LOS ANGELES & NEW YORK--(BUSINESS WIRE)--Romeo Systems, Inc. (“Romeo Power”), an energy technology company, and RMG Acquisition Corp. (“RMG”) (NYSE: RMG), a special purpose acquisition company, today announced a definitive agreement for a business combination that would result in Romeo Power becoming a publicly listed company. Upon closing of the transaction, the combined company will be named Romeo Power, Inc. and is expected to remain listed on the NYSE and trade under the new ticker symbol “RMO”.
Romeo Power is an industry leading energy technology company focused on designing and manufacturing lithium-ion battery modules and packs for commercial electric vehicles. Through its industry leading energy dense battery modules and packs, it enables large-scale sustainable transportation by delivering safe, longer lasting batteries with shorter charge times. The company has completed construction and development of a 7 GWh-capable manufacturing facility in Los Angeles, California, with state of the art manufacturing operations designed and scaled for high growth. Romeo Power’s core product offering serves the battery electric vehicle (BEV) medium duty short haul and heavy duty long haul trucking markets, as well as specialty trucking and buses. As the era of gas-powered vehicles continues to decline, Romeo Power’s mission is to be an industry leader in the electrification of the global transportation industry and to be the commercial electric vehicle energy provider of today and tomorrow.
Lionel Selwood Jr., Chief Executive Officer of Romeo Power, commented, “We are thrilled to announce this transaction with RMG, as it allows us to further expand our business and to continue innovating and developing new products. Romeo Power’s proprietary battery systems and patented technologies that we have developed over the last four years deliver differentiated energy density, safety, efficiency and cost savings. The need for an economically viable shift toward greener methods of transportation is evident, and we look forward to playing a critical role in the electrification of commercial vehicles globally.”
Robert Mancini, Chief Executive Officer of RMG, added, “Since our IPO in early 2019, we have evaluated nearly 150 investment opportunities in search of a company with an industry-leading disruptive technology in the industrial or energy sector. Romeo Power stood out as a differentiated leading battery technology company for commercial electric vehicles, a sector that we think is at an inflection point and poised for unprecedented growth.”
Upon completion of the merger, Robert Mancini, along with Philip Kassin, President and Chief Operating Officer of RMG, are expected to join the board of Romeo Power, contributing their significant business, financial, legal and public board experience to the governance and operations of the company.
Romeo Power’s energy technology has positioned it to lead the electrification of the global commercial vehicle market. Globally, the total addressable market (“TAM”) for commercial vehicles is estimated to be approximately $665 billion with over 17 million vehicles sold annually and steady growth expected to continue as global economic growth fuels the need for more commercial vehicles. In North America and Europe, the TAM is estimated to be approximately $225 billion with over 7 million vehicles sold annually. Romeo Power has a diversified and high quality customer base today that represents an estimated nearly 70% of the North America Class 8 market. The company has varying forms of agreements with customers, enhancing visibility into the company’s future growth, including over $300 million of currently contracted revenue.
Romeo Power is de-risking commercialization through its strategic partnerships with global leaders in vehicle component technologies, including BorgWarner, a global tier one automotive supplier. In May 2019, BorgWarner made a $50 million strategic investment in Romeo Power and entered into a joint venture, with a goal of amplifying its growing portfolio of alternative propulsion products for hybrid and electric vehicles. The investment and partnership reflect significant third party validation of Romeo Power’s technology, and allow the company to leverage BorgWarner’s customer base, supply chain and manufacturing expertise in order to accelerate growth globally and bolster operational execution in a highly capital efficient manner.
“BorgWarner congratulates Romeo Power on the achievement of this important milestone”, said Frédéric Lissalde, President and CEO of BorgWarner. “We look forward to continuing to work with Romeo Power on the expansion of their business and the global growth of the BorgWarner and Romeo Power joint venture.”
In addition, Romeo Power has a significant partnership with The Heritage Group, a leader in environmental and recycling services. The Heritage Group, through its corporate venture arm, HG Ventures, was an early investor in Romeo Power and a participant in the PIPE, and as part of the partnership, they will support the co-development of a battery reuse and recycle facility for Romeo Power’s batteries near or at end-of-life. The Heritage Group has also committed to a pilot program expected to result in converting 500+ diesel trucks in its fleet to BEVs using Romeo Power’s batteries between 2021 and 2025. Republic Services, the second largest recycling and waste disposal company in the United States with a fleet of more than 16,000 vehicles, is another strategic participant in the PIPE and intends to enter into a strategic alliance with Romeo Power.
“Several of the world’s largest logistics companies have announced their commitments to electric fleets, and just about all major OEMs have announced electric vehicle programs,” continued Lionel Selwood Jr. “The team of experts at Romeo Power, which has experience across the electric vehicle, aerospace, and broader technology industries, is excited about the opportunity to tap into this quickly growing market as we help enable the electrification of the commercial vehicle fleet globally for decades to come.”
Transaction Overview
The business combination values Romeo Power at an approximately $1.33 billion pro forma equity value. The boards of directors of both RMG and Romeo Power have approved the proposed transaction, which is expected to be completed in the fourth quarter of 2020, subject to, among other things, the approval by Romeo Power’s stockholders and satisfaction or waiver of the other conditions stated in the definitive documentation.
The private placement of common stock includes commitments from institutional investors as well as strategic investors The Heritage Group and Republic Services.
Additional information about the proposed transaction, including a copy of the merger agreement and investor presentation, will be provided in a Current Report on Form 8-K to be filed by RMG with the Securities and Exchange Commission and available at www.sec.gov.
Advisors
Goldman Sachs & Co. LLC is serving as exclusive financial advisor, and Paul Hastings LLP is serving as legal advisor to Romeo Power. Morgan Stanley & Co. LLC is serving as lead financial advisor, Nomura Greentech Capital Advisors, LLC is serving as financial advisor, and Latham & Watkins LLP is serving as legal advisor to RMG. Morgan Stanley & Co. LLC is serving as sole placement agent to RMG on the PIPE offering. Davis Polk & Wardwell LLP is serving as legal advisor to Morgan Stanley & Co. LLC.
Investor Conference Call Information
Romeo Power and RMG will host a joint investor conference call to discuss the proposed transaction today, Monday, October 5, 2020 at 8:30 AM ET.
To listen to the prepared remarks via telephone dial 1-877-705-6003 (U.S.) or 1-201-493-6725 (International) and an operator will assist you. A telephone replay will be available at 1-844-512-2921 (U.S.) or 1-412-317-6671 (International), passcode: 13711240 through Monday October 19, 2020, 11:59 PM ET.
About Romeo Power Corporation
Romeo Power, founded in 2016 in California by Michael Patterson, is an industry leading energy technology company focused on designing and manufacturing lithium-ion battery modules and packs for commercial electric vehicles. Through its energy dense battery modules and packs, Romeo Power enables large-scale sustainable transportation by delivering safe, longer lasting batteries with shorter charge times. With greater energy density, Romeo Power is able to create lightweight and efficient solutions that deliver superior performance, and provide improved acceleration, range, safety and durability. Romeo Power’s modules and packs are customizable and scalable, and they are optimized by its proprietary battery management system. The company has approximately 100 employees and more than 60 battery-specific engineers and a 113,000 square foot manufacturing facility in Los Angeles, California with key battery development capabilities performed in-house.
For additional information, please visit https://romeopower.com
About RMG Acquisition Corp.
RMG Acquisition Corp. (NYSE: RMG) is a special purpose acquisition company formed for the purpose of effecting a merger, stock purchase or similar business combination with one or more businesses. The company is sponsored by Riverside Management Group and the Management Team of James Carpenter, Robert Mancini and Philip Kassin. The company’s strategy is to identify and complete its initial business combination with a business in the diversified resources or industrial materials sectors, which include, among others, the chemicals, energy services and technology, environmental services, metals and power sectors, and which stand to benefit from the Management Team’s extensive experience and operating capabilities. However, the company has reserved the right to pursue an acquisition opportunity in any business or industry. In February 2019, RMG Acquisition Corp. completed its initial public offering, raising $230 million from investors.
For additional information, please visit http://www.rmgacquisition.com/
Important Information and Where to Find It
This press release relates to a proposed transaction between RMG and Romeo Power. RMG intends to file with the Securities and Exchange Commission (“SEC”) a registration statement on Form S-4 that will include a proxy statement and prospectus of RMG. The proxy statement/prospectus will be mailed to stockholders of RMG as of a record date to be established for voting on the proposed business combination. RMG also will file other relevant documents from time to time regarding the proposed transaction with the SEC. INVESTORS AND SECURITY HOLDERS OF RMG ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS THAT WILL BE FILED BY RMG FROM TIME TO TIME WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders will be able to obtain free copies of the proxy statement/prospectus and other documents containing important information about RMG and Romeo Power once such documents are filed with the SEC, through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by RMG when and if available, can be obtained free of charge on RMG’s website at www.rmginvestments.com or by directing a written request to RMG Acquisition Corp., 50 West Street, Suite 40-C, New York, New York 10006.
Participants in the Solicitation
RMG and Romeo Power and their respective directors and executive officers, under SEC rules, may be deemed to be participants in the solicitation of proxies of RMG’s stockholders in connection with the proposed transaction. Investors and security holders may obtain more detailed information regarding the names and interests in the proposed transaction of RMG’s directors and officers in RMG’s filings with the SEC, including RMG’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, which was filed with the SEC on April 1, 2019. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to RMG’s stockholders in connection with the proposed business combination will be set forth in the proxy statement/prospectus for the proposed business combination when available. Additional information regarding the interests of participants in the solicitation of proxies in connection with the proposed business combination will be included in the proxy statement/prospectus that RMG intends to file with the SEC.
No Offer or Solicitation
This communication shall neither constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
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. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside RMG’s or Romeo Power’s management’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: the inability to complete the transactions contemplated by the proposed business combination; the inability to recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things, the amount of cash available following any redemptions by RMG stockholders; the ability to meet the NYSE’s listing standards following the consummation of the transactions contemplated by the proposed business combination; costs related to the proposed business combination; Romeo Power’s ability to execute on its plans to develop and market new products and the timing of these development programs; Romeo Power’s estimates of the size of the markets for its products; the rate and degree of market acceptance of Romeo Power’s products; the success of other competing technologies that may become available; Romeo Power’s ability to identify and integrate acquisitions; the performance of Romeo Power’s products; potential litigation involving RMG or Romeo Power; and general economic and market conditions impacting demand for Romeo Power’s products. Other factors include the possibility that the proposed transaction does not close, including due to the failure to receive required security holder approvals, or the failure of other closing conditions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of RMG’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, the registration statement on Form S-4 and proxy statement/prospectus discussed below and other documents filed by RMG from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and neither RMG nor Romeo Power undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
For Investors
ICR, Inc.
This email address is being protected from spambots. You need JavaScript enabled to view it.
For Media
ICR, Inc.
