VANCOUVER, British Columbia & HANNOVER, Germany--(BUSINESS WIRE)--$LPEN--Loop Energy™ (TSX: LPEN), a designer and manufacturer of hydrogen fuel cells for commercial mobility, will unveil its landmark 120 kW fuel cell system at IAA Transportation 2022 in Hannover, Germany, today.
The announcement marks a milestone for Loop Energy as it believes this new product is a significant achievement in advancing the global hydrogen industry and the transition of commercial transport industries by achieving fuel cost parity with diesel by up to eight years earlier than previously possible.
The 120 kW fuel cell system, the S1200, builds on Loop Energy’s existing technology, to provide an additional efficiency gain of 20% when it generates electricity. The S1200 is designed to deliver up to 60% in net system efficiency (1), this efficiency enables an electric vehicle powered by a Loop Energy fuel cell to deliver up to 54% (2) fuel to wheel efficiency compared to the typical fuel to wheel efficiency delivered by a diesel engine powered vehicle of 20% to 25%(3).
Loop Energy believes the S1200 and its next-generation technology will significantly benefit commercial vehicle manufacturers, fleet operators and associated industries, as well as the global clean energy transition as governments seek to reach net zero emissions by 2050.
Loop Energy has achieved this efficiency gain because of its patented eFlow™ fuel cell architecture. Specifically, Loop Energy uses a signature trapezoid plate with narrowing channels for its bipolar plates, which increases gas velocity down the plate to deliver superior performance for fuel efficiency, and power output.
For fleet managers, operators of commercial vehicles and the wider hydrogen infrastructure market, that means less hydrogen fuel used per kilometre, lowering the total cost of ownership (TCO) of hydrogen-electric commercial vehicles.
Fuel costs make up roughly half of the total cost of ownership for heavy-duty hydrogen vehicles, which makes advancement in fuel efficiency a significant factor in creating a tipping point for commercial transition from diesel to clean fuels.
Loop Energy’s presence at IAA Transportation 2022 also signifies its commitment to the European continent, where it plans to expand its presence and customer base. Loop Energy already has offices in Italy and the UK, and is actively engaged with OEMs across the region. Loop Energy is also active in Asia, with its new manufacturing facility in Shanghai.
The S1200 opens up a new market for Loop Energy as the product is specifically designed for medium- to heavy-duty commercial vehicles, which is a step up in power range and scope compared to its other fuel cell products.
The S1200 is delivered as a complete fuel cell system which simplifies and quickens integration for vehicle OEMs, and makes it a ready-to adopt solution for heavy-duty transportation and power system applications.
Loop Energy President & CEO, Ben Nyland said: “With the launch of our new fuel cell system, we are proud to be leading the way in making transport electrification economically viable. The S1200 brings world-leading fuel efficiency levels for medium to heavy-duty vehicles, crucially making the total cost of ownership lower and bringing fuel cost parity forward by four-to-eight years.”
“We are keen to work with OEMs, governments and the wider hydrogen industry to help meet zero-emission targets. We strongly believe that energy transition must happen now, and hydrogen fuel cell technology is in prime place as an alternative to diesel-powered vehicles.”
Canadian Minister of Environment and Climate Change, The Honourable Steven Guilbeault, said: “Very happy to see Canadian companies such as Loop Energy leading in the global clean energy sector. They are creating sustainable jobs for workers, while contributing to our global climate objectives and a better future for everyone.”
Specifications of the S1200 fuel cell system:
About Loop Energy Inc.
Loop Energy is a leading designer and manufacturer of fuel cell systems targeted for the electrification of commercial vehicles, including light commercial vehicles, transit buses and medium and heavy-duty trucks. Loop Energy’s products feature Loop Energy’s proprietary eFlow™ technology in the fuel cell stack’s bipolar plates. eFlow™ is designed to enable commercial customers to achieve performance maximization and cost minimization. Loop works with OEMs and major vehicle sub-system suppliers to enable the production of hydrogen fuel cell electric vehicles. For more information about how Loop Energy is driving towards a zero-emissions future, visit www.loopenergy.com.
Forward-Looking Warning
This press release contains forward-looking information within the meaning of applicable securities legislation, which reflect management’s current expectations and projections regarding future events. Particularly, statements regarding the Company’s expectations of future results, performance, achievements, prospects or opportunities or the markets in which we operate is forward-looking information, including without limitation statements regarding the ability for Loop Energy's technology to accelerate or achieve cost parity between diesel and hydrogen and the expectation that the S1200 will accelerate demand for the Company’s products.
Forward-looking information is based on a number of assumptions (including without limitation assumptions regarding the price of hydrogen, the potential growth of the bus and truck market and the continued government support for the transition to net zero emissions) and is subject to a number of risks and uncertainties, many of which are beyond the Company’s control and could cause actual results and events to vary materially from those that are disclosed, or implied, by such forward‐looking information. Such risks and uncertainties include, but are not limited to, hydrogen and diesel fuel cost prices reaching targeted price ranges, fuel cells and diesel engines delivering upon stated efficiency levels, commercial uptake of the Loop Energy’s products increasing and the factors discussed under “Risk Factors” in the Company’s Annual Information Form dated March 23, 2022. Loop disclaims any obligation to update these forward-looking statements.
References
1 Net system efficiency includes power consumption of the air compressor, coolant pump, and other system components;, the gross design efficiency of the underlying Loop fuel cell stack is up to 65%
2 Assumes a 90% drivetrain efficiency of the electric vehicle (3)
3 Hjelkrem et.al., Estimation of tank-to-wheel efficiency functions based on type approval data, Applied Energy 276 (2020)
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HOUSTON--(BUSINESS WIRE)--Halliburton Company (NYSE: HAL) today announced that it has signed a Memorandum of Understanding (MoU) with the Saudi Data and Artificial Intelligence Authority (SDAIA) to address national and global energy challenges with DS365.ai to create data science and artificial intelligence (AI) applications and solutions.
Through the Artificial Intelligence Center for Energy (AICE), which is a joint center between Ministry of Energy and SDAIA, the collaboration agreement pairs AICE’s significant efforts and resources in the data and AI space with Halliburton’s cloud-first AI and machine learning exploration and production tools along with its solutions that support more sustainable upstream operations. The two groups will share technologies and co-develop innovative solutions to aid in sustainability and subsurface prediction efforts for the oil and gas sector.
"This partnership is part of our efforts to promote advanced technologies in the energy field; our aim is to address hydrogen, hydrocarbons and new energy verticals through data & AI applications and solutions for the country and global market, support expertise exchange, and contribute to building national AI capabilities and competencies in the energy sector, which is among the priority sectors,” said Dr. Majid Altuwaijri, the CEO of SDAIA’s National Center for AI.
“This agreement allows us to use AI to drive the energy transition in hydrocarbons as well as accelerate the development of new energy verticals such as CCUS,” Eng. Ahmed Al-Zahrani, the Saudi Arabia Ministry of Energy’s Assistant Minister for Development and Excellence, said.
“We are excited to collaborate with SDAIA to use data science and AI to enhance the ways we explore for, develop and produce hydrocarbons,” said Scott Regimbald, vice president, Saudi Arabia and Bahrain. “Our joint efforts will address national and global energy challenges through data and AI applications that will enhance subsurface predictions and create more sustainable solutions for the energy sector.”
ABOUT SDAIA
The Saudi Data and Artificial Intelligence Authority (SDAIA) is a government entity in Saudi Arabia that was established by a royal decree on 30 August 2019. The authority has three arms linked to it. Innovation arm called “The National Centre for Artificial Intelligence” (NCAI), an operation arm called “The National Information Center” (NIC) and a regulatory office called "The National Data Management Office” (NDMO). Saudi Data & AI Authority (SDAIA) was established to drive the national agenda for Data & AI to elevate the Kingdom as a global leader in the elite league of data driven economies.
ABOUT HALLIBURTON
Founded in 1919, Halliburton is one of the world’s largest providers of products and services to the energy industry. With approximately 45,000 employees, representing 130 nationalities in more than 70 countries, the Company helps its customers maximize value throughout the life cycle of the reservoir – from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production throughout the life of the asset. For more information, please visit the Company’s website at www.halliburton.com and connect with Halliburton on Facebook, Twitter, LinkedIn, Instagram and YouTube.
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SALT LAKE CITY--(BUSINESS WIRE)--SOLO, LLC (“Solo”), a leading provider of solar sales, proposal, and design software, today announced that it has received a significant minority investment from Bregal Sagemount, a leading growth-focused private equity firm.
Solo is a pioneer and innovator in solar energy sales, accelerating growth of the solar industry with their cloud-based quote, propose, and close platform. In 2017, Solo was the first to market with the introduction of their one-touch-close system. Today, Solo continues to lead the industry as they enhance and expand their platform with best-in-class accuracy, real-time visualization features, proprietary measurement and calculation engine, presale and educational tools, and integrated partner and lender solutions.
“Our vision shapes everything we do, even our very name,” said Dan Larkin, Co-Founder and CEO of Solo. “Solo stands for Speed Of Light Operations. It is as much our obsession as it is our vision. Relentlessly pursuing our vision has enabled significant market acquisition and led us to the right strategic and capital partner in Sagemount.”
The Solo and Sagemount partnership is aligned by a shared vision of accelerating growth and speed to market through technology and talent. The investment will be used to fuel further growth for Solo within the solar industry and deepen Solo’s ongoing revolution of the point-of-sale experience by enabling the advancement of new technology, adding and attracting talent, and most importantly, enabling the company’s ambitious milestones in clean energy adoption.
“Solo is an innovation engine solving the most critical challenges of the solar ecosystem,” said Pavan Tripathi, Partner at Bregal Sagemount. “The Solo team has an impressive focus on anticipating the needs of its clients, and we are excited to partner with Dan and the Solo team to help advance the energy transition.”
Sagemount’s investment was led by Pavan Tripathi, Sandeep Swaminathan, Gerald Castaldo, and Harrison Boyajian. Goodwin Procter served as legal counsel to Sagemount and Mayer Brown served as legal counsel to Solo.
About Solo
Solo is the market leading independent provider of solar sales, proposal and design software, primarily servicing engineering, procurement, and construction companies, solar installers, sales dealers and roofing companies in the United States. The Company is headquartered in Lehi, Utah and employs over 200 individuals. The SOLO platform has helped hundreds of solar companies optimize their operations and close more deals. To date, over 3 million solar projects have been designed with Solo’s software, saving an estimated 150,000 hours of work.
For more information on Solo, go to the firm's website at gosolo.io.
About Sagemount
Bregal Sagemount is a leading growth-focused private capital firm with more than $5.5 billion of capital raised. The firm provides flexible capital and strategic assistance to market-leading companies in high-growth sectors across a wide variety of transaction situations. Bregal Sagemount has invested in over 60 companies in a variety of sectors including software, financial technology & specialty finance, digital infrastructure, healthcare IT, and business & consumer services. The firm has offices in New York, Dallas, and Palo Alto.
