PRINCETON, N.J.--(BUSINESS WIRE)--NRG Energy, Inc. (NYSE:NRG) today announced that its Board of Directors declared a quarterly dividend on the Company’s common stock of $0.325 per share, or $1.30 per share on an annualized basis. The dividend is payable on May 17, 2021 to stockholders of record as of May 3, 2021.
About NRG Energy
At NRG, we’re bringing the power of energy to people and organizations by putting customers at the center of everything we do. We generate electricity and provide energy solutions and natural gas to millions of customers through our diverse portfolio of retail brands. A Fortune 500 company, operating in the United States and Canada, NRG delivers innovative solutions while advocating for competitive energy markets and customer choice, working towards a sustainable energy future. More information is available at www.nrg.com. Connect with NRG on Facebook, LinkedIn and follow us on Twitter @nrgenergy.
Safe Harbor
This communication contains forward-looking statements that may state NRG’s or its management’s intentions, beliefs, expectations or predictions for the future. Such forward- looking statements are subject to certain risks, uncertainties and assumptions, and typically can be identified by the use of words such as “will,” “expect,” “estimate,” “anticipate,” “forecast,” “plan,” “believe” and similar terms. Although NRG believes that its expectations are reasonable, it can give no assurance that these expectations will prove to have been correct, and actual results may vary materially. Factors that could cause actual results to differ materially from those contemplated above include, among others, risks and uncertainties related to the capital markets generally.
Investors:
Kevin L. Cole, CFA
609.524.4526 This email address is being protected from spambots. You need JavaScript enabled to view it.
Media:
Candice Adams
609.524.5428 This email address is being protected from spambots. You need JavaScript enabled to view it.
First major deployment of the OSDU™ Data Platform will streamline strategy planning for Equinor
LONDON--(BUSINESS WIRE)--Regulatory News:
Schlumberger and Equinor announced today a strategic project, in collaboration with Microsoft, to deploy the DELFI* cognitive E&P environment, with seamless integration to the OSDU Data Platform—the industry’s new data standard. This project aims to accelerate Equinor’s ability to integrate data at scale and improve decision making.
“We are pleased to be working with Equinor and Microsoft to facilitate enhanced resource discovery through this first deployment of the newly-released OSDU Data Platform fully integrated with DELFI,” said Rajeev Sonthalia, president, Digital & Integration, Schlumberger. “This provides a single, unified landscape with seamless access to data that enables the industry to rapidly run AI and data-driven workflows, creating a game-changing increase in efficiency.”
The OSDU-enabled solution will be embedded as a key part of Equinor’s Microsoft Azure enterprise-wide data platform, OMNIA. This will establish consistent data standards across the subsurface to enhance overall decision making.
The strategic project will leverage the DELFI Petrotechnical Suite, the ExplorePlan* accelerated exploration planning solution (co-developed between Schlumberger and Equinor), and data science solutions from Schlumberger. These solutions improve collaboration and insights, enabling geoscientists to make informed decisions through enhanced subsurface understanding and prospect de-risking.
“We’re excited to champion OSDU as the industry standard platform that integrates our data into the DELFI environment,” said Lisa Rebora, senior vice president of Exploration Excellence, Equinor. “Our collaboration with Schlumberger in the co-creation of ExplorePlan will enable our geoscientists to draw more insights and generate more ideas and opportunities through access to a wealth of data at their fingertips. In this next important phase during 2021, we will deploy ExplorePlan to our geoscientists, connecting seamlessly to our OSDU-enabled OMNIA data platform.”
About Schlumberger
Schlumberger (SLB: NYSE) is a technology company that partners with customers to access energy. Our people, representing over 160 nationalities, are providing leading digital solutions and deploying innovative technologies to enable performance and sustainability for the global energy industry. With expertise in more than 120 countries, we collaborate to create technology that unlocks access to energy for the benefit of all.
Find out more at www.slb.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the U.S. federal securities laws — that is, statements about the future, not about past events. Such statements often contain words such as “expect,” “may,” “can,” “estimate,” “intend,” “anticipate,” “will,” “potential,” “projected" and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain, such as forecasts or expectations regarding the deployment of, or anticipated benefits of, digital technologies. These statements are subject to risks and uncertainties, including, but not limited to, the inability to recognize intended benefits from digital strategies, initiatives or partnerships; and other risks and uncertainties detailed in our most recent Forms 10-K, 10-Q and 8-K filed with or furnished to the U.S. Securities and Exchange Commission. If one or more of these or other risks or uncertainties materialize (or the consequences of such a development changes), or should underlying assumptions prove incorrect, actual outcomes may vary materially from those reflected in our forward-looking statements. Statements in this press release are made as of the date of this release, and Schlumberger disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events, or otherwise.
*Mark of Schlumberger
Giles Powell – Director of Corporate Communication, Schlumberger Limited
Tel: +1 (713) 375-3494
This email address is being protected from spambots. You need JavaScript enabled to view it.
Amazon is now the largest corporate buyer of renewable energy globally and in Europe with 206 projects around the world, enough to power millions of homes a year
With more than 2.5 GW of capacity in Europe, and 8.5 GW of renewable energy capacity globally, Amazon is on a path to 100% renewable energy by 2025
SEATTLE--(BUSINESS WIRE)--Amazon (NASDAQ: AMZN) today announced nine new utility-scale wind and solar energy projects in the U.S., Canada, Spain, Sweden, and the UK. The company now has 206 renewable energy projects globally, including 71 utility-scale wind and solar projects and 135 solar rooftops on facilities and stores worldwide, which will generate 8.5 GW of electricity production capacity globally. With this latest announcement, Amazon is now the largest corporate purchaser of renewable energy in Europe, with more than 2.5 GW of renewable energy capacity, enough to power more than two million European homes a year.
These projects supply renewable energy to Amazon’s corporate offices, fulfillment centers, Whole Foods Market stores, and Amazon Web Services (AWS) data centers, which power Amazon and millions of AWS customers globally. The renewable energy from these projects also helps Amazon meet its commitment to produce the clean energy equivalent to the electricity used by all consumer Echo devices. All of these projects put Amazon on a path to power 100% of its activities with renewable energy by 2025—five years ahead of the original target of 2030. Investing in renewable energy is one of the many actions Amazon is taking as part of The Climate Pledge, a commitment to be net-zero carbon by 2040, 10 years ahead of the Paris Agreement.
“Amazon continues to scale up its investments in renewable energy as part of its effort to meet The Climate Pledge, our commitment to be net-zero carbon by 2040,” said Jeff Bezos, Amazon founder and CEO. “With these nine new wind and solar projects, we have announced 206 renewable wind and solar projects worldwide, and we are now the largest corporate buyer of renewable energy in Europe and globally. Many parts of our business are already operating on renewable energy, and we expect to power all of Amazon with renewable energy by 2025—five years ahead of our original target of 2030.”
The nine new wind and solar projects announced today in the U.S., Canada, Spain, Sweden, and the UK include:
A map of all of Amazon’s renewable energy projects around the world can be found here.
“Amazon is a leader in renewable energy buying and is continuously changing the market through continuous innovation and investments in renewable energy. We are thrilled to see Amazon's latest commitments around the world including in Spain, Sweden, and the UK. Long-term investments like these are crucial to companies moving closer to climate neutrality,” said Hannah Hunt, Impact Director, RE-Source, a corporate renewable energy sourcing platform in Europe.
“Amazon continues to play a key role leading the corporate transition to renewable power worldwide and demonstrating that ambitious renewable targets are both achievable and widely beneficial,” said Gregory Wetstone, President and CEO of the American Council on Renewable Energy (ACORE). “The company’s nine new clean energy projects bring them to an impressive record total of 8.5 gigawatts of global renewable capacity and include Amazon’s first solar plus storage project, using advanced technology to help deliver a clean, reliable grid.”
“Leading companies like Amazon know the value that solar can bring to their businesses and the planet,” said Abigail Ross Hopper, president and CEO of the Solar Energy Industries Association (SEIA). “We’re thrilled to see that Amazon is following through on its climate commitments and is investing in renewable energy assets across the world. Wall Street, customers, and international businesses are all watching what American companies are doing about climate change, and this type of leadership can have a major impact on the climate crisis.”
Amazon and Global Optimism co-founded The Climate Pledge in 2019, a commitment to reach the Paris Agreement 10 years early and be net-zero carbon by 2040. The pledge now has 53 signatories, including IBM, Unilever, Verizon, Siemens, Microsoft, and Best Buy. To reach its goal, Amazon will continue to reduce emissions across its operations by taking real business actions and establishing a path to power its operations with 100% renewable energy, five years ahead of the company’s original target of 2030; delivering its Shipment Zero vision to make all shipments net-zero carbon, with 50% net-zero carbon by 2030; purchasing 100,000 electric delivery vehicles, the largest order ever of electric delivery vehicles; and by investing $2 billion in the development of decarbonizing services and solutions through the Climate Pledge Fund. For more information, visit https://sustainability.aboutamazon.com/.
About Amazon
Amazon is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Customer reviews, 1-Click shopping, personalized recommendations, Prime, Fulfillment by Amazon, AWS, Kindle Direct Publishing, Kindle, Fire tablets, Fire TV, Amazon Echo, and Alexa are some of the products and services pioneered by Amazon. For more information, visit amazon.com/about and follow @AmazonNews.
About Amazon Web Services
For 15 years, Amazon Web Services has been the world’s most comprehensive and broadly adopted cloud platform. AWS has been continually expanding its services to support virtually any cloud workload, and it now has more than 200 fully featured services for compute, storage, databases, networking, analytics, machine learning and artificial intelligence (AI), Internet of Things (IoT), mobile, security, hybrid, virtual and augmented reality (VR and AR), media, and application development, deployment, and management from 80 Availability Zones (AZs) within 25 geographic regions, with announced plans for 15 more Availability Zones and five more AWS Regions in Australia, India, Indonesia, Spain, and Switzerland. Millions of customers—including the fastest-growing startups, largest enterprises, and leading government agencies—trust AWS to power their infrastructure, become more agile, and lower costs. To learn more about AWS, visit aws.amazon.com.
