Large Scale, High-Graded Upstream Portfolio Provides Reliable Energy to Support Growing Demand
WASHINGTON--(BUSINESS WIRE)--EIG, a leading institutional investor in the global energy and infrastructure sectors, today announced that it has entered into a definitive agreement with Repsol S.A. (“Repsol”) to acquire a 25% stake in Repsol Upstream, a newly-formed global exploration & production (“E&P”) company comprising Repsol’s entire global upstream oil and gas business. The strategic partnership delivers upfront capital to Repsol to increase its investment in the energy transition, specifically to support the growth of Repsol’s renewable power generation, renewable fuels, and circular products segments.
Under the terms of the agreement, a newly formed, wholly owned subsidiary of EIG, Breakwater Energy, will acquire the 25% interest in Repsol Upstream for total consideration of approximately $4.8 billion, including debt, with Repsol holding the remaining 75%, indicating a total enterprise value of approximately $19.0 billion for Repsol Upstream. The company will be majority controlled by Repsol and will be consolidated in the accounts of Repsol.
Repsol Upstream is a leading, gas-weighted global E&P company that will own and operate Repsol’s globally diversified portfolio of upstream assets, delivering cash generative and resilient operations around key regional hubs, with a focus on the United States. Repsol Upstream is forecast to produce approximately 590,000 barrels of oil equivalent per day for 2H 2022 and has proved and probable reserves of 2.3 billion barrels equivalent as at December 31, 2021, approximately 70% of which is gas. Repsol Upstream also holds contingent resources of 3.8 billion barrels equivalent as at the same date.
The business has committed to leadership in reducing greenhouse gas (GHG) emissions, initially adopting Repsol’s existing targets, including a 75% reduction of carbon intensity by 2025 from a 2016 baseline, and implementation of a decarbonization plan, including development of new short and medium-term GHG emissions reduction targets. The company also has a green exploration business targeting Carbon Capture and Storage (CCS), geothermal and hydrogen storage projects.
Repsol Upstream will maintain the business’s current workforce and existing management team. The company is expected to benefit from Repsol’s expertise as a benchmark upstream operator, as well as from EIG’s knowledge of global debt and equity capital markets and upstream experience, particularly in the United States, the North Sea, Brazil and Asia Pacific. Repsol Upstream will also benefit from EIG’s recent expertise derived from its successful formation, transformation, and public listing of Harbour Energy. EIG believes the transaction puts Repsol Upstream on a pathway towards future market liquidity—both Repsol and EIG foresee the potential to list the business in the U.S. from 2026 onward, subject to favorable market conditions.
“Energy transition informs every decision we make, and we are thrilled to partner with a global leader of Repsol’s stature on this compelling opportunity to lead change in our industry,” said R. Blair Thomas, EIG’s Chairman and CEO. “Evaluation of ESG impact is integrated into EIG’s core investment and portfolio management functions, and we look forward to working with Repsol, a world-class operator and energy transition leader, to continue building on the business’s ESG best practices. As the world looks to meet the twin goals of decarbonization and reliability, we believe this partnership is well positioned to help meet the growing global demand for accessible, efficient and safe energy.”
“Our ambition is to lead the energy transition, and this pioneering agreement allows us to maintain the strategic direction of the upstream unit and, at the same time, to boost the transformation of the company and its multi-energy profile to achieve zero net emissions by 2050,” said Repsol CEO Josu Jon Imaz.
As part of the transaction, EIG will have the right to nominate two members to Repsol Upstream’s eight-member Board of Directors. Four will be nominated by Repsol, with the remaining two as Independents. EIG will also have the right to appoint two senior executives to the Repsol Upstream leadership team, one to serve as ESG Director and the other to lead special projects, including IPO preparedness.
The transaction is expected to close within the coming six months, subject to customary closing conditions.
Goldman Sachs & Co LLC and J.P. Morgan acted as financial advisors to EIG in connection with the transaction. Goldman Sachs & Co LLC, J.P. Morgan and Lazard are acting as capital markets advisors in connection with the financing of the transaction. Latham & Watkins serves as EIG’s legal advisor.
