SAN RAMON, Calif.--(BUSINESS WIRE)--The United States Court of Appeals for the Second Circuit today affirmed multiple findings of civil contempt against disbarred attorney Steven Donziger, effectively bringing to a close his campaign to profit from the fraudulent Ecuadorian judgment he procured in violation of the Racketeer Influenced and Corrupt Organizations (“RICO”) Act.
As the Second Circuit today observed, it has been finally adjudicated that Donziger “fraudulently procured the Ecuadorian Judgment against Chevron through a pattern of racketeering activity.” The court also noted “Donziger, among other things, bribed the presiding judge to enter a judgment in his clients’ favor in exchange for $500,000 of the judgment’s proceeds; coerced the court to appoint a hand-picked expert whom Donziger paid for favorable testimony; and ghost-wrote the Ecuadorian Judgment.” In 2020, the New York Appellate Division, First Department, disbarred Donziger for “egregious professional misconduct, namely, corruption of a court expert and ghostwriting his report, obstruction of justice, witness tampering, and judicial coercion.”
In today’s ruling, the Second Circuit agreed with “the district court’s conclusions that Donziger acted in contempt of the Injunction that resulted from the RICO Judgment in numerous ways,” including Donziger’s failure to transfer his interest in the fraudulent Ecuadorian judgment to Chevron, transferring a portion of his interest in the judgment in exchange for personal services, transferring and dissipating his assets in violation of his obligations as a judgment debtor, and disregarding discovery orders. The court noted that for the most part Donziger did “not even attempt to challenge the district court’s findings of his contumacious conduct.” The court reversed other aspects of the district court’s rulings and remanded the case to the district court for determination of the amount of fees Donziger owes Chevron.
The decision rejects Donziger’s attempts to circumvent the RICO judgment. The Second Circuit ruled that, going forward, Donziger “can no longer sell any interests in the Ecuadorian Judgment for any reason, and use the proceeds for his benefit . . . or profit from such sales in any way whatsoever.” The court also upheld the district court’s award of costs against Donziger, because “costs were sought in a litigation in which Donziger has been found liable for engaging in a pattern of racketeering involving corruption of a foreign judiciary resulting in a multi-billion dollar judgment.” The decision acknowledged “the district court’s thorough and fully persuasive fact findings and legal conclusions, which [the Second Circuit] ha[s] already affirmed in full, establishing Donziger’s violations of law and ethics that added up to a pattern of racketeering in violation of the RICO statute.”
U.S. courts are not alone in condemning the Ecuadorian litigation against Chevron. In a separate proceeding, an international tribunal in The Hague previously ruled that the Ecuadorian judgment was procured by the plaintiffs’ legal team through egregious fraud and corruption and is therefore unenforceable under international law. The international tribunal further rejected the environmental allegations against Chevron, holding that the corrupt Ecuadorian judgment was based on environmental claims that had been already settled and released by the Republic of Ecuador years earlier following the successful completion of an environmental remediation carried out under the supervision and with the approval of the Republic of Ecuador.
All efforts to enforce the fraudulent Ecuadorian judgment outside of Ecuador have been rejected. Today’s decision further vindicates Chevron’s position in this long-running dispute.
Chevron Corporation is one of the world’s leading integrated energy companies. Through its subsidiaries that conduct business worldwide, the company is involved in virtually every facet of the energy industry. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants; manufactures and sells petrochemicals and additives; generates power; and develops and deploys technologies that enhance business value in every aspect of the company’s operations. Chevron is based in San Ramon, Calif. More information about Chevron is available at www.chevron.com.
Contact: Sean Comey, +1-925-842-5509
TUCSON, Ariz.--(BUSINESS WIRE)--#electricvehicles--Sion Power®, a technology leader in high-energy, lithium-metal rechargeable batteries, announces ground-breaking advancements in its Licerion® Electric Vehicle (EV) cell, measuring 400 Wh/kg, 700 Wh/L in a large format 17 Ah pouch cell. Licerion-EV is being designed for electric vehicle applications, focusing on high energy density, increased cycle life, safety, and fast charging capability.
Sion Power is producing up to 17 Ah Licerion-EV cells at its facility in Tucson, Arizona, by stacking electrodes with an approximate size of 100 mm x 100 mm on its pilot systems. Scaling to useful cell sizes is a challenge for high-energy battery technologies. Sion Power has successfully accomplished that scaling process. Both 17 Ah and 6 Ah Licerion-EV cells are routinely produced on the Sion Power pilot line and are undergoing third-party validation tests.
“Less than a year ago, Sion Power had demonstrated this technology on a 1.8 Ah cell. Today we have proven the results on large format cells,” says Dr. Urs Schoop, Chief Technology Officer for Sion Power. Dr. Schoop goes on to say that, “Although we have seen many high-energy battery companies in the news, few of them claim to produce cells in high-capacity commercial sizes.”
Licerion-EV technology developed by Sion Power is unique by using metallic lithium on the anode to deliver a combination of high energy per weight and volume as well as meeting the future automotive requirements for fast charge capability, power delivery, long cycle life, and safety.
About Sion Power
Backed by industry-leading experience in battery development, Sion Power advances the rechargeable battery industry with its Licerion® technology. Licerion is an advanced approach to lithium-metal batteries containing twice the energy in the same size and weight battery, as is found in a traditional lithium-ion battery. Licerion batteries enable technology for many growth markets such as electric vehicles (EV) and various aerospace applications. Headquartered in Tucson, Arizona, Sion Power is a privately held, vertically integrated organization with over 470 international patents and patent applications. Visit Sion Power on the web at www.sionpower.com or follow on LinkedIn.
Angela Kliever
520-799-7615
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NEW YORK--(BUSINESS WIRE)--RIC Energy (RIC) and Goldman Sachs Renewable Power LLC (GSRP) have announced a partnership to develop a portfolio of solar projects in New York. Under this partnership, GSRP will acquire 47 megawatts (MW) of community solar facilities located in upstate New York from RIC.
“We are extremely excited to be working with the very capable team at GSRP to help foster the renewable energy transition and achieve New York State’s renewable energy goals while providing quality jobs to upstate communities,” said Jonathan Rappe, CEO of RIC Energy USA. “We hope to be able to further leverage our expertise in project development with the added support from GSRP.”
The nine facilities involved are located throughout National Grid and NYSEG service areas and will generate bill credits to be sold directly to the utilities’ customers, allowing nearly 10,000 households to support clean, local and sustainable energy production.
“A tremendous amount of effort has gone into these projects in working with municipalities to ensure that we are maximizing the ecological and economic benefit to the host communities while minimizing the impact,” said Ivaylo Tomchev, Director of Project Development at RIC. “We are thrilled to be working with an investment partner who understands this dynamic well and is as committed as we are to preserving that balance.”
For more information on RIC Energy, visit www.Ric.Energy.
About RIC Energy
RIC Energy is a leading renewable energy project developer focused on delivering renewable energy and energy storage facilities throughout the United States at the community scale. It is affiliated with the global RIC Energy Group, which also provides engineering, construction, financing and operational expertise across the renewable energy value chain and throughout the world. Please visit www.ric.energy for more info.
About Goldman Sachs Renewable Power LLC
Goldman Sachs Renewable Power LLC is a privately held company managed by the Renewable Power Group of Goldman Sachs Asset Management (GSAM). GSRP is the sponsor of more than 800 solar projects across 27 U.S. states that collectively have a capacity of more than 2.3 gigawatts of clean, renewable power. GSAM’s Renewable Power Group is comprised of investment professionals with leading industry expertise across transaction sourcing, financial analysis, power markets and physical asset analysis and operations. The team takes a long-term ownership approach to the operations and management of renewable assets and benefits from Goldman Sachs’ extensive network of relationships, leading institutional infrastructure and in-house industry knowledge and experience. The Renewable Power Group is part of GSAM, one of the world’s leading asset managers with approximately $2.0 trillion in assets under supervision globally as of December 31, 2020.
Erin Kelly - 984-244-0176
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ROSEMONT, Ill.--(BUSINESS WIRE)--Wynnchurch Capital, L.P. (“Wynnchurch”) announced today that it has acquired Northern Wholesale Supply, LLC ("NWS" or the “Company”). NWS is a leading distributor of marine and RV accessories. Founded in 1984, NWS is an industry leader providing an all-encompassing suite of over 30,000 parts and accessories. The Company also maintains a proprietary products division (primarily comprised of its Extreme Max® product line) to address unmet customer demand. NWS currently serves its customers throughout the U.S. from its headquarters in Hugo, Minnesota.
“Delivering industry-leading service to all of our customers has always been and will continue to be our top priority. I am excited to have found the perfect partner with Wynnchurch as we continue that mission,” said Nick Gargaro, CEO of NWS. Nick added, “Wynnchurch has taken the time to intimately understand our company and give us the flexibility we need in order to continue our success. We are excited to partner with them to take NWS into its next phase of growth.”
John Hatherly, Managing Partner at Wynnchurch, said, “NWS has built an outstanding reputation over the past 36 years. We are fortunate to partner with Nick Gargaro and his team to continue to grow the NWS platform.” Brian Riordan, Principal at Wynnchurch, added, “We are excited to partner with NWS to build on the Company’s history of success. We believe that their focus on providing customers with industry leading product breadth, availability, and service positions NWS to be an attractive platform for growth.”
Wynnchurch is actively seeking investment opportunities for its $2.277 billion Fund V. In September, Wynnchurch made its first Fund V platform equity investment when it acquired Labrie Environmental Group, a leading manufacturer of refuse collection vehicles across North America. Other recent Wynnchurch investments include: The Wheel Group, a leading designer and distributor of branded aftermarket wheels, specialty tires and related accessories; and Drew Foam Companies, a leading manufacturer of custom fabricated and molded expanded polystyrene products.