This email address is being protected from spambots. You need JavaScript enabled to view it.
For RMG Acquisition Corp.
Philip Kassin
Chief Operating Officer
This email address is being protected from spambots. You need JavaScript enabled to view it.
212-785-2579
VESTAL, N.Y. & SEOUL, South Korea--(BUSINESS WIRE)--#cleanenergy--SolarWindow Technologies, Inc. (Symbol: WNDW), developer of transparent electricity-generating coatings for glass and plastics, today announced corporate expansion of its US operations through newly established commercial development offices in South Korea, repeatedly ranked number one in the worldwide Bloomberg Innovation Index and a leading country in advanced manufacturing of new technologies and products.
“Only a few weeks ago, we demonstrated our largest and most transparent SolarWindow™ glass panes generating electricity from sunlight and artificial indoor light,” stated Mr. Jay S. Bhogal, CEO and President of SolarWindow. “This milestone achievement spurred today’s expansion of our operations and cross-functional business teams in the United States and Korea.”
The Company’s newly formed Asia business unit with its strategic hires and expanded operations places SolarWindow in a geography that is home to some of the world’s most advanced-technology manufacturers of next-generation building materials, electric vehicles and commercial transportation systems, and consumer electronics -- a natural fit with the Company’s proprietary LiquidElectricity™ coatings for films, glass, and plastics.
“With this expansion, SolarWindow taps into high tech manufacturing in new markets while strengthening our position as a Made-in-America energy solution with global implications,” continued Mr. Bhogal. “With rising global demand for efficient, sustainable, and cost-competitive solutions, now is the time to apply our proprietary clean energy source -- the application of our LiquidElectricity™ coatings -- to flat window glass and to products far beyond.”
Bridging US & Asia Business Development: Ms. Alexandra Musk
Bridging U.S. and Asian SolarWindow offices is newly appointed Associate VP Brand & Business Development, Ms. Alexandra Musk, who brings a family legacy of innovative, sustainable ventures in renewable energy and electric vehicles.
Based in California, Ms. Musk is responsible for global brand development, and outreach to strategic technology partners, manufacturers, and industry leaders. Her experience with brand positioning, business development, and industry engagement spans Europe, Africa, South America and the United States.
SolarWindow Asia Leadership: Mr. John Rhee
Working from the Company’s new offices in Seoul, South Korea, and currently serving as a SolarWindow Board Member, Mr. John Rhee, now additionally assumes executive leadership of the Company’s Asian operations, a wholly-owned subsidiary of U.S. based SolarWindow Technologies, Inc.
Notably, Mr. Rhee is a Founding Partner of a successful social impact investment company serves on the Investment Committee of the Barbara Bush Foundation and held the position of Chief Financial Officer of the Nobel Sustainability Trust.
Previously, Mr. Rhee was Executive Director at the SoftBank Alternative Investment and Venture Fund, and today is a global leader in sustainability with a long history of philanthropy.
Award Winning Engineering & Global Operations Expertise: James Shin, Joseph Song
Supporting Mr. John Rhee and SolarWindow Asia offices and operations are:
Mr. James Shin, Director of Engineering is a much sought-after and award-winning developer of semiconductor control processes, manufacturing systems and strategies. He is an accomplished electrical and mechatronics engineer, with specialty expertise in advanced semiconductor manufacturing.
Mr. Shin serves as a key member of the South Korean government's technology evaluation committee specializing in robotic production systems, and is the recipient of a prestigious achievement award from the Ministry of Science, ICT, and Future Planning division.
Mr. James Shin is a licensed electronics engineer. He holds a Master’s Degree in Technology Management from Korea University. He also holds a dual Master’s and Bachelor’s degree in Mechatronics Engineering from the Seoul National University of Technology.
Reporting to Mr. Rhee in Asia and Mr. John Conklin CTO SolarWindow, Mr. Shin leads all SolarWindow Asia engineering and product development collaborations.
Mr. Joseph Song, Director of Operations brings expertise with venture and private equity investments in renewable energy and business operations, having supported over $1B of strategic investments and previously served as divisional Director of a $3 billion American manufacturer with over 7,000 employees.
Mr. Song’s experience includes the launch of a new product which achieved revenues of over $200M per year, and worked to establish a $100M manufacturing operation for expansion into Asian markets.
Born, raised and educated in the United States, Mr. Joseph Song earned his MBA from Emory University, undergraduate degree in Finance from the University of Tennessee, and a Korean language degree from Yonsei University.
A New Generation of Self-Charging Products
“Our mandate is to expand beyond windows by applying our electricity-generating coatings to glass and plastics to electrify a brand-new generation of self-charging products,” stated Mr. John Rhee, CEO, SolarWindow Asia.
“Not only do we have a patented energy source, but we have the capital, and now the executive leadership team and geographic reach to accomplish our mission of driving SolarWindow to market,” concluded Mr. Rhee.
Electricity-generating glass windows and products were first conceived by Mr. Harmel S. Rayat, who relinquished his position as Director and Chairman of the Board on October 1, 2020. Mr. Rayat’s $30 million-plus capital investment over the years has fueled numerous SolarWindow technical achievements, leading to today’s expansion.
“My goals in funding SolarWindow were to enable growth while ushering-in a new generation of entrepreneurial leadership and talented management, and these have been achieved” stated outgoing Chairman, Mr. Harmel S. Rayat.
“I’m proud of our many accomplishments over the years, and am excited that the expansion of our American operations to Asia marks the beginning of a new and exciting chapter at SolarWindow. As the majority shareholder, I remain an ardent supporter and am committed to the future success of SolarWindow as I now devote more time to my family office,” stated Mr. Rayat.
“We wish Mr. Rayat success and are grateful for his commitment to continue supporting SolarWindow as he has for more than a decade,” stated Mr. Bhogal.
SolarWindow CEO, President, and Director, Mr. Jay S. Bhogal, assumes Chairmanship on the Company’s Board. Concurrently, Mr. Joseph Sierchio, Company General Counsel, has been appointed a Director on the Board, a position he previously held for nearly a decade.
ABOUT SOLARWINDOW
SolarWindow Technologies, Inc. (Symbol: WNDW; www.solarwindow.com) is a developer of transparent LiquidElectricity™ coatings that generate electricity when deposited onto glass or plastic. When applied to otherwise ordinary glass, for example, these coatings generate electricity, producing power under natural, artificial, low, shaded, and reflected light conditions.
The subject of over 90 granted and in-process trademark and patent filings, SolarWindow coatings and technologies can be applied to generate electricity on building facades, balcony railings, curtain walls, skylights, and shading systems, as well as automotive, truck, marine and aircraft applications, and consumer products and military uses.
SolarWindow operations include: Cooperative Research and Development Agreements with the U.S. Department of Energy’s National Renewable Energy Laboratories in the United States; and, executive management and operations primarily supported by contract partners and service providers, suppliers, and part-time and full-time contract staff, and Advisors in the United States, Canada, and South Korea.
For additional information, please call Amit Singh at 800-213-0689 or visit: www.solarwindow.com.
To receive future press releases via email, please visit: http://solarwindow.com/join-our-email-list/.
Follow us on Twitter @solartechwindow, or follow us on Facebook.
To view the full HTML text of this release, please visit: http://solarwindow.com/media/news-events/.
Social Media Disclaimer and Forward-Looking Statements
SolarWindow investors and others should note that we announce material information to the public about the Company through a variety of means, including our website (https://www.solarwindow.com/investors), through press releases, SEC filings, public conference calls, via our corporate Twitter account (@solartechwindow), Facebook page (https://www.facebook.com/SolarWindowTechnologies) and LinkedIn page (https://www.linkedin.com/company/solar-window-technology/) in order to achieve broad, non-exclusionary distribution of information to the public and to comply with our disclosure obligations under Regulation FD. We encourage our investors and others to monitor and review the information we make public in these locations as such information could be deemed to be material information. Please note that this list may be updated from time to time.
No statement herein should be considered an offer or a solicitation of an offer for the purchase or sale of any securities. This release contains forward-looking statements that are based upon current expectations or beliefs, as well as a number of assumptions about future events. Although SolarWindow Technologies, Inc. (the “company” or “SolarWindow Technologies”) believes that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, it can give no assurance that such expectations and assumptions will prove to have been correct. Forward-looking statements, which involve assumptions and describe our future plans, strategies, and expectations, are generally identifiable by use of the words “may,” “will,” “should,” “could,” “expect,” “anticipate,” “estimate,” “believe,” “our goals,” “our mission,” “intend,” or “project” or the negative of these words or other variations on these words or comparable terminology. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties, including but not limited to adverse economic conditions, intense competition, lack of meaningful research results, entry of new competitors and products, adverse federal, state and local government regulation, inadequate capital, unexpected costs and operating deficits, increases in general and administrative costs, termination of contracts or agreements, technological obsolescence of the company’s products, technical problems with the company’s research and products, price increases for supplies and components, litigation and administrative proceedings involving the company, the possible acquisition of new businesses or technologies that result in operating losses or that do not perform as anticipated, unanticipated losses, the possible fluctuation and volatility of the company’s operating results, financial condition and stock price, losses incurred in litigating and settling cases, dilution in the company’s ownership of its business, adverse publicity and news coverage, inability to carry out research, development and commercialization plans, loss or retirement of key executives and research scientists, changes in interest rates, inflationary factors, and other specific risks. There can be no assurance that further research and development will validate and support the results of our preliminary research and studies. Further, there can be no assurance that the necessary regulatory approvals will be obtained or that SolarWindow Technologies, Inc. will be able to develop commercially viable products on the basis of its technologies. In addition, other factors that could cause actual results to differ materially are discussed in the company’s most recent Form 10-Q and Form 10-K filings with the Securities and Exchange Commission. These reports and filings may be inspected and copied at the Public Reference Room maintained by the U.S. Securities & Exchange Commission at 100 F Street, N.E., Washington, D.C. 20549. You can obtain information about operation of the Public Reference Room by calling the U.S. Securities & Exchange Commission at 1-800-SEC-0330. The U.S. Securities & Exchange Commission also maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the U.S. Securities & Exchange Commission at http://www.sec.gov. The company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect the events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Amit Singh
800-213-0689
www.solarwindow.com.
NEW YORK & BUFFALO GROVE, Ill.--(BUSINESS WIRE)--Macquarie’s Green Investment Group (GIG), Siemens’ Smart Infrastructure (SI) and Financial Services (SFS) groups today announced the formation of Calibrant Energy (Calibrant), a joint venture that offers comprehensive onsite Energy as a Service (EaaS) solutions at no up-front cost for its customers, which include corporate and industrial clients, as well as municipalities, universities, schools and hospitals.
