makers, understand that the climate crisis is directly linked with their individual health. Employees being asked to return to work are not willing to compromise their beliefs,” concluded Emmett.
Most Companies Not Doing Enough
With the link from health to the climate crisis directly drawn, sustainability measures naturally fall into employees’ expectations for healthy offices. Employees expect their companies to take the climate crisis seriously in conjunction with the ongoing pandemic, and they want their business leaders to make changes to the office that reflect this.
The two important factors employees want to be addressed in their workspaces are renewable energy (66%) and reduced reliance on single-use materials (51%). More than half (53%) of decision-makers said they’d be willing to implement more energy-saving and generating features in the office to meet employees’ needs.
Eighty-five percent (85%) of decision-makers believe that overall, their company is meeting some or all of its employees’ expectations for a healthy office environment — employees surveyed in the report did not share that sentiment.
To read more about employees’ and companies’ attitudes around the return to the office, download the full report here.
About NEXT Energy Technologies, Inc.
NEXT Energy Technologies is a Santa Barbara, California company developing transparent energy harvesting window technology that allows architects and building owners to transform windows and glass facades into producers of low-cost, on-site, renewable energy for buildings. NEXT’s technology is enabled by proprietary organic semiconducting materials that are earth-abundant, low-cost, and are coated as an ink in a high-speed, low-cost, and low energy process. For more information, visit https://www.nextenergytech.com/.
Eric Becker
104 West Partners for NEXT Energy Technologies
This email address is being protected from spambots. You need JavaScript enabled to view it.
Safety and Clean Energy Solutions Include: Technology to Detect Downed Wires; Microgrids; Electric Vehicle Infrastructure; and Clean Battery Energy Storage
PG&E Is Committed to Open and Transparent Regulatory Review Process
SAN FRANCISCO--(BUSINESS WIRE)--To protect and meet the energy needs of each of its 16 million customers, and enhance the energy systems they depend on every day, Pacific Gas and Electric Company (PG&E) is proposing a series of crucial safety, resiliency, and clean energy investments in its 2023 General Rate Case (GRC). PG&E is proposing these investments to continue to further reduce wildfire risk and deliver safe, reliable and clean energy service.
The company filed its funding proposal as required by the California Public Utilities Commission (CPUC) today, outlining investments in grid safety and resiliency, new technology and innovations, and gas and electric system infrastructure improvements to benefit its customers.
The CPUC requires energy companies, like PG&E, to file a GRC for the CPUC to review as it determines future customer rates. Previously, PG&E’s GRC was filed every three years and did not include natural gas transmission and storage (GT&S). Beginning in 2023, this review is on a four-year cycle and includes all costs associated with gas operations, electric distribution and generation operations in one proceeding.
PG&E’s GRC proposal includes approximately $7.4 billion in new investments from 2023-2026 to help keep customers safe and reduce the impacts of extreme weather and the threat of catastrophic wildfires. Wildfire safety investments include:
Wildfire Safety
Additionally, PG&E’s GRC request includes significant investments to improve gas and electric system safety, reliability and resiliency; increase the use of new, innovative technologies; and expand the state’s clean energy infrastructure. Critical energy investments include:
Gas System Safety and Reliability
Electric System Safety and Reliability
Clean Energy
“Our most important responsibility is the safety of the customers and communities we serve. These investments will strengthen our electric system against wildfire and other environmental risks, and enhance gas and electric system safety, while reinforcing our commitment to provide even more clean, renewable energy for California. Delivering for our hometowns, meeting the diverse energy needs of our customers, and building the safe, reliable and clean energy future they deserve are the energy priorities we are determined to achieve,” said Robert Kenney, PG&E Vice President of Regulatory and External Affairs.
Open and Transparent Public Regulatory Process
As with any customer rates proposal by PG&E, investments and expenditures are subject to open and transparent public review and approval by the CPUC. The CPUC thoroughly reviews PG&E’s rates proposals, including holding public hearings throughout the service area.
As part of this public process, PG&E strongly encourages its customers to provide feedback and participate in public hearings to help determine the energy priorities and investments that will define California’s energy future.
This four-year proposal does not include electric transmission costs, state-mandated Public Purpose Programs to support low-income customers and energy efficiency, or the actual commodity cost of gas and electricity. These costs are proposed through separate rate cases.
Customer Bill Impacts
Any resulting rate changes from the GRC, if approved by the CPUC, would take effect sometime in 2023 following a final decision.
While the GRC is one component of a PG&E bill, there are other filings that impact customer bills also. With these new safety, risk reduction, reliability improvements and clean energy investments as part of this GRC and other filings, the average residential customer bill is expected to increase about five percent annually, on average, from 2021 through 2026.
If the CPUC approves the proposed GRC investments in their entirety, the average monthly bill for a typical residential non-California Alternate Rates for Energy (CARE) electric and gas customer would increase in 2023 by about $1 a day and for CARE customers by about 80 cents a day.
“We are committed to improving the critical energy infrastructure that serves each of our 16 million customers, while also ensuring that energy remains as affordable as possible,” Kenney said. “We know this is a significant request that comes at a pivotal time when many of our customers are struggling to recover from the pandemic. While we believe these investments are critical to meet the evolving energy needs of our communities and customers, we won’t stop looking for additional ways to manage costs, and help customers use less energy and lower their bills.”
Minimize Future Rate Impact and Operational Savings
As part of a companywide commitment to reduce future customer costs, PG&E is proposing a series of cost-savings initiatives to help minimize the impact of future rate changes. Among these operational and cost-savings initiatives: selling surplus real estate and property, selling excess renewable energy, renegotiating power purchase agreements, and strategic sourcing and work planning.
Additionally, PG&E announced the sale of its licensing agreements with wireless providers that attach their equipment to certain electric transmission towers and other utility structures, which is expected to generate more than $900 million. It has also completed the sale of its San Francisco Financial District headquarters for approximately $800 million and is relocating to Oakland. PG&E has made a request to the CPUC to return the net gain on the sale of its SF headquarters to customers. A decision on the request is pending.
Cautionary Statement Concerning Forward-looking Statements
This news release contains forward-looking statements that are not historical facts, including statements about the beliefs, expectations, estimates, future plans and strategies of PG&E, including but not limited to the 2023 GRC and its wildfire prevention efforts. These statements are based on current expectations and assumptions, which management believes are reasonable, and on information currently available to management, but are necessarily subject to various risks and uncertainties. In addition to the risk that these assumptions prove to be inaccurate, factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include factors disclosed in PG&E Corporation and PG&E’s joint annual report on Form 10-K for the year ended December 31, 2020, their most recent quarterly report on Form 10-Q for the quarter ended March 31, 2021, and other reports filed with the SEC, which are available on PG&E Corporation's website at www.pgecorp.com and on the SEC website at www.sec.gov. PG&E Corporation and PG&E undertake no obligation to publicly update or revise any forward-looking statements, whether due to new information, future events or otherwise, except to the extent required by law.
About PG&E
Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is a combined natural gas and electric utility serving more than 16 million people across 70,000 square miles in Northern and Central California. For more information, visit pge.com and pge.com/news.
MEDIA RELATIONS:
415-973-5930
Company Provides Concho Transaction Update; Increases 2021 Share Repurchases by $1 Billion; Reduces 2021 Capital and Adjusted Operating Cost Guidance
HOUSTON--(BUSINESS WIRE)--ConocoPhillips (NYSE: COP) will host a market update today to reaffirm its commitment to the disciplined, returns-focused strategy it launched in 2016. The company will outline details of a compelling 2022-2031 operating and financial plan that reflects numerous transformational activities undertaken over the past 18 months, most notably the acquisition of Concho.
“We’re looking forward to providing today’s market update, which comes at a defining moment for our sector,” said Ryan Lance, chairman and chief executive officer. “We believe we’re entering a constructive environment for the business, but we also recognize that we’re in a period of evolving energy transition. ConocoPhillips is meeting this moment with a very compelling plan that is resilient and durable, but also flexible. We can and will adapt as the future plays out, all while remaining focused on delivering superior returns to shareholders through cycles. We don’t believe any other company in our E&P sector offers a more investable plan for this vital business.”
Today’s market update includes the following highlights:
Lance continued, “We have embraced a new imperative for the business that we call the Triple Mandate. We want to play a valued role in whatever pathway the energy transition takes by investing in the lowest cost of supply barrels, delivering competitive returns of and on capital, and achieving our net-zero emissions ambition. Since 2016, we’ve been on a continuous path to be the most relevant, sustainable E&P company in the business. Today’s strong 10-year plan takes another step forward in that direction.”
The ConocoPhillips market update will begin at 9:00 a.m. Central time and is expected to be roughly two hours in duration, including a question-and-answer session. A link to the live webcast and slide deck will be available on the ConocoPhillips Investor Relations website, www.conocophillips.com/investor, roughly 15 minutes prior to the start of the webcast. The event will also be archived and available for replay later in the day, with a transcript posted shortly afterward.
--- # # # ---
About ConocoPhillips
Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 15 countries, $84 billion of total assets, and approximately 10,300 employees at March 31, 2021. Production excluding Libya averaged 1,488 MBOED for the three months ended March 31, 2021, and proved reserves were 4.5 BBOE as of Dec. 31, 2020. For more information, go to www.conocophillips.com.
CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This news release contains forward-looking statements as defined under the federal securities laws. Forward-looking statements relate to future events, plans and anticipated results of operations, business strategies, and other aspects of our operations or operating results. Graphics that project into a future date constitute forward-looking statements. Also, words and phrases such as “anticipate,” “estimate,” “believe,” “budget,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict,” “seek,” “should,” “will,” “would,” “expect,” “objective,” “projection,” “forecast,” “goal,” “guidance,” “outlook,” “effort,” “target” and other similar words can be used to identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. Where, in any forward-looking statement, the company expresses an expectation or belief as to future results, such expectation or belief is believed to be reasonable at the time such forward-looking statement is made based on management’s good faith plans and objectives under the following assumptions: the phased conversion of acquired volumes from 2-stream to 3-stream accounting beginning in 2022; exclusion of Libya and the Willow project in Alaska in production and capital forecasts, as well as associated metrics; inclusion of resources associated with Libya and the Willow project in total resources; an oil price of $50/BBL West Texas Intermediate in 2020 dollars, escalating at two percent annually; an oil price of $55/BBL Brent in 2020 dollars, escalating at two percent annually; a gas price of approximately $3/MMBTU Henry Hub in 2020 dollars increasing in real terms towards a price of approximately $3.25 by 2031, escalating at two percent annually; cost and capital escalation in line with price escalation; and inclusion of carbon tax in the cash flow forecasts for assets where a tax is currently assessed. If no carbon tax exists for the asset, it is not included in the cash flow forecasts. These statements are not guarantees of future performance and involve certain risks and uncertainties and are subject to change as management is continually assessing factors beyond our control that may or may not be currently known. Given the foregoing and the extended time horizon of this presentation, actual outcomes and results will likely differ from what is expressed or forecast in the forward-looking statements, and such differences may be material. Factors that could cause actual results or events to differ materially from what is presented include the impact of public health crises, including pandemics (such as COVID-19) and epidemics and any related company or government policies or actions; global and regional changes in the demand, supply, prices, differentials or other market conditions affecting oil and gas, including changes resulting from a public health crisis or from the imposition or lifting of crude oil production quotas or other actions that might be imposed by OPEC and other producing countries and the resulting company or third-party actions in response to such changes; changes in commodity prices, including a prolonged decline in these prices relative to historical or future expected levels; changes in expected levels of oil and gas reserves or production; potential failures or delays in achieving expected reserve or production levels from existing and future oil and gas developments, including due to operating hazards, drilling risks or unsuccessful exploratory activities; unexpected cost increases or technical difficulties in constructing, maintaining or modifying company facilities; legislative and regulatory initiatives addressing global climate change or other environmental concerns; investment in and development of competing or alternative energy sources; disruptions or interruptions impacting the transportation for our oil and gas production; international monetary conditions and exchange rate fluctuations; changes in international trade relationships, including the imposition of trade restrictions or tariffs on any materials or products (such as aluminum and steel) used in the operation of our business; our ability to collect payments when due under our settlement agreement with PDVSA; our ability to collect payments from the government of Venezuela as ordered by the ICSID; our ability to liquidate the common stock issued to us by Cenovus Energy Inc. at prices we deem acceptable, or at all; our ability to complete our announced or any future dispositions or acquisitions on time, if at all; the possibility that regulatory approvals for our announced or any future dispositions or acquisitions will not be received on a timely basis, if at all, or that such approvals may require modification to the terms of the transactions or our remaining business; business disruptions during or following our announced or any future dispositions or acquisitions, including the diversion of management time and attention; the ability to deploy net proceeds from our announced or any future dispositions in the manner and timeframe we anticipate, if at all; potential liability for remedial actions under existing or future environmental regulations; potential liability resulting from pending or future litigation, including litigation related to our transaction with Concho Resources Inc. (Concho); the impact of competition and consolidation in the oil and gas industry; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; general domestic and international economic and political conditions; the ability to successfully integrate the operations of Concho with our operations and achieve the anticipated benefits from the transaction; unanticipated difficulties or expenditures relating to the Concho transaction; changes in fiscal regime or tax, environmental and other laws applicable to our business; and disruptions resulting from extraordinary weather events, civil unrest, war, terrorism or a cyber attack; and other economic, business, competitive and/or regulatory factors affecting our business generally as set forth in our filings with the Securities and Exchange Commission. We assume no duty to update these statements as of any future date and neither future distribution of this material nor the continued availability of this material in archive form on our website should be deemed to constitute an update or re-affirmation of these figures as of any future date. Any future update of these figures will be provided only through a public disclosure indicating that fact.
Cautionary Note to U.S. Investors – The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves. We may use the term “resource” in this news release that the SEC’s guidelines prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the oil and gas disclosures in our Form 10-K and other reports and filings with the SEC. Copies are available from the SEC and from the ConocoPhillips website.
Use of Non-GAAP Financial Information – This news release contains certain financial measures that are not prepared in accordance with GAAP, including operating costs, adjusted operating costs, cash from operations, free cash flow and return on capital employed (ROCE).
The company believes that the non-GAAP measures operating costs and adjusted operating costs are useful to investors to help facilitate comparisons of the company’s operating performance associated with the company’s core business operations across periods on a consistent basis and with the performance and cost structures of peer companies by excluding items that do not directly relate to the company’s core business operations. Operating costs is defined by the company as the sum of production and operating expenses, selling, general and administrative expenses, exploration general and administrative expenses, geological and geophysical, lease rentals and other exploration expenses. Adjusted operating costs is defined as the company’s operating costs further adjusted to exclude expenses that do not directly relate to the company’s core business operations and are included as adjustments to arrive at adjusted earnings to the extent those adjustments impact operating costs. The company further believes that the non-GAAP measure cash from operations is useful to investors to help understand changes in cash provided by operating activities excluding the timing effects associated with operating working capital changes across periods on a consistent basis and with the performance of peer companies. The company believes free cash flow is useful to investors in understanding how existing cash from operations is utilized as a source for sustaining our current capital plan and future development growth. Free Cash Flow is defined as cash from operations net of capital expenditures and investments. Free cash flow is not a measure of cash available for discretionary expenditures since the company has certain non-discretionary obligations such as debt service that are not deducted from the measure. The company believes that ROCE is a good indicator of long-term company and management performance. ROCE is a measure of the profitability of ConocoPhillips’ capital employed in its business. ConocoPhillips calculates ROCE as a ratio, the numerator of which is historically reported or forecasted net income plus after-tax interest expense and the denominator of which is average total equity plus total debt. The company believes that the above-mentioned non-GAAP measures, when viewed in combination with the company’s results prepared in accordance with GAAP, provides a more complete understanding of the factors and trends affecting the company’s business and performance. The company’s Board of Directors and management also use these non-GAAP measures to analyze the company’s operating performance across periods when overseeing and managing the company’s business.
Each of the non-GAAP measures included in this news release has limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of the company’s results calculated in accordance with GAAP. In addition, because not all companies use identical calculations, the company’s presentation of non-GAAP measures in this news release and the accompanying supplemental financial information may not be comparable to similarly titled measures disclosed by other companies, including companies in our industry. The company may also change the calculation of any of the non-GAAP measures included in this news release and the accompanying supplemental financial information from time to time in light of its then existing operations to include other adjustments that may impact its operations.
Any non-GAAP measures related to current period included herein will be accompanied by a reconciliation to the nearest corresponding GAAP measure at the end of this news release. For forward-looking non-GAAP measures, we are unable to provide a reconciliation to the most comparable GAAP financial measures because the information needed to reconcile these measures is dependent on future events, many of which are outside management’s control as described above. Additionally, estimating such GAAP measures and providing a meaningful reconciliation consistent with our accounting policies for future periods is extremely difficult and requires a level of precision that is unavailable for these future periods and cannot be accomplished without unreasonable effort. Forward looking non-GAAP measures are estimated consistent with the relevant definitions and assumptions.
| ConocoPhillips | ||||||
| Table 1: Reconciliation of production and operating expenses to adjusted operating costs | ||||||
| $ millions, except as indicated | ||||||
| 2021 FY Guidance |
||||||
| Production and operating expenses | ~5,575 | |||||
| Adjustments: | ||||||
| Selling, general and administrative (G&A) expenses | ~625 | |||||
| Exploration G&A, G&G and lease rentals | ~275 | |||||
| Operating costs | ~6,475 | |||||
| Adjustments to exclude special items: | ||||||
| Transaction and restructuring expenses | ~(375) | |||||
| Adjusted operating costs | ~6,100 | |||||
Dennis Nuss (media)
281-293-1149
This email address is being protected from spambots. You need JavaScript enabled to view it.
Investor Relations
281-293-5000
This email address is being protected from spambots. You need JavaScript enabled to view it.
New initiative will reduce Contract Transport Services’ carbon emissions by 132,000 tons
WHITE PLAINS, N.Y.--(BUSINESS WIRE)--#RNG--OPAL Fuels LLC, a vertically integrated producer and distributor of renewable natural gas (RNG) for heavy-duty truck fleets, announced today a contract with Contract Transport Services (CTS) to sell 15 million gasoline gallon equivalents (GGE) of RNG and construct the station and related infrastructure at CTS’s facility in Green Bay, Wisconsin. TruStar Energy, an OPAL Fuels company, will manage construction and operation of the station.
“Right now, we have over 150 trucks running on public fuel. By contracting with OPAL Fuels to internalize our fueling infrastructure, the new RNG fuel and related infrastructure will save us time, money and significantly reduce our carbon emissions,” said Curt Reitz, President of Contract Transport Services.
CTS began its mission to reduce its carbon footprint in 2013, transitioning to cleaner fuel with the company’s first CNG-powered truck. Today, CTS owns 103 CNG-powered trucks. The company has partnered with the United States Environmental Protection Agency (EPA) as a SmartWay affiliate to help reduce GHG emissions and improve fuel efficiency. As a result of its sustainability efforts, CTS won Wisconsin Clean Cities’ 2019 Forward Fleet Award and was named a Top Green Fleet of 2019 by Heavy Duty Trucking.
“CTS’s move to internalize their fueling infrastructure and fuel their trucks with RNG is a smart move. A move the that will reduce their carbon emissions by 132,000 tons” said Adam Comora, Co-Chief Executive Officer of OPAL Fuels.