About EIG
EIG is a leading institutional investor in the global energy and infrastructure sectors with $24.0 billion under management as of June 30, 2022. EIG specializes in private investments in energy and energy-related infrastructure on a global basis. During its 40-year history, EIG has committed over $41.5 billion to the energy sector through over 387 projects or companies in 38 countries on six continents. EIG’s clients include many of the leading pension plans, insurance companies, endowments, foundations and sovereign wealth funds in the U.S., Asia and Europe. EIG is headquartered in Washington, D.C. with offices in Houston, London, Sydney, Rio de Janeiro, Hong Kong and Seoul. For additional information, please visit EIG’s website at www.eigpartners.com.
About Repsol
Repsol is a global multi-energy company that is leading the energy transition with its ambition of achieving zero net emissions by 2050. Present throughout the energy value chain, the company employs 24,000 people worldwide and distributes its products in nearly 100 countries to around 24 million customers.
To achieve zero net emissions by 2050, Repsol is deploying an integrated model of decarbonization technologies based on enhanced efficiency, increased renewable power generation capacity, production of low-carbon fuels, development of new customer solutions, the circular economy, and by driving breakthrough projects to reduce the industry's carbon footprint.
Media
EIG
FGS Global
Kelly Kimberly / Brandon Messina
+1 212-687-8080
This email address is being protected from spambots. You need JavaScript enabled to view it.
Repsol
+34 91 753 8787
This email address is being protected from spambots. You need JavaScript enabled to view it.
DUBLIN--(BUSINESS WIRE)--The "Unmanned Sea Systems Market: Global Industry Analysis, Trends, Market Size, and Forecasts up to 2028" report has been added to ResearchAndMarkets.com's offering.
The report on the global unmanned sea systems market provides qualitative and quantitative analysis for the period from 2022 to 2028. The report predicts the global unmanned sea systems market to grow with a CAGR of over 9% over the forecast period from 2022-2028. The study on unmanned sea systems market covers the analysis of the leading geographies such as North America, Europe, Asia-Pacific, and RoW for the period of 2022 to 2028.
The report on unmanned sea systems market is a comprehensive study and presentation of drivers, restraints, opportunities, demand factors, market size, forecasts, and trends in the global unmanned sea systems market over the period of 2022 to 2028. Moreover, the report is a collective presentation of primary and secondary research findings.
Porter's five forces model in the report provides insights into the competitive rivalry, supplier and buyer positions in the market and opportunities for the new entrants in the global unmanned sea systems market over the period of 2022 to 2028. Further, Growth Matrix gave in the report brings an insight into the investment areas that existing or new market players can consider.
Market Dynamics
Drivers
Restraints
Opportunities
What does this Report Deliver?
1. Comprehensive analysis of the global as well as regional markets of the unmanned sea systems market.
2. Complete coverage of all the segments in the unmanned sea systems market to analyze the trends, developments in the global market and forecast of market size up to 2028.
3. Comprehensive analysis of the companies operating in the global unmanned sea systems market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and latest developments of the company.
4. Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.
Segments Covered
The global unmanned sea systems market is segmented on the basis of platform type, capability, and application.
The Global Unmanned Sea Systems Market by Platform Type
The Global Unmanned Sea Systems Market by Capability
The Global Unmanned Sea Systems Market by Application
Company Profiles
The companies covered in the report include
For more information about this report visit https://www.researchandmarkets.com/r/pcjche
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
The call comes ahead of EIT INNOVEIT Stockholm: Innovation in Higher Education
BERLIN--(BUSINESS WIRE)--A leading innovator in science has urged European universities and higher education institutions to revolutionise their innovation activities to effectively tackle climate change. Dr. Riam Kanso, founder and CEO of Conception X, will be the keynote speaker at the INNOVEIT Stockholm: Innovation in Higher Education on 15 September. The event is coordinated and led by EIT RawMaterials, the world’s largest consortium on raw materials, funded by the European Institute of Innovation and Technology (EIT), a body of the European Union.
The registration for in-person or virtual attendance at INNOVEIT Stockholm is now open.
Reaching net-zero carbon emissions by 2050 means new innovations in technology and energy are urgently needed. These innovations will largely stem from universities and higher education institutions. The EIT Higher Education Institutions Initiative (EIT HEI) funds and supports higher education institutions in growing their research and development faculties and boosting entrepreneurship activities and synergies with industry players, many with the aim of accelerating deep tech and energy innovations coming to market (start-ups and spin-offs).