Amazon.com, Inc.
Media Hotline
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.amazon.com/pr
HOUSTON--(BUSINESS WIRE)--SilverBow Resources, Inc. (NYSE: SBOW) (“SilverBow” or “the Company”) today provided an operational and financial update including the successful extension of its senior secured revolving credit facility (the “Credit Facility”).
Operational Update:
Financial Update:
MANAGEMENT COMMENTS
Sean Woolverton, SilverBow’s Chief Executive Officer, commented, “During the first quarter, we paid down an additional $30 million of debt by continuing to prioritize our free cash flow towards debt reduction, and expect our full year 2021 free cash flow towards the high end of our $20-$40 million guidance range. By the end of this year, we are targeting a debt-to-Adjusted EBITDA ratio at or below 2.0x. Our strong operating results generated free cash flow for the quarter, marking six out of the last seven quarters with positive free cash flow. Furthermore, early results from our first Austin Chalk well are very encouraging, setting up the potential to add more locations to our high rate of return drilling inventory. We see a path to $5.5 million or less from multi-well pad development and lessons-learned. Going forward, we expect to remain flexible and continue lowering costs, reducing cycle times, increasing well productivity and driving efficiencies. We look forward to publishing our first quarter 2021 results in the coming weeks.”
Mr. Woolverton stated further, “I am pleased to announce that we successfully renegotiated the terms of our Credit Facility, which extends our debt maturity profile to 2024 and provides us with ample liquidity to execute our business plan. The borrowing base has been set at $300 million, which provides over $100 million in liquidity based on our borrowings and cash as of quarter end. We are very appreciative to have the support of our bank syndicate and look forward to continuing our partnership with them. We remain steadfast in managing our financial position as we prudently grow our production base and create value for all of our stakeholders.”
For further information, please see SilverBow’s current report on Form 8-K filed with the Securities and Exchange Commission (“SEC”) on April 19, 2021. A banking syndicate arranged by JPMorgan Chase Bank will finance the Credit Facility. Other agent titled roles include JPMorgan Chase Bank as Administrative Agent, Truist Securities, Inc., Fifth Third Bank, CIBC, and Key Bank as Co-Syndication Agent and Bank of Oklahoma as Co-Documentation Agent. The Credit Agreement matures on April 19, 2024.
ABOUT SILVERBOW RESOURCES, INC.
SilverBow Resources, Inc. (NYSE: SBOW) is a Houston-based energy company actively engaged in the exploration, development, and production of oil and gas in the Eagle Ford Shale in South Texas. With over 30 years of history operating in South Texas, the Company possesses a significant understanding of regional reservoirs which it leverages to assemble high quality drilling inventory while continuously enhancing its operations to maximize returns on capital invested. For more information, please visit www.sbow.com.
DEFINITIONS AND EXPLANATIONS
1 Inclusive of all surface facilities and sales connections.
2 Free cash flow (a non-GAAP measure) is defined as Adjusted EBITDA plus (less) monetized derivative contracts, cash interest expense, capital expenditures and current income tax (expense) benefit. Adjusted EBITDA is calculated as net income (loss) plus (less) depreciation, depletion and amortization, accretion of asset retirement obligations, interest expense, impairment of oil and natural gas properties, net losses (gains) on commodity derivative contracts, amounts collected (paid) for commodity derivative contracts held to settlement, income tax expense (benefit); and share-based compensation expense. A forward-looking estimate of net income (loss) is not provided with the forward-looking estimate of free cash flow (a non-GAAP measure) because the items necessary to estimate net income (loss) are not accessible or estimable at this time without unreasonable efforts.
3 Leverage ratio is defined as total long-term debt, before unamortized discounts, divided by Adjusted EBITDA for Leverage Ratio (a non-GAAP measure) for the trailing twelve-month period. Adjusted EBITDA for Leverage Ratio is calculated as Adjusted EBITDA plus amortization of derivative contracts, in accordance with the covenant compliance calculations under SilverBow's credit agreement.
FORWARD-LOOKING STATEMENTS
This release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements represent management’s expectations or beliefs concerning future events, and it is possible that the results described in this release will not be achieved. These forward-looking statements are based on current expectations and assumptions and are subject to a number of risks and uncertainties, many of which are beyond our control. All statements, other than historical facts included in this press release, including those regarding our strategy, future operations, financial position, reservoir and well performance, future free cash flow, capital expenditures, budget, projected costs, prospects, plans and objectives are forward-looking statements. When used in this report, the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “guidance,” “budgeted,” “expect,” “may,” “continue,” “predict,” “potential,” “project” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Important factors that could cause actual results to differ materially from our expectations include, but are not limited to, the risks and uncertainties discussed in the Company’s reports filed with the Securities and Exchange Commission (“SEC”), including its Annual Report on Form 10-K for the year ended December 31, 2020. Estimated results for the completed period provided herein are preliminary and subject to change until issuance of the final results.
All forward-looking statements speak only as of the date of this release. You should not place undue reliance on these forward-looking statements. Although we believe that our plans, intentions and expectations reflected in or suggested by the forward-looking statements we make in this release are reasonable, we can give no assurance that these plans, intentions or expectations will be achieved. The risk factors and other factors noted herein and in the Company’s SEC filings could cause its actual results to differ materially from those contained in any forward-looking statement. These cautionary statements qualify all forward-looking statements attributable to us or persons acting on our behalf.
All subsequent written and oral forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by the foregoing. We undertake no obligation to publicly release the results of any revisions to any such statements that may be made to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events, except as required by law.
Jeff Magids
Director of Finance & Investor Relations
(281) 874-2700, (888) 991-SBOW
Amazon is now the largest corporate buyer of renewable energy globally and in Europe with 206 projects around the world, enough to power millions of homes a year
With more than 2.5 GW of capacity in Europe, and 8.5 GW of renewable energy capacity globally, Amazon is on a path to 100% renewable energy by 2025
SEATTLE--(BUSINESS WIRE)--Amazon (NASDAQ: AMZN) today announced nine new utility-scale wind and solar energy projects in the U.S., Canada, Spain, Sweden, and the UK. The company now has 206 renewable energy projects globally, including 71 utility-scale wind and solar projects and 135 solar rooftops on facilities and stores worldwide, which will generate 8.5 GW of electricity production capacity globally. With this latest announcement, Amazon is now the largest corporate purchaser of renewable energy in Europe, with more than 2.5 GW of renewable energy capacity, enough to power more than two million European homes a year.
These projects supply renewable energy to Amazon’s corporate offices, fulfillment centers, Whole Foods Market stores, and Amazon Web Services (AWS) data centers, which power Amazon and millions of AWS customers globally. The renewable energy from these projects also helps Amazon meet its commitment to produce the clean energy equivalent to the electricity used by all consumer Echo devices. All of these projects put Amazon on a path to power 100% of its activities with renewable energy by 2025—five years ahead of the original target of 2030. Investing in renewable energy is one of the many actions Amazon is taking as part of The Climate Pledge, a commitment to be net-zero carbon by 2040, 10 years ahead of the Paris Agreement.
“Amazon continues to scale up its investments in renewable energy as part of its effort to meet The Climate Pledge, our commitment to be net-zero carbon by 2040,” said Jeff Bezos, Amazon founder and CEO. “With these nine new wind and solar projects, we have announced 206 renewable wind and solar projects worldwide, and we are now the largest corporate buyer of renewable energy in Europe and globally. Many parts of our business are already operating on renewable energy, and we expect to power all of Amazon with renewable energy by 2025—five years ahead of our original target of 2030.”
The nine new wind and solar projects announced today in the U.S., Canada, Spain, Sweden, and the UK include:
A map of all of Amazon’s renewable energy projects around the world can be found here.
“Amazon continues to play a key role leading the corporate transition to renewable power worldwide and demonstrating that ambitious renewable targets are both achievable and widely beneficial,” said Gregory Wetstone, President and CEO of the American Council on Renewable Energy (ACORE). “The company’s nine new clean energy projects bring them to an impressive record total of 8.5 gigawatts of global renewable capacity and include Amazon’s first solar plus storage project, using advanced technology to help deliver a clean, reliable grid.”
“Leading companies like Amazon know the value that solar can bring to their businesses and the planet,” said Abigail Ross Hopper, president and CEO of the Solar Energy Industries Association (SEIA). “We’re thrilled to see that Amazon is following through on its climate commitments and is investing in renewable energy assets across the world. Wall Street, customers, and international businesses are all watching what American companies are doing about climate change, and this type of leadership can have a major impact on the climate crisis.”
Amazon and Global Optimism co-founded The Climate Pledge in 2019, a commitment to reach the Paris Agreement 10 years early and be net-zero carbon by 2040. The pledge now has 53 signatories, including IBM, Unilever, Verizon, Siemens, Microsoft, and Best Buy. To reach its goal, Amazon will continue to reduce emissions across its operations by taking real business actions and establishing a path to power its operations with 100% renewable energy, five years ahead of the company’s original target of 2030; delivering its Shipment Zero vision to make all shipments net-zero carbon, with 50% net-zero carbon by 2030; purchasing 100,000 electric delivery vehicles, the largest order ever of electric delivery vehicles, and by investing $2 billion in the development of decarbonizing services and solutions through the Climate Pledge Fund. For more information, visit https://sustainability.aboutamazon.com/.
