HOUSTON--(BUSINESS WIRE)--Cheniere Energy, Inc. (“Cheniere”) (NYSE American: LNG) announced today that it plans to issue its earnings release with respect to third quarter 2022 financial results on Thursday, November 3, 2022 before the market opens. Cheniere will host a conference call for investors and analysts at 11:00 a.m. Eastern Time (10:00 a.m. Central Time) that day to discuss third quarter results.
A listen-only webcast of the call and accompanying slide presentation will be available on the Company’s website at www.cheniere.com. After completion of the webcast, a replay will be available on the Company’s website.
About Cheniere
Cheniere Energy, Inc. is the leading producer and exporter of liquefied natural gas (“LNG”) in the United States, reliably providing a clean, secure, and affordable solution to the growing global need for natural gas. Cheniere is a full-service LNG provider, with capabilities that include gas procurement and transportation, liquefaction, vessel chartering, and LNG delivery. Cheniere has one of the largest liquefaction platforms in the world, consisting of the Sabine Pass and Corpus Christi liquefaction facilities on the U.S. Gulf Coast, with total production capacity of approximately 45 million tonnes per annum (“mtpa”) of LNG in operation and an additional 10+ mtpa of expected production capacity under construction. Cheniere is also pursuing liquefaction expansion opportunities and other projects along the LNG value chain. Cheniere is headquartered in Houston, Texas, and has additional offices in London, Singapore, Beijing, Tokyo, and Washington, D.C.
For additional information, please refer to the Cheniere website at www.cheniere.com and Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, filed with the Securities and Exchange Commission.
Forward-Looking Statements
This press release contains certain statements that may include “forward-looking statements” within the meanings of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical or present facts or conditions, included herein are “forward-looking statements.” Included among “forward-looking statements” are, among other things, (i) statements regarding Cheniere’s financial and operational guidance, business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding regulatory authorization and approval expectations, (iii) statements expressing beliefs and expectations regarding the development of Cheniere’s LNG terminal and pipeline businesses, including liquefaction facilities, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements, (vi) statements regarding future discussions and entry into contracts, and (vii) statements relating to Cheniere’s capital deployment, including intent, ability, extent, and timing of capital expenditures, debt repayment, dividends, and share repurchases. Although Cheniere believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere’s periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere does not assume a duty to update these forward-looking statements.
Cheniere Energy, Inc.
Investors
Randy Bhatia, 713-375-5479
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Media Relations
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Phil West, 713-375-5586
KENNESAW, Ga.--(BUSINESS WIRE)--Yamaha U.S. Marine Business Unit announced today, Kerry Schroder, Senior District Service Manager and Ron Lubic, District Service Manager will serve as the Florida Technical and Co-Technical contest chairs for the SkillsUSA® Marine Service Technology competition. Schroder and Lubic each have over 25 years of experience in the marine industry and work with technical schools throughout the state of Florida by connecting students interested in marine service careers with Yamaha dealers, organizing job shadow days for students at Yamaha dealers, mentoring students in the classroom, supporting instructors by presenting them with the latest content and organizing local SkillsUSA® competitions.
“Kerry Schroder and Ron Lubic accomplished incredible things with the tech schools in Florida by garnering school involvement with the competitions,” said Gregg Snyder, Yamaha Marine Training Department Manager, National Technical Chairperson. “We are eager for them to lead the design of the Marine Service Technology competition while recruiting industry experts to support SkillsUSA®, ensuring the competition is conducted professionally and the student competitors have a quality experience.”
SkillsUSA® is a national membership association serving college/postsecondary, high school and middle school students who are preparing for careers in trade, technical and skill service occupations. The organization gives students opportunities to test their skills against others for a chance to compete on a national level to earn scholarships and other prizes.
SkillsUSA® competitions serve as excellent opportunities for marine dealers to recruit qualified technicians at the state level. Yamaha Marine Service team members attend roughly 10 state SkillsUSA® competitions during the year to support Yamaha students. Yamaha Marine dealers also attend these competitions to observe the students in action and network for future opportunities within their dealerships.
“Yamaha has a robust network of dealers throughout the state of Florida,” said Snyder. “SkillsUSA® competitions are great opportunities for these dealers to recruit trained professionals.”
State and regional SkillsUSA® competitions give Yamaha the chance to work directly with Technical School Partners (TSPs) to place talented, skilled professionals with certified Yamaha dealers. Yamaha Marine currently has more than 100 TSPs that offer Yamaha-certified marine technical training curriculum to students. Yamaha works with technical schools to improve their curriculum and classroom training aids. During the 2022 National competition, Yamaha sponsored 16 labs, which included individual skill stations and a written or online test.
SkillsUSA® has served about 14 million members since it was founded in 1965. This membership includes more than 394,000 students, instructors, alumni and advisors annually. SkillsUSA® has more than 19,000 local chapters and represents 130 occupational titles, or one-quarter of the jobs offered in the U.S.
Yamaha U.S. Marine Business Unit, based in Kennesaw, Ga., markets and sells marine outboard motors ranging in size from 2.5 to 425 horsepower. It also markets and sells fiberglass, jet-drive sport boats ranging from 19 to 27 feet, and personal watercraft. The unit includes manufacturing divisions of Yamaha Marine Systems Co., Inc., including Kracor of Milwaukee (rotational molding), Bennett Marine of Deerfield Beach, Fla. (trim tabs), and Yamaha Marine Precision Propellers of Indianapolis (stainless steel propellers). Yamaha Marine Group is a division of Yamaha Motor Corporation, U.S.A., based in Cypress, Calif.
This document contains many of Yamaha's valuable trademarks. It may also contain trademarks belonging to other companies. Any references to other companies or their products are for identification purposes only and are not intended to be an endorsement.
REMEMBER to always observe all applicable boating laws. Never drink and drive. Dress properly with a USCG-approved personal floatation device and protective gear.
© 2022 Yamaha Motor Corporation, U.S.A. All rights reserved.
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Yamaha U.S. Marine Business Unit
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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 LG Display presented the Company with the Technology Innovation Award during its Tech Forum event that was held October 5 to October 8, 2022.
“We are honored to receive this distinguished award from our esteemed partner of approximately two decades,” said Steven V. Abramson, President and Chief Executive Officer of Universal Display Corporation. “Our collaboration with leading panel maker LG Display began when the OLED industry was still in its nascent research stage, and this longstanding relationship has grown into a strong partnership. As a pioneer in the OLED industry, we are continuously expanding our R&D investments and initiatives to innovate, invent, develop and deliver novel, state-of-the-art OLED technologies and next-generation, energy-efficient phosphorescent materials. I applaud our brilliant team and their commitment to excellence for this prestigious recognition.”
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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DUBLIN--(BUSINESS WIRE)--The "Global Automotive Filter Market By Vehicle Type, By Filter Type, By Applications, By Filter Media, By Demand Category, By Region, Competition Forecast and Opportunities, 2027" report has been added to ResearchAndMarkets.com's offering.
The global automotive filter market is anticipated to grow at a CAGR of 3.82% during the forecast period to reach USD60,148.69 million by 2027.
Anticipated growth in the market can be attributed to increasing initiatives to control pollutants emitting from vehicle engine, which is harmful for human health. Furthermore, increase in demand from OEM and aftermarket is also expected to drive the growth of the global automotive filter market in the upcoming five years.
The automotive filter is divided into three segments which consist of air filter, fuel filter and oil filter. As we are moving toward the sustainable energy, at the same time we are also focusing on the quality of air we are breathing. The purpose of these filters is to trap all the impurities which could directly affect the wear and tear condition of engine in all types of vehicles.
These impurities can either be dust or any contaminants in the air. Oil filter application is to filter back the impurities from oil to various engine components, which helps engine to run smoothly and give it a longer life. The fuel and gas injected during internal combustion should be free from any kind of impurities for better mileage and power. A tiny dust particle can impact the performance of engine.
Air filter is divided into two sub-segments based on their application i.e. cabin filter and engine filter. Cabin filters out the pollen, dust, and airborne particles which enters the cabin through ventilation, air conditioning, or heating system. From recent research it was stated that engine emits hazardous gases which enters the cabin. This hazardous gas is harmful to the human health.
Growing Concerns for Environment Sustainability Drives the Market Growth
Increase in pollution is one of the major opportunities for the filter market. The exhaust emission released from the vehicle contains hazardous pollutants which are harmful to the health. Government & agencies are focusing to minimize this issue as much as possible. Companies such as MANN+HUMMEL are working on the Nanofiber technology for the automobile filters. As the market players are moving toward sustainable energy, at same time they are also focusing on the quality of air we are breathing. This nanofiber technology can trap the microbials size up to 10 nm and could be used in both cabin filters & engine filters.
Increasing Vehicles on Road Drives the Market Growth
Existing vehicles on road and production of new vehicles is expected to drive the filter market growth. Automakers have been constantly working on technologies that can help the automotive manufacturers to reduce the carbon emission in vehicles to increase the overall performance of the vehicle. As people are getting more environment-conscious & prefer to use electric vehicle which only uses cabin filters. Battery filters is the new segment by filters application. They are being used in the electric vehicle for ventilation & thermal control for battery. The increase in demand for electric vehicle is expected to increase the air filter overall share.
