DALLAS--(BUSINESS WIRE)--Kosmos Energy (NYSE/LSE: KOS) (“Kosmos” or the “Company”) reported on September 15, 2022 that the floating production, storage and offloading vessel (“FPSO”) for the Greater Tortue Ahmeyim project (“GTA”) had drifted approximately 200 meters off the quayside following the impact of Typhoon Muifa.
Kosmos has been informed by BP, the operator of the GTA project, that the FPSO has been returned to the quayside of the COSCO shipyard in China.
Inspections conducted to date have not identified any significant damage. The forward plan is to complete all inspections and incorporate the findings into the remaining work scope prior to sailaway. Kosmos will give a further project update alongside its third quarter results in early November.
About Kosmos Energy
Kosmos is a full-cycle deepwater independent oil and gas exploration and production company focused along the Atlantic Margins. Our key assets include production offshore Ghana, Equatorial Guinea and U.S. Gulf of Mexico, as well as a world-class gas development offshore Mauritania and Senegal. Kosmos is listed on the New York Stock Exchange and London Stock Exchange and is traded under the ticker symbol KOS. As an ethical and transparent company, Kosmos is committed to doing things the right way. The Company’s Business Principles articulate our commitment to transparency, ethics, human rights, safety and the environment. Read more about this commitment in our Corporate Responsibility Report. For additional information, visit www.kosmosenergy.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Kosmos expects, believes or anticipates will or may occur in the future are forward-looking statements. Kosmos’ estimates and forward-looking statements are mainly based on its current expectations and estimates of future events and trends, which affect or may affect its businesses and operations. Although Kosmos believes that these estimates and forward-looking statements are based upon reasonable assumptions, they are subject to several risks and uncertainties and are made in light of information currently available to Kosmos. When used in this press release, the words “anticipate,” “believe,” “intend,” “expect,” “plan,” “will” or other similar words are intended to identify forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Kosmos, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Further information on such assumptions, risks and uncertainties is available in Kosmos’ Securities and Exchange Commission (“SEC”) filings. Kosmos undertakes no obligation and does not intend to update or correct these forward-looking statements to reflect events or circumstances occurring after the date of this press release, except as required by applicable law. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement.
Management does not provide a reconciliation for forward looking non GAAP financial measures where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the occurrence and the financial impact of various items that have not yet occurred, are out of our control or cannot be reasonably predicted. For the same reasons, management is unable to address the probable significance of the unavailable information. Forward looking non GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.
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HOUSTON--(BUSINESS WIRE)--Tallgrass and Equinor have announced a collaborative effort to pursue opportunities for development of large-scale, low-carbon hydrogen and ammonia projects in North America. The partners will assess the production and market potential for hydrogen and ammonia, and associated distribution infrastructure to help facilitate broad decarbonization.
Under the memorandum of understanding, Tallgrass and Equinor have agreed to initial co-development activities, including the joint funding of a front-end engineering and design (FEED) study. The study will be focused on large-scale hydrogen production, incorporating the capture of a minimum of 95% of the CO2 for permanent sequestration, coupled with ammonia for efficient transportation and storage. As part of the study, Tallgrass and Equinor are evaluating multiple regional energy centers across the US.
Recent policy developments further confirm the US commitment to decarbonized energy projects and reflect the important role that a full-scale hydrogen economy could play in providing communities with clean and reliable energy. Equinor and Tallgrass share a similar commitment and will work together towards advancing the integration of low- or zero-carbon hydrogen and ammonia into regional clean energy clusters, while taking a holistic approach to full value-chain emissions and resource conservation.
“The joint initiative with Tallgrass to launch plans for a large-scale clean ammonia value chain in the US is fully in line with the roadmap of making Equinor carbon neutral by 2050. It builds on complementary experience in both companies and the common aspiration to take a leading role in the global energy transition,” says Grete Tveit, senior vice president for Low Carbon Solutions in Equinor.
“We are pleased to announce these significant initiatives with Equinor and are excited to continue our investments in the next generation of decarbonization infrastructure,” says Dustin Bashford, Tallgrass’ Segment President. “Equinor has shown tremendous leadership in global energy development. At Tallgrass, we are equally focused on innovative solutions that propel investment in decarbonization and renewables and advance solutions that can rapidly expand North America’s clean energy supply chain.”
“The magnitude of annual emissions reductions from our potential regional energy centers equates to eliminating the CO2 emissions of over one-third of the total automobiles on the road in states as populous as Colorado, Arizona, and Massachusetts,” added Mr. Bashford. “It is this type of meaningful decarbonization that we are committed to rapidly advancing.”
Cautionary Note Concerning Forward-Looking Statements
Disclosures in this news release contain forward-looking statements. All statements, other than statements of historical fact, included in this press release that address activities, events or developments that management expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include the successful development and execution of the referenced hydrogen infrastructure projects; the stated capacity and expected energy output of the projects; the timing of the completion of the projects; the expectation that these projects will achieve the stated carbon offset and related goals; and the expected benefits, economic or otherwise, of the proposed projects to the local communities and affected regions across the United States. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Tallgrass, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements, and other important factors that could cause actual results to differ materially from those projected, including those set forth in reports and financial statements made available by Tallgrass. Any forward-looking statement applies only as of the date on which such statement is made, and Tallgrass does not intend to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.
About Tallgrass
Tallgrass is a leading energy infrastructure company focused on safely, reliably and sustainably delivering the energy and services that fuel homes and businesses and enable quality of life. We are committed to being at the forefront of efforts to decarbonize our world. An investor group led by Blackstone Infrastructure Partners, which includes Enagás SA, GIC, NPS and USS, owns the outstanding equity interests in Tallgrass. Learn more at Tallgrass.com.
About Equinor
Equinor is an international energy company committed to long-term value creation in a low-carbon future. Equinor’s purpose is to turn natural resources into energy for people and progress for society. Equinor’s portfolio of projects encompasses oil and gas, renewables and low-carbon solutions, with an ambition of becoming a net-zero energy company by 2050. Headquartered in Stavanger, Norway, Equinor is the leading operator on the Norwegian continental shelf, present in around 30 countries worldwide.
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SALT LAKE CITY, Utah--(BUSINESS WIRE)--Rio Tinto has approved a $55 million[1] investment in development capital to start underground mining and expand production at its Kennecott copper operations in Utah, United States.
Underground mining will initially focus on an area known as the Lower Commercial Skarn (LCS), which will deliver a total of around 30kt[2] of additional high quality mined copper through the period to 2027 alongside open cut operations. The first ore is expected to be produced in early 2023, with full production in the second half of the year. It will be processed through the existing facilities at Kennecott, one of only two operating copper smelters in the United States.
Kennecott holds the potential for significant and attractive underground development. The LCS is the first step towards this, with a Mineral Resource of 7.5 Mt at 1.9% copper, 0.84 g/t gold, 11.26 g/t silver, and 0.015% molybdenum identified based on drilling and a Probable Ore Reserve of 1.7 Mt at 1.9% copper, 0.71 g/t gold, 10.07 g/t silver, and 0.044% molybdenum[3].
Underground battery electric vehicles are currently being trialled at Kennecott to improve employee health and safety, increase productivity and reduce carbon emissions from future underground mining fleets. A battery electric haul truck and loader supplied by Sandvik Mining and Rock Solutions are being used to evaluate performance and suitability as part of underground development work.
Rio Tinto Copper chief executive Bold Baatar said, “This investment will allow us to quickly bring additional volumes of high quality copper to the market and build our knowledge and capabilities as we evaluate larger scale underground mining at Kennecott. We are progressing a range of options for a significant resource that is yet to be developed at Kennecott, which could extend our supply of copper and other critical materials needed for electric vehicles and renewable power technologies.
“Trialling underground battery electric vehicles is an exciting step in our work to create a safer workplace for our employees, increase the productivity of the mine and reduce emissions from our operations. We look forward to seeing their potential for deployment.”
Existing undergound infrastructure is currently being extended to enable early access to the next underground resource and undertake characterisation studies. A Feasibility Study to inform decisions on the next phase of underground production is expected to be completed in 2023. This will be one of several potential stages currently being investigated.
Feasibility studies are also being progressed to extend open pit mining at Kennecott beyond 2032.
The Table 1 Release was made in accordance with the JORC Code and the ASX Listing Rules. Mineral Resources are reported in addition to Ore Reserves. Mineral Resources and Ore Reserves are quoted on a 100 per cent basis.
A copy of the Table 1 Release is available on Rio Tinto's website at riotinto.com/invest/financial-news-performance/resources-and-reserves
(1) All dollar values are in USD.
(2) Lower Commercial Skarn production targets referred to in this release are reported as recoverable copper and are underpinned as to 100% by Probable Ore Reserves. These estimates of Ore Reserves were reported in a release to the Australian Securities Exchange (ASX) dated 31 August 2022 “Rio Tinto Kennecott Mineral Resources and Ore Reserves” (Table 1 Release) and have been prepared by Competent Persons in accordance with the requirements of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, 2012 (JORC Code).
