The Port Remains Strong, Looks Ahead to Future, Diversity and Inclusion Priorities
HOUSTON--(BUSINESS WIRE)--Port Houston Chairman Ric Campo delivered the State of the Port to the Greater Houston Partnership today. In his address, he said the entire port complex continues to be a strong force for the Houston region, the state, and the nation. “The team at Port Houston has faced the COVID-19 pandemic head-on, and they continue working every day to keep cargo moving and commerce flowing,” said Chairman Campo. “I always say that people make things possible, and never has that been truer than this year, amid this pandemic.”
He stressed that the health and safety remain the No.1 priority and that nearly two-thirds of Port Houston’s team report to work on-site, helping deliver crucial goods. He underscored that in 2019, nearly 2 million import tons of food, beverages, medical, pharmaceutical, and personal care products were delivered across Port Houston’s eight public docks.
While still seeing solid business flows, the Chairman acknowledged that the Port is not immune from the effects of COVID-19 and has seen small declines in 2020. He reports that as of the end of September, Port Houston is down 3% year-to-date in containers, and steel is also down year-to-date. He added that tonnage across more than all the 200 industries along the Houston Ship Channel is down 5.5% year-to-date thru July.
Liquid bulk facilities are an integral part of the nation’s energy economy. Campo shared that while crude oil exports are down, it can be expected these oil exports will recover post-pandemic. The Chairman remarked that the greater Port of Houston international tonnage is still 70% ahead of the next closest U.S. port. “Even with a weak year in 2020, the greater Port of Houston will remain the #1 U.S. port for international trade,” he said.
Noting that oil and gas are cyclical and is currently in a downswing, Campo said, “We are in an excellent position to rebound when the oil price recovers.”
In his address, the Chairman also outlined the plan for the next twenty years, calling the priorities the “Four C’s” – Channel, Cargo, Community, and Change. This long-range plan includes the Port’s five-year strategic plan, prioritizing people, infrastructure, stewardship, and partnerships. “We cannot foresee the future, but what we can do is plan for it,” he said.
The Chairman stressed that partnerships are key, and Port Houston is strategically focused on creating two-way communication opportunities. He said that the organization is opening up the dialogue and building these relationships more over the next several years with the neighboring communities around the port. He highlighted a program with a non-profit organization, Buffalo Bayou Partnership, which is in its beginning stages to use Port Houston property as a public park and recreation space.
Campo also emphasized “great strides” with environmental sustainability for the port. He highlighted that in 2020 Port Houston was the first port authority in the world to make the switch to 100% renewable electricity. “This move will eliminate about 25,000 tons of carbon dioxide from Port Houston’s footprint each year,” Campo said.
During his address, Chairman Campo underscored the topic of racial equity, diversity, and inclusion, saying “we strongly believe that we need to be part of the solution.” Campo announced that a Port-commissioned study by Griffin and Strong P.C. on the accessibility of the Port’s Small Business Program would be released sometime next month.
Campo provided an update on one of the Port’s biggest, most important, initiatives, the Houston Ship Channel Expansion – Project 11, a widening and deepening project vital to maintaining the Houston Ship Channel as the economic powerhouse that it is today.
“We know the urgency of this expansion. It’s crucial, and the time to act is now,” Campo said. Port Houston is leading efforts to get the necessary federal appropriations to start the construction project sooner and to begin work in 2021.
“Despite all the current challenges, we have remained on-track with Project 11,” he said. Authorization for the project has been included in both the House and Senate versions of the Water Resources Development Act (WRDA) legislation. Congress will need to pass the final bill.
“We are continuing discussions with industry to find ways for industry to participate in half the cost of the channel expansion- a commitment that they have made,” Campo added.
In closing remarks, Campo underscored Port Houston's resilience. “As a nation, we will recover from the COVID-19 pandemic, and at Port Houston, we are confident our cargo numbers will increase again,” he said.
Campo concluded, ”We are ready now, and we will be ready then. Port Houston, and the Houston Ship Channel, have always been something you can count on; during times of prosperity, times of recession, and now times of pandemic. It will continue to bring economic value and jobs to our region, today, tomorrow, and in the future.”
About Port Houston
For more than 100 years, Port Houston has owned and operated the public wharves and terminals of the Port of Houston – the nation’s largest port for foreign waterborne tonnage and an essential economic engine for the Houston region, the state of Texas and the nation. It supports the creation of nearly 1.175 million jobs in Texas and 2.7 million jobs nationwide, and economic activity totaling almost $265 billion in Texas – 16 percent of Texas’ total gross domestic product – and more than $617 billion in economic impact across the nation. For more information, visit the port’s website at PortHouston.com.
Lisa Ashley, Director, Media Relations, Port Houston
Office: 713-670-2644; Mobile: 832-247-8179; E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
DUBLIN--(BUSINESS WIRE)--The "Druzhba Pipeline Accident: Key Implications" report has been added to ResearchAndMarkets.com's offering.
The Druzhba oil pipeline accident became the main "hit" in the Russian oil industry in 2019.
A year has passed, but no satisfactory answer about what did in fact happen has been given to date. Meanwhile, it was Russia's reputation as a reliable oil supplier that was put in jeopardy.
Oil with organic chlorides got to Belarus, Hungary, Poland, Germany, Ukraine, other countries. The accident led to a tremendous international scandal. That - at a moment when an increase in competition on the global oil market became obvious.
And the internal showdown over the affair continued for a year and indeed, it is not over yet. The bureaucratic conflicts may be considered to have begun with the personal meeting of Vladimir Putin and the Transneft chief executive, Nikolay Tokarev, in late April 2019. One might also say that the symbolic end to them was brought by their new meeting in exactly one year, in May 2020. But this end will be highly conditional.
The case will have lingering aftermath, evidence whereof is given, for instance, by current disputes over prices for oil transport.
The report examines this unique accident in detail and discusses the key implications of the affair. You will find in it the following subjects:
Key Topics Covered:
1. Introduction
2. Beginning of the scandal. A chronology of the Druzhba. Accident and the first consequences
3. Official investigation into the causes of the accident
4. War between Rosneft and Transneft
5. Settlement of compensation disputes with other countries
6. Settlement with other Russian integrated oil companies
7. Discussion of reform of the system of oil quality assurance and oil transport control
8. New round of the fight between Rosneft and Transneft: a dispute on prices
9. Conclusion
For more information about this report visit https://www.researchandmarkets.com/r/llboew
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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HOUSTON--(BUSINESS WIRE)--Sunnova Energy International Inc. (NYSE: NOVA) today announced that the company will be expanding their solar plus battery storage service offerings in Pennsylvania, Rhode Island and Connecticut, giving customers greater access to clean and reliable energy. Sunnova is now offering Sunnova SunSafe® solar plus battery storage service and +SunSafe add-on battery service to customers in 19 U.S. states and territories.
“We’re incredibly excited to continue to expand homeowner access to solar plus storage,” said William J. (John) Berger, Chief Executive Officer of Sunnova. “Given that homes have now become our offices, schools, gyms and everything in-between, we need reliable power more than ever. Solar plus storage promises resiliency in the face of power outages and keeps the lights on when it’s needed most.”
Across America, power outages are becoming an increasingly common feature of everyday life. Between 2008 and 2017, Pennsylvania ranked as one of the top six states with the most power outages in the U.S., averaging 1,256 outages.1 Both Rhode Island and Connecticut experienced average power outage lengths surpassing 75 minutes between 2008 and 2017.2
During a power outage, solar plus battery storage can power customers’ essential appliances – keeping everyday life running, without disruption. Unlike a solar-only system, Sunnova SunSafe® produces solar energy during the day and sends excess energy to the rechargeable battery for use at night, or anytime it’s needed.3
Sunnova SunSafe® customers can rest assured knowing their home solar plus battery systems are covered by Sunnova Protect™ featuring worry-free, hassle-free maintenance, monitoring, repairs, and replacements. In addition, Sunnova’s +SunSafe customers’ battery is covered by a manufacturer’s warranty and Sunnova will coordinate all maintenance and repairs, as well as cover any costs for the repair or replacement of covered parts to ensure their experience is hassle-free.
About Sunnova
Sunnova Energy International Inc. (NYSE: NOVA) is a leading residential solar and energy storage service provider, with customers across the U.S. and its territories. Sunnova's goal is to be the source of clean, affordable and reliable energy, with a simple mission: to power energy independence so that homeowners have the freedom to live life uninterrupted™.