Calibrant Energy offers a unique combination of technical, operating, and risk management expertise that enables customers to access the benefits of on-site energy systems with a new level of simplicity. Using an EaaS model, Calibrant will build onsite energy solutions that seek to deliver immediate cost savings, cost certainty, resilience and low-cost energy grid augmentation. Calibrant’s technologies will include solar, integrated solar-battery solutions, hybrid systems, standalone batteries, microgrids, combined heat and power, and centralized heating and cooling infrastructure upgrades.
Combining the efforts of two global energy technology and infrastructure companies, Calibrant Energy will simplify the transition toward energy decarbonization for US corporations and institutions by planning, designing, building, owning, and operating clients’ energy production and storage assets.
“Many companies and institutions are embarking on a green transition in their energy strategies to take advantage of lower cost, lower emissions and increased resilience. Due to our shared vision and complementary expertise, GIG viewed Siemens as the ideal partner in forming Calibrant Energy to work closely with clients to deliver simple, customized, fully managed energy solutions,” said Chris Archer, GIG’s Head of Americas. “With industry-leading technology, deep sector expertise and flexible financing capabilities, Calibrant is well positioned to be a transformative leader in distributed energy and accelerate the transition toward a greener economy.”
Calibrant will deliver fully integrated and managed energy solutions that can be deployed at scale, including taking on up-front capital investment. Employing best-in-class solutions and drawing from the broadest and deepest product set in the industry, Calibrant will feature the latest energy solutions from Siemens, as well as leading products from across the industry.
“Calibrant Energy is laying the foundation to respond to the changing financial market conditions and demand for sustainable infrastructure and clean energy projects,” said John Kovach, Head of Energy & Performance Services Americas, Siemens Smart Infrastructure. “With this launch, we continue to deliver on our commitment to society by driving sustainability and customer choice in grid edge technologies.”
“This venture is about making it simple for the customer, while also leveraging a growing set of technologies and applications around distributed energy,” said Greg Callman, Global Head of Energy Technology at Macquarie Capital. “Crafting a simple and compelling customer solution requires a combination of discipline and innovation, and Calibrant is purpose built.”
“As an experienced investor in energy and infrastructure initiatives throughout the United States, SFS has been a pioneer in providing flexible financing solutions for the advancement of distributed energy projects,” said Anthony Casciano, CEO, Siemens Financial Services, Inc. “Combining Siemens’ innovative technology solutions and – together with GIG – adding our own financing and risk management expertise, Calibrant Energy will help enable customers to obtain resilient low-cost energy and meet sustainability goals with no up-front cost.”
About Calibrant Energy
Calibrant Energy is a total energy partner that simplifies the transition toward energy decarbonization and decentralization. Calibrant Energy creates smart energy solutions for companies and institutions by integrating the latest energy technologies with adaptive financing. Calibrant Energy brings together global innovators in energy, Siemens’ Smart Infrastructure (SI) and Financial Services (SFS) groups and Macquarie’s Green Investment Group, to deliver distributed energy solutions that help achieve commercial, sustainability and strategic goals. Calibrant Energy’s mission is to provide reliable, high-quality, and transformational energy solutions with end to end services. For more information, visit www.calibrantenergy.com.
About Green Investment Group and Macquarie Group
Green Investment Group (GIG) is a specialist developer, sponsor and investor with a mission to accelerate the transition to a greener global economy. GIG supports the growth of the global green economy by making new green infrastructure investments and developing new projects. Working across the full project lifecycle, including early-stage development, GIG offers clients and partners expertise in principal investment, project and portfolio management, advisory services and access to flexible capital. GIG is part of Macquarie Group, a diversified financial group providing clients with asset management and finance, banking, advisory and risk and capital solutions across debt, equity and commodities.
About Siemens Smart Infrastructure
Siemens Smart Infrastructure (SI) is shaping the market for intelligent, adaptive infrastructure for today and the future. It addresses the pressing challenges of urbanization and climate change by connecting energy systems, buildings and industries. SI provides customers with a comprehensive end-to-end portfolio from a single source – with products, systems, solutions and services from the point of power generation all the way to consumption. With an increasingly digitalized ecosystem, it helps customers thrive and communities progress while contributing toward protecting the planet. SI creates environments that care. With around 71,000 employees worldwide, Siemens Smart Infrastructure has its global headquarters in Zug, Switzerland, and its U.S. corporate headquarters in Buffalo Grove, Illinois, USA. In the United States, Siemens Smart Infrastructure is a Business Unit of the Siemens US legal entity Siemens Industry, Inc.
About Siemens Financial Services
Siemens Financial Services (SFS) – the financing arm of Siemens – provides business-to-business financial solutions. A unique combination of financial expertise, risk management and industry know-how enable SFS to create tailored innovative financial solutions. With these, SFS facilitates growth, creates value, enhances competitiveness and helps customers access new technologies. SFS supports investments with equipment financing and leasing, corporate lending, equity investments and project and structured financing. www.usa.siemens.com/finance
Macquarie media inquiries
David Franecki
Macquarie Group
+1 212 231 1310
This email address is being protected from spambots. You need JavaScript enabled to view it.
Siemens media inquiries
Aynur Saltik
Siemens Smart Infrastructure
+1 312 560 3679
This email address is being protected from spambots. You need JavaScript enabled to view it.
New York State Public Service Commission Approves Itron’s 550G Gas ERT® for Use by New York Gas Utilities
LIBERTY LAKE, Wash.--(BUSINESS WIRE)--Itron, Inc. (NASDAQ: ITRI), which is innovating the way utilities and cities manage energy and water, and Consolidated Edison, Inc. (Con Edison), have announced that the New York State Public Service Commission (NYS PSC) has affirmed its consent approval of Itron’s 550G Gas Encoder Receiver Transmitter (ERT®) module for use by the state’s gas utilities. Specifically configured to meet New York regulations, the 550G gas ERT module has both Advanced Meter Reading (AMR) and Advanced Metering Infrastructure (AMI) capabilities.
With this approval from the NYS PSC, Con Edison will now deploy 550G ERT modules on its existing IoT network from Itron as a part of its ongoing efforts to improve delivery of natural gas to its customers. The 550G ERT is equipped with cutting-edge features such as high-flow safety alarm, on-demand reads, firmware downloads from the back office and extended data storage.
“This will help our customers by providing on-demand readings: If our customer is moving out of their apartment tomorrow, we can get a reading for them,” said Jude Del Percio of Con Edison’s AMI team. “If they believe their bill is high, we can check the reading for them right away, “ he added. “These gas modules have been rigorously tested in accordance with National Standards and NYS PSC requirements and feature the unique capability to operate with handheld and mobile AMR systems, equipping us to transition to our IoT network in certain service-territory areas without need for a field visit. We constantly explore ways to innovate and take advantage of cutting-edge technology and adopt the next generation of Itron’s technology.”
“The 550G ERT module is the next step in helping our customers leverage their technology investments and reduce stranded costs by providing a seamless migration from mobile meter reading to advanced metering infrastructure,” said John Marcolini, senior vice president of Networked Solutions at Itron. “Building on our collaborations with Con Edison to deploy our IoT network and develop a ground-breaking methane sensor, we look forward to similar success with the 550G ERT module.”
Availability
The Itron 550G gas ERT module is commercially available today and is the latest of a series of Encoder Receiver Transmitter products from Itron, the market leader in Gas AMR/AMI technology with over 75 million modules shipped.
About Itron
Itron enables utilities and cities to safely, securely and reliably deliver critical infrastructure solutions to communities in more than 100 countries. Our portfolio of smart networks, software, services, meters and sensors helps our customers better manage electricity, gas and water resources for the people they serve. By working with our customers to ensure their success, we help improve the quality of life, ensure the safety and promote the well-being of millions of people around the globe. Itron is dedicated to creating a more resourceful world. Join us: www.itron.com.
Itron® is a registered trademark of Itron, Inc. All third-party trademarks are property of their respective owners and any usage herein does not suggest or imply any relationship between Itron and the third party unless expressly stated.
About Consolidated Edison, Inc.
Consolidated Edison, Inc. is one of the nation's largest investor-owned energy-delivery companies, with approximately $13 billion in annual revenues and $59 billion in assets. The company provides a wide range of energy-related products and services to its customers through the following subsidiaries: Consolidated Edison Company of New York, Inc., a regulated utility providing electric, gas and steam service in New York City and Westchester County, New York; Orange and Rockland Utilities, Inc., a regulated utility serving customers in a 1,300-square-mile-area in southeastern New York State and northern New Jersey; Con Edison Clean Energy Businesses, Inc., which through its subsidiaries develops, owns and operates renewable and energy infrastructure projects and provides energy-related products and services to wholesale and retail customers; and Con Edison Transmission, Inc., which through its subsidiaries invests in electric and natural gas transmission projects.
Itron, Inc.
Alison Mallahan
Senior Manager, Corporate Communications
509-891-3802
This email address is being protected from spambots. You need JavaScript enabled to view it.
Supports the Development of U.S. Domestic Supply of Graphite
CENTENNIAL, Colo.--(BUSINESS WIRE)--$WWR--Westwater Resources, Inc. (“Westwater”) (NASDAQ: WWR), an energy materials development company, applauds the President’s Executive Order (“Order”) signed on September 30, 2020, that addresses the threat to the U.S. domestic supply chain from reliance on critical minerals from foreign adversaries. The critical minerals referred to in the Order were previously identified by the Department of the Interior in May 2018, and include both natural graphite and vanadium.
The President’s declaration that the United States' heavy reliance on foreign nations for critical minerals is a national emergency highlights the importance of Westwater’s plans to develop the Coosa Graphite Deposit in east-central Alabama. Westwater’s business plan for the Coosa Graphite Project over the next two and a half years is to develop a U.S. domestic supply for natural graphite for use in all types of batteries in the United States. During recent exploration activities along the Roscoe Ridge at the mine site, Westwater has also discovered widespread and significant levels of vanadium mineralization.
The U.S. is 100% dependent on imports for graphite, which is the primary anode material in lithium-ion batteries that power smartphones, laptops, and electric vehicles, and stores power from intermittent renewable energy sources. Graphite was specifically named as one of the critical minerals in which the U.S. is heavily dependent on China for its supply. Also, vanadium is an essential component in the manufacture of high-strength steel, is used as a catalyst in chemical manufacturing, and is also used as a component in the manufacturing of some ceramic, glass, and pigment products. The U.S. imports virtually all of its industrial vanadium requirements from mines located in South Africa, China, and Russia.
Christopher M. Jones, President and Chief Executive Officer of Westwater, said, “The President’s Executive Order opens up new avenues for financing and permitting our Coosa Graphite Project – this is good news for Westwater Resources and the United States.”
In the Order the President says, “a strong America cannot be dependent on imports from foreign adversaries for the critical minerals that are increasingly necessary to maintain our economic and military strength in the 21st century.” The President said the heavy dependence on imports for critical minerals makes the U.S. vulnerable to adverse foreign government action, natural disaster, or other supply disruptions.