(3) The Mineral Resource and Ore Reserve estimates referred to in this release were set out in the Table 1 Release. The Competent Person responsible for the information in that release that relates to Mineral Resources is Mr Ryan Hayes, a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM). The Competent Person responsible for the information in that release that relates to Ore Reserves is Mr Stephen McInerney, a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM). Rio Tinto confirms that it is not aware of any new information or data that materially affects the information included in the Table 1 Release, that all material assumptions and technical parameters underpinning the estimates in the Table 1 Release continue to apply and have not materially changed, and that the form and context in which the Competent Persons’ findings are presented have not been materially modified.
This announcement is authorised for release to the market by Steve Allen, Rio Tinto’s Group Company Secretary.
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Nissan offers an all-electric crossover for everyone with six well-equipped grade levels
NASHVILLE, Tenn.--(BUSINESS WIRE)--Continuing its commitment to bringing accessible electric mobility to the marketplace, Nissan today announced retail pricing for its first all-electric crossover. The 2023 Nissan Ariya goes on sale late fall (FWD models only) and offers a choice between front-wheel drive and e-4ORCE all-wheel drive with a long range and standard range battery option. Manufacturer’s Suggested Retail Prices (MSRP1) for the 2023 Nissan Ariya start at $43,190. Customers who participated in the Ariya reservation program will still be able to purchase their Ariya at the special reservation MSRP.
“The Nissan Ariya is an important part of our Ambition 2030 goals to drive electrified mobility for all,” said Aditya Jairaj, director, EV marketing and sales, Nissan U.S. “With Nissan offering an EV option for almost any driver, we’re excited for customers to experience a seamless transition to driving electric.”
2023 Ariya buyers can choose from six well-equipped grades, so they can pick the model that best matches their driving style and needs. Ariya models come equipped with either a standard range 63 kWh battery or 87 kWh long range battery of usable capacity (63 kWh exclusive to Ariya Engage), with up to 304 miles of range2 and output ratings ranging from 214 to 389 horsepower.
In addition to front-wheel drive models, Ariya will also be available with Nissan’s latest all-wheel drive technology - e-4ORCE, an advanced, 100% electric all-wheel drive system that optimizes power output and braking for exceptional smoothness and stability on nearly all road surfaces with a nearly 50/50 weight distribution. Ariya e-4ORCE models will be available in spring 2023.
Starting Manufacturer’s Suggested Retail Prices1 for the 2023 Nissan Ariya:
Engage FWD |
63 kWh battery |
$43,190 |
Venture+ FWD |
87 kWh battery |
$47,190 |
Evolve+ FWD |
87 kWh battery |
$50,190 |
Empower+ FWD |
87 kWh battery |
$53,690 |
Premiere FWD |
87 kWh battery |
$54,690 |
Engage e-4ORCE |
63 kWh battery |
$47,190 |
Engage+ e-4ORCE |
87 kWh battery |
$51,190 |
Evolve+ e-4ORCE |
87 kWh battery |
$54,190 |
Platinum+ e-4ORCE |
87 kWh battery |
$60,190 |
Showcasing the best of Nissan, all Ariya models boast an impressive level of standard advanced technology, including Nissan Safety Shield® 3603, a suite of six active safety features; ProPILOT Assist with Navi-link4, a hands-on driver assistance technology; a 12.3-inch Advanced Drive-Assist® display; and a 12.3-inch center display with the convenient connectivity of wireless Apple CarPlay®, wired Android Auto™ and Amazon Alexa®.
Nissan’s latest advanced driver assist technologies are also available on Ariya, including ProPILOT Assist 2.05 which allows attentive drivers to take their hands off the steering wheel under certain conditions, helping reduce the driver's workload in single-lane freeway traffic. Also available is ProPILOT Park, which allows Ariya to perform parallel and back-in parking maneuvers with one touch of a button.
Full specifications on all 2023 Nissan Ariya grades, as well as range estimates, photos and videos, are available in the full press kit.
For more information about our products, services and commitment to sustainable mobility, visit nissanusa.com. You can also follow us on Facebook, Instagram, Twitter and LinkedIn and see all our latest videos on YouTube.
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DUBLIN--(BUSINESS WIRE)--The "Offshore Wind Turbine Installation Vessels Market - Global Industry Analysis (2019 - 2021) - Growth Trends and Market Forecast (2022 - 2027)" report has been added to ResearchAndMarkets.com's offering.
The latest published report of the publisher forecasts a promising growth outlook for global offshore wind turbine installation vessels market between 2022 and 2027.
Companies Mentioned
While the global market revenue is estimated to reach US$5 Bn by the end of 2022, it will most likely exhibit more than double expansion by the end of 2027. Global estimations indicate that the wind energy sector will require to exhibit around 4x growth to meet the carbon neutral targets by the end of 2030.
As the offshore wind power will play a vital role through the journey toward carbon neutral targets through the installation of high and ultra-high-capacity turbines, there has been a notable rise in offshore wind power capacity over the recent past. In 2021 alone, the world has added over 6.0 GW of new offshore wind power capacities, a majority being in China, and European nations. This is likely to predominantly drive the growth of offshore wind turbine installation vessels market.
Key Insights and Trends Across Global Offshore Wind Turbine Installation Vessels Market
Heavy-lift Vessels Poised for Robust Demand Growth, Normal Jack up Rig Continues to Dominate
The report highlights higher growth rate in demand for heavy lift vessels on account of the surge in demand for high-capacity turbines. The global offshore wind power industry's shift toward large turbines has widened the scope of growth for heavy lift vessels, which is attributable to soaring investments in high capacity-based offshore wind farms. This scenario is likely to shape offshore wind turbine installation vessels market.
In terms of the vessel type, normal jack up rig that dominated offshore wind turbine installation vessels market in 2021 will continue to surge ahead. The report projects around 66.7% revenue share for normal jack up rig in the market valuation, majorly attributing to escalating demand for 2-8 MW turbine installations in the offshore wind power sector.
Europe Retains Dominant Market Positioning, Opportunities Flock at the US, and Asian Offshore Sectors
With over 48% share in market valuation, Europe will continue to dominate global offshore wind turbine installation vessels market throughout the period of forecast. Europe will reportedly realise up to 3,400 TWh of offshore wind energy within its waters, which indicates a strong growth outlook for the region. As the renewables sector continues to garner greater investments, especially wind power, it will remain the key factor reducing the demand-supply gaps created amidst the Russia-Ukraine unrest.
This is expected to contribute toward the soaring demand for installation vessels, in turn boosting the performance of offshore wind turbine installation vessels market. On the other side, the US offshore wind development sector has also been witnessing a surge in investments, bolstering North America's offshore wind turbine installation vessels market. Business opportunities are thus about in the US market. Additionally, the report highlights growing market attractiveness of Asia Pacific, predominantly China, and India.
For more information about this report visit https://www.researchandmarkets.com/r/3pl9te
ResearchAndMarkets.com
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The Company achieved promising results in its cyclohexasilane technology’s ability to grow silicon nanowires for the development of lithium-ion batteries
ANN ARBOR, Mich.--(BUSINESS WIRE)--The Coretec Group (OTCQB: CRTG), developers of silicon anode active materials for lithium-ion batteries and cyclohexasilane (CHS) for cleantech and emerging tech applications, today announced the initial findings from a recent series of CHS tests performed in partnership with The French Alternative Energies and Atomic Energy Commission (CEA).
Earlier this year, The Coretec Group began working with Pascale Chenevier, Senior Scientist in nanosciences for energy at The CEA in France to test the potential growth of silicon nanowires, a key material in the development of lithium-ion batteries. The goal of the tests was to determine the ability to grow silicon nanowires from Coretec’s proprietary CHS technology.
During initial testing, The CEA found promising results. The organization has previously used several silane-based materials in their research and revealed that CHS demonstrated the lowest deposition temperatures they have observed to date and showed the highest yields of silicon nanomaterials. Additionally, the testing found a unique hybrid of composite materials, consisting of both nanowires as well as nanoflakes, when using CHS as a silicon source.
“The unique low temperature reactivity of CHS is really promising,” said Dr. Pascale Chenevier. “It opens unexpected new latitude to tune both the nanostructure and chemical composition of our composites for enhanced cycling.”
“While only a first step, we are pleased with the initial results of our CHS testing with The CEA, positioning us well for continued and more advanced analysis that we hope to demonstrate with potential customers and partners,” said Dr. Ramez Elgammal, Chief Technology Officer at The Coretec Group. “There is still much more to discover, but these preliminary test results demonstrate a promising future for the use of CHS in developing lithium-ion batteries.”
The Coretec Group and The CEA will embark upon further research to test CHS’ ability to grow nanowires, in addition to further exploring the potential of the newly developed nanoflakes. The Company will continue to disclose results and provide additional notable updates as they occur.
About The Coretec Group
The Coretec Group, Inc. is developing a portfolio of engineered silicon to improve energy-focused verticals, including electric vehicle and consumer batteries, solid-state lighting (LEDs), and semiconductors, as well as 3D volumetric displays and printable electronics. The Coretec Group serves the global technology markets in energy, electronics, semiconductor, solar, health, environment, and security.
For more information, please visit thecoretecgroup.com.