1 Source: EATON Blackout Tracker Annual Report 2018 - https://switchon.eaton.com/plug/blackout-tracker
2 The area of each outage and number of customers affected varied per outage. Source: Eaton Blackout Tracker: United States Annual Report 2018 - https://switchon.eaton.com/plug/blackout-tracker
3 The amount of power available from the battery during a power outage is limited, depending on the loads connected, customer usage and battery configuration (i.e. batteries in certain areas may be set up to provide you with the best economic benefit, which may affect the amount of back-up power available). Solar systems and/or batteries may require repairs after weather events and such repairs may be delayed due to forces outside of our control. No assurances can be given that the solar system or the battery will always work. You should never rely upon either of these to power life support or other medical devices.
Kelsey Hultberg
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ST. JOHN’S, Newfoundland and Labrador--(BUSINESS WIRE)--$ALS.TO #esg--Altius Minerals Corp. (ALS:TSX) (ATUSF: OTCQX) (“Altius”) reports that its subsidiary, Altius Renewable Royalties Corporation (“ARR”), has entered into a strategic relationship with certain funds (the “Apollo Funds”) managed by affiliates of Apollo Global Management, Inc. (NYSE: APO) (“Apollo”) to accelerate the growth of its innovative renewable energy royalty business.
Under the agreement structure the Apollo Funds will solely fund the next US$80 million in approved investment opportunities in Great Bay Renewables Inc. (“Great Bay” or “GBR”), which is the US based operating subsidiary of ARR, in exchange for a 50% stake in GBR, with opportunities thereafter funded equally by the Apollo Funds and ARR and with an equally shared governance structure. Apollo Funds have disclosed that they expect to invest up to US$200 million in GBR. A conference call and webcast will be held today to discuss the event.
ARR and Apollo see significant opportunities for Great Bay to provide renewable energy royalty financing to help fund the development of wind, solar and energy storage projects to be built in the U.S. and Canada over the next decade. GBR’s innovative and proprietary royalty structure can be applied to all stages of a renewable project’s life cycle, making it an attractive financing solution. To date, GBR has completed over US$60 million in investments in leading developers like Apex Clean Energy and Tri Global Energy that are advancing over 18 gigawatts of wind and solar projects. Its pipeline of potential new investment opportunities continues to expand as royalty financing gains increasing adoption within the renewable energy sector.
Altius CEO Brian Dalton commented, “ARR has developed royalty financing for the utility-scale renewable energy sector at a time when its growth and need for financing innovation is without precedent. Through the hard work of the GBR management team in New Hampshire led by Frank Getman, adoption of royalty financing as a partner-friendly and accretive form of capital has been building steadily and has now reached an important inflection point.“ He then added, “The team at Apollo stood out during our search for a strategic partner in terms of their depth of industry knowledge, like-minded vision for the future technical and financial evolution of the renewable energy sector as well as the spirit of partnership and cooperation that they brought to the table. We are very excited to work together to rapidly scale the business and help accelerate the growth of the renewable energy sector through innovative royalty partnerships.”
“Demand for renewable energy and storage continues to increase with the ongoing energy transition, and the Altius and Great Bay team has established itself as an ideal partner to help companies finance these critical endeavors,” said Geoffrey Strong, Senior Partner and Co-Head of Infrastructure and Natural Resources at Apollo. “Our longstanding track record in renewable energy within our infrastructure business along with our familiarity and expertise in royalties gives us great confidence in establishing this new joint venture with Altius and Great Bay”.
Frank Getman, CEO of Great Bay commented, “Teaming up with Apollo adds incredible expertise and financial horsepower to help advance the adoption of our innovative renewable royalty financing. New and innovative forms of capital such as our renewable royalty product will be required as the pace of renewable energy adoption accelerates and we transition to a clean energy future.”
Apollo’s Corinne Still added, “We are excited to work with Frank, Brian, and the entire team to offer attractive capital that will accelerate production of renewable energy and help major corporations, states, and cities to reach their ambitious sustainability goals.”
Conference Call and Webcast Details
A conference call and webcast will be held today followed by an open question & answer period at 11:00 am ET using the following coordinates:
Toll Free Dial-In Number: (866) 521-4909
International Dial-In Number: (647) 427-2311
Conference ID: 1879834
Webcast Link: Altius Renewable Royalties - Apollo Call
About Apollo
Apollo is a leading global alternative investment manager with offices in New York, Los Angeles, San Diego, Houston, Bethesda, London, Frankfurt, Madrid, Luxembourg, Mumbai, Delhi, Singapore, Hong Kong, Shanghai and Tokyo. Apollo had assets under management of approximately US$414 billion as of June 30, 2020 in credit, private equity and real assets funds invested across a core group of nine industries where Apollo has considerable knowledge and resources. For more information about Apollo, please visit www.apollo.com.
About Altius
Altius’s strategy is to create per share growth through a diversified portfolio of royalty assets that relate to long life, high margin operations. This strategy further provides shareholders with exposures that are well aligned with sustainability-related global growth trends including the electricity generation transition from fossil fuel to renewables, transportation electrification, reduced emissions from steel making and increasing agricultural yield requirements. These each hold the potential to cause increased demand for many of Altius’s commodity exposures including copper, renewable based electricity, several key battery metals (lithium, nickel and cobalt), clean iron ore, and potash. Altius has 41,464,462 common shares issued and outstanding that are listed on Canada’s Toronto Stock Exchange. It is a member of both the S&P/TSX Small Cap and S&P/TSX Global Mining Indices.
About Great Bay Renewables
Great Bay provides capital to the renewable energy sector in exchange for royalties in renewable energy generating facilities at all stages in their life cycle. Great Bay’s management team has extensive experience in renewable energy development, financing and operations across a range of renewable technologies located throughout the United States. Great Bay is backed by Altius Renewable Royalties Corp. and funds managed by affiliates of Apollo. Learn more about Great Bay at www.greatbayrenewables.com or follow us on LinkedIn.
Ben Lewis
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Tel: 1.877.576.2209
Flora Wood
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Tel: 1.877.576.2209 or direct 416-346-9020
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
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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.
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This Global Coke procurement intelligence report has enlisted the top suppliers and their cost structures, SLA terms, best selection criteria, and negotiation strategies.
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Table of Content
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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
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Six Project Portfolio to be Completed Over the Next Two Quarters
SOUTH BURLINGTON, Vt.--(BUSINESS WIRE)--The Peck Company Holdings, Inc. (NASDAQ: PECK) (the “Company” or “Peck”), a leading commercial solar engineering, procurement and construction (EPC) company, is pleased to announce the signing of contracts totalling $7.641 million for six projects totalling 10.5 megawatts (MWs).
The 10.5MW portfolio of six projects is located in Vermont and include nameplate sizes from 220kWdc to 2.7MWdc. Several of the projects have already started construction and will be completed by year-end. The entire portfolio will be complete within the next two quarters. Peck is the dominant solar EPC contractor in Vermont and has constructed over 1/3 of the 358 megawatts currently installed in Vermont.
The Solar Energy Industry Association reports that Vermont is expected to install an additional 251 megawatts of solar PV projects through 2025. Vermont has been an active participant in the energy transformation with a Renewable Energy Standard to utilize 75 percent renewable energy by 2032. Green Mountain Power, the utility that serves ¾ of the power for Vermont, announced an energy vision to have a 100 percent carbon free energy supply by 2025 and 100 percent renewable energy by 2030.
The Peck Company Holdings Chairman of the Board and Chief Executive Officer, Jeffrey Peck, commented, “We have always been proud of our roots, and Vermont has been a very supportive state to grow our business in over the past 50 years. As we diversify into other states as part of our strategic growth plan, we bring the craftsmanship and relationships that have helped us thrive. We continue to be grateful for the support as we expand into other states like Maine and Rhode Island, and coast to coast.”
Mr. Peck continued, “This momentum is important as we advance our efforts to close the previously announced business combination with Sunworks, Inc. (NASDAQ: SUNW). As detailed in the preliminary joint proxy statement/prospectus, we filed with the Securities and Exchange Commission on October 1, 2020, we believe the transaction with Sunworks will allow us to leverage the combined synergies to create a larger solar EPC platform with greater geographical reach and enhanced financial resources which will benefit our partners, customers and shareholders.”
Since becoming a public company in 2019, Peck has been successfully executing its three-pronged growth strategy including:
(1) Organic expansion across the Northeastern United States
(2) Conducting accretive merger and acquisition transactions to expand geographically
(3) Investing in company-owned solar assets that provide recurring revenue
The Peck Company Holdings is guided by the mission to facilitate the reduction of carbon emissions through the expansion of clean, renewable energy and it believes that leveraging such core values to deploy resources toward profitable business is the only sustainable strategy to achieve these objectives.