Jeremy Milner
BackBay Communications
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Independent software vendors will build, market, and sell solutions and apps through Schlumberger digital platform, unlocking innovation for customers
LUZERN, Switzerland--(BUSINESS WIRE)--Regulatory News:
Schlumberger today launched its Digital Platform Partner Program, which will allow independent software vendors (ISV) to leverage the openness and extensibility of Schlumberger’s digital platform to build new applications and software and offer them to the market. Schlumberger customers will access a broad range of interoperable digital solutions, enabling data-driven decision making across the energy value chain and rapidly accelerating the time to value from digital transformation, at global scale.
“The Schlumberger Digital Platform Partner Program brings together digital solutions from Schlumberger and a growing number of ISVs, substantially increasing the choice of artificial intelligence (AI) and data science-enriched domain workflows for customers,” said Trygve Randen, director, Digital Subsurface Solutions, Schlumberger. “Our digital platform has become an open ecosystem of connected digital solutions, enabling customers to extract maximum value from their data, helping them innovate faster and drive business performance improvements at scale.”
At launch, nine ISVs are offering software solutions to Schlumberger customers, and the platform has been designed with an open framework to quickly onboard new partners.
The solutions are built and deployed through the DELFI* digital E&P platform and integrate seamlessly with industry-standard data platforms. This enables unprecedented value creation due to the interoperability across workflows and organizations. The ISV apps and solutions are targeting workflows across data operations, reservoir engineering, well planning and optimization, process engineering, production optimization, carbon capture, utilization, and storage (CCUS), and decarbonization technologies.
One of the current apps, Resoptima’s ResX software, works seamlessly with Schlumberger solutions to deliver ensemble-based modeling of reservoirs, while continuously conditioning data. Another app, LogQA, which is a cloud application from RoQC, rapidly identifies sub-standard log data and uses machine learning to fix log quality issues. In the production domain, the Tachyus Aqueon App helps customers make data-driven decisions in waterflood development, management, and optimization, quickly and easily.
“Our collaboration with Schlumberger has already delivered three successful projects at different locations, involving the deployment of our technologies within the DELFI platform,” said Atila Mellilo, CEO, Resoptima. “In each case, significant value was created for the customers, underscoring the success of a partnership and motivating all parties to further develop their cooperation.”
Today’s announcement took place as part of the Schlumberger Digital Forum 2022, which is taking place this week in Luzern, Switzerland.
For more information about the Digital Platform Partner Program, visit: slb.com/partners/digital-platform-partner-program
About Schlumberger
Schlumberger (NYSE: SLB) is a technology company that partners with customers to access energy. Our people, representing over 160 nationalities, are providing leading digital solutions and deploying innovative technologies to enable performance and sustainability for the global energy industry. With expertise in more than 120 countries, we collaborate to create technology that unlocks access to energy for the benefit of all.
Find out more at www.slb.com
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This press release contains “forward-looking statements” within the meaning of the federal securities laws—that is, any statements that are not historical facts. Such statements often contain words such as “expect,” “may,” “can,” “believe,” “plan,” “estimate,” “intend,” “anticipate,” “should,” “could,” “will,” “likely,” “goal,” “objective,” “aspire,” “aim,” “potential,” “projected” and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain, such as forecasts or expectations regarding the deployment of, or anticipated benefits of, digital technologies and partnerships. These statements are subject to risks and uncertainties, including, but not limited to, the inability to recognize intended benefits from digital strategies, initiatives or partnerships; and other risks and uncertainties detailed in Schlumberger’s most recent Forms 10-K, 10-Q, and 8-K filed with or furnished to the U.S. Securities and Exchange Commission. If one or more of these or other risks or uncertainties materialize (or the consequences of any such development changes), or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those reflected in our forward-looking statements. The forward-looking statements speak only as of the date of this press release, Schlumberger disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.
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Extension of Well Intervention contracts demonstrates strength of market and delivery of world-class services to long-term customer
HOUSTON--(BUSINESS WIRE)--Helix Energy Solutions Group, Inc. (NYSE: HLX) announced today that it has entered into a two-year extension of its well intervention charter and services contracts with Petróleo Brasileiro S.A. (“Petrobras”) for the Siem Helix 2 well intervention vessel offshore Brazil. The negotiated extension is scheduled to conclude in December 2024 and directly follows Helix’s current contracts with Petrobras.
Scotty Sparks, Helix’s Executive Vice President and Chief Operating Officer, stated, “We are glad to negotiate this contract extension and look forward to continuing our long and productive working relationship with Petrobras. Market conditions globally and in Brazil have been improving, and demand for our world-class assets and experienced crews has been steadily increasing. The Siem Helix 2 has consistently provided industry- and global-leading well intervention services to Petrobras. This two-year extension demonstrates the capacity for Helix to continually provide innovative solutions to fit client needs, backed by our experience and proven track record, and supports our Energy Transition business model of offering clients the ability to maximize production from their existing wells.”
The Siem Helix 2 is a purpose-built, advanced well intervention vessel capable of performing a wide range of subsea services including production enhancement, well decommissioning, subsea installation, offshore crane and Remotely Operated Vehicle operations, offshore construction and emergency response. The vessel is currently performing riser-based well intervention activities in the Santos and Campos Basins and to date has completed more than 60 well interventions for Petrobras.
About Helix
Helix Energy Solutions Group, Inc., headquartered in Houston, Texas, is an international offshore energy services company that provides specialty services to the offshore energy industry, with a focus on well intervention and robotics operations. For more information about Helix, please visit www.helixesg.com.
Forward-Looking Statements
This press release contains forward-looking statements that involve risks, uncertainties and assumptions that could cause results to differ materially from those expressed or implied by such forward-looking statements. All statements, other than statements of historical fact, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, any statements regarding the contracts, including the extensions thereof and the parties thereto, the COVID-19 pandemic and oil price volatility and their respective effects and results, protocols and plans, current work continuing, the spot market, the ability to identify, effect and integrate acquisitions, joint ventures or other transactions; spending and cost reduction plans and the ability to manage changes; strategy; any statements regarding visibility and future utilization; any projections of financial items; any statements regarding future operations expenditures; any statements regarding plans, strategies and objectives for future operations; any statements regarding the ability to enter into, renew and/or perform commercial contracts; any statements concerning developments; any statements regarding ESG initiatives; any statements regarding future economic conditions or performance; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Forward-looking statements are subject to a number of known and unknown risks, uncertainties and other factors that could cause results to differ materially from those in the forward-looking statements, including but not limited to the results and effects of the COVID-19 pandemic and actions by governments, customers, suppliers and partners with respect thereto; market conditions; results from acquired properties; demand for services; the performance of contracts by suppliers, customers and partners; actions by governmental and regulatory authorities; operating hazards and delays, which include delays in delivery, chartering or customer acceptance of assets or terms of their acceptance; the ability to secure and realize backlog; the effectiveness of ESG initiatives and disclosures; human capital management issues; complexities of global political and economic developments; geologic risks; volatility of oil and gas prices and other risks described from time to time in reports filed with the SEC, including those most recently filed Annual Report on Form 10-K and in other filings with the SEC, which are available free of charge on the SEC’s website at www.sec.gov. We assume no obligation and do not intend to update these forward-looking statements, which speak only as of their respective dates, except as required by law.
Helix Energy Solutions Group, Inc.
Erik Staffeldt, Executive Vice President and CFO
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NASHVILLE, Tenn. & OAKLAND, Calif.--(BUSINESS WIRE)--Silicon Ranch Corporation, one of the nation’s largest independent power producers, and SOLARCYCLE, a tech-driven solar recycling platform, announced a partnership today to process end-of-life solar modules from Silicon Ranch projects through SOLARCYCLE’s advanced, high-recovery recycling platform. SOLARCYCLE’s cutting-edge approach to module recycling recovers approximately 95% of solar panel value, which can be returned to the supply chain and used to manufacture new panels.
With an operating portfolio of more than 145 solar power facilities across 15 states, Silicon Ranch is SOLARCYCLE’s first utility-scale partner. The partnership between the two companies will allow SOLARCYCLE to establish a model for recycling solar materials at the utility scale, the largest segment of the solar market.
The alliance comes at a critical time, as the recently passed Inflation Reduction Act is expected to accelerate demand for both solar energy and a domestic solar supply chain. The partnership will help fuel the growing U.S. solar manufacturing industry with a domestic supply of recycled materials essential to the production of new solar panels, including glass, silicon, and valuable metals such as silver, copper, and aluminum. Recent research by the National Renewable Energy Laboratory found that by 2040, for certain materials, recycling can meet 25-30% of domestic solar manufacturing needs in the United States.
“As the long-term owner of every project in our portfolio, we at Silicon Ranch are deeply committed to our relationships and responsibilities in the communities we serve. These responsibilities include end-of-life equipment management,” said Reagan Farr, Silicon Ranch President and CEO. “Embracing this opportunity to pioneer recycling and re-use processes at scale with SOLARCYCLE is a significant step in meeting these responsibilities. This partnership supports our commitments to advance domestic solar manufacturing, a circular solar economy, and economic development opportunities in communities across the country. We encourage others in the industry to join us in this meaningful endeavor.”
Silicon Ranch continues to widen its scope in the solar industry through its holistic Regenerative Energy® approach to project design, construction, and land management, as well as its recent acquisition of carbon solutions provider Clearloop. The partnership with SOLARCYCLE will further boost Silicon Ranch’s mission to bring economic development opportunities and low-cost carbon solutions to communities across the country.
“SOLARCYCLE’s team is taking what we learned in the solar, sustainability, and recycling industries and applying it to our tech-driven recycling solutions. We know that scale matters in order to be able to drive costs down and bring quality up,” said Suvi Sharma, CEO and Co-Founder of SOLARCYCLE. “We are thrilled that our partnership with Silicon Ranch–an innovative leader in bringing solar to scale sustainably and responsibly–will help us make solar across America fully sustainable.”
SOLARCYCLE is currently the only dedicated technology-based recycling company for the solar industry. The company focuses on recycling solar panels to obtain the maximum amount of materials to go back into the supply chain, and help to build a circular economy for solar. Launched earlier this year, the company is establishing a state-of-the-art solar panel recycling center, which will open in Q4.
Silicon Ranch pioneered utility-scale solar in the Southeast with the first large-scale solar projects in Tennessee, Georgia, Mississippi, Arkansas, and Kentucky. Notably, SOLARCYCLE is the latest partnership supporting domestic infrastructure secured by Silicon Ranch. In just the last six months, the company has announced new agreements with both FirstSolar and Nextracker to improve the carbon footprint of its module and tracker supply, respectively, while supporting additional investment in US manufacturing capabilities, and reducing volatility and logistics risk throughout the solar lifecycle. In turn, these partnerships collectively increase Silicon Ranch’s ability to deliver on designing, building, and managing a growing base of solar ranches across the country. The company has successfully commissioned every project it has contracted since its inception and has further distinguished itself through its commitment to own and operate each project in its portfolio for the long term. Earlier this year, Silicon Ranch completed a $775 million equity raise led by Manulife Investment Management.