About Amazon
Amazon is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Customer reviews, 1-Click shopping, personalized recommendations, Prime, Fulfillment by Amazon, AWS, Kindle Direct Publishing, Kindle, Fire tablets, Fire TV, Amazon Echo, and Alexa are some of the products and services pioneered by Amazon. For more information, visit amazon.com/about and follow @AmazonNews.
About Amazon Web Services
For 15 years, Amazon Web Services has been the world’s most comprehensive and broadly adopted cloud platform. AWS has been continually expanding its services to support virtually any cloud workload, and it now has more than 200 fully featured services for compute, storage, databases, networking, analytics, machine learning and artificial intelligence (AI), Internet of Things (IoT), mobile, security, hybrid, virtual and augmented reality (VR and AR), media, and application development, deployment, and management from 80 Availability Zones (AZs) within 25 geographic regions, with announced plans for 15 more Availability Zones and five more AWS Regions in Australia, India, Indonesia, Spain, and Switzerland. Millions of customers—including the fastest-growing startups, largest enterprises, and leading government agencies—trust AWS to power their infrastructure, become more agile, and lower costs. To learn more about AWS, visit aws.amazon.com.
Amazon.com, Inc.
Media Hotline
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.amazon.com/pr
DUBLIN--(BUSINESS WIRE)--The "Global Solar Hybrid Inverter Market 2021-2025" report has been added to ResearchAndMarkets.com's offering.
The publisher has been monitoring the solar hybrid inverter market and it is poised to grow by $76.44 million during 2021-2025 progressing at a CAGR of over 10% during the forecast period.
The report on solar hybrid inverter market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.
The report offers an up-to-date analysis regarding the current global market scenario, latest trends and drivers, and the overall market environment. The market is driven by the rise in solar energy installations and supportive governmental regulations.
The solar hybrid inverter market analysis include end-user segment and geographic landscape. This study identifies the reduction in LCOE of solar power generationas one of the prime reasons driving the solar hybrid inverter market growth during the next few years.
Companies Mentioned
The report on solar hybrid inverter market covers the following areas:
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.
The publisher presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers. The data presented is comprehensive, reliable, and a result of extensive research - both primary and secondary. The market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast the accurate market growth.
Key Topics Covered:
1. Executive Summary
2. Market Landscape
3. Market Sizing
4. Five Forces Analysis
5. Market Segmentation by End-user
6. Customer landscape
7. Geographic Landscape
8. Vendor Landscape
9. Vendor Analysis
10. Appendix
For more information about this report visit https://www.researchandmarkets.com/r/wovt85
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
First major deployment of the OSDU™ Data Platform will streamline strategy planning for Equinor
LONDON--(BUSINESS WIRE)--Schlumberger and Equinor announced today a strategic project, in collaboration with Microsoft, to deploy the DELFI* cognitive E&P environment, with seamless integration to the OSDU Data Platform—the industry’s new data standard. This project aims to accelerate Equinor’s ability to integrate data at scale and improve decision making.
“We are pleased to be working with Equinor and Microsoft to facilitate enhanced resource discovery through this first deployment of the newly-released OSDU Data Platform fully integrated with DELFI,” said Rajeev Sonthalia, president, Digital & Integration, Schlumberger. “This provides a single, unified landscape with seamless access to data that enables the industry to rapidly run AI and data-driven workflows, creating a game-changing increase in efficiency.”
The OSDU-enabled solution will be embedded as a key part of Equinor’s Microsoft Azure enterprise-wide data platform, OMNIA. This will establish consistent data standards across the subsurface to enhance overall decision making.
The strategic project will leverage the DELFI Petrotechnical Suite, the ExplorePlan* accelerated exploration planning solution (co-developed between Schlumberger and Equinor), and data science solutions from Schlumberger. These solutions improve collaboration and insights, enabling geoscientists to make informed decisions through enhanced subsurface understanding and prospect de-risking.
“We’re excited to champion OSDU as the industry standard platform that integrates our data into the DELFI environment,” said Lisa Rebora, senior vice president of Exploration Excellence, Equinor. “Our collaboration with Schlumberger in the co-creation of ExplorePlan will enable our geoscientists to draw more insights and generate more ideas and opportunities through access to a wealth of data at their fingertips. In this next important phase during 2021, we will deploy ExplorePlan to our geoscientists, connecting seamlessly to our OSDU-enabled OMNIA data platform.”
About Schlumberger
Schlumberger (SLB: NYSE) is a technology company that partners with customers to access energy. Our people, representing over 160 nationalities, are providing leading digital solutions and deploying innovative technologies to enable performance and sustainability for the global energy industry. With expertise in more than 120 countries, we collaborate to create technology that unlocks access to energy for the benefit of all.
Find out more at www.slb.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the U.S. federal securities laws — that is, statements about the future, not about past events. Such statements often contain words such as “expect,” “may,” “can,” “estimate,” “intend,” “anticipate,” “will,” “potential,” “projected" and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain, such as forecasts or expectations regarding the deployment of, or anticipated benefits of, digital technologies. These statements are subject to risks and uncertainties, including, but not limited to, the inability to recognize intended benefits from digital strategies, initiatives or partnerships; and other risks and uncertainties detailed in our most recent Forms 10-K, 10-Q and 8-K filed with or furnished to the U.S. Securities and Exchange Commission. If one or more of these or other risks or uncertainties materialize (or the consequences of such a development changes), or should underlying assumptions prove incorrect, actual outcomes may vary materially from those reflected in our forward-looking statements. Statements in this press release are made as of the date of this release, and Schlumberger disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events, or otherwise.
*Mark of Schlumberger
Giles Powell – Director of Corporate Communication, Schlumberger Limited
Tel: +1 (713) 375-3494
This email address is being protected from spambots. You need JavaScript enabled to view it.
Cenfura's Nigerian subsidiary will provide 24/7 renewable energy in Nigeria and provide a bridge to the digital economy for efficient payments
LONDON--(BUSINESS WIRE)--$XCF #Blockchain--CenfuraⓇ Ltd. is delighted to announce a new subsidiary with local partners in Nigeria to provide needed 24/7 Green Power to communities and businesses.
Cenfura’s focus in Nigeria will be twofold — firstly, providing renewable energy to residential communities and businesses in a sustainable and economically viable manner, and secondly, providing an integrated digital platform for billing and payments.
The Cenfura team is very excited to work with our partners at Cenfura Nigeria Ltd to deliver blockchain based renewable energy solutions throughout Nigeria.
Pasi Nieminen, Founder and Chairman, said, “A new subsidiary in Nigeria allows us to not only grow our business, but also provide an excellent service to the Nigerian people in the energy and Fintech areas. We look forward to growing together with them.”
About Cenfura
Cenfura is a Smart Energy Services company developing and operating renewable energy assets globally. We deploy distributed energy grids with dynamic load handling systems powered by AI to dramatically increase efficiency over traditional renewable energy providers. Our solutions can be islanded and incorporate automated storage to allow deployment in regions where primary grid instability is a serious problem and can cause significant disruptions. Cenfura’s mission is to accelerate the adoption of fully distributed renewable energy across the globe.
We stand at the intersection of several important sectors — Renewable Energy, Regulatory Technology, and Fintech. Cenfura incorporates all three elements to deliver holistic solutions to our end users. We can provide scalable solutions to communities, industrial consumers, farming, mining, and government entities.
Jussi Schultink, Press Officer
Cenfura Ltd
+358 406 726673
This email address is being protected from spambots. You need JavaScript enabled to view it.
https://www.cenfura.com/
Both $7.5M Grand Prize Winners Developed Technologies Focused on Decarbonizing Concrete, the World’s Largest Material Industry
LOS ANGELES--(BUSINESS WIRE)--XPRIZE, the global leader in designing and implementing innovative competition models to solve the world’s grandest challenges, today announced that CarbonCure Technologies and CarbonBuilt have won the $20M NRG COSIA Carbon XPRIZE, a prize that set out to convert CO2 emissions into valuable products.
Selected by a panel of independent judges, both winning teams developed solutions aimed at reducing CO2 emissions associated with traditional concrete, which is currently the world’s most abundant human-made material and accounts for seven percent of all global CO2 emissions. The two team’s award-winning technologies will be, and already are, game-changers for global decarbonization and the fight against climate change.
Launched in 2015, the NRG COSIA Carbon XPRIZE was a five-year global competition developed to address rising CO2 emissions by challenging innovators around the world to develop breakthrough technologies that convert the most CO2 into products with the highest net value.
"The NRG COSIA Carbon XPRIZE, its two winners, and the eight other finalists have developed breakthrough technologies that allow humanity to reimagine what is possible for the climate change fight,” said Anousheh Ansari, XPRIZE CEO. “Thanks to the vision laid out and supported by NRG, COSIA and many other partners, flipping CO2 emissions into valuable products is now a proven, successful strategy to build a better world."
The competition included two tracks: the Wyoming track that focused on the conversion of emissions from a nearby coal-fired power plant, the Wyoming Integrated Test Center in Gillette, WY, and the Alberta track which used emissions from an adjacent natural gas-fired plant, the Alberta Carbon Conversion Technology Centre in Calgary, AB. The winning teams, one from each track, converted the most CO2 into products with the highest value, while minimizing their overall CO2 footprint, land use, water use, and energy use.
CarbonCure Technologies, the Alberta track winner from Canada, demonstrated a technology which enabled the production of concrete with a reduced water and carbon footprint without sacrifice to the material’s reliability. Utilizing CarbonCure Technologies’ system, a precise dosage of CO2 is injected into a concrete plant’s reclaimer system, which contains the water used to wash out concrete trucks and mixers. The CO2 is converted to a permanently embedded mineral with strength-enhancing properties which can then be incorporated into new concrete mixes. By reducing the amount of new freshwater, solid waste disposal and cement required, the team, which is backed by Bill Gates’ fund Breakthrough Energy Ventures, Amazon Climate Pledge Fund, BDC Capital and others, is able to reduce the material costs and increase profitability for concrete producers.