About The Peck Company Holdings, Inc.
Headquartered in South Burlington, VT, The Peck Company Holdings, Inc. is a 2nd-generation family business founded in 1972 and rooted in values that align people, purpose, and profitability. Ranked by Solar Power World as one of the leading commercial solar contractors in the Northeastern United States, the Company provides EPC services to solar energy customers for projects ranging in size from several kilowatts for residential properties to multi-megawatt systems for large commercial and utility scale projects. The Company has installed over 165 megawatts worth of solar systems since it started installing solar in 2012 and continues its focus on profitable growth opportunities. Please visit www.peckcompany.com for additional information.
Forward Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, effective tax rate, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.
The forward-looking statements included in this press release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the risk factors described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.
All forward-looking statements included in this press release are based on information currently available to us, and we assume no obligation to update any forward-looking statement except as may be required by law.
No Offer or Solicitation
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval with respect to the proposed transaction with Sunworks or otherwise. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended, and no offer to sell or solicitation of an offer to buy shall be made in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Additional Information and Where to Find It
In connection with the proposed transaction with Sunworks, on October 1, 2020, we filed with the SEC a registration statement on Form S-4 (Registration No. 333-249183) (the “Registration Statement”), which included a document that serves as a prospectus of Peck and a joint proxy statement of Sunworks and Peck (the “Joint Proxy Statement”). These materials have not yet been declared effective, are not yet final and may be amended. After the Registration Statement has been declared effective by the SEC, the Joint Proxy Statement will be delivered to stockholders of Sunworks and Peck. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, SECURITY HOLDERS OF SUNWORKS AND PECK ARE URGED TO READ THE REGISTRATION STATEMENT, THE JOINT PROXY STATEMENT (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO) AND OTHER DOCUMENTS RELATING TO THE PROPOSED TRANSACTION FILED WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.
Free copies of the Joint Proxy Statement, as well as other filings containing information about Peck and Sunworks, may be obtained at the SEC’s website, www.sec.gov, when they are filed. Stockholders and investors will also be able to obtain these documents, when they are filed, free of charge, by directing a request to The Peck Company Holdings, Inc., 4050 Williston Road, #511 South Burlington, Vermont 05403, Attention: Corporate Secretary, or by calling (802) 658-3378, or to Sunworks, Inc., 1030 Winding Creek Road, Suite 100, Roseville CA 95678, Attention: Corporate Secretary, or by calling (916) 409-6900, or by accessing Peck’s website at www.peckcompany.com under the “Company – Investors” tab or by accessing the Sunworks’ website at www.sunworksusa.com under the “Investor Relations” tab.
Participants in the Solicitation
Peck, and its respective directors, and certain of its executive officers and employees may be deemed to be participants in the solicitation of proxies from the stockholders of Peck in connection with the proposed transaction. Information about Peck’s directors and executive officers is available in its Annual Report on Form 10-K for the fiscal year ended December 31, 2019, which was filed with the SEC on April 14, 2020. Information regarding all of the persons who may, under the rules of the SEC, be deemed participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, are contained in the Joint Proxy Statement regarding the proposed transaction and other relevant materials to be filed with the SEC when they become available. Free copies of these documents may be obtained as described in the preceding paragraph.
Michael d’Amato
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ClearThink
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Confirms Direction to Avoid Severing Casing Strings or Cable Behind Casing
HOUSTON--(BUSINESS WIRE)--Titan Division of Hunting Energy Services, a subsidiary of Hunting PLC, the international energy services company, today introduced its new High Side Indicator (HSI) perforating gun orientation tool.
The HSI’s three-axis accelerometer indicates the relative bearing and inclination of the downhole tool string during oriented perforating applications where eccentric weights are utilized to orient the guns. Real-time surface data from the tool confirms the guns’ orientation, and locking collars orient the guns toward or away from the target.
The tool is compatible with Hunting’s ControlFire® switch system and negative voltage perforating operations. HSI OD is 2-3/4 in. It is temperature rated to 350°F, and has a maximum pressure rating of 20,000 psi.
About Hunting
Hunting PLC is an international energy services provider to the world's leading upstream oil and gas companies. Established in 1874, it is a premium-listed public company traded on the London Stock Exchange. The Company maintains a corporate office in Houston and is headquartered in London. As well as the United Kingdom, the Company has operations in Canada, China, Indonesia, Kenya, Mexico, Netherlands, Norway, Saudi Arabia, Singapore, South Africa, United Arab Emirates and the United States of America.
The company’s Hunting Energy Services Titan Division engineers and manufactures perforating systems, wireline selective firing systems, cased hole logging instruments, nuclear detectors, energetics, and associated wireline hardware and accessories.
Business Contact: John Feuerstein, Hunting, 281-442-7382, This email address is being protected from spambots. You need JavaScript enabled to view it.
Transaction proceeds to support development and manufacturing of critical components for a diversified range of high-growth new energy markets
The post-closing company will be named Advent Technologies Holdings, Inc. and will be listed on the Nasdaq
Advent shareholders will roll 100% of their equity holdings into the combined company
Joint investor conference call scheduled for today at 11:00 am EST
CAMBRIDGE, Mass. & NEW YORK--(BUSINESS WIRE)--Advent Technologies Inc. (“Advent”), an innovation-driven company in the fuel cell and hydrogen technology space, and AMCI Acquisition Corp. (NASDAQ: AMCI) (the “Company” or “AMCI”), a special purpose acquisition company, today announced that they have entered into a definitive agreement and plan of merger (the “Merger Agreement”) for a business combination that would result in Advent becoming part of a publicly listed company as a wholly-owned subsidiary of AMCI. Upon the closing of the transaction, the combined company will operate as Advent Technologies Holdings, Inc., and its common stock will be listed on the Nasdaq. The combined company will continue to operate under the current Advent management team, led by Chief Executive Officer, Vasilis Gregoriou.
The capital from this transaction, combined with AMCI’s expertise, will advance the development and manufacturing of Advent’s next-generation fuel cell technology for the markets of transportation, aviation, and off-grid power generation.
Advent CEO Vasilis Gregoriou said, “We are very excited about this transaction and believe the business combination with AMCI will allow Advent to advance the development and manufacturing of our platform technology to unlock the hydrogen economy. Our fuel cell technology addresses the biggest problems of the hydrogen economy: the cost of infrastructure and the total cost of ownership. Our products are already in the market and we believe that the exposure and access to capital from the Nasdaq listing will allow us to accelerate product and business development efforts.”
AMCI CEO William Hunter said, “We are incredibly excited to partner with Advent and drive the next phase of its growth. As an innovation-driven company, Advent is led by an experienced management team with deep technical knowledge and a strategy of becoming the leader in material and components innovation for the fuel cell industry. Advent is well positioned for significant growth opportunities given its proven business model and complementary technology across multiple markets. We expect that the combination will allow us to drive significant value creation by participating in such a dynamic and high-demand sector.”
Advent Technologies Investment Highlights:
Transaction Overview
The business combination values Advent at a $358 million pro forma post-money enterprise value at a share price of $10.00, assuming no redemptions by AMCI shareholders and no purchase price adjustments. The boards of directors of both Advent and AMCI have unanimously approved the proposed transaction, which is expected to be completed in the fourth quarter of 2020 or early 2021, subject to, among other things, the approval by AMCI's shareholders and Advent’s shareholders, satisfaction of the conditions stated in the Merger Agreement and other customary closing conditions. In connection with the business combination, AMCI will also amend its warrants at the closing of the business combination to cash-out all of its outstanding warrants for a payment of $1.50 per warrant, subject to approval by its warrantholders.
Advisors
Cantor Fitzgerald is serving as financial advisor and Ropes & Gray LLP is serving as legal advisor to Advent. Jefferies LLC is serving as capital markets advisor and Ellenoff, Grossman & Schole LLP is serving as legal advisor to AMCI.
Conference Call Information
AMCI Acquisition Corp and Advent Technologies will host a joint investor conference call to discuss the proposed transaction Tuesday, October 13, 2020 at 11:00 am EST. The webcast will be accompanied by a detailed investor presentation.
Date: Tuesday, October 13, 2020
Time: 11:00 a.m. Eastern time
Toll-free dial-in number: (888) 753-4238
International dial-in number: (574) 941-1785
Conference ID: 2284104
The conference call will be broadcast live and available for replay here.
Toll-free replay number: (800) 585-8367
Replay ID: 2284104
About Advent Technologies
Advent Technologies is an innovation-driven company in the fuel cell and hydrogen technology space. Our vision is to accelerate electrification through advanced materials, components, and next-generation fuel cell technology. Our technology applies to electrification (fuel cells) and energy storage (flow batteries, hydrogen production) markets, which we commercialize through partnerships with Tier1s, OEMs, and System Integrators.