Following years of testing and growing use, RNG has developed into a proven, low-cost, low-carbon fuel available today. RNG is chemically identical to the natural gas Americans use to cook and heat their homes, with one critical difference: it's not a fossil fuel pumped from the ground. Instead, RNG is the natural byproduct of landfills and animal waste, captured and processed before it leaks into the atmosphere or is required to be burned off. By utilizing existing natural gas infrastructure, RNG can reach the majority of the United States without additional expense. Accordingly, fleets that use RNG can reduce their total GHG by 99 to 149 percent compared to diesel, and RNG can also cost 40 to 70 percent less per gallon, providing an attractive rate of return on natural gas truck capital expenditures and a significant annual operating cost savings.
“RNG is the best alternative fuel option on the market,” said Reitz, “we are proud to say we can deliver our customers their products safely, efficiently and sustainably with OPAL Fuels.”
About OPAL Fuels LLC
OPAL Fuels LLC, a FORTISTAR portfolio company, brings together FORTISTAR Methane Group, FORTISTAR RNG, and TruStar Energy to create a vertically integrated renewable fuels platform. OPAL is an emerging leader in the production and distribution of renewable natural gas (RNG), a proven low carbon fuel with a decades-long track record of results that has the power to rapidly decarbonize the transportation industry. OPAL captures harmful methane emissions at the source and recycles the trapped energy into a commercially viable, low-cost alternative to diesel fuel. OPAL’s subsidiary company, TruStar Energy, manages all fueling station development, construction, and service. As a vertically integrated producer and distributor of RNG for heavy-duty truck fleets for over 20 years, OPAL delivers best-in-class, complete renewable solutions to customers and production partners. To learn more about OPAL and how it is leading the effort to decarbonize North America's transportation industry, please visit www.opalfuels.com and follow the company on LinkedIn and Twitter at @OPALFuels.
About CTS
Contract Transport Services, established in 1985 and headquartered in Green Bay, WI, is a leader in providing dedicated and Midwest regional transportation services to many Midwest Fortune 500 companies. CTS’s strong reputation for exceptional service has created double-digit growth for the past 13 years, providing a strong career partner for over 160 dedicated trucking professionals. CTS guarantees our customers products that will be delivered safely, economically, and always on time. Placing high importance on the environment, CTS is proud to say that 98 percent of our entire fleet runs on compressed natural gas (CNG), which reduces customer costs and positively impacts the environment. To learn more about CTS, please visit www.ctsgb.com.
Media
Lily Thieneman
502-468-8801
This email address is being protected from spambots. You need JavaScript enabled to view it.
IRVING, Texas--(BUSINESS WIRE)--ExxonMobil Chemical Company has signed an agreement with Celanese for the sale of its global Santoprene™ business for $1.15 billion, subject to working capital and other adjustments.
The sale includes two world-scale manufacturing sites in Pensacola, Florida and Newport, Wales along with associated product, process development and laboratory equipment, operating and administration buildings, control systems and documentation, and intellectual property.
“Reaching this agreement with Celanese is consistent with our strategy and allows us to focus on serving the growing market for primary olefin derivatives, where we can leverage our competitive advantages of industry leading scale, integration and proprietary technology,” said Jack Williams, senior vice president of Exxon Mobil Corporation.
ExxonMobil’s Santoprene™ brand is a global leader in a specialized market. The company will continue to serve elastomers customers with specialty products, including Butyl rubber and Vistalon™, which are used in a variety of applications.
The transaction is expected to close in the fourth quarter of 2021, subject to regulatory, information and consultation processes, and third-party approvals. The ExxonMobil employees impacted by the sale are expected to transfer to positions at Celanese following change-in-control.
Morgan Stanley & Co. LLC served as financial advisor to ExxonMobil Chemical Company.
About ExxonMobil
ExxonMobil, one of the largest publicly traded international energy companies, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is one of the largest refiners and marketers of petroleum products, and its chemical company is one of the largest in the world. To learn more, visit exxonmobil.com and the Energy Factor.
Follow us on Twitter and LinkedIn.
Cautionary Statement
Statements of future events or conditions in this release are forward-looking statements. Actual future results, including the closing of the sale and purchase agreement; performance of and results from other investments; and other business plans, could vary significantly depending on a number of factors including changes in market conditions affecting the oil and gas industry or long-term oil and gas price levels; the severity, length and ultimate impact of COVID-19 on people and economies and actions of governments in response to the pandemic; obtaining necessary approvals and consents and satisfaction of other conditions precedent contained in the applicable agreements; the outcome of commercial negotiations; actions of competitors and commercial counterparties; political and regulatory developments; and other factors discussed under Item 1A Risk Factors in ExxonMobil’s most recent annual report on Form 10-K and under the heading “Factors Affecting Future Results” on the Investors page of our website at exxonmobil.com.
Media Relations
972-940-6007
Built on the platform of the Lightning LS 218 and outfitted with Arcimoto’s patented tilting trike technology, the new electric bike will look to set the record for fastest three-wheel motorcycle at Bonneville.
EUGENE, Ore.--(BUSINESS WIRE)--Arcimoto, Inc.® (NASDAQ: FUV), makers of fun, affordable, and ultra-efficient electric vehicles for everyday drivers and fleets, today announced a collaboration with Lightning Motorcycles with the goal to develop the fastest tilting three-wheel motorcycle in the world—gas or electric—using its patented Tilting Motor Works TRiO tilting trike technology.
“From the moment I met Richard Hatfield and saw the Lightning for myself at Bonneville, I knew there was the potential to create an electric trike unlike anything in the history of motorcycles, ” said Bob Mighell, Arcimoto’s Chief Tilting Officer, who himself broke the land-speed record for 3-wheeled motorcycles at the 2013 Motorcycle Speed Trials held at Bonneville Salt Flats in Utah. “This will be the first time we outfit an electric bike with the TRiO kit, and it certainly won’t be the last, as we drive toward a sustainable future faster than ever before.”
The Lightning SuperBike set a record as the world’s fastest production motorcycle, electric or otherwise, with the SCTA official World Record of 215.960 mph and a best timed run of 218.637 mph at Bonneville during Speedweek in 2011. The record-setting run was powered entirely by solar energy at an estimated cost of only 8 cents.
“As the world’s leading manufacturer of high performance electric motorcycles, we are excited to bring our technology and know-how to the collaboration with Arcimoto for the three-wheel market. The convergence of our proprietary technology, the market adoption of EVs, and the widely recognized environmental benefits of clean energy propulsion make this an excellent and exciting time to bring these vehicles to the mass market,” said Richard Hatfield, Founder and CEO of Lightning Motorcycles. “Our vision is to see Lightning’s electric motorcycles provide performance-oriented and environmentally conscious transportation, as well as adrenaline inducing fun, for both new and experienced riders all over the world. This collaboration amplifies our vision. It’s an honor to build the first electric bike outfitted with the TRiO alongside ‘Bonneville Bob Mighell,’ who has proven throughout his career that trikes can, and should, fly.”
Arcimoto’s Tilting Motor Works TRiO is the leading tilting three-wheel conversion kit for touring motorcycles. TRiO allows the rider to lean naturally, maintaining performance and the thrill of the ride while increasing safety, stability, and confidence. TRiO kits can be augmented with the TiltLock leveling system, allowing the bike to stand up by itself while stopped at lights or in traffic.
“This collaboration is something that could only happen between two legendary speed demons of Bonneville,” said Mark Frohnmayer, Arcimoto Founder and CEO. “While Plaid-level performance has never been a part of the Arcimoto narrative, proving our tilting trike technology beyond ludicrous speed will give us, and our customers, added comfort that our future micromobility solutions are stable under the most demanding conditions. Further this first adaptation of the TRiO for an electric motorcycle is in full alignment with Arcimoto’s mission to catalyze sustainable, emissions-free mobility.”
The prototype collaboration trike is anticipated to be unveiled at the “FUV and Friends Summer Showcase” to take place at the Portland International Raceway on July 26. To request a ticket, send an email to This email address is being protected from spambots. You need JavaScript enabled to view it.. Pricing and availability of the TRiO Kit for the Lightning LS 218 will be announced at a later date.
For the latest company updates, follow Arcimoto on YouTube, Facebook, Instagram, Twitter, and LinkedIn. For even more information, visit Arcimoto.com.
About Lightning
Lightning Motorcycles produces high-performance premium electric motorcycles. Lightning products have been proven in competition against the best gas motorcycles in the world and have incorporated this innovation and experience to deliver a combination of performance, price and rider experience that positions Lightning to drive mainstream adoption of electric motorcycles. Lightning is currently producing two platforms in the company’s facility in Hollister, California and is preparing to expand production and extend its product line into several additional platforms to address the global market. For more information, please visit LightningMotorcycle.com.
About Tilting Motor Works
Tilting Motor Works was founded by Bob Mighell with the mission to build a tilting three-wheel motorcycle with increased safety and stability without compromising performance. Arcimoto acquired Tilting Motor Works this year in order to accelerate the deployment of true sustainable micromobility solutions for the world.
About Arcimoto, Inc.
Arcimoto (NASDAQ: FUV) develops and manufactures ultra-efficient and affordable electric vehicles to help the world shift to a sustainable transportation system. Now available to preorder customers in California, Oregon, Washington, and Florida, the Arcimoto FUV® is purpose-built for everyday driving, transforming ordinary trips into pure-electric joyrides. Available for preorder, the Deliverator® and Rapid Responder™ provide last-mile delivery and emergency response functionality, respectively, at a fraction of the cost and environmental impact of traditional gas-powered vehicles. Two additional concept prototypes built on the versatile Arcimoto platform are currently in development: the Cameo™, aimed at the film and influencer industry; and the Roadster, designed to be the ultimate on-road fun machine. Every Arcimoto vehicle is built at the Arcimoto Manufacturing Plant in Eugene, Oregon. For more information, please visit Arcimoto.com.