“I therefore determine that our nation's undue reliance on critical minerals, in processed or unprocessed form, from foreign adversaries constitutes an unusual and extraordinary threat, which has its source in substantial part outside the United States, to the national security, foreign policy, and economy of the United States. I hereby declare a national emergency to deal with that threat,” Trump penned in the Executive Order.
Further details on Trump's critical mineral Executive Order can be read at https://www.whitehouse.gov/presidential-actions/executive-order-addressing-threat-domestic-supply-chain-reliance-critical-minerals-foreign-adversaries.
Westwater is uniquely positioned to benefit from the action the U.S. government is taking to ensure that America and its technology manufacturers can rely on a safe and secure source of graphite to power our next generation of power and technology needs and possibly to meet needs for vanadium as well. The action by the President orders the Office of Science and Technology, the Secretary of Defense, the Secretary of Energy, and the Secretary of the Interior to provide guidance to clarify which minerals and projects are eligible for government support, which can include loans or grants, under Title XVII of the Energy Policy Act of 2005. Furthermore, these agencies are directed along with the Secretary of Commerce, the Administrator for the Environmental Protection Agency, and the Secretary of the Army, to use all available authorities to accelerate the issuance of permits in connection with expanding and protecting the U.S. domestic supply chain for minerals such as graphite.
Westwater is evaluating the Order and how to best approach the relevant agencies in the U.S. Government to emphasize the importance of battery graphite, its importance to the nation’s security, and how the Coosa Graphite Project in Alabama fits into the enactment of critical minerals policy.
About Westwater Resources
Westwater Resources (NASDAQ: WWR) is focused on developing energy-related materials. The Company’s battery-materials projects include the Coosa Graphite Project — the most advanced natural flake graphite project in the contiguous United States — and the associated Coosa Graphite Deposit located across 41,900 acres (~17,000 hectares) in east-central Alabama. Commencement of the pilot plant operations is scheduled for the fourth quarter of 2020, producing ULTRA-PMG™, ULTRA-DEXDG™ and ULTRA-CSPG™ in quantities that facilitate qualification testing at potential customers. For more information, visit www.westwaterresources.net.
Cautionary Statement
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as "expects," "estimates," "projects," "anticipates," "believes," "could," “scheduled,” and other similar words. All statements addressing events or developments that WWR expects or anticipates will occur in the future, including but not limited to the activities involving the Coosa Graphite Project and the Coosa Graphite Deposit. Because they are forward-looking, they should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties include, but are not limited to, (a) the Company’s ability to successfully construct and operate a pilot plant capable of producing battery grade materials in quantities and on schedules consistent with the Coosa Graphite Project business plan; (b) the Company’s ability to raise additional capital in the future including the ability to utilize existing financing facilities; (c) spot price and long-term contract price of graphite and vanadium; (d) risks associated with our operations and the operations of our partners such as Dorfner Anzaplan, including the impact of COVID-19 and its potential impacts to the capital markets; (e) operating conditions at the Company’s projects; (f) government and tribal regulation of the graphite industry and the vanadium industry; (g) world-wide graphite and vanadium supply and demand, including the supply and demand for lithium-based batteries; (h) unanticipated geological, processing, regulatory and legal or other problems the Company may encounter in the jurisdictions where the Company operates or intends to operate, including but not limited to Alabama; (i) the ability of the Company to enter into and successfully close acquisitions or other material transactions, including the proposed transaction to sell uranium assets in Texas and New Mexico to enCore Energy; (j) any graphite or vanadium discoveries not being in high-enough concentration to make it economic to extract the minerals; (k) currently pending or new litigation or arbitration; and (l) other factors which are more fully described in the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize or should any of the Company’s underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. In addition, undue reliance should not be placed on the Company’s forward-looking statements. Except as required by law, the Company disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this news release.
Westwater Resources Contact:
Christopher M. Jones, President & CEO
Phone: 303.531.0480
Jeff Vigil, VP Finance & CFO
Phone: 303.531.0481
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Product Sales Contact:
Jay Wago, Vice President – Sales and Marketing
Phone: 303.531.0472
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Investor Relations Contact:
Porter, LeVay & Rose
Michael Porter
Phone: 212.564.4700
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
SAN RAMON, Calif.--(BUSINESS WIRE)--Chevron Corporation (NYSE: CVX) announced today that its acquisition of Noble Energy, Inc. (NASDAQ: NBL) has been completed following approval by Noble Energy shareholders.
“We are pleased to welcome Noble Energy’s employees and shareholders to Chevron. Noble’s high-quality assets complement Chevron’s advantaged upstream portfolio, and the combination is expected to deliver strong financial benefits,” said Chevron Chairman and CEO Michael Wirth. “With an industry-leading balance sheet and a track record of capital discipline, we believe we’re in a different place than others and can protect the dividend while driving long-term value.”
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.
NOTICE
As used in this news release, the term “Chevron” and such terms as “the company,” “the corporation,” “our,” “we” and “us” may refer to Chevron Corporation, one or more of its consolidated subsidiaries, or to all of them taken as a whole. All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, each of which manages its own affairs.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This news release contains certain forward-looking statements relating to Chevron’s operations that are based on management's current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “forecasts,” “projects,” “believes,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on schedule,” “on track,” “is slated,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond Chevron’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for our products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and actions; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic and political conditions; changing refining, marketing and chemicals margins; the company’s ability to realize anticipated cost savings, expenditure reductions and efficiencies associated with enterprise transformation initiatives; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; technological developments; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates, particularly during extended periods of low prices for crude oil and natural gas during the COVID-19 pandemic; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the Company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the Company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce greenhouse gas emissions; the potential liability resulting from pending or future litigation; the ability to successfully integrate the operations of Chevron and Noble Energy and achieve the anticipated benefits from the transaction; the Company’s other future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, industry-specific taxes, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; material reductions in corporate liquidity and access to debt markets; the receipt of required Board authorizations to pay future dividends; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the Company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 18 through 21 of Chevron’s 2019 Annual Report on Form 10-K, on pages 41 to 43 of Chevron’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, and in subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this report could also have material adverse effects on forward-looking statements.
Braden Reddall -- +1 925-842-2209
SPAC launches with founders and board of directors consisting of clean energy veterans from NRG, Credit Suisse, General Electric and Green Mountain Power
NEW YORK--(BUSINESS WIRE)--Climate Change Crisis Real Impact I Acquisition Corporation, NYSE: CLII.U, dba Climate Real Impact Solutions (CRIS) announced today the closing of its initial public offering of 23,000,000 units at a price of $10.00 per unit including 3,000,000 sold to the underwriters pursuant to the full exercise of their over-allotment option. CRIS is a special-purpose acquisition company (SPAC) created to combat the climate crisis by completing a business combination with a scalable company in the climate sector, and it launches with a team of founders and directors who collectively boast decades of leadership and operating experience in the utility, renewable energy, private equity and finance industries. The SPAC is co-sponsored by private funds affiliated with Pacific Investment Management Company LLC (PIMCO), which has nearly $150 billion in sustainability investments across its portfolios.
CRIS intends to employ a business acquisition strategy that utilizes both traditional financial and climate-focused environmental metrics to acquire and then to maximize both the value and the climate impact of the combined company. These companies may be in the business of either avoiding carbon emissions into the atmosphere from the residential, commercial or transportation sectors or in the business of removing CO2 already in the atmosphere.
CRIS expects our initial focus for a business combination will be in the following sectors:
CRIS founders chose these sectors with the goal of broad-based climate impact in mind, focusing on products and services that consumers interact with at home, in their work life and in transit. In addition to offering significant, measurable carbon mitigation impacts, these sectors encompass climate technologies that have already demonstrated commercial effectiveness and economic viability.
The CRIS founders and directors combine expertise across areas necessary for success in their targeted climate sectors, including but not limited to: experience at Fortune 500 companies in leadership, operations, capital formation and customer value strategies; tangible clean energy innovation and investment; authentic climate advocacy and robust networks of industry connections cultivated through decades of market and climate leadership. The team expects to be more than financial stewards and engineers of business acquisitions – CRIS leadership is dedicated to mentoring and supporting the acquisition target’s management, business strategy and operations in order to maximize impact. Key members of CRIS leadership include:
Management
Board of Directors:
“With each passing year, millions more Americans accept that climate change is a defining issue of our time and that, while we have to do our part, it is the obligation of this generation of American leadership to lead the effort to do something about it,” said David Crane, CRIS CEO and founder. “Over the past decade, American entrepreneurs have brought forth a wide array of exciting products and services which are clean, green, smart and affordable. We have formed Climate Real Impact Solutions to help those entrepreneurs gain access to the capital, the connections and the talent they need to take their businesses to the next level while amplifying their climate impact.”
Advisors
Citigroup, BofA Securities and Barclays acted as joint book-running managers for the offering. Academy Securities, Drexel Hamilton, R. Seelaus & Co., LLC, Roberts and Ryan and Siebert Williams Shank acted as co-managers. Ropes & Gray LLP served as counsel to CRIS and Davis Polk & Wardwell LLP served as counsel to the underwriters.
About Climate Real Impact Solutions
Climate Change Crisis Real Impact I Acquisition Corporation (NYSE: CLII.U), dba Climate Real Impact Solutions, is a special-purpose acquisition company (SPAC) formed to identify and acquire a scalable company making significant contributions to the fight against the climate crisis. The SPAC is led by a seasoned operations and leadership team with decades of experience at the intersection of climate change and capitalism.
Media:
Isaac Steinmetz
Director of Media Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
646-883-3655
SAN FRANCISCO--(BUSINESS WIRE)--#CleanEnergy--kWh Analytics, the market leader in solar risk management, today released the “2020 Solar Generation Index” (SGI) in collaboration with ten of the industry’s fifteen largest solar asset owners. In parallel, the company announced that it issued the industry’s first Solar Technology Asset Risk (STAR) Comps reports with leading sponsors and asset owners, including New Energy Solar and Captona, to use industry data to validate solar production estimates on more than 1GW of solar assets.
The 2020 SGI report is the largest industry-wide energy validation study. The report analyzed over 30% of the market’s non-residential systems in the U.S. and found that on average, systems underperformed their initial estimates by 6.3% on a weather-adjusted basis. The report concluded that performance estimates are systemically over-estimated and that assets are often not yielding the expected returns.
Every mature asset class requires market data to improve the accuracy and certainty of investment returns. To address this need, kWh Analytics released the STAR Comps reports to provide an objective standard to assess solar performance for solar asset investors.
STAR Comps leverages the industry’s largest database of solar performance to validate or invalidate performance estimates and loss assumptions for similarly designed systems. The STAR Comps report supports deal teams by improving efficiency and accuracy of asset diligence for projects under construction or under consideration for M&A. It also provides asset managers with context on asset performance to identify addressable versus exogenous performance issues.
“The STAR products are an innovative set of tools that combine analytics and industry data to offer unique insight into our systems' performance. Our asset management team can now validate and contextualize what we see in the field with industry metrics and more accurate weather analytics to inform our O&M strategies,” said Paul Whitacre, Director of Asset Management at New Energy Solar Manager.