About AMCI Acquisition Corp.
AMCI Acquisition Corp. (NASDAQ: AMCI) is a blank check company incorporated for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses that are critical to the growing urbanization, electrification and infrastructure needs of the world. AMCI consummated its initial public offering on the Nasdaq Capital Market in November 2018.
Forward-Looking Statements
Certain statements made in this press release are “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “anticipate”, “believe”, “expect”, “estimate”, “plan”, “outlook”, and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, caution must be exercised in relying on forward-looking statements. Due to known and unknown risks, actual results may differ materially from the Company’s or Advent’s expectations or projections. The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: (i) the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement; (ii) the ability of the Company to meet Nasdaq listing standards following the transaction and in connection with the consummation thereof; (iii) the inability to complete the transactions contemplated by the Merger Agreement due to the failure to obtain approval of the stockholders or warrantholders of the Company or the stockholders of Advent or other reasons; (iv) the failure to meet the minimum cash requirements of the Merger Agreement due to Company stockholder redemptions and the failure to obtain replacement financing; (v) the failure to meet projected development and production targets; (vi) costs related to the proposed transaction; (vii) changes in applicable laws or regulations; (viii) the ability of the combined company to meet its financial and strategic goals, due to, among other things, competition, the ability of the combined company to pursue a growth strategy and manage growth profitability; (ix) the possibility that the combined company may be adversely affected by other economic, business, and/or competitive factors; (x) the effect of the COVID-19 pandemic on the Company and Advent and their ability to consummate the transaction; and (xi) other risks and uncertainties described herein, as well as those risks and uncertainties discussed from time to time in other reports and other public filings with the Securities and Exchange Commission (the “SEC”) by the Company.
Additional information concerning these and other factors that may impact the Company’s expectations and projections can be found in the Company’s periodic filings with the SEC, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2019, the definitive proxy statement filed by the Company with the SEC on October 1, 2020 wherein the Company is seeking stockholder approval to extend the date by which the Company has to consummate a business combination from October 20, 2020 until February 22, 2021 (the “Extension Proxy”), and in the preliminary and definitive proxy statements to be filed by the Company with the SEC regarding the transaction when available. The Company's SEC filings are available publicly on the SEC's website at www.sec.gov. The Company disclaims any obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise.
Additional Information about the Transaction and Where to Find It
In connection with the proposed transaction, the Company intends to file with the SEC a registration statement on Form S-4 registering the shares to be issued to Advent securityholders and containing a proxy statement for meetings of shareholders and warrantholders of the Company to approve the transactions, and will mail the registration statement and definitive proxy statement and other relevant documents to Advent’s securityholders and the Company’s stockholders and warrantholders. Investors and security holders of the Company and Advent are advised to read, when available, the registration statement, proxy statement, and amendments thereto, in connection with the offering of the shares to Advent’s securityholders in the transaction and the Company's solicitation of proxies for its stockholders' meeting and warantholders’ meeting to be held to approve the transactions because such documents will contain important information about the transaction and the parties to the transaction. The definitive proxy statement will be mailed to stockholders and warrantholders of the Company as of a record date to be established for voting on the transactions. Company stockholders and warrantholders and other interested parties will also be able to obtain copies of the registration statement and proxy statement, without charge, once available, at the SEC's website at www.sec.gov or by directing a request to: AMCI Acquisition Corp., 1501 Ligonier Street, Suite 370, Latrobe, PA.
Participants in Solicitation
The Company and Advent and their respective directors, executive officers and other members of their management and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies of the Company’s stockholders and warrantholders and Advent’s securityholders in connection with the proposed transaction. Investors and security holders may obtain more detailed information regarding the names, affiliations and interests in the Company of directors and officers of the Company in the Company's Extension Proxy, which was filed with the SEC on October 1, 2020. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to the Company's securityholders and Advent’s securityholders in connection with the proposed transaction will be set forth in the registration statement/proxy statement for the proposed transaction when available. Information concerning the interests of the Company's and Advent’s participants in the solicitation, which may, in some cases, be different than those of the Company's and Advent’s securityholders generally, will be set forth in the registration statement/proxy statement relating to the transactions when it becomes available.
Sloane & Company
Dan Zacchei / Joe Germani
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New program offers alliances, associations and consortia a path from industry specification to standardization, expanding market visibility and global awareness
PISCATAWAY, N.J.--(BUSINESS WIRE)--#IEEESA--IEEE, the world's largest technical professional organization dedicated to advancing technology for humanity, and the IEEE Standards Association (IEEE SA) today announced the Industry Affiliate Network (IAN), a new offering designed to assist multistakeholder industry organizations in accelerating development and adoption of global standards. Through IAN, industry alliances, associations, consortia and other industry organizations leverage the IEEE brand, policy and global distribution to increase their visibility and value to expanded markets.
IAN is built upon the IEEE consensus process to achieve open and accepted standards. Multistakeholder industry organizations can use IAN to quickly evolve their existing market-relevant specifications into IEEE standards; leverage IEEE SA’s proven capabilities for global distribution, publishing, marketing and branding, and advance their global go-to-market strategies. IAN also provides industry organizations a path to promote these standards through IEEE events, such as conferences, workshops and webinars.
“IAN has been specifically designed to enable industry organizations to come together quickly, address shared challenges and rapidly advance global standards and technology innovation,” said Dr. W. Charlton Adams Jr., past president of the IEEE SA. “IAN increases the value of the programs that these organizations are pursuing. The program is another way that IEEE SA is meeting the needs of the international community to enable global and contextual innovation. We look forward to our continued engagement with industry organizations around the world.”
The MIPI Alliance, an international organization that develops interface specifications for mobile and mobile-influenced industries, is participating in IAN. MIPI has signed a memorandum of understanding (MOU) with IEEE to facilitate adoption of the MIPI A-PHY specification as an IEEE standard. MIPI A-PHY v1.0 is an asymmetric serializer-deserializer (SerDes) interface for automotive applications such as advanced driver assistance systems (ADAS), autonomous driving systems (ADS) and other surround-sensor applications, including cameras and in-vehicle infotainment (IVI) displays.
“With in-vehicle connectivity rapidly growing more complex, the automotive industry is seeking streamlined and simplified integration, flexibility and high performance at reduced cost. Development of MIPI A-PHY was predicated on those needs,” said Joel Huloux, chairman of MIPI Alliance. “The IAN program provides an opportunity to offer the A-PHY SerDes specification to a broader ecosystem beyond the MIPI membership. That, in turn, translates into even greater interoperability, product choice and economies of scale for automotive OEMs and their suppliers.”
Other organizations—such as Accellera Systems Initiative and TRON Forum—similarly have expanded their reach through work with IEEE SA. Industry organizations engage in IAN through the IEEE SA corporate program. Visit the IAN website to learn more about participation.
To learn more about IEEE SA or about any of its many market-driven initiatives, visit us on Facebook, follow us on Twitter, connect with us on LinkedIn, or on the Beyond Standards Blog.
About the IEEE Standards Association
IEEE Standards Association (IEEE SA) is a collaborative organization where innovators raise the world's standards for technology. IEEE SA provides a globally open, consensus-building environment and platform that empowers people to work together in the development of leading-edge, market-relevant technology standards, and industry solutions shaping a better, safer and sustainable world. For more information, visit https://standards.ieee.org.
About IEEE
IEEE is the world’s largest technical professional organization dedicated to advancing technology for the benefit of humanity. Through its highly cited publications, conferences, technology standards, and professional and educational activities, IEEE is the trusted voice in a wide variety of areas ranging from aerospace systems, computers, and telecommunications to biomedical engineering, electric power, and consumer electronics. Learn more at https://www.ieee.org.
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This year’s Road to Rewards Report provides a pulse on changing consumer preferences and retailer strategies
ATLANTA--(BUSINESS WIRE)--#fuelsavings--PDI (www.pdisoftware.com), a global provider of ERP, fuel pricing, supply chain logistics, and loyalty solutions for the convenience retail and petroleum wholesale industries, has released its 2020 Road to Rewards Report: Navigating Loyalty in a Pandemic.
The 5th annual report looks at COVID-19's impact on loyalty programs and examines the considerable shift in U.S. consumer preferences since last year’s report. It also highlights what consumers found valuable in their rewards programs and suggests ways businesses can pivot their loyalty programs to successfully navigate these unprecedented times.