Government Regulation and Emission Standards Drives the Market Growth
Emission standards and regulations imposed by government are expected drive the global automotive filter market. As global warming has forced governments around the world to take serious measures regarding the carbon emission at early stage. The French government has introduced 'Crit'Air vignette' clean air sticker in some of the cities which cost around USD 4.74 per vehicle.
Companies Mentioned
Report Scope:
In this report, global automotive filter market has been segmented into following categories, in addition to the industry trends, which have also been detailed below:
Automotive Filter Market, By Vehicle Type:
Automotive Filter Market, By Filter Type:
Automotive Filter Market, By Application:
Automotive Filter Market, By Filter Media
Automotive Filter Market, By Demand Category
Automotive Filter Market, By Region:
For more information about this report visit https://www.researchandmarkets.com/r/pmwu5i
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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DALLAS--(BUSINESS WIRE)--Flowserve Corporation (NYSE: FLS), a leading provider of flow control products and services for the global infrastructure markets, announced today the company was awarded a contract to supply its vertical turbine pumps to McMillen Jacobs Associates for its design, engineering and construction services on the West Kauai Energy Project (WKEP) – a comprehensive, integrated renewable energy and irrigation project which will help the state of Hawaii reach its goal of a future with zero carbon emissions.
With the launch of the Hawaii Clean Energy Initiative in 2008, Hawaii became the first U.S. state to commit to 100% clean renewable energy by 2045. Through an agreement between the Kauai Island Utility Cooperative (KIUC) and a U.S. utility and power generation company, the WKEP will utilize state land and water for the following main objectives: renewable energy production via hydroelectric generation, renewable energy production via solar photovoltaic (PV) generation, pumped hydroelectric and battery storage, and irrigation delivery to support diversified agriculture.
Flowserve vertical turbine pumps will enable the sophisticated engineering design of the hydropower and pumped storage components of the project. Upon WKEP’s completion, the project is expected to equip Kauai with 25% of its electricity needs. Specifically, the pumped hydropower will provide twelve hours of daily storage – a significant improvement to the standard storage from existing solar battery facilities which provide up to only five hours. This extended duration will allow the island to run on 100% renewable energy for longer periods of time without requiring sunlight. “We are excited to be a part of this meaningful project. Through our purpose to make the world better for everyone, we are well positioned to support Hawaii’s ambitious goals on the path to zero emissions,” said Tamara Morytko, president, Flowserve pumps division. “As we look to expand in low-carbon markets through the energy transition, Flowserve’s role in the WKEP is deeply aligned with our 3D growth strategy to diversify, decarbonize and digitize.”
To learn more about how Flowserve’s innovative solutions and services are helping customers through the energy transition, visit https://www.flowserve.com/en/energy-transition/energy-transition-in-motion/.
To see other ways Flowserve is helping reduce carbon emissions for our customers and in our own operations, read our 2021 ESG Report: https://www.flowserve.com/en/esg/corporate-sustainability/.
About Flowserve: Flowserve Corp. is one of the world’s leading providers of fluid motion and control products and services. Operating in more than 55 countries, the company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services. More information about Flowserve can be obtained by visiting the company’s Web site at www.flowserve.com.
Safe Harbor Statement: This news 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, 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 news 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 following: the impact of the global outbreak of COVID-19 on our business and operations; a portion of our bookings may not lead to completed sales, and our ability to convert bookings into revenues at acceptable profit margins; changes in global economic conditions and the potential for unexpected cancellations or delays of customer orders in our reported backlog; our dependence on our customers’ ability to make required capital investment and maintenance expenditures; if we are not able to successfully execute and realize the expected financial benefits from our strategic transformation and realignment initiatives, our business could be adversely affected; risks associated with cost overruns on fixed-fee projects and in taking customer orders for large complex custom engineered products; the substantial dependence of our sales on the success of the oil and gas, chemical, power generation and water management industries; the adverse impact of volatile raw materials prices on our products and operating margins; economic, political and other risks associated with our international operations, including military actions, trade embargoes, epidemics or pandemics or changes to tariffs or trade agreements that could affect customer markets, particularly North African, Russian and Middle Eastern markets and global oil and gas producers, and non-compliance with U.S. export/re-export control, foreign corrupt practice laws, economic sanctions and import laws and regulations; increased aging and slower collection of receivables, particularly in Latin America and other emerging markets; our exposure to fluctuations in foreign currency exchange rates, including in hyperinflationary countries such as Venezuela and Argentina; our furnishing of products and services to nuclear power plant facilities and other critical processes; potential adverse consequences resulting from litigation to which we are a party, such as litigation involving asbestos-containing material claims; expectations regarding acquisitions and the integration of acquired businesses; our relative geographical profitability and its impact on our utilization of deferred tax assets, including foreign tax credits; the potential adverse impact of an impairment in the carrying value of goodwill or other intangible assets; our dependence upon third-party suppliers whose failure to perform timely could adversely affect our business operations; the highly competitive nature of the markets in which we operate; environmental compliance costs and liabilities; potential work stoppages and other labor matters; access to public and private sources of debt financing; our inability to protect our intellectual property in the U.S., as well as in foreign countries; obligations under our defined benefit pension plans; our internal control over financial reporting may not prevent or detect misstatements because of its inherent limitations, including the possibility of human error, the circumvention or overriding of controls, or fraud; the recording of increased deferred tax asset valuation allowances in the future or the impact of tax law changes on such deferred tax assets could affect our operating results; our information technology infrastructure could be subject to service interruptions, data corruption, cyber-based attacks or network security breaches, which could disrupt our business operations and result in the loss of critical and confidential information; ineffective internal controls could impact the accuracy and timely reporting of our business and financial results; and other factors described from time to time in our filings with the Securities and Exchange Commission.
All forward-looking statements included in this news release are based on information available to us on the date hereof, and we assume no obligation to update any forward-looking statement.
Investor Contacts:
Jay Roueche, Vice President, Investor Relations & Treasurer, (972) 443-6560
Mike Mullin, Director, Investor Relations, (214) 697-8568
Media Contact:
Morgan Contreras, Director, Corporate Communications, (214) 476-0084
DUBLIN--(BUSINESS WIRE)--The "Germany Hydropower Market Size and Trends by Installed Capacity, Generation and Technology, Regulations, Power Plants, Key Players and Forecast, 2022-2035" report has been added to ResearchAndMarkets.com's offering.
The report gives information on the different types of power sources available in the country. The report discusses the hydropower market in the country and provides forecasts up to 2035.
The report highlights installed capacity and power generation trends from 2010 to 2035 in the country's hydropower market. The report also provides company snapshots of some of the major market participants.
Scope
Reasons to Buy
Key Topics Covered:
1. Introduction
1.1 Carbon Dioxide Emissions, Global, 2001-2021
1.2 Primary Energy Consumption, Global, 2001-2021
1.3 Report Guidance
2. Power Market, Germany, 2010-2035
2.1 Power Market, Germany, Installed Capacity, 2010-2035
2.2 Power Market, Germany, Annual Generation, 2010-2035
3. Hydropower Market, Germany
3.1 Hydropower Market, Germany, Installed Capacity, 2010-2035
3.2 Hydropower Market, Germany, Annual Generation, 2010-2035
3.3 Hydropower Market, Germany, Market Size, 2010-2030
3.4 Hydropower Market, Germany, Power Plants
3.5 Hydropower Market, Germany, Deal Analysis, 2021
4. Hydropower Policy, Germany
4.1 Hydropower Policy, Germany, Overview
5. Hydropower Market, Germany, Company Profiles
5.1 Uniper SE
5.2 Schluchseewerk AG
5.3 Entega AG
5.4 EnBW Energie Baden-Wurttemberg AG
5.5 Brandl Motor
6. Appendix
For more information about this report visit https://www.researchandmarkets.com/r/w0adqa
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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EL CAMPO, Texas--(BUSINESS WIRE)--Prairie Energy Partners, a wholly owned company of Southern Rock Energy Partners (www.southernrockenergypartners.com), is working to finalize the location of its proposed $5.56 billion and 423-job next-generation, full conversion crude refinery—with the final two competing sites in Victoria County, Texas and Payne and Lincoln County, Oklahoma.
The refinery complex will reduce and eliminate 95% of greenhouse gas emissions (carbon dioxide, carbon monoxide, methane, nitrogen oxide, and sulfur oxide); reduce water production and consumption by 90%, with 80% further recycled and repurposed; and use a reduced footprint of only 400 acres while still producing approximately 91.25 million barrels or 3.8325 billion gallons annually of cleaner transportation fuels including gasoline, diesel, and jet fuel from crudes sourced domestically from the Eagle Ford, Permian, DJ, and Bakken Basins.
While most refineries consume natural gas in the process heating units, this proposed facility would instead combine pure oxygen with "blue" hydrogen (produced from refining off-gases) and "green" hydrogen (from electrolysis), with steam being the primary waste stream. The Prairie Energy Partners' refinery will be powered by 100% renewable electricity, either sourced from the grid or generated on-site from recycled and repurposed waste heat, geothermal, and solar assets. The facility’s hydrogen complex will be the only unit of the facility that produces carbon dioxide, which will be captured and sequestered. Logistics would be provided by a new bidirectional refined products pipeline connecting to nearby terminals, an 8-bay truck terminal, a 300-car rail terminal, and a 4-barge marine terminal located at or near the project site. The resulting facility would be a novel, best-in-class, decarbonized refinery.