“kWh Analytics has data on production results that were previously 'best guess' estimates. It was only a matter of time that we began using market data to validate those numbers,” said Captona Founder and Partner Izzet Bensusan. “The STAR Comps product helps bridge the gap between the Independent Engineer reports and actual performance of projects and provides insight into what we can expect as the future owner and operator of a project.”
“Although underperformance impacts multiple stakeholders, the long-term equity investors are the most exposed to inaccurate energy forecasts. Change won’t happen on its own. It is up to us as an industry to collectively allow hard data to overcome opinions, however well-intended,” said kWh Analytics CEO and Founder Richard Matsui. “We look forward to the shared work of improving our solar industry and accelerating the clean energy transition.”
Equipped with objective data and comparables through STAR, the solar industry can course correct and improve accuracy and certainty of its investment returns.
Learn More about us: www.kwhanalytics.com & https://www.kwhanalytics.com/star
Follow Us at: @kwhanalytics
About Solar Technology Asset Risk (STAR) Comps
kWh Analytics leverages the industry’s largest database of solar assets (>30% of the U.S. installed base) to develop representative market comps and objective metrics to benchmark system performance, weather factors, and underlying loss assumptions against your development or operating asset.
About kWh Analytics
kWh Analytics is the market leader in solar risk management. By leveraging the most comprehensive performance database of solar projects in the United States (30% of the U.S. market) and the strength of the global insurance markets, kWh Analytics’ customers are able to minimize risk and increase equity returns of their projects or portfolios. kWh Analytics also provides HelioStats risk management software to leading project finance investors in the solar market. kWh Analytics is backed by private venture capital and the US Department of Energy.
About New Energy Solar
New Energy Solar was established in November 2015 to invest in a diversified portfolio of solar assets across the globe and help investors benefit from the global shift to renewable energy. The Business acquires large scale solar power plants with long term contracted power purchase agreements. In addition to attractive financial returns, this strategy generates significant positive environmental impacts for investors. Since establishment, New Energy Solar has raised over A$500 million of equity, acquired a portfolio of world-class solar power plants. The Investment Manager, New Energy Solar Manager Pty Ltd, has a deep pipeline of opportunities primarily across the United States and Australia.
About Captona
Captona is a North America-focused investment company specializing in power generation and energy infrastructure assets. The Firm seeks to acquire operating and development assets within the North American power sector and aims to create value through technical and financial restructuring.
Sarah Matsui
This email address is being protected from spambots. You need JavaScript enabled to view it.
Combination adds innovative cloud-native land management to Upstream On Demand portfolio
HOUSTON--(BUSINESS WIRE)--Quorum Software (Quorum), a Thoma Bravo portfolio company and the leader in digital transformation for the oil and gas industry, announced today that it has acquired Landdox, the leading innovator in cloud-first land technology. The acquisition brings together deep industry DNA and leading-edge architecture to empower energy companies to reimagine land management for the future.
“Over the last two decades, Quorum has become the de facto standard in enterprise land management,” said Gene Austin, chief executive officer at Quorum. “Where we excel in the breadth and depth of functionality for land management, Landdox shines at delivering accelerated innovation through cloud-native technologies and processes. Landdox aligns perfectly with, and in some areas already integrates with, our cloud-based SaaS applications for upstream, which means that we can deliver on the speed, power, and cost-savings potential of modern SaaS technologies quickly and comprehensively.”
A growing SaaS company, Landdox enhances Quorum’s capabilities through speed of innovation, adaptable business processes, and open software integration. Landdox’s cloud-native architecture enables customers to innovate faster in today’s rapidly changing world. Landdox includes self-service tools—customizable templates, user-defined provision and obligation tracking, and the ability to model any agreement or asset at scale— that make it easy to configure processes to adapt to the changing needs of the business. And finally, Landdox supports integration with a secure API that can be activated in minutes, without IT overhead or ongoing support.
Landdox will become a key component of Quorum Upstream On Demand, a true multi-tenant SaaS suite designed for upstream companies that need cost-effective solutions that are simple to deploy, easy to use, and do not require extensive IT resources to support. Upstream On Demand solutions include:
Landdox will serve as the land management foundation for the next phase of Quorum Upstream On Demand, which more than 600 companies rely on to power their oil and gas business operations.
“Quorum’s Upstream On Demand multi-tenant SaaS journey started five years ago with the introduction of our Microsoft Azure-based production application,” said Tyson Greer, chief product officer at Quorum. “Over the last five years, we delivered other key upstream SaaS applications. And now finally, with the Landdox acquisition, we have the industry’s most complete suite of SaaS products that allows us to not only innovate and reimagine land management but upstream operations as a whole.”
“When we founded Landdox five years ago, Bob Gates and I started with a vision for reimagining the way energy and infrastructure companies manage their core assets,” said James Yockey, co-founder of Landdox. “In a short time, Landdox succeeded in creating a cloud-based application platform that’s easily customizable, intuitively designed, and delights customers as much as it expands their operational range,” continued Yockey. “By joining Quorum, we can accelerate and expand on this vision, modernizing end-to-end solutions for upstream oil and gas and beyond.”
“Congratulations to Quorum and Landdox on uniting their strengths through this acquisition!” said Kurt P. Kemmerly, chief customer officer at ThoughtTrace. Combining ThoughtTrace data with land system data improves the quality of information going into critical decisions, and we are excited to continue deepening our platform integrations to serve our combined customers better.”
Quorum provides integrated solutions for its customers’ core processing demands across the upstream, midstream and downstream segments of the oil and gas value chain. The company’s portfolio of innovative software addresses a broad spectrum of energy companies’ needs, from operations to accounting, plant management, and financial forecasting. Quorum is the preferred software provider to over 75% of the largest oil and gas producers in the United States, and its technology powers 80,000 miles of pipeline and accounts for 80% of all natural gas processed in the U.S.
Kirkland & Ellis, LLP was legal advisor to Thoma Bravo. Reiter, Brunel & Dunn, PLLC was legal advisor to Landdox. Financial details of the acquisition were not disclosed.
About Quorum Software
Quorum offers an industry-leading portfolio of finance, operations and accounting software that empowers energy companies of all sizes to conquer their most complex business challenges. From the field to the back office, defying complexity is coded in our DNA and our software. This unmatched experience is why Quorum is the choice of eight of the largest public energy companies worldwide, 75 percent of LNG exporters throughout North America and 80 percent of all natural gas processed in the United States. Designed for digital transformation, the myQuorum software platform delivers open standards, mobile-first design and cloud technologies to empower innovation at the speed of thought. At Quorum, we’re helping visionary leaders transform their business, and the energy industry, for a digital world. For more information, visit quorumsoftware.com.
About Landdox
Landdox is a growth-stage SaaS company that reimagines the way energy and infrastructure companies manage their core assets. Our flagship product is a cloud-based application that is easily customizable, intuitively designed, and delights customers as much as it expands their operational range. Landdox is scrappy and keenly focused on delivering such compelling software and services that customers switch to our platform and gladly grow with us. Learn more at landdox.com.
About Thoma Bravo
Thoma Bravo is a leading private equity firm focused on the software and technology-enabled services sectors. With a series of funds representing more than $50 billion in capital commitments, Thoma Bravo partners with a Company's management team to implement operating best practices, invest in growth initiatives and make accretive acquisitions intended to accelerate revenue and earnings, with the goal of increasing the value of the business. The firm has offices in San Francisco and Chicago. For more information, visit www.thomabravo.com.
Jenna Billings
This email address is being protected from spambots. You need JavaScript enabled to view it.
978-618-8424
CINCINNATI--(BUSINESS WIRE)--Pilot Chemical Corp., a privately owned and independent global specialty chemical company, announced today that Pamela Butcher will step down from her CEO role effective January 1, 2021. She will remain on the Pilot Board of Directors and serve as a special advisor to the Chairman.
This is part of a planned transition and structuring of the Pilot organization to continue the growth and innovation that has enabled it to be successful for more than 69 years, providing high-quality products and services to the disinfecting, sanitizing and cleaning; metalworking and lubricants; oil field and emulsion polymerization industries.
“Pam’s leadership and guidance over the past 10 years have been instrumental in making Pilot the success it is today,” said Paul Morrisroe, Chairman of the Pilot Board of Directors. “Without her determined efforts, visionary business acumen, industry knowledge and concern for employees, customers, and our communities, we wouldn’t be where we are today. We are extremely pleased to have her remain on our Board and to serve in a new capacity as a special advisor to the Chairman.”
Mike Clark, President and COO of the company, will continue in those roles, serving as the company’s top executive and reporting to the Board of Directors. He joined Pilot in early 2018 with more than 30 years in the industry and has been leading operations and, most recently, a successful strategy refresh.
“We are pleased with Mike’s leadership capabilities and his ability to deliver value-adding results in these challenging times,” said Morrisroe. “Mike is well respected within Pilot and the industry. The board looks forward to working with him as he leads the company going forward.”
Butcher, too, said she is pleased with the strategic direction and future growth trajectory of the company.
“Our Pilot team members and customers are at the center of all that we do. With our continued focus on innovation and investment in the business, the company is well positioned for the future to carry the momentum forward under Mike’s leadership,” she said. “I’m proud of our team and want to thank our customers for their support over the years. I’m looking forward to my new role.”
Over the next few months, Butcher and Clark will continue to work together to ensure a smooth transition.
“I appreciate not only the Board’s confidence in my ability to lead Pilot Chemical but also the high bar set by Pam,” said Clark. “I look forward to continuing to expand the company’s emphasis on high quality and innovation.”
As Clark assumes the top leadership position at the start of 2021, he will oversee nine locations and more than 400 employees.
About Pilot Chemical Corp.
Pilot Chemical Corp. is a privately owned and independent global specialty chemical company providing high-quality products and services to the disinfecting, sanitizing and cleaning; metalworking and lubricants; oil field and emulsion polymerization industries. Its proprietary core technologies involve alkylation, sulfonation, sulfation and a number of other specialty operations, including the production of biocidal quats, tertiary amine derivatives, polymers and organometallic fuel additives. Pilot, an industry leader in chemical innovation and safety, owns the most state-of-the-art continuous sulfation process in North America, is a leader in quaternary ammonium compounds, and is the world’s largest manufacturer of disulfonates. Pilot is certified under both ISO 9001:2015 and the American Chemistry Council’s Responsible Care® program and headquartered in Cincinnati, Ohio. For more information, visit www.pilotchemical.com.
Jessie Folmar
This email address is being protected from spambots. You need JavaScript enabled to view it.
513.518.3147
OR
Karen Bells
This email address is being protected from spambots. You need JavaScript enabled to view it.
513.334.9444
DUBLIN--(BUSINESS WIRE)--The "Global and China Fuel Cell Industry Report, 2020" report has been added to ResearchAndMarkets.com's offering.