About Silicon Ranch Corporation
Founded in 2011, Silicon Ranch is a fully integrated provider of customized renewable energy, carbon, and battery storage solutions for a diverse set of partners across North America. The company is one of the largest independent power producers in the country, with a portfolio that includes more than five gigawatts of solar and battery storage systems that are contracted, under construction, or operating across the U.S. and Canada. Silicon Ranch owns and operates every project in its portfolio and has maintained an unblemished track record of project execution, having successfully commissioned every project it has contracted in its history. In recognition of its holistic approach to land management, which the company has trademarked Regenerative Energy®, Silicon Ranch was named 2020’s “Most Forward-Thinking” company by Solar Power World. In 2021, Silicon Ranch acquired Clearloop, which helps businesses of all sizes reclaim their carbon footprint with a direct investment in building new solar projects while expanding access to clean energy. To learn more, visit siliconranch.com, regenerativeenergy.org, and clearloop.us. Follow Silicon Ranch on Facebook, Instagram, Twitter, and LinkedIn.
About SOLARCYCLE, Inc.
SOLARCYCLE, Inc (www.SOLARCYCLE.us) is a technology-driven platform designed to maximize solar sustainability by offering solar asset owners a low-cost, eco-friendly, comprehensive process for recycling retiring solar panels and technologies and repurposing them for new uses. The company’s proprietary technology allows it to extract over 95% of the valuable metals such as silver, copper, silicon, low-iron glass and aluminum. SOLARCYCLE was founded in 2022 by experts in solar technology, recycling and sustainability to accelerate build-out of the circular economy for solar and renewables.
Katie Jacobs
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ATLANTA--(BUSINESS WIRE)--Caddo Sustainable Timberlands, LP (“CST”), the largest private timberland owner in Texas, has announced it has entered into its first agreement for the evaluation and potential development of a carbon capture and storage (“CCS”) project on approximately 27,000 acres of CST’s holdings in Texas.
The project aims to permanently store carbon dioxide (“CO2”) in subsurface geologic formations through a process that is not associated with enhanced oil recovery, while CST continues to sustainably manage the timberland on the surface.
CST’s timberland has the potential to offer suitable subsurface geology for storage of CO2. It is also located close to both existing and planned CO2 transportation and injection infrastructure and sources of CO2 from industrial emitters. The agreement is the first step in CST’s strategic vision for leasing and helping develop multiple CCS projects across its 889,000 acres in Texas and Louisiana.
Patrick Chambless, Chief Financial Officer of CST, said: “We are excited to explore this opportunity to unlock this new potential dimension of our timberland asset. This agreement is part of CST’s broader commitment to delivering significant climate and environmental impacts, including through CCS, carbon removals, renewable energy development, mitigation banking and conservation easements.”
ABOUT CST
CST owns interests in more than 889,000 acres of timberlands located in Texas and Louisiana. For business inquiries, please contact This email address is being protected from spambots. You need JavaScript enabled to view it..
Caddo Sustainable Timberlands, LP
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- 12-Year Agreement Prioritizes Environmental Stewardship to Help Create Clean Energy Solutions and Advances Progress Towards Net-Zero Greenhouse Gas (GHG) Emissions Targets
- Agreement Expected to Create Up To 350,000 Megawatt Hours (MWh) of Renewable Energy Credits per Year, Accounting for Approximately 20 Percent of Takeda’s Current Enterprise Scope 1 and 2 Greenhouse Gas (GHG) Emissions
OSAKA, Japan & CAMBRIDGE, Mass.--(BUSINESS WIRE)--Takeda (TSE:4502/NYSE:TAK) and Enel North America today announced the signing of a long-term virtual power purchase agreement (VPPA) for the electricity delivered to the power grid from a 79 megawatt (MW) portion of Enel’s Seven Cowboy wind project in the state of Oklahoma in the U.S. The agreement, advised by Edison Energy LLC, advances progress towards achieving Takeda’s goals of reducing 40 percent of scopes 1 and 2 greenhouse gas (GHG) emissions by 2025 and achieving net-zero1 GHG emissions for scopes 1 and 2 before 2035.
A VPPA is a long-term bilateral contract for renewable energy and a strategic means through which Takeda is supporting the addition of renewable energy onto the local power grid. Through the agreement, Takeda will purchase approximately 350,000 MWh of electricity from Enel annually, equivalent to the electricity needed to power around 30,000 U.S. homes each year. This provides enough energy to meet Takeda’s anticipated electricity needs in the United States. The project is expected to begin operations by 2023.
“The health of our planet and the health of people are inextricably linked and, as such, it is incumbent on us to take every step we can to protect both,” said Takako Ohyabu, chief global corporate affairs and sustainability officer at Takeda. “This agreement plays a key role in creating a more sustainable infrastructure, while also fostering responsible innovation and allowing us to do our part to minimize our environmental impact and address one of the most pressing health threats facing humanity and the planet.”
By supporting the creation of renewable energy that will supply the energy grid for broad use in the U.S., this purchase agreement is a key milestone in Takeda’s global environmental sustainability efforts as the renewable energy certificates created will be applied towards its carbon reduction targets. This agreement accounts for more than 100,000 tons of the company’s current total GHG emissions or approximately 20 percent of current enterprise scope 1 and 2 emissions. The renewable energy certificates provided under the agreement will cover the electricity usage for U.S. facilities including BioLife Plasma Services centers in the U.S., global manufacturing and supply, research and development and other office locations with the ability to accommodate expansions.
“It’s clear that businesses must play a leading role in driving decarbonization in the U.S.,” said Paolo Romanacci, head of Enel North America’s renewable energy business, Enel Green Power. “Enel offers a suite of tailored solutions that enable our partners to reach net zero. Through this VPPA, Enel is proud to support Takeda in advancing toward the company’s sustainability goals.”
“Corporate sustainability requires impactful clean energy investments,” said Hannah Badrei, Ph.D., vice president of energy supply advisory, Edison Energy. “This was a cutting-edge transaction in which Takeda has enabled construction of the project and reduced its emissions through a virtual Power Purchase Agreement, while also stabilizing costs via an innovative volatility protection structure. A transaction like this goes a long way in measurably impacting climate change, and Edison is proud to support Takeda on its journey towards a healthier, resilient, and more sustainable future.”
About Takeda’s Commitment to Environmental Sustainability
As a responsible, science-driven organization, Takeda remains dedicated to robust environmental sustainability goals aligned with current climate science and is committed to discovering long-term solutions to address the evolving needs of our people, patients and planet. Studies have demonstrated the intrinsic link between the effects of climate change and human health and Takeda is taking action to address both and making bold commitments to reach net-zero greenhouse gas emissions across its operations and the entire value chain. The company achieved carbon neutrality across its value chain (including scopes 1, 2, and currently estimated scope 3 GHG emissions) for the first time in 2020 (for its fiscal year 2019 GHG emissions), delivered by a continued focus on internal energy conservation measures, an increased use of renewable energy and the purchase of high-quality carbon offsets. Recently, Takeda announced an accelerated goal to achieve net-zero GHG emissions related to operations, including scopes 1 and 2, before 2035 and for its entire value chain, including currently estimated2 scope 3 GHG emissions, before 2040.3 Previously, Takeda committed to reaching net-zero GHG emissions for scopes 1 and 2 and a 50% reduction in scope 3 emissions by 2040.
The VPPA is only one part of Takeda’s strategic transition to low-carbon and renewable energy sources. Direct renewable energy purchases and on- and off-site renewable energy generation installations also play a role. Takeda is focused on increasing renewable energy usage and driving energy efficiencies by looking beyond its own operations and working with suppliers to help them establish science-based reduction targets and reduce greenhouse gas emissions.
In addition to its decarbonization efforts, Takeda has made natural resource conservation commitments supporting water stewardship, responsible waste management and biodiversity, and is also incorporating environmental sustainability principles into its product development stages to minimize the impact of products and packaging throughout their life cycles. As a global organization, Takeda continues to find new ways to develop profitable solutions to address the problems of our planet and the communities where we live and work. For more information on Takeda’s priorities in advancing environmental sustainability, please visit: https://www.takeda.com/corporate-responsibility/reporting-on-sustainability/planet/.
About Takeda
Takeda is a global, values-based, R&D-driven biopharmaceutical leader headquartered in Japan, committed to discover and deliver life-transforming treatments, guided by our commitment to patients, our people and the planet. Takeda focuses its R&D efforts on four therapeutic areas: Oncology, Rare Genetics and Hematology, Neuroscience, and Gastroenterology (GI). We also make targeted R&D investments in Plasma-Derived Therapies and Vaccines. We are focusing on developing highly innovative medicines that contribute to making a difference in people’s lives by advancing the frontier of new treatment options and leveraging our enhanced collaborative R&D engine and capabilities to create a robust, modality-diverse pipeline. Our employees are committed to improving quality of life for patients and to working with our partners in health care in approximately 80 countries and regions. For more information, visit https://www.takeda.com.
About Enel North America
Enel North America, part of the Enel Group, is a clean energy leader in North America and is working to electrify the economy and build a net-zero carbon future by decarbonizing energy supply, electrifying transportation, creating resilient grids, and promoting a just, equitable transition. Enel North America serves over 4,500 businesses, utilities, and cities through renewable power generation, demand response, distributed energy resources, smart e-mobility solutions and services, energy trading, advisory and consulting services, and more. Its portfolio includes over 8 GW of utility-scale renewable capacity, 110,000 electric vehicle charging stations, 4.7 GW of demand response capacity and 12 utility-scale battery energy storage systems totaling 1,290 MWh of capacity under construction or in operation. Visit enelnorthamerica.com and follow us on LinkedIn, Twitter, and YouTube to learn more.
Important Notice
For the purposes of this notice, “press release” means this document, any oral presentation, any question and answer session and any written or oral material discussed or distributed by Takeda Pharmaceutical Company Limited (“Takeda”) regarding this release. This press release (including any oral briefing and any question-and-answer in connection with it) is not intended to, and does not constitute, represent or form part of any offer, invitation or solicitation of any offer to purchase, otherwise acquire, subscribe for, exchange, sell or otherwise dispose of, any securities or the solicitation of any vote or approval in any jurisdiction. No shares or other securities are being offered to the public by means of this press release. No offering of securities shall be made in the United States except pursuant to registration under the U.S. Securities Act of 1933, as amended, or an exemption therefrom. This press release is being given (together with any further information which may be provided to the recipient) on the condition that it is for use by the recipient for information purposes only (and not for the evaluation of any investment, acquisition, disposal or any other transaction). Any failure to comply with these restrictions may constitute a violation of applicable securities laws.