The EIT HEI Initiative is titled ‘Innovation Capacity Building for Higher Education’ and is a unique model that brings together industry/businesses with researchers and higher education. The initiative is a key objective for the EIT as part of the EIT’s new seven-year strategy for 2021-2027. The programme supports higher education institutions with expertise and coaching, access to the EIT innovation ecosystem, and funding to boost the capacity for innovation and entrepreneurship activities at European higher education institutions.
Dr. Kanso: Urgent Progress Needed for Innovation in Higher Education
Dr. Kanso’s company, Conception X, has a complementary mission to the EIT HEI Initiative. Conception X is an independent, non-profit that works closely with more than 30 universities across the UK to discover and train aspiring PhD founders from leading research labs, helping them become eligible for innovation grants, awards, and venture capital funding. Through a nine-month deep-tech venture programme, PhD students explore ways to commercialise their research while still at university – much like the EIT-Labelled Masters and PhD programmes.
Dr. Kanso says new models like this are needed to unleash Europe’s potential as a hotspot for meaningful innovation, especially with the continent’s 2050 deadline to reach net-zero emissions fast approaching.
Dr. Kanso said: “Universities and higher education institutions are built to spread knowledge that improves the world. Yet, the current system of spreading this knowledge by publishing papers can sometimes hinder progress – by the time a paper is published, the research could be three years old. We need to create models where research and innovation come together to reinforce and advance each other.”
EIT RawMaterials CEO Bernd Schäfer stressed: “Europe is at an epochal turning point, where the ambitious goals of the European Green Deal are placing more extraordinary demands on higher education than ever before. Our EIT HEI Initiative was established for this reason, to empower higher education institutions to become engines of innovation and foster sustainable growth and jobs. The initiative brings Europe’s education, research, and industry leaders together to work on strengthened innovation in higher education with the aim of solving some of the world’s biggest problems - like climate change.”
Speaking about the EIT HEI Initiative, Dr. Kanso said: “We’re working to promote knowledge and innovation and help great people excel. The more allies we have and the more connected we are, the easier it will be to achieve that. Network initiatives like the EIT HEI are crucial.’’
INNOVEIT: Stockholm - Focus on Innovation in Higher Education
This hybrid event will highlight the ongoing work of the EIT’s HEI Initiative. Discussions will focus on how the EIT HEI Initiative will connect with deep tech innovations and talents and EIT-Labelled education programmes for enhanced innovation capacity building.
All active projects selected for both the EIT HEI’s Cohort 1 (launched in July 2021) and Cohort 2 (launched in July 2022) will be present at the event. There are 23 active Cohort 1 and 26 active Cohort 2 projects in the HEI Initiative network. Cohort 1 projects will share the good practices and methodologies they have learned so far for increasing innovation capacity in European higher education institutions.
Dr. Tamer Abu-Alam is the Project Coordinator of one of EIT HEI Initiative’s funded Cohort 1 projects, CloudEARTHi, and an academic at UiT, the Artic University of Norway.
Dr. Abu-Alam says initiatives like the EIT HEI Initiative, and this event, are crucial because Europe can only be decarbonised if industry, research, and higher education work closely together.
‘’Without this coming together of stakeholders we cannot achieve a solution to the climate crisis. We are all working on the same problem - but from different perspectives. This is why the EIT HEI and the Stockholm event are so important - because everyone is brought together, everyone presents their point of view, and based on this we can innovate and work together to address this challenge.”
The CloudEARTHi project guides students on how to develop their business plan in line with the European Green Deal, and how to use big data to address gaps in their business model. Within just two months, one student has already started his own business to recycle computer components – an activity that will help to provide the EU with specific raw materials necessary for the green transition.
Dr. Tamer Abu-Alam will also take part in the panel discussion ‘EIT HEI Initiative: Innovation capacity building good practices.’
The event is an integral part of the INNOVEIT WEEKS, a series of events showcasing how EIT, Europe’s largest innovation ecosystem, offers unique opportunities to innovators and entrepreneurs, powering solutions to global challenges.
The registration for in-person or virtual attendance at INNOVEIT Stockholm is now open.