Safe Harbor / Forward-Looking Statements
Except for historical information, all of the statements, expectations, and assumptions contained in this press release are forward-looking statements. Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict and include, without limitation, our expectations as to vehicle deliveries, the establishment of our service and delivery network and our expected rate of production. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors discussed from time to time in documents which we file with the SEC. In addition, such statements could be affected by risks and uncertainties related to, among other things: our ability to manage the distribution channels for our products, including our ability to successfully implement our rental strategy, direct to consumer distribution strategy and any additional distribution strategies we may deem appropriate; our ability to design, manufacture and market vehicle models within projected timeframes given that a vehicle consists of several thousand unique items and we can only go as fast as the slowest item; our inexperience to date in manufacturing vehicles at the high volumes that we anticipate; our ability to maintain quality control over our vehicles and avoid material vehicle recalls; the number of reservations and cancellations for our vehicles and our ability to deliver on those reservations; unforeseen or recurring operational problems at our facility, or a catastrophic loss of our manufacturing facility; our dependence on our suppliers; changes in consumer demand for, and acceptance of, our products: changes in the competitive environment, including adoption of technologies and products that compete with our products; the overall strength and stability of general economic conditions and of the automotive industry more specifically; changes in laws or regulations governing our business and operations; costs and risks associated with potential litigation; and other risks described from time to time in periodic and current reports that we file with the SEC. Any forward-looking statements speak only as of the date on which they are made, and except as may be required under applicable securities laws, we do not undertake any obligation to update any forward-looking statements.
Arcimoto Public Relations Contact:
Megan Kathman
(651) 785-3212
This email address is being protected from spambots. You need JavaScript enabled to view it.
Investor Relations Contact:
This email address is being protected from spambots. You need JavaScript enabled to view it.
KANSAS CITY, Mo.--(BUSINESS WIRE)--CorEnergy Infrastructure Trust, Inc. (NYSE: CORR, CORRPrA) ("CorEnergy" or the "Company") today announced results from its 2021 annual meeting of stockholders. In addition, the Board of the Company authorized management to enter into an agreement to convert the right to receive the Company’s 9.0% Series C Preferred Stock into 7.375% Series A Cumulative Redeemable Preferred Stock.
"We are grateful for the affirmative votes on all four 2021 annual meeting ballot items, and in particular the overwhelming support of stockholders for the issuance of our Class B Common Stock associated with the Crimson Transaction earlier this year and the internalization of our REIT manager. We believe that both of these ballot items represent important steps forward as we work to build the industry’s first midstream infrastructure REIT that can both own and operate select assets," said Dave Schulte, Chief Executive Officer. "Additionally, the board authorization to enter into an agreement to convert the right to receive our 9.0% Series C Exchangeable Preferred equity into 7.375% Series A Cumulative Redeemable Preferred equity, upon execution and assuming effectiveness as of June 30, is expected to reduce our expected annual preferred dividend cost by more than $450,000 and further simplify our capital structure."
Annual Meeting of Stockholders Results
CorEnergy held its annual meeting of stockholders on June 29, 2021. At the meeting, voting stockholders approved all four items of business described in the proxy statement:
(1) |
to elect one director, David J. Schulte, to serve until the Company’s 2024 annual meeting of stockholders and until his successor is duly elected and qualified; |
|
(2) |
to approve the issuance of Class B Common Stock upon conversion of the Series B Preferred Stock issuable pursuant to the terms of the Crimson Transaction; |
|
(3) |
to approve a Contribution Agreement and the transactions contemplated by the Contribution Agreement to internalize the Company’s external manager, Corridor InfraTrust Management, LLC through the acquisition of Corridor in exchange for the Internalization Consideration; and |
|
(4) |
to ratify the selection of Ernst & Young LLP as the Company’s independent registered public accounting firm for its fiscal year ending December 31, 2021. |
Conversion of Right to Receive Series C Preferred Stock
In the Crimson Transaction that closed on February 4, 2021, the holders of certain units of Crimson were given the right to convert those units into CorEnergy’s Series C Preferred Stock, which carries a 9.0% annual dividend rate payment in cash. Upon issuance, the Series C Preferred Stock could be converted by the holder into 7.375% Series A Cumulative Redeemable Preferred Stock. In addition, CorEnergy had the right to elect for the exchange if the Series A Preferred equity volume weighted average trading price was greater than $23.50 for 30 consecutive trading days, which has been the case since June 4, 2021. This action by the Board of Directors contemplates an agreement between the Company and the holders of the Crimson units with the right to receive CorEnergy’s Series C Preferred Stock, to instead give such holders the right to convert the Crimson units directly into Depositary shares representing 7.375% Series A Cumulative Redeemable Preferred Stock. In choosing to accelerate the transaction, the board and the holders of those Crimson units believe the capital structure is simplified and the Company is able to lock in additional dividend savings for the prospective benefit of all equity holders in CorEnergy.
About CorEnergy Infrastructure Trust, Inc.
CorEnergy Infrastructure Trust, Inc. (NYSE: CORR, CORRPrA) is a real estate investment trust that owns and operates or leases regulated natural gas transmission and distribution lines and crude oil gathering, storage and transmission pipelines and associated rights-of-way. For more information, please visit corenergy.reit.
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 CorEnergy believes 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, among others, failure to realize the anticipated benefits of the Transaction or Internalization; the risk that CPUC approval is not obtained, is delayed or is subject to unanticipated conditions that could adversely affect CorEnergy or the expected benefits of the Transaction, risks related to the uncertainty of the projected financial information with respect to Crimson, the risk that a condition to the closing of the Internalization may not be satisfied, CorEnergy’s ability to consummate the Internalization, and those factors discussed in CorEnergy’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, CorEnergy does not assume a duty to update any forward-looking statement. In particular, any distribution paid in the future to our stockholders will depend on the actual performance of CorEnergy, its costs of leverage and other operating expenses and will be subject to the approval of CorEnergy’s Board of Directors and compliance with leverage covenants.
Source: CorEnergy Infrastructure Trust, Inc.
CorEnergy Infrastructure Trust, Inc.
Investor Relations
Debbie Hagen or Matt Kreps
877-699-CORR (2677)
This email address is being protected from spambots. You need JavaScript enabled to view it.
ORANGE, Conn.--(BUSINESS WIRE)--AVANGRID, Inc. (NYSE: AGR) today confirmed that the U.S. Bureau of Ocean Energy Management (BOEM) has issued a Notice of Intent (NOI) to proceed with an Environmental Impact Study (EIS) for the Park City Wind project, an 804 megawatt (MW) offshore wind project that is being developed by Avangrid Renewables and Copenhagen Infrastructure Partners. The NOI initiates a 30-day public comment period to define the scope of the EIS, the major permitting study required for project approval.
“This is another important milestone for AVANGRID’s portfolio of offshore wind projects,” said AVANGRID CEO Dennis V. Arriola. “We look forward to working with BOEM, the Lamont Administration, community leaders and our partners to successfully develop Park City Wind and deliver clean energy to our home state of Connecticut.”
Park City, the City of Bridgeport’s nickname due to its extensive public parks, was selected in December of 2019 by the Connecticut Department of Energy and Environmental Protection (DEEP). The project will be built in a federal lease area located over 60 miles east of Connecticut.
Park City Wind is an historic project for the state of Connecticut as it will:
Barnum Landing, a 15-acre parcel located at 525 Seaview Avenue, will also be used during the construction phase of the Park City Wind project which will include storage and assembly of the transition pieces, the portion of the turbine that anchors the body of the machines to the steel foundation. The project has also established a local office, located at 350 Fairfield Avenue in Bridgeport, which will be home to more than a dozen employees focused on project development, community outreach and workforce development.
AVANGRID is headquartered in Orange, Connecticut and has been serving the Constitution State for over a century through its subsidiaries United Illuminating, Southern Connecticut Gas and Connecticut Natural Gas.
About Avangrid Renewables: Avangrid Renewables, LLC is a subsidiary of AVANGRID, Inc. and part of the IBERDROLA Group. It is a leading renewable energy company in the United States, owning and operating a portfolio of renewable energy generation facilities. IBERDROLA, S.A., is an energy pioneer with the largest renewable asset base of any company in the world. Avangrid Renewables is headquartered in Portland, Oregon. For more information, visit www.avangridrenewables.com.
About AVANGRID: AVANGRID, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $38 billion in assets and operations in 24 U.S. states, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs approximately 7,000 people and has been recognized by Forbes and Just Capital as one of the 2021 JUST 100 companies – a list of America’s best corporate citizens – and was ranked number one within the utility sector for its commitment to the environment and the communities it serves. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2021 for the third consecutive year by the Ethisphere Institute. For more information, visit www.avangrid.com.
Learn about the Iberdrola Group’s global pandemic response at its COVID-19 Hub.
Media:
Morgan Pitts
This email address is being protected from spambots. You need JavaScript enabled to view it.
503.933.8907 (business hours)
24/7 Media Hotline
833.MEDIA.55 (833.633.4255)
HOUSTON & RIO DE JANEIRO--(BUSINESS WIRE)--Baker Hughes announced today that it has been awarded two flexible pipe contracts by Petrobras in the second quarter of 2021. The first contract covers up to 96 kilometers of flexible pipe for the Sapinhoá and Tupi fields and the second contract covers up to 226 kilometers of flexible pipe for the Marlim 2 and Itapu fields.