“I’m incredibly proud of Team CarbonCure’s hard work, dedication, and ingenuity that contributed to our win. The prize winnings will accelerate our path to achieve our company mission of reducing 500 megatonnes of CO2 emissions annually by 2030,” said Jennifer Wagner, president of CarbonCure and team lead for the competition. “Technology alone will not get us to our net-zero emissions targets — concrete producers, the wider construction community, and policymakers are important allies on our journey to decarbonize the concrete industry.”
The Los Angeles-based Wyoming track winner, UCLA CarbonBuilt, developed technology that reduces the carbon footprint of concrete by more than 50 percent while reducing raw material costs and increasing profitability. The CarbonBuilt concrete formulation significantly decreases the need for ordinary Portland cement while enabling the increased use of low-cost waste materials. During the curing process, CO2 is directly injected from flue gas streams (like power plants or cement factories) into the concrete mixture where it is chemically transformed and permanently stored. Development began at the UCLA Samueli School of Engineering in 2014 with support from the NRG COSIA CARBON XPRIZE, philanthropic foundations, private and corporate sponsors, as well as government agencies including the U.S. Department of Energy.
“I am absolutely thrilled that UCLA CarbonBuilt has won the NRG COSIA Carbon XPRIZE,” said Gaurav N. Sant, professor of civil and environmental engineering and of materials science and engineering at UCLA Samueli. “As a third-generation civil engineer, I have been fascinated with the role that construction has played in solving societal challenges. To have spent the last decade finding a solution to mitigate the carbon footprint of concrete construction with a phenomenal team, and to have won the NRG COSIA Carbon XPRIZE, doing so is an ultimate dream come true,” shared Sant, who is also the director of the UCLA Institute for Carbon Management and founder of CarbonBuilt, Inc., a private company set up to commercialize the pioneering CO2 utilization technology.
“Concrete is one of the world’s most abundant materials, and a crucial frontier in the fight against climate change. The production of Portland cement, the key ingredient that binds concrete and gives it its strength, accounts for approximately seven percent of global CO2 emissions,” says Marcius Extavour, vice president of climate and energy at XPRIZE. “Concrete is also a material that can be readily made using CO2 as an input, which the winning teams have demonstrated really clearly. Now, deploying their technology to avoid and reduce emissions from heavy industry will be a gamechanger for global decarbonization in the fight against climate change.”
Additionally, the USD $20M NRG COSIA Carbon XPRIZE awarded X-Factor awards to Carbon Upcycling-NLT and Carbon Corp, two finalists that created excellent products and compelling demonstrations that deserved recognition. Carbon Upcycling-NLT, based in Calgary, produces nanoparticles with applications in various industries, particularly concrete, construction and plastics. Carbon Corp, who relocated from the USA to Calgary, transforms CO2 into carbon nanotubes, with applications such as lightweight, ultra-strong and cost-effective replacements for metals; stronger cement-composite building materials; and expanding applications in industrial catalysis, batteries, and nanoelectronics.
“Combating climate change is one of the most important challenges we face--requiring us to rethink, reimagine, and embrace new ideas,” said Jeanne-Mey Sun, NRG vice president, sustainability. “Competitions, such as the NRG COSIA Carbon XPRIZE, are opportunities to bring innovators together to develop solutions for the monumental task of decarbonizing our economy. As we recognize today’s winners, we celebrate all of the teams’ hard work and perseverance in this new era in carbon technology.”
“Through COSIA, Canada’s oil sands industry has been proud to support this initiative which has proven that capturing CO2 emissions from natural gas and coal combustion and converting such into usable products can be a game-changer in broader emissions reduction efforts. With breakthrough technologies like these, we can tackle the major causes of climate change while also responsibly meeting global energy demand,” says Wes Jickling, chief executive of COSIA. “As one of many projects underway within COSIA, the competition is a shining example of how innovative cleantech can transform our world. Our hats are off to all the competitors, and we congratulate the winners.”
“Congratulations to XPRIZE winner, CarbonBuilt. The research they’re doing at the Integrated Test Center proves Wyoming is leading the way on carbon capture and utilization,” said U.S. Senator John Barrasso (R-WY). “Last summer, I saw their groundbreaking work firsthand, as they transformed captured carbon dioxide into concrete. CarbonBuilt’s technology will help create new markets and jobs in Wyoming and across the country, while reducing greenhouse gas emissions.”
“Congratulations to CarbonCure who’s already transforming the concrete industry, and to the rest of the contestants in advancing a carbon-tech sector full of opportunity. It has been a privilege for the Alberta Carbon Conversion Technology Centre to host the NRG COSIA Carbon XPRIZE”, says Laura Kilcrease, CEO of Alberta Innovates. “The ACCTC is open for business and we welcome new technology developers to experience the ACCTC as they blaze paths to a net zero future.”
Each grand prize winner will be awarded a USD $7.5 million prize purse and will receive their winnings within 60 days. Those interested in learning more can do so at carbon.xprize.org
About XPRIZE
XPRIZE, a 501(c)(3) nonprofit organization, is the global leader in designing and implementing innovative competition models to solve the world’s grandest challenges. Active competitions include the $20 Million NRG COSIA Carbon XPRIZE, the $10 Million Rainforest XPRIZE, the $10 Million ANA Avatar XPRIZE, the $5 Million IBM Watson AI XPRIZE, $5 Million XPRIZE Rapid Reskilling, $5 Million XPRIZE Rapid COVID Testing, and $500K Pandemic Response Challenge. For more information, visit xprize.org.
About NRG
NRG is the leading integrated power company in the U.S., built on the strength of our diverse competitive electric generation portfolio and leading retail electricity platform. A Fortune 500 company, NRG creates value through best in class operations, reliable and efficient electric generation, and a retail platform serving residential and commercial businesses. Working with electricity customers, large and small, we implement sustainable solutions for producing and managing energy, developing smarter energy choices and delivering exceptional service as our retail electricity providers serve almost three million residential and commercial customers throughout the country. More information is available at www.nrg.com. Connect with NRG Energy on Facebook and follow us on Twitter @nrgenergy.
About COSIA
Canada’s Oil Sands Innovation Alliance (COSIA) is a unique alliance of oil sands producers focused on accelerating environmental performance in Canada’s oil sands. COSIA enables collaboration and innovation between big thinkers from industry, government, academia and the wider public to improve measurement, accountability and performance in the oil sands across our environmental priority areas of greenhouse gases, land, water and tailings. COSIA members search the world for solutions to our toughest problems. And we have some of the best minds on the planet working on technologies to enable responsible and sustainable development. To date, COSIA has shared over 1,025 distinct environmental technologies and innovations that cost over $1.6 billion to develop. Visit COSIA at www.cosia.ca. Follow us on LinkedIn, Facebook and Twitter.
About Alberta Innovates
Alberta Innovates is the province’s largest and Canada’s first public research and innovation organization. For a century we have worked closely with the researchers, companies and entrepreneurs who built Alberta’s industries and strengthened communities. Today we are pivoting to the next frontier of opportunity in Alberta and worldwide, driven by emerging technologies across sectors. We provide seed funding, business advice, applied research and technical services, along with avenues for partnership and collaboration. Learn how Alberta Innovates.
Caden Kinard, XPRIZE
This email address is being protected from spambots. You need JavaScript enabled to view it.
Energy Transfer co-founded in 1996 by Kelcy Warren and Ray Davis
Ranked 59th on the Fortune 500 list of America’s largest companies
DALLAS--(BUSINESS WIRE)--Dallas-based Energy Transfer (NYSE:ET), the leading midstream provider in the country, today launched its 25th anniversary celebration as one of the most diversified publicly traded energy infrastructure Partnerships with more than 90,000 miles of pipeline traversing 38 states and Canada, international offices in Canada and Beijing, and nearly 10,000 employees.
On April 17, 1996, Kelcy Warren and Ray Davis set out to build the premier midstream infrastructure company from the ground up. What started as a small intrastate pipeline company with 200 miles of natural gas pipeline in east Texas and 20 employees is now ranked 59 on the Fortune 500 list of America’s largest companies. The combined strength, vision and grit of Warren and Davis quickly catapulted Energy Transfer from a maverick upstart to the industry’s leading midstream company through the combination of strategic acquisitions and significant organic growth projects. Davis now sits on Energy Transfer’s Board of Directors having retired as co-CEO in 2007.
Over the past decade, Energy Transfer has transformed itself from a natural gas-focused company to an international powerhouse that exports, transports, processes, stores and terminals natural gas, crude oil, NGLs, refined products and liquefied natural gas, through a series of strategic acquisitions including Louis Dreyfus Highbridge Energy, Southern Union Company and Sunoco Logistics. It has also achieved several business milestones including the construction of the first 42-inch natural gas pipeline in Texas and the largest dual-pipeline project in the country.
“To look back 25 years to the time when Ray and I bought our first assets as Energy Transfer to where we are today is truly remarkable,” said Warren, now Executive Chairman of Energy Transfer. “It has been quite a ride. Our journey has not always been easy, but we have built a company that has the best pipeline assets in the industry. I am not only proud of what we have accomplished, but I am excited about where we are going. We have a terrific leadership team in place and amazing employees who I am honored to work alongside.”
About Energy Transfer
Energy Transfer LP (NYSE: ET) owns and operates one of the largest and most diversified portfolios of energy assets in the United States, with a strategic footprint in all of the major domestic production basins. ET is a publicly traded limited partnership with core operations that include complementary natural gas midstream, intrastate and interstate transportation and storage assets; crude oil, NGL and refined product transportation and terminalling assets; NGL fractionation; and various acquisition and marketing assets. ET also owns Lake Charles LNG Company, as well as the general partner interests, the incentive distribution rights and 28.5 million common units of Sunoco LP (NYSE: SUN), and the general partner interests and 46.1 million common units of USA Compression Partners, LP (NYSE: USAC). For more information, visit the Energy Transfer LP website at www.energytransfer.com.