ENDS
Notes for the Editor
European Institute of Innovation and Technology (EIT)
The EIT is an EU body and an integral part of Horizon Europe, the EU Framework Programme for Research and Innovation. The Institute supports dynamic pan-European partnerships, EIT Knowledge and Innovation Communities, among leading companies, research labs, and universities. The EIT is Europe’s largest innovation ecosystem bringing together close to 3 000 partners from top business, research and education organisations across Europe in 200+ hubs. More than 3 800 students have graduated from EIT labelled master and doctoral programmes and over 100 000 have participated in EIT Community entrepreneurial trainings.
EIT HEI Initiative: Innovation Capacity Building for Higher Education
The EIT HEI Initiative: Innovation Capacity Building for Higher Education is a joint EIT Community programme led by EIT RawMaterials − one of the EIT’s Knowledge and Innovation Communities. The initiative aims to support higher education institutions with expertise and coaching, access to the EIT innovation ecosystem, and funding, enabling them to develop innovation action plans contextualised to the needs of individual higher education institutions. In July 2021, 23 projects started their activities after the EIT HEI Initiative Pilot Call. By 2027, the EIT HEI Initiative aims to support 550 higher education institutions boosting European innovation in higher education and driving the twin transition towards a more sustainable, digital and competitive Europe.
EIT RawMaterials
The objective of EIT RawMaterials is to secure a sustainable raw materials supply by driving innovation, education, and entrepreneurship across European industrial ecosystems. EIT RawMaterials provides a collaborative environment for disruptive and breakthrough innovations by connecting business with academia, research, and investment. It also invests in future generations of innovators for the raw materials sector, through initiatives ranging from the education of school students to higher qualifications for industry professionals.
The company is committed to supporting Europe’s transition towards a circular, green, and digital economy whilst strengthening its global competitiveness and securing employment. On this foundation, EIT RawMaterials has been mandated by the European Commission to lead and manage the European Raw Materials Alliance (ERMA).
EIT RawMaterials – developing raw materials into a major strength for Europe. Connecting Matters!
EIT RawMaterials
Vanessa Lorenz, Head of Communications
E: This email address is being protected from spambots. You need JavaScript enabled to view it.
M: + 49 174 2714312
BOSTON--(BUSINESS WIRE)--Gradiant, a global solutions provider and developer for cleantech water, was named 7th in the world in the Real Leaders ECO Innovation Awards 2022 for companies creating positive environmental impact, and received a Great Place to Work award for its Singapore regional headquarters and Global Technology Labs.
“Our awards from Real Leaders and Great Place to Work are a testament to the innovation culture and sustainability impact of Gradiant,” said Anurag Bajpayee, Co-Founder and CEO of Gradiant. “The culture of Gradiant is inspiring, and I couldn’t be prouder of our team for achieving this international recognition. This status reaffirms our position as an employer of choice, creating differentiation and a positive work experience for our teams across the world. We look forward to furthering our workplace culture and employee experience efforts using the data from the Great Place to Work survey.”
The Real Leaders ECO Innovation award honors companies applying innovative environmental solutions for the greater good. It is an annual global ranking of companies that drive environmental impact in all major sectors of the economy. Gradiant ranked 7th in the world for its proprietary Carrier Gas Extraction (CGE) technology that was used to deliver sustainable water solutions for a Fortune 500 pharmaceutical brand owner in Singapore. Gradiant’s CGE process effectively mimics the rain cycle to treat industrial wastewater using thermodynamic processes and resulted in a 96% water recovery rate and up to 30% capital expenditures and 40% operating cost savings compared to competitor technologies.
Gradiant Singapore was named a Great Place to Work for 2022 to 2023, chosen from anonymous employee surveys. Great Place to Work is an independent research and consulting firm, and its certification process considers more than 60 elements of the overall job experience. Eighty percent (80%) of employees at Gradiant say it's a great place to work, compared to only 53% of employees at a typical Global company. Eighty-eight percent (88%) of employees said they felt a sense of pride in their work, and 86% believe management is honest and ethical in its business practices.
“Our company was built with the purpose of solving the world’s most important water challenges,” said Prakash Govindan, Co-Founder and COO of Gradiant. “Singapore is our regional headquarters and home to our Global Technology Labs, a one-of-its-kind in the industry where our engineers rapidly translate innovations from bench-scale to commercialization. We are honored to have our innovation culture recognized in these awards and remain committed to fostering a work environment in which team members partner with our customers to do the best work of their lives. Thriving employees increase business performance and create market-leading customer experiences.”