Northern Wholesale Supply, LLC:
Founded in 1984, Northern Wholesale Supply, LLC is a leading provider of RV and marine parts and accessories, selling over 30,000 products to hundreds of customers throughout the United States. The Company also maintains a proprietary products division (primarily comprised of its Extreme Max® product line) to address unmet customer demand. NWS is currently headquartered in Hugo, Minnesota.
About Wynnchurch Capital:
Wynnchurch Capital, L.P., headquartered in the Chicago suburb of Rosemont, Illinois, with an office in California and an affiliate in Canada, was founded in 1999, and is a leading middle-market private equity investment firm. Wynnchurch's strategy is to partner with middle market companies in the United States and Canada that possess the potential for substantial growth and profit improvement. Wynnchurch manages a number of private equity funds with $4.2 billion of committed capital under management and specializes in recapitalizations, growth capital, management buyouts, corporate carve-outs and restructurings. For more information, please visit: https://www.wynnchurch.com.
John Hatherly
Managing Partner
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847-604-6100
Brian Riordan
Principal
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847-604-6100
Ben Cherry
Associate
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847-604-6100
CASPER, Wyo. & LEAWOOD, Kan.--(BUSINESS WIRE)--Bridger Pipeline LLC and Seahorse Pipeline, LLC, a subsidiary of Tallgrass Energy, LP, today announced an open season for joint tariff transportation service from the Williston Basin and local tariff transportation service from Guernsey, Wyo., to Midcontinent and Texas destinations. Crude oil transportation capacity will be determined based upon the results of the open season, with service anticipated to commence by June 1, 2021.
Prospective shippers may review details of the open season after executing a confidentiality agreement obtained by contacting Matt Hester at This email address is being protected from spambots. You need JavaScript enabled to view it. or Kevin Kaiser at This email address is being protected from spambots. You need JavaScript enabled to view it..
About Bridger Pipeline LLC and its affiliated pipeline companies
Bridger, Belle Fourche, and Butte, part of the True companies and headquartered in Casper, Wyo., provide crude oil pipeline transportation primarily in the Williston Basin and Powder River Basin regions. Bridger owns and operates approximately 1,900 miles of gathering and trunk line pipeline infrastructure that transports crude oil from and to locations in the states of Montana, North Dakota, and Wyoming. Belle Fourche owns and operates approximately 3,000 miles of gathering and trunk line pipeline infrastructure that transports crude oil from and to locations within the states of Montana, North Dakota, and Wyoming. Butte owns and operates approximately 360 miles of trunk line pipeline infrastructure that transports crude oil from locations in Montana to locations in Wyoming.
About Tallgrass Energy
Tallgrass Energy, LP is a growth-oriented midstream energy infrastructure company operating across 11 states with transportation, storage, terminal, water, gathering, and processing assets that serve some of the nation’s most prolific crude oil and natural gas basins.
To learn more, please visit us at www.tallgrassenergy.com.
Cautionary Note Concerning Forward-Looking Statements
Disclosures in this press release contain forward-looking statements. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that management expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include the date service offered in the open season is anticipated to commence. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Tallgrass, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements, and other important factors that could cause actual results to differ materially from those projected, including those set forth in reports and financial statements made available by Tallgrass. Any forward-looking statement applies only as of the date on which such statement is made, and Tallgrass does not intend to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.
Tallgrass Energy
Investor and Financial Inquiries
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or
Media and Trade Inquiries
Phyllis Hammond, 303-763-3568
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Bridger Pipeline
Bill Salvin (media), 480-363-3941
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DUBLIN--(BUSINESS WIRE)--The "Renewable Energy Monitor" newsletter has been added to ResearchAndMarkets.com's offering.
REM covers information across all main renewable energy sources, including onshore and offshore wind, solar, geothermal, biomass, biofuels, hydro, wave, tidal and marine.
It also gives insight into new and developing technologies such as algal biofuels and advanced storage, keeping customers abreast of the latest updates and innovations relevant to any of the above sectors.
REM aims to alert readers and investors on the latest large-scale projects and IPOs, giving balanced coverage of potential global opportunities for investors and companies along the renewable energy supply chain.
In the renewables industry, policy can often dictate the fate of successful projects and investment - REM aims to provide detailed commentary and the latest news on regional issues and decision-making, from a supra-national level such as the European Commission, to national guidance such as the US EPA or Japan's METI.
REM is fully digital publication and can be read via PDF, PageSuite or via the NewsBase App.
Key Topics Covered:
Sample Table of Contents
For more information about this newsletter visit https://www.researchandmarkets.com/r/oeranx
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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FRAMINGHAM, Mass.--(BUSINESS WIRE)--#efficiency--Ameresco, Inc., (NYSE: AMRC), a leading clean technology integrator specializing in energy efficiency and renewable energy, today announced the pricing of its underwritten public offering of 3,200,000 shares of its Class A common stock at a public offering price of $44.00 per share. The offering consists of 2,500,000 shares offered by Ameresco and 700,000 shares offered by certain selling stockholders. The underwriters have the option to purchase up to 375,000 additional shares from Ameresco and up to 105,000 additional shares from a certain selling stockholder at the public offering price, less the underwriting discount, to cover overallotments, if any. The gross proceeds to Ameresco from the offering, before deducting underwriting discounts and commissions and offering expenses payable by Ameresco, are expected to be approximately $110.0 million. Ameresco will not receive any proceeds from the sale of the shares by the selling stockholders. The offering is expected to close on March 9, 2021, subject to the satisfaction of customary closing conditions.
BofA Securities and Oppenheimer & Co. Inc. are acting as lead joint book-running managers and representatives of the underwriters for the offering. Baird, Canaccord Genuity, Guggenheim Securities and William Blair are also acting as joint book-running managers for the offering. Roth Capital Partners and Craig-Hallum are acting as co-managers for the offering.
Ameresco intends to use the net proceeds from this offering to repay in full the outstanding U.S. dollar balance under its revolving senior secured credit facility and for general corporate purposes, including potential tack on acquisitions, working capital and capital expenditures.
The shares are being offered pursuant to a shelf registration statement on Form S-3ASR, which became automatically effective upon filing with the Securities and Exchange Commission (SEC) on March 4, 2021.
This offering is being made only by means of a prospectus and prospectus supplement that form a part of the registration statement. A preliminary prospectus supplement relating to and describing the terms of the offering has been filed with the SEC and is available on the SEC’s website at www.sec.gov. The final prospectus supplement relating to the offering will be filed with the SEC. Copies of the final prospectus supplement, when available, and the accompanying prospectus relating to the offering may also be obtained by contacting: BofA Securities, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC 28255-0001, Attention: Prospectus Department, or by email at This email address is being protected from spambots. You need JavaScript enabled to view it.; or Oppenheimer & Co. Inc., Attention: Syndicate Prospectus Department, 85 Broad St., 26th Floor, New York, NY 10004, by telephone at (212) 667-8055 or by email at This email address is being protected from spambots. You need JavaScript enabled to view it..
This press release shall not constitute an offer to sell, or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Ameresco, Inc.
Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading independent clean technology integrator of comprehensive services, energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions for businesses and organizations throughout North America and Europe. Ameresco’s sustainability services include upgrades to a facility’s energy infrastructure and the development, construction and operation of renewable energy plants. Ameresco has successfully completed energy saving, environmentally responsible projects with Federal, state and local governments, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco has more than 1,000 employees providing local expertise in the United States, Canada, and the United Kingdom. For more information, visit www.ameresco.com.
Forward-Looking Statements
Any statements in this press release about future expectations, plans and prospects for Ameresco, Inc., including statements about the timing and completion of the public offering, and other statements containing the words “projects,” “believes,” “anticipates,” “plans,” “expects,” “will” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward looking statements as a result of various important factors, including risks and uncertainties related to whether or not Ameresco will be able to raise capital through the sale of shares of Class A common stock, market and other conditions, the satisfaction of customary closing conditions related to the public offering, the impact of general economic, industry or political conditions in the United States or internationally including the ongoing COVID-19 pandemic and other factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2020, filed with the U.S. Securities and Exchange Commission on March 2, 2021. There can be no assurance that Ameresco will be able to complete the public offering on the anticipated terms, or at all. In addition, the forward-looking statements included in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.
Media:
Ameresco: Leila Dillon, 508-661-2264, This email address is being protected from spambots. You need JavaScript enabled to view it.
Investor Relations:
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aeCyberSolutions, the Industrial Cybersecurity Division of aeSolutions, Demonstrates Adaptability, an Enviable Ability to Attract and Retain Clients/Employees, and Remarkable Staying Power
GREENVILLE, S.C.--(BUSINESS WIRE)--#ICS--aeCyberSolutions, the Industrial Cybersecurity division of aeSolutions, enters its eighth year of operation proving that the division offers industrial cybersecurity services that global organizations value by delivering beyond clients expectations and being highly adaptable to change.
“For the most part, 2020 was an extremely challenging year for nearly every company in every sector,” said John Cusimano, VP of aeCyberSolutions. “However, our niche industrial cybersecurity services division demonstrated remarkable resilience throughout the pandemic and is emerging stronger, smarter and well-positioned to take advantage of forecasted market resurgence.”
Client retention and attraction
In a year of unprecedented challenges, aeCyberSolutions enjoyed significant repeat business from 69% of its existing clients. Furthermore, the firm added 11 new clients in 2020, representing 31% of the division’s total revenue.
Key appointments
The business also added several key hires during 2020.
Adaptability
Prior to the pandemic, about 50% of aeCyber’s services were performed onsite at clients’ facilities. However, when domestic and international travel became grounded, and facilities began limiting entry to essential personnel only, aeCyberSolutions creatively retooled its services such as assessments, workshops, and training to be delivered remotely. Furthermore, in order to maintain close communication with its clients, aeCyberSolutions launched a private client portal called the Cybersecurity Knowledge Center™ and a series of free webinars offered every two weeks.
