TULSA, Okla.--(BUSINESS WIRE)--Alliance Resource Partners, L.P. (NASDAQ: ARLP) (“Alliance” or the “Partnership”) announced today that the Board of Directors of its general partner, Alliance Resource Management GP, LLC, has appointed Cary P. Marshall as Senior Vice President and Chief Financial Officer effective April 1, 2023. The appointment follows the Partnership’s previously announced retirement and succession plan for Brian L. Cantrell, current Chief Financial Officer. Mr. Cantrell will remain with Alliance through March 31, 2023, to facilitate an orderly transition.
“We extend our thanks and appreciation to Brian for his leadership, service, and contributions to Alliance over the past 19 years,” said Joseph W. Craft III, Chairman, President and Chief Executive Officer. “Brian played a critical role in the Partnership’s growth and financial strength during his tenure, and we wish him and his family all the best in his retirement.”
"As we transition Brian’s duties and responsibilities, we are fortunate to have a talented, proven, and capable leader like Cary fully-ready to step-in," added Mr. Craft. "We are confident that Cary's extensive knowledge of the business coupled with more than three decades of related experience will allow us to maintain our financial discipline and principles while advancing the performance and practices of the organization."
Mr. Marshall has served as Alliance's Vice President, Corporate Finance and Treasurer since May 2003. Mr. Marshall joined Alliance’s predecessor entity, MAPCO Inc., in 1989 and has since held multiple positions across corporate finance and marketing. Mr. Marshall is an alumnus of Southern Methodist University, where he received a Bachelor of Business Administration degree and a Master of Business Administration degree.
About Alliance Resource Partners, L.P.
ARLP is a diversified energy company that is currently the second largest coal producer in the eastern United States. ARLP also generates operating and royalty income from mineral interests it owns in strategic coal and oil & gas producing regions in the United States. In addition, ARLP is positioning itself as an energy provider for the future by leveraging its core technology and operating competencies to make strategic investments in the fast-growing energy and infrastructure transition.
News, unit prices and additional information about ARLP, including filings with the Securities and Exchange Commission ("SEC"), are available at www.arlp.com. For more information, contact the investor relations department of ARLP at (918) 295-7674 or via e-mail at This email address is being protected from spambots. You need JavaScript enabled to view it..
Cary Marshall
Alliance Resource Partners, L.P.
(918) 295-7600
Production at the facility is expected to exceed one million gallons of renewable fuel per year, as Green Rock's portfolio of waste-to-value assets grows.
NEW YORK--(BUSINESS WIRE)--Green Rock Energy Partners LLC ("Green Rock" or "the Firm"), a sustainable infrastructure focused private equity firm, acquired PSA South Hills Landfill Gas Venture LLC (“South Hills”), a renewable natural gas (“RNG”) production facility. The purchase closed in Q4 2022.
The South Hills deal adds to Green Rock’s growing portfolio in the renewable energy space and is consistent with the firm’s primary investment focus on energy-producing waste-to-value assets. Located in South Park Township, Pennsylvania, South Hills upgrades landfill biogas to produce RNG that will be sold in the vehicular transportation market as renewable compressed natural gas. Production at the facility is expected to exceed one million gallons of renewable fuel per year. Green Rock has partnered with United Green Energy, and others, to manage the renewable natural gas offtake.
RNG is derived from renewable sources, such as organic waste from landfills, municipal waste from wastewater operations, or animal waste from agriculture operations. The production of RNG reduces greenhouse gas emissions by capturing the methane emissions produced from the decomposition of these waste products.
In addition to South Hills, Green Rock has recently made other notable investments in the energy transition, including investments in the RNG platform Viridi Energy and in the renewable power and RNG producer Bio Town Biogas.
Green Rock, led by five seasoned veterans of the traditional commodities sector now investing in carbon-neutral solutions, deploys equity capital within the circular economy to develop, purchase, and operate environmentally responsible and financially attractive businesses and infrastructure. The firm has a strong track record of investing in companies committed to the growth of environmental, social, and governance best practices.
“Green Rock is proud to expand our sustainable infrastructure portfolio,” said Cody Myers, Co-Founder and Managing Partner of Green Rock. “We continue to invest in renewable natural gas assets due to their ability to facilitate the transition to a lower-emission future while providing attractive returns.”
Green Rock was supported in the South Hills acquisition by Venture Engineering & Construction (“VEC”). VEC supplied technical advisory services during due diligence, and VEC will also provide engineering consulting and operations and maintenance services post-close. Kean Miller acted as the legal advisor to Green Rock.
“We are excited to partner with the talented team at Green Rock on the South Hills project,” said Dave Moniot, President of VEC.
“VEC has been an excellent partner to Green Rock as we evaluate opportunities to deploy capital into RNG and other sustainable infrastructure opportunities,” said Martin Mitchell, Co-Founder and Managing Partner of Green Rock. “VEC’s team combines differentiated technical expertise for smaller-scale site development with the design creativity and implementation flexibility that is critical for project success in this segment of the market.”
About Green Rock Energy Partners
Green Rock Energy Partners LLC is a sustainable infrastructure focused private equity firm which invests in renewable energy companies and projects. Green Rock’s investments primarily target waste-to-value energy assets within the circular economy, which play a critical role in the ongoing energy transition to a low-carbon future. The firm deploys equity capital to develop, purchase, and operate environmentally responsible and financially attractive businesses and infrastructure. The projects that Green Rock targets for investment produce renewable natural gas, renewable diesel, renewable fertilizer, and other similar products. The firm was founded by a team of commodities executives who source, structure, and negotiate opportunities to build successful businesses using their expertise as owners and operators. For more information, please visit www.greenrockep.com. Follow us on LinkedIn.
About South Hills
South Hills is a renewable natural gas company that produces transportation fuel from landfill biogas. For more information, please visit www.southhillsrng.com.
About Venture Engineering & Construction
VEC is a leading middle-market specialty service provider to project developers in the waste-to-energy sectors, including landfill gas (“LFG”) to power, LFG to RNG, animal manure to RNG, and source-separated organic food waste to RNG. VEC’s current service offerings include project and process engineering consulting; engineering, procurement, and construction management (“ECM” and “EPC”) services; O&M services, and other related activities. For more information, please visit www.ventureengr.com. Follow us on LinkedIn.
Sarah Churbuck
BackBay Communications
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ARNHEM, Netherlands--(BUSINESS WIRE)--Allego N.V. (“Allego” or the “Company”) (NYSE: ALLG), a leading pan-European public electric vehicle fast and ultrafast charging network, today announced that management would participate in a fireside chat at the dbAccess AutoTech Conference on Tuesday, December 13, 2022 at 11:45 AM EST.
The fireside will be webcast live and can be accessed https://kvgo.com/deutsche-bank/allego-dec-2022 or in the Events and Publications section at https://ir.allego.eu.
About Allego
Allego delivers charging solutions for electric cars, motors, buses, and trucks, for consumers, businesses, and cities. Allego’s end-to-end charging solutions make it easier for businesses and cities to deliver the infrastructure drivers need, while the scalability of our solutions makes us the partner of the future. Founded in 2013, Allego is a leader in charging solutions, with an international charging network comprising approximately 34,000 public and private charging ports operational throughout the pan-European market – and proliferating. Our charging solutions are connected to our proprietary platform, EV-Cloud, which gives our customers and us a full portfolio of features and services to meet and exceed market demands. We are committed to providing independent, reliable, and safe charging solutions, agnostic of vehicle model or network affiliation. At Allego, we strive every day to make EV charging easier, more convenient, and more enjoyable for all.
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DUBLIN--(BUSINESS WIRE)--The "Offshore Pipeline Market by Diameter (Greater Than 24 Inches), Product (Oil, Gas, Refined Products), Line Type (Transport Lines, Export Lines), Installation Type (S LAY, J LAY, TOW IN), Depth of Operation and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The offshore pipeline market is estimated to grow from USD 14.8 billion in 2022 to USD 18.6 billion by 2027, at a CAGR of 4.7% during the forecast period. The primary drivers of the market include the rising demand for crude oil and refined products from refineries and the petroleum industry.
Greater than 24 inches diameter segment to be the largest and fastest-growing market from 2022 to 2027
The offshore pipeline market, by diameter, is bifurcated into greater than 24 inches and below 24 inches. The greater than 24 inches segment is expected to dominate in terms of market share and CAGR during the forecast period and this dominance can be attributed to the increasing number of projects in oil and gas.
Gas product segment to be the fastest-growing market from 2022 to 2027
The offshore pipeline market, by product, is segmented into oil, gas, and refined products. The oil segment is expected to be the second-largest segment. This can be attributed to the increasing demand for crude oil from the petrochemical industry.
Transport line, by line type, is expected to be the largest and fastest-growing market from 2022 to 2027
The offshore pipeline market, by line type, is bifurcated into transport lines, export lines, and other lines. The other lines include gathering lines and flowlines. The transport line is expected to be the fastest-growing market followed by the export line during the forecast period. This dominance is because transport lines withstand high pressure and transport over long distances.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Offshore Pipeline Market, by Installation Type
7 Offshore Pipeline Market, by Depth of Operation
8 Offshore Pipeline Market, by Diameter (USD Million - 2020, 2021, 2022-E, 2027-F)
9 Offshore Pipeline Market, by Products (USD Million - 2020, 2021, 2022-E, 2027-F)
10 Offshore Pipeline Market, by Line Type (USD Million - 2020, 2021, 2022-E, 2027-F)
11 Offshore Pipeline Market, by Region (Value (USD Million) & Volume (Km) - 2020, 2021, 2022-E, 2027-F)
12 Competitive Landscape
13 Company Profiles
14 Appendix
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/nizofq
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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EWING, N.J.--(BUSINESS WIRE)--$OLED #OLED--Universal Display Corporation (Nasdaq: OLED), enabling energy-efficient displays and lighting with its UniversalPHOLED® technology and materials, announced today that the Company was named to Newsweek’s list of America's Most Responsible Companies 2023. Universal Display ranked #215 on the 2023 list, which recognizes the top 500 most responsible companies in the United States across fourteen different industries. This is UDC's third consecutive year on the list.