Gradiant, a 2022 “Water Technology Company of the Year” by Global Water Intelligence, is growing its teams throughout its global offices. Open positions may be found at Gradiant’s Careers page.
About Gradiant
Gradiant is a global solutions provider and developer of cleantech water projects for advanced water and wastewater treatment. With a full suite of differentiated and proprietary end-to-end solutions, powered by the top minds in water, Gradiant serves its clients’ mission-critical operations in the world’s essential industries. Gradiant was founded at the Massachusetts Institute of Technology (MIT) and is uniquely positioned to address the world’s increasing challenges created by industrialization, population growth, and water stress. Today, with over 450 employees, Gradiant operates from its global headquarters in Boston, regional headquarters and global technology labs in Singapore, and offices across twelve countries. For more information, please visit www.gradiant.com.
Corporate:
Felix Wang
Gradiant, VP of Marketing
This email address is being protected from spambots. You need JavaScript enabled to view it.
NEWPORT BEACH, Calif.--(BUSINESS WIRE)--$CLNE--Clean Energy Fuels Corp. (NASDAQ: CLNE), the largest provider of the cleanest fuel for the transportation market, supplied fuel for the first bunkering with liquified natural gas (LNG) of Pasha Hawaii’s new container ship MV George III. This was the first LNG bunkering of a container ship on the U.S. West Coast. Clean Energy worked with World Fuel Services and West Coast Clean Fuels to supply the ship with over 300,000 gallons of the clean fuel.
Pasha Hawaii’s MV George III, a 774-foot container ship operating between Long Beach, CA, Honolulu, HI, and Oakland, CA, is the first of three LNG-powered ships that the domestic shipping company is putting into service. The three ships are expected to consume 105 million gallons of LNG fuel over the next five years.
“The air quality around the Ports of Long Beach and Los Angeles is some of the worst in the country because of in large part the very dirty marine fuels that have been traditionally used by container ships,” said Andrew J. Littlefair, president and CEO, Clean Energy. “The move by Pasha to add ships that operate on clean-burning LNG is one the most forward-thinking and environmentally-progressive actions taken in the maritime industry. We congratulate Pasha on their first successful bunkering operation and look forward to many more as Pasha continues to add the other LNG-powered ships to their fleet.”
LNG-powered ships achieve 99.9 percent reduction in diesel particulate matter and sulfur oxide emissions, 90 percent less nitrogen oxides and a 25 percent reduction in carbon dioxide compared to ships running on traditional fuels.
The LNG that powers the Pasha Hawaii container ships is supplied by the Clean Energy plant in Boron, CA, the only one of its kind in the state. Because of the increase in demand for LNG by Pasha and others, Clean Energy is in the process of expanding its Boron LNG plant by adding a third production train, which will increase capacity by 50 percent when completed.
The MV George III is scheduled to bunker every second week at the Port of Long Beach. The second Pasha ship to operate on LNG, the Janet Marie, is expected in late 2022. The third Pasha ship is expected to be deployed in mid-2023.
Before the MV George III arrived at the Port of Long Beach, Clean Energy supported Pasha in the commissioning of the ship. Clean Energy worked at the shipyard in Brownsville Texas to cool down the ship’s LNG storage tank to cryogenic temperature and then performed two bunkering operations to load LNG into the ship tanks. The LNG was provided from Clean Energy’s Pickens LNG Plant in Texas.
About Clean Energy
Clean Energy Fuels Corp. is the country’s largest provider of the cleanest fuel for the transportation market. Our mission is to decarbonize transportation through the development and delivery of renewable natural gas (RNG), a sustainable fuel derived from organic waste. Clean Energy allows thousands of vehicles, from airport shuttles to city buses to waste and heavy-duty trucks, to reduce their amount of climate-harming greenhouse gas. We operate a vast network of fueling stations across the U.S. and Canada. Visit www.cleanenergyfuels.com and follow @ce_renewables on Twitter.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve risks, uncertainties and assumptions, including without limitation statements about the operations of the MV George III and other Pasha Hawaii container ships, the amount of LNG to be consumed, the environmental benefits of containerships operating on natural gas, and expansion of the Boron LNG plant. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements. The forward-looking statements made herein speak only as of the date of this press release and, unless otherwise required by law, Clean Energy undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances. Additionally, the reports and other documents Clean Energy files with the SEC (available at www.sec.gov) contain risk factors, which may cause actual results to differ materially from the forward-looking statements contained in this news release.