Prairie Energy Partners intends a capital investment of $5.56 billion, while creating at least 1,250 temporary jobs during the multi-year construction period and 423 full-time, permanent jobs to operate the facility. Construction is anticipated to begin in 2023, with commercial operations commencing in 2025. The facility is expected to benefit the local community with an estimated $3 billion economic impact during the construction period and $150 million annually thereafter. This scale of project is not possible without strong support from the local community, which has agreed to support Prairie Energy Partners with local economic development incentives and service agreements.
Advisors: Baker Botts L.L.P (www.bakerbotts.com) is advising Southern Rock Energy Partners. The Baker Botts team is led by Julie Mayo, and includes Renn Neilson, Matt Larsen, Bucky Brannen and Connie Simmons Taylor.
About the Company: Led by Steven Ward, Southern Rock Energy Partners is a next generation integrated energy company established in 2017 to decarbonize and advance hydrocarbon industry while further assisting in the development of the renewable industry.
Steven Ward at This email address is being protected from spambots. You need JavaScript enabled to view it.
EASTON, Md.--(BUSINESS WIRE)--$WULF #Bitcoin--TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), which owns and operates vertically integrated, domestic bitcoin mining facilities powered by more than 91% zero-carbon energy, today announced it has increased its total operating capacity to more than 1.6 EH/s at its Lake Mariner facility in New York. The Company also announced $17 million of new capital, comprised of an approximate $9.5 million non-brokered private placement of equity (the “Private Placement”) and $7.5 million of incremental proceeds under the Company’s Term Loan.
Increased Operating Capacity
TeraWulf today announced it has expanded its operating capacity to exceed 1.6 EH/s. This follows the recent full energization of Building 1 (50 MW) at the Company’s Lake Mariner facility in New York. Building 2 (also 50 MW) at Lake Mariner remains on track to be energized by the end of Q4 2022, expanding the Company’s expected near-term self-mining operating capacity to 3.8 EH/s.
TeraWulf’s Founder and Chief Executive Officer, Paul Prager, commented, “We are pleased to achieve such a significant ramp of mining operations at Lake Mariner, and look forward to further expanding our operating capacity in the months ahead. I would like to thank the tireless construction team at Lake Mariner for their extraordinary work on getting this facility online and increasing our hashing capacity as efficiently and safely as possible.”
As previously announced, the Nautilus Cryptomine facility is in the final stages of construction and is projected to begin mining this quarter. The Nautilus Cryptomine, a partnership between TeraWulf and Talen Energy Corp., has access to up to 300 MW of bitcoin mining capacity from the 2.3 GW Susquehanna Nuclear Station in Pennsylvania and is expected to be the first domestic bitcoin mining facility site that is powered by 100% “behind the meter” nuclear energy.
TeraWulf continues to target reaching a total of 5.8 EH/s of operational mining capacity across its two mining facilities in Q1 2023.
Incremental Capital
In connection with the Private Placement, the Company has entered into a securities purchase agreement with existing investors for approximately $9.5 million of common stock shares and warrants to acquire 7,481,746 additional shares of its common stock (the "Warrants"). The Warrants will be exercisable immediately upon issuance, in whole or in part, at an exercise price of $1.93 per share and will have a five-year term. Aggregate gross proceeds from the offering were approximately $9.5 million, before deducting estimated offering expenses payable by the Company, based on an offering price equal to the trailing 10-day volume weighted price of $1.26 for each share of the Company's common stock plus one Warrant.
Simultaneous with the Private Placement, the Company drew an incremental $7.5 million of available proceeds under its $50 million Term Loan add-on facility entered into in July 2022 with existing lenders. TeraWulf intends to use net proceeds of the Private Placement, in conjunction with the incremental debt, to fund expenditures related to Bitcoin mining infrastructure and equipment, as well as for general corporate purposes.
“With this funding, we are well positioned to continue the value creating deployment of our mining facilities and move the Company a step closer to self-sustaining operations,” said Patrick Fleury, TeraWulf’s Chief Financial Officer.
“We are grateful to our investors, including some who have been with the Company since its inception, and our lenders for their continued support and confidence in our management team,” added Paul Prager.
The securities were offered in a private placement under the Securities Act of 1933, as amended (the "Act") and have not been registered under the Act, or applicable state securities laws. Pursuant to a registration rights agreement with the investors, the Company has agreed to file one or more registration statements with the Securities and Exchange Commission covering the resale of the shares of common stock and the shares issuable upon exercise of the Warrants.
About TeraWulf
TeraWulf (Nasdaq: WULF) owns and operates vertically integrated environmentally clean bitcoin mining facilities in the United States. Led by an experienced group of energy entrepreneurs, the Company is currently developing two mining facilities, Lake Mariner in New York and the Nautilus Cryptomine Facility in Pennsylvania, with the objective of over 800 MW of mining capacity deployed by 2025, enabling over 23 EH/s of expected hashrate. TeraWulf generates domestically produced bitcoin powered by nuclear, hydro, and solar energy with a goal of utilizing 100% zero-carbon energy. With a core focus of ESG that ties directly to its business success, TeraWulf expects to offer attractive mining economics at an industrial scale.
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, as amended. Such forward-looking statements include statements concerning anticipated future events and expectations that are not historical facts. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. In addition, forward-looking statements are typically identified by words such as "plan," "believe," "goal," "target," "aim," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project," "continue," "could," "may," "might," "possible," "potential," "predict," "should," "would" and other similar words and expressions, although the absence of these words or expressions does not mean that a statement is not forward-looking. Forward-looking statements are based on the current expectations and beliefs of TeraWulf's management and are inherently subject to a number of factors, risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be those that have been anticipated. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including, among others: (1) conditions in the cryptocurrency mining industry, including fluctuation in the market pricing of bitcoin and other cryptocurrencies, and the economics of cryptocurrency mining, including as to variables or factors affecting the cost, efficiency and profitability of cryptocurrency mining; (2) competition among the various providers of cryptocurrency mining services; (3) changes in applicable laws, regulations and/or permits affecting TeraWulf's operations or the industries in which it operates, including regulation regarding power generation, cryptocurrency usage and/or cryptocurrency mining; (4) the ability to implement certain business objectives and to timely and cost-effectively execute integrated projects; (5) failure to obtain adequate financing on a timely basis and/or on acceptable terms with regard to growth strategies or operations; (6) loss of public confidence in bitcoin or other cryptocurrencies and the potential for cryptocurrency market manipulation; (7) the potential of cybercrime, money-laundering, malware infections and phishing and/or loss and interference as a result of equipment malfunction or break-down, physical disaster, data security breach, computer malfunction or sabotage (and the costs associated with any of the foregoing); (8) the availability, delivery schedule and cost of equipment necessary to maintain and grow the business and operations of TeraWulf, including mining equipment and infrastructure equipment meeting the technical or other specifications required to achieve its growth strategy; (9) employment workforce factors, including the loss of key employees; (10) litigation relating to TeraWulf, IKONICS and/or the business combination; (11) the ability to recognize the anticipated objectives and benefits of the business combination; and (12) other risks and uncertainties detailed from time to time in the Company's filings with the Securities and Exchange Commission ("SEC"). Potential investors, stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. TeraWulf does not assume any obligation to publicly update any forward-looking statement after it was made, whether as a result of new information, future events or otherwise, except as required by law or regulation. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company's filings with the SEC, which are available at www.sec.gov.
Company:
Sandy Harrison
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(410) 770-9500
Mercy Ships Announces the Global Mercy™ will visit Sierra Leone in late summer 2023
GARDEN VALLEY, Texas--(BUSINESS WIRE)--During an audience with His Excellency Julius Maada Bio, President of the Republic of Sierra Leone, the government of Sierra Leone and Mercy Ships extended their existing protocol agreements for their newest hospital ship, the Global Mercy® to visit Sierra Leone.
“Thank you, Mercy Ships, for your continuous humanitarian and medical support towards providing treatment to people with various medical conditions worldwide. This partnership agreement which was signed pre-covid includes a 10-month Global Mercy deployment for free surgical care in partnership with local institutions in Sierra Leone. The hospital ship will serve as a platform for training our healthcare professionals to build capacity. Programs will ensure that the positive impact of Mercy Ships will continue long after the ship leaves the shores of Sierra Leone. This partnership will support our vision to ensure a functional national health system delivering efficient, high-quality healthcare services that are accessible, equitable and affordable for all,” stated H.E. President Julius Maada Bio.
Mercy Ships CEO Gert van de Weerdhof highlighted the partnership with the government of Sierra Leone. “We are excited to confirm that we are planning a future return to Sierra Leone. This will be our sixth field service working alongside this nation. Now we can fully step into an important season of assessing existing needs and identifying how we can best support to deliver hope and healing to those in tremendous need of surgical care.”
When the Global Mercy docks in the host nation’s port, crew will provide free surgical care for thousands of people, training for local healthcare workers and more. All services by Mercy Ships are provided free of charge to the participant, thanks to donors around the world and their support of the volunteer professionals onboard their hospital ships.
"This long-lasting partnership paves the way for Mercy Ships to continue to engage closely with the government of Sierra Leone and to strengthen our joint commitment to improving access to safe surgical care," stated Dr. Sandra Lako, Country Director for Mercy Ships in Sierra Leone.
“A collaborative approach is the strongest way to strengthen health systems,” added Dr Mark Shrime, International Chief Medical Officer for Mercy Ships. Meetings were facilitated by Dame Ann Gloag, Mercy Ships international board member who has also been working with Sierra Leone for many years.