“We are pleased to be recognized for the third year among America’s most responsible companies,” said Steven V. Abramson, President and Chief Executive Officer of Universal Display Corporation. “For more than two-and-a-half decades, we have focused on cultivating and fostering a global culture that promotes inclusion, inventiveness, integrity and imagination. We also endeavor to contribute to creating a sustainable and low-carbon future through our energy-efficient portfolio of OLED solutions, including our award-winning phosphorescent OLED technology and UniversalPHOLED materials that are proven, and integral to enabling high performance, low-power consumption and energy-efficiency in OLED displays and lighting.”
Newsweek partnered with Statista to recognize the top 500 most responsible companies in the United States. America’s Most Responsible Companies were selected based on publicly available key performance indicators derived from CSR Reports, Sustainability Reports, and Corporate Citizenship Reports as well as an independent survey of more than 13,000 U.S. residents. The ranking focuses on a holistic view on corporate responsibility that considers the three pillars of ESG: Environment, Social and Corporate Governance. For more details on the methodology, please visit https://cdn.statcdn.com/rankings/Methodology_Americas_Most_Responsible_Companies_2023.pdf.
For more information about Universal Display Corporation’s corporate social responsibility commitment, please visit https://ir.oled.com/shareholders/Corporate-Responsibility/default.aspx.
About Universal Display Corporation
Universal Display Corporation (Nasdaq: OLED) is a leader in the research, development and commercialization of organic light emitting diode (OLED) technologies and materials for use in display and solid-state lighting applications. Founded in 1994 and with subsidiaries and offices around the world, the Company currently owns, exclusively licenses or has the sole right to sublicense more than 5,500 patents issued and pending worldwide. Universal Display licenses its proprietary technologies, including its breakthrough high-efficiency UniversalPHOLED® phosphorescent OLED technology that can enable the development of energy-efficient and eco-friendly displays and solid-state lighting. The Company also develops and offers high-quality, state-of-the-art UniversalPHOLED materials that are recognized as key ingredients in the fabrication of OLEDs with peak performance. In addition, Universal Display delivers innovative and customized solutions to its clients and partners through technology transfer, collaborative technology development and on-site training. To learn more about Universal Display Corporation, please visit https://oled.com/.
Universal Display Corporation and the Universal Display Corporation logo are trademarks or registered trademarks of Universal Display Corporation. All other company, brand or product names may be trademarks or registered trademarks.
All statements in this document that are not historical, such as those relating to the projected adoption, development and advancement of the Company’s technologies, and the Company’s expected results and future declaration of dividends, as well as the growth of the OLED market and the Company’s opportunities in that market, are forward-looking financial statements within the meaning of the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on any forward-looking statements in this document, as they reflect Universal Display Corporation’s current views with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated. These risks and uncertainties are discussed in greater detail in Universal Display Corporation’s periodic reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, including, in particular, the section entitled “Risk Factors” in Universal Display Corporation’s Annual Report on Form 10-K for the year ended December 31, 2021. Universal Display Corporation disclaims any obligation to update any forward-looking statement contained in this document.
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Company Expects to Double Earnings and Cash Flow Potential by 2027, Increases Investments in Lower-Emissions Efforts
IRVING, Texas--(BUSINESS WIRE)--ExxonMobil today announced its corporate plan for the next five years, with a sizeable increase in investments aimed at emission reductions and accretive lower-emission initiatives, including its Low Carbon Solutions business. The corporate plan through 2027 maintains annual capital expenditures at $20-$25 billion, while growing lower-emissions investments to approximately $17 billion. This disciplined approach prioritizes high-return, low-cost-of-supply assets in the Upstream and Product Solutions businesses and supports efforts to reduce greenhouse gas emissions intensity from operated assets, as well as those emitted from other companies.
The plan is expected to double earnings and cash flow potential by 2027 versus 2019 and supports the company’s strategic priorities, which include leading the industry in safety, shareholder returns, earnings and cash flow growth; cost and capital efficiency; and reductions in greenhouse gas emissions intensity.
“Our five-year plan is expected to drive leading business outcomes and is a continuation of the path that has delivered industry-leading results in 2022,” said Darren Woods, chairman and chief executive officer. “We view our success as an ‘and’ equation, one in which we can produce the energy and products society needs – and – be a leader in reducing greenhouse gas emissions from our own operations and also those from other companies. The corporate plan we’re laying out today reflects that view, and the results we’ve seen to date demonstrate that we’re on the right course.”
Corporate Plan Calls for Strong Growth from High-Return Projects
Investments in 2023 are expected to be in the range of $23 billion to $25 billion to help increase supply to meet global demand. The company also remains on track to deliver a total of approximately $9 billion in structural cost reductions by year-end 2023 versus 2019.
Upstream earnings potential is expected to double by 2027 versus 2019, resulting from investments in high-return, low-cost-of-supply projects. More than 70% of capital investments will be deployed in strategic developments in the U.S. Permian Basin, Guyana, Brazil, and LNG projects around the world. By 2027, Upstream production is expected to grow by 500,000 oil-equivalent barrels per day to 4.2 million oil-equivalent barrels per day with more than 50% of the total to come from these key growth areas. Approximately 90% of Upstream investments that bring on new oil and flowing gas production are expected to have returns greater than 10% at prices less than or equal to $35 per barrel, while also reducing Upstream operated greenhouse gas emissions intensity by 40-50% through 2030, compared to 2016 levels.
Near-term Upstream investments are projected to keep production at approximately 3.7 million barrels of oil equivalent per day in 2023 assuming a $60 per barrel Brent price, offsetting the impact of strategic portfolio divestments and the expropriation of Sakhalin-1 in Russia.
ExxonMobil Product Solutions expects to nearly triple earnings by 2027 versus 2019. These growth plans are focused on high-return projects that are anticipated to double volumes of performance chemicals, lower-emission fuels, and high-value lubricants. The company continues to leverage its industry-leading manufacturing scale, integration, and technology position to upgrade its portfolio and reduce costs.
Increased cash flow and earnings enable further net debt reduction and increased shareholder distributions.
The company announced an expansion of its $30 billion share-repurchase program, which is now up to $50 billion through 2024. It also recently increased its annual dividend payment for the 40th consecutive year. By year-end 2022, ExxonMobil expects to distribute approximately $30 billion to shareholders, including $15 billion in dividends and $15 billion in share repurchases.
Growing the Low Carbon Solutions Business
ExxonMobil has allocated approximately $17 billion on its own emission reductions and accretive third-party lower-emission initiatives through 2027, an increase of nearly 15%. Nearly 40% of these investments is directed toward building our lower-emissions business with customers to reduce their greenhouse gas emissions with a primary emphasis on large-scale carbon capture and storage, biofuels, and hydrogen. These lower-emissions technologies are recognized as necessary solutions to help address climate change and closely align with ExxonMobil’s existing competitive advantages and core capabilities. The balance of the capital will be deployed in support of the company’s 2030 emission-reduction plans and its 2050 Scope 1 and 2 net-zero ambition. In the Permian, the company is on track with its goal to reach net-zero Scope 1 and 2 emissions from its operated unconventional assets by 2030.
“We’re aggressively working to reduce greenhouse gas emissions from our operations, and our 2030 emission-reduction plans are on track to achieve a 40-50% reduction in upstream greenhouse gas intensity, compared to 2016 levels,” added Woods. “We will continue to advocate for clear and consistent government policies that accelerate progress to a lower-emissions future. At the same time, we’ll continue to work to provide solutions that can help customers in other industries reduce their greenhouse gas emissions, especially in higher-emitting sectors of the economy like manufacturing, transportation and power generation.”
Supporting materials for this press release are available on the Investor Relations page of ExxonMobil.com.
About ExxonMobil
ExxonMobil, one of the largest publicly traded international energy and petrochemical companies, creates solutions that improve quality of life and meet society’s evolving needs.
The corporation’s primary businesses - Upstream, Product Solutions and Low Carbon Solutions - provide products that enable modern life, including energy, chemicals, lubricants, and lower-emissions technologies. ExxonMobil holds an industry-leading portfolio of resources, and is one of the largest integrated fuels, lubricants and chemical companies in the world.
In 2021, ExxonMobil announced Scope 1 and 2 greenhouse gas emission-reduction plans for 2030 for operated assets, compared to 2016 levels. The plans are to achieve a 20-30% reduction in corporate-wide greenhouse gas intensity; a 40-50% reduction in greenhouse gas intensity of upstream operations; a 70-80% reduction in corporate-wide methane intensity; and a 60-70% reduction in corporate-wide flaring intensity.
With advancements in technology and the support of clear and consistent government policies, ExxonMobil aims to achieve net-zero Scope 1 and 2 greenhouse gas emissions from its operated assets by 2050. To learn more, visit exxonmobil.com, the Energy Factor, and ExxonMobil’s Advancing Climate Solutions.
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Cautionary Statement
Statements of future events, conditions, or expectations in this release are forward-looking statements. Actual future results, including financial and operating performance; potential earnings, cash flow, and rates of return; total capital expenditures and mix, including allocations of capital to low carbon solutions; realization and maintenance of structural cost reductions and efficiency gains, including the ability to offset inflationary pressures; ambitions to reach Scope 1 and Scope 2 net zero from operated assets by 2050, to reach Scope 1 and 2 net zero in Upstream Permian Basin unconventional operated assets by 2030, to eliminate routine flaring in-line with World Bank Zero Routine Flaring, to reach near-zero methane emissions from its operations, to meet ExxonMobil’s emission reduction plans and goals, divestment and start-up plans, and associated project plans as well as technology efforts; success in or development of future business markets like carbon capture, hydrogen or biofuels; maintenance and turnaround activity; drilling and improvement programs; price and margin recovery; shareholder distributions; planned integration benefits; resource recoveries and production rates; and product sales levels and mix could differ materially due to a number of factors. These include global or regional changes in oil, gas, petrochemicals, or feedstock prices, differentials, or other market or economic conditions affecting the oil, gas, and petrochemical industries and the demand for our products; government policies supporting lower carbon investment opportunities such as the U.S. Inflation Reduction Act or policies limiting the attractiveness of investments such as the European Solidarity Tax; policy and consumer support for emission-reduction products and technology; the outcome of competitive bidding and project wins; regulatory actions targeting public companies in the oil and gas industry; changes in local, national, or international laws, regulations, and policies affecting our business including with respect to the environment; taxes, trade sanctions, and actions taken in response to pandemic concerns; the ability to realize efficiencies within and across our business lines and to maintain cost reductions without impairing our competitive positioning; the outcome and timing of exploration and development projects; decisions to invest in future reserves; reservoir performance, including variability in unconventional projects; timely completion of construction projects; war and other security disturbances; expropriations, seizures, and capacity, insurance or shipping limitations by foreign governments or international embargoes; changes in consumer preferences; opportunities for and regulatory approval of investments or divestments that may arise; the outcome of our or competitors’ research efforts and the ability to bring new technology to commercial scale on a cost-competitive basis; the development and competitiveness of alternative energy and emission reduction technologies; unforeseen technical or operating difficulties including the need for unplanned maintenance; and other factors discussed here and in Item 1A. Risk Factors of our Annual Report on Form 10-K and under the heading “Factors Affecting Future Results” available through the Investors page of our website at exxonmobil.com. All forward-looking statements are based on management’s knowledge and reasonable expectations at the time of this release and we assume no duty to update these statements as of any future date. Neither future distribution of this material nor the continued availability of this material in archive form on our website should be deemed to constitute an update or re-affirmation of these figures as of any future date. Any future update of these figures will be provided only through a public disclosure indicating that fact.