Energy Transfer Media Relations 214.840.5820
Vicki Granado or Lisa Coleman This email address is being protected from spambots. You need JavaScript enabled to view it.
Energy Transfer Investor Relations 214.981.0795
Bill Baerg, Brent Ratliff, Lyndsay Hannah This email address is being protected from spambots. You need JavaScript enabled to view it.
In Gartner’s first report covering this market, project44 was named a Leader for its ability to execute and its completeness of vision out of 14 vendors evaluated
CHICAGO--(BUSINESS WIRE)--Today project44 announced that Gartner has named the company a Leader in the research firm’s first ever Magic Quadrant for Real-Time Transportation Visibility Platforms (RTTVP). Gartner evaluated 14 vendors out of which project44 received the highest placement for its ability to execute and was also recognized for its completeness of vision.
Supply chains around the world need real-time transportation visibility now more than ever. As one of the largest RTTVP vendors, in terms of coverage and market presence, project44 provides visibility globally, with exceptional network density in North America and Europe. With its superior ability to execute, project44 takes complete ownership and responsibility for carrier onboarding with a contractual SLA guarantee.
“Following the initial shock of the COVID-19 pandemic, consumer demand skyrocketed, placing massive strain on the global supply chain. At the same time, disruptions like the recent Suez Canal incident and other port blockages have created downstream impacts across all other transportation modes,” said Jett McCandless, founder and CEO of project44. “project44 helps solve some of the most difficult transportation issues by providing real-time data into shipments globally. Our position in Gartner’s first Magic Quadrant for Real-Time Transportation Visibility Platforms is clear evidence that we are helping companies use visibility to improve business execution."
Track Record of Great Performance
Gartner’s recognition of project44 as a Magic Quadrant Leader is because of its ability to execute and completeness of vision. Recently events contributing to project44’s growth include:
Get the Report
Gartner Magic Quadrant reports are a culmination of rigorous, fact-based research in specific markets, providing a wide-angle view of the relative positions of the providers in markets where growth is high and provider differentiation is distinct. Providers are positioned into four quadrants: Leaders, Challengers, Visionaries, and Niche Players. The research enables businesses to get the most from market analysis that aligns with their unique business and technology needs.
Download a complimentary copy of the Gartner Magic Quadrant report here.
Gartner Disclaimer:
Gartner Magic Quadrant for Real-Time Transportation Visibility Platforms, by Bart De Muynck and Carly West, April 14, 2021.
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, express or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
About project44
project44 solves some of the world’s most critical logistics challenges by connecting, automating, and providing real-time visibility into global transportation processes. With project44’s cloud-based platform, organizations can increase operational efficiencies, reduce costs, improve shipping performance, and deliver an exceptional, Amazon-like experience to their customers. project44 supports all transportation modes and shipping types, including air, parcel, final-mile, less-than-truckload, volume less-than-truckload, groupage, truckload, rail, intermodal, and ocean. To learn more, visit www.project44.com.
Charlie Ungashick
Chief Marketing Officer
This email address is being protected from spambots. You need JavaScript enabled to view it.
Indeavor’s automated fatigue management solution ensures worker safety and adherence to API’s rules—including the updated guidelines.
MADISON, Wis--(BUSINESS WIRE)--#Indeavor--Previously made to adhere to the nuclear industry’s complex fatigue management guidelines outlined by the Nuclear Regulatory Commission, Indeavor’s Fatigue Management module is now available to the oil and gas industry! Plants and refineries can now operate efficiently while automatically adhering to the American Petroleum Institute’s (API) rules on limiting hours and days of work.
“The shift schedule generates automatically and in accordance to your pre-set work hour rules,” explains Tommy Schroeder, Vice President of Product at Indeavor. “These rules, from work set limits to rest period allowances, can easily be adjusted should API’s recommended practices change.”
Indeavor is looking forward to creating more partnerships in the oil and gas space to ensure worker safety and limit fatigue.
About Indeavor
Indeavor’s solution offers clients an end-to-end, cloud-based employee scheduling and absence management system. By integrating with your human capital management and enterprise resource planning systems, you can leverage a robust platform that provides you with real-time employee data. Relieve your supervisors of manual tasks and the constant mental fatigue brought upon by scheduling changes by automating the entire process, connecting the data to all of your existing corporate systems, and ensuring you always have the right qualified employee in each position.
For more information, visit www.indeavor.com.
Michael Lingat | This email address is being protected from spambots. You need JavaScript enabled to view it. | 608.579.0335
HOUSTON & DENVER--(BUSINESS WIRE)--$NEXT #carboncapture--NextDecade Corporation (NextDecade) (NASDAQ: NEXT) and Project Canary announced today the formation of a joint pilot project for monitoring, reporting, and independent third-party measurement and certification of the greenhouse gas (GHG) intensity of liquefied natural gas (LNG) to be sold from NextDecade’s Rio Grande LNG export facility in the Port of Brownsville, Texas.
Project Canary is focused on delivering independent, trusted, continuous emissions monitoring data and related technologies to assess environmental performance across the energy value chain. In its pilot project with NextDecade, the first in the global LNG industry, Project Canary will deploy its TrustWell™ certification process to confirm each element of the natural gas value chain – from the wellhead to the ship at Rio Grande LNG – has achieved low emissions targets and utilized the highest standards of environmental performance and social responsibility. This partnership will enable the development of a responsibly sourced natural gas supply chain from leading producers in the Permian Basin and Eagle Ford Shale and independent, third-party certification of the GHG intensity of LNG.
“NextDecade is committed to working with sustainable producers seeking to supply responsibly sourced natural gas to Rio Grande LNG,” said Matt Schatzman, NextDecade’s Chairman and Chief Executive Officer. “Project Canary’s independent measurement and certification platform will provide transparency and give confidence to our customers who are increasingly focused on securing low greenhouse gas-intensive LNG. Reliable, competitively priced LNG and responsible environmental stewardship are not mutually exclusive, and we are pleased to work with Project Canary to establish a new and higher standard for the supply of low-GHG LNG to markets around the world.”
Last month, NextDecade announced its wholly owned subsidiary, NEXT Carbon Solutions, is developing one of the largest carbon capture and storage (CCS) projects in North America at Rio Grande LNG. NEXT Carbon Solutions’ CCS project at Rio Grande LNG is expected to enable the capture and permanent geologic storage of more than five million tonnes of carbon dioxide (CO2) per year. Combining responsibly sourced gas with the anticipated CO2 emissions reduction associated with NEXT Carbon Solutions’ CCS project is expected to enable Rio Grande LNG to produce the lowest lifecycle GHG LNG on a free-on-board basis and to be the greenest LNG project in the world.
“The differentiated market for responsibly sourced gas is expanding rapidly on a global scale as customers, investors and regulators seek, push for, and reward energy produced with the highest environmental standards,” said Chris Romer, Project Canary Co-Founder and Chief Executive Officer. “We’re proud of the important and growing role we’re playing in putting our independent technologies to work to help our customers and look forward to supporting NextDecade and the companies involved in its natural gas value chain in enhancing environmental performance, ensuring compliance with regulatory standards, and delivering on commercial commitments.”
A Denver-based B-Corp, Project Canary provides emissions monitoring data and related technologies across the energy value chain – from the production, transmission and marketing of responsibly sourced natural gas. Project Canary’s TrustWell™ certification is the premium standard for responsibly sourced gas. Trustwell™ certification, which scores across four primary categories of responsibility – air, water, land, and community – assigns ratings based on independent review and rigorous data analysis and has been involved in over 85 percent of responsibly sourced gas transactions in the United States to date. Project Canary has completed more than 5,500 TrustWell™ certifications, with over 1,000 in process, and by mid-year 2021 will have approximately 400 real-time emissions monitoring units deployed.
About NextDecade Corporation
NextDecade Corporation (NextDecade) is committed to providing the world access to cleaner energy. NextDecade, through its wholly owned subsidiaries Rio Grande LNG and NEXT Carbon Solutions, is developing a 27 mtpa LNG export facility in South Texas along with one of the largest carbon capture and storage projects in North America. The Rio Grande LNG facility is expected to be the largest and greenest U.S. LNG export solution linking Permian Basin and Eagle Ford Shale natural gas to the global LNG market. NextDecade’s common stock is listed on the Nasdaq Stock Market under the symbol “NEXT.” NextDecade is headquartered in Houston, Texas. For more information, please visit www.next-decade.com.
About Project Canary
Project Canary, an International Environmental Standards company based in Denver, Colorado, is a mission-driven B-Corporation (approval pending) accountable to a double bottom line of profit and the social good. Project Canary believes it is possible to create a financially successful, self-sustaining business that “does well and does good.” Project Canary’s goal is to mitigate climate change by helping the energy value chain operate on a cleaner, more efficient, more sustainable basis. Its proven solutions provide real-time emissions monitoring and rigorous independent certification of oil and gas well sites for responsible operations. Project Canary helps organizations collect, manage, operationalize, and benefit from real-time, trusted, and independent environmental data. Project Canary also partners with the Colorado School of Mines Payne Institute to develop a collaborative environment for oil and gas companies and external parties to share best practices and insights garnered through continuous monitoring. For more information, please visit www.projectcanary.com.