China is Close to Its Leading Peers in Fuel Cell System and Engine
Fuel cell engine system is comprised of fuel cell engine, voltage converter (DC/DC) and vehicle hydrogen system, of which fuel cell engine packs such core components as stack, engine controller, hydrogen supply system and air supply system.
At present, China has come near to global leaders in fuel cell system and engine. In terms of fuel cell engine technology, fuel cell vehicles have been mature enough to be commercialized, with service life of fuel cells for commercial vehicles longer than 20,000 hours, meeting basic needs of vehicles for running; China's hydrogen fuel cell engine system leads the world in several parameters, e.g., power density.
Notably, on July 21, 2020, VISH-130A, a fuel cell engine of Wuhan HydraV Fuel Cell Technologies Co., Ltd. (under Vision Group), passed the certification of China Automotive Technology and Research Center Co., Ltd. (CATARC) and China National Accreditation Service for Conformity Assessment (CNAS), with stack power up to 145kW and engine system net output of 130kW. VISH-130A boasts the maximum power among hydrogen fuel cell engines having been certified by the CNAS so far.
China Remains Weak in Core Components and Materials of Fuel Cell with Heavy Dependence on the Imported
Although with the world's advanced fuel cell engine technology, China still has weak foundation in supply chain of fuel cell engine system, having yet to build a mature components supply system. The country still needs to import most of core components and key materials including catalyst, proton exchange membrane and carbon paper, and falls far behind its foreign counterparts in technologies from membrane electrode and bipolar plate to air compressor and hydrogen circulation pump. Chinese companies still need breakthroughs in basic materials, core technologies and key components, especially in commercialization of key parts like membrane electrode.
Fuel cell catalyst: it should perform very well in properties such as activity, stability and durability and could develop into a commercial product mature enough to be mass-produced only after long-term application. Now in China, catalyst verified abroad is the first option, mainly low platinum loading catalyst with high quality and high activity; homemade catalyst test is under way at the same time.
In the global fuel cell catalyst market, Toyota uses subsidiaries' catalyst for fuel cell vehicles; Hyundai chooses fuel cell catalyst of a local producer (acquired by Umicore) in South Korea; Honda's catalyst for fuel cell vehicles is supplied by TANAKA Precious Metals; Chinese fuel cell vehicles use catalyst from TANAKA Precious Metals and Johnson Matthey.
Proton exchange membrane (PEM) is the core component of a proton exchange membrane fuel cell, accounting for 30% of the entire fuel cell stack cost; and its quality determines the lifespan of the fuel cell. PEM basically transmits protons, ensure the passage of protons, and intercept electrons, hydrogen molecules, water molecules, etc., guaranteeing the performance and service life of the stack.
Concerning proton conductivity or stability, perfluorosulfuric acid membrane is the best option for the current automotive proton exchange membrane. Dongyue Group is the sole Chinese enterprise that has realized the industrialization of perfluorinated ion exchange resin, perfluorosulfonic acid proton membrane and ETFE and that can compete with foreign companies Gore and Chemours in proton exchange membrane.
Moreover, fuel cell carbon paper/powder is totally dependent on imports. Carbon powder is cheap and may well be completely imported, but from a technical point of view, the inadequate technical research on carbon materials and the weak foundation will have implications for entire research equipment of the fuel cell system in China.
In recent years, there have emerged a number of suppliers of core fuel cell components in China, but they are still heavily reliant on exports, and their technical level of core components needs improving.
Key Topics Covered:
1 Fuel Cell System
1.1 Fuel Cell System and Fuel Cell Vehicle (FCV)
1.2 Fuel Cell Industry Chain
1.3 Hydrogen Refueling Station
1.4 Fuel Cell Supply Chain and Level of Industrial Development
2 Status Quo and Planning of Global and China Fuel Cell Market
2.1 Fuel Cell Vehicle (FCV) Production and Sales in China
2.2 China's Policy and Planning for Fuel Cell Vehicle (FCV)
2.3 China's Policy and Planning for Hydrogen Energy
2.4 Global Fuel Cell Industry Development and Trends
2.5 Global Development and Trends of Fuel Cell Vehicle (FCV)
2.6 Fuel Cell Industry Development in Japan
2.7 Fuel Cell Industry Development in the United States
2.8 Fuel Cell Industry Development in Europe
2.9 Fuel Cell Industry Development in South Korea
3 Application of Fuel Cell in Segment Scenarios
3.1 China's Clear Development Roadmap of Fuel Cell Vehicle
3.2 China's Development Plan for Fuel Cell Commercial Vehicle
3.3 China Fuel Cell Heavy Truck Industry
3.4 China Fuel Cell Bus Industry
3.5 China Fuel Cell Logistics Vehicle Industry
3.6 Application Status of Fuel Cell Forklift Worldwide
3.7 Global Fuel Cell Passenger Car Industry
3.8 Global and China Fuel Cell Train Industry
3.9 Global and China Fuel Cell Ship Industry
4 Global Fuel Cell Patents
4.1 Global Fuel Cell Patent Filings and Authorization Trend
4.2 Legal Status and Types of Global Fuel Cell Patents
4.3 Distribution of Global Fuel Cell Patents by Country/Region
4.4 Distribution of Global Fuel Cell Patents by Target Market
4.5 Global Fuel Cell Patent Filings and Authorization Trend
4.6 Distribution of China Fuel Cell Patent Filings by Region
4.7 Technical Composition of Global Fuel Cell Patents
4.8 Distribution of Global Fuel Cell Patent Technologies and Applicants by Region
4.9 Global Fuel Cell Patent Applicants
4.10 Global Fuel Cell Patent Inventors
4.11 Value Analysis of Global Fuel Cell Patents
4.12 Value Analysis of Global Fuel Cell Patents
5 Foreign Fuel Cell Suppliers
5.1 Plug Power
5.2 Ballard Power
5.2.1 Ballard Power
5.3 Nikola
5.4 HYGS
5.5 FuelCell
5.6 SFC Power
5.7 Arcola Energy
5.8 Bloom Energy
6 Leading Chinese Fuel Cell Suppliers
6.1 Beijing Sinohytec
6.2 Sunrise Power
6.3 Vision Group
6.4 Re-Fire
6.5 Shanghai Shenli Technology
6.6 SinoSynergy Power
6.7 Foresight Energy
6.8 Horizon Fuel Cell Technologies
6.9 Weichai Power
6.10 Broad-Ocean Motor
For more information about this report visit https://www.researchandmarkets.com/r/vupw68
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
HOUSTON--(BUSINESS WIRE)--Noble Midstream Partners LP (NASDAQ: NBLX) (“Noble Midstream”) today announced that its general partner, Noble Midstream GP LLC, has appointed a new Chief Executive Officer (“CEO”) and new members to its Board of Directors (the “Board”). As a result of the completed Chevron Corporation (NYSE: CVX) (“Chevron”) acquisition of Noble Energy, Inc. on October 5, 2020, Chevron has acquired control of Noble Midstream GP LLC and now holds approximately 63% of outstanding Limited Partner units.
Chief Executive Officer Appointment
Robin H. Fielder, currently President and Chief Operating Officer of Noble Midstream, has been named President and CEO, succeeding Brent J. Smolik as CEO. Thomas W. Christensen (Chief Financial Officer and Chief Accounting Officer) and Aaron G. Carlson (General Counsel and Secretary) will remain in their current roles.
Fielder commented, “I am excited to lead the next chapter for Noble Midstream as part of the Chevron organization. I look forward to integrating our business and working together to enhance value for our stakeholders. Noble Midstream’s principles have not changed, and we will continue our focus on operational excellence, financial discipline, and minimizing our environmental impact.”
Chevron Leadership Appointed to NBLX Board; Independent Directors Unchanged
Colin E. Parfitt, Vice President of Chevron’s Midstream operations, will join the Board and serve as Chairman. Joining Parfitt on the Board are Alana K. Knowles, Vice President of Chevron Downstream & Chemicals and Midstream; Andrei F.B. Behdjet, General Counsel of Chevron Downstream & Chemicals and Midstream; and Steven W. Green, President of Chevron North America Exploration and Production. Noble Midstream President and CEO Robin Fielder was appointed to the Board in late August and will remain on the Board.
Leaving the Board effective immediately are Kenneth M. Fisher, Executive Vice President and Chief Financial Officer; Thomas H. Walker, Senior Vice President of Noble Energy U.S. Onshore; Rachel G. Clingman, Senior Vice President of General Counsel and Corporate Secretary, and Brent Smolik.
Noble Midstream’s three independent directors will remain on the Board. Hallie A. Vanderhider, Martin Salinas, Jr., and Andrew E. Viens will continue to provide governance as members of the Audit and Conflicts Committees.
“I would like to thank the Noble Energy Board members for their many contributions to Noble Midstream during their tenure,” said Parfitt. “I am pleased to join the existing members of the Board along with my Chevron colleagues. We anticipate that our combined industry knowledge and steady leadership can create value for Noble Midstream and its stakeholders.”
For more information on the appointees, please visit www.nblmidstream.com/about-us/board-of-directors/ or view the latest Form 8-K information in our SEC filings.
Third Quarter Earnings Release Information
Noble Midstream will not host a third-quarter earnings call due to the recent acquisition and ongoing integration. Noble Midstream will issue a press release and related presentation material in early November with its third-quarter 2020 results on the ‘Investors’ page of the Partnership’s website at www.nblmidstream.com. The Partnership anticipates holding its fourth quarter earnings call as usual to discuss fourth quarter and full year 2020 results and 2021 guidance.
About Noble Midstream Partners LP
Noble Midstream is a growth-oriented master limited partnership formed by Noble Energy, Inc., to own, operate, develop and acquire domestic midstream infrastructure assets. Noble Midstream currently provides crude oil, natural gas, and water-related midstream services in the DJ Basin in Colorado and the Delaware Basin in Texas. For more information, please visit www.nblmidstream.com.
This news release contains certain “forward-looking statements” within the meaning of federal securities law. Words such as “anticipates”, “believes”, “expects”, “intends”, “will”, “can,” “should”, “may”, “estimates”, and similar expressions may be used to identify forward-looking statements. Forward-looking statements are not statements of historical fact and reflect the Partnership’s current views about future events. No assurances can be given that the forward-looking statements contained in this news release will occur as projected, and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks include, without limitation, the Partnership’s targeted leverage and distribution growth, its customers’ ability to meet their drilling and development plans, changes in general economic conditions and the impact of the COVID-19 pandemic, competitive conditions in the Partnership’s industry, the ability to successfully integrate the operations of Chevron, Noble Energy and the Partnership and achieve the anticipated benefits from the transaction, actions taken by third-party operators, gatherers, processors and transporters, the demand for crude oil and natural gas gathering and processing services, the Partnership’s ability to successfully implement its business plan, the Partnership’s ability to complete internal growth projects on time and on budget, the ability of third parties to complete construction of pipelines in which the Partnership holds equity interests on time and on budget, the price and availability of debt and equity financing, the availability and price of crude oil and natural gas to the consumer compared to the price of alternative and competing fuels, and other risks inherent in the Partnership’s business, including those described under “Risk Factors” and “Forward-Looking Statements” in the Partnership’s most recent Annual Report on Form 10-K and in other reports we file with the Securities and Exchange Commission. These reports are also available from the Partnership’s office or website, www.nblmidstream.com. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Noble Midstream does not assume any obligation to update forward-looking statements should circumstances, management’s estimates, or opinions change.