Including two flexible pipe contracts Petrobras awarded to Baker Hughes for the Buzios field in the first quarter of this year, Petrobras has contracted Baker Hughes during the first half of 2021 to provide it up to 370 kilometers of flexible pipe for its subsea projects. This is larger than the volume of flexible pipe awarded by Petrobras to Baker Hughes in 2019 and 2020 combined.
Baker Hughes flexible pipes will be used for a mix of production lines, gas injection flowlines, water injection lines, and services lines for pre- and post-salt subsea developments in Brazil. The company’s flexible pipe solutions are designed to ensure reliable connections and optimal flow under high pressures and in extreme temperatures and corrosive conditions.
“Our extensive deployment track record across the region, coupled with our in-depth experience in pipe design, manufacturing, and installation allows us to provide Petrobras with flexible pipe technology to increase the performance, reliability and economics of its most challenging subsea field developments,” said Domenico Di Giambattista, vice president of flexible pipe systems for Oilfield Equipment at Baker Hughes.
Today’s announcement follows Baker Hughes’ contract award from Petrobras for subsea oilfield equipment to support the revitalization of the Marlim and Voador fields in the Campos Basin offshore Brazil. The contract includes several key interconnected technologies from Baker Hughes’ Subsea Connect family of Aptara™ products, including subsea production and injection manifold systems. Petrobras also recently awarded the company a wellhead contract for Mero 4, the largest pre-salt field in Brazil.
“These back to back contract wins reflect our strong capabilities and the relationship we have developed with Petrobras as a trusted partner,” said Adyr Tourinho, vice president of Brazil and Oilfield Equipment for Latin America at Baker Hughes. “Whether it’s subsea wellheads, flowlines, or manifolds, our track record and expertise in the region translates into reliability, adaptability and efficiency for our customers.”
About Baker Hughes
Baker Hughes (NYSE: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and with operations in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.
Media Relations
Stephanie Price
+1-281-605-8399
This email address is being protected from spambots. You need JavaScript enabled to view it.
Rachel Dimetre (Brazil media)
+55-21-99-989-4628
This email address is being protected from spambots. You need JavaScript enabled to view it.
Industry veterans advancing deep decarbonization of the utility and industrial energy market gain support from one of the world’s leading investment firms
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Crossover Energy Partners (“Crossover”) today announced an exclusive relationship with KKR, one of the world’s leading investment firms.
Crossover Energy Partners’ mission is to support renewable energy initiatives and decarbonization goals for large energy users by designing cost-effective and innovative solutions tailored to their specific needs. Led by founders Tiago Sabino Dias, CEO, and Michael Grunow, president, the Crossover team consists of industry veterans who have contracted or developed over 10.5 GW of renewable energy and 11.7 GWh of energy storage products over the last three years. Its customers include utilities, municipalities, co-ops, community choice aggregations (CCAs), investor-owned utilities (IOUs), and large industrial entities.
The need for end-to-end energy transition solutions is growing, as evidenced by The New Energy Outlook, BloombergNEF’s annual analysis on the future of the energy economy. According to BNEF’s report, wind and solar are anticipated to account for 56% of global electricity generation by mid-century and, together with batteries, will take 80% of the $15.1 trillion invested in new power capacity over the next 30 years. This growth is fueled by the sharp decline of utility-scale lithium-ion battery costs, which are reported to drop 52% by 2040.
Working as the exclusive energy transition solutions partner for KKR, Crossover will oversee the origination, development, financing, construction and long-term operation of clean energy projects in collaboration with KKR’s infrastructure team. Leveraging Crossover’s expertise in utility-scale, energy storage, and custom energy solutions, the relationship will focus on the origination of structured Power Purchase Agreements (PPAs), Tolling Agreements, Build-Transfer Agreements (BTAs), as well as offtake optimization, contract structuring, and pursuing new opportunities in rapidly expanding segments such as EV fleets and hydrogen.
“Crossover is committed to designing solutions that meet or exceed our partners’ goals by providing dependable access to renewable energy at competitive prices,” said CEO Sabino Dias. “Our exclusive relationship with KKR will give us an unrivaled ability to execute on that commitment, creating customized energy transition solutions for our customers.”
“I’ve had the pleasure of working with Tiago, Mike, and the Crossover team for several years and time and again, they have proven their ability to execute on projects while consistently delivering value and certainty for energy customers,” said Benoit Allehaut, managing director on KKR’s infrastructure team. “Through this relationship, our investors will get added value from distinctive asset sourcing, customized PPAs, technical expertise in storage and renewable energy, deep operational engagement, and active stakeholder management.”
KKR has been an active investor in renewables investing over the last ten years, deploying more than $4.7 billion in renewable assets at a combined enterprise value exceeding $19.5 billion, with a power generation capacity of 12.5 GW. Over the past 12 months, KKR’s infrastructure team has made a number of investments behind this theme globally, including recent investments in Caruna, Finland’s largest electricity distribution company, NextEra Energy, the world’s largest generator of energy from the wind and sun, Virescent Infrastructure, a newly created platform to acquire renewable energy assets in India, and First Gen, one of the Philippines’ largest independent power producers.
KKR first established its Global Infrastructure strategy in 2008 and has since been one of the most active infrastructure investors around the world with a team of more than 50 dedicated investment professionals. The firm currently oversees approximately $28 billion in infrastructure assets and has made over 40 infrastructure investments across a range of sub-sectors and geographies.
About Crossover Energy Partners
Crossover Energy Partners supports renewable energy initiatives and decarbonization goals for utilities, municipalities, co-ops, community choice aggregations (CCAs), investor-owned utilities (IOUs), and large industrial entities by developing and executing innovative renewable solutions that exceed economic and sustainability objectives. Crossover Energy Partners works exclusively as the energy transition solutions partner for KKR, a leading global investment firm. As a team of industry experts, we assist KKR’s infrastructure team by bringing the expertise and management needed for the origination, development, construction, financing, and long-term operation of clean energy projects that include utility-scale solar, solar + storage, stand-alone storage, and wind projects. Visit www.crossoverpartners.com for more information or follow us on LinkedIn.
About KKR
KKR is a leading global investment firm that offers alternative asset management and capital markets, and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit, and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life, and reinsurance products under the management of The Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.
Media Contacts
For Crossover Energy Partners:
Wendy Prabhu | Mercom Communications
T: +1 512 215 4452
This email address is being protected from spambots. You need JavaScript enabled to view it.
For KKR:
Cara Major or Miles Radcliffe-Trenner
T: +1 212 750-8300
This email address is being protected from spambots. You need JavaScript enabled to view it.
BRISTOL, England--(BUSINESS WIRE)--StorMagic®, simplifying storage and security from the edge to the core, announced today with HivecellⓇ, the edge-as-a-service company, the launch of Hivecell HCI with StorMagic SvSAN, the only complete, true edge-as-a-service solution to deliver edge computing on an enterprise scale.
StorMagic and Hivecell, two organizations committed to solving end users’ challenges at the edge, have partnered to deliver this joint solution. Some of the challenges Hivecell HCI addresses include deploying, managing and maintaining hundreds or thousands of sites, the lack of technical staff onsite, limited IT infrastructure (data closets, power and cooling, bandwidth) and the costly and time-consuming constraints that accompany upgrading and expanding systems and software at the edge.
Through the industry’s only complete edge-as-a-service solution, StorMagic and Hivecell provide powerful Intel® processing and highly available storage to deliver the performance and uptime customers require for running edge applications. Centralized monitoring, management, updates and upgrades are provided as a service, eliminating capital expenditures and reducing operating expenses. Hivecell HCI eliminates the need for technical staff to install or maintain hardware and there are no special requirements for power, cooling or networking.
“StorMagic software solutions are simple, robust, flexible and always cost-effective, attributes that enable us to better address pain points that our end users face at the edge,” said Brian Grainger, president of StorMagic, Inc. (US), chief revenue officer and board member. “Together with Hivecell and Intel, we’re proud to deliver a solution that eliminates the need for a large technical staff to install or maintain, while still delivering 100% uptime for the mission critical edge site. Customers can easily implement, run and scale edge sites from a few to thousands without the heavy IT infrastructure often needed to maintain the hardware.”
Deploying and upgrading software is often a key challenge for edge environments, which is why Hivecell enables three different modes for customer software deployment: cloud-based, enterprise and disconnected. Hivecell HCI with StorMagic SvSAN and Intel provides a future-proofed, comprehensive solution that can be deployed and running with just a click.
“Hivecell’s capability to process data in real time can make a tremendous difference in a company’s ability to make quick, yet informed, decisions and avert pauses in production,” said Jeffrey Ricker, co-founder and CEO at Hivecell. “It’s becoming clear that edge computing is the future for data processing and we are thrilled to partner with StorMagic and Intel to offer a fully complete, edge-as-a-service platform with a high availability storage solution that doesn’t require buying or maintaining software or hardware and can be installed with no training.”
As the world becomes increasingly more digitized and connected, more data is produced, with 50% of all new data being generated at the edge largely thanks to the rise in IoT devices. Use cases for this joint solution include ruggedized environments, retail, supply chain, oil & gas, manufacturing, healthcare, mining, shipping and utilities.
For more information, visit www.stormagic.com, www.hivecell.com, or download the joint solution whitepaper here.
About StorMagic
StorMagic is making the complex simple for edge computing environments and leading the industry in bringing the edge to the core. Our storage and security products are flexible, robust, easy to use and cost-effective, without sacrificing enterprise-class features, for organizations with one to thousands of sites. SvSAN is a highly available two-node virtual SAN designed for hyperconverged edge and small datacenter sites. SvKMS is an encryption key manager for edge, datacenter and cloud. ARQvault is the first active intelligent repository and gathers data anywhere, stores it forever, and finds it fast. StorMagic customers around the world have deployed our solutions in thousands of sites to store, protect and use edge data and significantly lower costs. Visit www.stormagic.com.