Forward-looking statements contained in this release regarding the potential for future earnings, cash flow, shareholder distributions, returns, structural cost reductions, capital and exploration expenditures, and volumes, including statements regarding future earnings potential and returns in the Upstream and Product Solutions segments and in our lower-carbon investments, are not forecasts of actual future results. These figures are provided to help quantify for illustrative purposes management’s view of the potential future results and goals of currently-contemplated management plans and objectives over the time periods shown, calculated on a basis consistent with our internal modeling assumptions. For all price point comparisons, unless otherwise indicated, we assume $60/bbl Brent crude prices and $3/mmbtu Henry Hub gas prices. Unless otherwise specified, crude prices are Brent prices. These are used for clear comparison purposes and are not necessarily representative of management’s internal price assumptions. All crude and natural gas prices for future years are adjusted for inflation from 2022. Energy, Chemical, and Specialty Product margins reflect annual historical averages for the 10-year period from 2010—2019 unless otherwise stated. Lower-emission returns are calculated based on current and potential future government policies based on ExxonMobil projections. These assumptions are not forecasts of actual future market conditions. Capital investment guidance in lower-emissions investments is based on plan, however actual investment levels will be subject to the availability of the opportunity set and focused on returns. This work does not attempt to model potential future COVID-19 outbreaks or recoveries.
ExxonMobil reported emissions, including reductions and avoidance performance data, are based on a combination of measured and estimated data. Calculations are based on industry standards and best practices, including guidance from the American Petroleum Institute (API) and Ipieca. Emissions reported are estimates only, and performance data depends on variations in processes and operations, the availability of sufficient data, the quality of those data and methodology used for measurement and estimation. Emissions data is subject to change as methods, data quality, and technology improvements occur, and changes to performance data may be updated. Emissions, reductions and avoidance estimates for non-ExxonMobil operated facilities are included in the equity data and similarly may be updated as changes in the performance data are reported. ExxonMobil’s plans to reduce emissions are good faith efforts based on current relevant data and methodology, which could be changed or refined. ExxonMobil works to continuously improve its approach to identifying, measuring and addressing emissions. ExxonMobil actively engages with industry, including API and Ipieca, to improve emission factors and methodologies, including measurements and estimates.
The term “flowing gas” as used in this release refers gas available for sale that is not marketed as liquefied natural gas. The term “performance chemicals” as used in this release refers to Chemical products that provide differentiated performance for multiple applications through enhanced properties versus commodity alternatives and bring significant additional value to customers and end-users. The term “project” as used in this release can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports.
This release summarizes highlights from ExxonMobil’s December 8, 2022 update for its corporate plans. For more information concerning the forward-looking statements, defined terms, and other information contained in this release, please refer to the complete presentation (including important information contained in the Cautionary Statement and Supplemental Information sections of the presentation) on the Investors section of our website at exxonmobil.com. Definitions and additional information concerning certain terms used in this release are also provided in the Frequently Used Terms available on the Investor page of our website at www.exxonmobil.com under the heading News & Resources.
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Actively working with Regulators to bring Dorothy Online. Continue Delivering Increased Hashrate and Healthy Margins
ALBANY, N.Y.--(BUSINESS WIRE)--Soluna Holdings, Inc. (“SHI” or the “Company”) (NASDAQ: SLNH), the parent company of Soluna Computing, Inc. (“SCI”), a developer of green data centers for Bitcoin mining and other intensive computing, today announced the release of its October site level financials.
Michael Toporek, CEO of Soluna Holdings, stated, “Soluna is actively working with regulators to bring Project Dorothy online and thereby scale the company’s operations. During this period we have taken important steps to improve our near term liquidity and increase hashrate.”
Key Summary Highlights:
A presentation and corresponding video are available on the Company’s website here. In connection with the table below, see reconciliation of non-GAAP results of operations to the nearest comparable GAAP measures in the appendix to the presentation available on the Company’s website.
Revenue & Contribution Margin Summary:
* all numbers below exclude legacy hosting |
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** New Hosting contract as of September 2022 passes 100% of power costs on to hosted customer. For the purpose of comparison to prior periods, $276 and $338 thousand in power costs were charged to the hosted customer in September and October, respectively. |
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| ($ in 000s, Unaudited) | (Estimate) | ||||
FY 21 |
Q1 2022 |
Q2 2022 |
Q3 2022 |
October 2022 |
|
| Revenue | $13,010 |
$9,316 |
$8,676 |
$6,372 |
$1,640 |
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| Cash Contribution Margin | $8,888 |
$5,206 |
$5,007 |
$1,194 |
$365 |
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| Annualized Revenue | $13,010 |
$37,264 |
$34,704 |
$25,490 |
$19,680 |
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| Annualized Contribution Margin | $8,888 |
$20,824 |
$20,028 |
$4,774 |
$4,380 |
Note: Represents non-GAAP financial metrics. |
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About Soluna Holdings, Inc. (SLNH)
Soluna Holdings, Inc. is the leading developer of green data centers that convert excess renewable energy into global computing resources. Soluna builds modular, scalable data centers for computing intensive, batchable applications such as Bitcoin mining, AI and machine learning. Soluna provides a cost-effective alternative to battery storage or transmission lines. Soluna uses technology and intentional design to solve complex, real-world challenges. Up to 30% of the power of renewable energy projects can go to waste. Soluna’s data centers enable clean electricity asset owners to ‘Sell. Every. Megawatt.’
For more information about Soluna, please visit www.solunacomputing.com or follow us on LinkedIn at linkedin.com/solunaholdings and Twitter @SolunaHoldings.
Philip F. Patman, Jr.
Chief Financial Officer
Soluna Holdings, Inc.
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MZ Contact
Brian M. Prenoveau, CFA
MZ Group – MZ North America
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561 489 5315
TULSA, Okla.--(BUSINESS WIRE)--Williams (NYSE: WMB) today announced the execution of agreements with Coterra Energy and Dominion Energy Virginia establishing the industry’s first next generation natural gas certification process across all segments of the value chain from production through gathering and transmission with deliveries through 2023. Williams is leveraging block-chain secured technology via Context Labs’ Decarbonization as a Service™ (DaaS™) platform to track and measure end-to-end emissions through the aggregation and reconciliation of multiple sources of data to provide a path-specific methane intensity certification that meets or exceeds industry leading measurement protocols. KPMG LLP will perform third-party verification of the methane intensity certification and low-emission attributes of next gen natural gas.
“Williams is proud to launch the industry’s first comprehensive next gen natural gas platform to bring greater trust, transparency and transactability to the certified gas market,” said Chad Zamarin, Senior Vice President of Corporate Strategic Development for Williams. “As we look to a low-carbon energy future, Williams is committed to leading our industry with credible solutions to benefit our customers and their sustainability goals.”
“Coterra is pleased to partner with Williams in deploying this exciting new technology which has the potential to change how we measure and report emissions data,” said Blake Sirgo, Senior Vice President of Operations for Coterra Energy. “We remain focused on being an environmental leader and we are optimistic that this reference implementation will further aid Coterra in our ongoing efforts to reduce our emissions by developing, adopting and implementing innovative technologies and practices.”
“Our partnership with Williams and Coterra is another important step in reducing emissions across the entire natural gas value chain,” said Cedric Green, Senior Vice President of Power Generation for Dominion Energy Virginia. “Certified, low-emissions natural gas is a vital part of achieving our goal of net zero greenhouse gas emissions by 2050. We look forward to continuing this and other innovative partnerships to deliver affordable, reliable and clean energy to the customers we serve.”
Through its Sequent Energy Management business, Williams is building a marketing platform to sell trusted low-carbon and net-zero next gen natural gas to utilities, LNG export facilities and other clean energy users with the goal of helping customers reduce emissions and meet their climate commitments. The delivery of next gen natural gas highlights the low-carbon benefits of Coterra’s production in northeast Pennsylvania and Williams’ gathering and transmission operations to provide a differentiated low-emission gas product for Dominion Energy Virginia. Over the 1-year duration of the project, this pathway is estimated to avoid 120,000 metric tons of CO2e emissions when compared to the national average methane emissions for the production, gathering and transmission segments.
Context Labs is leveraging its DaaS™ platform to integrate data from multiple sources across Coterra’s and Williams’ operations, including ground-based optical gas imaging cameras, flyovers, satellite monitoring and internal operational systems. This data is aggregated and reconciled using a block-chain secured carbon accounting ledger to provide an end-to-end path-specific methane intensity certification from production through gathering and transmission. The environmental attributes associated with the delivery of next gen natural gas will be registered, tracked and retired through Context Lab’s CLEAR Path™ platform. “We are thrilled to be working with Williams and its supply chain ecosystem partners to produce the energy industry’s premier end-to-end next generation natural gas certification transactions,” said Dan Harple, Founder and CEO of Context Labs.
The program represents the first full value chain methane emissions certification program that will meet or exceed the Quantification, Measurement, Reporting and Verification (QMRV) measurement standards prescribed by the Oil & Gas Methane Partnership, a multi-stakeholder partnership developed by the United Nations, the Environmental Defense Fund and the Climate and Clean Air Coalition. It will also meet the upcoming Veritas protocol by research firm GTI Energy which brings together scientists, academics, environmental organizations, certification organizations and industry participants to demonstrate emissions reductions in a consistent, credible and transparent way.