Follow The Coretec Group on:
Twitter – @CoretecGroupInc
LinkedIn – www.linkedin.com/company/24789881
YouTube – www.youtube.com/channel/UC1IA9C6PoPd1G4M7B9QiZPQ/featured
Forward-Looking Statements
The statements in this press release that relate to The Coretec Group’s expectations with regard to the future impact on the Company’s results from operations are forward-looking statements and may involve risks and uncertainties, some of which are beyond our control. Such risks and uncertainties are described in greater detail in our filings with the U.S. Securities and Exchange Commission. Since the information in this press release may contain statements that involve risk and uncertainties and are subject to change at any time, the Company’s actual results may differ materially from expected results. We make no commitment to disclose any subsequent revisions to forward-looking statements. This release does not constitute an offer to sell or a solicitation of offers to buy any securities of any entity.
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Holland America Line is the first brand in Carnival Corporation to receive the system
SEATTLE--(BUSINESS WIRE)--Holland America Line and Konami Gaming, Inc. have completed the launch of the SYNKROS® casino management system across all 11 ships in the fleet. Under the new system, guests can enjoy an array of top gaming services that optimize the slot machine experience.
In addition to cashless wagering, guests now have quick access to more information about their play, including seeing points earned and the ability to easily redeem any promotions or offers. Guests also can now take part in on-demand slot tournaments, prize drawings and floor-wide bonus events, powered by Konami’s casino system.
“The SYNKROS system – known as SURF (Serving Up Rewards and Fun) – offers exciting new features that personalize slot machine play and improves the experience for our guests who enjoy the casino,” said Marty Goldman, senior vice president, global casino operations, Carnival Corporation. “With the completion of the system installation across the fleet, Holland America Line ships are leading the way among Carnival Corporation’s portfolio of brands to deploy this exciting new system.”
“SYNKROS is part of a broad array of innovative initiatives and experiences available to guests on Holland America Line,” said Tom Jingoli executive vice president & chief operating officer at Konami Gaming, Inc. “Konami is committed to an equally successful implementation across Carnival Corporation’s global fleet.”
Konami’s SYNKROS was selected as the official gaming enterprise management system of Carnival Corporation & plc in 2018, and the companies currently are implementing the system across the 90+ ship portfolio, spanning nine cruise brands.
For more information about Holland America Line, consult a travel advisor, call 1-877-SAIL HAL (877-724-5425) or visit hollandamerica.com.
To learn more about SYNKROS’ award-winning product, visit www.konamigaming.com.
Find Holland America Line on Twitter, Facebook, Instagram and the Holland America Blog. You can also access all social media outlets via the home page at hollandamerica.com.
About Holland America Line [a division of Carnival Corporation and plc (NYSE: CCL and CUK)]
Holland America Line has been exploring the world for 150 years with expertly crafted itineraries, extraordinary service and genuine connections to the destinations. Offering an ideal mid-sized ship experience, its fleet visits nearly 400 ports in 114 countries around the world and has shared the thrill of Alaska for 75 years — longer than any other cruise line. Holland America Line’s 11 vessels feature a diverse range of enriching activities and amenities focused on destination immersion and personalized travel. The best live music at sea fills each evening at Music Walk, and dining venues feature exclusive selections from a Culinary Council of world-famous chefs.
About Konami Gaming, Inc.
Konami Gaming, Inc. is a Las Vegas-based subsidiary of KONAMI GROUP CORPORATION (TSE: 9766). The company is a leading designer and manufacturer of slot machines and casino management systems for the global gaming market. For more information about Konami Gaming, Inc. or the SYNKROS gaming enterprise management system, please visit www.konamigaming.com.
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AUSTIN, Texas--(BUSINESS WIRE)--Hyliion Holdings Corp. (NYSE: HYLN) (“Hyliion”), a leader in electrified powertrain solutions for Class 8 semi-trucks, today announced the September 26th closing of its previously announced deal to acquire a new hydrogen and fuel agnostic capable generator, KARNO™, from GE Additive, part of GE (NYSE: GE) and a world leader in metal additive technologies and manufacturing. Under the terms of the deal, GE received $15 million in cash and approximately $22 million in Hyliion stock.
The KARNO generator will be deployed in Hyliion’s Hypertruck powertrain platform to offer a next-generation, fuel-agnostic semi-truck solution. Hyliion will integrate the Cincinnati-based engineering team that created the KARNO system into the Company’s operations.
About Hyliion
Hyliion’s mission is to reduce the carbon intensity and greenhouse gas (GHG) emissions of Class 8 commercial trucks by being a leading provider of electrified powertrain solutions. Leveraging advanced software algorithms and data analytics capabilities, Hyliion offers fleets an easy, efficient system to decrease fuel and operating expenses while seamlessly integrating with their existing fleet operations. Headquartered in Austin, Texas, Hyliion designs, develops, and sells electrified powertrain solutions that are designed to be installed on most major Class 8 commercial trucks, with the goal of transforming the commercial transportation industry’s environmental impact at scale. For more information, visit www.hyliion.com.
Forward Looking Statements
The information in this press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding Hyliion and its future financial and operational performance, as well as its strategy, future operations, estimated financial position, estimated revenues, and losses, projected costs, prospects, plans and objectives of management are forward looking statements. When used in this press release, including any oral statements made in connection therewith, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Hyliion expressly disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements herein, to reflect events or circumstances after the date of this press release. Hyliion cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Hyliion. These risks include, but are not limited to, Hyliion’s ability to disrupt the powertrain market, Hyliion’s focus in 2022 and beyond, the effects of Hyliion’s dynamic and proprietary solutions on its commercial truck customers, accelerated commercialization of the Hypertruck ERX™, the ability to meet 2022 and future product milestones, the impact of COVID-19 on long-term objectives, the ability to reduce carbon intensity and greenhouse gas emissions, the expected performance and integration of the KARNO generator and system, and the other risks and uncertainties set forth in “Risk Factors” section of Hyliion’s annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 24, 2022 for the year ended December 31, 2021. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Should one or more of the risks or uncertainties described in this press release occur, or should underlying assumptions prove incorrect, actual results and plans could different materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact Hyliion’s operations and projections can be found in its filings with the SEC. Hyliion’s SEC Filings are available publicly on the SEC’s website at www.sec.gov, and readers are urged to carefully review and consider the various disclosures made in such filings.
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Atlantic Lithium’s flagship Ewoyaa Project will be a primary source of spodumene concentrate for Piedmont’s Tennessee Lithium operations
BELMONT, N.C.--(BUSINESS WIRE)--Piedmont Lithium (“Piedmont”, “Company”) (Nasdaq: PLL; ASX: PLL), a leading global developer of lithium resources critical to the U.S. electric vehicle (“EV”) supply chain, today announced that Atlantic Lithium (AIM: ALL; ASX: A11) has completed a prefeasibility study (“PFS”) for Piedmont’s Ghana Project - Atlantic Lithium’s flagship Ewoyaa project located in the Cape Coast region of the country. The PFS demonstrates a production target for the Ghana Project of approximately 255,000 tons per year of 6% lithium spodumene concentrate (“SC6”) over a 12.5-year mine life from Ore Reserves of 18.9 million tons at 1.24% Li2O.
Estimated capital costs for the project increased as part of the PFS. However, Atlantic Lithium expects operating expenditures at the planned production plant to decrease. CAPEX increased from US$70 million to US$125 million. Of the increase, US$27 million is attributed to Atlantic Lithium’s decision to bring crushing in-house for improved operational control and reduced lithium losses.
Piedmont Executive Vice President and Chief Operating Officer Patrick Brindle said he was pleased with the results of the PFS as Piedmont continues to advance plans across its global portfolio of assets. “We expect the project in Ghana to play a critical role in our ability to ramp up production of lithium hydroxide in the United States. This proposed operation is underpinned by high-grade mineral resources, critical infrastructure, access to a deep-water port, and available labor,” explained Brindle. “The study also highlights Atlantic Lithium’s plans related to community engagement and environmental stewardship. The combination of robust economics and commitment to best-practices strengthens our Ghana Project’s position as an industry-leading asset, and we couldn’t be more excited for our partners at Atlantic Lithium.”
Piedmont is earning a 50% interest in Atlantic Lithium’s spodumene projects in Ghana. This agreement includes an offtake agreement for 50% of annual production at market prices on a life-of-mine basis. Piedmont also owns a 9.4% equity interest in Atlantic Lithium.
With the completion of the PFS, the Ghana Project will now advance to the next stage of studies and permitting. Exploration and infill drilling continue as Atlantic Lithium works to submit a mining license application and scoping level environmental and social impact assessment report to the Ghanaian government as next steps.
Atlantic Lithium is working toward a targeted first production of spodumene concentrate in Q3 2024, subject to receipt of a mining license within Q3 2023 and the project meeting all other statutory requirements.
When the Ghana Project is operational, Piedmont plans to import spodumene concentrate from the project to supply the Company’s newly announced Tennessee Lithium project for conversion to lithium hydroxide. The Ghana Project is near the deep-water port of Takoradi, which provides the benefit of simple transport logistics for bringing the material to Piedmont’s Tennessee plant.