The companies in which Takeda directly and indirectly owns investments are separate entities. In this press release, “Takeda” is sometimes used for convenience where references are made to Takeda and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to subsidiaries in general or to those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company or companies.
Forward-Looking Statements
This press release and any materials distributed in connection with this press release may contain forward-looking statements, beliefs or opinions regarding Takeda’s future business, future position and results of operations, including estimates, forecasts, targets and plans for Takeda, which include Takeda’s greenhouse gas emission goals. Without limitation, forward-looking statements often include words such as “targets”, “plans”, “believes”, “hopes”, “continues”, “expects”, “aims”, “intends”, “ensures”, “will”, “may”, “should”, “would”, “could” “anticipates”, “estimates”, “projects” or similar expressions or the negative thereof. These forward-looking statements are based on assumptions about many important factors, including the following, which could cause actual results to differ materially from those expressed or implied by the forward-looking statements: the extent to which our internal energy conservation measures and future advancements in renewable energy or low carbon energy technology will enable us to reduce our GHG emissions; the economic circumstances surrounding Takeda’s global business, including general economic conditions in Japan and the United States; competitive pressures and developments; changes to applicable laws and regulations, including global health care reforms; challenges inherent in new product development, including uncertainty of clinical success and decisions of regulatory authorities and the timing thereof; uncertainty of commercial success for new and existing products; manufacturing difficulties or delays; fluctuations in interest and currency exchange rates; claims or concerns regarding the safety or efficacy of marketed products or product candidates; the impact of health crises, like the novel coronavirus pandemic, on Takeda and its customers and suppliers, including foreign governments in countries in which Takeda operates, or on other facets of its business; the timing and impact of post-merger integration efforts with acquired companies; the ability to divest assets that are not core to Takeda’s operations and the timing of any such divestment(s); and other factors identified in Takeda’s most recent Annual Report on Form 20-F and Takeda’s other reports filed with the U.S. Securities and Exchange Commission, available on Takeda’s website at: https://www.takeda.com/investors/sec-filings/ or at www.sec.gov. Takeda does not undertake to update any of the forward-looking statements contained in this press release or any other forward-looking statements it may make, except as required by law or stock exchange rule. Past performance is not an indicator of future results and the results or statements of Takeda in this press release may not be indicative of, and are not an estimate, forecast, guarantee or projection of Takeda’s future results.
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1 Takeda defines net zero emissions in accordance with The Greenhouse Gas Protocol.
2 A lack of transparency into, and a difficulty measuring, actual Scope 3 emissions remains an important challenge to overcome as part of these efforts.
3 Takeda defines carbon neutrality and net zero emissions in accordance with The Greenhouse Gas Protocol and the Science Based Targets initiative. Additional information on our carbon neutrality efforts and other environmental sustainability programs is available at https://www.takeda.com/corporate-responsibility/reporting-on-sustainability/planet/
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Industry Veterans to Strengthen Deep Leadership Team
SAN ANTONIO--(BUSINESS WIRE)--Vecino Energy Partners, LLC (“Vecino”) today announced that Brian Jinks and James Moreton have joined the company as Chief Financial Officer and Vice President of Corporate Finance and Business Development, respectively. Brian will oversee all financial aspects of the company leaning on his two decades of experience in finance and M&A. James will lead the analytic effort for the company leveraging his years in investment banking and most recently as CFO of an SCF Partners portfolio company.
President David Ash said “I'm excited to welcome Brian and James to the Vecino leadership team and look forward to working closely with them as we execute on our opportunity set. Brian’s extensive experience, reputation and relationships fit nicely with our core strengths. James will immediately add value to the team given his in-depth financial and technical experience.”
Mr. Jinks has over 22 years of energy investment banking experience during which time he advised on the origination and execution of over $275 billion in strategic transactions, merchant investments, M&A and capital raises in the upstream, midstream, oilfield services and energy transition segments. Over the past 18 years, Mr. Jinks has exclusively focused on global energy infrastructure transactions, where he started and led that effort at Moelis & Company in 2016. Prior to Moelis & Company, he led the midstream and MLP coverage efforts for Deutsche Bank. From 2000 to 2007, he worked at Donaldson Lufkin & Jenrette/Credit Suisse and Lazard as a member of their respective energy investment banking teams.
Mr. Moreton has over 10 years of experience in energy finance during which time he advised on over $3 billion of M&A transactions and over $22 billion of restructuring and capital markets transactions in the upstream, midstream and oilfield services segments. Mr. Moreton most recently served as the Chief Financial Officer for Kinetic Pressure Control, a well control technology company backed by SCF Partners. Prior to joining Kinetic, Mr. Moreton worked in energy investment banking at Moelis & Company and Royal Bank of Canada.
About Vecino Energy Partners
Vecino Energy Partners, LLC, based in San Antonio, is focused on developing midstream infrastructure to support the domestic oil and gas industry. Vecino leverages its team’s experience operating upstream, midstream and downstream assets to craft custom solutions for its industry partners. For more information visit www.vecinoenergy.com.
About EnCap Flatrock Midstream
EnCap Flatrock Midstream provides value-added growth capital to proven management teams focused on midstream infrastructure opportunities across North America. The firm was formed in 2008 by a partnership between EnCap Investments L.P. and Flatrock Energy Advisors, LLC. Based in San Antonio with offices in Oklahoma City and Houston, the firm manages investment commitments of nearly $9 billion from a broad group of prestigious institutional investors. EnCap Flatrock Midstream is currently making commitments to new management teams from EFM Fund IV, a $3.25 billion fund. For more information, please visit www.efmidstream.com.
Kelly Kimberly
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The collaboration seeks to demonstrate long-term value for hydrogen production within the nuclear industry
SAN JOSE, Calif. & MINNEAPOLIS--(BUSINESS WIRE)--Bloom Energy (NYSE: BE) announced plans to install an electrolyzer at the Xcel Energy (NASDAQ:XEL) Prairie Island Nuclear Generating Plant in Welch, Minnesota. The installation is designed to augment existing clean energy nuclear infrastructure to create immediate and scalable pathways to produce cost-efficient, clean hydrogen, supporting the growing hydrogen economy while enhancing value for operators of zero-carbon nuclear facilities.
Bloom Energy’s electrolyzer – built on its solid oxide platform – operates at high temperatures to convert water into hydrogen. Pairing solid oxide electrolysis with nuclear energy’s technology is a preferred method of unlocking unmatched efficiencies. The high heat and steam produced by Xcel Energy’s Prairie Island facility feeds into Bloom Energy’s electrolyzer to produce zero-carbon hydrogen more efficiently than low-temperature electrolysis alternatives like polymer electrolyte membrane (PEM) or alkaline. These low-temperature alternatives require roughly 40% more electricity, providing the Bloom electrolyzer an efficiency advantage that is expected to significantly drive down the cost of hydrogen production.
“Xcel Energy’s nuclear power plants already play a vital role in our energy mix, delivering clean, reliable and affordable power for our customers while avoiding hundreds of millions of tons of emissions,” said Peter Gardner, Senior Vice President and Chief Nuclear Officer at Xcel Energy, a clean energy provider that serves eight Western and Midwestern states. “This project will provide a tremendous opportunity to better understand how our existing nuclear plants can contribute to the development of hydrogen technologies and build a carbon free future.”
The Prairie Island facility – one of Xcel Energy’s two nuclear power plants that produce nearly 30% of the electricity provided to its customers in the Upper Midwest – faces extreme winter weather annually, leading Xcel Energy to specifically turn to Bloom Energy for its resiliency benefits. Operating reliably and efficiently, we believe the installation will demonstrate how electrolyzers can leverage the energy output from nuclear to support hydrogen production even during harsh conditions.
“Xcel Energy has long championed what we at Bloom Energy know is true: Our net-zero future hinges on energy that’s not only clean but also resilient, accessible and affordable,” said Rick Beuttel, vice president, hydrogen business, Bloom Energy. “In today’s climate of extreme weather, fluctuating costs, and global energy insecurity, hydrogen offers unmatched potential to leverage existing infrastructure for clean, abundant energy. Combined with Xcel Energy’s nuclear infrastructure, Bloom Energy’s solid oxide platform – which offers exceptional efficiency – can help us achieve our shared goal of an accessible net-zero future through low-cost, zero-carbon hydrogen.”
Engineering for the 240 kW demonstration is currently underway, with construction expected to begin in late 2023 and power-on expected in early 2024.
For more information about Bloom Energy’s solid oxide electrolyzer and the company’s commitment to a zero-carbon future, visit: www.bloomenergy.com/bloomelectrolyzer.
Forward-Looking Statements
This press release contains certain forward-looking statements that are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “will” and “would” or the negative of these words or similar terms or expressions that concern Bloom’s expectations, strategy, priorities, plans or intentions. These forward-looking statements include, but are not limited to, Bloom’s expectations regarding the collaboration with Xcel Energy, including plans to install an electrolyzer at the Prairie Island Nuclear Generating Plant, integration with nuclear infrastructure for scaling clean hydrogen generation and related efficiency gains and cost reductions, operational reliability and estimated uptime of Bloom’s electrolyzers, hydrogen production during winter or other extreme or harsh weather conditions, projected construction dates and timing of future hydrogen production and progress towards any net-zero emissions or decarbonization goals. More information on potential risks and uncertainties that may impact Bloom’s business are set forth in Bloom’s periodic reports filed with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on February 25, 2022, and its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2022 and June 30, 2022, filed with the SEC on May 6, 2022 and August 9, 2022, respectively, as well as subsequent reports filed with or furnished to the SEC from time to time. Bloom assumes no obligation to, and does not currently intend to, update any such forward-looking statements.
About Bloom Energy
Bloom Energy empowers businesses and communities to responsibly take charge of their energy. The company’s leading solid oxide platform for distributed generation of electricity and hydrogen is changing the future of energy. Fortune 100 companies around the world turn to Bloom Energy as a trusted partner to deliver lower carbon energy today and a net-zero future. For more information, visit www.bloomenergy.com.
About Xcel Energy
Xcel Energy (NASDAQ: XEL) provides the energy that powers millions of homes and businesses across eight Western and Midwestern states. Headquartered in Minneapolis, the company is an industry leader in responsibly reducing carbon emissions and producing and delivering clean energy solutions from a variety of renewable sources at competitive prices. For more information, visit xcelenergy.com or follow us on Twitter and Facebook.
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JENBACH, Austria--(BUSINESS WIRE)--INNIO today announced that EcoVadis has awarded the INNIO Group, including its Jenbacher and Waukesha product lines, with a platinum medal as part of its sustainability performance rating, placing INNIO in the top 1% of all businesses evaluated by EcoVadis. This platinum award reflects demonstrated improvements and contributions towards sustainable growth in the past year, with notable score improvement in Environment, and Sustainable Procurement and continued strong performance in Labor & Human Rights and Ethics categories.