“We’ve all seen the effects unexpected disruptions like COVID-19 can have on consumer sentiment and behavior,” said Brandon Logsdon, president and general manager, Marketing Cloud Solutions and Fuel Pricing, PDI. “The report validates the importance of loyalty programs and shows how they can help businesses grow profitably by making data-driven decisions to adapt to changing consumer preferences.”
Key findings from the 2020 Road to Rewards Report:
Arlington Research conducted the survey for the report, which includes U.S.-based responses from 2,500 consumers, 250 convenience retailers, and 150 decision-makers who work for retailers, grocers or consumer packaged goods brands.
To download a copy of the report, please visit https://go.pdisoftware.com/2020R2R.
About PDI
Professional Datasolutions, Inc. (PDI) helps convenience retailers and petroleum wholesalers thrive through digital transformation and enterprise software that enables them to grow topline revenue, optimize operations and unify their business across the entire value chain. Over 1,500 customers in more than 200,000 locations worldwide count on our leading ERP, logistics, fuel pricing and marketing cloud solutions to provide insights that increase volume, margin and customer loyalty. PDI owns and operates the Fuel Rewards® loyalty program that is consistently ranked as a top-performing fuel savings program year after year. For more than 35 years, our comprehensive suite of solutions and unmatched expertise have helped customers of any size reimagine their enterprise and deliver exceptional customer experiences. For more information about PDI, visit www.pdisoftware.com.
Tawanda Carlton, Media Frenzy Global
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LONDON--(BUSINESS WIRE)--#TelecommunicationsBatteryMarketinLatinAmerica20202024--The global telecommunications battery market size is poised to grow by USD 217.85 mn during 2020-2024, progressing at a CAGR of 9% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
Population growth and urbanization are the key drivers for the rising power consumption in the telecommunications sector in Latin America. Rising power consumption in Latin America is significantly driving the demand for off-grid energy storage systems, as off-grid energy storage systems reduce transmission and distribution losses and increase the efficiency of power plants. This in turn, makes the power distribution more flexible and efficient in order to meet the rising demands.
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Increasing focus on renewable energy generation will be a Key Market Trend
In Latin America, renewable energy generation is now the key focus area that is expected to meet this ever-rising demand for power consumption. The global initiatives about renewable energy are also playing an integral part in promoting it, as a result of which it is hailed over its counterpart, the fossil fuel. Renewable energy sources being inexhaustive, cleaner, less carbon-intensive, and more sustainable are gaining popularity and will lead to the growth of the telecommunications battery market over the forecast period.
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Telecommunications Battery Market 2020-2024: Key Highlights
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Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Type
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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THE WOODLANDS, Texas--(BUSINESS WIRE)--Drilling Specialties Company, a division of Chevron Phillips Chemical Company LP, introduces TribexTM ERD, a specialized dry lubricant designed for the demanding environment oil and gas operating companies face in extended reach drilling.
TribexTM ERD, unlike most liquid or dry lubricants, can be used in oil- or water-based fluid systems. The multifunctional additive reduces static and dynamic friction and high temperature/high pressure fluid loss. Further, its proprietary formula has demonstrated an efficient sealing capacity while reducing torque variability in the wellbore.
“Extended reach laterals are an effective way to optimize wellbore output in what are often costly drilling projects,” says Ryan Pritchard, business development manager. “With TribexTM ERD, our customers can achieve extended reach laterals with greater efficiency and tangible cost savings.”
Drilling Specialties Company has tested TribexTM ERD across multiple U.S. basins. One such example is of an independent west Texas operator who was experiencing high downhole torque values in a highly deviated, extended reach well. The cost impacts of extended reach drilling to the operator included reductions in drilling efficiency and lateral length associated with rig limiting torque and rate of tool failure due to downhole vibration.
After introducing TribexTM ERD as a replacement of two common liquid lubricants, field trial data showed a 67 percent reduction in lubricant needed to achieve the same performance. TribexTM ERD improved torque values compared to both common liquid lubricants at lower cost. The operator was able to achieve an increase in drilling optimization and performance while lowering overall lubricant spend.
“Extended reach laterals are an effective way for Chevron to optimize reservoir wellbore output,” says Neil Trotter, Drilling Fluids Team Lead at Chevron, who also tested the new product. “As drilling with oil-based mud is not always an economical/environmental option, evaluating water-based mud performance is key. Recently, Chevron successfully drilled an extended reach lateral with water-based mud while trialing a new drilling fluid additive, Tribex™ ERD from the Drilling Specialties Company.”
When examining the average U.S. rig cost per day, along with rental expense of directional tools, costs can escalate substantially when drilling today’s challenging wellbore geometries. With TribexTM ERD, operators should be able to optimize the efficiency of their drilling equipment by improving weight on bit transfer. The result is drilling greater lateral length in less time.
About Drilling Specialties Company
Industry leaders for more than 74 years, Drilling Specialties Company, a division of Chevron Phillips Chemical Company LP, manufactures and commercializes specialized products designed to deliver high performance and value. From proprietary drilling, cement and completion fluid additives, to an assortment of stimulation and EOR technologies, our high quality products help our customers improve both their drilling and production results. https://www.cpchem.com/what-we-do/solutions/drilling-specialties
About Chevron Phillips Chemical Company LP
Chevron Phillips Chemical Company LP is an indirect wholly-owned subsidiary of Chevron Phillips Chemical Company LLC, one of the world’s top producers of olefins and polyolefins and a leading supplier of aromatics, alpha olefins, styrenics, specialty chemicals, plastic piping and polymer resins. With approximately 5,000 employees, the LLC and its affiliates own nearly $17 billion in assets, including 31 manufacturing and research facilities in six countries. Chevron Phillips Chemical Company LLC is equally owned indirectly by Chevron Corporation and Phillips 66, and is headquartered in The Woodlands, Texas. For more information about Chevron Phillips Chemical, visit www.cpchem.com. Also, follow us on Twitter: @chevronphillips.
News inquiries: Nick Facchin
Chevron Phillips Chemical Company LP
Phone: 832-813-4264
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BATH, England--(BUSINESS WIRE)--#AIS--SRT Marine Technology is pleased to announce the availability of a range of new kits that make it easy and cost effective for any port or waterway authority to significantly improve safety through effective and reliable monitoring of buoys, lanterns and the environment with real time information displayed on your existing VTS system.
These innovative new AtoN monitoring kits enable port and waterway authorities to significantly enhance safety and reduce risk by alerting relevant authorities and vessels to off-position buoys, faulty lanterns, and poor weather. By using AIS, the information is automatically displayed on existing port VTS and vessel ECDIS.
DAS Carbon-1 – Buoy, Lantern and Weather Monitoring AIS AtoN Kit – this kit enables you to make sure a particular buoy, such as your Cardinal buoy, or other important buoy, is in the correct location and the lantern operating, and if not, that you are alerted. DAS Carbon-1 will also transmit a real time AIS feed of all common weather parameters to both your VTS centre and all nearby vessels.
DAS Carbon-2 – Buoy, Lantern & Advanced Weather Monitoring – this kit provides continuous monitoring of buoy location, lantern operation and provision of a comprehensive range of real time local weather conditions – wind, humidity, precipitation, air pressure & visibility – all of which is continuously transmitted to your VTS centre and all vessels within up to 25km.
DAS Express-1 – Buoy Position Monitoring – this small and cost-effective kit is a complete buoy location monitoring solution that can be installed on any buoy. DAS Express-1 will continuously transmit the real time location of a particular buoy to both your VTS centre and nearby vessels. Express 1 connects directly to the existing available power source and includes a back up battery in the event of power failure.
DAS Express-2 – Buoy, Lantern & Weather Monitoring – this small and cost effective kit will continually monitor and transmit the location of your buoys and health status of the lantern in real time to your VTS centre and all nearby vessels. Ideal for small and medium sized buoys, Express 2 connects directly to the existing available power source and includes a back up battery in the event of power failure.
Each kit is based around SRT’s professional CARBON & EXPRESS AIS AtoN Transceivers which offers a wide range of sophisticated functionality and includes everything required for easy installation on any buoy by a local marine electrical engineer.
For over a decade SRT has been at the forefront of AIS and AtoN technology and product development. Our range of AIS AtoN transceivers are the preferred choice of professional port, waterway, and infrastructure owners worldwide due to their performance and long-term reliability. These new kits are the first in a range of flexible solutions that enable easy and cost effective implementation of remote AtoN monitoring.
View our DAS information here https://srt-marine.com/systems/das-digital-aton-systems/
Louise Coates
Sales & Marketing Manager
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Project Slated to be Largest Geologic Carbon Sequestration Asset in the U.S.