Past Freetown, Sierra Leone port visits by a Mercy Ship include: 2001, 2002, 2003, 2004, and 2011.
Sierra Leone is a rapidly growing country with an estimated population of 8.6 million according to UN statistics (1). Sierra Leone is positioned at 182 out of 189 countries and territories in the Human Development Index which Mercy Ships uses to assess areas of need for service. The median age in Sierra Leone is 18.5 years, which is disproportionately young and makes for a very young working population. Life expectancy is 55.5 years.
The Global Mercy is scheduled to visit Dakar Senegal early 2023 for several months prior to Sierra Leone.
(1) source: https://worldpopulationreview.com/countries/sierra-leone-population
ABOUT MERCY SHIPS:
Global health for the last two decades has focused on individual diseases, while surgical care in low-resource countries has not received the attention it needs. Lack of surgical care resulted in almost 17 million deaths annually.
Mercy Ships is an international faith-based organization that operates hospital ships to deliver free, world-class healthcare services, medical capacity building, and health system strengthening to those with little access to safe surgical care. Since 1978, Mercy Ships has worked in more than 55 countries, with the last three decades focused entirely on partnering with African nations. Each year, volunteer professionals from over 60 countries serve on board the world’s two largest non-governmental hospital ships, the Africa Mercy® and the Global Mercy™. Professionals such as surgeons, dentists, nurses, health trainers, cooks, and engineers dedicate their time and skills to the cause. Mercy Ships has offices in 16 countries and an Africa Bureau. For more information, visit mercyships.org and follow us @MercyShips on social media.
Hi-res photos and general Mercy Ships B-Roll video footage are available upon request.
Laura Rebouche’
U.S. National Media Relations Director
Mercy Ships
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www.mercyships.org/press
NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Clean Energy Fuels Corp. (Nasdaq:CLNE) announced today it will release financial results for the third quarter of 2022 on November 8, 2022 after market close, followed by an investor conference call at 4:30 p.m. Eastern time (1:30 p.m. Pacific time). President and Chief Executive Officer of Clean Energy Andrew J. Littlefair and Chief Financial Officer Robert M. Vreeland will host the call.
Investors interested in participating in the live call can dial 1.800.458.4121 from the U.S. and international callers can dial 1.646.828.8193. A telephone replay will be available approximately two hours after the call concludes through Thursday, December 8, 2022 by dialing 1.844.512.2921 from the U.S., or 1.412.317.6671 from international locations, and entering Replay Pin Number 3761917.
There also will be a simultaneous, live webcast available on the Investor Relations section of the Company's web site at www.cleanenergyfuels.com, which will be available for replay for 30 days.
About Clean Energy Fuels Corp.
Clean Energy Fuels Corp. is the country’s largest provider of the cleanest fuel for the transportation market. Our mission is to decarbonize transportation through the development and delivery of renewable natural gas (RNG), a sustainable fuel derived from organic waste. Clean Energy allows thousands of vehicles, from airport shuttles to city buses to waste and heavy-duty trucks, to reduce their amount of climate-harming greenhouse gas. We operate a vast network of fueling stations across the U.S. and Canada. Visit www.cleanenergyfuels.com and follow @ce_renewables on Twitter.
Robert M. Vreeland, CFO
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DUBLIN--(BUSINESS WIRE)--The "Battery Materials Market by Battery Type (Lead-Acid, Lithium-ion), Material (Cathode, Anode, Electrolyte), Application (Automotive, EV, Portable devices, industrial), and Region (Asia Pacific, North America, Europe, RoW) - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global battery material market size is estimated to be USD 57.8 billion in 2022 and is projected to grow at a CAGR of 15.8% during the forecast period to reach USD 120.4 billion by 2027. The market has a promising growth potential due to several factors such as increasing demand for sustainable vehicles and energy storage system, portable devices, and electronics product.
The lithium ion type battery is expected to register the highest CAGR of the overall battery materials market during the forecast period, in terms of value.
Lithium ion batteries are used in the Evs, portable device, and electronics product. For many years China has been the top EVs manufacturers and consumer. The country's top position in the Evs and portable devices has helped Asia Pacific gain a significant share in the global battery materials market. Growing economy, such as India, China, and Indonesia are also actively engaged in EVs and electronics product production that have boost the demand for battery materials. This scenario is expected to continue during the forecast period.
The electric vehicle application is projected to register the highest CAGR during the forecast period.
Electric vehicle is the market driver in this segment globally. Growth in applications, including electric vehicles, portable device, and electronics product. There is strong demand for these applications from the Asia Pacific region, especially from developing countries such as China, India, South Korea, Japan, and Indonesia. Global battery material manufacturers are establishing their manufacturing facilities or sales offices in these emerging regions to cater to the increasing demand.
Market Dynamics
Drivers
Restraints
Opportunities
Challenges
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Battery Materials Market, by Battery Type
7 Battery Materials Market, by Material
8 Battery Materials Market, by Application
9 Battery Materials Market, by Region
10 Competitive Landscape
11 Company Profiles
12 Adjacent/Related Markets
13 Appendix
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/6q72sr
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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DUBLIN--(BUSINESS WIRE)--The "Global Solar Paint Market, By Technology (Solar Paint Hydrogen, Quantum Dot (Photovoltaic Paint), Perovskite Solar Paint), By End User, By Application, By Region, Competition Forecast and Opportunities, 2017-2027" report has been added to ResearchAndMarkets.com's offering.
The global solar paint market is expected to grow at a significant rate during the forecast period. The market growth can be attributed to the surging demand for renewable energy due to enhanced eco-consciousness and growing initiatives by the government to cut down carbon footprint with the use of sustainable energy sources. Solar paints are composed by mixing photovoltaic particles in the paint and applied on the walls, doors, frames, etc. to convert solar energy into electricity.
Although solar paint is still in the experimental stage, market players are developing different type of solar paints such as Quantum dots, Perovskite solar paint, and hydrogen-producing solar paint, which is expected to increase their adoption in the coming years. Besides, advancements in the renewable energy products for better productivity and maximizing energy outputs are also fueling the growth of the global solar paint market.
Researchers are increasingly working to improve the efficiency of solar paints and make them affordable and cost-effective to promote their application in the global solar paint market, which is expected to drive the growth of the global solar paint market in the coming years.
Surging demand for alternative forms of energy owing depleting natural energy resources like fossil fuels and growing renewable energy production worldwide are also propelling the global solar paint market growth. Moreover, advancements in the renewable energy generation and increasing need to make solar energy generation affordable are substantiating the growth of the global solar paint market in the forecast period.
Years Considered for This Report:
Objective of the Study:
Companies Mentioned
Report Scope:
In this report, global solar paint market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Solar Paint Market, By Technology:
Solar Paint Market, By End User:
Solar Paint Market, By Application:
Solar Paint Market, By Region:
For more information about this report visit https://www.researchandmarkets.com/r/olqvjs
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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NEW YORK & OSLO, Norway & LUXEMBOURG--(BUSINESS WIRE)--FREYR Battery (NYSE: FREY) (“FREYR”), a developer of clean, next-generation battery cell production capacity, has entered into an agreement with Aleees (TWSE: 5227), the Taiwan-based lithium-iron phosphate (“LFP”) cathode battery material manufacturer. The agreement, which includes ongoing services and support from Aleees, provides FREYR with a worldwide license to produce and sell LFP cathode material based on Aleees’ technology, and to build production facilities leveraging Aleees’ industrial expertise. FREYR anticipates that the agreement will enable FREYR to meet the future LFP cathode material needs of the Giga Arctic battery production facility in Mo i Rana, Norway. Volumes could furthermore be deployed to FREYR’s planned Giga America project in the U.S.
Aleees offers complete LFP cathode battery material manufacturing technology and related patents to customers, primarily within the energy storage and EV battery spaces. Through the license and services agreement, FREYR has obtained non-exclusive rights to use Aleees’ technology and production methodology related to active LFP cathode material.
FREYR previously announced plans to establish an LFP cathode plant in the Nordic region with the ambition to commence production in 2024, coinciding with the anticipated ramp-up of operations from Giga Arctic. Establishing a Nordic LFP cathode supply chain is expected to bring strong economic benefits to FREYR and the Nordic region based on localized and decarbonized production and transportation of raw materials to battery cell manufacturing facilities. FREYR is also in initial discussions with other 24M licensing partners for the potential sale of LFP material produced by FREYR which could enable value creating opportunities through further upscaled and decarbonized production facilities.
“There is high global demand at present for active cathode material in general and LFP material in particular. By consummating this licensing agreement with Aleees, FREYR is well-positioned to achieve speed and scale of LFP cathode production for our Giga Arctic battery manufacturing plant and beyond. Aleees is one of the best-established LFP cathode producers outside of mainland China and is recognized for their world-class production technology. FREYR should derive an advantage by accessing the knowledge and capabilities of the Aleees team to help FREYR build a strong, localized supply chain for high quality raw materials,” commented Dr. Tilo Hauke, EVP of Supply Chain Management, FREYR.
“We are eager to support FREYR in bringing more innovation and greater sustainability to the battery industry. This license agreement lays the foundation to the start of a long and beneficial relationship, in which we will bring our expertise and ability to the Nordic region, to ensure that the supply chain stays local while battery production remains global, to keep up with the intense demand stemming from the ongoing energy transition,” added Edward Chang, Chief Executive Officer of Aleees.