“I am extremely proud that INNIO has been awarded the EcoVadis platinum medal. After having already been ranked number one globally amongst companies with the lowest risk within the machinery industry by Sustainalytics, EcoVadis now places us among the top 1% of all evaluated businesses worldwide. This demonstrates INNIO’s commitment to empowering the net zero transition while ensuring that our employees are fully engaged at the workplace and providing continuous support through our diversity and inclusion efforts,” said Olaf Berlien, president and CEO of INNIO.
EcoVadis’ annual assessment focuses on 21 issues grouped into themes that include: environment, labor & human rights, ethics, sustainable procurement, and a dedicated scorecard on carbon. These criteria are based upon international sustainability standards, including the Global Compact Principles, the International Labour Organization Conventions, and the Global Reporting Initiative standard. The platinum medal rating reflects INNIO’s continued commitment to its sustainability efforts in 2022. INNIO’s accomplishments included the following:
About INNIO
INNIO is a leading energy solution and service provider that empowers industries and communities to make sustainable energy work today. With our product brands Jenbacher and Waukesha and our digital platform myPlant, INNIO offers innovative solutions for the power generation and compression segments that help industries and communities generate and manage energy sustainably while navigating the fast-changing landscape of traditional and green energy sources. We are individual in scope, but global in scale. With our flexible, scalable, and resilient energy solutions and services, we are enabling our customers to manage the energy transition along the energy value chain wherever they are in their transition journey.
INNIO is headquartered in Jenbach (Austria), with other primary operations in Waukesha (Wisconsin, U.S.) and Welland (Ontario, Canada). A team of more than 3,500 experts provides life-cycle support to the more than 54,000 delivered engines globally through a service network in more than 80 countries.
INNIO’s ESG Risk Rating places it number one of more than 500 worldwide companies in the machinery industry assessed by Sustainalytics.
For more information, visit INNIO’s website at www.innio.com. Follow INNIO on Twitter and LinkedIn.
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Susanne Reichelt
INNIO
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Miner Deployments On-track to Achieve Total Year-End 2022 Targets
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, announced today the successful energization of its initial batch of over 3,000 S19 XP mining machines from the previously announced agreement with Bitmain Technologies Limited (“Bitmain”) for its Lake Mariner facility in New York.
Together with the Bitmain S19 XPs recently installed, TeraWulf now has owned hashing capacity in excess of 0.67 EH/s (5,471 miners) online plus approximately 0.65 EH/s (6,500 miners) of hosted hashing capacity for a total of over 1.3 EH/s operational at Lake Mariner.
TeraWulf’s Co-Founder and CEO Paul Prager highlighted, “This is an exciting time for the Company, and we are pleased to be one of the first public mining companies to deploy Bitmain’s latest generation mining machines at scale. This represents just one of the many milestones we expect to achieve at our Lake Mariner Facility as we aggressively ramp our self-mining operations in the coming months.”
The initial batch of Bitmain S19 XPs was installed in Building 1 of its Lake Mariner facility in New York, which has a total capacity of 50 MW of digital infrastructure. Building 2 at Lake Mariner remains on track to be completed during Q4 2022 and is expected to add another 50 MW of digital infrastructure capacity resulting in total energized digital infrastructure of 110 MW by year end 2022.
“Along with Lake Mariner’s strong hash rate growth has been a commensurate increase in our grid support capabilities. During an extreme summer across energy markets, our Lake Mariner facility was called upon for nearly a dozen demand response events, highlighting our ability to offer instant, precise support when the grid needs it most,” added Nazar Khan, Co-Founder and COO of TeraWulf. “And we continue to expand the suite of ancillary services that Lake Mariner can offer to the electric market.”
As previously announced, the Nautilus Cryptomine facility in Pennsylvania, a joint venture between TeraWulf and Talen Energy Corporation, has made significant construction progress and remains on target to begin mining in Q4 2022. TeraWulf continues to target reaching 5.8 EH/s of total Company operational mining capacity in Q1 2023.
Access to investor related events and updated presentation materials can be found on the TeraWulf Investor Relations website at www.investors.terawulf.com under the “Events & Presentations” section.
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 exahash per second 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.
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Multiple Q3 2022 awards validate growing demand for BlackSky’s real-time dynamic monitoring capabilities
HERNDON, Va.--(BUSINESS WIRE)--$BKSY #artificialintelligence--BlackSky Technology Inc. (NYSE: BKSY) has received a combined total of $13.8 million of orders to date within the first year of a five-year National Geospatial-Intelligence Agency (NGA) contract to monitor global economic activity.
“These awards underscore the growing demand for commercial real-time, AI-driven monitoring services that reveal economic activity at manufacturing hubs, major maritime ports, and airports around the world,” said Dr. Patrick O’Neil, BlackSky chief innovation officer. “BlackSky’s on-demand dynamic monitoring platform provides decision makers with actionable subscription-based insights on relevant global economic indicators at unprecedented speed and scale.”
Since winning the first order, BlackSky’s dynamic monitoring platform has collected thousands of observations over critical sites worldwide and demonstrated the ability to scale the quantity of observations to meet customer demand.
“BlackSky’s Spectra AI platform for multi-source analytics and satellite imagery collection gives customers direct access to high revisit, dawn-to-dusk imaging and analytics that seamlessly integrate into the existing GEOINT workflows,” O’Neil added.
Competitively procured, the orders are part of a five-year Indefinite-Delivery/Indefinite-Quantity (IDIQ) NGA contract announced in September 2021 to monitor global economic activity.
About BlackSky
BlackSky is a leading provider of real-time geospatial intelligence. BlackSky delivers on-demand, high frequency imagery, monitoring and analytics of the most critical and strategic locations, economic assets, and events in the world.
BlackSky designs, owns and operates one of the industry’s leading low earth orbit small satellite constellations, optimized to capture imagery cost-efficiently where and when our customers need it. BlackSky’s Spectra AI software platform processes data from BlackSky’s constellation and from other third-party sensors to develop the critical insights and analytics that our customers require.
BlackSky is relied upon by U.S. and international government agencies, commercial businesses, and organizations around the world. BlackSky is headquartered in Herndon, VA, and is publicly traded on the New York Stock Exchange as BKSY. To learn more, visit www.blacksky.com and follow us on Twitter.
Forward-Looking Statements
Certain statements in this press release may contain forward-looking statements within the meaning of the federal securities laws with respect to BlackSky. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections, and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document. If any of these risks materialize or underlying assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. In addition, forward-looking statements reflect our expectations, plans, or forecasts of future events and views as of the date of this communication. We anticipate that subsequent events and developments will cause their assessments to change. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Additional risks and uncertainties are identified and discussed in BlackSky’s disclosure materials filed from time to time with the SEC which are available at the SEC’s website at http://www.sec.gov or on BlackSky’s Investor Relations website at https://ir.blacksky.com.
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AUSTIN, Texas--(BUSINESS WIRE)--WhiteWater Midstream, LLC (“WhiteWater”) today announced that subsidiaries of Whistler Pipeline, LLC and Cheniere Energy, Inc. (NYSE American: LNG) (“Cheniere”) have executed agreements to move forward with the construction of the ADCC Pipeline, which is a new joint venture 42-inch pipeline that is expected to extend approximately 43 miles from the terminus of the Whistler Pipeline to Cheniere’s Corpus Christi Liquefaction Facility.
The ADCC Pipeline has been designed to transport up to 1.7 billion cubic feet per day (Bcf/d) of natural gas, expandable to 2.5 Bcf/d of natural gas, and is expected to be in service in 2024, pending the receipt of customary regulatory and other approvals.
The Whistler Pipeline is owned by a consortium including MPLX LP (NYSE: MPLX), WhiteWater, and a joint venture between Stonepeak and West Texas Gas, Inc.
About the Whistler Pipeline
The Whistler pipeline is an approximately 450-mile, 42-inch intrastate pipeline that transports natural gas from the Waha Header in the Permian Basin to Agua Dulce, Texas, providing direct access to South Texas and export markets. An approximately 85-mile 36-inch lateral provides connectivity to the Midland Basin.
About MPLX LP
MPLX is a diversified, large-cap master limited partnership that owns and operates midstream energy infrastructure and logistics assets and provides fuels distribution services. MPLX's assets include a network of crude oil and refined product pipelines; an inland marine business; light-product terminals; storage caverns; refinery tanks, docks, loading racks, and associated piping; and crude and light-product marine terminals. MPLX also owns crude oil and natural gas gathering systems and pipelines as well as natural gas and NGL processing and fractionation facilities in key U.S. supply basins. More information is available at www.MPLX.com
About WhiteWater
WhiteWater is an Austin, Texas based infrastructure company. WhiteWater is partnered with multiple private equity funds including but not limited to Ridgemont Equity Partners and First Infrastructure Capital. For more information about WhiteWater, visit www.wwdev.com.
About Ridgemont Equity Partners
Ridgemont Equity Partners is a Charlotte-based middle market buyout and growth equity investor. Since 1993, the principals of Ridgemont have invested over $6 billion. The firm focuses on equity investments up to $500 million and utilizes a proven, industry-focused investment approach and repeatable value creation strategies. For more information about Ridgemont, visit www.ridgemontep.com.
About First Infrastructure Capital
First Infrastructure Capital Advisors, LLC is a Houston-based investment firm specializing in greenfield projects and companies operating in the midstream, downstream, electric power, telecommunications, and renewable energy industries. First Infrastructure Capital Advisors, LLC is an SEC-registered investment adviser, which manages various investment vehicles including First Infrastructure Capital, L.P. For more information about First Infrastructure Capital, visit www.firstinfracap.com.
About Stonepeak
Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $49.3 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, and to have a positive impact on the communities in which it operates. Stonepeak sponsors investment vehicles focused on private equity and credit. The firm provides capital, operational support, and committed partnership to sustainably grow investments in its target sectors, which include communications, energy transition, transport and logistics, and social infrastructure. Stonepeak is headquartered in New York with offices in Austin, Hong Kong, Houston, London and Sydney. For more information, please visit www.stonepeak.com.
Some of the above statements constitute forward-looking statements. Forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond the control of the companies named herein and are difficult to predict. Factors that could impact the opportunities described above include but are not limited to general domestic and international economic and political conditions and the factors described in MPLX’s filings with the Securities and Exchange Commission (SEC). Any forward-looking statement speaks only as of the date of the applicable communication and the companies named herein undertake no obligation to update any forward-looking statement except to the extent required by applicable law. Copies of MPLX's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other SEC filings are available on the SEC's website, MPLX's website at http://ir.mplx.com or by contacting MPLX's Investor Relations office.