LAKE CHARLES, La.--(BUSINESS WIRE)--#CCS--Gulf Coast Sequestration (GCS) today announced that the company has initiated the process for obtaining a Class VI Underground Injection Control permit from the U.S. Environmental Protection Agency (EPA) by filing a detailed technical submission to delineate its “area of review.” This is a significant step in the company’s effort to build and operate the country’s premier carbon sequestration project, which is designed to permanently store more than 80 million tons of carbon in deep geologic formations.
Once completed, the GCS “hub” is expected to be the largest geologic carbon capture sequestration (CCS) project in the U.S. and one of the largest in the world. With the capacity to sequester 2,700,000 tons of CO₂ annually, it will be equivalent to removing about 600,000 passenger vehicles from the road every year or the equivalent annual carbon avoided from 2,000 wind turbines.
The filing marks a milestone for GCS, which controls both the surface and subsurface rights for a large, contiguous landholding in southwest Louisiana. The permit application comes after years of comprehensive data collection and analysis which determined that the area’s geologic pore space is ideally suited to build and operate a world-class carbon sequestration project.
“This filing is a long time coming and an exciting moment for GCS,” said Gray Stream, President of Matilda Stream Management, Inc., the owner of GCS. “We have done our homework, and our permit application reflects our commitment to robust environmental compliance. We look forward to working with EPA to secure the approvals needed to develop, construct, and operate one of the leading carbon sequestration projects in the world.”
Located in close proximity to one of the nation’s busiest industrial corridors, GCS will partner with industrial customers to capture CO₂ and safely contain it underground. In recent years, technological developments and new federal tax credits have made it economically attractive for some industrial facilities to install CCS systems to dramatically reduce their CO₂ emissions.
“At GCS, we believe that CCS is the best way to tackle industrial greenhouse gas emissions,” said GCS principal Benjamin Heard. “By providing safe and secure storage for carbon dioxide, GCS will assist industrial customers in achieving their sustainability goals. Working together, we can help to steer the United States toward a more economically and environmentally sustainable future.”
The Intergovernmental Panel on Climate Change estimates that the costs of tackling climate change could more than double if CCS technology is not developed and widely deployed. The GCS project capitalizes on CCS’s vital – and singular – capability for reducing the emissions from existing industrial facilities.
The team behind GCS includes several of the world’s leading experts on carbon capture and sequestration who bring insight and experience on geology, petrophysics, seismic, and reservoir modeling and simulation as well as the complex legal and regulatory issues involved with a project of this size and scale.
More information about GCS is online at www.gcscarbon.com.
Caitlin Sickles
202-828-7637
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AKRON, Ohio--(BUSINESS WIRE)--$BW--Babcock & Wilcox (B&W) (NYSE: BW), through its B&W Renewable segment, has signed a strategic partnership agreement with Eos Energy Storage LLC, to sell and service Eos’ innovative, patented Eos Znyth® zinc battery solution for industrial and utility-scale energy storage. Under this agreement, B&W subsidiary The Babcock & Wilcox Company will market and sell this pioneering battery technology to its customers worldwide and B&W subsidiary Babcock & Wilcox Construction Co., LLC will serve as Eos’ exclusive preferred installation provider for the technology in the U.S. and Canada.
Under the agreement, B&W will market the Znyth zinc battery storage solution to its global customer base, including industrial customers such as refineries and pulp and paper plants, as well as utility and power customers. In addition, B&W will immediately begin collaborating with Eos on installation, commissioning and maintenance scope for projects in Eos’ robust pipeline.
“The Znyth zinc battery storage solution has the potential to be a real game-changer, offering proven energy storage capabilities and improved safety performance over lithium-ion batteries. Coupling it with B&W’s strong reputation with utility and industrial customers worldwide, our construction and plant maintenance capabilities, and our experienced global sales team is an exciting development for both of our companies,” said Kenny Young, B&W Chairman and Chief Executive Officer. “As the global supply chain of high-quality lithium remains uncertain, and lithium-ion applications are limited due to safety considerations, we are particularly excited about Eos’ zinc batteries as a safer, more sustainable alternative and look forward to introducing B&W’s customers to this innovative energy storage option.”
“We are thrilled to partner with B&W. Their expertise in energy and environmental technology will provide Eos customers with high quality service and a depth of knowledge about the benefits of our zinc-based battery systems,” said Eos CEO Joe Mastrangelo. “B&W’s broad market reach in sales and services, along with its extensive construction and installation experience, will enable us to scale our business at a rapid pace to meet rising demand for our safe and innovative storage solution. This will ensure that sustainable and affordable energy storage is available to utilities, power producers and industrial companies around the world.”
Eos’ Znyth technology employs inexpensive, widely available materials within a robust, scalable design to achieve long life and extremely low cost. Coupled with B&W’s many decades of installation and maintenance experience for customers in a broad spectrum of industrial and utility markets, the B&W-Eos strategic partnership offers customers a safe, reliable, economical energy storage solution installed and serviced by the B&W personnel they’ve come to know and trust with their plants’ service needs.
About B&W
Headquartered in Akron, Ohio, B&W is a global leader in energy and environmental technologies and services for the power and industrial markets. Follow B&W on LinkedIn and learn more at www.babcock.com.
About Eos Energy Storage
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. Armed with a patent for a membrane-free zinc battery technology, 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/.
Forward-Looking Statements
B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to a strategic partnership agreement with Eos Energy Storage LLC. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties. For a more complete discussion of these risk factors, see our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. We caution readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and we undertake no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.
Investor Contact:
Megan Wilson
Vice President, Corporate Development & Investor Relations
Babcock & Wilcox
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Media Contact:
Ryan Cornell
Public Relations
Babcock & Wilcox
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SAN FRANCISCO--(BUSINESS WIRE)--Today, Project Drawdown has announced the launch of Drawdown Labs – a consortium of private sector partners working to go beyond ‘net zero’ to scale climate solutions in the world, within and outside their own operations.
Leveraging world-class research and analysis from Project Drawdown and cross-industry capabilities of participating businesses, Drawdown Labs will experiment with collaborative ways to address climate change at unprecedented scale and offer the world a more expansive vision for corporate climate leadership.
Alongside a cross-sectoral group of companies, climate-focused businesses, funders and the global design firm IDEO, Drawdown Labs will serve as a testing ground for how the private sector can go beyond a “doing less harm” approach to one that also brings their resources, influence, employees and customers in to help solve the problem. By generating learnings and tapping leverage points for outsized impact, Drawdown Labs seeks to reach far beyond the operational footprints of individual companies and offer the world powerful new ways to address the climate crisis at the urgency and scale required.
“To help build the future we need,” said Jamie Alexander, Director of Drawdown Labs, “business can no longer stop at a ‘doing less harm’ approach of gradually reducing their emissions over time. They must also look beyond their operational footprint toward how they can leverage their full resources to help build a thriving planet for all. That means bringing their reach, influence and core business model to bear, and inviting the passion and skills of their workforce, from every part of the business, to contribute.”
Dr. Jonathan Foley, Project Drawdown: “I am proud that Project Drawdown is launching this initiative and asking businesses to step up to a much higher standard for climate leadership. To be a leader in the 21st century, it is no longer enough to do 'less harm' over time; we need businesses to look far beyond reducing their own operational footprint and commit to achieving bigger emissions reductions in the broader world. Leading businesses can help shape the larger world around them, working with communities, customers, employees, and the rest of society, bringing new tools to bear in addressing climate change.”
Joey Zwillinger, Allbirds: “While putting a price on carbon through coordinated public policy efforts is essential, we can no longer afford to wait for governments to act – let alone wait for the 'perfect' solution to climate change. Business has to be better, and we must act now. The private sector should hold itself accountable for the pollution it emits, and in so doing, will create an incentive structure that rewards low-carbon innovation to bring emissions down over time. I believe in a future where companies and even entire industries will remove more carbon from the atmosphere than they produce, but we can't get there without strong and immediate action from the private sector.”
Andrew Savage, Lime: “Addressing climate change is the issue of our time. It will take harnessing the collective muscle of government, the public, and of course business to tackle this crisis head-on. And when we do, we'll have a healthier and more prosperous future.”
Scott Tew, Trane Technologies: “Our planet is in need of strong leadership and bold action to mitigate climate change. At Trane Technologies, sustainability is core to who we are and is central to our strategy, how we operate, and how we serve our customers and community. Our 2030 Sustainability Commitments are leading us into the future as we aim to achieve carbon neutrality in our own operations, achieve a 10% absolute energy reduction, reduce our customers’ carbon emissions by one gigaton, and more. There is more work to do and it’s crucial that we continue innovating and leveraging the power of collaborative groups like Drawdown Labs to advance the pathways that will make a measurable impact.”