Aleees is an approved supplier of LFP cathode material to 24M Technologies, Inc. (“24M”), FREYR’s U.S.-based partner. 24M’s SemiSolid™ technology platform features a larger and thicker electrode design that is intended to deliver higher energy density per volumetric unit while also reducing production costs.
“Earlier this year, we announced our intention to explore opportunities with Aleees as a potential partner for LFP cathode development. With the licensing agreement now signed, I’m pleased to say that we are in a solid position to keep momentum on our journey to localize and decarbonize battery cell production and their supply chains in the Nordic region. LFP cathode materials comprise 40% or more of the cost of a battery cell and currently account for more than 45% of the projected full-cycle supply chain carbon footprint of cells. Through this agreement and in cooperation with Aleees, FREYR is positioned to become a low cost and low carbon producer of LFP cathode material. We are honored and pleased to add Aleees to our continuously growing list of leading partners in the sustainable battery value chain,” commented FREYR’s Co-Founder and Chief Executive Officer Tom Einar Jensen.
About FREYR Battery
FREYR Battery aims to provide industrial scale clean battery solutions to reduce global emissions. Listed on the New York Stock Exchange, FREYR’s mission is to produce green battery cells to accelerate the decarbonization of energy and transportation systems globally. FREYR has commenced building the first of its planned factories in Mo i Rana, Norway and announced potential development of industrial scale battery cell production in Vaasa, Finland, and the United States. FREYR intends to install 50 GWh of battery cell capacity by 2025 and 100 GWh annual capacity by 2028 and 200 GWh of annual capacity by 2030. To learn more about FREYR, please visit www.freyrbattery.com.
About Aleees
Aleees (TWSE: 5227), founded in 2005 with main office and factory located in Taiwan, is a lithium-iron phosphate (LFP) battery material manufacturer with longest history as well as an IP licensor in the world, and is also one of the few companies outside China with [complete] LFP battery material manufacturing technology and patents. Aleees Taiwan owns more than 120 exclusive patents worldwide, with customers including world-renowned energy storage battery and EV battery customers across Europe, U.S., Japan, Korea, and Asia. At present Aleees co-develops various types of LFP, LFMP products with more than 40 global customers, and produces high-quality, low-cost, and long-life cycle LFP cathode materials. In the 17 years since its establishment, it has accumulated more than 15,000 tons of LFP product shipments totally from Taiwan facility.
At the same time, Aleees has also achieved outstanding results in ESG, and its corporate governance performance has been among the top 5% of all listed companies in Taiwan for 7 consecutive years.
Aleees is committed to providing customers with first-class quality, safe and reliable products, and has obtained major international certifications including ISO9001, ISO14001, ISO14064, ISO/TS 16949, OHSAS18001 and corporate social responsibility AA1000 and so on.
For more information, please visit www.aleees.com.
Cautionary Statement Concerning Forward-Looking Statements
All statements, other than statements of present or historical fact included in this press release, including, without limitation, statements regarding FREYR’s ability to develop clean battery solutions and achieve large-scale battery cell production; the licensing agreement’s ability to enable FREYR to supply the future needs of its Giga Arctic battery production facility in Mo i Rana, Norway; the possibility that volumes could eventually be deployed to FREYR’s planned Giga America project in the U.S.; the ability of initial discussions with other 24M licensing partners for the potential supply of LFP material to enable value creating opportunities through upscaled and decarbonized production facilities; the projection that LFP cathode materials are expected to account for 45% of the projected full-cycle supply chain carbon footprint of cells to be produced in Mo i Rana; the expectation that a Nordic LFP cathode supply chain will bring strong economic benefits to FREYR and the Nordic region based on localized and decarbonized production and transportation of raw materials to battery cell manufacturing facilities; FREYR’s ability to achieve speed and scale when it comes to producing LFP cathode for FREYR’s Giga Arctic battery manufacturing plant; 24M’s SemiSolid™ technology platform’s ability to deliver higher energy density per volumetric unit while also reducing production costs; the licensing agreement’s ability to lay the foundation for keeping up with the intense demand stemming from the ongoing energy transition; and the ability of Aleees’ knowledge and capabilities to contribute in achieving FREYR’s goal of building a strong, localized supply chain for quality raw materials are forward-looking and involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results.
Most of these factors are outside FREYR’s control and difficult to predict. Information about factors that could materially affect FREYR is set forth under the “Risk Factors” section in (i) FREYR’s Registration Statement on Form S-3 filed with the Securities and Exchange Commission (the "SEC") on September 1, 2022, and (ii) FREYR’s annual report on Form 10-K filed with the SEC on March 9, 2022, available on the SEC’s website at www.sec.gov.
Investor contact:
Jeffrey Spittel
Vice President, Investor Relations
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Tel: (+1) 281-222-0161
Media contact:
Katrin Berntsen
Vice President, Communication and Public Affairs
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Tel: (+47) 920 54 570
FORT WORTH, Texas & LOS ANGELES--(BUSINESS WIRE)--American Airlines today announced its strategic equity investment in Universal Hydrogen Co., a company building a green hydrogen distribution and logistics network for aviation. The investment supports American’s science based targets to reduce greenhouse gas (GHG) emissions by 2035, and ultimately its commitment to achieve net zero GHG emissions by 2050. This investment makes American the first U.S. airline to make two direct investments focused on the development of both hydrogen-electric propulsion technology and the future of hydrogen distribution logistics.
Universal Hydrogen’s fuel distribution network uses modular hydrogen capsules that are handled like cargo, eliminating the need for new fueling infrastructure at airports and speeding up fuel loading operations. Universal Hydrogen anticipates starting hydrogen deliveries for regional aircraft in 2025, with plans to expand its services to larger, single aisle aircraft — first for auxiliary power in the late-2020s and then as a primary fuel by the mid-2030s. Because these segments represent two-thirds of aviation emissions — and with green hydrogen being a true zero-carbon fuel — these advances put aviation on a path to meet Paris Agreement emissions targets.
“This technology has the potential to be a game-changer on the industry’s path to zero-emission flight,” said American’s Chief Financial Officer Derek Kerr. “As the world’s largest airline, American has a responsibility to exercise leadership in making aviation sustainable. Our investment in Universal Hydrogen represents a vote of confidence for green hydrogen as a key element of a sustainable future for our industry.”
American joins Airbus Ventures, GE Aviation and Toyota Ventures, as well as several major hydrogen producers and aircraft lessors, as strategic investors in Universal Hydrogen.
“Together with our investors, we are putting together the end-to-end value chain to make hydrogen aviation a near-term commercial reality,” said Paul Eremenko, co-founder and CEO of Universal Hydrogen. “This move by American is a strong signal that customers want a true zero-emissions solution for passenger aviation and are willing to back tangible, pragmatic steps to get there quickly.”
About American Airlines Group
To Care for People on Life’s Journey®. Shares of American Airlines Group Inc. trade on Nasdaq under the ticker symbol AAL and the company’s stock is included in the S&P 500. Learn more about what’s happening at American by visiting news.aa.com and connect with American on Twitter @AmericanAir and at Facebook.com/AmericanAirlines.
About Universal Hydrogen
Universal Hydrogen is building a hydrogen logistics network to fuel the future of aviation today. Hydrogen is the ideal fuel for flight and will power aviation’s new golden age, where planes are powered by renewables and emit nothing but water. The company’s modular hydrogen capsules move over the existing freight network from production directly to the airplane anywhere in the world. Universal Hydrogen is also working to certify a powertrain conversion kit to retrofit existing regional aircraft to fly on hydrogen. The company has gathered the world’s leading aviation and hydrogen talent to give the industry the option of clean flight, forever. To learn about career opportunities at Universal Hydrogen, visit: https://www.hydrogen.aero/careers.
Cautionary statement regarding forward-looking statements and information
Certain of the statements contained in this release should be considered forward-looking statements within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by words such as “may,” “will,” “expect,” “intend,” “anticipate,” “believe,” “estimate,” “plan,” “project,” “could,” “should,” “would,” “continue,” “seek,” “target,” “guidance,” “outlook,” “if current trends continue,” “optimistic,” “forecast” and other similar words. Such statements include, but are not limited to, statements about the company’s plans, objectives, expectations, intentions, estimates and strategies for the future, and other statements that are not historical facts. These forward-looking statements are based on the company’s current objectives, beliefs and expectations, and they are subject to significant risks and uncertainties that may cause actual results and financial position and timing of certain events to differ materially from the information in the forward-looking statements. These risks and uncertainties include, but are not limited to, those set forth herein as well as in the company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 (especially in Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations and Part II, Item 1A. Risk Factors), and other risks and uncertainties listed from time to time in the company’s other filings with the Securities and Exchange Commission. Additionally, there may be other factors of which the company is not currently aware that may affect matters discussed in the forward-looking statements and may also cause actual results to differ materially from those discussed. The company does not assume any obligation to publicly update or supplement any forward-looking statement to reflect actual results, changes in assumptions or changes in other factors affecting these forward-looking statements other than as required by law. Any forward-looking statements speak only as of the date hereof or as of the dates indicated in the statement.
American Airlines | This email address is being protected from spambots. You need JavaScript enabled to view it.