About Hivecell
Hivecell is the Edge as a Service company redefining the category of edge computing with easy-to-deploy, future-proofed, technology agnostic solutions empowering companies to scale infinitely and save massive amounts of resources in their management and processing of big data. It takes compute power out of the data center and places it at the true edge, enabling companies to efficiently manage thousands of remote locations without the use of a huge IT team and at 50 percent of the cost of traditional cloud providers. To learn more visit, http://www.hivecell.com.
Join the Conversation
Follow StorMagic on Facebook, Instagram, LinkedIn and Twitter, and subscribe to our corporate blog and YouTube channel.
All product and company names herein may be trademarks of their registered owners.
Zoe Cushman
This email address is being protected from spambots. You need JavaScript enabled to view it.
(617) 874-5201
SolveBrightTM technology is part of B&W’s ClimateBrightTM suite of decarbonization and clean energy technologies
AKRON, Ohio--(BUSINESS WIRE)--$BW #carboncapture--Babcock & Wilcox ("B&W") (NYSE: BW), a leading innovator in clean energy technologies, is ready to provide its SolveBrightTM post-combustion regenerable solvent based solution to help customers reduce carbon dioxide emissions from industrial and utility plants and other facilities.
SolveBrightTM technology is part of B&W’s complete suite of ClimateBrightTM decarbonization technologies and was developed by B&W in conjunction with university researchers. This solvent-based post-combustion capture process can be designed to be flexible with a variety of solvents, or it can be optimized to a specific solvent, depending on customers’ needs.
“B&W is focused on providing leadership and advocacy for decarbonization and providing effective solutions to help our customers reduce greenhouse gases,” said B&W Chairman and Chief Executive Officer Kenneth Young. “Our SolveBright™ technology is an efficient and economical way to combat CO2 emissions from industrial and utility processes and we’re excited about its potential application in a wide variety of industries.”
“B&W also has developed technologies to generate hydrogen and produce clean energy from hydrogen fuel, as well as technologies that inherently produce concentrated CO2 for utilization or storage. B&W’s diverse ClimateBrightTM suite of technologies has a wide range of applications across many industries, such as carbon black manufacturing, cement, energy production, food manufacturing, oil and gas, petrochemical, pharmaceutical, pulp and paper, and steel,” Young said.
B&W’s ClimateBrightTM solutions include:
To learn more about B&W’s ClimateBrightTM decarbonization technologies, visit babcock.com/decarbonization.
About Babcock & Wilcox
Headquartered in Akron, Ohio, Babcock & Wilcox is a global leader in energy and environmental technologies and services for the power and industrial markets. Follow us on LinkedIn and learn more at www.babcock.com.
Forward-Looking Statements
B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to the potential commercial opportunities for its SolveBrightTM technology. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties. For a more complete discussion of these risk factors, see our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. We caution readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and we undertake no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.
Investor Contact:
Megan Wilson
Vice President, Corporate Development & Investor Relations
Babcock & Wilcox
704.625.4944 | This email address is being protected from spambots. You need JavaScript enabled to view it.
Media Contact:
Ryan Cornell
Public Relations
Babcock & Wilcox
330.860.1345 | This email address is being protected from spambots. You need JavaScript enabled to view it.
LONG BEACH, Calif.--(BUSINESS WIRE)--The West Coast MTO Agreement (WCMTOA) today announced that on August 1, 2021, the Traffic Mitigation Fee (TMF) at the Ports of Los Angeles and Long Beach will increase by 2.2 percent. The adjustment matches the combined 2.2 percent increase in longshore wage and assessment rates that take effect in early July.
Beginning August 1, the TMF will be $34.21 per TEU (twenty-foot equivalent unit) or $68.42 for all other sizes of container. The TMF is charged on non-exempt containers. Containers exempt from the TMF include empty containers; 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; and transshipment cargo. Empty chassis and bobtail trucks are also exempt.
The OffPeak program provides regularly scheduled night or Saturday shifts to handle trucks delivering and picking up containers at the 12 container terminals in the two adjacent ports. PierPass launched the OffPeak program in 2005 to reduce severe cargo-related congestion and air pollution on local streets and highways around the Los Angeles and Long Beach ports. Nearly half of all port truck trips now take place during the off-peak shifts. The container terminal operators mitigate truck traffic at their gates with appointment systems that spread truck trips out over the hours of operation.
The TMF helps offset the cost of operating extended gate hours. Labor costs are the largest single component of extended gate costs.
According to an analysis by maritime industry consultants SC Analytics, the net costs incurred by the terminals to operate the off-peak shifts in 2020 totaled $276 million. During that year, the terminals received $235 million from the TMF, offsetting about 85 percent of the OffPeak program’s costs.
About PierPass
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
Media Contact:
Paul Sherer
This email address is being protected from spambots. You need JavaScript enabled to view it.
DUBLIN--(BUSINESS WIRE)--The "Ethanol Bus Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026" report has been added to ResearchAndMarkets.com's offering.
The global ethanol bus market exhibited strong growth during 2015-2020. Looking forward, the global ethanol bus market to grow at a CAGR of around 10% during 2021-2026.
An ethanol bus is a passenger bus that uses ethanol as a fuel source. Ethanol is produced from agricultural feedstock, plant materials (switchgrass and wood pulp), starchy crops (corn, sorghum and barley) and sweet crops (sugarcane, citrus and sugar beets). In comparison to traditional diesel- and petrol-run buses, these vehicles are environment-friendly, cost-effective and reduce the overall dependency of fossil fuels. Owing to this, they are widely being adopted by public and government institutions for mass transportation.
The increasing adoption of green fuels, along with the introduction of environment-friendly automobiles, is one of the key factors driving the growth of the market. There is an increasing preference for first-generation biofuels (bioethanol) that are manufactured using sugars and oils found in crops, followed by second-generation biofuels, which are produced using lignocellulosic biomass or woody crops, agricultural residues, and waste.
Furthermore, increasing environmental consciousness and the implementation of government initiatives to minimize air pollution level, are also providing a boost to the market growth.
For instance, emerging nations, such as India, are launching ethanol buses on a large-scale to minimize carbon and greenhouse gas (GHG) emissions into the environment and offer a cost-effective mode of public transport.
Additionally, various technological advancements in the manufacturing processes of ethanol and other biofuels are also creating a positive outlook for the market. The improvements in biomass and yeast performance have enhanced the efficiency of bioethanol production.
Key Questions Answered in This Report:
Competitive Landscape:
The competitive landscape of the industry has also been examined with some of the key players being
Key Topics Covered:
1 Preface
2 Scope and Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Ethanol Bus Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Type
6.1 First-Generation Ethanol Bus
6.2 Second-Generation Ethanol Bus
7 Market Breakup by Application
7.1 School
7.2 Municipal Traffic
7.3 Others
8 Market Breakup by Ethanol Source
8.1 Corn
8.2 Sugarcane
8.3 Wheat
8.4 Others
9 Market Breakup by Region
9.1 North America
9.2 Asia Pacific
9.3 Europe
9.4 Latin America
9.5 Middle East and Africa
10 SWOT Analysis
11 Value Chain Analysis
11.1 Overview
11.2 Inbound Logistics
11.3 Operations
11.4 Outbound Logistics
11.5 Marketing and Sales
11.6 Post Sales Services
12 Porters Five Forces Analysis
13 Price Indicators
14 Competitive Landscape
14.1 Market Structure
14.2 Key Players
14.3 Profiles of Key Players
For more information about this report visit https://www.researchandmarkets.com/r/js0p0h
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
Life cycle carbon negative RNG projects to collectively generate 89,000 metric tons of greenhouse gas credits
SAN FRANCISCO--(BUSINESS WIRE)--Brightmark, the global waste solutions provider, today broke ground on three renewable natural gas (RNG) projects in Michigan. The projects are owned by and will be operated through subsidiaries of Brightmark RNG Holdings LLC, a partnership with Chevron U.S.A. Inc. Brightmark currently owns and operates 27 RNG projects in 8 states and will operate 6 RNG projects in Michigan upon completion of these 3 projects, which is expected in the first half of 2022. Of this portfolio of RNG projects, 17 are owned by subsidiaries of the joint venture with Chevron.
In addition to collectively generating on a life cycle basis approximately 89,000 metric tons of greenhouse gas credits in accordance with the California Low Carbon Fuel Standard, the products generated in part from renewable feedstocks by the projects include biofertilizer, digested dairy fiber for use as cow bedding or as a peat moss substitute, and irrigation water.
“Michigan has been a great partner and we are excited to further expand our RNG footprint here and break ground on these lifecycle carbon negative projects,” said Bob Powell, Founder and Chief Executive Officer of Brightmark. “Transitioning to a lower carbon energy economy creates significant opportunities for Michigan to put people to work in good-paying jobs in industries that are key to addressing climate change. We are proud to be a leader in supporting more sustainable farming practices, and these new RNG projects have the potential to deliver great financial and environmental benefits to the farmers and communities that we partner with.”
In October 2020, Brightmark LLC and Chevron U.S.A. Inc. originally announced the formation of the Brightmark RNG Holdings LLC joint venture to own projects across the United States to produce and market dairy biomethane, a renewable natural gas. Equity investments by each company in the new venture fund construction of infrastructure and commercial operation of dairy biomethane projects in multiple states. Chevron purchases RNG produced from these projects and markets the volumes for use in vehicles operating on compressed natural gas.
“Working with Brightmark to add new projects in Michigan underpins our commitment to improving how affordable, reliable, ever-cleaner energy is developed and delivered,” said Andy Walz, president of Chevron Americas Fuels & Lubricants. “Chevron is seeking to advance the energy transition by leveraging our existing capabilities across the full RNG value chain – marketing, sales, distribution, brands and infrastructure – to maximize margin capture and help industries and consumers that use our products build a lower carbon future.”