New, Innovative Services
Through their strong client relationships and immersion in the ICS cybersecurity market, aeCyberSolutions identified and developed six new ICS cybersecurity services designed to address the challenges faced by their clients:
Cusimano added, “While 2020 was a year to focus on retention and retooling, we anticipate returning to our pre-Covid rates of 40 to 60% annual growth in 2021.”
About aeCyberSolutions™
aeCyberSolutions, the Industrial Cybersecurity division of aeSolutions, exclusively provides industrial cybersecurity services including risk assessments, program development, implementation, support, and training to clients in oil and gas, chemicals, maritime, water, industrial gases, and other process industries. A leader in the intersection of cybersecurity and process safety, aeCyberSolutions helps clients identify and address cybersecurity risks in a manner that is consistent with the engineering methods already in place for process safety risk management. They do so by leveraging existing information and practices while presenting a single, consistent expression of risk to senior management. The aeCyberSolutions team is exclusively staffed with personnel who have strong industrial automation backgrounds and general IT and IT security backgrounds and credentials. This combination of IT and Operational Technology (OT) expertise is essential for working in the field of industrial cybersecurity. aeCyberSolutions is based in Greenville, SC. For more information, visit www.aeCyberSolutions.com or follow @aesolns.
Kari Walker for aeCyberSolutions
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@KariWalkerPR
DUBLIN--(BUSINESS WIRE)--The "Hydraulic Fracturing Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The global hydraulic fracturing market is evaluated at US$48.339 billion for the year 2020 growing at a CAGR of 2.41% reaching the market size of US$55.764 billion by the year 2026.
Hydraulic fracturing is also known as fracking and is a drilling process which is used to extract oil and gas from deep under the surface of the earth. The method is used to create cracks deep under the surface and are widened and spread using water, chemicals and sand at high pressure. More often, the resources extracted using this method are called, 'tight oil' or 'tight gas' as these forms of fossil fuels are tightly trapped inside the hard shale rock formation. The technologies used to extract 'tight oil' or 'tight gas' are rapidly gaining traction in several parts of the world. Furthermore, a significant rise in the number of exploration and production activities in the petroleum and gas sector is expected to drive the market during the forecast period.
Additionally, an increase in the demand for primary energy sources for various applications like, power generation, transportation, and household activities has led to an increased level of consumption of oil & gas in several industries. The demand for this type of extraction method is expected to be driven by the rising concern of declining production levels of petroleum experienced by some of the major players in the market owing to the depleting levels of conventional reserves. The decline in the production levels is expected to widen the demand-supply gap in the sector which is expected to further increase the hydrocarbon extraction from unconventional reserves which is done using a combination of hydraulic fracturing technique with horizontal drilling.
The increasing popularity of the technique is due to its ability to create the required permeability which makes it easier to extract oil & gas which is more complex and difficult to do through natural production methods. Hydraulic fracturing originally emerged during the United States shale gas revolution which has been an important part in the exploration and production activities of untapped energy from potential resources. Furthermore, considering the type of wells hydraulic fracturing is majorly used on, they are, horizontal and vertical well. Out of these two, horizontal wells has witnessed a significant rise in their numbers over the years. For instance, there are more than 2.000 horizontal wells present in the Permian Basin. According to a report, the total number of drilled wells in the Permian basin reached 555 in the month of April,2019. The market has for hydraulic fracturing has witnessed a significant shift from vertical to horizontal wells over the last 10 years.
A key factor expected to drive the market of hydraulic fracturing during the forecast period is the increasing number of government relaxations across several countries. For instance, the governments of United States and China have announced various initiatives like financial aids, FDI provision and tax incentives in the hydrocarbon segment. This has led to an increase in the number of exploration activities globally. The advent of COVID-19 had an adverse impact on the global Hydraulic fracturing market since the pandemic brought the activities in refinery industry to a standstill globally which restricted the project construction, exploration and production activities. After the initial lockdown period, some of the activities were allowed but with restrictions and certain protocols that were required to be followed like the refinery will be operated with lesser capacity which will require less labour to come in contact and social distancing was required to be maintained in the premises as well.
Companies Mentioned
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.4. Industry Value Chain Analysis
5. Hydraulic fracturing market Analysis, by Technology
5.1. Introduction
5.2. Plug & Perf
5.3. Sliding Sleeve
6. Hydraulic fracturing market Analysis, by Fluid type
6.1. Introduction
6.2. Slick Water-based Fluid
6.3. Foam-based Fluid
6.4. Gelled Oil-based Fluid
6.5. Other Base Fluids
7. Hydraulic Fracturing Market Analysis, by Application
7.1. Introduction
7.2. Shale Gas
7.3. Tight Gas
7.4. Tight Oil
7.5. Coal Bed Methane (CBM)
8. Hydraulic Fracturing Market Analysis, by Geography
8.1. Introduction
8.2. North America
8.3. South America
8.4. Europe
8.5. Middle East and Africa
8.6. Asia Pacific
9. Competitive Environment and Analysis
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/if6ef6
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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BOSTON--(BUSINESS WIRE)--Skyhook, the leading independent Wi-Fi, Cell and Hybrid location provider, has been chosen by Tive® to enhance the hyper-accurate location of in-transit shipments. Tive helps logistics professionals actively monitor the location and condition of loads with data on location, temperature, shock, light exposure, and humidity. Skyhook's Precision Location solution will replace and supplement existing location sources on specific models of Tive shipment trackers. With Skyhook's location positioning, Tive's customers gain greater visibility into how materials and equipment move throughout their supply chains.
Location tracking helps shippers and logistics service providers (LSP) understand the overall supply chain flow, identify and anticipate disruptions, predict delivery ETAs, and allow for constant improvements through comprehensive analytics and optimization. Tive provides real-time in-transit visibility for eliminating preventable delays and damage and chose Skyhook based on their hybrid location approach, ability to provide location positioning in various environments, and low impact on tracker battery life. Skyhook will be used across the Tive Data Cloud and Open Visibility Network (OVN), assuring that loads are visible even when entering locations where traditional GPS would fail, such as when shipments enter a warehouse.
Skyhook's Precision Location solution, which triangulates cellular, and Wi-Fi signals along with GPS to calculate a tracker's location, extends real-time visibility into a shipment's current location. The integration of Skyhook services delivers real benefits such as improved inventory control, loss and theft prevention by accessing immediate location information, greater operational efficiency, and overall improved visibility.
"Skyhook is thrilled to work with Tive to make it easier for businesses to track and monitor their modern supply chain," said Craig Waggy, CEO, Skyhook. "Our unique hybrid approach is a great fit for asset tracking companies looking to understand how their products are moving across the globe."
"The next generation of in-transit visibility is adding more ways to stream meaningful data in real-time, so logistics professionals can actively manage shipments and avoid delays and damage,” said Lennon Acosta, Sr. Director, software engineering, Tive. "Hyper-accurate location and connectivity is a cornerstone - and Skyhook delivers both. And our Open Visibility Network delivers that data to mutual customers of project44 and FourKites, creating a new industry standard in in-transit visibility.”
Skyhook and Tive look forward to continuing their partnership with future products. To find out more about Skyhook's location solution for asset tracking, visit this page: https://www.skyhook.com/asset-tracking
About Skyhook:
Skyhook is the worldwide independent leader in location technology, operating the world's largest independent location network, consisting of 5.1 billion geolocated Wi-Fi hotspots and 200 million cell towers. Skyhook processes tens of billions of location transactions, serving devices, apps, wearables, brands and advertising platforms with precise and accurate location data and intelligence. Skyhook, through its parent company Skyhook Holding, Inc., operates as a wholly owned subsidiary of Liberty Broadband Corporation. To learn more visit www.skyhook.com.
About Tive
Tive is a leading provider of real-time supply chain visibility insights that help logistics professionals actively manage their in-transit shipments’ location and condition. With Tive, shippers and logistics service providers (LSP) eliminate preventable delays, damage, and shipment failures. Tive’s solution provides data generated by its industry-leading trackers allowing clients to actively optimize their shipments, improve their customers’ experience, and unlock supply chain insights in an actionable real-time manner. For more information, visit www.tive.com.
Isolde Decker-Lucke
(617) 314-9802
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Up to $400 Million of Equity Including Credit Support Available for Upstream Renewable Natural Gas Projects and Downstream Fueling
NEWPORT BEACH, Calif.--(BUSINESS WIRE)--$CLNE #RNG--Clean Energy Fuels Corp. (Nasdaq: CLNE) and its largest shareholder, Total SE, today announced a 50/50 joint venture to develop carbon-negative renewable natural gas (RNG) production facilities in the United States, as well as credit support to build additional downstream RNG fueling infrastructure. The initial firm commitment is $100 million and can increase to $400 million as development opportunities progress. Since Clean Energy and Total will be providing the equity portion of the investments, the actual amount of capital invested in RNG projects may be higher than $400 million depending on the amount of leverage that is deployed. In addition, Total will be providing credit support for Clean Energy development in the RNG value chain, including $45 million for contracted RNG fueling infrastructure.
Carbon-negative RNG is produced when carbon emissions are captured from dairies and turned into a transportation fuel, reducing the harmful effects of long-term climate change. As a result, the California Air Resources Board gives these carbon-negative RNG projects a weighted average carbon intensity (“CI”) Score (gCO2e/MJ) of -317 compared to 100 for diesel and 19 for electric batteries. Clean Energy is the largest provider of RNG as a transportation fuel in the United States, and the largest RNG fuel provider under the California LCFS program. RNG can be used directly as a vehicle fuel or can be used as a feedstock to produce “green” hydrogen or “green” electricity and still generate LCFS environmental credits.