Atlantic Lithium has several mechanisms to ensure the sustainable and effective implementation of health, safety, and environmental priorities for both employees and the community surrounding the Ghana Project. This includes documented plans, agreements, toolkits, and registers. Atlantic Lithium has actively engaged community members throughout the development of the project and will continue to do so to educate and inform on project plans, address concerns, and share local employment opportunities.
The statements in the link below were prepared by, and made by, Atlantic Lithium. The following disclosures are not statements of Piedmont and have not been independently verified by Piedmont. Atlantic Lithium is not subject to U.S. reporting requirements or obligations, and investors are cautioned not to put undue reliance on these statements. Atlantic Lithium’s original announcement can be found here.
About Piedmont Lithium
Piedmont Lithium (Nasdaq: PLL; ASX: PLL) is developing a world-class, multi-asset, integrated lithium business focused on enabling the transition to a net zero world and the creation of a clean energy economy in North America. Our goal is to become one of the largest lithium hydroxide producers in North America by processing spodumene concentrate produced from assets where we hold an economic interest. Our projects include our Carolina Lithium and Tennessee Lithium projects in the United States and partnerships in Québec with Sayona Mining (ASX: SYA) and in Ghana with Atlantic Lithium (AIM: ALL; ASX: A11). These geographically diversified operations will enable us to play a pivotal role in supporting America’s move toward energy independence and the electrification of transportation and energy storage. For more information, visit www.piedmontlithium.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of or as described in securities legislation in the United States and Australia, including statements regarding exploration, development, and construction activities of Atlantic and Piedmont; current plans for Piedmont’s mineral and chemical processing projects; strategy; and strategy. Such forward-looking statements involve substantial and known and unknown risks, uncertainties, and other risk factors, many of which are beyond our control, and which may cause actual timing of events, results, performance or achievements and other factors to be materially different from the future timing of events, results, performance, or achievements expressed or implied by the forward-looking statements. Such risk factors include, among others: (i) that Piedmont or Atlantic Lithium will be unable to commercially extract mineral deposits, (ii) that Piedmont’s or Atlantic Lithium’s properties may not contain expected reserves, (iii) risks and hazards inherent in the mining business (including risks inherent in exploring, developing, constructing and operating mining projects, environmental hazards, industrial accidents, weather or geologically related conditions), (iv) uncertainty about Piedmont’s ability to obtain required capital to execute its business plan, (v) Piedmont’s ability to hire and retain required personnel, (vi) changes in the market prices of lithium and lithium products, (vii) changes in technology or the development of substitute products, (viii) the uncertainties inherent in exploratory, developmental and production activities, including risks relating to permitting, zoning and regulatory delays related to our projects as well as the projects of our partners in Quebec and Ghana, (ix) uncertainties inherent in the estimation of lithium resources, (x) risks related to competition, (xi) risks related to the information, data and projections related to Atlantic Lithium, (xii) occurrences and outcomes of claims, litigation and regulatory actions, investigations and proceedings, (xiii) risks regarding our ability to achieve profitability, enter into and deliver product under supply agreements on favorable terms, our ability to obtain sufficient financing to develop and construct our projects, our ability to comply with governmental regulations and our ability to obtain necessary permits, and (xiv) other uncertainties and risk factors set out in filings made from time to time with the U.S. Securities and Exchange Commission (“SEC”) and the Australian Securities Exchange, including Piedmont’s most recent filings with the SEC. The forward-looking statements, projections and estimates are given only as of the date of this presentation and actual events, results, performance, and achievements could vary significantly from the forward-looking statements, projections and estimates presented in this presentation. Readers are cautioned not to put undue reliance on forward-looking statements. Piedmont disclaims any intent or obligation to update publicly such forward-looking statements, projections, and estimates, whether as a result of new information, future events or otherwise. Additionally, Piedmont, except as required by applicable law, undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of Piedmont, its financial or operating results or its securities.
Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources and Proven and Probable Ore Reserves
The terms "mineral resource", "measured mineral resource", "indicated mineral resource", "inferred mineral resource", “ore reserves”, “proven ore reserves” and “probable ore reserves” are terms defined by the U.S. Securities and Exchange Commission (“SEC”) in Regulation S-K, Item 1300 (“S-K 1300”) as well as the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the “JORC Code”). In Atlantic Lithium’s announcement, it indicates that it has prepared resources information in accordance with the standards set forth in the 2012 Edition of the JORC Code. Such standards differ from the requirements of U.S. securities laws that would apply if Atlantic were a reporting company in the United States. Therefore, the mineral resources and ore reserves reported by Atlantic Lithium are not comparable to similar information made public by U.S. companies subject to reporting and disclosure requirements under the U.S. federal securities laws and the rules and regulations thereunder. U.S. investors are urged to consider closely the context and nature of Atlantic Lithium’s disclosures in its public communications, as well as the disclosure in Piedmont’s Form 10-KT, a copy of which may be obtained from Piedmont or from the EDGAR system on the SEC’s website at http://www.sec.gov/.
This announcement has been authorized for release by the Company's CEO, Keith Phillips.
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Kiwi Technology’s Network Control Unit uses LoRaWAN® to connect and monitor gas meters in real time and potentially reduce gas leaks
CAMARILLO, Calif.--(BUSINESS WIRE)--Semtech Corporation (Nasdaq: SMTC), a leading global supplier of high performance analog and mixed-signal semiconductors and advanced algorithms, announced that Kiwi Technology, an advanced Internet of Things (IoT) turn-key solutions and data analytics provider, is using Semtech’s LoRa® devices for its new third party class B Network Control Unit (NCU) that connects gas meters via the LoRaWAN® standard. Due to low power consumption and bidirectional communication capabilities of LoRa, the NCUs are fully autonomous for up to 10 years.
The recently deployed NCUs remotely read indoor and outdoor gas meters and communicate data to a top tier Japanese gas utility company. Prior to the deployment and infrastructure upgrade by Kiwi Technology, this utility provider had only one measurement data point each month, obtained from a manual field process. The new NCU system and Kiwi Technology’s comprehensive gateway products utilizing LoRaWAN enable multiple, remote meter reads per day and allows customers access to their real-time and historical gas consumption trends to identify cost savings and waste reduction opportunities.
Kiwi Technology’s end-to-end smart gas solutions with wireless communication with LoRaWAN connectivity also ensure gas supply and infrastructure safety. The solution helps to quickly detect and send alerts about potential methane leaks, equipment malfunctions or breakdowns. The NCU anticipates and remotely shuts off gas in potentially dangerous situations before a failure or automatically when a hazard, such as a typhoon or earthquake, occurs.
“Choosing Semtech’s LoRa devices for building our IoT-enabled solution allowed us to create an innovative and advanced gas meter reading and monitoring system and deploy it using a carrier-grade network infrastructure,” said Judy Lee, chairperson of Kiwi Technology. “With the digitization of utilities and municipalities, we are helping utility companies optimize their gas distribution while reducing harmful CO2 gas emissions exactly at the location where gas is consumed. This contributes to a more efficient and safer use of energy resources.”
“Utility providers that have deployed smart metering solutions are seeing a rapid reduction of waste and substantial improvements in operational efficiencies,” said Marc Pégulu, vice president and general manager for Semtech’s Wireless and Sensing Products Group. “The use of LoRa and LoRaWAN, as shown with Kiwi Technology’s NCU solution, showcases the power of IoT technologies to help gas utilities improve safety and achieve ESG goals while creating a smarter and safer planet for all.”
For further information about Kiwi Technology’s smart gas solutions, please visit here.
Learn how LoRa devices enable cost-effective and efficient solutions for gas utilities here.
About Semtech’s LoRa® Platform
Semtech’s LoRa chip-to-Cloud platform is a globally adopted long range, low power solution for IoT applications, enabling the rapid development and deployment of ultra-low power, cost efficient and long range IoT networks, gateways, sensors, module products, and IoT services worldwide. Semtech’s LoRa technology provides the communication layer for the LoRaWAN® standard, which is maintained by the LoRa Alliance®, an open IoT alliance for Low Power Wide Area Network (LPWAN) applications that has been used to deploy IoT networks in over 170 countries. With the proliferation of LoRa devices and the LoRaWAN standard, the LoRa Developer Portal is a place to learn, connect, collaborate, and find resources to help accelerate your LoRa development process. Semtech is a founding member of the LoRa Alliance. To learn more about how LoRa enables IoT, visit Semtech’s LoRa site.
About Kiwi Technology
Kiwi technology is the pioneer of the connected operations powered by cloud, which allows businesses that depend on physical operations to harness IoT data to develop actionable business insights and improve their operations. Our 360-degree connected operations cloud consolidates data from our IoT devices and a growing ecosystem of connected assets and third-party systems, and makes it easy for organizations to access, analyze and act on data insights, using our cloud dashboard, custom alerts and reports, mobile apps and workflows. Kiwi technology operates in Taiwan, Japan and ASEAN and serves customers across a wide range of industries including food retail, medical logistics, gas utilities, smart city. Our differentiated, purpose-built suite of solutions enables organizations to embrace and deploy a digital, cloud-connected strategy across their operations. For more information, visit www.kiwi-tec.com/en/.