NextDecade Forward-Looking Information
This press release contains forward-looking statements within the meaning of U.S. federal securities laws including, in particular, statements about the Company’s private placement of Series C Preferred Stock and the use of proceeds thereof. The words “anticipate,” “contemplate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “might,” “will,” “would,” “could,” “should,” “can have,” “likely,” “continue,” “design” and other words and terms of similar expressions are intended to identify forward-looking statements, and these statements may relate to the business of NextDecade and its subsidiaries. These statements have been based on NextDecade’s current assumptions, expectations, and projections about future events and trends and involve a number of known and unknown risks, which may cause actual results to differ materially from expectations expressed or implied in the forward-looking statements. These risks include uncertainties about progress in the development of NextDecade’s LNG liquefaction and export projects and the timing of that progress; NextDecade’s final investment decision (“FID”) in the construction and operation of a LNG terminal at the Port of Brownsville in southern Texas (the “Terminal”) and the timing of that decision; the successful completion of the Terminal by third-party contractors and an approximately 137-mile pipeline to supply gas to the Terminal being developed by a third-party; NextDecade’s ability to secure additional debt and equity financing in the future to complete the Terminal; the accuracy of estimated costs for the Terminal; statements that the Terminal, when completed, will have certain characteristics, including amounts of liquefaction capacities; the development risks, operational hazards, regulatory approvals applicable to the Terminal’s and the third-party pipeline's construction and operations activities; NextDecade’s anticipated competitive advantage and technological innovation which may render its anticipated competitive advantage obsolete; the global demand for and price of natural gas (versus the price of imported LNG); the availability of LNG vessels worldwide; changes in legislation and regulations relating to the LNG industry, including environmental laws and regulations that impose significant compliance costs and liabilities; NextDecade’s ability to develop and implement carbon capture and storage or similar technology to reduce anticipated carbon emissions from the Terminal; global pandemics including the 2019 novel coronavirus pandemic and their impact on NextDecade’s business and operating results, including any disruptions in NextDecade’s operations or development of the Terminal and the health and safety of NextDecade’s employees, and on NextDecade’s customers, the global economy and the demand for LNG; risks related to doing business in and having counterparties in foreign countries; NextDecade’s ability to maintain the listing of its securities on a securities exchange or quotation medium; changes adversely affecting the business in which NextDecade is engaged; management of growth; general economic conditions; NextDecade’s ability to generate cash; compliance with environmental laws and regulations; the result of future financing efforts and applications for customary tax incentives; and other matters discussed in the “Risk Factors” section of NextDecade’s Annual Report on Form 10-K for the year ended December 31, 2020 and other subsequent reports filed with the Securities and Exchange Commission, all of which are incorporated herein by reference. Additionally, any development of the Terminal remains contingent upon completing required commercial agreements, acquiring all necessary permits and approval, securing all financing commitments and potential tax incentives, achieving other customary conditions and making a final investment decision to proceed. The forward-looking statements in this press release speak as of the date of this release. Although NextDecade believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that the expectations will prove to be correct. NextDecade may from time to time voluntarily update its prior forward-looking statements, however, it disclaims any commitment to do so except as required by securities laws.
Patrick Hughes
This email address is being protected from spambots. You need JavaScript enabled to view it.
+1-832-209-8131
Brian Miller
This email address is being protected from spambots. You need JavaScript enabled to view it.
+1-202-669-3801
NILES, Ill.--(BUSINESS WIRE)--Perma-Pipe International Holdings, Inc. (NASDAQ: PPIH) announced today that it has completed a sale and leaseback transaction with Nash88, LLC, generating $8.7 million in net proceeds.
The property sold consisted of land and buildings in Lebanon, Tennessee related to the coating and fabrication of district heating and cooling piping systems. Perma-Pipe will continue to occupy the facility under an initial fifteen-year lease term, with an option to renew up to an additional twenty years.
At closing $0.4 million was placed in a short term escrow account to cover certain post-closing contingencies that may arise.
“Our objective in the transaction was to raise capital and to reinvest this into the business which will allow us to continue to pursue our planned programs for growth at a time when the future market recovery and operational cash flows are uncertain,” noted President and CEO David Mansfield.
“We have a number of very compelling opportunities to pursue, and the additional funds generated from the transaction will allow us to proceed unhindered by the severe restrictions we have operated under since the start of the pandemic a year ago. We believe that these opportunities will provide a significantly better return on our investment than our previous investment in the Lebanon property,” concluded Mr. Mansfield.
Perma-Pipe International Holdings, Inc.
Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) is a global leader in pre-insulated piping and leak detection systems for oil and gas gathering, district heating and cooling, and other applications. It uses its extensive engineering and fabrication expertise to develop piping solutions that solve complex challenges regarding the safe and efficient transportation of many types of liquids. In total, Perma-Pipe has operations at thirteen locations in six countries.
David Mansfield, President and CEO
Perma-Pipe Investor Relations
(847) 929-1200
This email address is being protected from spambots. You need JavaScript enabled to view it.
BOSTON--(BUSINESS WIRE)--Today, Dr. Vasilis Gregoriou, Chairman and CEO of Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent”), released the following statement commenting on the American Jobs Plan, which was announced on March 31, 2021 by U.S. President Joe Biden.
“Advent Technologies welcomes President Biden’s American Jobs Plan, specifically the country clearly articulating its deepened support for clean energy and stating a goal of 100 percent clean power by 2035.
We also believe that the proposed $174 billion investment towards the EV market is an incredible step in the right direction. The complete electrification of the mobility industry demands that fuel cells, hydrogen, renewable fuels, and batteries work as complementary solutions depending on the application. The American Jobs Plan focus on direct air capture also makes it more likely that synthetic E-fuels can be created in scale and be used in hard to decarbonize applications.
At Advent, we produce fuel cells that convert hydrogen and other renewable fuels to electricity. These technologies will be essential for realizing the goal of 100 percent clean power. Many hard to decarbonize industrial and mobility applications such as combined heat and power, grid and microgrid-level energy storage, aviation, shipping, heavy duty automotive and off-grid applications require zero-emissions fuels such as hydrogen and cannot rely completely on batteries – opening new opportunities for industrial use of hydrogen and fuel cells.
Consequently, it is key that the U.S. increase the private and public sector joint efforts in next-generation fuel cell technology. Advent has recently announced a series of initiatives that will help achieve this goal, including:
We look forward to an accelerated energy transition in the U.S. under President Biden’s leadership; and we remain committed to actively playing our role in decarbonizing the world.”
About Advent Technologies Holdings, Inc.
Advent Technologies Holdings, Inc. is an American corporation that develops, manufactures, and assembles critical components for fuel cells and advanced energy systems in the renewable energy sector. Advent is headquartered in Boston, Massachusetts, with offices in the San Francisco Bay Area and Europe. With 120-plus patents (issued and pending) for its fuel cell technology, Advent holds the IP for next-gen high-temperature proton exchange membranes (HT-PEM) that enable various fuels to function at high temperatures under extreme conditions – offering a flexible ‘Any Fuel. Anywhere’ option for the automotive, maritime, aviation and power generation sectors. www.advent.energy
Advent Technologies
Elisabeth Maragoula
This email address is being protected from spambots. You need JavaScript enabled to view it.
Sloane & Company
Joe Germani / James Goldfarb
This email address is being protected from spambots. You need JavaScript enabled to view it. / This email address is being protected from spambots. You need JavaScript enabled to view it.
SHANGHAI--(BUSINESS WIRE)--$XPEV #Xpeng--XPeng Motors (NYSE: XPEV) today exhibited and kicked off pre-orders for its third production model, the XPeng P5, the world’s first production smart EV equipped with automotive-grade LiDAR technology.
Showcased at the 2021 International Automotive Exhibition in Shanghai today, the P5 family-friendly sedan joins XPeng’s P7 sports sedan and G3 compact SUV to offer a full suite of mobility solutions to customers in China. The P5 builds on the previous models not only in its best-in-class autonomous driving functionality, but also in its third generation tech-enabled smart cockpit features, envisioning the car as a third living space to complement home space and work space.
“We persist in exploring because we are convinced that technology will enrich our lifestyles and bring about a great mobility transformation,” Chairman and CEO Mr. He Xiaopeng said at the press conference. “We believe in the future of autonomous driving, and remain committed to it. Transportation has immense influence on our daily lives and technology is empowering our life choices and propelling a fundamental revolution in mobility.”
NGP autonomous driving – from highways to cities
The P5 will bring Navigation Guided Pilot (NGP) capabilities to city roads for the first time in a production vehicle, powered by XPeng’s full-stack in-house developed autonomous driving system XPILOT 3.5 – the strongest autonomous driving architecture in its class. The new architecture comprises 32 perception sensors (including 2 LiDAR units, 12 ultrasonic sensors, 5 millimeter-wave radars, and 13 high-definition cameras) and 1 high-precision positioning unit (GNSS + IMU), integrated into 360° dual-perception fusion to handle challenging and complex road conditions.
With its double-prism LiDAR units, the P5 can distinguish pedestrians, cyclists and scooters, static obstacles, and road works, and extend the NGP function from highways to city driving, dealing with cutting-in, automatic following and speed limit optimization on urban roads, traffic lights and small objects.
“The P5 realizes our vision of navigation-assisted autonomous driving, aiming to liberate the driver’s concentration and effort from the drudgery of manual driving,” Chairman He continued. “We seek to enable autonomous driving in all weathers and in the most challenging driving conditions.”
Third generation cockpit, third space
This third generation smart EV also brings to customers a 3rd generation cockpit with a new level of rich and customizable features – a third space extension to home and office, enabled by all-voice assistance and powerful connectivity. The P5’s Xmart OS 3.0, the latest generation of XPeng’s in-car operation system, supports full-scenario all-voice interaction. The P5 is also the first vehicle in its class to deploy Qualcomm’s Snapdragon flagship SA8155P auto-grade computing platform, 3 times more powerful than the previous generation.