Park Carrere
Manager, Investor Relations
(281) 872-3208
This email address is being protected from spambots. You need JavaScript enabled to view it.
DALLAS--(BUSINESS WIRE)--Navigator Borger Express LLC, an affiliated company of Navigator Energy Services (Navigator), announced today the launch of a binding open season on its Borger Express pipeline system (Borger Express), to provide shippers the opportunity to secure crude oil transportation services from Cushing, Oklahoma to Borger, Texas. Prior to participating in the open season, interested parties must execute a confidentiality agreement to govern the receipt of the open season documentation. All potential shippers must submit binding commitments for service on the Borger Express pipeline by 12:00 p.m. Central Standard Time on November 5, 2020.
The Borger Express pipeline will provide the new services by utilizing approximately 180 miles of an existing crude oil pipeline, and constructing nearly 200 miles of new, 16-inch diameter pipeline from Cleo Springs, Oklahoma to Borger. The project will provide shippers with critical transportation services for numerous grades of light and heavy crude oil from the Cushing storage hub to third party storage and a regional refinery in Borger. Subject to receipt of sufficient shipper commitments and all necessary permits and approvals, Borger Express is expected to be placed in service in first quarter of 2022.
Subject to the specific terms of the open season, incentive rates, priority access and certain other service incentives will be available to shippers making long-term commitments. The Notice of Open Season is available on Borger Express’s website at www.borgerexpress.com. More information about the open season and Borger Express is also available by contacting Navigator’s Chief Commercial Officer, Laura McGlothlin, at (214) 880-6003 or This email address is being protected from spambots. You need JavaScript enabled to view it..
About Navigator Energy Services Headquartered in Dallas, Navigator Energy Services provides oil producers with comprehensive midstream services including crude oil gathering, transportation and storage. Navigator is focused on domestic midstream opportunities in both developing and mature producing areas. More information is available at www.navigatorenergyservices.com.
Meredith Hargrove Howard
Redbird Communications Group
(210) 737-4478
This email address is being protected from spambots. You need JavaScript enabled to view it.
High-build, fast-drying, flexible system offers quick installation, easy maintenance
PITTSBURGH--(BUSINESS WIRE)--PPG (NYSE: PPG) today announced the launch of PPG SANISHIELD™ 3000/5000 two-part polyurea coating system for walls and ceilings in industrial environments where quick installation and easy maintenance are critical, such as food and beverage facilities.
An alternative to fiberglass and stainless-steel wall and ceiling systems, PPG SaniShield coating system fills minor cracks in the substrate material to enhance surface integrity and durability. It offers excellent gloss retention for a bright white surface.
“PPG SaniShield 3000/5000 coating system is an important extension of our polyurea-based coating line,” said Scott Doering, PPG director of sales, protective and marine coatings, U.S. “We developed the system to address market demand for a flexible, easy-to-maintain wall and ceiling coatings system with low volatile organic compounds (VOCs) for food and beverage manufacturing facilities. It is especially good for tough-to-coat places like transition zones. As a complete basecoat and topcoat system, it offers contractors and end users the confidence that comes with PPG’s leading formulation expertise.”
Combining an aromatic polyurea high-build basecoat with an aliphatic polyurea topcoat, PPG SaniShield 3000/5000 system goes on thickly and cures quickly. It provides an ultraviolet-stable, easy-to-clean surface that has been tested to withstand the harsh chemicals found in common sanitizers and disinfectants. The coating is suitable for U.S. Department of Agriculture incidental food contact applications and flame resistant pursuant to the ASTM E-84 flame spread test, making it a Class A coating.
Other key features of PPG SaniShield 3000/5000 coating system include:
PPG SaniShield 3000/5000 coating system is available in Canada, Mexico and the U.S. For more information, visit ppgpmc.com/sanishield.
PPG: WE PROTECT AND BEAUTIFY THE WORLD™
At PPG (NYSE:PPG), we work every day to develop and deliver the paints, coatings and specialty materials that our customers have trusted for more than 135 years. Through dedication and creativity, we solve our customers’ biggest challenges, collaborating closely to find the right path forward. With headquarters in Pittsburgh, we operate and innovate in more than 70 countries and reported net sales of $15.1 billion in 2019. We serve customers in construction, consumer products, industrial and transportation markets and aftermarkets. To learn more, visit www.ppg.com.
We protect and beautify the world and PPG SaniShield are trademarks and the PPG Logo is a registered trademark of PPG Industries Ohio, Inc.
CATEGORY Protective and Marine Coatings
PPG Media Contact:
Gina Reid
Protective and Marine Coatings
+ 1 412-514-2960
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.ppgpmc.com
PRINCETON, N.J.--(BUSINESS WIRE)--NRG Energy (NYSE: NRG) today announced the appointment of a new Independent Director, Elisabeth (Lisa) Donohue, to its Board of Directors effective October 5, 2020. As a member of the Company’s Board of Directors, Ms. Donohue will also serve on the Board’s Finance & Risk Management and Audit Committees.
“The Board is pleased to welcome Ms. Donohue as our newest Independent Director; Lisa’s distinguished consumer- and digital-focused career will bring valuable diversity of thought and expertise to the Board as the Company advances its transformation by moving closer to the customer,” said Lawrence Coben, NRG Board Chairman. “This appointment demonstrates our deliberate commitment to Board refreshment through achieving greater diversity in experience and backgrounds to help the Company execute on its long-term strategy; Lisa marks the 5th new independent director to join NRG’s Board over the last three years.”
The appointment of Ms. Donohue expands the Board to 11 members; 10 of whom are independent and 7 of which are gender and/or ethnically diverse.
About the new Director:
Elisabeth (Lisa) B. Donohue
Ms. Elisabeth B. (Lisa) Donohue, age 55, recently retired from Publicis Groupe, the world’s third largest communications company where she spent 32 years advising clients on their consumer marketing efforts and business transformation. Her most recent role included serving as the chief executive officer of Publicis Spine, a data and technology start up launched by Publicis Groupe in October 2017. From April 2016 to October 2017, Ms. Donohue served as Global Brand President of the media communications agency Starcom Worldwide. From 2009 through 2016, Ms. Donohue served as chief executive officer of Starcom USA, where she drove Starcom’s digital offering and built the agency’s data and analytics practice. Ms. Donohue plays leadership roles on two non-profit boards. She is currently President of the Board of Trustees of Milton Academy based in Milton, Massachusetts and immediate past Board President of She Runs It based in New York City. She is also a director of Synacor, a NASDAQ listed company, where she serves as the chair of the compensation committee and as a member of the audit committee. Ms. Donohue graduated from Brown University with a B.A. in both Organizational Behavior & Management and Business Economics.
About NRG
At NRG, we’re bringing the power of energy to people and organizations by putting customers at the center of everything we do. We generate electricity and provide energy solutions and natural gas to more than 3.7 million residential, small business, and commercial and industrial customers through our diverse portfolio of retail brands. A Fortune 500 company, operating in the United States and Canada, NRG delivers innovative solutions while advocating for competitive energy markets and customer choice, and by working towards a sustainable energy future. More information is available at www.nrg.com. Connect with NRG on Facebook, LinkedIn and follow us on Twitter @nrgenergy, @nrginsight.
Investors:
Kevin L. Cole, CFA
Investor Relations
609.524.4526
Media:
Candice Adams
Corporate Communications
NRG Energy
609.455.3777
Nayo Tropical Technology Ltd. to receive zinc battery systems at four sites
EDISON, N.J.--(BUSINESS WIRE)--Eos Energy Storage LLC (“Eos”), a leading manufacturer of safe, low-cost and long-duration zinc battery storage systems, today announced an expansion of its partnership with Nayo Tropical Technology Ltd. (“Nayo”), a leading West African mini-grid engineering, procurement, and construction (“EPC”) company. Eos will deploy additional units of its signature Aurora EnergyBlock™ systems, rated at 125kW/500kWh, to four rural microgrid projects in Nigeria in the first quarter of 2021.
In July, Eos announced it had entered into an agreement with Nayo to bring safe, environmentally friendly, low-maintenance, easy-to-deploy energy storage to the African market for the use of residents and local businesses in rural locations. This new contract expands on the success of that program by combining solar photovoltaic generation and energy storage to provide reliable electricity to homes and businesses in remote Nigerian communities, in addition to reducing dependence on diesel generators.
A notable benefit of Eos’ microgrid battery energy storage system is that it can store renewable energy that can be released at a later time and under severe weather conditions, giving rural locations and remote environments a reliable solution for energy storage and generation. High temperatures can be a challenge for other battery technologies, as they require heating, ventilation, and air conditioning (“HVAC”) systems, which get overworked and fail frequently in hot climates. Eos’ batteries do not require HVAC and can operate reliably in hot places without it.
“Eos was quick to prove that its positively ingenious energy storage solutions are uniquely suited to harsh environments and rural deployments with our last deployment,” said Dr. Balki G. Iyer, Chief Commercial Officer of Eos. “We are proud to expand our partnership with Nayo with a follow up in the first quarter, and we look forward to serving the energy needs of additional communities in the future with Nayo as our partner.”
Eos’ clients, including utilities, EPC companies and storage integrators, benefit from additional features including simple installation, minimal auxiliary power requirements to run the system, the ability to power through grid outages, simple maintenance and long-term product life. Remote project sites can often be a challenge, as they can be far from a supply chain and labor pool, but the low maintenance requirements of the Eos battery make it a fitting solution despite these limitations.
“Eos’ technology fit our exact needs for energy storage,” said Okenwa Anayo Nas, Chief Executive Officer of Nayo. “As a follow up to the first storage project, we were quick to move forward with additional installations. With Eos batteries, our projects are delivering on their promise to bring energy to remote villages across Africa. We appreciate the low cost-per-kilowatt-hour and flexibility of Eos’ solution.”
Nayo has more than 25 new mini grids in its pipeline to deploy across West Africa, which Eos plans to support as the industry grows over the next two years.
About Nayo Tropical Technology Ltd.