About Williams
As the world demands reliable, low-cost, low-carbon energy, Williams (NYSE: WMB) will be there with the best transport, storage and delivery solutions to reliably fuel the clean energy economy. Headquartered in Tulsa, Oklahoma, Williams is an industry-leading, investment grade C-Corp with operations across the natural gas value chain including gathering, processing, interstate transportation, storage, wholesale marketing and trading of natural gas and natural gas liquids. With major positions in top U.S. supply basins, Williams connects the best supplies with the growing demand for clean energy. Williams owns and operates more than 30,000 miles of pipelines system wide – including Transco, the nation’s largest volume and fastest growing pipeline – and handles approximately 30 percent of the natural gas in the United States that is used every day for clean-power generation, heating and industrial use. Learn how the company is leveraging its nationwide footprint to incorporate clean hydrogen, next generation gas and other innovations at www.williams.com.
About Coterra
Coterra Energy is a premier, diversified energy company well positioned to deliver superior and sustainable returns. We are built to weather industry cycles with tremendous flexibility between the best oil assets and the best natural gas assets in the country. We embrace innovation, technology, and data, as we work to create value for our investors, our team members, and the communities where we operate. Our approach to ESG and sustainable development is centered on a dedicated, consistent effort toward reducing our footprint. At the same time, we are focused on providing a transparent view into our business with credible assessments that keep us on the path to success. For more information, go to www.coterra.com.
About Dominion Energy
About 7 million customers in 15 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to safely providing reliable, affordable and sustainable energy and to achieving Net Zero emissions by 2050. Please visit DominionEnergy.com to learn more.
About Context Labs
Context Labs provides solutions for customers who demand trusted provenance in their data, tracked veracity through the data’s supply chain of use, and a requirement for trusted insights. It is dedicated to sourcing, organizing, and contextualizing the world’s ESG information, enabling data to become trusted, shared, and utilized as Asset Grade Data to provide insights and solutions through Asset Grade Analytics that informs markets. Context Labs’ mission is to provide the world’s trusted data fabric platform, delivering Asset Grade Data, using its Immutably™ Data Fabric platform, deploying machine learning, Artificial Intelligence, and cryptographic blockchain technologies for context-driven insights. The company was formed out of MIT research and is comprised of a leadership team that has been instrumental in the at-scale growth of the Internet, in prior companies. For more information, go to www.contextlabs.com.
About KPMG LLP
KPMG LLP is the U.S. firm of the KPMG global organization of independent professional services firms providing audit, tax and advisory services, and a minority investor in Context Labs. The KPMG global organization operates in 144 countries and territories and has more than 236,000 people working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.
KPMG is widely recognized for being a great place to work and build a career. Our people share a sense of purpose in the work we do, and a strong commitment to community service, inclusion and diversity and eradicating childhood illiteracy. Learn more at www.kpmg.com/us.
Portions of this document may constitute “forward-looking statements” as defined by federal law. Although the company believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. Any such statements are made in reliance on the “safe harbor” protections provided under the Private Securities Reform Act of 1995. Additional information about issues that could lead to material changes in performance is contained in the company’s annual and quarterly reports filed with the Securities and Exchange Commission.
MEDIA:
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(800) 945-8723
INVESTOR CONTACT:
Danilo Juvane
(918) 573-5075
Grace Scott
(918) 573-1092
Annual Dividend Per Share to Increase 7.7% from $2.60 to $2.80
HOUSTON--(BUSINESS WIRE)--WM (NYSE: WM) today announced that its Board of Directors has approved a 7.7% increase in the planned quarterly dividend rate for 2023, from $0.65 to $0.70 per share. The annual dividend rate increase from $2.60 to $2.80 per share marks the twentieth consecutive year of dividend rate increases. The Company also received authorization from its Board of Directors to repurchase up to $1.5 billion of the Company’s common stock. This new authorization replaces our prior $1.5 billion authorization that was fully utilized in 2022.
“In 2022, our exceptional cash generation allowed us to fund all of our capital allocation priorities—returning cash to our shareholders through dividends and share repurchases, investing in high-return sustainability growth projects, and acquiring accretive businesses,” said Jim Fish, President and Chief Executive Officer of WM. “Over the past three years, we have increased the amount of cash returned to shareholders every year. As we look ahead to 2023, we are confident that our projected cash generation positions us to continue to allocate capital to all of our priorities, including strong shareholder returns.”
Waste Management’s Board of Directors must declare each future quarterly dividend prior to payment. The Board of Directors intends to declare the first quarter 2023 dividend in February, at which time the Company will announce the record and payment dates for this dividend. It is expected that the first increased dividend will be paid in March of 2023.
The Company, from time to time, provides estimates of financial and other data, comments on expectations relating to future periods and makes statements of opinion, view or belief about current and future events. This press release contains such forward-looking statements, including statements regarding the amount, declaration, timing and payment of dividends in 2023, future share repurchases, future investments and returns, and future business performance and cash generation. You should view these statements with caution. They are based on the facts and circumstances known to the Company as of the date the statements are made. These forward-looking statements are subject to risks and uncertainties that could cause actual results to be materially different from those set forth in such forward-looking statements, including but not limited to, failure to implement our optimization, growth, and cost savings initiatives and overall business strategy; failure to identify acquisition targets, consummate and integrate acquisitions, and obtain the results anticipated; environmental and other regulations, including developments related to emerging contaminants, gas emissions and renewable fuel; significant environmental, safety or other incidents resulting in liabilities or brand damage; failure to obtain and maintain necessary permits; failure to attract, hire and retain key team members and a high quality workforce; changes in wage and labor related regulations; significant storms and destructive climate events; public health risk and other impacts of pandemic conditions; macroeconomic pressures and market disruption resulting in labor, supply chain and transportation constraints and inflationary cost pressure; increased competition; pricing actions; commodity price fluctuations; impacts from geopolitical conflict, including increased risk of cyber incidents and exacerbation of market disruption; international trade restrictions; disposal alternatives, waste diversion and diminishing disposal capacity; declining waste volumes; weakness in general economic conditions and capital markets; adoption of new tax legislation; fuel shortages; failure to develop and protect new technology; failure of technology to perform as expected; failure to prevent, detect and address cybersecurity incidents or comply with privacy regulations; negative outcomes of litigation or governmental proceedings; and decisions or developments that result in impairment charges. Please also see the Company’s filings with the SEC, including Part I, Item 1A of the Company’s most recently filed Annual Report on Form 10-K for additional information regarding these and other risks and uncertainties applicable to our business. The Company assumes no obligation to update any forward-looking statement, including financial estimates and forecasts, whether as a result of future events, circumstances or developments or otherwise.
ABOUT WM
WM (WM.com) is North America's largest comprehensive waste management environmental solutions provider. Previously known as Waste Management and based in Houston, Texas, WM is driven by commitments to put people first and achieve success with integrity. The company, through its subsidiaries, provides collection, recycling and disposal services to millions of residential, commercial, industrial and municipal customers throughout the U.S. and Canada. With innovative infrastructure and capabilities in recycling, organics and renewable energy, WM provides environmental solutions to and collaborates with its customers in helping them achieve their sustainability goals. WM has the largest disposal network and collection fleet in North America, is the largest recycler of post-consumer materials and is the leader in beneficial reuse of landfill gas, with a growing network of renewable natural gas plants and the most gas-to-electricity plants in North America. WM's fleet includes nearly 11,000 natural gas trucks – the largest heavy-duty natural gas truck fleet of its kind in North America – where more than half are fueled by renewable natural gas. To learn more about WM and the company's sustainability progress and solutions, visit Sustainability.WM.com.
Waste Management
Web site
www.wm.com
Analysts
Ed Egl
713.265.1656
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Media
Toni Werner
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LUGANO, Switzerland & WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--$NRGV--Energy Vault Holdings, Inc. (NYSE: NRGV) ("Energy Vault" or the “Company”), a leader in sustainable, grid-scale energy storage solutions, today provided the following response to the recent short seller report issued by Bleecker Street Research who has a disclosed economic incentive to negatively influence the Company’s stock price. The report, issued on December 2, 2022, contains factual inaccuracies, mischaracterizations and misinformation. Key statements from the short report are addressed below:
Statement #1:
“440 MWh Deal With A Large Western Public Utility: We Think This Is Cancelled”
The 440MWh project with a large western utility announced by Energy Vault has not been cancelled and in fact Energy Vault intends to publicly announce the specifics of the project while naming the public utility in the coming days. The short seller’s error appears to stem from their confusion of megawatts (MW) with megawatt hours (MWh) – conflating units of demand and capacity with units of storage and demonstrating the short seller’s lack of familiarity with the energy storage industry. Confusing MW with MWh has led the short seller to make incorrect assumptions regarding Energy Vault’s awarded projects – conflating projects announced by third parties that reflect capacity (MW), including the project identified in the short report, with Energy Vault’s announcements of awarded projects for energy storage (MWh).
Statement #2:
“More Red Flags: 820MW System In Poland”
The project in Poland identified by the short seller is not the project previously disclosed by Energy Vault. The short seller is incorrect in both technical characterization and location of the project (as with the project referenced above) and Energy Vault has been awarded an 820MWh short duration battery storage project in an altogether different European country. Energy Vault intends to publicly announce the specifics of this project with our customer at the appropriate time. The short seller once again evidences their misunderstanding of the energy storage market by confusing MW with MWh.
Statement #3:
“2.2 GWh With DG Fuels: Half Of Energy Vault’s Backlog Is Riding On This Louisiana SAF Plant”
The short seller makes an incorrect assumption that DG Fuels makes up “half of Energy Vault’s backlog.” As per our latest 10-Q filed in November 2022, backlog is defined as the amount of revenue we expect to realize in the future on uncompleted construction contracts, including new contracts under which work has not yet begun. DG Fuels is categorized as an Award and as previously stated publicly, Energy Vault’s 2023 revenue forecast does not assume any project revenue from DG Fuels. In addition, the short seller incorrectly states that this is a “battery storage project” despite it clearly being a gravity energy storage project. The short seller also asserts that DG Fuels “is not a serious company.” However, both Delta Airlines and Air France-KLM have publicly announced sustainable aviation fuel (SAF) offtake agreements with DG Fuels. DG Fuels has also recently announced the signing of a lease in Maine for one of its SAF facilities. Energy Vault’s EVx gravity energy storage technology will support DG Fuels’ production of green hydrogen for SAF.