About Semtech
Semtech Corporation is a leading global supplier of high performance analog and mixed-signal semiconductors and advanced algorithms for infrastructure, high-end consumer and industrial equipment. Products are designed to benefit the engineering community as well as the global community. The Company is dedicated to reducing the impact it, and its products, have on the environment. Internal green programs seek to reduce waste through material and manufacturing control, use of green technology and designing for resource reduction. Publicly traded since 1967, Semtech is listed on the NASDAQ Global Select Market under the symbol SMTC. For more information, visit www.semtech.com.
Forward-Looking and Cautionary Statements
All statements contained herein that are not statements of historical fact, including statements that use the words “designed to” or other similar words or expressions, that describe Semtech Corporation’s or its management’s future plans, objectives or goals are “forward-looking statements” and are made pursuant to the Safe-Harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the actual results of Semtech Corporation to be materially different from the historical results and/or from any future results or outcomes expressed or implied by such forward-looking statements. Such factors include, but are not limited to: the uncertainty surrounding the impact and duration of supply chain constraints and any associated disruptions; the uncertainty surrounding the impact and duration of the COVID-19 pandemic; export restrictions and laws affecting Semtech Corporation’s trade and investments including with respect to Huawei and certain of its affiliates and other entities identified by the U.S. government, and tariffs or the occurrence of trade wars; worldwide economic and political disruptions as a result of the current conflict between Russia and Ukraine; competitive changes in the marketplace including, but not limited to, the pace of growth or adoption rates of applicable products or technologies; downturns in the business cycle; and the additional risk factors set forth in Semtech Corporation’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (www.sec.gov) on March 16, 2022 as such risk factors may be updated, amended or superseded from time to time by subsequent reports that Semtech Corporation files with the Securities and Exchange Commission. Semtech Corporation assumes no obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release, except as required by law.
Semtech, the Semtech logo and LoRa are registered trademarks or service marks of Semtech Corporation or its affiliates.
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DALLAS--(BUSINESS WIRE)--AECOM (NYSE: ACM), the world’s trusted infrastructure consulting firm, announced today it has been awarded a contract by the Greater Orlando Aviation Authority (GOAA) to provide ongoing program and project management services, continuing a decades-long partnership with the Authority. In this role, AECOM expects to support the enhancement of GOAA’s assets in line with the agency’s primary goals of excellent customer service, fostering economic development through expansion, leveraging federal and state funding, facilitating safety and security, and being fiscally responsible.
“Our comprehensive approach starts with a team of highly experienced program management and transportation professionals who not only know the aviation industry, but have a deep understanding of GOAA operations,” said Drew Jeter, chief executive of AECOM’s global Program Management business. “Leveraging our Think and Act Globally strategy, we’re proud to deploy innovations and best practices honed from our extensive aviation experience at cutting-edge facilities around the world and look forward to bringing this expertise to bear at one of the nation’s fastest-growing airports.”
AECOM’s scope is expected to encompass program, project, and construction management, including program controls, development of master program schedules, budget review, funding support, design management, project monitoring, quality assurance, risk management, design scopes, and contract administration.
“We’re excited to continue our longstanding partnership with GOAA as it enhances and strengthens critical infrastructure to meet its ever-expanding role as a global aviation hub,” said Dan Faust, chief executive of AECOM’s U.S. East and Latin America region. “With twenty-five years of hands-on experience delivering successful results for the Authority, our diverse team of skilled professionals is highly equipped to apply its industry-leading expertise to support the cost-effective and timely maintenance, expansion, and renovation of GOAA’s world-class facilities.”
GOAA manages Orlando International Airport (MCO) and Orlando Executive Airport (ORL). MCO saw more than 50 million passengers in 2019 and is the world’s seventh busiest airport by passenger traffic and the second busiest origin and destination market in the U.S. AECOM has been serving GOAA as one of its program managers on MCO’s new South Terminal Complex Phase 1 Program and in recent years has managed the completion of the Intermodal Terminal Facility, Automated People Mover, and Parking Garage C.
About AECOM
AECOM (NYSE: ACM), is the world’s trusted infrastructure consulting firm, delivering professional services throughout the project lifecycle – from planning, design and engineering to program and construction management. On projects spanning transportation, buildings, water, new energy, and the environment, our public- and private-sector clients trust us to solve their most complex challenges. Our teams are driven by a common purpose to deliver a better world through our unrivaled technical expertise and innovation, a culture of equity, diversity and inclusion, and a commitment to environmental, social and governance priorities. AECOM is a Fortune 500 firm and its Professional Services business had revenue of $13.3 billion in fiscal year 2021. See how we are delivering sustainable legacies for generations to come at aecom.com and @AECOM.
Forward-Looking Statements
All statements in this communication other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including any statements of the plans, strategies and objectives for future operations, profitability, strategic value creation, coronavirus impacts, risk profile and investment strategies, and any statements regarding future economic conditions or performance, and the expected financial and operational results of AECOM. Although we believe that the expectations reflected in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Important factors that could cause our actual results, performance and achievements, or industry results to differ materially from estimates or projections contained in our forward-looking statements include, but are not limited to, the following: our business is cyclical and vulnerable to economic downturns and client spending reductions; impacts caused by the coronavirus and the related economic instability and market volatility, including the reaction of governments to the coronavirus, including any prolonged period of travel, commercial or other similar restrictions, the delay in commencement, or temporary or permanent halting of construction, infrastructure or other projects, requirements that we remove our employees or personnel from the field for their protection, and delays or reductions in planned initiatives by our governmental or commercial clients or potential clients; losses under fixed-price contracts; limited control over operations run through our joint venture entities; liability for misconduct by our employees or consultants; failure to comply with laws or regulations applicable to our business; maintaining adequate surety and financial capacity; potential high leverage and inability to service our debt and guarantees; ability to continue payment of dividends; exposure to political and economic risks in different countries, including tariffs; currency exchange rate and interest fluctuations; retaining and recruiting key technical and management personnel; legal claims; inadequate insurance coverage; environmental law compliance and inadequate nuclear indemnification; unexpected adjustments and cancellations related to our backlog; partners and third parties who may fail to satisfy their legal obligations; AECOM Capital’s real estate development; managing pension cost; cybersecurity issues, IT outages and data privacy; risks associated with the benefits and costs of various dispositions such as the sale of our Management Services, self-perform at-risk civil infrastructure, power construction, and oil and gas construction businesses, including the risk that purchase price adjustments, if any, from those transactions could be unfavorable and any future proceeds owed to us as part of those transactions could be lower than we expect; as well as other additional risks and factors that could cause actual results to differ materially from our forward-looking statements set forth in our reports filed with the Securities and Exchange Commission. Any forward-looking statements are made as of the date hereof. We do not intend, and undertake no obligation, to update any forward-looking statement.
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HOUSTON--(BUSINESS WIRE)--Kinder Morgan, Inc. (NYSE: KMI) today announced that it has closed on the sale of a 25.5% equity interest out of its membership interest in Elba Liquefaction Company, L.L.C. (ELC) to an undisclosed financial buyer for approximately $565 million, subject to customary purchase price adjustments to reflect an economic effective date of July 1, 2022. These proceeds will reduce short-term debt and create additional capacity for attractive investments, including opportunistic share repurchases. The value of the equity interest implies an enterprise value of approximately $2.3 billion for ELC, which is approximately 13 times 2022E EBITDA. Upon closing, KMI and the undisclosed financial buyer will each hold a 25.5% interest and Blackstone Credit will continue to hold a 49% interest in ELC. Bracewell LLP served as legal advisor to KMI for this transaction. The ELC joint venture was formed in 2017 to construct and own the 10 modular liquefaction units in operation at Elba Island. KMI will continue to operate the facility.
“We are pleased to welcome a new partner into the ELC joint venture,” said KMI’s Interstate Natural Gas President Kimberly Watson. “Recent geopolitical events have proven how critical liquefied natural gas (LNG) infrastructure is to meeting global energy demand. We believe this investment further shows the value of LNG and demonstrates the important role it will play for decades to come.”
The Elba Liquefaction facility located on Elba Island in Chatham County, Georgia, is owned by ELC and includes 10 modular liquefaction units for a total capacity of approximately 2.5 million tonnes per year of LNG, which is equivalent to approximately 0.35 billion cubic feet (Bcf) per day of natural gas. ELC then delivers the LNG to Southern LNG Company, L.L.C. (SLNG) for export. KMI owns 100% of SLNG, which owns and operates the Elba Island LNG Terminal, including the LNG storage tanks and the ship dock for import and export. The facility is supported by a 20-year contract with Shell LNG NA, L.L.C., who is subscribed to 100% of the liquefaction capacity.
About Kinder Morgan, Inc.