Clean Energy Contact:
Raleigh Gerber
949-437-1397
This email address is being protected from spambots. You need JavaScript enabled to view it.
Investor Contact:
This email address is being protected from spambots. You need JavaScript enabled to view it.
DENVER--(BUSINESS WIRE)--#downstream--Opportune LLP, a leading global energy business advisory firm, is pleased to announce that John Harris has joined the firm as Managing Director. With over 20 years of experience leading solution design and implementations in the energy commodities trading, risk management, and analytics industry, Mr. Harris brings a wealth of knowledge to companies, particularly in the gas, power, and renewables sectors.
“I’m thrilled to have John join our team,” said Opportune Partner Kurt King. “With his energy trading background gained through both the industry and consulting roles, his track record of delivering solutions and solving complex industry challenges will be an invaluable asset to our team and clients.”
Mr. Harris provides skilled and practical guidance in strategic planning, digital transformation, performance improvement, analytics, asset optimization, and change management. He has managed teams of consultants in executing implementation strategies to deliver solutions across a diverse breadth of global energy customers, including natural gas, power, utilities, and integrated oil and gas companies. In addition to his North American client experience, Mr. Harris has also led projects and teams of consultants on multiple international engagements in London, Canada, Australia, Mumbai, New Delhi, Singapore, and the Philippines. Before Opportune, he served as COO Americas for CubeLogic. He also previously served in professional services leadership positions at Allegro, PwC, and Sungard Energy.
“John has the kind of deep energy industry experience we believe is critical to delivering the most value to our clients,” said Opportune Partner Kent Landrum. “We welcome John as another strong addition to our Process & Technology leadership team.”
“This new role at Opportune is a tremendous responsibility and I look forward to contributing my experience and industry knowledge to this remarkable team,” added Mr. Harris. “The firm’s goals and objectives align well with my ongoing commitment to delivering exceptional value to clients.”
Mr. Harris holds a B.S. in Economics from Texas A&M University.
About Opportune LLP
Opportune LLP is a leading global energy business advisory firm specializing in adding value to clients across the energy industry, including upstream, midstream, downstream, power and gas, commodities trading, and oilfield services. Opportune’s service lines include complex financial reporting, disputes and litigations, enterprise risk, investment banking, outsourcing, process and technology, reserve engineering and geosciences, restructuring, strategy and organizational design, tax, transactional due diligence, and valuation. For additional information, please visit www.opportune.com.
Bryan Sims
713-490-5050
This email address is being protected from spambots. You need JavaScript enabled to view it.
Company grows its leadership team to build advanced grid solutions and partnerships in the evolving utility industry
CHARLOTTESVILLE, Va.--(BUSINESS WIRE)--Lumin, a pioneer and market leader for responsive load control and smart circuit technology, today announced the appointment of industry veteran Kellogg (Kelly) L. Warner as CEO and member of the Board of Directors. He joins the leadership team with founder, President, and COO Alex Bazhinov.
“Lumin is poised for tremendous growth. As the electric grid continues to evolve into a decentralized transactive structure, grid edge technologies are becoming the key enablers of this transition,” explains Warner. “The technology platform developed by Alex and his team is perfectly positioned to address the many challenges of the modern grid, from DER [distributed energy resources] integration to system resiliency and electrification in an elegant and highly cost-effective manner.”
With more than three decades of energy industry experience, Warner brings extensive knowledge to the Lumin team. Most recently, he served as President and founding board member of energy storage pioneer Advanced Microgrid Solutions (AMS). At AMS, Warner led technology development, finance, strategy, and business operations.
Before that, he spent 15 years in various CEO roles with Deerpath Energy, Inc., a micro-wind energy company he founded, and energy consulting firms XENERGY and KEMA, Inc. As CEO of XENERGY, Warner led the company to become the first to sell competitive electricity to retail customers on the East coast of the U.S.
"I am thrilled to welcome Kelly to Lumin's team and excited about the impact of the grid edge expertise he brings," says Bazhinov. "As the company expanded its market presence beyond the solar and energy storage market into utility and grid services, we began searching for a strong addition to our senior leadership team to guide Lumin through the scaling and growth stage. Kelly will lead Lumin's growth ambitions, focusing on corporate strategy, product development, business development, and finance. I am looking forward to working side-by-side with him and learning from his experience."