The P5’s interior space is the largest among A+ category sedans. Pioneering the third-generation smart cockpit, the P5 boasts fully-reclining front seat design, optimizing interior space to create a comfortable sleep mode. For a private screening experience, cinema mode is also available through the optional full-width projection screen, with karaoke and multimedia entertainment options. Additional comfort and lifestyle features include a capacious 18L refrigerator, and full 220v power for accessories and third-party devices.
P5 delivery expected 4Q 2021
XPeng P5 is expected to start delivery in the fourth quarter of 2021 with reservations starting on 19 April. Early bird customers will be entitled for lifetime free charging and supercharging services.
The P5 will bring a whole new level of lifestyle experience for our customers in conjunction with a whole range of new possibilities in mobility.
Traveler X1 flying vehicle, a future mobility pioneer
Also showcased at the Shanghai Auto Show is the Traveler X1, the latest innovation in personal manned flying vehicle by the XPeng Heitech brand. In its eight years of development, the airborne vehicle technology has already gone through four technical iterations of three models, accumulating over 15,000 safe manned flights. It takes XPeng’s commitment to expanding the boundaries of mobility into a new dimension.
The Traveler X1 is currently intended mainly for scenarios such as personal aerial flights, emergency rescue, and aerial sightseeing. Energized by its commitment to innovation and intelligence-led development, XPeng will continue to explore new possibilities in mobility, and to expand the range of transportation possibilities in multiple dimensions.
“Our multi-dimensional approach to innovation demonstrates our readiness to break the traditional limits of driving and transportation, and create new solutions,” Chairman He concluded. “Our new generation of intelligent vehicles and our superlative intelligent driving architecture are the bases for the next cycle of innovation, promising even more exciting developments ahead.”
For the P5 images and video: XPeng P5 Google Drive
About XPeng
XPeng Inc. is a leading Chinese smart electric vehicle company that designs, develops, manufactures, and markets Smart EVs that appeal to the large and growing base of technology-savvy middle-class consumers in China. Its mission is to drive Smart EV transformation with technology and data, shaping the mobility experience of the future. In order to optimize its customers’ mobility experience, XPeng develops in-house its full-stack autonomous driving technology and in-car intelligent operating system, as well as core vehicle systems including powertrain and the electrification/electronic architecture. XPeng is headquartered in Guangzhou, China, with offices in Beijing, Shanghai, Silicon Valley, and San Diego. The Company’s Smart EVs are manufactured at plants in Zhaoqing and Zhengzhou, located in Guangdong and Henan provinces, respectively. For more information, please visit https://en.xiaopeng.com.
For Media Enquiries:
Marie Cheung, XPeng Inc. +852-9750-5170 or +86-1550-7577-546 This email address is being protected from spambots. You need JavaScript enabled to view it.
CarbonCure selected as most scalable breakthrough technology to convert CO2 emissions into useable products.
HALIFAX, Nova Scotia--(BUSINESS WIRE)--CarbonCure Technologies, a Canadian company that develops clean tech solutions for the concrete industry, has been named one of two winners in the USD $20 million NRG COSIA Carbon XPRIZE. Each winner takes home a USD $7.5 million grand prize.
The NRG COSIA Carbon XPRIZE is a global competition that took place in three rounds over 54 months. It challenged participants to develop breakthrough technologies to convert carbon dioxide (CO₂) emissions into usable products — with the ultimate goal of tackling climate change. CarbonCure became one of 38 shortlisted contenders for the Carbon XPRIZE in 2015 and in 2020 completed its final technology demonstration in Alberta, Canada.
“Climate change can seem like an insurmountable challenge. Team CarbonCure and our fellow Carbon XPRIZE contenders have demonstrated that the challenge is surmountable and that we have the solutions available today to create meaningful change,” said Jennifer Wagner, CarbonCure President and leader of Team CarbonCure. “The prize money will be used to accelerate our path to our mission of reducing 500 million tonnes of carbon emissions annually by 2030. We’re also committing to build an XPRIZE legacy by investing a portion of the prize funds into social equity initiatives.”
CarbonCure’s XPRIZE project aimed to decarbonize the carbon-intensive process of concrete production. The almost five-year competition showcased the portfolio of CarbonCure’s technologies, in addition to completing the world’s first integrated CO2 capture project from cement kiln emissions with beneficial reuse in concrete production. The final round introduced CarbonCure’s newest commercial technology focused on carbonating reclaimed water — the wastewater generated at concrete plants — to enable the production of concrete with a reduced water, cement, and carbon intensity.
“Buildings are the source of 40 percent of the world’s annual greenhouse gas emissions. The world’s building stock is expected to double by 2060 so it’s vital that solutions like CarbonCure’s scale quickly,” said Marcius Extavour Executive Director of the Carbon XPRIZE and VP of Climate and Energy for the XPRIZE Foundation. “CarbonCure’s solution for the concrete industry exemplifies XPRIZE’s ideal innovation — it is effective, commercially viable, and scalable — and it can make a real difference to climate change today.”
The use of CO2 in concrete is expected to become a USD $400 billion market opportunity so solutions like CarbonCure’s are both very timely to respond to climate targets and represent an attractive economic opportunity for heavy industry.
CarbonCure was established in Nova Scotia, Canada, in 2012 and its innovative concrete solution is now used in more than 300 concrete plants around the world. To date, producers have supplied nearly 10 million cubic yards of CarbonCure concrete to a wide range of project types. The company is on a mission to reduce embodied carbon in the built environment by 500 million tonnes annually by 2030.
“Governments are setting net-zero emissions targets, yet embarking on once-in-a-generation infrastructure renewal projects to restart the economy. Canadian companies like CarbonCure are helping the global construction industry with the critical challenge of managing embodied CO2 in building and infrastructure projects, by turning concrete into a climate solution,” said Catherine McKenna, Minister of Infrastructure and Communities in the Government of Canada. “Winning the Carbon XPRIZE demonstrates CarbonCure’s world-leading position as a negative emission and low-carbon concrete solution.”
Learn more about CarbonCure and the other NRG COSIA Carbon XPRIZE participants at carbon.xprize.org. See here for a media kit with additional resources.
About CarbonCure
Architects, structural engineers, owners and developers are seeking proven ways to reduce the embodied carbon of their building projects. Recognizing concrete as a solution, CarbonCure Technologies, a fast-growing, clean tech company, has developed an easy-to-adopt technology that enables concrete producers to use captured carbon dioxide to produce reliable, low-carbon concrete mixes and achieve market differentiation. Available from hundreds of concrete plants, more than one million truckloads of CarbonCure-based mixes have supplied a wide range of sustainable construction projects around the world. CarbonCure’s investors include Breakthrough Energy Ventures, Amazon, BDC Capital, Pangaea, Microsoft, 2150, Carbon Direct, GreenSoil Investments, Taronga Group, and Mitsubishi Corporation.
About XPRIZE
XPRIZE, a 501(c)(3) nonprofit organization, is the global leader in designing and implementing innovative competition models to solve the world’s grandest challenges. Active competitions include the $20 Million NRG COSIA Carbon XPRIZE, the $10 Million Rainforest XPRIZE, the $10 Million ANA Avatar XPRIZE, the $5 Million IBM Watson AI XPRIZE, $5 Million XPRIZE Rapid Reskilling, $5 Million XPRIZE Rapid COVID Testing, and $500K Pandemic Response Challenge. For more information, visit xprize.org.
About NRG
NRG is the leading integrated power company in the U.S., built on the strength of our diverse competitive electric generation portfolio and leading retail electricity platform. A Fortune 500 company, NRG creates value through best in class operations, reliable and efficient electric generation, and a retail platform serving residential and commercial businesses. Working with electricity customers, large and small, we implement sustainable solutions for producing and managing energy, developing smarter energy choices and delivering exceptional service as our retail electricity providers serve almost three million residential and commercial customers throughout the country. More information is available at www.nrg.com. Connect with NRG Energy on Facebook and follow us on Twitter @nrgenergy.
About COSIA
Canada’s Oil Sands Innovation Alliance (COSIA) is a unique alliance of oil sands producers focused on accelerating environmental performance in Canada’s oil sands. COSIA enables collaboration and innovation between big thinkers from industry, government, academia and the wider public to improve measurement, accountability and performance in the oil sands across our environmental priority areas of greenhouse gases, land, water and tailings. COSIA members search the world for solutions to our toughest problems. And we have some of the best minds on the planet working on technologies to enable responsible and sustainable development. To date, COSIA has shared 981 distinct environmental technologies and innovations that cost over $1.4 billion to develop. Visit us at www.cosia.ca.
Pal Hollywood
Sterling Communications
This email address is being protected from spambots. You need JavaScript enabled to view it.
(408)-355-9880
Focus on employment of women and underrepresented talent ensures ongoing effectiveness of human capital management practices as part of Environmental, Social and Governance (ESG) efforts
DAVIDSON, N.C.--(BUSINESS WIRE)--Ingersoll Rand Inc., a global provider of mission-critical flow creation and industrial solutions, further advances its environmental, social and governance (ESG) journey with the launch of 2025 diversity, equity and inclusion (DE&I) goals. Ingersoll Rand will increase the hiring and retention of women and underrepresented talent; bolster growth and equal opportunity actions, and increase employees’ sense of belonging, among other opportunities to advance DE&I initiatives.
“I am proud our value of fostering inspired teams is driving a culture that cultivates a sense of belonging, empowerment and respect for employees across the globe,” said Vicente Reynal, Ingersoll Rand CEO. “I also recognize this is hard work and will take time. We continue to leverage the Ingersoll Rand Execution Excellence (IRX) IDM process to accelerate our DE&I growth objectives, as we do every other critical initiative in our company. We’re bringing the same intentionality and thoughtfulness to our culture that we bring to every other important part of our business, to ensure everyone can bring their most talented selves to work.”