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DUBLIN--(BUSINESS WIRE)--The "Global Tugboats Market 2022-2026" report has been added to ResearchAndMarkets.com's offering.
The tugboats market is poised to grow by 405 actual units during 2022-2026, accelerating at a CAGR of 13.72% during the forecast period. The report on the tugboats market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.
The report offers an up-to-date analysis regarding the current global market scenario, latest trends and drivers, and the overall market environment. The market is driven by rise in global oil and natural gas demand, construction and expansion of seaports, and increase in maritime trade and fleet size.
The tugboats market analysis includes the type segment and geographic landscape.
The tugboats market is segmented as below: By Type
By Geographical Landscape
This study identifies the increasing popularity of eco-friendly tugboats as one of the prime reasons driving the tugboats market growth during the next few years. Also, the adoption of additive manufacturing technique for manufacturing tugboat components and the development of autonomous tugboats will lead to sizable demand in the market.
The report on the tugboats market covers the following areas:
Key Topics Covered:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Type
6 Market Segmentation by Type
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/8l44mm
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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LONDON--(BUSINESS WIRE)--Lodbrok Capital LLP, in its capacity as one of the largest shareholders in REC Silicon ASA, recently sent the letter below to the company’s Board:
REC Silicon ASA (“REC”)
Fornebuveien 84
PO Box 63
1324 Lysaker
Norway
Attn: The Directors of the Board
GOVERNANCE CONCERNS RELATED TO REC SILICON
10 October 2022
Dear directors,
Certain funds and accounts managed or advised by Lodbrok Capital LLP (“Lodbrok”) own 5.2 million shares in REC (OSE:RECSI), making Lodbrok one of the largest shareholders in the company, and hold close to 20% of the 2023 senior secured bond. Lodbrok has been invested in REC continuously since our inception in 2017, and we have supported the company through difficult times, including by anchoring the bond refinancing in 2018 and by supporting the equity raise in 2019.
Lodbrok believes REC is significantly undervalued considering its two highly strategic assets in rapidly expanding industries, which benefit from political tailwinds and potentially strong profitability outlook, and we would recommend that:
In the absence of appropriate responses to the recommended actions set out above, Lodbrok will vote to reject all proposals on the EGM scheduled for 21 October 2022.
Value potential
We have been believers in the potential of REC for more than half a decade, and we are highly encouraged by recent developments in both the political and the industrial landscape. In our opinion, REC has an exceptional platform from which to capitalise on the accelerated push towards sustainable energy and the electrification of the auto industry.
The Butte plant is the world’s largest supplier of silane gas, with a very substantial market share, meaningful barriers to entry, and a fairly stable level of profitability, which we believe could easily attract strategic interest in a valuation range of $300-400 million. On current share prices, we estimate this would imply a $320-420 million valuation of Moses Lake, which corresponds to 19-25% of the reported c. $1.7 billion invested in the plant – all the while REC is negotiating offtake contracts with Hanwha Corporation and Hanwha Solutions (“Hanwha”) for 100% of the plant’s capacity, with potential for additional demand from battery anode producers going forward.
With polysilicon spot prices close to $40 per kg, we estimate that Moses Lake, with its 18,000MT capacity, alone could generate close to half a billion dollars in annual EBITDA if it could sell 100% of its capacity in the open market. When factoring in the required reactivation capex, we estimate this would imply a <2x EV/EBITDA on the current market value of REC. Even in a scenario where polysilicon prices were to drop as much as 40%, to around $22 per kg, by our estimates, REC could still generate more than $200 million in annual EBITDA, which would imply around 4x EV/EBITDA on the current market valuation (incl. required capex). Alternatively, if Butte could be sold for $300-400 million, and the Moses Lake plant could sell 100% of its volume at a price that is 40% below current spot prices, the current valuation of REC would imply that Moses Lake would be valued at around 3x EV/EBITDA. For a business with strategic products for the US solar industry and the lithium-ion battery markets, and the know-how and experience to consider avenues for deeper expansion into these rapidly growing industries, we believe REC could have potential to command much higher EBITDA multiples.
While we recognise the expected supply growth from Chinese producers in the coming years and its potential impact on polysilicon prices, we believe that the energy markets in general – and the solar market in particular – will become increasingly bifurcated between Western and Eastern producers, from which REC should stand to benefit. We believe the incumbent US producers in the solar value chain, such as REC, will continue to enjoy political support for the development of a domestic value chain and be able to command a materially higher margin than what a global supply curve would suggest. A range of new government initiatives from the last year should drive investments in US based solar and battery supply chains, increase demand for semiconductor grade polysilicon and silicon gases, and more broadly drive adoption of clean energy technologies.
Moreover, Lodbrok has spent a significant amount of resources on other investment opportunities in the battery industry, and from our considerable time spent with experts on the benefits of distributing silicon on anodes by way of silane gas, as well as analysing the potential cost efficiencies for the battery producers and car manufacturers, we believe REC has the potential to command a very large premium on selling silane gas to anode producers rather than current end markets. From the recent investment behaviour of several anode producers, we consider it obvious how strategically important REC’s silane gas is, but we believe the market may underestimate the ability REC could have to extract premium pricing on its product. While we appreciate that the adoption of silane gas in anode production could be a slow process, we have been a patient investor to date, and we are encouraged by the pace of recent developments.
Finally, over the last 18 months we have submitted a proposal to anchor a refinancing of the expensive bonds and continuously displayed a willingness to be part of a refinancing solution for the very expensive senior secured bond. We are hopeful that the company’s lack of engagement on this reflects confidence in being able to source attractive bank financing that can minimize any potential future equity raise required to ramp up Moses Lake, and the positive developments in recent quarters have given us greater confidence that this should be attainable.
In short, we believe REC is uniquely positioned with two highly strategic assets in rapidly expanding industries that should benefit from lasting political tailwinds, strong profitability outlook and attractive funding opportunities.
Governance concerns
Despite what we consider very important positive developments and an attractive long-term outlook, the share price has largely gone sideways during the last 18 months. We believe part of this share price development is potentially attributable to concerns around poor corporate governance protocols, as recently illustrated by the very negative market reaction to the replacement of the interim CEO during a crucial time for the company.
In the last year, Hanwha has replaced Aker Horizon as the leading shareholder and acquired 1/3 of REC’s shares. During that period, the company has witnessed the departure of its long-serving CEO, Tore Torvund, and now recently the departure of its interim CEO and long-serving CFO, James May. Meanwhile the new board of directors saw the sudden and unexplained departure of one of its two independent directors, Heike Heiligtag, which left Hanwha with two out of three remaining board seats, with the top two executives at REC having been replaced.
Against this backdrop, REC has reported that it has executed an MOU with Hanwha Solutions for polysilicon, with negotiations underway to complete the supply contract and Hanwha having proposed an offtake contract for 100% of the production at Moses Lake. Furthermore, REC has reported that discussions are ongoing with Hanwha Corporation for REC’s silane gas, which we believe will be a highly strategic product for anode manufacturers going forward.
While we welcome and understand Hanwha’s interest in REC’s products, we believe the situation potentially gives rise to material conflicts of interests. Lodbrok has repeatedly flagged concerns directly to the REC management team about the importance of arm’s length negotiations between REC and Hanwha. We are deeply troubled by the departure and replacement of REC’s two leading executives during this crucial time, coupled with the sudden departure of one of two independent board members, leaving the board now controlled by a shareholder that holds a minority of the equity, at a time when that shareholder is potentially looking to acquire the vast majority of the company’s future production. Having been invested in REC for more than half a decade, we are highly concerned that a new executive team, which we have never had an opportunity to meet and which has effectively been selected by a Hanwha-controlled board, will lead the company through the finalisation of a potentially company-defining contract with Hanwha.
We believe any offtake contract directly entered into between Hanwha and REC will be a related party agreement under the Norwegian Public Limited Liability Companies Act, rendering adoption by a shareholder meeting required, at which Hanwha should be excluded from voting. Moreover, we believe Hanwha board representatives should be disqualified from participating in the board considerations of any agreements or corporate reorganization related to a Hanwha entity or contract, and we do not believe that the remaining two board members – as implied under the currently proposed board composition – constitute an appropriate quorum for such considerations.
We also note with concern that the nomination committee, made up by Junghey Chae (chair and employee of Hanwha), Sungchoon Kang and Jieun Lee, have found it reasonable in its EGM proposal to let Hanwha obtain half of the board seats, including the chair and deputy chair, despite Hanwha only holding 1/3 of the shares and being in negotiations with REC for very large contracts.
We want to ensure that non-Hanwha shareholders in REC – who hold the majority of the shares – are given due consideration as governed by Oslo Stock Exchange regulations and the Norwegian Securities Trading Act regarding equal treatment of shareholders, and in our opinion a minority shareholder should at best have minority representation on the board. Under the proposed corporate governance model, Lodbrok will push for a full independent investigation of any potential offtake contracts signed between REC and Hanwha.
Lodbrok intends to reject the current proposals on the EGM scheduled for 21 October 2022.
Recommended actions
Lodbrok believes REC should immediately postpone its EGM scheduled for 21 October to provide more time for additional board candidates to be identified and considered. We believe appropriate governance would dictate that any minority shareholder should only have minority representation at the board. Moreover, given the negotiations with Hanwha, we think REC could benefit from a non-Hanwha shareholder being represented on the board.