Statement #4:
“Energy Vault Announces An Award From An Australian Solar Farm That Doesn’t Yet Exist”
The short seller’s argument about the Meadow Creek project attempts to create a controversy where none exists. The short seller implies that the October 2022 announcement does not disclose that project is in a developmental stage. However, the announcement clearly states: “The Meadow Creek Solar Farm has completed extensive work on project feasibility, including grid capacity, and is currently progressing through detailed environmental and technical assessments to support the development application process. The BESS, being co-located with solar PV, is expected provide the resiliency and flexibility of charge and discharge, essential to shoring up renewable energy supply across the network as Australia adopts the Australian Energy Market Operator's Integrated System Plan.”
Statement #5:
“Energy Vault Is Conspicuously Absent From All Major Department of Energy Renewable Projects”
The information provided by the Department of Energy’s list cited by the short report only relies on publicly available data and for competitive reasons, many projects under discussion or development with our customers are precluded from the list. It is worth noting that the short seller should have clearly understood with any minimal research and due diligence that the Department of Energy listing would typically name only the Project Owner and thus not list any of the project partners or suppliers that may be contracted by the Project Owner. Additionally, there may be lags between when we begin development and construction until the project is reflected in the database. Therefore, it should be expected that Energy Vault, and all of the other companies associated with the listed projects, would not be included in the report.
Additional Comments on Short Seller Report
In addition to the above statements and factual inaccuracies, many of the short seller’s claims and commentary focus on Energy Vault’s prior rotating crane technology from 2020 versus its current modular EVx technology, which is the only GESS platform being globally deployed today, highlighting the short seller’s failure to utilize the most current information in its “research” process. The report also confuses GESS projects with BESS deployments, further exposing a fundamental lack of understanding of Energy Vault’s business mix and energy storage more generally.
In addition, the short report questions the Company’s two-year aggregate revenue guidance as an “inflated claim.” During its November Q3 2022 earnings call, Energy Vault reiterated its aggregate revenue projections for 2022 and 2023 of approximately $680 million, as had been previously reiterated during the August Q2 2022 earnings call. The Company has clear line of sight to our guidance targets based on our contracted backlog and commercial pipeline.
Energy Vault stands by its project awards and we are excited to continue to partner with our world-class customers to decarbonize the world. The Company remains focused on executing its growth plan and looks forward to updating the market on its continued progress.
About Energy Vault
Energy Vault® develops and deploys utility-scale energy storage solutions designed to transform the world's approach to sustainable energy storage. The company's comprehensive offerings include proprietary gravity-based storage, battery storage, and green hydrogen energy storage technologies. Each storage solution is supported by the Company’s hardware technology-agnostic energy management system software and integration platform. Unique to the industry, Energy Vault’s innovative technology portfolio delivers customized short-and-long-duration energy storage solutions to help utilities, independent power producers, and large industrial energy users significantly reduce levelized energy costs while maintaining power reliability. Utilizing eco-friendly materials with the ability to integrate waste materials for beneficial reuse, Energy Vault’s EVx™ gravity-based energy storage technology is facilitating the shift to a circular economy while accelerating the global clean energy transition for its customers. Please visit www.energyvault.com for more information.
Forward-Looking Statements
This press release includes forward-looking statements that reflect the Company’s current views with respect to, among other things, the Company’s operations and financial performance. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our business plan and strategies. These statements often include words such as “ anticipate,” “expect,” “suggest,” “plan,” “believe,” “intend,” “project,” “forecast,” “estimates,” “targets,” “projections,” “should,” “could,” “would,” “may,” “might,” “will” and other similar expressions. We base these forward-looking statements or projections on our current expectations, plans and assumptions, which we have made in light of our experience in our industry, as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances at the time. These forward-looking statements are based on our beliefs, assumptions and expectations of future performance, taking into account the information currently available to us. These forward-looking statements are only predictions based upon our current expectations and projections about future events. These forward-looking statements involve significant risks and uncertainties that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including changes in our strategy, expansion plans, customer opportunities, future operations, future financial position, estimated revenues and losses, projected costs, prospects and plans; the implementation, market acceptance and success of our business model and growth strategy; our ability to develop and maintain our brand and reputation; developments and projections relating to our business, our competitors, and industry; the impact of health epidemics, including the COVID-19 pandemic, on our business and the actions we may take in response thereto; our expectations regarding our ability to obtain and maintain intellectual property protection and not infringe on the rights of others; expectations regarding the time during which we will be an emerging growth company under the JOBS Act; our future capital requirements and sources and uses of cash; our ability to obtain funding for our operations and future growth; our business, expansion plans and opportunities and other important factors discussed under the caption “Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, as such factors may be updated from time to time in its other filings with the SEC, accessible on the SEC’s website at www.sec.gov. New risks emerge from time to time and it is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Any forward-looking statement made by us in this press release speaks only as of the date of this press release and is expressly qualified in its entirety by the cautionary statements included in this press release. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable laws. You should not place undue reliance on our forward-looking statements.
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TAMPA, Fla.--(BUSINESS WIRE)--Overseas Shipholding Group, Inc. (NYSE: OSG) (“OSG”), a provider of energy transportation services for crude oil and petroleum products in the U.S. Flag markets, today announced that it has exercised options to extend its bareboat charter agreements with American Shipping Company ASA (Oslo Stock Exchange: AMSC / OTCQX: ASCJF) for six vessels. The six bareboat charter extensions provide for additional three-year terms commencing in December 2023. With these extensions, seven vessels will continue on lease from AMSC – six with maturity dates aligned to end in December 2026 and one with a maturity of 2025.
Sam Norton, OSG’s President and CEO, stated, “We believe the market continues to support attractive commercial opportunities for these vessel leases to supplement the strong and stable cash flow generation from our niche businesses. There is currently a healthy conventional tanker market, which we believe should continue for the foreseeable future, and are pleased to retain these vessels as key contributors to our steady and strong earnings.”
About Overseas Shipholding Group, Inc
Overseas Shipholding Group, Inc. (NYSE: OSG) is a publicly traded company providing energy transportation services for crude oil and petroleum products in the U.S. Flag markets. OSG is a major operator of tankers and ATBs in the Jones Act industry. OSG’s 20 vessel U.S. Flag fleet consists of three Suezmax crude oil tankers doing business in Alaska, two conventional ATBs, two lightering ATBs, three shuttle tankers, seven MR tankers, two non-Jones Act MR tankers that participate in the U.S. Maritime Security Program, and one tanker in cold layup. In addition, OSG also owns and operates one Marshall Islands flagged MR tanker which trades internationally.
OSG is committed to setting high standards of excellence for its quality, safety and environmental programs. OSG is recognized as one of the world’s most customer-focused marine transportation companies and is headquartered in Tampa, FL. More information is available at www.osg.com.
Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts should be considered forward-looking statements, including but not limited to words such as “may”, “will”, “intends”, “plans” and similar expressions. Such forward-looking statements represent the Company’s reasonable expectations with respect to future events or circumstances based on various factors and are subject to various risks, uncertainties, and assumptions relating to the Company’s operations, financial results, financial condition, business, prospects, growth strategy and liquidity. Undue reliance should not be placed on any forward-looking statements and investors should carefully consider factors including, but not limited to, those risk factors discussed in the Company’s Annual Report on Form 10-K, filed with the SEC on March 9, 2022, and in the Company’s subsequently filed Quarterly Reports on Form 10-Q filed with the SEC. The Company assumes no obligation to update or revise any forward-looking statements except as may be required by law. Forward-looking statements in this press release and written and oral forward-looking statements attributable to the Company or its representatives after the date of this press release are qualified in their entirety by the cautionary statement contained in this paragraph and in other reports hereafter filed by the Company with the SEC.
Investor Relations & Media Contact:
Susan Allan, Overseas Shipholding Group, Inc.
(813) 209-0620
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The green iron startup works with largest steel producer in the U.S. to scale green steel production
BOULDER, Colo.--(BUSINESS WIRE)--Electra, a green iron company, announced it has partnered with Nucor Corporation (NYSE: NUE), the largest steel producer in the U.S. Through this partnership, Electra will scale its Low-Temperature Iron (LTI) solution that emits zero carbon dioxide emissions using low-grade ores and intermittent renewable electricity. In addition, through this partnership, Nucor, the largest EAF steelmaker and steel scrap recycler in North America, will use Electra's iron to further lower the carbon emissions of its industry-leading sustainable steel and steel products. Along with an equity investment in Electra, Doug Jellison, Executive Vice President of Raw Materials at Nucor, has joined Electra's market advisory board, bringing over 30 years of steel industry operational and management experience to the startup.
Electra has created a novel process to electrochemically refine iron ore into pure iron at 60 degrees Celsius (140 degrees Fahrenheit), or colder than a cup of coffee, from low-grade ores using intermittent renewable electricity. With zero gangue, zero embedded carbon emissions, and competitive with prime-grade scrap and ore-based metallic iron produced by fossil fuels, Electra's iron is an ideal feedstock for electric arc furnace (EAF) steelmaking.
For over 50 years, Nucor has used EAF steelmaking to recycle scrap metal into new steel products, making it one of the cleanest steel producers in the world. The new partnership with Electra builds on Nucor's commitment to a 35% reduction in the GHG intensity of its steelmaking by 2030.
“As part of our commitment to further reduce our GHG intensity, we are investing in a number of emerging technologies to help reduce our Scope 3 emissions for the raw materials mix we use to make advanced grades steel," said Doug Jellison, Executive Vice President of Raw Materials at Nucor. “Electra’s process to produce carbon-free iron has the potential to transform the steel industry.”
Sandeep Nijhawan, CEO and co-founder of Electra, said: "Today, as deployed renewable energy increases and the supply of higher-grade iron ores decreases, we see a significant opportunity for Electra's ironmaking process to drive sustainable iron and steelmaking. Electra's solution to remove gigatons of carbon dioxide emissions from steel production and other hard-to-abate industries goes hand-in-hand with Nucor's commitment to a sustainable future. We are grateful for partners like Nucor who are helping to scale Electra's process of green iron production."
For centuries, steel has been predominantly produced by burning coal, emitting about two tons of carbon dioxide per ton of steel and causing 10% of the global carbon dioxide emissions annually. In collaboration with Nucor, Electra's cost-effective green iron method, when paired with EAF steelmaking, presents a unique path to electrify and decarbonize the entire mine-to-metal value chain of the steel industry.