MPLX LP Investor Relations: (419) 421-2071
- Kristina Kazarian, Vice President
- Isaac Feeney, Supervisor
MPLX LP Media Contact: (419) 421-3312
- Jamal Kheiry, Communications Manager
WhiteWater Investor Relations: www.wwdev.com
Stonepeak: Kate Beers (646) 540-5225
Company Headlines Local Events to Discuss Uses of LoRaWAN to Improve Utility Operations, Building Management, Food Safety, and Municipal Services
PORTSMOUTH, N.H.--(BUSINESS WIRE)--Senet, Inc., a leading provider of cloud-based software and services platforms that enable global connectivity and on-demand network build-outs for the Internet of Things (IoT) today announced it is has expanded the build out of its public LoRaWAN® network across all five boroughs of New York City. Through the combined operation of Senet’s tower-based carrier-grade network deployment, Radio Access Network (RAN) partner networks, and its Extended Coverage integration with the Helium Network, Senet’s New York City network is now one of the largest and densest metropolitan deployments of public LoRaWAN connectivity in North America.
Senet Becomes the Carrier Grade Onramp for the Helium Network in New York City
Senet’s integration partnership with the Helium Network provides access to over 27,500 Helium compatible hotspots in the New York City area, densifying and extending LoRaWAN network coverage offered by Senet. In addition, customers in New York City can now use Senet as their carrier grade onramp to the Helium network. By onboarding their solutions through Senet, customers benefit from robust network and device management services, delivering the highest levels of reliability and responsiveness for scaled IoT applications. Connectivity to the Helium Network is available through Senet’s Extended Coverage offering by default and at no additional cost to Senet customers.
This dense network coverage offers immediate and measurable value to solution providers and end customers. For example, one of Senet’s major customers experienced a 25% increase in outdoor connected asset reporting as a result of gaining access to Helium coverage in New York City through Senet’s managed network services. Senet and Helium will be discussing their integration and benefits to customers at the upcoming Helium House NYC event on Tuesday, September 20th being held at The Altman Building.
Senet will also be presenting use cases and highlighting its partnerships at the upcoming Dense Networks New York City Connected Cities Tour being held at The Palm on Thursday, October 13th. Those interested in registering to attend should contact Senet at This email address is being protected from spambots. You need JavaScript enabled to view it..
With the capacity to connect and manage millions of sensor based IoT devices throughout New York City, Senet is working with municipal leaders, commercial and residential building management solution providers, and utilities to launch and expand a variety of infrastructure modernization, municipal service delivery, and resource sustainability programs.
Gas Safety Solutions
New York is taking a leadership position in introducing legislation to address the dangers of gas leaks, fires, and explosions in residential dwellings. New York State Senate Bill S3705, which is currently in committee, requires that all temporary and permanent dwellings in the state shall install an operable combustible gas detector that wirelessly connects to the gas company. In support of this emerging legislation, Senet is conducting field trials with several gas safety solution partners and a large multi-utility service provider to develop and deliver gas leak detection and automatic shut off solutions designed to improve safety and reliability across regional natural gas distribution networks.
Senet has also partnered with New Cosmos USA, a leading global supplier of gas detectors and gas alarm systems and ProSentry, a building monitoring solution provider to provide gas safety solutions to multi-dwelling units in New York City. To learn more about these initiatives, register to attend an upcoming webinar featuring speakers from Senet, ProSentry, and New Cosmos USA: LoRaWAN Sensors and Fire Safety: New York City’s Gas Detector Law and How it May Affect Gas Safety Nationally.
Water & Gas Leak Detection, Equipment Malfunctions and Pest Management
Senet is collaborating with building monitoring solution provider ProSentry to deliver a complete modular system of wirelessly connected in-building sensors for gas leaks, water leaks, cigarette smoke, vape and THC detection, exhaust fan operation, elevator motion, boiler temperature, and pest management. ProSentry’s building-wide system provides enhanced management and response for co-ops, condominiums, rentals, student housing, public housing and commercial spaces. ProSentry has launched its solution offering New York City and surrounding areas and is working closely with Senet for the delivery of network services.
Food Safety and Compliance
Senet’s network is being used to provide real-time insights into mobile food vendor services throughout New York City. In addition, quick service restaurants in the region are using LoRaWAN sensors connected to Senet’s network to automate temperature monitoring, replacing manual processes with digital records to provide enhanced visibility into operating conditions and food safety.
“IoT technologies are increasingly influencing how some of the world’s largest cities build and operate municipal infrastructure and optimize service delivery, and with this cutting-edge network deployment, New York City will be positioned at the forefront of this new wave of innovation," said Bruce Chatterley, CEO of Senet. “Senet’s New York City network is one of the largest and densest metropolitan deployments of public LoRaWAN connectivity in North America and we look forward to continued partnerships with municipal and business leaders to help drive operational efficiencies, resource conservation, and overall economic vitality.”
About Senet, Inc.
Senet develops cloud-based software and services used by Network Operators, Application Developers, and System Integrators for the on-demand deployment of Internet of Things (IoT) networks. In addition to industrial and commercial applications, Senet has designed smart meter networks for many municipal water utility districts across the United States, representing millions of households. With a multi-year head start over competing Low Power Wide Area Network technologies, Senet offers services in over one hundred and eighty countries and owns and operates one of the largest publicly available LoRaWAN® networks in the United States. Our disruptive go-to-market models and critical technical advantages have helped us become a leading connectivity provider with recognized expertise in building and operating global IoT networks. For additional information, visit www.senetco.com.
James Gerber
Crackle Communications
508-233-3391
This email address is being protected from spambots. You need JavaScript enabled to view it.
Comcast will grow its network more sustainably by cutting the electricity per byte of data in half by 2030.
Comcast powers SCTE Cable-Tec Expo 2022 with 100% clean energy for the first time.
PHILADELPHIA--(BUSINESS WIRE)--Comcast today announced at the SCTE Cable-Tec Expo 2022 that Comcast Cable plans to double its network energy efficiency by 2030, cutting the electricity per consumed terabyte of data in half.
Comcast has been investing in a nationwide network transformation to virtual, cloud-based technologies that offer faster broadband speeds, greater reliability, and improved energy efficiency. The new virtualized platform includes more centralized locations for headends, hubs, and data centers that are more efficient than previous technologies, requiring less hardware, less space, and less energy per byte.
“We’re on the path to a greener internet,” said Charlie Herrin, President of the Technology, Product, Experience organization within Comcast Cable. “The smart technologies powering our new network architecture are transforming how data is delivered, providing the industry’s best combination of speed, coverage, and control – all more sustainably.”
Comcast has set a goal to be carbon neutral by 2035 for Scope 1 and 2 emissions, or the direct and indirect emissions it owns and controls, across its global operations. With purchased electricity accounting for the majority of its emissions, Comcast is investing in clean, renewable energy to power its network and operations, as well as shifting to newer, more energy-efficient technologies and facilities to deliver more data with less energy per byte.
“Achieving our carbon neutral goal will require our business to work harder and smarter, and that goes for the network itself,” Herrin added. “We’re proud to make network energy efficiency a priority among our peers and suppliers, and to demonstrate the role our industry has in creating a more sustainable future.”
To underscore the company’s commitment to the environment, Comcast has purchased and gifted renewable energy certificates to power SCTE Cable-Tec Expo 2022 with 100% clean energy.
For more information on Comcast’s environmental efforts, visit the environment page at www.comcastcorporation.com.
About Comcast Corporation
Comcast Corporation (Nasdaq: CMCSA) is a global media and technology company that connects people to moments that matter. We are principally focused on connectivity, aggregation, and streaming with 57 million customer relationships across the United States and Europe. We deliver broadband, wireless, and video through our Xfinity, Comcast Business, and Sky brands; create, distribute, and stream leading entertainment, sports, and news through Universal Filmed Entertainment Group, Universal Studio Group, Sky Studios, the NBC and Telemundo broadcast networks, multiple cable networks, Peacock, NBCUniversal News Group, NBC Sports, Sky News, and Sky Sports; and provide memorable experiences at Universal Parks and Resorts in the United States and Asia. Visit www.comcastcorporation.com for more information.
Forward-Looking Statements
This press release includes estimates, projections and statements regarding plans and goals that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “potential,” “strategy,” “future,” “opportunity,” “commit,” “plan,” “goal,” “may,” “should,” “could,” “would,” “will,” “continue,” “will likely result” and similar expressions. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties that may cause actual results to differ materially. In evaluating these statements, you should consider various factors, including the risks and uncertainties we describe in the “Risk Factors” sections of our Forms 10-K and 10-Q and other reports we file with the Securities and Exchange Commission (“SEC”). There are also certain risks and challenges we may face in meeting our environmental goals that are beyond our control, including political, economic, regulatory and geopolitical conditions, the evolution of carbon offset markets, and limited large-scale investments and innovations in technology and infrastructure. The inclusion of forward-looking statements that may address our corporate responsibility initiatives, progress, plans and goals in this press release is not an indication that they are necessarily material to investors or required to be disclosed in our filings with the SEC. Such statements may contain estimates, make assumptions based on developing standards that may change and provide aspirations and commitments that are not intended to be promises or guarantees. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise.
Press:
John Demming, Comcast
This email address is being protected from spambots. You need JavaScript enabled to view it.
(215) 286-8011
DALLAS & BOSTON--(BUSINESS WIRE)--Grey Rock Investment Partners (“Grey Rock”), a Dallas-based investment firm, and Executive Network Partnering Corporation (“ENPC”) (NYSE: ENPC), a special purpose acquisition entity, previously announced the entry into a definitive agreement to complete a $1.3 billion business combination (the “Business Combination”) resulting in the formation of publicly traded Granite Ridge Resources, Inc. (“Granite Ridge”). Grey Rock and ENPC are together presenting a summary of selected unaudited pro forma condensed combined operating and financial results for the six months ended June 30, 2022 and 2021, respectively, for Grey Rock Energy Fund III-A, LP, Grey Rock Energy Fund III-B, LP, Grey Rock Energy Fund III-B Holdings, LP, Grey Rock Energy Fund II, L.P., Grey Rock Energy Fund II-B, LP, Grey Rock Energy Fund II-B Holdings, L.P., and Grey Rock Energy Fund, LP (collectively the “Grey Rock Funds”), the assets of which, together with cash remaining in ENPC’s trust account following any stockholder redemptions, will constitute the assets of Granite Ridge following the consummation of the Business Combination.