Kinder Morgan, Inc. (NYSE: KMI) is one of the largest energy infrastructure companies in North America. Access to reliable, affordable energy is a critical component for improving lives around the world. We are committed to providing energy transportation and storage services in a safe, efficient and environmentally responsible manner for the benefit of the people, communities and businesses we serve. We own an interest in or operate approximately 83,000 miles of pipelines, 141 terminals, 700 billion cubic feet of working natural gas storage capacity and have renewable natural gas generation capacity of approximately 2.2 Bcf per year of gross production with an additional 5.5 Bcf in development. Our pipelines transport natural gas, refined petroleum products, renewable fuels, crude oil, condensate, CO2 and other products, and our terminals store and handle various commodities including gasoline, diesel fuel, renewable fuel feedstocks, chemicals, ethanol, metals and petroleum coke. Learn more about our renewables initiatives on the low carbon solutions page at www.kindermorgan.com.
Important Information Relating to Forward-Looking Statements
This news release includes forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities and Exchange Act of 1934. Generally the words “expects,” “believes,” “anticipates,” “plans,” “will,” “shall,” “estimates,” and similar expressions identify forward-looking statements, which are not historical in nature. Forward-looking statements in this news release include express or implied statements concerning the transaction, including the expected closing, its timing and the anticipated benefits, and the long-term value of natural gas infrastructure. Forward-looking statements are subject to risks and uncertainties and are based on the beliefs and assumptions of management, based on information currently available to them. Although KMI believes that these forward-looking statements are based on reasonable assumptions, it can give no assurance as to when or if any such forward-looking statements will materialize or their ultimate impact on KMI’s operations or financial condition. Important factors that could cause actual results to differ materially from those expressed in or implied by these forward-looking statements include the ability of the parties to satisfy customary conditions to closing of the transaction; and the other risks and uncertainties described in KMI’s reports filed with the Securities and Exchange Commission (SEC), including its Annual Report on Form 10-K for the year-ended December 31, 2021 (under the headings “Risk Factors” and “Information Regarding Forward-Looking Statements” and elsewhere) and its subsequent reports, which are available through the SEC’s EDGAR system at www.sec.gov and on KMI’s website at ir.kindermorgan.com. Forward-looking statements speak only as of the date they were made, and except to the extent required by law, KMI undertakes no obligation to update any forward-looking statement because of new information, future events or other factors. Because of these risks and uncertainties, readers should not place undue reliance on these forward-looking statements.
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DUBLIN--(BUSINESS WIRE)--The "Offshore Support Vessel Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.
The global offshore support vessel market is expected to grow from $22.17 billion in 2021 to $24.12 billion in 2022 at a compound annual growth rate (CAGR) of 8.8%. The offshore support vessel market is expected to reach $29.71 billion in 2026 at a CAGR of 5.3%.
Asia Pacific was the largest region in the offshore support vessel market in 2021. North America is expected to be the fastest growing market in the forecast period. The regions covered in the offshore support vessel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Increasing exploration and production activities for oil and gas are expected to propel the growth of the offshore support vessel market. A substantial presence of proven oil reserves in various countries is set to increase production activities. Innovations from such reserves are transforming into demand for well drilling and production activities, which, in turn, are maintaining the offshore support vessel market growth.
Increasing oil and gas exploratory activities in the golden triangle, including the Gulf of Mexico, Brazil, and West Africa, are anticipated to drive offshore E&P activities in the region. For instance, in March 2022, according to a survey report published by S&P Global, a US-based publicly traded corporation, production, capital expenditures, employment, and overall operating costs all increased dramatically in Q1 in the oil and gas exploration industry. In addition, nearly 52% of respondents reported an increase in oil production, along with 47% reporting an increase in natural gas production during the quarter of 2022. Therefore, increasing exploration and production activities for oil and gas are driving the growth of the offshore support vessel market.
New product innovations have emerged as the key trend gaining popularity in the offshore support vessel market. Major companies operating in the offshore support vessel sector are introducing new products to reinforce their position. For instance, in December 2020, Siem Offshore's PSV, a Norway-based company that manufactures offshore vessels, launched its first hybrid vessel, Siem Symphony. This vessel is fitted with a 600-kWh chargeable battery pack as an additional power supply, which helps to lower the fuel consumption of the vessel. These hybrid vessels are effective during standby mode.
In July 2020, Seacor Marine, a US-based international ship manufacturing company, acquired Seacosco for a deal amount of US $28.15 million. This acquisition will expand Seacor's existing portfolio of support vehicles and solutions and boost the company's capabilities. The acquisition helps Seacor's Marine strategy to transform their operations by advancing the technological capabilities and giving their customers the best possible solutions with high efficiency. Seacosco is a US-based offshore support vessel company.
Scope
Markets Covered:
1) By Type: Anchor-handling tug supply vessels; Platform Support Vessels; Multipurpose Support Vessels; Emergency Response or Standby and Rescue Vessels; Crew Vessels; Seismic Vessels; Chase Vessels
2) By Service: Technical Services; Inspection and Survey; Other Services
3) By Water Depth: Shallow water; Deepwater; Ultra-Deepwater
4) By Application: Oil and Gas Applications; Offshore Applications
Key Topics Covered:
1. Executive Summary
2. Offshore Support Vessel Market Characteristics
3. Offshore Support Vessel Market Trends And Strategies
4. Impact Of COVID-19 On Offshore Support Vessel
5. Offshore Support Vessel Market Size And Growth
6. Offshore Support Vessel Market Segmentation
7. Offshore Support Vessel Market Regional And Country Analysis
8. Asia-Pacific Offshore Support Vessel Market
9. China Offshore Support Vessel Market
10. India Offshore Support Vessel Market
11. Japan Offshore Support Vessel Market
12. Australia Offshore Support Vessel Market
13. Indonesia Offshore Support Vessel Market
14. South Korea Offshore Support Vessel Market
15. Western Europe Offshore Support Vessel Market
16. UK Offshore Support Vessel Market
17. Germany Offshore Support Vessel Market
18. France Offshore Support Vessel Market
19. Eastern Europe Offshore Support Vessel Market
20. Russia Offshore Support Vessel Market
21. North America Offshore Support Vessel Market
22. USA Offshore Support Vessel Market
23. South America Offshore Support Vessel Market
24. Brazil Offshore Support Vessel Market
25. Middle East Offshore Support Vessel Market
26. Africa Offshore Support Vessel Market
27. Offshore Support Vessel Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Offshore Support Vessel Market
29. Offshore Support Vessel Market Future Outlook and Potential Analysis
30. Appendix
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/4cyl33
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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HOUSTON--(BUSINESS WIRE)--Trace Midstream (“Trace”) announced today that it has secured an equity commitment of $400 million from Quantum Energy Partners to form Trace Midstream Partners II, LLC, and its affiliate, Trace Carbon Solutions, LLC (collectively, “Trace II” or the “Company”). Headquartered in Houston, Texas, the Company will be focused on developing carbon capture and sequestration (“CCS”) assets and supporting midstream infrastructure across North America. CCS is the process of capturing CO2 emissions and converting the CO2 into a fluid form that can be safely transported and sequestered underground permanently. CCS reduces the amount of CO2 that would have entered the atmosphere otherwise and has been recognized as a critical strategy in the global initiative to combat climate change.
In support of its CCS focus, Trace II has appointed industry veteran David Dell’Osso as its Chief Operating Officer. David has extensive subsurface expertise as well as a proven track record in the development and operations of large-scale upstream assets and midstream infrastructure. Prior to Trace II, David served as Executive Vice President and Chief Operating Officer for Parsley Energy, a leading public E&P company, until its merger with Pioneer Natural Resources (NYSE: PXD). Prior to Parsley, David spent 13 years with Southwestern Energy Company (NYSE: SWN), where he most recently served as Senior Vice President and General Manager of the Northeast Appalachia Division.
“We are excited to continue our partnership with Quantum as we pursue the development of CCS assets and the midstream infrastructure required to service these projects,” said Josh Weber, CEO of Trace II. “With the addition of David and a dedicated subsurface team, we have assembled the in-house expertise required to develop, construct, and operate projects across the CCS value chain. We look forward to developing and commercializing projects that allow our customers to achieve their decarbonization goals.”
“The Trace team has a proven track record and history of success in both the traditional midstream and upstream space. Our equity commitment demonstrates our continued confidence in the Trace organization and their project development capabilities,” said Blake Webster, Managing Director of Quantum Energy Partners. “We’re excited about the opportunity across the CCS value chain and believe that the Trace team is well positioned to become a leading developer and operator of CCS assets.”
About Trace Midstream
Trace was formed in 2017 with an initial $200 million equity commitment from Quantum Energy Partners with a focus on developing midstream infrastructure across North America. The formation of Trace II follows the recent successful sale of Trace’s Haynesville midstream assets to Williams (NYSE: WMB) in April 2022 for $950 million and Trace’s Mid-Continent assets to Energy Transfer (NYSE: ET) in September 2022 for $485 million. Trace II is actively pursuing the development of CCS assets and supporting midstream infrastructure across North America. For more information visit www.tracemidstream.com.
About Quantum Energy Partners
Founded in 1998, Quantum Energy Partners is a leading provider of private equity capital to the global energy industry, having managed together with its affiliates more than $19 billion in equity commitments since inception. For more information on Quantum, please visit www.quantumep.com or contact Michael Dalton at (713) 452-2110.