The companies have already partnered to expand the use of RNG in the heavy-duty truck market with the Zero Now program, which allows fleets to purchase RNG trucks for the same price as diesel trucks. The demand for carbon-negative RNG has rapidly accelerated through the Zero Now program with trucking companies such as Kenan Advantage, KeHE Distributors, Estes Express Lines, Tradelink Transport, among many others, taking advantage of the economic savings while powering their new fleets with the cleanest fuel in the world.
“The finalization of this JV with Total, which was originally announced in December of last year, demonstrates the commitment both companies have to the growth of RNG, a fuel that can tackle serious climate issues today,” said Andrew J. Littlefair, CEO and president of Clean Energy. “The demand by customers for RNG continues to accelerate, highlighted by our recent announcement that the largest bus fleet in the U.S., LA Metro, had converted their entire fleet to RNG. This JV will help Clean Energy to continue to increase its supply of RNG in the years ahead.”
About Clean Energy
Clean Energy Fuels Corp. is the leading provider of the cleanest fuel for the transportation market in the United States. Through its sales of RNG, which is derived from capturing biogenic methane produced from decomposing organic waste, Clean Energy allows thousands of vehicle fleets, from airport shuttles to city buses to waste and heavy-duty trucks, to reduce their amount of climate-harming greenhouse gas from 60% to over 400% according to the California Air Resources Board, depending on the source of the RNG. Clean Energy can deliver RNG through compressed natural gas (CNG) and liquified natural gas (LNG) to its network of approximately 540 fueling stations across the U.S. and Canada. Clean Energy builds and operates CNG and LNG fueling stations for the transportation market, owns liquefication facilities in California and Texas, and transports bulk CNG and LNG to non-transportation customers around the U.S. For more information, visit www.CleanEnergyFuels.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve risks, uncertainties and assumptions, such as statements regarding, among other things: the amount of capital that may be invested in RNG projects by the JV; Clean Energy’s plans for its RNG business; increased market adoption of carbon-negative RNG as a vehicle fuel; growth in Clean Energy’s customer base for its RNG vehicle fuel; the strength of Clean Energy’s vehicle fueling infrastructure and its ability to leverage this infrastructure to increase sales of RNG vehicle fuel and to deliver 100% RNG to its entire fueling infrastructure by 2025; the benefits of RNG as an alternative vehicle fuel, including economic and environmental benefits; and growth in and certainty of supply of RNG. Actual results and the timing of events could differ materially from those expressed in or implied by these forward-looking statements as a result of a variety of factors, including, among others: Clean Energy’s and Total’s ability to invest in RNG projects through the JV; supply, demand, use and prices of crude oil, gasoline, diesel, natural gas and alternative fuels, as well as heavy-duty trucks and other vehicles powered by these fuels; the willingness of fleets and other consumers to adopt RNG as a vehicle fuel; and general economic, political, regulatory, market and other conditions. The forward-looking statements made in this press release speak only as of the date of this press release and Clean Energy undertakes no obligation to update publicly such forward-looking statements to reflect subsequent events or circumstances, except as otherwise required by law. Additionally, the reports and other documents Clean Energy files with the SEC (available at www.sec.gov) contain additional information on these and other risk factors that may cause actual results to differ materially from the forward-looking statements contained in this press release.
Clean Energy Contact:
Raleigh Gerber
949-437-1397
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Acquisition Strengthens ARM’s Presence and Capabilities in Canada
HOUSTON & CALGARY, Alberta--(BUSINESS WIRE)--ARM Energy Holdings, LLC (“ARM”), a premier producer services firm providing innovative solutions across the energy value chain, today announced that it has acquired Boomerang Energy Marketing (“Boomerang”), a Calgary-based energy marketing firm. Boomerang provides oil, natural gas, NGL, sulphur and electricity marketing and trading expertise to energy companies. Led by founders Jeff Smith and Stephen Frank, Boomerang will become an affiliate of ARM Energy Canada.
Since its founding in 2001, Boomerang has grown to become one of Canada’s largest physical marketing advisors. Boomerang’s experienced team, who joined ARM through the acquisition, have decades of experience in oil, gas, NGL, sulphur and electricity marketing. ARM launched its Canadian business in 2014 and the Boomerang acquisition significantly expands its service offering. The acquisition increases ARM’s physical North American footprint by roughly 25%, increasing its natural gas volumes over 4 bcf/day and liquids to just under 400,000 barrels/day.
Zach Lee, Chief Executive Officer of ARM, said, “Throughout its 20-year history, Boomerang has established itself as a trusted partner providing expertise, service and excellent returns for its clients. Boomerang is a natural expansion of our Canadian business with accretive physical, financial and strategic capabilities that allow our combined team to provide enhanced services to our clients with Canadian operations. We’re pleased to welcome Boomerang’s customers and highly talented team to ARM.”
Jeff Smith and Stephen Frank, Principals and Co-Founders of Boomerang, said, “We are thrilled to become a part of the ARM family. This combination will enable us to provide broader capabilities for our clients and drive our next chapter of growth. We look forward to leveraging the ARM team’s expertise in creating innovative, value-creating solutions to enhance the service to our clients across the Canadian upstream industry.”
About ARM Energy Holdings, LLC
Headquartered in Houston, with offices in Calgary and Denver, ARM Energy Holdings, LLC is a premier producer services firm, active in every sector of the energy value chain across all major North American oil and gas basins. Its integrated, diversified portfolio includes Asset Risk Management, LLC, providing risk management and hedging strategies for producers; ARM Energy Management LLC, providing physical oil and gas marketing, transportation and asset management services and trading; and ARM Midstream, LLC, providing midstream investment, infrastructure development and operations. For more information, please visit www.armenergy.com.
Media
Sard Verbinnen & Co.
Kelly Kimberly, +1 713 822 7538
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DALLAS, Texas & VANCOUVER, British Columbia--(BUSINESS WIRE)--DeepGreen Metals Inc., a developer of lower-impact battery metals from unattached seafloor polymetallic nodules, today announced that it has entered into a definitive business combination agreement with Sustainable Opportunities Acquisition Corporation (NYSE: SOAC), a special purpose acquisition company with a dedicated ESG focus and deep operational and capital market capabilities in the energy and resource sectors. The transaction represents a pro forma equity value of US$2.9 billion (assuming no redemptions) for the combined company, which will be renamed “TMC the metals company Inc.” and operate as The Metals Company upon closing.
Responsibly Sourcing Battery Metals to Address Looming Critical Shortage for EV Supply Chain
DeepGreen is developing a new, scalable source of EV battery metals in the form of polymetallic nodules found unattached on the seafloor in the Pacific Ocean. The estimated resource on the seafloor in the exploration contract areas held by the company’s subsidiaries is sufficient for 280 million EVs – a quarter of the global passenger car fleet. The development of this resource offers an abundant, low-cost supply of critical raw materials for EV batteries and wiring including nickel, cobalt, copper and manganese, with a lower lifecycle ESG impact than conventional mining. Ensuring this critical supply of battery metals is essential to the transition from internal combustion engines to EVs, which faces the following risks:
The combined company’s ambition is to become the world’s largest developer and producer of EV battery metals through a responsible approach with the lowest lifecycle ESG impact and low production cost.
“Sourcing battery metals is the biggest hurdle facing the clean energy transition, and the pipeline of new mining projects on land is insufficient to meet rising demand,” said Scott Leonard, CEO of SOAC. “We looked at over 100 companies, many of them in the EV and renewable energy space. DeepGreen stands above the rest. It offers a real, scalable solution to the raw materials problem, at a low production cost and with a significant reduction in the ESG footprint of metals. Assuming full-scale production, we expect The Metals Company to be among the lowest cost nickel producers in the world.
“We are convinced that The Metals Company is the ultimate answer to our thorough search for meaningful ESG impacts combined with tremendous financial upside.”
Gerard Barron, DeepGreen Chairman and CEO, said: "We are excited to partner with SOAC, an ESG-driven team that does not shy away from tough problems. The reality is that the clean energy transition is not possible without taking billions of tons of metal from the planet. Seafloor nodules offer a way to dramatically reduce the environmental bill of this extraction. We are getting into this industry with a deep commitment to ocean health and a clear stop date in mind. The plan is simple: produce better metals to supply the EV transition, while building up enough metal stock to stop extracting from the planet and enable society to live off recycled metals."
Transaction Overview
Sustainable Opportunities Acquisition Corporation, which currently holds over US$300 million in trust, will combine with DeepGreen Metals Inc. Upon closing, DeepGreen will be renamed to operate as The Metals Company and is expected to begin trading under the ticker symbol TMC.
DeepGreen through its subsidiaries has exploration rights to the world’s largest private resource of unattached polymetallic nodules and has made significant progress on project development, including: attracting world-class strategic partners and investors; completing 10 resource definition and environmental campaigns to its exploration areas in the Pacific Ocean; the expected piloting of the offshore nodule collector system together with Allseas next year; and completing a zero-solid-waste pilot processing plant program with Hatch, FLSmidth and Glencore this year. DeepGreen is also participating in a multi-year environmental and social impact assessment, in partnership with some of the world’s top ocean scientists, to minimize risks for all stakeholders and comprehensively assess the impact of collecting nodules from the ocean floor. This business combination will provide the new entity, The Metals Company, with the capital required to get through a feasibility study and into potential revenue as early as 2024, when many analysts anticipate nickel and copper shortages from current sources.
Additional information about the proposed transaction, including a copy of the Business Combination Agreement and an investor presentation, will be provided in a Current Report on Form 8-K to be filed by Sustainable Opportunities Acquisition Corporation with the SEC and available at www.sec.gov and on DeepGreen’s website at www.deep.green. Sustainable Opportunities Acquisition Corporation intends to file a registration statement (that will contain a proxy statement/prospectus) with the SEC in connection with this transaction.