| Summary of Selected Operating Results(1) | |||||||||
|
|
Six Months Ended June 30 |
|
||||||
(in thousands, except per unit prices) |
|
|
2022 |
|
|
2021 |
|
|
|
Production |
|
|
|
|
|
|
|||
Oil (MBbl) |
|
|
1,611 |
|
|
1,762 |
|
|
|
Natural gas (MMcf) |
|
|
9,303 |
|
|
7,546 |
|
|
|
Total production (MBoe)(2) |
|
|
3,161 |
|
|
3,021 |
|
|
|
Average daily production (Boe/d)(2) |
|
|
17,563 |
|
|
16,778 |
|
|
|
Net sales |
|
|
|
|
|
|
|
|
|
Oil |
|
$ |
172,038 |
|
$ |
92,416 |
|
|
|
Natural gas |
|
|
72,079 |
|
|
36,848 |
|
|
|
Operating expenses |
|
|
|
|
|
|
|||
Lease operating expenses |
|
$ |
18,175 |
|
$ |
11,072 |
|
|
|
Production taxes |
|
|
12,653 |
|
|
8,320 |
|
|
|
Depletion and accretion expense |
|
|
47,529 |
|
|
48,686 |
|
|
|
Management fees |
|
|
3,047 |
|
|
3,097 |
|
|
|
General and administrative |
|
|
1,993 |
|
|
2,047 |
|
|
|
Costs and expenses (per Boe): |
|
|
|
|
|
|
|||
Lease operating expenses |
|
$ |
5.75 |
|
$ |
3.67 |
|
|
|
Production taxes |
|
|
4.00 |
|
|
2.76 |
|
|
|
Depletion and accretion expense |
|
|
15.04 |
|
|
16.12 |
|
|
|
Management fees |
|
|
0.96 |
|
|
1.03 |
|
|
|
General and administrative |
|
|
0.63 |
|
|
0.68 |
|
|
|
|
|
|
|
|
|
|
|||
(1) |
For detailed financial information regarding each of the Grey Rock Funds and unaudited pro forma condensed financial statements of ENPC giving effect to the proposed Business Combination and related transactions, see the Registration Statement (as defined herein). |
|
(2) |
Natural gas is converted to barrel of oil equivalent at the rate of one barrel equals six Mcf based upon the approximate relative energy content of oil and natural gas, which is not necessarily indicative of the relationship of oil and natural gas prices. |
Luke Brandenberg, future Chief Executive Officer of Granite Ridge, commented, “The Grey Rock Funds delivered outstanding operational and financial results for the first half of 2022, including achieving daily production and Adjusted EBITDA records of approximately 17,563 Boe/d and $183 million, respectively, while adding additional high-quality inventory through the acquisition of approximately $21 million of new oil and gas properties. Subsequent to June 30, 2022, the Grey Rock Funds reduced debt by an approximate additional $42 million and acquired approximately an additional $17 million of new oil and gas assets. These results speak to the high quality of the Grey Rock Funds’ team, diverse asset base, and capital efficiency of the non-op strategy.”
“Development activity on the assets within the Grey Rock Funds remains robust, as exhibited by the 15.8 net wells brought online since the beginning of the year and the additional 17.1 net wells currently in the development process,” continued Mr. Brandenberg. “As the Grey Rock Funds look at the remainder of 2022, we anticipate a slight reduction in projected production from the operators drilling the assets of the Grey Rock Funds as some operators, given supply and labor constraints, are delaying bringing wells online. This delay may push approximately 4% to 5% of the planned 2022 production on the assets of the Grey Rock Funds from 2022 into 2023. These results should position Granite Ridge for strong financial performance in 2023 following the completion of the planned Business Combination in the fourth quarter of 2022.”
Non-GAAP Financial Information
This news release includes the non-GAAP financial measure Adjusted EBITDA. This measure should not be used as a substitute for its nearest GAAP measure, net income (loss). The Grey Rock Funds define EBITDA as net income (loss) before income tax expense, interest expense and depreciation, depletion and amortization and accretion of asset retirement obligations. The Grey Rock Funds define Adjusted EBITDA as EBITDA adjusted to exclude non-cash impairment of assets, gain (loss) on sale of assets, non-cash changes in the fair value of derivative financial instruments, and non-operating items and other operating items impacting comparability. Non-operating items and other items impacting comparability have been excluded as they do not reflect the Grey Rock Funds’ ongoing operating activities such as gains or losses from asset sales. Management for the Grey Rock Funds uses Adjusted EBITDA as an internal indicator of the Grey Rock Funds’ ability to internally fund capital expenditures and to service or incur additional debt. Adjusted EBITDA is not a measure of financial performance or liquidity under GAAP. It should not be considered in isolation or as an indicator of the Grey Rock Funds’ performance. Furthermore, it should not be seen as a substitute for metrics prepared in accordance with GAAP. See ENPC’s and Granite Ridge’s filings with the Securities and Exchange Commission for more information.
Forward-Looking Statements
This news release includes certain statements that may constitute “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and other similar words and expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements may include, for example, statements about the future financial performance of Granite Ridge following the Business Combination; the timing and ability to complete the Business Combination; changes in the Grey Rock Funds’ or Granite Ridge’s strategy, future operations (including operations by the operators drilling the assets of the Grey Rock Funds or Granite Ridge), financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management. These forward-looking statements are based on information available as of the date of this news release, and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing the Grey Rock Funds’, ENPC’s or Granite Ridge’s views as of any subsequent date, and none of the Grey Rock Funds, ENPC or Granite Ridge undertakes any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. You should not place undue reliance on these forward-looking statements. As a result of a number of known and unknown risks and uncertainties, the Grey Rock Funds’ and Granite Ridge’s actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include: (i) the timing to complete the proposed Business Combination; (ii) the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreements relating to the proposed Business Combination; (iii) the outcome of any legal proceedings that may be instituted against ENPC, the Grey Rock Funds, Granite Ridge or others following announcement or closing of the proposed Business Combination; (iv) the inability to complete the proposed Business Combination due to the failure to obtain the approval of ENPC stockholders; (v) Granite Ridge’s success in retaining or recruiting, or changes required with regards to its officers, key employees or directors following the proposed Business Combination; (vi) Granite Ridge’s ability to obtain the listing of its common stock and warrants on the New York Stock Exchange following the proposed Business Combination; (vii) the risk that the proposed Business Combination disrupts current plans and operations of the Grey Rock Funds as a result of the announcement and consummation of the proposed Business Combination; (viii) the ability to recognize the anticipated benefits of the proposed Business Combination; (ix) unexpected costs related to the proposed Business Combination; (x) the amount of any redemptions by ENPC’s public stockholders being greater than expected; (xi) the management and board composition of Granite Ridge following the proposed Business Combination; (xii) limited liquidity and trading of Granite Ridge’s securities; (xiii) the use of proceeds not held in ENPC’s trust account or available from interest income on the trust account balance; (xiv) geopolitical risk and changes in applicable laws or regulations; (xv) the possibility that the Grey Rock Funds, ENPC or Granite Ridge may be adversely affected by other economic, business, and/or competitive factors; (xvi) operational risk; (xvii) the possibility that the COVID-19 pandemic, or another major disease, disrupts the Grey Rock Funds’ business; (xviii) litigation and regulatory enforcement risks, including the diversion of management time and attention and the additional costs and demands on the Grey Rock Funds’ resources; and (xix) the risks that the consummation of the proposed Business Combination is substantially delayed or does not occur.
No Offer or Solicitation
This communication relates to the proposed Business Combination between Grey Rock and ENPC. This document does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act.
Important Information for Investors and Stockholders and Where to Find It
In connection with the proposed Business Combination between Grey Rock and ENPC, Granite Ridge and ENPC have filed a registration statement on Form S-4 (as may be amended from time to time, the "Registration Statement") that includes a preliminary proxy statement/prospectus of ENPC and a preliminary prospectus of Granite Ridge, and after the Registration Statement is declared effective, ENPC will mail a definitive proxy statement/prospectus relating to the proposed Business Combination to ENPC’s stockholders. The Registration Statement, including the proxy statement/prospectus contained therein, when declared effective by the Securities and Exchange Commission ("SEC"), will contain important information about the proposed Business Combination and the other matters to be voted upon at a meeting of ENPC’s stockholders to be held to approve the proposed Business Combination (and related matters). This communication does not contain all the information that should be considered concerning the proposed Business Combination and other matters and is not intended to provide the basis for any investment decision or any other decision in respect of such matters. ENPC and Granite Ridge may also file other documents with the SEC regarding the proposed Business Combination. ENPC stockholders and other interested persons are advised to read, when available, the preliminary proxy statement/prospectus and the amendments thereto and the definitive proxy statement/prospectus and other documents filed in connection with the proposed Business Combination, as these materials will contain important information about ENPC, Granite Ridge, Grey Rock, and the proposed Business Combination. When available, the definitive proxy statement/prospectus and other relevant materials for the proposed Business Combination will be mailed to ENPC stockholders as of a record date to be established for voting on the proposed Business Combination. Stockholders will also be able to obtain copies of the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus and other documents filed or that will be filed with the SEC, free of charge, by ENPC and Granite Ridge through the website maintained by the SEC at www.sec.gov, or by directing a request to ENPC, 137 Newbury Street, 17th Floor, Boston, Massachusetts 02116.
Participants in the Solicitation
ENPC, Granite Ridge, Grey Rock and their respective directors, officers and related persons may be deemed participants in the solicitation of proxies of ENPC stockholders in connection with the proposed Business Combination. ENPC stockholders and other interested persons may obtain, without charge, more detailed information regarding the directors and officers of ENPC, and a description of their interests in the preliminary proxy statement/prospectus of Granite Ridge filed with the SEC on May 16, 2022 in ENPC’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, which was filed with the SEC on March 30, 2022 and is available free of charge at the SEC’s website at www.sec.gov, and in ENPC’s subsequent filings with the SEC. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to ENPC stockholders in connection with the proposed Business Combination and other matters to be voted upon at the special meeting of the stockholders of ENPC is set forth in the Registration Statement for the proposed Business Combination. Additional information regarding the interests of participants in the solicitation of proxies in connection with the proposed Business Combination is included in the Registration Statement. You may obtain free copies of these documents as described in the preceding paragraph.
Reconciliation of Net Income to Adjusted EBITDA (Unaudited) |
||||||||
|
|
|
Six Months Ended June 30 |
|||||
(in thousands) |
|
|
|
2022 |
|
|
2021 |
|
Net income |
|
|
$ |
125,728 |
|
$ |
34,840 |
|
Income tax expense |
|
|
|
— |
|
|
— |
|
Interest expense |
|
|
|
1,134 |
|
|
1,051 |
|
Depletion and accretion expense |
|
|
|
47,529 |
|
|
48,686 |
|
EBITDA(1) |
|
|
|
174,389 |
|
|
84,577 |
|
Amortization of loan origination costs |
|
|
|
21 |
|
|
28 |
|
Gain on disposal of oil and natural gas properties |
|
|
|
— |
|
|
(1,971 |
) |
Unrealized (gain) loss on derivative financial instruments |
|
|
|
8,950 |
|
|
15,954 |
|
Adjusted EBITDA(1) |
|
|
$ |
183,360 |
|
$ |
98,588 |
|
|
|
|
|
|
|
|||
(1) |
Earnings before interest, taxes, depreciation, depletion and amortization (“EBITDA”) represents net income (loss) before income tax expense, interest expense and depreciation, depletion and amortization and accretion of asset retirement obligations. “Adjusted EBITDA” represents EBITDA adjusted to exclude non-cash impairment of assets, gain (loss) on sale of assets, non-cash changes in the fair value of derivative financial instruments, and non-operating items and other operating items impacting comparability. Non-operating items and other items impacting comparability have been excluded as they do not reflect the Grey Rock Funds’ ongoing operating activities such as gains or losses from asset sales. |
Emmie Watts – This email address is being protected from spambots. You need JavaScript enabled to view it. – 801.400.3077
Establishes new Business Markets division to serve commercial solar segments
HOUSTON--(BUSINESS WIRE)--Sunnova Energy International Inc. ("Sunnova") (NYSE: NOVA), a leading U.S. Energy as a Service (EaaS) provider, announced today that it is expanding its energy service offerings to the commercial solar market.