If Hanwha wants to effectively control the board, while potentially signing offtake agreements for the majority of REC’s production, we believe Hanwha must increase its equity stake in the company. If Hanwha intends to put in place large offtake contracts at prices consistent with arm’s length negotiations, we believe substantial and attractively priced debt should be available for REC, which could finance a substantial portion of an acquisition of the remaining 2/3 of the equity (and refinancing of the $12m of net debt). Any potential divestment of Butte could further contribute to minimize the required funding for Hanwha to implement such a transaction.
Absent such an ownership increase, it is our opinion that the board, made up by a majority of directors unrelated to Hanwha, should hire an M&A advisor to evaluate strategic interest in REC and a commercial advisor that ensures all other potential counterparties are given fair consideration to maximise value for all stakeholders in REC. While such a process may have been pursued while Aker Horizon was the largest shareholder, we believe the landscape for energy security has dramatically changed since that time, and there is now much greater certainty on the political dynamics related to the US solar and battery value chains. We believe these forces leave REC with substantially improved prospects of attracting acquisition interest and commercial relationships.
In summary, Lodbrok believes REC is significantly undervalued considering its two highly strategic assets in rapidly expanding industries, which benefit from political tailwinds and potentially strong profitability outlook, and we would recommend that:
Hanwha has the potential to be a great strategic shareholder for REC, but if Hanwha will remain a 1/3 shareholder with contracts for the majority of REC’s production, it is essential that the company maintains the right governance model and independent management team to ensure all other shareholders will be able to participate fairly in the great value potential we see for the business.
Sincerely,
Mikael Brantberg
Chief Investment Officer
Lodbrok Capital LLP
Joachim Bale
Partner
Lodbrok Capital LLP
Lodbrok Media Contacts
Nepean
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DUBLIN--(BUSINESS WIRE)--The "Germany Wind Power Market Size and Trends by Installed Capacity, Generation and Technology, Regulations, Power Plants, Key Players and Forecast, 2022-2035" report has been added to ResearchAndMarkets.com's offering.
This report offers comprehensive information and understanding of the wind power market in Germany with discussions on the renewable power market in the country and provides forecasts up to 2035.
The report highlights installed capacity and power generation trends from 2010 to 2035 in the country's wind power market. A detailed coverage of renewable energy policy framework governing the market is provided in the report. The report also provides company snapshots of some of the major market participants.
Scope
Reasons to Buy
Key Topics Covered:
1. Introduction
1.1 Carbon Dioxide Emissions, Global, 2001-2021
1.2 Primary Energy Consumption, Global, 2001-2021
1.3 Report Guidance
2. Renewable Power Market, Germany
2.1 Renewable Power Market, Germany, Installed Capacity, 2010-2035
2.2 Renewable Power Market, Germany, Power Generation, 2010-2035
3. Wind Power Market, Germany
3.1 Wind Power Market, Germany, Installed Capacity, 2010-2035
3.2 Wind Power Market, Germany, Power Generation, 2010-2035
3.3 Wind Power Market, Germany, Market Size, 2010-2030
3.4 Wind Power Market, Germany, Power Plants
3.5 Wind Power Market, Germany, Turbine Market, 2012-2026
3.6 Wind Power Market, Germany, Deal Analysis, 2021
4. Renewable Energy Policy Framework, Germany
4.1 Renewable Energy Market, Overview
4.2 Renewable Energy Targets
4.3 National Energy and Climate Plan (NECP) (2021-2030)
4.4 German Coalition Green Energy Plans
4.5 National Hydrogen Strategy
4.6 Renewable Energy Source Act (EEG)
4.7 Renewable Energy Auctions (2020)
4.8 Omnibus Energy Act
4.9 Nuclear Phase Out by 2022
4.10 New Combined Heat and Power (CHP) Act, 2016
4.11 Offshore Grid Development Plan 2030 (2017/2019)
4.12 Tenants' Solar Power Supply
5. Wind Power Market, Germany, Company Profiles
5.1 Uniper SE
5.2 MVV Energie AG
5.3 Entega AG
5.4 EnBW Energie Baden-Wurttemberg AG
5.5 E.ON SE
6. Appendix
For more information about this report visit https://www.researchandmarkets.com/r/g2uisc
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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KILGORE, Texas--(BUSINESS WIRE)--Martin Midstream Partners L.P. (“MMLP” or the “Partnership”) (NASDAQ: MMLP) announced the sale of its Stockton Sulfur Terminal (the “Stockton Terminal”) to Gulf Terminals LLC. The net proceeds of approximately $5.25 million will be used to reduce outstanding borrowings under the Partnership’s revolving credit facility.
Bob Bondurant, President and Chief Executive Officer of Martin Midstream GP LLC, the general partner of MMLP stated, “Over the last several years, the Partnership has sought opportunities to strengthen our balance sheet and reduce outstanding debt to lower our leverage. As a result, we have successfully completed multiple non-core asset sales allowing us to focus on our refinery services business segments. And while the sulfur business remains a strategic piece of our operations, the Stockton Terminal was considered a non-core asset as it is geographically removed from our focus on the U.S. Gulf Coast area where our primary sulfur assets are located.”
About Martin Midstream Partners
Martin Midstream Partners L.P. is a publicly traded limited partnership with a diverse set of operations focused primarily in the United States Gulf Coast region. The Partnership's primary business lines include: (1) terminalling, processing, storage, and packaging services for petroleum products and by-products; (2) land and marine transportation services for petroleum products and by-products, chemicals, and specialty products; (3) sulfur and sulfur-based products processing, manufacturing, marketing and distribution; and (4) natural gas liquids marketing, distribution, and transportation services.
Additional information concerning Martin Midstream is available on its website at www.MMLP.com.
MMLP-E
About Gulf Terminals LLC
Gulf Terminals LLC is a privately held company providing safe and reliable supply chain solutions across the United States. Rooted in the model of providing safe operational excellence, Gulf Terminals is excited to continue offering sulfur handling and forming solutions for both refineries and consumers. With over 100 years of combined leadership in sulfur handling, we believe the Stockton Terminal will be the next chapter of growth and success for Gulf Terminals.
Martin Midstream Partners L.P.
Sharon Taylor – Chief Financial Officer
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(877) 256-6644
Gulf Terminals LLC
James Palmer – President
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50-50 partnership focuses on filling the pipeline critical to advancing the hydrogen economy
WILMINGTON, Del.--(BUSINESS WIRE)--$CC--The Chemours Company (“Chemours”) (NYSE: CC), a global chemistry company leading in Titanium Technologies, Thermal & Specialized Solutions, and Advanced Performance Materials, announced plans to enter into a joint venture with BWT FUMATECH Mobility GmbH, an established player in multiple hydrogen markets, focused on membrane manufacturing in the field of fuel cell technology. Completion of the transaction is subject to customary regulatory approvals. The joint venture—THE Mobility F.C. Membranes Company GmbH—is rooted in both companies’ understanding of the critical role heavy-duty fuel cell (HDFC) membranes play in driving the global hydrogen economy. Through this partnership, Chemours and BWT will integrate their complementary capabilities, resources, and technological expertise—as well as more than 85 years of combined experience in fuel cell membrane innovation—to expedite supply to original equipment manufacturers (OEMs) and to ensure growing demand is met in the near and long terms.
Chemours—inventor of Nafion™ ion exchange membranes and dispersions, which are inextricable to the hydrogen economy—possesses great expertise in the production of the building blocks of high-performance HDFC membranes. Located in Germany, THE Mobility F.C. Membranes Company will cooperate with FUMATECH—a subsidiary of the private Austrian-based BWT Group—and its existing production technology and line operations to convert Chemours Nafion™ ion exchange materials into industry-leading end-product membranes. The companies estimate that within 12 months of startup, the joint venture will be able to ramp up the capacity of manufacturing heavy-duty humidifier and fuel cell membranes for strategic long-term customers.
“The estimated size of the heavy-duty fuel cell membrane market is expected to grow to about $900M by 2030, which speaks volumes to how critical this technology is, and will continue to be, as the planet pursues robust goals for decarbonization,” said Denise Dignam, President of Advanced Performance Materials at Chemours. “Chemours is committed to taking on the world’s biggest challenges through the power of our chemistry and driving investment in supporting the hydrogen economy. This joint venture with BWT FUMATECH demonstrates the exact type of collaboration that empowers us to uphold that commitment. This is an ideal partnership, possessing everything required to go from monomer to membrane with the agility, efficiency, and production volume necessary to bring affordable hydrogen energy solutions to mass markets.”
“In coming together to combine the best assets and competencies of both partners, THE Mobility F.C. Membranes Company GmbH, will focus on establishing the resources and processes to secure the path for long-term success in line with the growth within the hydrogen space,” said Andreas Weissenbacher, CEO BWT. “Ultimately, our work together will fill a pipeline of needed products critical to achieving a global, sustainable hydrogen economy."
Climate policies, such as the U.S. Inflation Reduction Act (IRA), European Green Deal, and other future-oriented policy frameworks on the EU and member state level, will drive significant changes to the energy, transportation, and manufacturing industries as well as spark innovation in clean technology with billions of dollars in new climate and energy spending. With the foundation of Chemours’ strong polymer technology and FUMATECH’s optimized manufacturing technology, the joint venture company aims to play a significant role in servicing the hydrogen economy pipeline with a supply of highly engineered HDFC membranes. At the outset, THE Mobility F.C. Membranes Company will supply to the European Union, United States, Japan, China, and Korea, enabling downstream customers to accelerate broad conversion to green, hydrogen-powered heavy-duty transportation.