Trace Midstream Media Contact:
Meredith Howard
Redbird Communications Group
210-737-4478
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VANCOUVER, British Columbia--(BUSINESS WIRE)--$EVGIF #EVERGEN--EverGen Infrastructure Corp. (“EverGen” or the “Company”) (TSXV: EVGN) (OTCQX: EVGIF), is pleased to announce that its wholly owned subsidiary Fraser Valley Biogas Ltd. (“FVB”) has signed a term sheet for a long term offtake agreement (the “Proposed Agreement”). The Proposed Agreement is expected to cover the purchase of up to 190,000 gigajoules of RNG annually from FVB, which accounts for existing and incremental RNG volumes expected from the facility post-completion of this Core RNG expansion project. This agreement would replace the existing RNG offtake agreement that is approaching the end of the original term in an environment where current market pricing is significantly stronger than when the facility originally commenced.
This milestone supports EverGen’s fully funded Core RNG expansion project at FVB expected to double the RNG production of the facility to ~160,000 GJ per year. The expansion project will commence construction later this month with anticipated completion in Q1 2023. This is another step towards EverGen’s goal of 1,000,000 GJ of RNG annually from our core RNG expansion and development project portfolio.
"This marks another key milestone for EverGen and underpins our expansion at Fraser Valley Biogas.” said Chase Edgelow, CEO of EverGen. "Our Core RNG expansion projects are fully funded to deliver RNG production of nearly half a million GJ annually, using a solution that captures greenhouse gases to supply low-carbon energy, supporting the energy transition.”
Fraser Valley Biogas, located in Abbotsford, BC, has been in operation since 2011 and is the original producing RNG project in Western Canada. The facility combines anaerobic digestion and biogas upgrading to produce RNG, primarily by converting agricultural waste from local dairy farms.
About EverGen Infrastructure Corp.
EverGen, Canada’s Renewable Natural Gas Infrastructure Platform, is combating climate change and helping communities contribute to a sustainable future. Headquartered on the West Coast of Canada, EverGen is an established independent renewable energy producer which acquires, develops, builds, owns, and operates a portfolio of Renewable Natural Gas, waste to energy, and related infrastructure projects. EverGen is focused on Canada, with continued growth expected across other regions in North America and beyond.
For more information about EverGen Infrastructure Corp. and our projects, please visit www.evergeninfra.com.
EverGen Investor Contact
Kelly Castledine
416-576-8158
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EverGen Media Contact
Katie Reiach
604-614-5283
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DUBLIN--(BUSINESS WIRE)--The "Smart Glass Market by Technology (Suspended Particle Display, Electrochromic Glass, Liquid Crystals, Micro blinds, NanoCrystals, Photochromic and Thermochromic), Application, Control Mode and Geographic Analysis - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global smart glass market is projected to grow from USD 5.0 billion in 2022 to USD 8.2 billion by 2027; it is expected to grow at a CAGR of 10.4% from 2022 to 2027. The market has a promising growth potential due to several factors, including high potential in solar power generation plants, new avenues for growth, growing need for sustainable buildings, minimalist architecture have huge potential for smart glass ,and rising demand for energy-efficient products. Moreover, the increasing importance of smart glass in the healthcare industry and the energy-saving capacity of smart glass could play a key role in driving the growth of the smart glass market.
Increasing Usage of smart glass in commercial architecture for energy efficiency
The Architecture segment is projected to grow at the highest CAGR from 2022 to 2027 for the smart glass market, by application. Energy efficiency continues to be a key factor for the adoption of smart glass in the architecture sector. Stringent energy conservation laws for buildings and government policies supporting green buildings would boost the adoption of smart glass in the architectural segment.
Suspended Particle Display technology to hold the largest share of smart glass market during the forecast period
The suspended particle display is projected to account for the largest size of the smart glass market from 2022 to 2027, by technology. SPD smart glass-enabled products have fewer maintenance costs, making these products a popular choice in industries. SPD smart glass has a strong presence in the architecture application. SPD smart windows offer energy savings, lower maintenance costs, and increase the aesthetic value of a structure, which, in turn, is helping the market to grow.
India is projected to grow at highest CAGR in Asia Pacific Region between 2022 and 2027
The increasing awareness level about smart glass and the advantages associated with its use are expected to drive the smart glass market in India. Smart glass products are increasingly being used in the architectural and transportation sectors. Government policies and support for energy efficiency and regional government support for green buildings would boost the demand for smart glass. Smart glass is utilized by Indian railways in its premium superfast trains' first-class compartments. These developments show stronger adoption of smart glass in this region.
Market Dynamics
Drivers
Restraints
Opportunities
Challenges
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Smart Glass Market, by Technology
7 Smart Glass Market, by Application
8 Smart Glass Market, by Control Systems
9 Geographic Analysis
10 Competitive Landscape
11 Company Profiles
12 Appendix
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/eke7py
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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Strategic investment from the global business titan will further expand FourKites’ supply chain visibility network in APAC and ease ongoing supply chain challenges in the region
AMSTERDAM--(BUSINESS WIRE)--Leading supply chain visibility company FourKites today announces a $10M investment from Mitsui & Co., Ltd. to expand FourKites’ offerings across the APAC region. This investment encompasses the first phase in an ongoing strategic relationship between FourKites and Mitsui, which the two companies intend to formalise by the end of the year.
Mitsui’s investment in FourKites is the culmination of a yearlong effort between the two companies, which included Mitsui’s extensive due diligence of the supply chain visibility landscape. Given FourKites’ market-leading offerings and proven track record in the region, Mitsui is planning to invest significant resources to expand FourKites’ coverage in APAC, including sales, customer service, operations and product localisation, which will result in a hyper-localised solution for the APAC market. The strategic partnership will initially focus on Japan, with plans to jointly expand throughout APAC.
Mitsui is the latest industry giant to throw its weight behind FourKites, following strategic investments from FedEx, Zebra Technologies, Volvo Group Venture Capital AB and Qualcomm Ventures, LLC, over the past two years. Mitsui — a global conglomerate with 16 business units across 63 countries — uses its global operating locations, network and information resources to multilaterally pursue business that ranges from product sales, worldwide logistics and financing, international infrastructure development and beyond.
“We are excited to partner with FourKites to bring improved supply chain visibility and efficiency to operations in all industries and all countries throughout APAC,” said John Kenichi Kogiku, General Manager of Digital Solution Business Division at Mitsui. “FourKites and Mitsui share a culture of innovation, integrity and collaboration, and a broader vision for transforming global supply chains. We are looking forward to working with FourKites to achieve our mutual goals through digitisation and automation.”
The joint initiative with Mitsui is the latest strategic move in FourKites’ expansion in the APAC region. The company currently tracks international shipments in 44 countries and territories in APAC, and over the last 12 months, FourKites has seen:
“As a global logistics hub, companies throughout APAC are making significant investments in supply chain transformation,” said FourKites founder and CEO Mathew Elenjickal. “Given this growth trajectory, we are honored that Mitsui has selected FourKites as a partner to bring unprecedented levels of visibility to the APAC region. We are thrilled to welcome Mitsui into our powerhouse network of strategic investors who are working together to revolutionise supply chains around the world.”
Mitsui’s investment in FourKites comes on the heels of several significant strategic investments from major corporations that have invested in the company to drive the future of digital supply chains. In June, FourKites announced a strategic investment from FedEx, which the company will leverage to develop FourKites X, an enhanced visibility platform that transforms global supply chains with data insights from both companies’ networks. In 2021, FourKites announced strategic investments from Qualcomm Ventures, LLC, Volvo Group Venture Capital AB and Zebra Technologies, wherein the industry leaders are working together toward automated, interconnected and collaborative global supply chains, spanning transportation, warehouses, stores, trucks and more.
About FourKites
Leading supply chain visibility platform FourKites® extends visibility beyond transportation into yards, warehouses, stores and beyond. Tracking more than 2.8 million shipments daily across road, rail, ocean, air, parcel and courier, and reaching over 200 countries and territories, FourKites combines real-time data and powerful machine learning to help companies digitise their end-to-end supply chains. More than 1,100 of the world’s most recognised brands — including 9 of the top-10 CPG and 18 of the top-20 food and beverage companies — trust FourKites to transform their business and create more agile, efficient and sustainable supply chains. To learn more, visit https://www.fourkites.com/.
About Mitsui
Mitsui & Co., Ltd. (8031: JP) is a global trading and investment company with a diversified business portfolio that spans approximately 63 countries in Asia, Europe, North, Central & South America, The Middle East, Africa and Oceania. Mitsui has about 5,500 employees and deploys talent around the globe to identify, develop, and grow businesses in collaboration with a global network of trusted partners. Mitsui has built a strong and diverse core business portfolio covering the Mineral and Metal Resources, Energy, Machinery and Infrastructure, and Chemicals industries.
Leveraging its strengths, Mitsui has further diversified beyond its core profit pillars to create
multifaceted value in new areas, including innovative Energy Solutions, Healthcare & Nutrition and through a strategic focus on high-growth Asian markets. This strategy aims to derive growth opportunities by harnessing some of the world’s main mega-trends: sustainability, health & wellness, digitalization and the growing power of the consumer.