About Electra
Electra, a green iron company, is bending the trajectory of climate change by electrifying iron refining. Our products — pure green iron and other green feedstocks — remove gigatons of carbon dioxide emissions from steel production and other hard-to-abate industries, accelerating a return to a healthy carbon balance on earth. The company is headquartered in Boulder, CO with a development facility in Boston, MA. To learn more about Electra's mission, visit: www.electra.earth.
About Nucor
Nucor and its affiliates are manufacturers of steel and steel products, with operating facilities in the United States, Canada and Mexico. Products produced include: carbon and alloy steel -- in bars, beams, sheet and plate; hollow structural section tubing; electrical conduit; steel racking; steel piling; steel joists and joist girders; steel deck; fabricated concrete reinforcing steel; cold finished steel; precision castings; steel fasteners; metal building systems; insulated metal panels; overhead doors; steel grating; and wire and wire mesh. Nucor, through The David J. Joseph Company, also brokers ferrous and nonferrous metals, pig iron and hot briquetted iron / direct reduced iron; supplies ferro-alloys; and processes ferrous and nonferrous scrap. Nucor is North America's largest recycler.
Pakelody Cheam
BerlinRosen
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Simon Lomax
Electra Corporate Affairs Advisor
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Ceremonial event signals next step for moving the Louisiana Green Fuels project forward
COLUMBIA, La.--(BUSINESS WIRE)--Strategic Biofuels, the leader in developing deeply carbon-negative fuels plants, joined Louisiana Dept. of Transportation and Development (DOTD) Secretary Dr. Shawn Wilson and Port of Columbia (Port) representatives for a groundbreaking ceremony to signal construction commencing at the Port on several infrastructure improvement projects which will be funded by a $15 million grant from the DOTD Port Priority Program (PPP).
Construction of the first project will be led by Progressive Construction Co., who was recently awarded a contract from the Port, and will begin in December. Louisiana Green Fuels (LGF) project team members from contractors Koch, Hatch, ESI, HGA, Performance, and MMLH were also in attendance at the groundbreaking.
Strong local, state-wide and national support
To date, the Port has received nearly $17 million in federal and state grants in support of the LGF project. Strategic Biofuels has received the highest tax-exempt bond allocations from the State of Louisiana over the last two years and unanimous support from Caldwell Parish government and the broader community.
Governor John Bel Edwards has been a staunch advocate of the LGF project since Strategic Biofuels first announced Caldwell Parish as its home. Gov. Edwards stated “I’ve been thrilled to see the rapid progress Louisiana Green Fuels has generated over the past year. On behalf of our great state, we look forward to continuing to support the Strategic Biofuels team as they continue to move this project forward. It will have a long-lasting impact on northeast Louisiana, the country and the world.”
Recently, the Delta Regional Authority (DRA), awarded a $508.9k grant to help with infrastructure improvements at the Port of Columbia, which will positively impact the LGF project. These funds are being used to supplement the PPP funds that will widen and strengthen Riverton Camp Road, the primary access road, and complete an essential first step that will sustain construction of the $2.8 billion LGF project.
This latest award to the Port follows an announcement that the State Bond Commission and the Louisiana Community Development Authority granted their approval to LGF for a $1.1 billion tax-exempt bond cap to support the project. The Port was also awarded a $1.0 million grant from the Department of Homeland Security and FEMA through their Port Security Grant Program.
The most carbon-negative renewable diesel fuel plant in the world
The LGF project will use forestry waste to produce renewable fuel and electric power while capturing and sequestering the carbon dioxide produced – resulting in Life Cycle Associates scoring the carbon intensity at “minus 294”. All of the carbon in the fuel and in the sequestered CO2 was originally captured directly from the air by the trees. The project’s test well program proved that all the CO2 from this first and future plants can be sequestered, maximizing both the 45Q sequestration tax credits and the California LCFS credits. All of the fuel and the environmental credits are covered by a 20-year offtake agreement.
“We are proud to have all levels of government at the local, state and federal levels backing the Louisiana Green Fuels project and we are thankful for the immense support,” said Strategic Biofuels CEO Dr. Paul Schubert. “Funding and support from all sources is essential to the success of what we are trying to accomplish, and we are full steam ahead on bringing online the world’s first and most deeply carbon-negative renewable diesel fuel plant.”
For more information about Strategic Biofuels or the Louisiana Green Fuels project, visit: www.strategicbiofuels.com.
About Strategic Biofuels
Strategic Biofuels LLC is a team of energy, petrochemical and renewable technology experts focused on developing a series of deeply negative carbon footprint plants in northern Louisiana that convert waste materials from managed forests into renewable diesel fuel and renewable naphtha. The fuel qualifies for substantial Carbon Credits under the Federal Renewable Fuel Standard Program and under the California Low Carbon Fuels Standard.
About The Port of Columbia
The Port of Columbia is a Louisiana Economic Development (LED) Certified Site located six miles north of Columbia in Caldwell Parish. Certified Sites are development-ready industrial sites which have passed an extensive application process and exhaustive review by an independent, third-party engineering firm. The Port of Columbia is governed by a board of commissioners who are accountable to the Caldwell Parish government.
Hunter Dodson
512-448-4950
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Demonstrate economically viable renewables opportunities in ERCOT
SAN FRANCISCO--(BUSINESS WIRE)--Stem, Inc. (NYSE: STEM), a global leader in AI-driven clean energy solutions and services, today announced four 9.9 megawatts (MW) standalone energy storage projects in Texas with REX Storage Holdings, LLC (REX), an independent power producer focused on standalone battery energy storage systems (BESS) for ERCOT power customers. REX is a joint venture between Regis Energy Partners LP, an independent developer, owner, and operator of energy storage systems, and Excelsior Energy Capital (EEC), a leading investment fund focused on renewable power generation. The projects represent the first of a $400M equity commitment by REX to acquire additional construction-ready projects from Regis’ development pipeline within the Electric Reliability Council of Texas (ERCOT)’s territory, power supplier to more than 26 million customers representing approximately 90 percent of the state's electric load.
Regis is overseeing the projects’ development while Stem is supplying the battery hardware, Athena®, its leading AI clean energy management platform, and services over each project’s operating life. Stem’s proven expertise across multiple jurisdictions and depth of market knowledge were instrumental in understanding the complexities of the evolving ERCOT marketplace to position the projects for short- and long-term success. As a result, the projects are poised for optimized returns over their lifetime. The initial four energy storage systems are currently under construction and are planned to come online in 2023.
John Carrington, CEO of Stem, commented, “The energy storage market in Texas represents a significant growth opportunity for leading renewable energy investors like Excelsior who recognize the rich merchant revenue opportunities in the ERCOT market. Stem has spent the past decade helping project developers and independent power producers (IPPs) get projects to commission and drive higher economic output with our AI-driven Athena platform, energy consulting and support services, and ability to manage and optimize projects over time. We will continue to partner with regional developers like Regis to collectively help investors achieve their energy optimization goals in the region while accelerating the adoption of renewable assets.”
“Excelsior values long-term partnerships with trusted industry leaders. Stem and Regis bring the renewable energy expertise, technology, and regional insights to ensure we can quickly bring on resilient and successful clean energy projects across Texas. We look forward to progressing our business and environmental goals with this partnership,” said Anne Marie Denman, Co-Founder and Partner of Excelsior Energy Capital.
Daniel Senneff and Nathan Vajdos, co-founders and Managing Partners of Regis Energy Partners, added, “Distributed energy storage represents an unprecedented opportunity to rapidly modernize and strengthen Texas' electricity grid. With the incredible amount of support and expertise provided by Stem and Excelsior, Regis has been able to execute a focused business plan centered around speed and simplicity to develop this portfolio of high-value projects.”
About Stem
Stem (NYSE: STEM) provides clean energy solutions and services designed to maximize the economic, environmental, and resiliency value of energy assets and portfolios. Stem’s leading AI-driven enterprise software platform, Athena®, enables organizations to deploy and unlock value from clean energy assets at scale. Powerful applications, including AlsoEnergy’s PowerTrack, simplify and optimize asset management and connect an ecosystem of owners, developers, assets, and markets. Stem also offers integrated partner solutions to help improve returns across energy projects, including storage, solar, and EV fleet charging. For more information, visit www.stem.com.
About Excelsior Energy Capital
Excelsior Energy Capital is a pure-play renewable energy infrastructure fund focused on long-term investments in wind and solar power plants in North America. The Excelsior Team brings over 100 years of combined experience and a comprehensive set of strategic, financial, legal and operational expertise; making Excelsior Energy Capital a valuable partner for developers and operators, and a trusted manager for investors. For more information, visit http://www.excelsiorcapital.com.
About Regis Energy Partners LP
Regis is a private developer of utility-scale energy storage projects pursuing a portfolio of distribution-level assets in the ERCOT power market. The firm leverages a unique development strategy to identify opportunities at the highest demand-driven, volatility-persistent locations across the distribution grid where high voltage transmission-scale projects would be unviable. For more information, visit www.regis-energy.com.
Forward-Looking Statements
This release, as well as other statements we make, contain “forward-looking statements” within the meaning of the federal securities laws, which include any statements that are not historical facts. Such statements often contain words such as “expect,” “may,” “can,” “believe,” “predict,” “plan,” “potential,” “projected,” “projections,” “forecast,” “estimate,” “intend,” “anticipate,” “ambition,” “goal,” “target,” “think,” “should,” “could,” “would,” “will,” “hope,” “see,” “likely,” and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain, such as the success of the projects discussed in this release. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including but not limited to changing business, economic and political conditions in the markets in which we operate; the ongoing effects of the COVID-19 pandemic on our workforce, operations, financial results and cash flows; the effects of the ongoing conflict in Ukraine; our inability to secure sufficient inventory from our suppliers to meet customer demand, and provide us with contracted quantities of equipment; supply chain interruptions and manufacturing or delivery delays; disruptions in sales, production, service or other business activities; the risk that the total addressable market as a result of the Inflation Reduction Act is not as expected; the results of operations and financial condition of our customers and suppliers; our inability to achieve our financial and performance targets and other forecasts and expectations; the risk that the global commitment to decarbonization may not materialize as we predict, or even if it does, that we might not be able to benefit therefrom; our inability to help customers reduce GHG emissions to the extent desired; our inability to integrate and optimize energy resources; pricing pressure; inflation; weather and seasonal factors; general economic, geopolitical and business conditions in key regions of the world, including inflationary pressures, general economic slowdown or a recession, increasing interest rates, and changes in monetary policy; challenges, disruptions and costs of integrating our company following our acquisition of AlsoEnergy and achieving anticipated synergies, or such synergies taking longer to realize than expected; risks that the integration disrupts current plans and operations that may harm our business; uncertainty as to the effects of the transaction on the long-term value of our common stock; our ability to continue to grow and to manage our growth effectively; our ability to attract and retain qualified employees and key personnel; our ability to comply with, and the effect on their businesses of, evolving legal standards and regulations, particularly concerning data protection and consumer privacy and evolving labor standards; risks relating to the development and performance of our energy storage systems and software-enabled services; our inability to retain or upgrade current customers, further penetrate existing markets or expand into new markets; the risk that our business, financial condition and results of operations may be adversely affected by other political, economic, business and competitive factors; and other risks and uncertainties set forth in our most recent Forms 10-K, 10-Q and 8-K filed with or furnished to the SEC. If one or more of these or other risks or uncertainties materialize (or the consequences of any such development changes), or should our underlying assumptions prove incorrect, actual outcomes may vary materially from those reflected in our forward-looking statements. Statements in this press release are made as of the date of this release, and Stem disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.