Advisors
Citi is serving as exclusive financial advisor and capital markets advisor to SOAC. Citigroup Global Markets Inc., Nomura Securities International, Inc. and Fearnley Securities Inc. are serving as placement agents on the PIPE offering. Kirkland & Ellis LLP and Stikeman Elliott LLP are serving as legal advisors to SOAC. Nomura Greentech is serving as exclusive financial advisor to DeepGreen. Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. and Fasken Martineau DuMoulin LLP are serving as legal advisors to DeepGreen. Mayer Brown is acting as legal counsel to the placement agents.
Investor Conference Call
DeepGreen and SOAC will host a joint investor conference call to discuss the proposed transaction on Thursday, March 4, 2021 at 9:00am ET. All interested parties may listen by selecting the webcast link:
https://event.on24.com/wcc/r/3050299/0844776736ED2419B88B6F1F528597A9. Parties who wish to participate in the webcast via teleconference may dial (866) 547-1509, or parties outside of the U.S. may dial (920) 663-6208. The conference ID number is 6474782. An audio-only replay will be available for replay two hours after the call's completion. To access the recording, please dial (404) 537-3406 or, within the U.S. only, (855) 859-2056, and when prompted for the conference ID, enter 6474782.
About DeepGreen
DeepGreen Metals Inc. is a Canadian developer of lower-impact battery metals from seafloor polymetallic nodules, on a dual mission: (1) supply metals for the clean energy transition with the least possible negative environmental and social impact and (2) accelerate the transition to a circular metal economy. The company through its subsidiaries holds exploration and commercial rights to three polymetallic nodule contract areas in the Clarion Clipperton Zone of the Pacific Ocean sponsored by the governments of Nauru, Kiribati and the Kingdom of Tonga, which are regulated by the International Seabed Authority. DeepGreen has developed a process for producing metals from polymetallic nodules with near-zero solid waste, eliminating the need for tailings dams on land. More information is available at www.deep.green.
About Sustainable Opportunities Acquisition Corporation
Sustainable Opportunities Acquisition Corporation is a SPAC formed for the purpose of entering into a business combination with one or more businesses. While the Company may pursue a business combination in any industry, the Company intends to focus its search for a business that exists within industries that benefit from strong Environmental, Social and Governance (“ESG”) profiles. While investing in ESG covers a broad range of themes, the Company is focused on evaluating suitable targets that have existing environmental sustainability practices or that may benefit, both operationally and economically, from the founders’ and management team’s commitment and expertise in executing such practices. For more information, visit greenspac.com.
Important Information About the Proposed Business Combination and Where to Find It
In connection with the proposed business combination, SOAC intends to file a Registration Statement on Form S-4, including a preliminary proxy statement/prospectus and a definitive proxy statement/prospectus with the SEC. SOAC's shareholders and other interested persons are advised to read, when available, the preliminary proxy statement/prospectus and the amendments thereto and the definitive proxy statement/prospectus as well as other documents filed with the SEC in connection with the proposed business combination, as these materials will contain important information about DeepGreen, SOAC, and the proposed business combination. When available, the definitive proxy statement/prospectus and other relevant materials for the proposed business combination will be mailed to shareholders of SOAC as of a record date to be established for voting on the proposed business combination. Shareholders will also be able to obtain copies of the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus, and other documents filed with the SEC that will be incorporated by reference therein, without charge, once available, at the SEC's website at www.sec.gov, or by directing a request to: This email address is being protected from spambots. You need JavaScript enabled to view it..
Participants in the Solicitation
SOAC and its directors and executive officers may be deemed participants in the solicitation of proxies from SOAC's shareholders with respect to the business combination. A list of the names of those directors and executive officers and a description of their interests in SOAC will be included in the proxy statement/prospectus for the proposed business combination and be available at www.sec.gov. Additional information regarding the interests of such participants will be contained in the proxy statement/prospectus for the proposed business combination when available.
DeepGreen and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from the shareholders of SOAC in connection with the proposed business combination. A list of the names of such directors and executive officers and information regarding their interests in the proposed business combination will be included in the proxy statement/prospectus for the proposed business combination.
Use of Projections and Non-GAAP Measures
This press release contains projected financial information with respect to the combined company, namely DeepGreen’s projected EBITDA for future years. Such projected financial information constitutes forward-looking information and is for illustrative purposes only, and should not be relied upon as necessarily being indicative of future results. The assumptions and estimates underlying such projected financial information are inherently uncertain and are subject to a wide variety of significant business, economic, competitive and other risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. Actual results may differ materially from the results contemplated by the projected financial information contained in this press release, and the inclusion of such information in this press release should not be regarded as a representation by any person that the results reflected in such projections will be achieved. The independent auditors of DeepGreen have not audited, reviewed, compiled, or performed any procedures with respect to the projections for the purpose of their inclusion in this press release, and accordingly, did not express an opinion or provide any other form of assurance with respect thereto for the purpose of this press release. Some of the financial information and data contained in this press release, such as EBITDA, have not been prepared in accordance with United States generally accepted accounting principles (“GAAP”). EBITDA is defined as net earnings (loss) before interest expense, income tax expense (benefit), depreciation and amortization. DeepGreen believes these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to DeepGreen’s financial condition and results of operations. DeepGreen believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating projected operating results and trends. DeepGreen's method of determining these non-GAAP measures may be different from other companies' methods and, therefore, may not be comparable to those used by other companies and DeepGreen does not recommend the sole use of these non-GAAP measures to assess its financial performance. Management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in DeepGreen’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, management intends to present non-GAAP financial measures in connection with GAAP results. DeepGreen is not providing a reconciliation of projected EBITDA for future years to the most directly comparable measure prepared in accordance with GAAP because DeepGreen is unable to provide this reconciliation without unreasonable effort due to the uncertainty and inherent difficulty of predicting the occurrence, the financial impact, and the periods in which the adjustments may be recognized. For the same reasons, DeepGreen is unable to address the probable significance of the unavailable information, which could be material to future results.
Forward Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. SOAC’s and DeepGreen’s actual results may differ from their expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, SOAC and DeepGreen’s expectations with respect to future performance, development of its estimated resources of battery metals, potential regulatory approvals, and anticipated financial impacts and other effects of the proposed business combination, the satisfaction of the closing conditions to the proposed business combination, the timing of the completion of the proposed business combination, and the size and potential growth of current or future markets for the combined company’s supply of battery metals. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from those discussed in the forward-looking statements. Most of these factors are outside SOAC’s and DeepGreen’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: the occurrence of any event, change, or other circumstances that could give rise to the termination of the business combination agreement; the outcome of any legal proceedings that may be instituted against SOAC and DeepGreen following the announcement of the business combination agreement and the transactions contemplated therein; the inability to complete the proposed business combination, including due to failure to obtain approval of the shareholders of SOAC and DeepGreen, certain regulatory approvals, or satisfy other conditions to closing in the business combination agreement; the occurrence of any event, change, or other circumstance that could give rise to the termination of the business combination agreement or could otherwise cause the transaction to fail to close; the impact of COVID-19 on DeepGreen’s business and/or the ability of the parties to complete the proposed business combination; the inability to obtain or maintain the listing of the combined company’s shares on NYSE or Nasdaq following the proposed business combination; the risk that the proposed business combination disrupts current plans and operations as a result of the announcement and consummation of the proposed business combination; the ability to recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things, the commercial and technical feasibility of seafloor polymetallic nodule mining and processing; the supply and demand for battery metals; the future prices of battery metals; the timing and content of ISA’s exploitation regulations that will create the legal and technical framework for exploitation of polymetallic nodules in the Clarion Clipperton Zone; government regulation of deep seabed mining operations and changes in mining laws and regulations; environmental risks; the timing and amount of estimated future production, costs of production, capital expenditures and requirements for additional capital; cash flow provided by operating activities; unanticipated reclamation expenses; claims and limitations on insurance coverage; the uncertainty in mineral resource estimates; the uncertainty in geological, hydrological, metallurgical and geotechnical studies and opinions; infrastructure risks; and dependence on key management personnel and executive officers; and other risks and uncertainties indicated from time to time in the final prospectus of SOAC for its initial public offering and the proxy statement/prospectus relating to the proposed business combination, including those under “Risk Factors” therein, and in SOAC’s other filings with the SEC. SOAC and DeepGreen caution that the foregoing list of factors is not exclusive. SOAC and DeepGreen caution readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. SOAC and DeepGreen do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.
No Offer or Solicitation
This press release shall not constitute a solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the proposed business combination. This press release shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.
DeepGreen/The Metals Company
Media
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Sustainable Opportunities Acquisition Corporation
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Clean Energy Systems technology to remove the equivalent of CO2 emissions from 65,000 homes
HOUSTON--(BUSINESS WIRE)--Schlumberger New Energy, Chevron Corporation, Microsoft and Clean Energy Systems today announced plans to develop a ground-breaking bioenergy with carbon capture and sequestration (BECCS) project designed to produce carbon negative power in Mendota, California.
The BECCS plant will convert agricultural waste biomass, such as almond trees, into a renewable synthesis gas that will be mixed with oxygen in a combustor to generate electricity. More than 99% of the carbon from the BECCS process is expected to be captured for permanent storage by injecting carbon dioxide (CO2) underground into nearby deep geologic formations.
By using biomass fuel that consumes CO2 over its lifetime to produce power and then safely and permanently storing the produced CO2, the process is designed to result in net-negative carbon emissions, effectively removing greenhouse gas from the atmosphere. The plant, when completed, is expected to remove about 300,000 tons of CO2 annually, which is equivalent to the emissions from electricity use of more than 65,000 U.S. homes.