About The Chemours Company
The Chemours Company (NYSE: CC) is a global leader in Titanium Technologies, Thermal & Specialized Solutions, and Advanced Performance Materials providing its customers with solutions in a wide range of industries with market-defining products, application expertise and chemistry-based innovations. We deliver customized solutions with a wide range of industrial and specialty chemicals products for markets, including coatings, plastics, refrigeration and air conditioning, transportation, semiconductor and consumer electronics, general industrial, and oil and gas. Our flagship products include prominent brands such as Ti-Pure™, Opteon™, Freon™, Teflon™, Viton™, Nafion™, and Krytox™. The company has approximately 6,400 employees and 29 manufacturing sites serving approximately 3,200 customers in approximately 120 countries. Chemours is headquartered in Wilmington, Delaware and is listed on the NYSE under the symbol CC.
For more information, we invite you to visit Chemours.com or follow us on Twitter @Chemours or LinkedIn.
About FUMATECH
FUMATECH (Functional Membranes and Plant Technology) is part of the BWT Group, a private water treatment company founded in the 1990. FUMATECH, headquartered in Bietigheim-Bissingen, Germany, has established itself as a technological pioneer in the production of fuel cell membranes, ion-exchange membranes for energy storage and separation technology. The company has extensive expertise in areas ranging from the formulation of raw materials and the processing of materials to create membranes suited to their technical application. Visit fumatech.com for more information.
About BWT
The BWT – Best Water Technology – Group is a leading water technology company in Europe with a staff of more than 5,500, working on innovative, economic and ecologically friendly water treatment technologies to provide private households, industry, commerce, hotels and municipalities with the safest, healthiest and most hygienic water possible for their day-to-day needs. BWT provides modern water treatment systems and services for drinking water, process water, pool water and, especially, WFI – water for injection for the pharmaceutical and biotech industry. The company’s research and development staff works on new techniques and materials using cutting-edge methods to develop economical and ecologically friendly products. Employees work particularly hard to create products which use fewer resources and less energy, thereby reducing CO2 emissions.
Sustainability is in BWT’s DNA, and every BWT product contributes to the conservation of our most valuable resource, water. BWT’s Claim – For You and Planet Blue – is today more relevant than ever before, given the challenges our society faces worldwide today. With its unique and patented water treatment technologies, BWT contributes every day to “Change the World – sip by sip” – not only through the creation of “Bottle Free Zones” but also with its worldwide leading know how in the development and production of high-performance membranes for the fuel cell – the energy converter of the 21st century.
More information about BWT Group and their products and services is available at www.bwt.com.
Forward-Looking Statements
Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which involve risks and uncertainties. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to a historical or current fact. The words "believe," "expect," "will," "anticipate," "plan," "estimate," "target," "project" and similar expressions, among others, generally identify "forward-looking statements," which speak only as of the date such statements were made. These forward-looking statements may address, among other things, the outcome or resolution of any pending or future environmental liabilities, the commencement, outcome or resolution of any regulatory inquiry, investigation or proceeding, the initiation, outcome or settlement of any litigation, changes in environmental regulations in the U.S. or other jurisdictions that affect demand for or adoption of our products, anticipated future operating and financial performance for our segments individually and our company as a whole, business plans, prospects, targets, goals and commitments, capital investments and projects and target capital expenditures, plans for dividends or share repurchases, sufficiency or longevity of intellectual property protection, cost reductions or savings targets, plans to increase profitability and growth, our ability to make acquisitions, integrate acquired businesses or assets into our operations, and achieve anticipated synergies or cost savings, all of which are subject to substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Forward-looking statements are based on certain assumptions and expectations of future events that may not be accurate or realized. These statements are not guarantees of future performance. Forward-looking statements also involve risks and uncertainties that are beyond Chemours' control. In addition, the current COVID-19 pandemic has significantly impacted the national and global economy and commodity and financial markets, which has had and we expect will continue to have a negative impact on our financial results. The full extent and impact of the pandemic is still being determined and to date has included significant volatility in financial and commodity markets and a severe disruption in economic activity. The public and private sector response has led to travel restrictions, temporary business closures, quarantines, stock market volatility, and interruptions in consumer and commercial activity globally. Matters outside our control have affected our business and operations and may or may continue to hinder our ability to provide goods and services to customers, cause disruptions in our supply chains, adversely affect our business partners, significantly reduce the demand for our products, adversely affect the health and welfare of our personnel or cause other unpredictable events. Additionally, there may be other risks and uncertainties that Chemours is unable to identify at this time or that Chemours does not currently expect to have a material impact on its business. Factors that could cause or contribute to these differences include the risks, uncertainties and other factors discussed in our filings with the U.S. Securities and Exchange Commission, including in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 and in our Annual Report on Form 10-K for the year ended December 31, 2021. Chemours assumes no obligation to revise or update any forward-looking statement for any reason, except as required by law.
INVESTORS
Jonathan Lock
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NEWS MEDIA
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COLUMBUS, Ind.--(BUSINESS WIRE)--#cummins--Cummins Inc. (NYSE: CMI) will begin producing electrolyzers in the United States, underscoring the company’s continued dedication to advancing the nation’s green hydrogen economy. Electrolyzer production will take place in Fridley, Minnesota, starting at 500 megawatts (MW) of manufacturing capacity annually, scalable to 1 gigawatt (GW) in the future.
“Expanding Cummins’ electrolyzer manufacturing footprint to the United States is a milestone not only for our company but an important step in advancing global decarbonization efforts,” said Alexey Ustinov, Vice President of Electrolyzers at Cummins. “This is a reflection of increasing government support through the Inflation Reduction Act, Hydrogen Hubs and a blossoming hydrogen economy in the states. Cummins’ ability to leverage our manufacturing, engineering and sourcing knowledge to build capacity will help us meet increased customer demand and continue to accelerate the clean energy transition.”
Cummins plans to dedicate 89,000 sq. ft. of its existing Fridley facility to electrolyzer production. Initially, the facility will manufacture its HyLYZER®-500 and HyLYZER®-5000 proton exchange membrane (PEM) electrolyzers here, with the potential to manufacture other electrolyzer products in the future. This range of products can accommodate power needs from 1.25MW to more than 200MW for both small- and large-scale hydrogen generation projects.
An electrolyzer separates water into oxygen and hydrogen. When the electrolyzer system is operated using renewable electricity – such as solar, wind or hydropower – the hydrogen it produces is “green” and carbon free. This green hydrogen can be stored as a compressed gas or a liquid and used as an energy-dense, clean power source to help decarbonize a variety of hard-to-abate sectors, such as heavy-duty transportation and industrial processes.
This new production space in Fridley adds to Cummins’ growing global electrolyzer development and manufacturing footprint. The company recently announced expansion of PEM electrolyzer manufacturing capacity at its Belgium factory to 1GW and has added space to its Mississauga, Canada, site. Cummins is also building two new electrolyzer factories in Spain and China, each starting at 500MW of manufacturing capacity and scalable to 1GW.
“Expanding our electrolyzer capabilities to Minnesota is Cummins’ first step in enhancing our ability to serve North American customers and meet growing demand for large-scale electrolysis projects globally,” said Alex Savelli, Managing Director of Electrolyzers – Americas at Cummins. “The company continues to evaluate new opportunities to grow in North America that will enable us to extend our electrolyzer product range and manufacture next-generation technologies for larger, more demanding applications.”
Cummins has a long history of advanced technology and engineering capabilities and innovates across a broad portfolio of market-leading renewable hydrogen technologies. It has been part of many of the world’s hydrogen “firsts,” including powering the world’s largest PEM electrolyzer in operation at 20MW in Bécancour, Canada; the world’s first megawatt-scale demonstration plant for storing wind energy in the natural gas grid in Windgas Falkenhagen, Germany; the world’s first 100% hydrogen-powered passenger train fleet in Lower Saxony, Germany; and the world’s first hydrogen refueling station for ships, cars, trucks and industrial customers in Antwerp, Belgium.
Choosing Fridley as the site for its first U.S. electrolyzer production plant highlights Cummins’ long-term commitment to the greater Twin Cities area and the favorable climate for investment there. In addition to strengthening its physical roots in Fridley, the company is dedicated to helping the community in a variety of ways, including through its Cummins Advocating for Racial Equity (CARE) program and support for Black-owned businesses and mobile grocery markets in the greater Minneapolis area.
About Cummins
Cummins Inc., a global power technology leader, is a corporation of complementary business segments that design, manufacture, distribute and service a broad portfolio of power solutions. The company’s products range from internal combustion, electric and hybrid integrated power solutions and components including filtration, aftertreatment, turbochargers, fuel systems, controls systems, air handling systems, automated transmissions, electric power generation systems, microgrid controls, batteries, electrolyzers and fuel cell products. Headquartered in Columbus, Indiana (U.S.), since its founding in 1919, Cummins employs approximately 59,900 people committed to powering a more prosperous world through three global corporate responsibility priorities critical to healthy communities: education, environment and equality of opportunity. Cummins serves its customers online, through a network of company-owned and independent distributor locations, and through thousands of dealer locations worldwide and earned about $2.1 billion on sales of $24 billion in 2021.
Cummins Inc.
Jon Mills – Director External Communications
001 317-658-4540
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