Source: Stem, Inc.
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Suffolk successfully delivers largest fossil-fuel-free building in Boston history; team installs 1,500-foot-deep geothermal bores that harness Earth’s thermal resources underground to heat and cool building
BOSTON--(BUSINESS WIRE)--Suffolk, one of the largest and most innovative real estate and construction enterprises in the country, successfully delivered the Boston University Center for Computing & Data Sciences. The nineteen-story, 345,000 square foot facility, which is the tallest building on Boston University’s urban Charles River campus, is the university's most energy-efficient building and one of the most sustainable buildings in all of Massachusetts.
“We are honored and privileged to deliver one of the most sustainable and sophisticated buildings to the Boston University campus and City of Boston,” said John Fish, Chairman and CEO of Suffolk. “This iconic building is a striking addition to the Boston skyline and a tribute to the leadership and prestige of Boston University, the world-class stature of the City of Boston, the importance of sustainable design and construction, and the future of research and education.”
The facility itself is designed with intellectual collaboration in mind, featuring an all-glass interior that creates transparency and invites light deep into the building. The unique design of the structure, which is composed of a series of floorplates shifted and cantilevered around the building’s central core, creates a vertically stacked and staggered layout of “neighborhoods” for each academic discipline.
The Boston University Center for Computing & Data Sciences building is the first of its kind on the school’s campus and in the City of Boston. This unique, complex and sustainable building is one hundred percent fossil fuel free due to a geothermal bore system installed by Suffolk. The Suffolk team drilled and installed thirty-one bores, each approximately 1,500 feet deep into the earth, or approximately twice as deep as the tallest structure in Boston is high. The bores harness the thermal resources of the earth to heat and cool the building without the need to connect to a gas line, putting Boston University ahead of schedule for Carbon Free Boston, the city’s 2050 carbon neutrality goal.
The new facility also features triple-glazed windows that help contain heat inside the building, beautifully designed staircases that reduce elevator use and promote energy reduction, and terraces and green roofs that offer stunning views and reduce the urban heat island effect.
The new building will be home to Boston University’s Faculty of Computing & Data Sciences interdisciplinary academic unit, as well as a number of other departments and faculty members from throughout the University.
About Suffolk
Suffolk is a national enterprise that invests, innovates, and builds. Suffolk is an end-to-end business that provides value throughout the entire project lifecycle by leveraging its core construction management services with vertical service lines that include real estate capital investment, design, self-perform construction services, technology start-up investment and innovation research/development.
Suffolk is a national company with $5.0 billion in annual revenue, 2,500 employees and main offices in Boston (headquarters), New York, Miami, West Palm Beach, Tampa, Estero, Dallas, Los Angeles, San Francisco, and San Diego. Suffolk serves clients in every major industry sector, including healthcare, science and technology, education, gaming, transportation/aviation, and commercial. Suffolk is privately held and is led by founder, chairman and CEO John Fish. Suffolk is ranked #23 on the Engineering News Record list of “Top 400 Contractors.” For more information, visit www.suffolk.com and follow Suffolk on Facebook, Twitter, LinkedIn, YouTube, and Instagram.
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NÜRTINGEN, Germany--(BUSINESS WIRE)--#EVInfrastructure--ADS-TEC Energy (NASDAQ ADSE), a leading manufacturer of battery storage-based ultra-fast charging solutions, today announced a strategic partnership with sustainable mobility solutions company GP JOULE CONNECT, a leading systems provider for new mobility. As part of the collaboration, GP JOULE CONNECT will be deploying 30 ADS-TEC Energy ChargePost and 10 ChargeBox systems in 2023. Both companies aim to actively drive the expansion of charging infrastructure as well as the transformation of energy systems and jointly plan to build numerous battery storage-based, ultra-fast charging stations in Germany and elsewhere in Europe.
Customized energy concepts
GP JOULE CONNECT projects, plans, installs and operates e-charging parks as well as charging and energy management services for the real estate industry, charging parks, service stations, truck and bus depots and energy suppliers as well as infrastructure companies, with a focus on Germany, Austria and Switzerland. Working with MOBILIZE POWER SOLUTIONS, a joint venture of GP JOULE CONNECT with RENAULT GROUP for the three countries, it is also heavily involved in infrastructure solutions for fleets and the automotive sector. GP JOULE CONNECT also acts as a mobility service provider with an extensive charging network, enabling the sharing and pooling of e-vehicles including a modern booking and marketing platform.
The battery-buffered approach provided by the ADS-TEC Energy ultra-fast charging systems will enable expansion in both inner cities and rural areas, where the expansion of the network infrastructure is very expensive and complex, or in some cases even impossible.
Manuel Reich, managing director of GP JOULE CONNECT said, "In ADS-TEC Energy, we have found a strong, innovative partner, with products such as ChargeBox and ChargePost that combine high-performance, reliable technology with optimal, long-term total cost of ownership (TCO). We share similar values and visions, especially the desire to expand the charging infrastructure for climate-friendly mobility. I'm looking forward to working together, developing ideas together and realizing the first projects."
ChargePost and ChargeBox: Easy, fast installation and highest performance
The ultra-fast, battery-buffered ChargeBox system can be used both outdoors and indoors with its two separate charging columns. Completely ground-level installation is possible, with minimal construction required, saving time and costs. The system charges continuously from the available distribution grid at any given time, storing and boosting charging power up to 320 kilowatts (kW) for ultra-fast and whisper-quiet operation.
ChargePost is ADS-TEC Energy's recently-introduced ultra-fast charging station, which integrates two charging columns, complete with power electronics, battery storage and air conditioning in an extremely powerful, compact and quiet "all-in-one" system. Two charging points can be installed on a footprint of less than two square meters (21 square feet), for ultra-fast charging of more than 100 kilometers (over 60 miles) of range in just a few minutes. ChargePost delivers up to 300 kW DC power for one vehicle and 150 kW for two charging points used simultaneously, and offers between 144 and 201 kWh battery capacity, as well as one to two optional 75-inch advertising displays on the exterior surfaces.
Due to the uniquely powerful performance even in power-limited grids and the compact size of the charging technology, ADS-TEC Energy 2022 was nominated for the German Future Prize of the Federal President and elevated to his "Circle of Excellence."
Innovative network services and advertising space offer additional revenue streams for operators
ChargePost provides “plug-and-play” operation, connecting directly to the existing, power-limited grid. It also enables additional services: When used in conjunction with a photo-voltaic system, ChargePost allows electricity to be stored and then used to charge e-vehicles or used for grid services. The ability to also return stored energy bidirectionally to the grid is expected to be possible in the first half of 2023, opening up entirely new business models for operators.
ADS-TEC-Energy founder and CEO Thomas Speidel said, "We are delighted to collaborate with GP JOULE CONNECT, an experienced, high-performance partner with a holistic focus on the entire renewable energy value chain, whose offerings are supported in many ways by our storage and charging systems. We intend to aggressively advance the expansion of charging infrastructure together. We are already planning further exciting projects and look forward with great anticipation to a successful expansion of this partnership."
About GP JOULE
Founded in 2009 based on the belief that a 100% renewable energy supply is feasible, GP JOULE is now a system provider for integrated energy solutions from solar, wind and biomass power as well as being a partner at the supply level for electricity, heat, hydrogen and electric mobility. GP JOULE is thus a pioneering company in sector cross-linkage. Around 600 people work for the medium-sized group of companies in Germany, Europe and North America. GP JOULE is the winner of the Schleswig-Holstein Business Environment Award 2019 and the German Renewables Award 2020.
About GP JOULE CONNECT
GP JOULE CONNECT, a member of the GP JOULE Group, combines power generation from renewable energy sources with sustainable use in the form of e-mobility. CONNECT plans and implements projects around the core products of consulting, charging infrastructure, sharing/pooling and charging and energy management for the housing industry, vehicle fleets, energy suppliers, automotive and infrastructure operators.
About ADS-TEC Energy
ADS-TEC Energy plc, a public limited company incorporated in Ireland and publicly listed on NASDAQ (“ADS-TEC Energy”), serves as a holding company for ads-tec Energy GmbH, our operating company incorporated in Germany (“ADSE GM”) and ads-tec Energy Inc., a US subsidiary of ads-tec Energy GmbH (“ADSE US” and together with ADS-TEC Energy and ADSE GM, “ADSE”). Based on more than ten years of experience with lithium-ion technologies, ADS-TEC Energy develops and manufactures battery storage solutions and fast charging systems including their energy management systems. Its battery-based, fast charging technology enables electric vehicles to ultrafast charge even on low powered grids and features a very compact design. The high quality and functionality of the battery systems are due to a particularly high depth of development and in-house production. With its advanced system platforms, ADS-TEC Energy is a valuable partner for automotive, OEMs, utility companies and charge-operators.