Nayo Tropical Technology Ltd. (“Nayo”) is a leading West African mini-grid engineering, procurement, and construction company with a 20+ year project track record. Nayo specializes in R&D, manufacturing, marketing, and distribution of power system products and solutions. The company has offices at Abuja (HQ) -FCT – and branch offices in Lagos and Enugu state with an extensive network of local business partners at major cities around Nigeria. Nayo opened its US subsidiary (Nayo Tropical Technology LLC) in the State of Texas in 2016. The company has repositioned itself as a pioneer indigenous manufacturer and distributor of power solutions for domestic, industrial, and telecoms applications. https://www.nayotechnology.com
About Eos Energy Storage LLC
At Eos, we are on a mission to accelerate clean energy by deploying stationary storage solutions that can help deliver the reliable and cost-competitive power that the market expects in a safe and environmentally sustainable way. Eos has been pursuing this opportunity since 2008 when it was founded. Eos Energy Storage has 10+ years of experience in battery storage testing, development, deployment, and operation. The Eos Aurora® system integrates the Company’s aqueous, zinc battery technology (Znyth®) to provide a safe, scalable, and sustainable alternative to Lithium Ion. https://eosenergystorage.com
For Eos Energy Storage LLC
Investors
Ed Yuen
This email address is being protected from spambots. You need JavaScript enabled to view it.
Media
Balki G. Iyer
This email address is being protected from spambots. You need JavaScript enabled to view it.
LONDON--(BUSINESS WIRE)--#coke--The Global Coke market will register an incremental spend of about $6 billion, growing at a CAGR of 6.96% during the five-year forecast period. A targeted strategic approach to Global Coke sourcing can unlock several opportunities for buyers. This report also offers market impact and new opportunities created due to the COVID-19 pandemic. Request free sample pages
Key benefits to buy this report:
Information on Latest Trends and Supply Chain Market Information Knowledge centre on COVID-19 impact assessment
SpendEdge's reports now include an in-depth complimentary analysis of the COVID-19 impact on procurement and the latest market data to help your company overcome sourcing challenges. Our Global Coke market procurement intelligence report offers actionable procurement intelligence insights, sourcing strategies, and action plans to mitigate risks arising out of the current pandemic situation. The insights offered by our reports will help procurement professionals streamline supply chain operations and gain insights into the best procurement practices to mitigate losses.
Insights into buyer strategies and tactical negotiation levers:
Several strategic and tactical negotiation levers are explained in the report to help buyers achieve the best prices for Global Coke market. The report also aids buyers with relevant Global Coke pricing levels, pros and cons of prevalent pricing models such as volume-based pricing, spot pricing, and cost-plus pricing and category management strategies and best practices to fulfil their category objectives.
For more insights on buyer strategies and tactical negotiation levers Click Here
To access the definite purchasing guide on the Global Coke that answers all your key questions on price trends and analysis:
To get instant access to over 1000 market-ready procurement intelligence reports without any additional costs or commitment, Subscribe Now for Free.
Some of the top Global Coke suppliers listed in this report:
This Global Coke procurement intelligence report has enlisted the top suppliers and their cost structures, SLA terms, best selection criteria, and negotiation strategies.
This procurement report helps buyers identify and shortlist the most suitable suppliers for their Global Coke requirements by answering the following questions:
Get access to regular sourcing and procurement insights to our digital procurement platform- Contact Us.
Table of Content
Appendix
About SpendEdge:
SpendEdge shares your passion for driving sourcing and procurement excellence. We are the preferred procurement market intelligence partner for 120+ Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence reports and solutions. To know more https://www.spendedge.com/request-for-demo
SpendEdge
Anirban Choudhury
Marketing Manager
US: +1 630 984 7340
UK: +44 148 459 9299
https://www.spendedge.com/contact-us
-- EGI’s Fourth Recent Investment in Transportation & Logistics --
CHICAGO--(BUSINESS WIRE)--Equity Group Investments (EGI), Sam Zell’s private investment firm, announced its investment in Able Freight Services (Able), a provider of airfreight forwarding services focused on time-sensitive perishable goods. Able’s CEO Orlando Wong invested alongside EGI in the transaction. EGI’s President Mark Sotir; Managing Directors Evan Harwood and Mike Leahy; and Senior Associate Tyler Goldstein have joined Able’s board of managers, and the company is seeking to add additional board members. Terms of the transaction were not disclosed.
“This partnership reflects today’s global growth opportunity in cold chain transportation and distribution,” commented Sotir. “Able has built a leading industry platform defined by its powerful global network of strategic partnerships including airlines, associations and more than 75 local service agents. Orlando is a strong steward and we look forward to supporting the company through its next phase of growth.”
Able provides airfreight forwarding services from North America to more than 60 countries on behalf of prominent global brands of growers, shipping and freight forwarding companies, retailers, distributors and government bodies. The company has eight cold-storage locations in Los Angeles, San Francisco, Hawaii and Mexico, and long-standing partnerships with leading commercial and cargo airlines. Able was founded in 1992 by Scott Irvin Murray who originally operated the company until he was joined by Orlando Wong in 1994. Mr. Murray sold his majority interest in connection with EGI’s investment.
“EGI’s history of growing businesses was highly attractive to us in selecting a partner,” said Wong. “The team provides strong operating expertise and understands the logistics sector. At the same time, they offer a breadth of knowledge across multiple industries for a broader perspective of best practices and insights.”
As a top 10 forwarder of goods to markets outside the United States, Able’s services include transportation of perishable products such as fresh fruits and vegetables, protein, and seafood, as well as the handling of critical pharmaceutical, medical and e-commerce products.
“The non-discretionary and time-sensitive nature of perishable goods has proven to be recession-resistant relative to traditional dry freight. We see strong potential for Able to expand its footprint as it pursues growth in different product verticals and geographies,” commented Harwood.
About Equity Group Investments
Equity Group Investments (EGI), founded by Sam Zell more than 50 years ago, has a long track record of building public and private businesses, including the origination and growth of multi-billion-dollar companies. EGI’s flexible capital and open investment mandate enables the firm to pursue opportunistic transactions across industries and geographies, throughout the capital structure, at any point in the economic cycle. EGI’s current portfolio includes investments in transportation and logistics, energy, waste and infrastructure, manufacturing, healthcare, agribusiness and real estate. For more information visit www.egizell.com.
About Able
Able Freight Services is a leading provider of airfreight forwarding services with a focus on time-sensitive perishable goods. The company’s cold chain transportation and logistics services include air freight, ocean freight, warehousing/cold storage, brokerage, e-commerce, and related technology services. Since 2018, Able has been ranked the #2 exporter out of Los Angeles International airport and Top 10 nationwide, by volume. Able leverages an extensive global agency network, strategic industry association partnerships with WCA Perishables and Cold Chain Connect as well as certifications and licenses from IATA, TSA, CBP and FDA among others. For more information visit www.ablefreight.com.
For Equity Group Investments
Terry Holt
312-466-3979
This email address is being protected from spambots. You need JavaScript enabled to view it.
Retired President and CEO of Sunoco LP Brings 40 Years of Energy Industry
Leadership Experience and Strong Governance Background
WALTHAM, Mass.--(BUSINESS WIRE)--Global Partners LP (NYSE: GLP) today announced the appointment of Robert W. “Bob” Owens to the Board of Directors of its general partner, Global GP LLC, effective October 1, 2020.
Eric Slifka, President and CEO of Global Partners and Vice Chairman of Global GP LLC, said, “Bob brings a deep history of entrepreneurialism, innovation and success in leading and growing energy sector businesses. He started out as a gas station attendant at 15, worked his way through the industry and retired after leading Sunoco through the diversification of its product lines and improvements to its retail business. Through decades of changes in the fuel space, Bob led companies of all sizes to success. Not only does he understand where the industry has been, he sees where it needs to go. It would be difficult to find someone who understands this business better.”
Mr. Owens, 66, was appointed CEO of Sunoco LP upon the company’s sale to Energy Transfer Partners, L.P. in 2012. He helped successfully grow Sunoco through a series of strategic transactions, including the acquisition of Susser Holdings Corporation. He joined Sunoco in 1997 and was responsible for the company’s branded business. Additional areas of responsibility were added over time, including supply and trading of crude and refined products, biofuels manufacturing and marketing, and petrochemicals. During his tenure, the company added renewable fuels, compressed natural gas, and electric charging stations at strategic retail outlets.
Prior to Sunoco, he served in executive roles for Ultramar Diamond Shamrock Corporation, Amerada Hess Corporation and Mobil Oil Corporation. Mr. Owens received a bachelor's degree in business administration from California Polytechnic State University and an MBA from the Kellogg Graduate School of Management at Northwestern University. He served as a member of the Board of Directors of Philadelphia Energy Solutions, Inc. (PES) from 2012 through the sale of the PES refinery to Hilco Redevelopment Partners in June 2020.
“Bob’s deep executive leadership experience and strong governance expertise, built over more than four decades in diverse arenas of the energy industry, make him uniquely qualified to serve on our Board,” said Richard Slifka, Chairman of Global GP LLC. “His background successfully managing businesses large and small and strategic insights ideally complement the Board’s skillset, and we look forward to benefitting from his perspective.”
About Global Partners LP
With approximately 1,550 locations primarily in the Northeast, Global is one of the region’s largest independent owners, suppliers and operators of gasoline stations and convenience stores. Global also owns, controls or has access to one of the largest terminal networks in New England and New York, through which it distributes gasoline, distillates, residual oil and renewable fuels to wholesalers, retailers and commercial customers. In addition, Global engages in the transportation of petroleum products and renewable fuels by rail from the mid-continental U.S. and Canada. For additional information, visit www.globalp.com.
Daphne H. Foster
Chief Financial Officer
Global Partners LP
(781) 894-8800
Edward J. Faneuil
Executive Vice President,
General Counsel and Secretary
Global Partners LP
(781) 894-8800
DUBLIN--(BUSINESS WIRE)--The "Inland Water Cargo Transportation Services in the US - Procurement Research Report" report has been added to ResearchAndMarkets.com's offering.
This report is intended to help buyers of inland water cargo transportation, which includes transportation over lakes, rivers and coasts in the United States. The major waterways served by vendors in this market are the Mississippi River System, the Gulf Intracoastal Waterway and the Great Lakes-St. Lawrence Seaway, as well as the East and West Coasts.
Buyers purchase shipping capacity on a spot basis (i.e. at current market rates) or through contracts. In this report, buyers are also called shippers, and water cargo transport companies are also called carriers. This report does not include passenger transportation.
Key Topics Covered:
ABOUT THIS INDUSTRY
INDUSTRY AT A GLANCE
INDUSTRY PERFORMANCE
PRODUCTS & MARKETS
COMPETITIVE LANDSCAPE
MAJOR COMPANIES
OPERATING CONDITIONS
KEY STATISTICS
JARGON & GLOSSARY
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/1ur847
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
Offshore Source keeps you updated with relevant information concerning the Offshore Energy Sector.
Any views or opinions represented on this website belong solely to the author and do not represent those of the people, institutions or organizations that Offshore Source or collaborators may or may not have been associated with in a professional or personal capacity, unless explicitly stated.