Joanne Cheung, IDEO: “Our planet's climate challenge demands organizations work together in new ways to discover, design, and launch solutions. We’re thrilled to be collaborating with Project Drawdown to design Drawdown Labs, and work with the wonderful group of partner organizations to radically accelerate our collective commitments and progress addressing climate change.”
Danielle Jezienicki, Grove Collaborative: “Grove Collaborative is thrilled to partner with Drawdown Labs to scale our ambition to propel the CPG industry towards plastic-free solutions. Grove exists to make household essentials a force for positive impact, but this is not a journey we hope to take on our own. Partnering with like-minded organizations such as Project Drawdown showcases the potential for business to regenerate and protect planetary resources, rather than continue on a path of destruction and depletion."
Sean Kinghorn, Intuit: “Intuit is honored to be the founding member of Drawdown Labs. Companies must stop focusing on only reducing their own emissions, and look outside their four walls to have a positive impact in the broader world if we are ever going to slow down, and eventually, reverse climate change. Intuit is proud to have the opportunity to collaborate with other forward-thinking companies and accelerate climate solutions around the globe.”
Kate Brandt, Google: “Google is committed to taking ambitious climate action in our own operations, while also helping to move the world closer to a carbon-free future through our technology. We’re proud to support Drawdown Labs and to join this coalition of companies. Together, we can work toward a more sustainable future for everyone.”
Rebekah Moses, Impossible Foods: “Each consumer, every day, has the ability to help halt and even reverse climate change. Yet, very few people know about how incredibly powerful their food choices are for averting climate disaster and for saving rapidly collapsing wildlife populations. Impossible Foods is providing a plant-based toolkit for every-day individual action, and is partnering with Project Drawdown to lift awareness, to collaborate across industry, and to protect the best planet we have (and by extension, ourselves).”
About Project Drawdown
The World’s Leading Resource for Climate Solutions
The mission of Project Drawdown is to help the world reach “Drawdown”— the point in the future when levels of greenhouse gases in the atmosphere stop climbing and start to steadily decline, thereby stopping catastrophic climate change — as quickly, safely, and equitably as possible.
Since the 2017 publication of the New York Times bestseller, Drawdown, the organization has emerged as a leading resource for information and insight about climate solutions. We continue to develop that resource by conducting rigorous review and assessment of climate solutions, creating compelling and human communication across mediums, and partnering with efforts to accelerate climate solutions globally.
Jamie Alexander 202-657-1770 This email address is being protected from spambots. You need JavaScript enabled to view it. | @jabeckx
Questionmark’s Proctoring Record and Review service available to deter cheating on online exams
TRUMBULL, Conn.--(BUSINESS WIRE)--#Questionmark--Questionmark today announced that its popular Proctoring Record and Review (or invigilation) service is now available for purchase on SAP® App Center, the digital marketplace for SAP partner offerings. This application integrates with SAP® SuccessFactors® solutions to make it easier for users to guard against cheating on online exams or assessments.
In recent months, many higher-education institutions, credentialing organizations and employers have moved tests and exams online. Social distancing has made gathering candidates together into exam halls or test centers nearly impossible.
“With Questionmark Proctoring Record and Review on SAP App Center, we can help businesses around the world minimize the risk of cheating when they have to move exams and tests online,” said Lars Pedersen, CEO of Questionmark. “As a second wave of COVID-19 seems set to hit, universities, credentialing organizations and employers need a ‘plan B’ in their back pocket.”
Since the beginning of the current crisis, many organizations have noticed that online assessments can provide considerable benefits.
However, when an assessment really matters, people must also be confident in the results. This means that those administering the tests must take measures to guard against cheating.
Proctoring Record and Review by Questionmark records assessments as they take place. The application flags anomalies for future analysis. This might include irregular head movements, or two heads appearing in front of the screen, that could indicate suspicious behavior. The application also has Artificial Intelligence (AI) technology which scans the faces of test-takers and flags when footage of the test should be reviewed.
Proctoring Record and Review is now available for purchase on SAP App Center. The application fully integrates with SAP Assessment Management by Questionmark, which helps to ensure tests and assessments can be delivered online. SAP Assessment Management by Questionmark is used by customers across education, business and government.
Proctoring Record and Review helps protect exams from cheating while also respecting the test-taker’s privacy. Biometrics are not used during exam recordings. All data is securely stored and never shared with third parties. Recorded information is private to the customer who is also responsible for deciding which data is captured. Recordings of exam sessions are strongly encrypted and can be stored in the customer’s region of choice.
SAP is a market leader in enterprise application software. At SAP App Center, businesses can discover approximately 1,600 innovative partner solutions that integrate with and extend SAP solutions. There, customers can find the SAP-validated partner apps they need to grow their business. Find, try, and buy SAP partner solutions digitally at www.sapappcenter.com.
Ends
Notes to editors
For more information:
US: Kristin Bernor, external relations: This email address is being protected from spambots. You need JavaScript enabled to view it. 203.349.6438
UK: James Boyd-Wallis: This email address is being protected from spambots. You need JavaScript enabled to view it. 07793 021 607
About Questionmark
Questionmark provides a secure enterprise-grade assessment platform and professional services to leading organizations around the world, delivered with care and unequalled expertise. Its full-service online assessment tool and professional services help customers to improve their performance and meet their compliance requirements. Questionmark enables organizations to unlock their potential by delivering assessments which are valid, reliable, fair and defensible.
Questionmark offers secure powerful integration with other LMS, LRS and proctoring services making it easy to bring everything together in one place. Questionmark's cloud-based assessment management platform offers rapid deployment, scalability for high-volume test delivery, 24/7 support, and the peace-of-mind of secure, audited U.S., Australian and European-based data centers.
US: Kristin Bernor, external relations: This email address is being protected from spambots. You need JavaScript enabled to view it. 203.349.6438
UK: James Boyd-Wallis: This email address is being protected from spambots. You need JavaScript enabled to view it. 07793 021 607
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 that it has entered into an agreement with Babcock & Wilcox (“B&W”) (NYSE: BW) to be the exclusive battery supplier for B&W’s global customer base of industrial, utility and power companies. The agreement will also enable Eos to leverage B&W’s global experience as a leader in providing renewable energy and environmental technologies, services and solutions to utility and industrial customers.
As previously announced, B. Riley Principal Merger Corp. II (“BMRG”), a publicly traded special purpose acquisition company, and Eos have entered into a definitive merger agreement for a business combination that would result in Eos becoming a publicly listed company. Upon closing of the transaction, the combined company will be renamed Eos Energy Enterprises, Inc. (“Eos Energy”) and intends to list its shares of common stock on Nasdaq under the ticker symbol “EOSE”.
B&W will market, sell and service Eos’ signature product, the Znyth® zinc battery system, which is optimized for the critical longer duration stationary storage market and ideal for grid congestion and renewable power applications. Under the agreement, B&W subsidiary Babcock & Wilcox Construction Co., LLC, will be Eos’ exclusive preferred installation provider for the technology in the United States and Canada.
Eos’ system is unique for its ability to withstand extreme temperatures, its scalable design made with five core commodity materials widely available, and its fully recyclable nature. In addition to the environmental and technological benefits, the Znyth® zinc battery system is also a cost-effective energy storage solution, with a 15-year to 30-year life and minimal installation and maintenance costs. These are among the many qualities that differentiate Eos’ zinc-based batteries from the lithium-ion alternative.
“Our partnership with B&W enables us to reach new customers who will benefit from Eos’ industry-disrupting technology,” said Joe Mastrangelo, Chief Executive Officer of Eos. “Our zinc battery storage systems offer a viable alternative to lithium-ion—they are non-flammable, built with non-rare earth materials and manufactured right here in the United States. Combining Eos’ design and technology with B&W’s construction and service capabilities will ensure that our global customer base has a superior energy storage solution for the long term.”
“The Zynth® zinc battery system has the potential to be a real game-changer, offering proven energy storage capabilities and improved safety performance over lithium-ion batteries,” said Kenny Young, Chairman and Chief Executive Officer of B&W. “Coupling it with B&W’s strong reputation with utility and industrial customers worldwide, our construction and plant maintenance capabilities, and our experienced global sales team is an exciting development for both of our companies.”