“We are excited to welcome Chevron and Microsoft on this exciting opportunity, as it further demonstrates how we play an enabling role to deploy carbon capture and sequestration solutions at scale,” said Ashok Belani, Schlumberger New Energy executive vice president. “We are diversifying our portfolio of projects with partnerships in selected markets and geographies where existing policies and regulations can make projects attractive today. This unique BECCS project in California is a game-changing example of this.”
"There's tremendous opportunity to use cloud technologies in the energy sector to help accelerate the industry's digital transformation," said Scott Guthrie, executive vice president, Cloud + AI, Microsoft. "Innovation at this scale is accelerated by our strong relationship, as we work together to help provide a sustainable and clean environment for local communities."
“We’re pleased to have strong partners join our efforts to address the challenges of climate change, improve air quality in the Central Valley and make a vital contribution to the local economy by restarting an idled biomass plant,” said Keith Pronske, Clean Energy Systems president and CEO.
“Chevron is helping to advance a lower-carbon future,” said Bruce Niemeyer, Chevron's vice president of strategy and sustainability. “We look forward to leveraging our experience working in California, building projects which can be repeated, and operating large-scale carbon capture and storage operations. The project is aligned with our focus on investments in low-carbon technology to enable commercial solutions.”
The completed facility will help improve air quality in the Central Valley by using approximately 200,000 tons of agricultural waste annually, in line with the recent California Air Resources Control Board plan to begin phasing out almost all agricultural burning in the Valley by 2025. The bioenergy technology is designed to operate without routine emissions of nitrous oxide, carbon monoxide and particulates from combustion produced by conventional biomass plants.
The project is expected to create up to 300 construction jobs and about 30 permanent jobs once the facility is operating. The companies involved expect to begin front end engineering and design immediately, leading to a final investment decision in 2022, and will then evaluate other opportunities to scale this carbon capture and sequestration solution.
About Schlumberger New Energy
Schlumberger is the world's leading provider of technology to the global energy industry. Schlumberger New Energy explores new avenues of growth by leveraging Schlumberger’s intellectual and business capital in emerging new energy markets, with a focus on low-carbon and carbon-neutral energy technologies. Its activities include ventures in the domains of hydrogen, lithium, carbon capture and sequestration, geothermal power and geoenergy for heating and cooling buildings. www.slb.com
About Chevron
Chevron Corporation is one of the world’s leading integrated energy companies. Through its subsidiaries that conduct business worldwide, the company is involved in virtually every facet of the energy industry. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants; manufactures and sells petrochemicals and additives; generates power; and develops and deploys technologies that enhance business value in every aspect of the company’s operations. Chevron is based in San Ramon, Calif. More information about Chevron is available at www.chevron.com.
About Clean Energy Systems
Clean Energy Systems is a global leader in the development and deployment of carbon reducing energy systems. The company has successfully transitioned proven, reliable rocket engine combustion principles into a flexible and economically attractive power generation system for the benefit of our planet. CES’ proprietary oxy-combustion technologies enable cleaner and more efficient co-generation of power, steam, water, and captured CO2 and offers the world a new perspective on the way we assess the value of natural resources.
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,” “believe,” “plan,” “estimate,” “intend,” “anticipate,” “should,” “could,” “will,” “likely,” “goal,” and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain, such as net-negative carbon emissions goals, air quality improvement, job creation and other forecasts or expectations regarding global climate change. These statements are subject to risks and uncertainties, including, but not limited to, the inability to achieve net-negative carbon emissions goals; the inability to recognize intended benefits of the partnership; legislative and regulatory initiatives addressing environmental concerns, including initiatives addressing the impact of global climate change; and other risks and uncertainties detailed in the companies’ public filings, including Schlumberger’s 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. The forward-looking statements speak only as of the date of this press release, the parties disclaim any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.
Media
Giles Powell – Director of Corporate Communication, Schlumberger Limited
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Sean Comey, Chevron
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Investors
Ndubuisi Maduemezia – Vice President of Investor Relations, Schlumberger Limited
Joy V. Domingo – Director of Investor Relations, Schlumberger Limited
Tel: +1 (713) 375-3535
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TORONTO--(BUSINESS WIRE)--Largo Resources Ltd. ("Largo" or the "Company") (TSX: LGO) (OTCQX: LGORF) announces that, the Company, following a determination of its Board of Directors in accordance with the parameters authorized by the Company’s shareholders at the Special Meeting of Shareholders held on March 1, 2021 (the “Meeting”), has filed articles of amendment implementing a consolidation of the Company’s issued and outstanding common shares ("Common Shares") on the basis of one (1) post-consolidation Common Share for every ten (10) pre-consolidation Common Shares (the "Consolidation"). The Common Shares are expected to commence trading on the Toronto Stock Exchange (the “TSX”) on a post-consolidation basis at the open of trading on March 8, 2021.
The Company is also pleased to announce that it has submitted an initial application to list its Common Shares on the Nasdaq Stock Market (the "Nasdaq"), with the view of increasing access to U.S. capital markets and enhancing overall shareholder value.
Paulo Misk, President and Chief Executive Officer of Largo, stated: “We are very excited about the prospect of listing on the Nasdaq and the Company’s share consolidation was a crucial step in achieving this. We believe a U.S. listing will benefit our business and shareholders as we seek to further execute on strategically developing our U.S.-based Largo Clean Energy division into an industry-leading, vertically integrated vanadium redox flow battery business.”
Share Consolidation Details
In connection with the Consolidation, no fractional Common Shares will be issued, and no cash will be paid in lieu of fractional post-consolidation Common Shares. The number of post-consolidation Common Shares to be received by a shareholder will be rounded down to the nearest whole Common Share. The Company's outstanding options and warrants will also be adjusted on the same basis (1 for 10) as the Common Shares, with proportionate adjustments being made to exercise prices.
A letter of transmittal has been mailed to registered shareholders advising that: (i) the Consolidation has taken effect; and (ii) shareholders should surrender their existing share certificates (representing pre-consolidation Common Shares) for replacement share certificates (representing post-consolidation Common Shares). Until surrendered, each existing share certificate will be deemed, for all purposes, to represent the number of Common Shares to which the holder thereof is entitled as a result of the Consolidation. Copies of the letter of transmittal may be obtained from TSX Trust Company, the registrar and transfer agent of the Company, by mail, hand or courier at 100 Adelaide Street West, Suite 301, Toronto, ON M5H 4H1, Attn: Corporate Actions. Any questions should be directed to TSX Trust Company at +1-866-600-5869 (toll free) or +1-416-342-1091 or by e-mail to This email address is being protected from spambots. You need JavaScript enabled to view it..
Non-registered shareholders of the Company holding their Common Shares through a bank, broker or other nominee should note that such banks, brokers or other nominees may have different procedures for processing the Consolidation than those that will be put in place by the Company for registered shareholders. If you hold your Common Shares with such a bank, broker or other nominee and if you have any questions in this regard, you are encouraged to contact your nominee.
When the Common Shares commence trading on a post-consolidation basis, the CUSIP and ISIN numbers of the Common Shares will change to 517103602 and CA5171036026 respectively, however, the Company's name and trading symbol will not change. Further details of the Consolidation are contained within the Company’s Management Information Circular dated January 25, 2021 (the “Circular”), which is be available under Largo’s profile at www.sedar.com. Readers should review the Circular for the specific terms and conditions of the Consolidation.
Nasdaq Application Details
The listing of the Common Shares on the Nasdaq remains subject to the review and approval of the listing application and the satisfaction of all applicable listing and regulatory requirements, including the filing of a registration statement with and declaration of effectiveness by the United States Securities Exchange Commission. The Company will continue to maintain the listing of its Common Shares on the TSX under the symbol "LGO".
About Largo Resources
Largo Resources is an industry preferred producer and supplier of high-quality vanadium. Largo can service multiple vanadium market applications through the supply of its unrivaled VPURE™ and VPURE+™ products, which are sourced from one of the world’s highest-grade vanadium deposits at the Company’s Maracás Menchen Mine located in Brazil. Largo is also focused on the advancement of renewable energy storage solutions through Largo Clean Energy and its world-class VCHARGE± vanadium redox flow battery technology. The Company's common shares are listed on the Toronto Stock Exchange under the symbol "LGO".
For more information on Largo and VPURE™, please visit www.largoresources.com and www.largoVPURE.com.
For additional information on Largo Clean Energy, please visit www.largocleanenergy.com.
Forward-looking Information:
This press release contains forward-looking information under Canadian securities legislation ("forward-looking statements"). Forward‐looking information in this press release includes, but is not limited to, statements with respect to the timing of the trading of the post-Consolidation Common Shares; and the listing of the Common Shares on the Nasdaq.. Forward‐looking information in this press release also includes, but is not limited to, statements with respect to our ability to build, finance and operate a VRFB business.. Forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". All information contained in this news release, other than statements of current and historical fact, is forward looking information. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Largo or Largo Clean Energy to be materially different from those expressed or implied by such forward-looking statements, including but not limited to the receipt of applicable approvals, and those risks described in the annual information form of Largo and in its public documents filed on SEDAR from time to time. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Although management of Largo has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Largo does not undertake to update any forward-looking statements, except in accordance with applicable securities laws. Readers should also review the risks and uncertainties sections of Largo's annual and interim MD&As which also apply.
Investor Relations:
Alex Guthrie
Senior Manager, External Relations
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Tel: +1 416‐861‐9797
Media Enquiries:
Crystal Quast
Bullseye Corporate
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Tel: +1 647-529-6364
Revamped website builds upon Wheeler Resources Recovery’s 50 years of industry experience to educate, inform, and create investor opportunities
BENBROOK, Texas--(BUSINESS WIRE)--Wheeler Resource Recovery, a leader in secondary oil recovery in proven oil fields with over 50 years of experience, announced the launch of its redesigned website that provides a seamless user experience with features such as clear navigation, cutting-edge graphic design, and enhanced educational content for users and investors.