Ingersoll Rand commits to making a positive impact on our shared planet with these 2025 diversity, equity and inclusion goals:
A participant in the CEO Action for Diversity & Inclusion pledge since 2019, Ingersoll Rand’s Board of Director members are 50% diverse in gender or ethnicity, and executive management team is more than 40% ethnic diversity, including Indian, Hispanic and Middle Eastern. In 2020, the company introduced its powerful initiative called “Lean into Change” where employees from across the company participated in culturally sensitive conversations with trust and transparency. Profiles in Diversity Journal recognized this Ingersoll Rand initiative with a Top 10 Innovations in Diversity Award.
“We know a company culture of belonging correlates with more positive career outcomes and heightened customer satisfaction and growth,” said Jenny Clemente, global director of Diversity, Equity and Inclusion at Ingersoll Rand. “To ensure that culture takes root, we strive to engage everyone in our efforts to build stronger global connections, advocate for positive change and pursue a more inclusive culture that sparks innovation, creativity and engagement from our employees.”
The company will drive accountability and progress through IRX, and provide transparency on progress through its annual Sustainability Report. Ingersoll Rand’s 2020 Sustainability Report is scheduled to be released in May 2021. For more information about Ingersoll Rand inclusion groups and DE&I information, please visit: https://www.irco.com/en-us/company/at-our-core/diversity-and-inclusion.
About Ingersoll Rand Inc.
Ingersoll Rand Inc. (NYSE:IR), driven by an entrepreneurial spirit and ownership mindset, is dedicated to helping make life better for our employees, customers and communities. Customers lean on us for our technology-driven excellence in mission-critical flow creation and industrial solutions across 40+ respected brands where our products and services excel in the most complex and harsh conditions. Our employees develop customers for life through their daily commitment to expertise, productivity and efficiency. For more information, visit www.IRCO.com.
Media:
Misty Zelent
This email address is being protected from spambots. You need JavaScript enabled to view it.
Investors:
Christopher Miorin
This email address is being protected from spambots. You need JavaScript enabled to view it.
Former BMW and Deutsche Bank CFO brings decades of international business experience to the California-based 3D printing startup ahead of its public market debut
CAMPBELL, Calif.--(BUSINESS WIRE)--VELO3D Inc., a leader in additive manufacturing (AM) for high-value metal parts, today announced the appointment of renowned business leader Stefan Krause to the company’s board of directors as audit committee chair.
With more than 30 years of experience working at some of the most recognizable and successful companies in the world, Krause has built a singular career that previously included a chief financial officer (CFO) role at BMW – where he was the youngest ever to hold the position and a member of the management board. Krause then took on a similar role at Deutsche Bank, earning himself a reputation as one of the world’s top CFOs. He also previously served as chairman of Rolls Royce Motorcars, Postbank AG and BHF Bank. He has been in the supervisory boards of Rocket Internet and Allianz AG.
Krause has also been involved with multiple startups during his career and has been CEO and co-founder of electric vehicle maker Canoo.
“Stefan’s international business background, his expertise in branding and go-to-market strategy and his deep experience managing public companies make him a welcome and valuable addition to our board as VELO3D prepares for life as a public company,” said Benny Buller, founder and CEO, VELO3D. “His presence will help VELO3D continue our accelerated growth at scale and speed adoption of our full-stack metal AM solution, freeing the most imaginative engineers on the planet to build the impossible.”
Last month VELO3D announced plans to merge with JAWS Spitfire Acquisition Corporation (NYSE: SPFR) and become a public company.
The company also previously announced a U.S.-wide distribution partnership with GoEngineer, and has said it plans to expand commercial operations in Europe, while establishing strategic partnerships in both Europe and Asia, demonstrating the company’s focus on supporting visionary aviation, energy, space and industrial customers all over the world. Current customers include Chromalloy, Honeywell, Lam Research, and Primus Aerospace.
“With truly unique capabilities setting it apart from others in the AM space, VELO3D is actually delivering on 3D printing’s previously unfulfilled promise of innovation and design freedom,” said Krause. “This is due to a relentless focus on pushing the limits of manufacturing technology and helping customers design and build the parts they need without compromise. I’m looking forward to working with Benny and the team to help companies become more agile and innovate faster.”
Earlier this year VELO3D was named to Fast Company’s 2021 list of the world’s most innovative companies, among the top ranked in the manufacturing category for their profound impact on the 3D printing industry.
To learn more about how VELO3D empowers engineers and designers to imagine more, and additively manufacture nearly anything, follow VELO3D on LinkedIn or visit Velo3D.com.
About VELO3D
VELO3D empowers companies to imagine more and additively manufacture nearly anything. Bringing together an integrated, end-to-end solution of software, hardware, and process-control innovation, VELO3D’s technology for 3D metal printing delivers unparalleled quality control for serial production and enhanced part performance. With VELO3D Flow™ print preparation software, Sapphire® laser powder bed AM system and Assure™ quality assurance software, manufacturers can accelerate product innovation, become more agile and responsive to market needs and reduce costs. First in the industry to introduce SupportFree metal 3D printing, which allows for the manufacture of previously impossible geometries, the company is based in Silicon Valley and is privately funded. VELO3D was named to Fast Company’s prestigious annual list of the World’s Most Innovative Companies for 2021. For more information, follow on LinkedIn or visit Velo3D.com.
VELO3D:
Andrew Flick
This email address is being protected from spambots. You need JavaScript enabled to view it.
CHICAGO--(BUSINESS WIRE)--In order to sustain improved reliability for families and businesses in the face of more frequent and severe storms and support Illinois’ transition to 100 percent clean and renewable energy, ComEd today requested an increase of $51 million in electricity distribution charges in 2022, which would add 20 cents to the average monthly bill for residential customers.
This year’s Formula Rate Update filing marks ComEd’s first request for a distribution rate increase in four years. It begins an eight-month process during which the Illinois Commerce Commission (ICC), Illinois Attorney General, Citizens Utility Board and others will review ComEd’s actual costs for 2020 and expected investments for 2021. All capital expenditures and costs must be found to be prudent and reasonable before being included in customer rates that take effect in January 2022, subject to approval by the ICC.
“Making the power grid more resilient to severe storms, able to charge fleets of electric vehicles and maintain superior reliability as we bring more renewable energy onto the system requires thoughtful investment,” said ComEd CEO Joe Dominguez. “The cost of not making these investments is far greater. We’ve seen severe weather events in the last nine months lead to catastrophic grid failures in California and Texas. Last August, we restored power to more than half a million customers within 24 hours, record time, following the unprecedented derecho storm and 13 tornadoes that hit our region. If not for the smart grid investments we’ve made, that storm would have caused nearly twice as many interruptions and restoration would have taken two weeks, as it did in parts of Iowa that were hit by the same storm.”
ComEd’s investments to improve grid reliability and performance create jobs and drive economic investment, including creating opportunities for diverse suppliers in local communities. A report to the ICC this week shows ComEd spent a record $894 million – or 42 percent of its total supplier spend – with minority- and woman-owned businesses in 2020, bringing its total spend with diversity-certified suppliers to $5.5 billion since 2012.
ComEd’s distribution rate increase of about 20 cents per month will support investments to expand access to clean energy through private and community solar and support the growing demand among motorists and fleet vehicle managers for electric vehicles. The utility is also in a multi-year program to increase customer savings through Voltage Optimization technology, which is creating up to 2 percent in annual energy savings for an average customer. Investments are also being made in advanced communications and wireless technology to enable an array of smart city technologies that monitor air quality, traffic and parking; as well as smart streetlights, flooding detection, and intelligent waste management.
ComEd also submitted today to the Federal Energy Regulatory Commission (FERC) a Formula Rate Update request calling for a monthly increase of about 70 cents for transmission services, which are included in customers’ electricity supply charges. The increase reflects costs of expanding power capacity to meet the needs of towns and cities, support highway construction, as well as wind and solar development. Demand for new transmission capacity is also driven by a growing data center sector, which places a high priority on ComEd’s reliability performance, competitive electric rates and access to 100 percent renewable energy sources through the competitive market in Illinois.
If approved, the increase in distribution and the transmission services charge would bring the total average monthly bill for ComEd residential customers to about $83, which would be lower than customer bills in 2008. This includes a net increase of about 70 cents for energy supply based on the spring energy procurement that was approved by the ICC on April 9.
ComEd’s average residential rates are 17 percent lower than rates in the 10 largest U.S. metropolitan areas according to the most recent survey by the Edison Electric Institute. ComEd’s average commercial rates are 18 percent lower than rates in the top 20 largest U.S. metropolitan areas. ComEd’s energy efficiency program has helped, saving customers more than $5.3 billion on energy bills since 2008. Total bills include energy supply, which accounts for almost half of the monthly bill, and ComEd passes these costs along to customers without profit or markup.
Recognizing that many Illinois families continue to be adversely affected by economic challenges resulting from the COVID-19 pandemic, ComEd recently increased financial assistance funding by $9 million with the approval of the ICC to help customers regain their financial footing. ComEd increased the amount of funds available to provide more one-time bill credits of up to $500, until funds were exhausted. Credits were available to eligible residential customers who had outstanding balances or were looking to reconnect their electric service. Through June 30, 2021 ComEd offers extended payment arrangements, which allow eligible customers facing financial hardship to spread outstanding balances over 18 monthly installments with no money down. All other eligible residential customers with outstanding balances can enroll in an 18-month payment plan with a 10-percent down payment through June 30, 2021.
ComEd is a unit of Chicago-based Exelon Corporation (NASDAQ: EXC), a Fortune 100 energy company with approximately 10 million electricity and natural gas customers – the largest number of customers in the U.S. ComEd powers the lives of more than 4 million customers across northern Illinois, or 70 percent of the state’s population. For more information visit ComEd.com and connect with the company on Facebook, Twitter, Instagram and YouTube.
ComEd Media Relations
312-394-3500
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.