Additional Information about the Business Combination
In connection with the business combination, BMRG has filed a preliminary proxy statement with the United States Securities and Exchange Commission (“SEC”). BMRG stockholders and other interested persons are advised to read, when available, the preliminary proxy statement and any amendments thereto and, once available, the definitive proxy statement, in connection with BMRG’s solicitation of proxies for the meeting of stockholders to be held to approve, among other things, the proposed business combination, because the proxy statement will contain important information about BMRG, Eos and the proposed business combination. When available, the definitive proxy statement will be mailed to BMRG stockholders as of a record date to be established for voting on the proposed business combination. Stockholders will also be able to obtain copies of the proxy statement, without charge, once available, at the SEC’s website at www.sec.gov. Copies of the documents filed with the SEC by BMRG when and if available, can be obtained free of charge by directing a written request to B. Riley Principal Merger Corp. II, 299 Park Avenue, 21st Floor, New York, New York 10171 or by telephone at (212) 457-3300.
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 has more than 10 years of experience in battery storage testing, development, deployment, and operation. The Eos Aurora® system integrates Eos’ aqueous, Znyth® technology to provide a safe, scalable, and sustainable alternative to lithium-ion. https://eosenergystorage.com
About B. Riley Principal Merger Corp. II
BMRG was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.
About Babcock & Wilcox
Headquartered in Akron, Ohio, B&W is a global leader in energy and environmental technologies and services for the power and industrial markets. Follow B&W on LinkedIn and learn more at www.babcock.com.
For Eos Energy Storage LLC
Investors
Ed Yuen
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Media
Balki G. Iyer
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ST. CATHARINES, Ontario--(BUSINESS WIRE)--Algoma Central Corporation (“Algoma” or the “Company”) (TSX:ALC), a leading supplier of marine transportation services, today announced that it has taken delivery of the Algoma Intrepid, the second Equinox 650’ Class self-unloading dry-bulk carrier, and the ship has begun her voyage to Canada from the 3 Maj Shipyard in Croatia. The vessel, the ninth Equinox Class vessel to join the fleet, will journey across the Atlantic to Canada where she is expected to begin trading on the Great Lakes in November.
The Algoma Intrepid is the sister ship to the Algoma Innovator, which entered service in early 2018 as the newest and most efficient river class vessel to enter the Great Lakes market in almost 40 years. Like her sister ship, the Algoma Intrepid features an impressive forward-mounted boom, enabling cargo to be delivered at hard-to-reach docks, providing greater flexibility for our customers.
“The arrival of the Algoma Intrepid will cement our position as the largest and most diverse fleet on the Great Lakes and St. Lawrence Seaway,” said Gregg Ruhl, President and CEO of Algoma. “We are very much looking forward to her arrival and are eager to not only welcome her into the Algoma fleet but to also introduce her to our customers. I would like to thank the Algoma Equinox Class team for another successful delivery and to the crew on board, wishing you all a safe voyage bringing the ship home,” continued Mr. Ruhl.
In other Equinox Class news, the keel has been laid for the new Captain Henry Jackman at Jiangsu Yangzi-Mitsui Shipbuilding Company in China. This Seaway-Max gearless bulk carrier is expected to be delivered during the second quarter of 2021 and she will be the newest and most efficient vessel in Algoma’s domestic fleet. The design is being coined “Equinox 3.0” and it includes improvements in cargo deadweight capacity and equipment, all while maintaining the numerous performance efficiencies of the original Equinox Class design.
About Algoma Central Corporation
Algoma owns and operates the largest fleet of dry and liquid bulk carriers operating on the Great Lakes – St. Lawrence Waterway, including self-unloading dry-bulk carriers, gearless dry-bulk carriers, cement carriers and product tankers. Algoma also owns ocean self-unloading dry-bulk vessels operating in international markets and a 50% interest in NovaAlgoma, which owns and operates a diversified portfolio of dry-bulk fleets serving customers internationally.
Gregg A. Ruhl
President & CEO
905-687-7890
Peter D. Winkley CPA, CA
Chief Financial Officer
905-687-7897
Or visit
www.algonet.com
● “Industrial Superheroes” take center stage as global companies deploy mission-critical software to tackle day-to-day business and plan for the future
● GE Digital prepares to welcome GE Aviation Digital to the team with analytics solutions aligned to the company’s mission
● More than 20 Power Generation, Oil & Gas, Grid Utility, Manufacturing, and Aviation customers share Digital Transformation stories
SAN RAMON, Calif.--(BUSINESS WIRE)--#GEDUC20--GE Digital today begins a three-day virtual User Conference featuring stories of companies in multiple industries on their path to digital transformation: enabling more renewable energy on the grid; reducing emissions; increasing plant productivity; adapting to demand, and keeping their teams safe. The conference will feature sessions from GE Digital executives, partners, and customers.
“We have had a year of unprecedented challenges, in our personal lives, in our communities, and in our industries,” said Pat Byrne, GE Digital CEO. “The determination and commitment companies around the world have mustered is unmatched in modern business. How we exercise leadership through uncertain times matters even more than how we lead when times are good. It’s heroic and it’s important. Successful leaders are resilient, they create competitive advantage by streamlining their systems and processes, and by building sustained capabilities within their organizations. With this conference, we are recognizing those leaders as ‘Industrial Superheroes.’”
Participating in the User Conference and joining GE Digital will be GE Aviation’s Digital team. They plan to align their Software as a Service (SaaS) business with GE Digital later this year. “This team brings deep domain knowledge in aviation and flight analytics to GE Digital with data-driven insights for commercial airlines, business jet operators, and military to reduce operational costs, empower crew, and improve passenger experience,” continued Byrne. “This connects well to our GE Digital purpose: Transforming how industry solves its toughest challenges by putting industrial data to work.”
Through the theme of “From Resilience to Innovation,” GE Digital highlights the challenges faced by “Industrial Superheroes,” most notably the urgent need for digital tools coupled with the concern that custom software is expensive and too slow to implement. Additional challenges include the struggle to make data actionable when organizations and data are siloed and the need to quickly and continually demonstrate the value of a software investment.
In each of the industries GE Digital serves, solutions are designed and delivered to help customers manage these shifting realities. Digital transformation is accelerating – and to meet the needs of companies on their digital journey, GE Digital has introduced 17 new products this year, all designed to meet current and future challenges head on, in partnership with customers, leaning into proven technology while continually innovating – at unparalleled speed and scale.
In conjunction with the User Conference, GE Digital introduces four new products: Visual Intelligence for Electric Utilities, Remote Operations and Operations Performance Management solutions for the Power Generation industry, and upgrades to industry-leading Digital Plant solutions Proficy Operations Hub, iFIX HMI/SCADA, Proficy Historian, and Proficy Plant Applications.
“Where organizations are on their digital transformation journey varies,” said Colin Parris, GE Digital CTO, “but all share the common goal of making our businesses smarter, leaner, and more profitable. We can create new technologies, we can build powerful solutions and scale them like never before, but if there’s no clear path to value, no clear return on investment, all we’re building are barriers. This is especially true in the world of industrial IoT, where innovation is often seen more as evolution than revolution.”
The concept of Software is Mission Critical will also be addressed in a presentation by Parris entitled, “The Future of Digital.” Parris will discuss digital twins, technology that GE Digital has delivered for more than 20 years, providing real value to customers through reduced operations and maintenance costs, as well as avoided downtime. He will also talk about new AI / ML initiatives like Humble AI, Digital Ghosts, and “Twins that Talk.”
The Conference will feature industry tracks with sessions including lean and continuous improvement, Enabling Renewables and Distributed Resources, Ensuring Plant Continuity and Worker Safety During COVID-19, and Regaining Passenger Trust and Confidence Through Blockchain Technology. There will also be industry-focused roundtables moderated by business executives. In addition, attendees will be able to attend product demonstrations and participate in live Q&A sessions with subject matter experts.
“Our 1000+ dedicated software engineers, plus 4,000 professional services, managed services, and support staff are industrial experts,” concluded Byrne. “We know how to build the right products, implement flawlessly, and guide our customers to success. Our unparalleled expertise, exceptional software, global presence, and scalability lets us embed with customers, anywhere in the world. This User Conference demonstrates our commitment to those customers, helping them navigate this changing world and take advantage of the future with Digital Transformation.”
More information about GE Digital, solutions, and technology can be found here.
About GE Digital
GE Digital is transforming how industry solves its toughest challenges. GE Digital’s mission is to bring simplicity, speed and scale to its customers’ digital transformation activities, with software that helps them to better operate, analyze, and optimize their business processes. GE Digital’s product portfolio – including grid optimization and analytics, asset and operations performance management, and manufacturing operations and automation – helps industrial companies in the utility, power generation, oil & gas and manufacturing sectors put their industrial data to work. For more information, visit www.ge.com/digital.
Media:
Ellie Holman
GE Digital
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