Leveraging the Company’s extensive experience in residential solar, Sunnova is expanding into the commercial market to serve the commercial, industrial, agricultural, commercial real estate, non-profit, and public sectors to help business customers become more sustainable and resilient while also providing budget certainty in the face of rising utility rates.
Entry into the commercial sector is supported by the passing of the Inflation Reduction Act, which is expected to increase deployment of commercial solar projects by 20% over the next five years, according to the SEIA/Wood Mackenzie Power & Renewables U.S. Solar Market Insight report. With the expansion of Sunnova’s energy services into the underserved commercial market, businesses will be able to take control of their energy costs by transitioning to solar, gaining resilient backup power, and tapping into available revenue streams such as selling excess solar energy back to the grid or participating in local grid services.
“Electricity usage can be one of the biggest and most unpredictable costs facing businesses, and unexpectedly losing power due to a utility outage can create additional expense and hardship,” said William J. (John) Berger, founder and CEO at Sunnova. “We see a significant growth opportunity in the commercial solar market that is a natural extension of our market-leading services on the residential side. We look forward to providing businesses with solutions that will reduce their energy costs and provide local energy generation, as well as insights and control. Our systems offer protection against utility power outages with integrated battery storage, and the ability to reduce carbon emissions. We have helped hundreds of thousands of homeowners across the country realize the benefits of solar and now we will be helping companies adapt to an ever-changing energy landscape by transforming into Sunnova Adaptive Businesses™.”
With a total addressable market of approximately 145GW that is only 5% penetrated, according to Wood Mackenzie, Sunnova will be leveraging its network of dealers who have wanted to sell commercial solar, or who already do, to facilitate a rapid market entry.
“We are excited to enter this underserved sector of the market to help businesses manage their energy needs with a differentiated and innovative approach,” said Michael Grasso, EVP, Chief Marketing and Growth Officer at Sunnova. “Sunnova will offer businesses a complete suite of energy technologies, finance options, and services tailored to meet their specific energy needs, business goals, and local utility rate structures. This expansion of our service offerings will allow us to do for business customers what we have done for residential customers—provide a better energy service at a better price through our new adaptive business technology solutions and 25-year service guarantee, the Sunnova Protect® Business plan.”
Sunnova will also provide flexible financing options for systems starting at 50kW that are catered to the preferences and tax status of each business.
For more information on Sunnova Business Markets, please visit sunnova.com
Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Sunnova’s future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “going to,” “could,” “intend,” “target,” “project,” “contemplates,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern Sunnova’s expectations, strategy, priorities, plans or intentions. Forward-looking statements in this press release include, but are not limited to, statements regarding the implementation and development of Sunnova’s entry into the commercial market as well as its impact on Sunnova and its customers. Sunnova’s expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks regarding our ability to forecast our business due to our limited operating history, the effects of the coronavirus pandemic on our business and operations, results of operations and financial position, our competition, changes in regulations applicable to our business, fluctuations in the solar and home-building markets, availability of capital, supply chain uncertainty, our ability to attract and retain dealers and customers and our dealer and strategic partner relationships. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in Sunnova’s filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2021 and our subsequent Quarterly Reports on Form 10-Q. The forward-looking statements in this press release are based on information available to Sunnova as of the date hereof, and Sunnova disclaims any obligation to update any forward-looking statements, except as required by law.
About Sunnova
Sunnova Energy International Inc. (NYSE: NOVA) is leading U.S. Energy as a Service (EaaS) provider with customers across the U.S. and its territories. Sunnova's goal is to be the source of clean, affordable and reliable energy with a simple mission: to power energy independence so that homeowners have the freedom to live life uninterrupted®.
For more information, please visit sunnova.com
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Independent software vendors will build, market, and sell solutions and apps through Schlumberger digital platform, unlocking innovation for customers
LUZERN, Switzerland--(BUSINESS WIRE)--Schlumberger today launched its Digital Platform Partner Program, which will allow independent software vendors (ISV) to leverage the openness and extensibility of Schlumberger’s digital platform to build new applications and software and offer them to the market. Schlumberger customers will access a broad range of interoperable digital solutions, enabling data-driven decision making across the energy value chain and rapidly accelerating the time to value from digital transformation, at global scale.
“The Schlumberger Digital Platform Partner Program brings together digital solutions from Schlumberger and a growing number of ISVs, substantially increasing the choice of artificial intelligence (AI) and data science-enriched domain workflows for customers,” said Trygve Randen, director, Digital Subsurface Solutions, Schlumberger. “Our digital platform has become an open ecosystem of connected digital solutions, enabling customers to extract maximum value from their data, helping them innovate faster and drive business performance improvements at scale.”
At launch, nine ISVs are offering software solutions to Schlumberger customers, and the platform has been designed with an open framework to quickly onboard new partners.
The solutions are built and deployed through the DELFI* digital E&P platform and integrate seamlessly with industry-standard data platforms. This enables unprecedented value creation due to the interoperability across workflows and organizations. The ISV apps and solutions are targeting workflows across data operations, reservoir engineering, well planning and optimization, process engineering, production optimization, carbon capture, utilization, and storage (CCUS), and decarbonization technologies.
One of the current apps, Resoptima’s ResX software, works seamlessly with Schlumberger solutions to deliver ensemble-based modeling of reservoirs, while continuously conditioning data. Another app, LogQA, which is a cloud application from RoQC, rapidly identifies sub-standard log data and uses machine learning to fix log quality issues. In the production domain, the Tachyus Aqueon App helps customers make data-driven decisions in waterflood development, management, and optimization, quickly and easily.
“Our collaboration with Schlumberger has already delivered three successful projects at different locations, involving the deployment of our technologies within the DELFI platform,” said Atila Mellilo, CEO, Resoptima. “In each case, significant value was created for the customers, underscoring the success of a partnership and motivating all parties to further develop their cooperation.”
Today’s announcement took place as part of the Schlumberger Digital Forum 2022, which is taking place this week in Luzern, Switzerland.
For more information about the Digital Platform Partner Program, visit: slb.com/partners/digital-platform-partner-program
About Schlumberger
Schlumberger (NYSE: SLB) is a technology company that partners with customers to access energy. Our people, representing over 160 nationalities, are providing leading digital solutions and deploying innovative technologies to enable performance and sustainability for the global energy industry. With expertise in more than 120 countries, we collaborate to create technology that unlocks access to energy for the benefit of all.
Find out more at www.slb.com
Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the federal securities laws—that is, any statements that are not historical facts. Such statements often contain words such as “expect,” “may,” “can,” “believe,” “plan,” “estimate,” “intend,” “anticipate,” “should,” “could,” “will,” “likely,” “goal,” “objective,” “aspire,” “aim,” “potential,” “projected” and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain, such as forecasts or expectations regarding the deployment of, or anticipated benefits of, digital technologies and partnerships. These statements are subject to risks and uncertainties, including, but not limited to, the inability to recognize intended benefits from digital strategies, initiatives or partnerships; and other risks and uncertainties detailed in Schlumberger’s most recent Forms 10-K, 10-Q, and 8-K filed with or furnished to the U.S. Securities and Exchange Commission. If one or more of these or other risks or uncertainties materialize (or the consequences of any such development changes), or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those reflected in our forward-looking statements. The forward-looking statements speak only as of the date of this press release, Schlumberger disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.
*Mark of Schlumberger
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Moira Duff – Director of External Communications, Schlumberger Limited
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Ndubuisi Maduemezia – Vice President of Investor Relations, Schlumberger Limited
Joy V. Domingo – Director of Investor Relations, Schlumberger Limited
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PLANO, Texas--(BUSINESS WIRE)--Decarbonization is a key focus for leading design, engineering and manufacturing organizations. To provide access to the most up to date CO2e emission data for materials and energies, Siemens Digital Industries Software today announces its collaboration with sustamize GmbH, a leading ClimateTech company providing professional technology, data and software solutions enabling companies to measure, optimize and manage CO2 emissions.
The new Teamcenter® Carbon Footprint Calculator software, part of the Teamcenter product cost management solution from the Siemens Xcelerator platform, enables organizations to measure, simulate, reduce and track their product carbon footprint early in the development phase. This will empower different departments to measure, optimize and manage carbon footprints at each level of the product value chain.
“Today, it is thought that 80 percent of the environmental impact associated with a product can be avoided in the development and design phase. Our collaboration with sustamize will enable customers to understand the environmental impacts of their products and processes early in the product development based on comprehensive, up to date, data,” said Eryn Devola, Vice President of Sustainability, Siemens Digital Industries Software. “By empowering our community to make fact-based decisions based on uniform data along the entire supply chain, we can assist them to avoid hazardous materials, use materials and energy efficiently, develop clean manufacturing procedures and help to accelerate the transition to net zero.”
Through this collaboration, the wealth of data from sustamize’s Product Footprint Engine, including a prepackaged CO2 emission factors library with frequently used material and energy factor set, will be accessible through the Siemens Xcelerator portfolio. This will support the calculation of the product carbon footprint and scope 3 emissions (for purchased parts and external services) with the capability to add additional category data sets based on demand. sustamize’s technology enables automated product carbon footprint management with one of the world’s largest CO2e database and intelligent algorithms, so the Product Footprint Engine is based on scientifically researched data enriched with more than 20 years of industry know-how and validated according to ISO 14048 by DEKRA.
"Empowering users across manufacturing focused organizations to understand the CO2e impacts and drivers in their own products and supply chains, while working with a sophisticated tool that is already familiar and user-friendly, is a game changer in overcoming hurdles related to CO2e management,” said Viola Hasani, Co-founder and Customer Success Lead, sustamize.
Learn more about our work to bring rich emissions data to our community by visiting our blog https://blogs.sw.siemens.com/teamcenter/product-carbon-footprint-calculator/
Siemens Digital Industries Software is driving transformation to enable a digital enterprise where engineering, manufacturing and electronics design meet tomorrow. The Siemens Xcelerator portfolio helps companies of all sizes create and leverage digital twins that provide organizations with new insights, opportunities and levels of automation to drive innovation. For more information on Siemens Digital Industries Software products and services, visit siemens.com/software or follow us on LinkedIn, Twitter, Facebook and Instagram. Siemens Digital Industries Software – Where today meets tomorrow.
Note: A list of relevant Siemens trademarks can be found here. Other trademarks belong to their respective owners.
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