With secondary oil recovery, Wheeler Resource Recovery doesn’t look for oil – it goes to where the oil is. Wheeler Resource Recovery uses its five-spot water recovery process that extracts more oil at a lower cost and lower risk than primary oil recovery, making it a low-risk, high reward way to recognize significant returns. Wheeler Resource Recovery made it its mission and successfully established a field development project that allows a non-industry investor to participate in the same capacity as an industry insider. Prior, investments in secondary oil recovery development projects were reserved for large-scale publicly traded oil industry providers. This new website launch serves as an extension of Wheeler Resource Recovery’s commitment to educating and providing accredited investors with unique and profitable investment opportunities.
“Even when oil prices are low, as we saw in 2020, secondary oil recovery is still a strong and financially viable investment option,” said Kevin Thibeau, President of Wheeler Resource Recovery. “This is why we found it to be a timely opportunity to launch a new website tailored to better serving our investors and providing them with the most detailed information so that they can confidently determine whether an investment is right for them.”
For more information, visit WheelerResourceRecovery.com.
About Wheeler Resource Recovery
Wheeler Resource Recovery is a leader in secondary oil recovery and is based in Benbrook, Texas. Since 1932, Wheeler has used its five-spot water recovery process to extract oil at a lower cost and lower risk than primarily oil recovery. The principals of Wheeler Resource Recovery, Kevin K. Thibeau and J. P. Bolton, have over 50 years of oil and gas and financial experience between them and continue to operate successful oil recovery projects by partnering with accredited investors throughout the United States.
Keelyn Leonard
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682-990-9300
Latest article in series explores digitalization insights from Salesforce, J.D. Power plus the data-driven, customer-centric mindset underway at Duke Energy, Portland General Electric
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--In collaboration with Bidgely, the Wall Street Journal has published the next article in its newly released series that highlights the digital transformation advancing across the energy industry. With insights from Salesforce and J.D. Power, the article, Powering Innovation, covers how utilities can adopt digital strategies that enhance web and mobile experiences to improve customer satisfaction and engagement during an era of evolving customer needs. Insights and real-world examples from progressive energy providers Duke Energy and Portland General Electric also demonstrate how applying advanced analytics to smart meter data allows for meaningful, personalized interactions with customers based on individual preferences and lifestyle.
The article discusses the cultural and organizational changes underway within utilities to break away from legacy practices and instead leverage data as a driver for business decisions, as Abhay Gupta, CEO of Bidgely, commented, “There are some utilities that are far more advanced. They’re taking their data and investing in an analytics platform. They’re investing in personalized alerts to the customer. They’re offering customers things that are relevant to them.”
Comments from industry experts underscore the necessity of digital transformation for utility survival as consumers of all ages and demographics have come to expect personalized and convenient engagement through a variety of digital channels. Emphasizing the digital nature of consumer behavior across all industries, the article explains the energy industry’s use of data analytics, which supports advanced customer profiling via energy disaggregation, to not only ensure customers’ needs are met, but also anticipate future products and services as those needs continue to change. It also notes an important digital transformation trend at utilities to develop leadership teams that encourage innovation, prioritize data-driven solutions and advocate for a more sophisticated customer journey.
To learn more about how Bidgely’s AI-powered solutions support digital transformation among utilities, read the Wall Street Journal Powering Innovation article and watch this fireside chat with Kelly James, VP and GM Salesforce Industries featured at Bidgely Engage.
About Bidgely
Bidgely is an AI-powered SaaS Company accelerating a clean energy future by enabling energy companies and consumers to make data-driven energy-related decisions. Powered by our unique patented technology, Bidgely's UtilityAI™ Platform transforms multiple dimensions of customer data - such as energy consumption, demographic, and interactions - into deeply accurate and actionable consumer energy insights. We leverage these insights to empower each customer with personalized recommendations, tailored to their individual personality and lifestyle, usage attributes, behavioral patterns, purchase propensity, and beyond. From a Distributed Energy Resources (DER) and Grid Edge perspective, whether it is smart thermostats to EV chargers, solar PVs to TOU rate designs and tariffs; UtilityAI™ energy analytics provides deep visibility into generation, consumption for better peak load shaping and grid planning, and delivers targeted recommendations for new value-added products and services. With roots in Silicon Valley, Bidgely has over 17 energy patents, $50M+ in funding, retains 30+ data scientists, and brings a passion for AI to utilities serving residential and commercial customers around the world. For more information, please visit www.bidgely.com or the Bidgely blog at bidgely.com/blog.
Christine Bennett
Bidgely
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Clean Energy Systems technology to remove the equivalent of CO2 emissions from 65,000 homes
HOUSTON--(BUSINESS WIRE)--Regulatory News:
Schlumberger New Energy, Chevron Corporation, Microsoft and Clean Energy Systems today announced plans to develop a ground-breaking bioenergy with carbon capture and sequestration (BECCS) project designed to produce carbon negative power in Mendota, California.
The BECCS plant will convert agricultural waste biomass, such as almond trees, into a renewable synthesis gas that will be mixed with oxygen in a combustor to generate electricity. More than 99% of the carbon from the BECCS process is expected to be captured for permanent storage by injecting carbon dioxide (CO2) underground into nearby deep geologic formations.
By using biomass fuel that consumes CO2 over its lifetime to produce power and then safely and permanently storing the produced CO2, the process is designed to result in net-negative carbon emissions, effectively removing greenhouse gas from the atmosphere. The plant, when completed, is expected to remove about 300,000 tons of CO2 annually, which is equivalent to the emissions from electricity use of more than 65,000 U.S. homes.
“We are excited to welcome Chevron and Microsoft on this exciting opportunity, as it further demonstrates how we play an enabling role to deploy carbon capture and sequestration solutions at scale,” said Ashok Belani, Schlumberger New Energy executive vice president. “We are diversifying our portfolio of projects with partnerships in selected markets and geographies where existing policies and regulations can make projects attractive today. This unique BECCS project in California is a game-changing example of this.”
"There's tremendous opportunity to use cloud technologies in the energy sector to help accelerate the industry's digital transformation," said Scott Guthrie, executive vice president, Cloud + AI, Microsoft. "Innovation at this scale is accelerated by our strong relationship, as we work together to help provide a sustainable and clean environment for local communities."
“We’re pleased to have strong partners join our efforts to address the challenges of climate change, improve air quality in the Central Valley and make a vital contribution to the local economy by restarting an idled biomass plant,” said Keith Pronske, Clean Energy Systems president and CEO.
“Chevron is helping to advance a lower-carbon future,” said Bruce Niemeyer, Chevron's vice president of strategy and sustainability. “We look forward to leveraging our experience working in California, building projects which can be repeated, and operating large-scale carbon capture and storage operations. The project is aligned with our focus on investments in low-carbon technology to enable commercial solutions.”
The completed facility will help improve air quality in the Central Valley by using approximately 200,000 tons of agricultural waste annually, in line with the recent California Air Resources Control Board plan to begin phasing out almost all agricultural burning in the Valley by 2025. The bioenergy technology is designed to operate without routine emissions of nitrous oxide, carbon monoxide and particulates from combustion produced by conventional biomass plants.
The project is expected to create up to 300 construction jobs and about 30 permanent jobs once the facility is operating. The companies involved expect to begin front end engineering and design immediately, leading to a final investment decision in 2022, and will then evaluate other opportunities to scale this carbon capture and sequestration solution.
About Schlumberger New Energy
Schlumberger is the world's leading provider of technology to the global energy industry. Schlumberger New Energy explores new avenues of growth by leveraging Schlumberger’s intellectual and business capital in emerging new energy markets, with a focus on low-carbon and carbon-neutral energy technologies. Its activities include ventures in the domains of hydrogen, lithium, carbon capture and sequestration, geothermal power and geoenergy for heating and cooling buildings. www.slb.com
About Chevron
Chevron Corporation is one of the world’s leading integrated energy companies. Through its subsidiaries that conduct business worldwide, the company is involved in virtually every facet of the energy industry. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants; manufactures and sells petrochemicals and additives; generates power; and develops and deploys technologies that enhance business value in every aspect of the company’s operations. Chevron is based in San Ramon, Calif. More information about Chevron is available at www.chevron.com.
About Clean Energy Systems
Clean Energy Systems is a global leader in the development and deployment of carbon reducing energy systems. The company has successfully transitioned proven, reliable rocket engine combustion principles into a flexible and economically attractive power generation system for the benefit of our planet. CES’ proprietary oxy-combustion technologies enable cleaner and more efficient co-generation of power, steam, water, and captured CO2 and offers the world a new perspective on the way we assess the value of natural resources.
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,” “believe,” “plan,” “estimate,” “intend,” “anticipate,” “should,” “could,” “will,” “likely,” “goal,” and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain, such as net-negative carbon emissions goals, air quality improvement, job creation and other forecasts or expectations regarding global climate change. These statements are subject to risks and uncertainties, including, but not limited to, the inability to achieve net-negative carbon emissions goals; the inability to recognize intended benefits of the partnership; legislative and regulatory initiatives addressing environmental concerns, including initiatives addressing the impact of global climate change; and other risks and uncertainties detailed in the companies’ public filings, including Schlumberger’s 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. The forward-looking statements speak only as of the date of this press release, the parties disclaim any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.
Media
Giles Powell – Director of Corporate Communication, Schlumberger Limited
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Sean Comey, Chevron
+1-925-842-5509
Investors
Ndubuisi Maduemezia – Vice President of Investor Relations, Schlumberger Limited
Joy V. Domingo – Director of Investor Relations, Schlumberger Limited
Tel: +1 (713) 375-3535
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Breakthrough Energy Ventures-led investment will fuel development of reliable, cost-effective High Temperature Superconductor based transmission
BOSTON--(BUSINESS WIRE)--VEIR, a company developing a new approach to using High Temperature Superconductors (HTS) for electricity transmission, today announced $10 million in Series A financing and debuted a new architecture for high-voltage superconducting transmission lines to transform the grid. The company’s Series A investment was led by Breakthrough Energy Ventures (BEV), with participation from existing investor Congruent Ventures and new investor The Engine. The financing brings the company’s total funding to date to more than $12 million.