Mitsui has a long heritage in Asia, where it has established a diverse and strategic portfolio of businesses and partners that gives it a strong differentiating edge, provides exceptional access for all global partners to the world’s fastest growing region and strengthens its international portfolio. For more information on Mitsui & Co’s businesses visit www.mitsui.com.
Marianna Vyridi
Big Valley Marketing for FourKites
(650) 468-3263
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Richman to succeed current VP John Bremner following October retirement
WALL, N.J.--(BUSINESS WIRE)--New Jersey Resources (NYSE: NJR) today announced the appointment of Ginger Richman as Vice President of Storage and Transportation for NJR Midstream Company, a wholly-owned subsidiary that owns and operates high-quality natural gas infrastructure assets around the country. The appointment will be effective next month, following the retirement of current Vice President John Bremner.
“Ginger is a talented leader who leverages her vast experience and expertise to drive value at our company every day,” said Steve Westhoven, President and CEO of New Jersey Resources. “She is well respected throughout our organization and across the industry, and we are fortunate to have her as a part of our leadership team. In this new role, I have every confidence that Ginger will continue to serve our company and customers well.”
As Vice President of Storage and Transportation (S&T), Ms. Richman will be responsible for leading the company’s storage and transportation business, including overseeing a team of more than 50 employees, developing and executing new and organic growth opportunities, driving operational and organizational efficiencies and overseeing all strategies related to NJR’s S&T assets.
Ms. Richman joined NJR in 2003 and has over 35 years of experience in the natural gas industry. She presently serves as NJR’s Vice President of NJR Midstream Services, leading Adelphia Gateway, NJR’s FERC-regulated natural gas transportation pipeline serving the greater Philadelphia region. In this role, Ms. Richman leads commercial operations and regulatory functions to support the effective management of day-to-day business activities, customer transactions and compliance.
Ms. Richman serves as a member of NJR’s Sustainability Council, IT Steering Committee and Benefits Administration Committee.
Ms. Richman will succeed John Bremner, an accomplished industry veteran who has served as Vice President of Midstream since October 2019, following his planned retirement next month.
“John joined our team at a critical time for our Storage and Transportation business and has been instrumental in growing and shaping that segment into what it is today,” said Westhoven. “I thank him for his service, dedication and accomplishments for our company, which have helped drive our organization forward, and wish him well in his retirement.”
The changes will be effective October 15, 2022.
About New Jersey Resources
New Jersey Resources (NYSE: NJR) is a Fortune 1000 company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR is composed of five primary businesses:
NJR and its over 1,200 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve® and initiatives such as The SAVEGREEN Project® and The Sunlight Advantage®.
For more information about NJR:
https://www.njresources.com/.
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“Like” us on facebook.com/NewJerseyNaturalGas.
Media:
Michael Kinney
732-938-1031
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Investors:
Adam Prior
732-938-1145
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Altus Power’s portfolio of solar and storage assets expected to grow to approximately 466 megawatts across 22 states
STAMFORD, Conn.--(BUSINESS WIRE)--Altus Power, Inc. (“Altus Power” or the “Company”) (NYSE: AMPS), the premier independent developer, owner and operator of commercial-scale solar facilities, today announced definitive agreements to acquire approximately 97 megawatts (MW) of operating solar assets for approximately $220 million funded by a combination of cash on hand and assumed liabilities. The largest of these portfolios includes 88 MW of generating assets and the acquisition is subject to certain closing conditions, which we expect to be met in the coming weeks. The acquisition of the remaining approximately 9 MW has recently closed and such assets are currently operating as part of Altus Power’s portfolio. Combined, these recently and soon to be acquired portfolios represent approximately 97 MW of solar assets operating across nine U.S. states.
These commercial and industrial (C&I)-scale assets include rooftop, ground and carport-mounted solar arrays and deliver clean electricity under long-term contracts to predominantly investment-grade customers. Following the closing of these acquisitions, Altus Power expects to own, operate and service these new assets and new customer relationships over the long-term with the potential to offer additional electrification solutions, including battery storage, as well as electric vehicle or fleet charging stations.
“We are excited to bring these new long-term customer relationships and operating assets to our portfolio of C&I solar and storage assets,” said Gregg Felton, Co-CEO of Altus Power. “We welcome the opportunity to serve customers in new markets including Pennsylvania, Indiana, Arizona and Nevada, as well as to grow our footprint in existing markets. Altus Power will continue to focus on expanding our customer base as well as profitably increasing the size of our portfolio of commercial-scale assets by leveraging our specific expertise of executing both development and operating opportunities.”
About Altus Power, Inc.
Altus Power, based in Stamford, Connecticut, is the premier commercial-scale clean electrification company, serving commercial, industrial, public sector and community solar customers with an end-to-end solution. Altus Power originates, develops, owns and operates locally sited solar generation, energy storage, and EV charging infrastructure across 18 states from Vermont to Hawaii, expanding into four additional states upon the expected closing of the acquisitions referenced above. Visit www.altuspower.com to learn more.
Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements may be identified by the use of words such as “believes,” “expects,” “intends,” “aims,” “may,” “could,” “will,” “should,” “plans,” “projects,” “forecasts,” “seeks,” “anticipates,” “goal,” “objective,” “target,” “estimate,” “future,” “outlook,” “vision,” or variations of such words or similar terminology that predict or indicate future events or trends or that are not statements of historical matters. These statements, which involve risks and uncertainties, relate to expectations regarding the ability of Altus Power and the other parties to close the transaction in a timely manner or at all, statements regarding the benefits of the proposed acquisition of the approximately 88 MW of operating solar assets, expectations regarding our operations and performance of these solar assets, expectations regarding our relationships with new customers as a result of these acquisitions, and the expected timing of the closing of the proposed acquisition and other transactions contemplated by the definitive agreements. These statements are based on Altus Power’s management’s current expectations and beliefs, as well as a number of assumptions concerning future events.
Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Altus Power’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. These risks, uncertainties, assumptions and other important factors include, but are not limited to: (1) the risk that the acquisition may not close in the anticipated timeframe or at all due to a closing condition not being met; (2) failure to obtain required consents or regulatory approvals in a timely manner or otherwise; (3) the ability of Altus Power to successfully integrate the acquisition of solar assets into its business and generate profit from their operations; (4) the ability of Altus Power to retain customers and maintain and expand relationships with business partners, suppliers and customers; (5) the risk of litigation and/or regulatory actions related to the proposed acquisition of solar assets; (6) the possibility that Altus Power may be adversely affected by other economic, business, regulatory and/or competitive factors; and (7) the impact of COVID-19, inflationary pressures, and supply chain issues on Altus Power’s business.
Additional factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found under the heading “Risk Factors” in Altus Power’s Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 24, 2022, as well as the other information the Company files with the SEC. New risks and uncertainties arise from time to time, and it is impossible for Altus Power to predict these events or how they may affect the Company. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made and the information and assumptions underlying such statement as known by Altus Power on the date such statement was made, and Altus Power undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, changes in expectations, future events or otherwise.
This press release is not intended to be all-inclusive or to contain all the information that a person may desire in considering an investment in Altus Power and is not intended to form the basis of an investment decision in Altus Power. All subsequent written and oral forward-looking statements concerning Altus Power or other matters and attributable to Altus Power or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above.
Altus Power:
For Media:
Cory Ziskind
ICR, Inc.
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For Investors:
Chris Shelton, Head of IR
Caldwell Bailey, ICR, Inc.
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Ongoing Vendor Design Review Brings Innovative Technology Closer to Reality
CRANBERRY TOWNSHIP, Pa.--(BUSINESS WIRE)--Westinghouse Electric Company has signed a service agreement with the Canadian Nuclear Safety Commission to bring its eVinci™ microreactor closer to commercialization. The agreement initiates a Vendor Design Review (VDR) which is a pre-licensing technical assessment of the eVinci microreactor design. Westinghouse will execute both Phases 1 and 2 of the VDR as a combined program, signaling the eVinci microreactor’s design and technology maturity.
“Our state-of-the-art eVinci microreactor technology will unlock additional potential in remote communities and decentralized industrial sites,” said David Durham, President Energy Systems at Westinghouse. “Westinghouse’s nuclear battery technology can safely provide heat and power for more than eight years of continuous operations. We look forward to applying this technology across the country while creating local jobs and advancing Canada’s energy security and net zero goals.”
The eVinci microreactor builds on decades of Westinghouse innovation, to bring carbon-free, safe and scalable energy wherever it is needed for a wide variety of applications. These include electricity and heating for remote communities and islands, industrial sites, data centers, universities, defense facilities, marine propulsion, hydrogen generation and water purification. The eVinci microreactor is 100 percent factory-built, fueled and assembled before it is shipped in a container to any location.
Westinghouse Electric Company is shaping the future of carbon-free energy by providing safe, innovative nuclear technologies to utilities globally. Westinghouse supplied the world’s first commercial pressurized water reactor in 1957 and the company’s technology is the basis for nearly one-half of the world's operating nuclear plants. Over 135 years of innovation makes Westinghouse the preferred partner for advanced technologies covering the complete nuclear energy life cycle. For more information, visit www.westinghousenuclear.com and follow us on Facebook, LinkedIn and Twitter.
Media:
Cathy Mann
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