More information on: www.adstec-energy.com
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include statements regarding our expectations with respect to future performance and the anticipated timing of certain commercial activities, such as the Company’s ability to secure critical materials for production and anticipated timing for recognition of revenue from new orders. There are a significant number of factors that could cause actual results to differ materially from the statements made in this press release, including: the impact of the COVID-19 pandemic, geopolitical events including the Russian invasion of Ukraine, macroeconomic trends including changes in inflation or interest rates, or other events beyond our control on the overall economy, our business and those of our customers and suppliers, including due to supply chain disruptions and expense increases; our limited operating history as a public company; our dependence on widespread acceptance and adoption of EVs and increased installation of charging stations; our current dependence on sales to a limited number of customers for most of our revenues; overall demand for EV charging and the potential for reduced demand for EVs if governmental rebates, tax credits and other financial incentives are reduced, modified or eliminated or governmental mandates to increase the use of EVs or decrease the use of vehicles powered by fossil fuels, either directly or indirectly through mandated limits on carbon emissions, are reduced, modified or eliminated; supply chain interruptions and expense increases; unexpected delays in new product introductions; our ability to expand our operations and market share in Europe and the U.S.; the effects of competition; changes to battery energy storage standards; and the risk that our technology could have undetected defects or errors. Additional risks and uncertainties that could affect our financial results are included under “Item 3. Key Information – 3.D. Risk Factors” in our annual report on Form 20-F filed with the Securities and Exchange Commission (the “SEC”) on April 28, 2022, which is available on our website at https://adstec-energy.com/corporate-governance/ and on the SEC’s website at www.sec.gov. Additional information will also be set forth in other filings that we make with the SEC from time to time. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by applicable law.
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Reinvention ‘reset’ seen as critical to achieving a more resilient, agile, sustainable, innovative and profitable future
NEW YORK--(BUSINESS WIRE)--As recent events, including threats to energy supply in Europe and uncertainty about commodity prices, have led the majority of oil and gas companies to increase their focus on energy security, the more progressive firms are accelerating reinvention plans with a holistic approach to balance energy supply with adopting low-carbon initiatives, according to a new report from Accenture (NYSE: ACN).
The report, titled “The Reinvention Reset — From Bold Plans to Pragmatic Actions,” is based on proprietary industry research and a global survey of more than 200 oil and gas executives. An update of the inaugural report Accenture published last year, the report focuses on identifying the executives’ plans to reinvent their companies according to a “5C” model encompassing competitiveness, connectivity, carbon, customer and culture.
Participants’ responses were aggregated to arrive at a Reinvention Index score for each company. The 10% of companies scoring highest — those taking decisive, holistic actions to bolster capabilities across the value chain, showing signs of total enterprise reinvention — were classified as “Leaders,” with the bottom 25% labeled “Laggards.”
“Faced with a host of disruptions — from longstanding underinvestment in production to the effects of the pandemic and the war in Ukraine — oil and gas companies must bolster their reinvention efforts now,” said Muqsit Ashraf, a senior managing director at Accenture who leads Accenture Strategy and the company’s Energy practice. “An enterprise-level approach is crucial. Companies might be tempted to pay less attention to non-hydrocarbon investments because energy security in the near-term depends on maintaining oil and gas production, but balancing near-term energy security and longer-term energy sustainability will be key to their ability to compete and deliver 360o Value.”
Reinvention is dominating the industry agenda, with nine out of 10 respondents (92%) in this year’s survey claiming they plan some form of reinvention, whether radical, significant or encompassing fundamental changes. Indeed, 70% of leaders and 50% of laggards view enterprise-wide transformation as a critical component in ensuring they remain competitive.
While embarking on such broad, holistic transformations, the report suggests oil and gas companies should aim for balanced energy portfolios to underpin the future energy system. Indeed, all companies indicate they are increasing their focus on both security and sustainability, but Leaders are taking a more balanced approach, with Laggards more focused on energy security.
Closing capability gaps in digital connectivity will also be critical as oil and gas firms seek to reinvent themselves — the report identified a large gap between Leaders and Laggards in this area. For instance, 94% of Leaders said that their remote operations are already highly connected and monitored in real time, compared with just 52% of Laggards.
“Although some companies are making progress with their connectivity efforts, more can be done to scale capabilities in this area,” Ashraf said. “To improve digitally enabled connectivity, they can combine technologies including 5G, edge computing and AI; invest in new areas like the metaverse to drive the future evolution of connected operations; and invest in people’s skillsets to unlock their potential.”
This and other Accenture reports can be explored in the company’s thought leadership app, Accenture Foresight, which provides a personalized feed of Accenture’s latest reports, case studies, blogs, interactive data charts, podcasts and more. Visit http://www.accenture.com/foresight.
About the Research
In early 2021, Accenture conducted its inaugural Oil and Gas Reinvention Index research to understand the actions companies were taking to meet the challenges of the energy transition, their progress toward reinvention and the outcomes they expect to achieve. This initiative, comprising surveys and industry research, was updated in 2022 to track the industry’s reinvention progress over time. The 2022 edition of the research included a survey of 201 C-suite executives from 201 companies globally. Responses from each of these participants were aggregated to arrive at a Reinvention Index (RI) Score for each company. The top 10% of the companies on this score were designated as “Leaders” and the bottom 25% designated as “Laggards.”
About Accenture
Accenture is a global professional services company with leading capabilities in digital, cloud and security. Combining unmatched experience and specialized skills across more than 40 industries, we offer Strategy and Consulting, Technology and Operations services and Accenture Song — all powered by the world’s largest network of Advanced Technology and Intelligent Operations centers. Our 721,000 people deliver on the promise of technology and human ingenuity every day, serving clients in more than 120 countries. We embrace the power of change to create value and shared success for our clients, people, shareholders, partners and communities. Visit us at accenture.com.
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New Award Builds Upon iSun’s Momentum in Maine Energy Market
WILLISTON, Vt.--(BUSINESS WIRE)--iSun, Inc. (NASDAQ: ISUN) (the "Company," or "iSun"), a leading solar energy and clean mobility infrastructure company with 50-years of experience accelerating the adoption of innovative electrical technologies, today announced that it was awarded a $2.4 million contract to implement solar energy solutions in Wilton, Maine.
HIGHLIGHTS:
“We are very pleased by our continued growth in the Maine market as the State tracks to meet its near-term Renewable Portfolio Standard requirements through 2026,” said Jeffrey Peck, Chairman and Chief Executive Officer of iSun. “This demonstrates the continued strong customer demand for solar energy in our markets, and the success of our team in expanding our footprint in key states. The transition to clean energy remains the most important initiative of our generation and we are proud to assist more communities in achieving alternative energy solutions.”
About iSun Inc.
Since 1972, iSun has accelerated the adoption of proven, life-improving innovations in electrification technology. iSun has been the trusted service provider to Fortune 500 companies for decades and has installed clean rooms, fiber optic cables, flight simulators, and over 600 megawatts of solar systems. The Company currently provides a comprehensive suite of solar services across residential, commercial, industrial & municipal, and utility scale projects and provides solar electric vehicle charging solutions for both grid-tied and battery backed solar EV charging systems. iSun believes that the transition to clean, renewable solar energy is the most important investment to make today and is focused on profitable growth opportunities. Please visit www.isunenergy.com for additional information.
Forward Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, effective tax rate, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.
The forward-looking statements included in this press release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the risk factors described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.
All forward-looking statements included in this press release are based on information currently available to us, and we assume no obligation to update any forward-looking statement except as may be required by law.
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DUBLIN--(BUSINESS WIRE)--The "Natural Gas Transportation Service - Online" directory has been added to ResearchAndMarkets.com's offering.
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Itron to Help Maryland’s Largest Gas and Electric Utility Lower Energy Consumption and Enhance the Wellbeing of the Community
LIBERTY LAKE, Wash.--(BUSINESS WIRE)--#BGE--Itron, Inc. (NASDAQ: ITRI), which is innovating the way utilities and cities manage energy and water, announced that it’s working together with Maryland’s largest gas and electric utility, Baltimore Gas & Electric (BGE), to connect and manage 260,000 Itron smart streetlights across the utility’s service territory. This will help reduce energy consumption and enhance the wellbeing and safety of the community. BGE will use its existing Itron multi-purpose IIoT network to connect the smart streetlights, which are expected to be deployed through 2026.
With safety top of mind, Itron's smart lighting solution automatically detects lamp and lighting power supply failures when they occur, enabling BGE to respond to problems in a timely manner. With each issue, maintenance crews will receive critical information, such as the location of the failure and the lamp type, so they can respond immediately and send a maintenance crew to address the issue. Itron's solution monitors several parameters to help identify streetlight problems before they occur. As an additional safety measure for Maryland residents and motorists, BGE will be able to control lighting levels instantly or on a scheduled basis. The utility can adjust each streetlight with on/off and dimming functionality.
BGE will take advantage of Itron’s Streetlight.Vision (SLV) Central Management System solution, SELC Networked Lighting Controllers (NLC) and SLV:GO, an integrated field operations platform from Itron partner, TerraGo Technologies, to accelerate deployment and improve efficiencies. BGE will utilize the proven and scalable SLV platform, delivered through a Software-as-a-Service model, to manage and monitor the smart streetlights added to their existing multi-purpose IIoT network. The SLV platform is extensible, allowing BGE to add other smart city applications in the future. As part of its other successful smart lighting deployments, the SELC NLC is already the preferred smart lighting controller used by Exelon (BGE’s parent company).
“BGE strives to increase the value of our energy infrastructure investments while bringing added benefits to our customers. With Itron’s solution, we can effectively manage, control and monitor the smart streetlights across our network while improving public safety,” said Eric Barger, principal project manager at BGE. “We also look forward to enhancing our lighting maintenance operations and becoming more energy efficient with Itron’s solution.”
“Extending the value of BGE’s IIoT network through the deployment of 260,000 smart streetlights demonstrates the scalability of Itron’s multi-application platform,” said John Marcolini, senior vice president of Networked Solutions at Itron. “We are excited to build upon our long-standing relationship with BGE and to help the utility achieve its energy and customer service goals by continuing to upgrade, modernize and expand its electrical systems.”
About Itron
Itron enables utilities and cities to safely, securely and reliably deliver critical infrastructure solutions to communities in more than 100 countries. Our portfolio of smart networks, software, services, meters and sensors helps our customers better manage electricity, gas and water resources for the people they serve. By working with our customers to ensure their success, we help improve the quality of life, ensure the safety and promote the well-being of millions of people around the globe. Itron is dedicated to creating a more resourceful world. Join us: www.itron.com.
Itron® is a registered trademark of Itron, Inc. All third-party trademarks are property of their respective owners and any usage herein does not suggest or imply any relationship between Itron and the third party unless expressly stated.
Itron, Inc.
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