With the expected growth of electric vehicles and the rest of the economy shifting to electric power from fossil fuels, we will need extremely large amounts of new renewable energy and a correlating amount of transmission. However, as demonstrated by the failure of several high-profile transmission projects, current transmission technologies are too expensive and often face political opposition. HTS has long held the promise of using smaller transmission lines and better utilization of existing rights-of-way, but has been hampered by higher costs, distance limitations and overall system complexity. VEIR’s novel approach to HTS—which was unveiled today—solves those problems by simplifying the system design that connects green energy sources to the transmission grid to address the ever-growing demand for electricity and overcoming constraints currently holding back renewables penetration.
VEIR’s founders are from MIT, BP, and ARPA. Together, the team is commercializing an approach based on HTS tape and a novel cooling system for high-voltage superconducting transmission lines. The new capital will allow VEIR to scale its team and begin to develop and test the critical subsystems required to deploy its product to the transmission grid. VEIR will also use the funding to establish a physical development site in Massachusetts to demonstrate its core technical innovation of evaporative cryogenic cooling, which is crucial in enabling the cost-effective deployment of HTS transmission lines.
“Achieving decarbonization goals require increasing penetrations of renewables that are located far from major population centers along traditional transmission corridors. This, along with supporting the megatrend of electrification, will require a doubling or tripling of U.S. transmission capacity by 2050,” said VEIR CEO Adam Wallen. “VEIR’s technology enables increasing the amount of power transmitted in a given right-of-way by a factor of five. This will enable the transmission of more power at lower voltages in smaller right-of-ways, reducing the uncertainty, time, and cost of siting and permitting new transmission corridors.”
VEIR is the first of BEV’s “newco strategy,” where the firm identifies new climate technology opportunities and creates a company to fill a void in the market. “HTS cables have long promised the ability to deliver high power through smaller rights-of-way, a key process when transmitting energy from remote sources of renewables to population centers,” said Carmichael Roberts, Breakthrough Energy Ventures. “With VEIR, we can finally unlock low-cost, high-reliability HTS transmission with their innovative, evaporative cooling technology.”
“We are very excited to support VEIR’s unique approach to solving the biggest challenges in transmission infrastructure that will improve overall grid resilience, reduce long term energy costs, and increase the amount of renewable energy resources on the grid,” said Joshua Posamentier, Managing Partner and Co-Founder Congruent Ventures.
“Electricity transmission is a critical facet of any plan to decarbonize the electric sector, and VEIR's approach will enable a significant increase in transmission capacity through existing infrastructure, not only reducing the cost of transmission but also removing key barriers to transmission development,” said Katie Rae, Managing Partner and CEO of The Engine. “The science behind VEIR’s approach and its leadership team will be instrumental to enabling an energy future where more parts of the economy are electrified.”
VEIR is hiring technical talent in the cryogenic and energy industries, as well as operational and sales staff to support commercial development. To learn more about VEIR, please visit www.veir.com.
About VEIR
Based in Boston, Massachusetts, VEIR is enabling reliable, cost–effective HTS transmission over very long distances through narrow rights–of–way, connecting lowest cost renewable resources to where they’re needed, when they’re needed. Its passive, evaporative cryogenic cooling delivers 20 times the cooling power per kilogram of nitrogen flow compared to mechanical subcooling. The future isn’t just cleaner, it’s affordable. To learn more, please visit http://www.VEIR.com
About Breakthrough Energy Ventures
Backed by many of the world's top business leaders, Breakthrough Energy Ventures (BEV) invests in cutting-edge companies that will lead the world to net-zero emissions. BEV has more than $2 billion in committed capital to support bold entrepreneurs building companies that can significantly reduce emissions from agriculture, buildings, electricity, manufacturing, and transportation. BEV's strategy links government-funded research and patient, risk-tolerant capital to bring transformative clean energy innovations to market as quickly as possible.
The first fund was created in 2016 as part of the Breakthrough Energy network of initiatives and entities, which include investment funds, non-profit and philanthropic programs, and policy efforts linked by a shared commitment to scale the technologies needed to address climate change and achieve a path to net zero emissions by 2050. Visit https://www.breakthroughenergy.org/ to learn more.
About The Engine
The Engine, launched by MIT, is a Cambridge, MA-based venture capital firm that invests in early-stage Tough Tech companies solving the world's biggest problems through the convergence of breakthrough science, engineering, and leadership. It provides the capital, knowledge, connections, as well as the specialized equipment, space, and labs these transformative startups need to thrive. For more information, visit www.engine.xyz
About Congruent Ventures
Congruent Ventures invests against global macro trends in sustainability across four themes: Mobility and Urbanization, the Energy Transition, Food and Agriculture, and Industrial and Supply Chain innovation to generate top quartile venture returns. The firm was founded over four years ago and is currently investing out of its second fund in early-stage startups across North America. The firm is based in San Francisco with a veteran climate tech investment team leveraging over 60yrs of collective investment and operating experience. It is backed by a highly collaborative group of LPs comprised of family offices, corporate venture groups, and endowments/pensions. To learn more, visit www.congruentvc.com.
This email address is being protected from spambots. You need JavaScript enabled to view it., Adam Wallen, 617-804-6091
Global Technology Leader Meets Increasing Demand for Both Digital Direct and Programmatic Connected TV and Streaming OTT as Advertising Industry Transformation Accelerates
REDWOOD CITY, Calif.--(BUSINESS WIRE)--Amobee, a global leader in advertising technology that unifies TV, digital and social to deliver results that drive customer growth, today announced the appointment of renowned advertising industry veterans Tim Spengler to General Manager of Advanced TV Solutions and Valerie Bischak as General Manager, Head of Growth.
Spengler and Bischak have joined Amobee to accelerate the growth and adoption of Amobee’s differentiated advertising technology, which unifies audiences and uniquely drives cross-channel incremental reach to achieve customer goals. They will also expand the company’s capabilities with deep broadcast experience and relationships with global agencies, brands and media companies. They are both based in New York City and report to Jack Bamberger, Amobee’s Chief Commercial Officer.
“I’m beyond excited to welcome these incredible industry leaders to our commercial team. With their unique mix of deep industry expertise, strong backgrounds in TV, digital media and data, as well as their long-standing relationships, they’ll be instrumental in driving our next phase of growth,” says Jack Bamberger, Chief Commercial Officer at Amobee. “TV viewership has exploded and audiences are now hyper-engaged across linear TV, connected TV, digital and social media. Advertisers must leverage technology and data which unifies channels to control for frequency and optimize their reach across all screens—and it’s incumbent upon media owners to package their audiences in a way that makes this possible. We are thrilled to bridge this gap across the industry as a whole.”
Spengler brings more than 25 years of experience working with advertisers and media owners to drive business results through innovative approaches to media. In his most recent role as President, M1, he led growth and adoption for Dentsu’s industry-leading people-based marketing platform combining data, tech and video for optimal business outcomes. Previously, he spent two decades at IPG, including Worldwide Chief Executive Officer for MAGNA GLOBAL and President, North America for Initiative, as well as holding senior roles at Simulmedia and iHeartMedia. Throughout his career, Spengler has led high-performing teams that consistently deliver break-through campaigns across all media.
“Advertisers, agencies and media companies are all hungry for solutions that can break down silos and transform their business,” says Spengler. “Amobee is the only company that can provide the marketplace with a true cross-channel solution to unify total media investment and drive growth.”
At Viacom, Bischak served as Executive Vice President, and created the client-facing sales organization and solutions-based approach, successfully driving Viacom’s Advanced Advertising and emerging platform growth, including data-driven linear, advertising-based video on demand, over-the-top, connected TV, and addressable products, while concurrently maximizing value across traditional linear brands and platforms. Additionally, Bischak helped lead her teams through multiple acquisitions and marketplace transformation. Prior to Viacom, Bischak held roles at DoubleClick, FOX, Ammirati Puris Lintas, and N.W. Ayer & Partners.
"I’m thrilled to join Amobee because they’re at the forefront of addressing the most significant challenge that marketers face as consumers continue to evolve the way they’re consuming content,” says Bischak. “We need to give advertisers the tools to plan, optimize and measure in a unified way across not only connected TV, digital, and social, but also against data-driven linear for a true holistic cross-screen view. And that’s what Amobee delivers.”
Recently recognized as a Leader in the Gartner Magic Quadrant for Ad Tech and the Forrester New Wave™: Cross-Channel Video Advertising Platforms report, Amobee provides clients with solutions that drive results across all screens, to optimize reach across desired audiences and deliver desired business outcomes. Amobee unifies TV and digital to provide advertisers with advanced data management and media planning capabilities, as well as actionable, real-time market research and proprietary audience data. Amobee also empowers media companies with sophisticated audience-based planning technology that helps them efficiently meet marketers’ goals, while managing the business challenges and technical complexities of the converging world.
About Amobee
Finally, there’s a technology that understands how people consume content today. Only Amobee makes it easy for you to find your audience—no matter where they are, no matter what they're viewing. We help brands, agencies, and media companies unify audiences to optimize advertising results across all linear TV, connected TV, and digital, including social media to deliver the results that drive customer growth. Amobee is a wholly owned subsidiary of Singtel, one of the largest communications technology companies in the world, which reaches more than 675 million mobile subscribers. The company operates across North America, Europe, Middle East, Asia and Australia. For more information, visit amobee.com or follow @amobee.
Lacy Talton
252-467-5220
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