Project Overviews
The Red Arrow RNG project in Hartford, Michigan will use anaerobic digestion to convert 200,000 gallons of manure per day from 5,750 dairy cows into about 128,000 MMBtu of RNG each year – which is enough fuel to enable a heavy-duty truck to circle Earth at the equator 131 times. The facility will generate approximately 34,000 metric tons of greenhouse gas credits each year. The RNG produced at Red Arrow Dairy will be injected into the ANR Pipeline.
“One of my favorite parts of the job is implementing new technologies here on the farm that enable us to run more efficiently and improve the sustainability of our operations,” said Rudolf de Jong, President of Red Arrow Dairy. “I’m excited to get our anaerobic digestor up and running to see the positive impacts it will have on farm operations.”
The SunRyz RNG project in Morenci, Michigan will convert 133,000 gallons of manure per day from 3,250 dairy cows into about 76,000 MMBtu of RNG each year – enough fuel to enable a heavy-duty truck to circle the equator 77 times. The facility will generate approximately 27,000 metric tons of greenhouse gas emissions credits. The RNG generated at SunRyz will be injected into the nearby Rover pipeline.
“Adding an anaerobic digester is just the latest sustainability upgrade we’ve made at SunRyz,” said Case Ryzebol, Manager of SunRyz Dairy. “We’re always looking for ways to reduce costs and be good stewards of the environment at the same time. Brightmark gave us an opportunity to do just that with this project.”
The Meadow Rock Renewable Natural Gas project in Greenville, Michigan will convert 75,000 gallons of manure per day from 3,020 dairy cows into nearly 67,000 MMBtu of RNG each year – which is enough fuel to enable a heavy-duty truck to circle the Earth’s equator 68 times. The facility will generate approximately 28,000 metric tons of greenhouse gas emissions credits. The RNG produced at Meadow Rock will be injected into the ANR Pipeline.
“We’re proud to be partnering with Brightmark on anaerobic digestion projects at two of our Michigan dairy farms,” added Jordan den Dulk, Manager of Meadow Rock Dairy. “The Brightmark team has been responsive to our needs from day one, and we’re looking forward to the sustainability and financial benefits of these projects.”
Anaerobic digestion systems can prevent notable quantities of methane, a potent greenhouse gas, from being released into the atmosphere. Research shows that when all climate benefits are considered together, RNG from dairy manure can reduce greenhouse gas emissions 400% when it is used to replace traditional vehicle fuels through this net lifecycle carbon-negative process. After the methane is extracted from the processed manure, the remaining soil nutrients will be returned to the farmers for use as fertilizer and water for forage crops for their cows. These partnerships will allow the farms to reduce land application of raw manure and improve odor, water quality and nutrient management practices.
ABOUT BRIGHTMARK
Brightmark is a global waste solutions company with a mission to reimagine waste. The company takes a holistic, closed loop, circular economy approach to tackling the planet’s most pressing environmental challenges with imagination and optimism for the future. Through the deployment of disruptive, breakthrough waste-to-energy solutions focused on circular plastics renewal and renewable natural gas (organic waste-to-fuel), Brightmark enables programs specifically tailored to environmental needs in order to build scalable project solutions that have a positive impact on the world and communities in which its stakeholders live and work. For more information, visit www.brightmark.com.
Cory Ziskind
ICR
This email address is being protected from spambots. You need JavaScript enabled to view it.
646-277-1232
RICHMOND, Va.--(BUSINESS WIRE)--#CleanEnergy--Owens & Minor announced today a new pilot program that uses an electric semi-truck to deliver large-scale medical products and PPE to hospitals in Southern California. In collaboration with Penske Logistics and Penske Truck Leasing, the seven-month pilot program launched in the second quarter. Through the pilot, Owens & Minor has deployed heavy-duty battery electric Freightliner eCascadia from Daimler Trucks North America. The initiative builds upon Owens & Minor’s ongoing commitment to increasing sustainability across operations as outlined in its recently published 2020 Environmental Social Governance Report.
“Every day, Owens & Minor’s core Mission is Empowering Our Customers to Advance Healthcare. In doing so, we maintain a focus on protecting and supporting the communities where people live and work,” said Jeff Jochims, Executive Vice President, Chief Operating Officer and President, Medical Distribution at Owens & Minor. “We believe sustainability remains foundational to our Mission. By launching this electric vehicle pilot program for large scale delivery to hospitals, we are pushing the envelope of what can be done to support healthcare while helping to facilitate a safer and healthier environment.”
The electric Freightliner eCascadia runs five days per week along a 152-mile total route making stops at five hospital locations throughout Southern California.
“It was an easy decision to launch this pilot program with our longstanding partner Owens & Minor, because we know the critical role that medical distribution plays in our country’s healthcare supply chain,” said Marc Althen, Penske Logistics President. “The integration into the fleet operations for Owens & Minor was seamless. We’re excited to extend our track record of safety, training and positive driver experience with this new electric vehicle technology.”
In 2018, Penske Truck Leasing and Daimler Trucks North America announced a partnership to test commercial electric trucks from their Freightliner brand in real-world situations and drive future improvements to the technology. The venture is supported by the South Coast Air Quality Management District (South Coast AQMD), whose $16.8 million grant helped fund the program. South Coast AQMD focuses on improving air quality in large portions of Los Angeles, Orange County, Riverside and San Bernardino counties, including the Coachella Valley.
About Owens & Minor
Owens & Minor, Inc. (NYSE: OMI) is a global healthcare solutions company that incorporates product manufacturing, distribution support and innovative technology services to deliver significant and sustained value across the breadth of the industry – from acute care to patients in their home. Aligned to its Mission of Empowering Our Customers to Advance Healthcare™, more than 15,000 global teammates serve over 4,000 healthcare industry customers. A vertically-integrated, predominantly Americas-based footprint enables Owens & Minor to reliably supply its self-manufactured surgical and PPE products. This seamless value chain integrates with a portfolio of products representing 1,200 branded suppliers. Operating continuously since 1882 from its headquarters in Richmond, Virginia, Owens & Minor has grown into a FORTUNE 500 company with operations located across North America, Asia, Europe and Latin America. For more information about Owens & Minor, visit owens-minor.com, follow @Owens_Minor on Twitter and connect on LinkedIn at www.linkedin.com/company/owens-&-minor.
About Penske Logistics
Penske Logistics is a Penske Transportation Solutions company with operations in North America, South America, Europe and Asia. Penske Logistics provides supply chain management and logistics services to leading companies around the world. Penske Logistics delivers value through its design, planning and execution in transportation, warehousing, and freight management. Visit www.penskelogistics.com to learn more.
Media: Heather Sabharwal, Sr. Manager, Media Relations, This email address is being protected from spambots. You need JavaScript enabled to view it.
Energy-saving products move APS customer experience closer to 100% clean
PHOENIX--(BUSINESS WIRE)--With more energy-saving technology available than ever before, Arizona Public Service Co. (APS) is poised to add new smart customer products to its already comprehensive customer energy efficiency and demand-side management program portfolio. APS’s newly issued Distributed Demand-side Resources (DDSR) Request for Proposals (RFP) is seeking aggregated clean energy resources that will create more residential and business customer opportunities to manage energy costs, incentivize energy use when solar resources are abundant, conserve energy when demand is high and maintain grid reliability.
“We’re passionate about delivering a high-quality customer experience and incorporating smart conservation strategies that conveniently fit customer needs,” said Daniel Haughton, APS director of Customer to Grid Solutions. “Our team is focused on increasing access to customer-sited demand-side products, planning for their seamless integration into our grid and adding resources that will help power APS toward reaching a 100% carbon-free energy mix by 2050.”
APS is seeking proposals for products that aggregate distributed technologies to provide systemwide capacity resources from 5-40 megawatts and locational resources of 1-5 megawatts. This RFP is open to all eligible distributed demand-side technologies, including both dispatchable and non-dispatchable resources, which can include products such as energy storage, smart thermostats, managed electric vehicle charging stations and connected water heater and pool pump controls. Proposed projects must begin service no earlier than June 1, 2022, and no later than June 1, 2024. APS will allow projects to be phased in during that period as long as they achieve full capacity by the latter date.
This RFP was developed with input from stakeholders to support the future development of a DDSR Aggregation Tariff, which was proposed in a recent Arizona Corporation Commission decision. The RFP will help APS gain market information on DDSR technologies and the value streams they can bring to customers and the grid, including reliability, cost savings, locational value and grid support.
APS has already successfully integrated new and emerging energy efficiency and demand-side management products into its wide-ranging portfolio of customer technology programs to provide dependable methods of load reduction. Among these customer resources is APS Cool Rewards, a nationally recognized voluntary energy conservation program that provides residential customers a way to manage energy use on hot summer days. APS Cool Rewards, now with more than 44,000 enrolled thermostats, and APS Marketplace, a one-stop online shop for competitively priced smart home products, are part of the utility’s signature programs recognized with the ENERGY STAR Partner of the Year Award by the Environmental Protection Agency (EPA) for delivering innovation in technology, customer service and energy efficiency.
The entire RFP process is monitored and reviewed by a third-party independent monitor. Important information regarding respondent registration and proposal requirements for the RFP can be found at aps.com/rfp.
APS serves more than 1.3 million homes and businesses in 11 of Arizona’s 15 counties, and is a leader in delivering affordable, clean and reliable energy in the Southwest. The company is committed to serving customers with 100% clean power by 2050. As owner and operator of Palo Verde Generating Station, the nation’s largest producer of carbon-free electricity, and with one of the country’s most substantial renewable energy portfolios, APS’s current energy mix is 50% clean. With headquarters in Phoenix, APS is the principal subsidiary of Pinnacle West Capital Corp. (NYSE: PNW).
This press release contains forward-looking statements based on current expectations. These forward-looking statements are identified by words such as “estimates,” “expects” and similar words. Because actual results may differ materially from expectations, we caution you not to place undue reliance on these statements. A number of factors could cause future results to differ materially from outcomes currently expected or sought by us. A discussion of some of these risks and uncertainties is contained in our Annual Report on Form 10-K and is available on our website at pinnaclewest.com, which you should review carefully before placing any reliance on our forward-looking statements or disclosures. We assume no obligation to update any forward-looking statements, except as may be required by applicable law.
Media Contact:
Yessica del Rincón, (480) 209-8513
Website:
aps.com/newsroom
Brings a global leader and flagship brand in thermoplastic vulcanizates (TPV) to Engineered Materials’ leading customer solution set
DALLAS--(BUSINESS WIRE)--$CE--Celanese Corporation (NYSE: CE), a global chemical and specialty materials company, today announced the signing of a definitive agreement to acquire the Santoprene™ TPV elastomers business of Exxon Mobil Corporation. Celanese will acquire the industry-renowned Santoprene™ brand as part of a comprehensive TPV product portfolio, along with intellectual property, production and commercial assets, and a world-class organization.
“With the acquisition of the Santoprene™ business, we are further expanding the unrivaled portfolio of engineered solutions we bring to our customers,” said Lori Ryerkerk, chairman and chief executive officer. “This transaction represents a high-return opportunity to drive future shareholder value by deploying our excess cash from the monetization of our passive ownership in Polyplastics and continued strong cash generation in our businesses. We are eager to welcome the Santoprene™ team to Celanese and look forward to their contributions to our continued growth in Engineered Materials.”
“This transaction substantially strengthens our existing elastomers portfolio, allowing us to bring a wider range of functionalized solutions into targeted growth areas including future mobility, medical, and sustainability,” said Tom Kelly, senior vice president Engineered Materials. “The reputation of the Santoprene™ brand in TPV is consistent with Engineered Materials’ flagship brands including Hostaform® in POM and GUR® in UHMW-PE. With this product as part of the Engineered Materials portfolio and project pipeline model, we are confident that our joint commercial and technical teams across the globe will generate meaningful shareholder value.”
Transaction Overview
The Santoprene™ business of ExxonMobil is a leading global producer of TPV serving a variety of end-uses including automotive, construction, appliance, medical, and industrial. TPV is a chemically cross-linked, high-performance material which leverages a unique combination of engineering thermoplastic and elastomer properties. The Santoprene™ portfolio is highly functionalized to specific application requirements and is supported by industry-leading intellectual property.
According to the terms of the definitive agreement, Celanese will acquire the Santoprene™ business from ExxonMobil for a total purchase price of $1.15 billion on a cash-free, debt-free basis. As part of the transaction, Celanese will acquire the following:
The Company expects the transaction to be immediately accretive to 2022 adjusted earnings per share and free cash flow.
The acquisition is expected to be financed by excess cash and available liquidity on the Celanese balance sheet.
The transaction is subject to regulatory approvals, carve-out preparations, and other customary closing conditions, which will determine the timing of close. The transaction is expected to close in the fourth quarter of 2021.
Celanese is advised by Kirkland & Ellis LLP as principal legal counsel and Goldman Sachs & Co. LLC as financial advisor.
Conference Call
Celanese management will host a conference call on Wednesday, June 30 at 11:00 a.m. Eastern time. Lori Ryerkerk, chairman and chief executive officer; Tom Kelly, senior vice president Engineered Materials; and Scott Richardson, chief financial officer will be available to discuss the transaction and Celanese’s broader strategic and capital allocation priorities.
The Company’s presentation and accompanying prepared remarks covering this transaction can be found on its website at investors.celanese.com under News & Events/Events Calendar. This call will be available by webcast at https://investors.celanese.com or by phone:
Dial-in Number: 1-877-407-0989
International Dial-In Number: 1-201-389-0921
Ask for the Celanese Webcast
Alternatively, to enter the call immediately without waiting for operator assistance, attendees may pre-register for the call by clicking the link below. Once registered, attendees will receive an Outlook calendar invite with the date and time of call, the dial-in phone number and the unique attendee pin which is sent automatically to the email address provided.
Registrant Link:
http://services.incommconferencing.com/DiamondPassRegistration/register?confirmationNumber=13721002&linkSecurityString=1095624226
A replay of the conference call will be available on demand on June 30, 2021, from 1:00 p.m. Eastern time until July 14, 2021, 12:00 a.m. Eastern time, at the following number:
Replay Number: 1-877-660-6853
Passcode: 13721002
The replay and transcript will be available on demand at investors.celanese.com. The materials will be furnished with the Securities and Exchange Commission on a Form 8-K prior to the call.
About Celanese
Celanese Corporation is a global chemical leader in the production of differentiated chemistry solutions and specialty materials used in most major industries and consumer applications. Our businesses use the full breadth of Celanese's global chemistry, technology and commercial expertise to create value for our customers, employees, shareholders and the corporation. As we partner with our customers to solve their most critical business needs, we strive to make a positive impact on our communities and the world through The Celanese Foundation. Based in Dallas, Celanese employs approximately 7,700 employees worldwide and had 2020 net sales of $5.7 billion. For more information about Celanese Corporation and its product offerings, visit www.celanese.com.
Forward-Looking Statements: This release may contain “forward-looking statements,” which include information concerning the Company’s plans, objectives, goals, strategies, future revenues, synergies, performance, capital expenditures and other information that is not historical information. When used in this release, the words “outlook,” “forecast,” “estimates,” “expects,” “anticipates,” “projects,” “plans,” “intends,” “believes,” and variations of such words or similar expressions are intended to identify forward-looking statements. All forward-looking statements are based upon current expectations and beliefs and various assumptions. There can be no assurance that the Company will realize these expectations or that these beliefs will prove correct. There are a number of risks and uncertainties that could cause actual results to differ materially from the results expressed or implied by the forward-looking statements contained in this release. These include the Company’s ability to obtain regulatory approval for, and satisfy closing conditions to, the transactions described herein, the timing of closing thereof, and the Company’s ability to realize the anticipated benefits of the transaction. Numerous other factors, many of which are beyond the Company’s control, could cause actual results to differ materially from those expressed as forward-looking statements. Other risk factors include those that are discussed in the Company’s filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made, and the Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which it is made or to reflect the occurrence of anticipated or unanticipated events or circumstances.
Celanese Contacts:
Investor Relations
Brandon Ayache
+1 972 443 8509
This email address is being protected from spambots. You need JavaScript enabled to view it.
Media Relations – Global
W. Travis Jacobsen
+1 972 443 3750
This email address is being protected from spambots. You need JavaScript enabled to view it.
Media Relations Europe (Germany)
Petra Czugler
+49 69 45009 1206
This email address is being protected from spambots. You need JavaScript enabled to view it.
DUBLIN--(BUSINESS WIRE)--The "Global Offshore Support Vessel Market by Type (AHTS, PSV, MPSV, Standby & Rescue Vessel, Crew Vessel, Chase Vessel, Seismic Vessel), Application (Shallow water and Deepwater), End-User (Oil & Gas and Offshore Wind), and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The offshore support vessel market is projected to grow from an estimated USD 22.0 billion in 2021 to USD 26.8 billion by 2026, at a CAGR of 4.0%, from 2021 to 2026.
The growth of the market is also attributed to the increase in exploration activities in ultra-deepwaters and the Arctic region, in countries such as the US, Canada, and Norway.
Also, a growing focus on the European Union's (EU) renewable energy targets would result in increasing the demand for offshore wind energy in Europe.
Thus, the growth in deployment of offshore wind farms would be the opportunity for the offshore support vessel market during the forecast period. Oversupply of offshore vessels acts as a restraint for the growth of the market during the forecast year.
The AHTS segment is expected to hold the largest share of the offshore support vessel market, by type, during the forecast period
Anchor-handling tug supply (AHTS) vessels constitute the largest segment of the offshore support vessel market, by type, in terms of volume as well as value. AHTS vessels are designed to provide anchor-handling and towage services and are also used for supplying deck cargo, water, fuel, dry bulk, and mud-to-oil rigs and platforms. These vessels can also be used for emergencies and are well equipped for firefighting, rescue, and oil recovery operations.
The demand from Asia Pacific and Europe is projected to drive the market for AHTS vessels during the forecast period. Countries such as Vietnam, Malaysia, Thailand, and Australia increased their E&P activities in offshore areas in the recent past.
Malaysia is the largest contributor to the short-term oil & gas production growth mainly due to the Kebabangan Gas Project. The global AHTS market dominated the global offshore support vessel market owing to increasing shallow-water activities in the Asia Pacific region.
North America: The fastest market for offshore support vessels
The North American market is projected to be the fastest-growing market, during the forecast period, owing to the continued production and exploration activities, particularly in the US and the Gulf of Mexico. As oil prices remain stable, the North American market will grow at the highest pace, as it will witness the fastest rise in exploration and production spending in response to any future recovery in oil prices, with its well-developed offshore industry.
Moreover, significant reserves and a comparatively stable political environment have further supported the growth of the offshore support vessel market in the region.
Premium Insights
Market Dynamics
Drivers
Restraints
Opportunities
Challenges
Market Map
Average Day Rate
Supply Chain Overview
Case Study Analysis
Company Profiles
Key Players
Other Players
For more information about this report visit https://www.researchandmarkets.com/r/jb15p8
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
Offshore Source keeps you updated with relevant information concerning the Offshore Energy Sector.
Any views or opinions represented on this website belong solely to the author and do not represent those of the people, institutions or organizations that Offshore Source or collaborators may or may not have been associated with in a professional or personal capacity, unless explicitly stated.