A recognized leader in utility industry restructuring, Warner started his career in solar and became a national expert in energy efficiency and demand-side management. Warner holds an M.S. in civil engineering from Stanford University and a B.A. in American studies from Williams College.
About Lumin
Lumin® is the pioneer and market leader for responsive load management, adding exceptional value to residential microgrids by balancing home energy supply and demand. Lumin helps homeowners automatically or manually control their personal microgrid and enhance and protect their investment in solar PV and energy storage. Learn more at luminsmart.com.
Technica Communications
Jake Wengroff
408-806-9626 Ext. 6816
This email address is being protected from spambots. You need JavaScript enabled to view it.
SPRING, Texas--(BUSINESS WIRE)--Perma-Pipe International Holdings, Inc. (NASDAQ: PPIH) announced today financial results for the second quarter ended July 31, 2022.
“Revenues for the second quarter were $37.0 million, a decrease from the $39.8 million for the same quarter last year. The resulting income from operations of $2.8 million was also less than the $4.3 million earned in the same quarter of 2021,” noted President and CEO David Mansfield.
“These comparisons need to be considered in the context of the cyclical nature of our business. From a consolidated perspective, lower revenues versus the same quarter of 2021 were largely due to quarter to quarter variances in timing related to project schedules. Our backlog remains strong at $58.0 million compared to $39.3 million at January 31, 2022, much of which is scheduled to be executed in the second half of the year. Hence, we remain positive on our full year revenue outlook. Of note, our Canadian operations continue to benefit from a better than expected resurgence of the local oil and gas market, which we began to witness earlier in the year and expect to continue through the balance of the year and into 2023.
“On a year to date basis, revenues and gross profit marginally increased versus the prior year. However, current quarter performance reflects increased interest costs, due partly to the sale and lease-back of our operating facility in Lebanon, Tennessee in April 2021, and prior year quarter includes the benefit of government subsidies for COVID-19. Excluding these two items, year over year income from operations increased 7%.
“Finally, despite a reduction in pre-tax earnings in the quarter, tax expense has increased versus 2021 due to the differing incidence of taxation in the countries where we operate. This increases the effective tax rate to 62% for the current year-to-date and leads to a reduction in net income when compared to the prior year earnings,” concluded Mr. Mansfield.
Perma-Pipe International Holdings, Inc.
Perma-Pipe International Holdings, Inc. (the “Company”) is a global leader in pre-insulated piping and leak detection systems for oil and gas gathering, district heating and cooling, and other applications. It uses its extensive engineering and fabrication expertise to develop piping solutions that solve complex challenges regarding the safe and efficient transportation of many types of liquids. In total, the Company has operations at thirteen locations in six countries.
Forward-Looking Statements
Certain statements and other information contained in this press release that can be identified by the use of forward-looking terminology constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbors created thereby, including, without limitation, statements regarding the expected future performance and operations of the Company. These statements should be considered as subject to the many risks and uncertainties that exist in the Company's operations and business environment. Such risks and uncertainties include, but are not limited to, the following: (i) the impact of the coronavirus ("COVID-19") on the Company's results of operations, financial condition and cash flows; (ii) fluctuations in the price of oil and natural gas and its impact on the customer order volume for the Company's products; (iii) the impact of global economic weakness and volatility; (iv) fluctuations in steel prices and the Company’s ability to offset increases in steel prices through price increases in its products; (v) decreases in government spending on projects using the Company’s products, and challenges to the Company’s non-government customers’ liquidity and access to capital funds; (vi) the Company’s ability to repay its debt and renew expiring international credit facilities; (vii) the Company’s ability to effectively execute its strategic plan and achieve sustained profitability and positive cash flows; (viii) the Company's ability to collect a long-term account receivable related to a project in the Middle East; (ix) the Company’s ability to interpret changes in tax regulations and legislation; (x) the Company's ability to use its net operating loss carryforwards; (xi) reversals of previously recorded revenue and profits resulting from inaccurate estimates made in connection with the Company’s over-time revenue recognition; (xii) the Company’s failure to establish and maintain effective internal control over financial reporting; (xiii) the timing of order receipt, execution, delivery and acceptance for the Company’s products; (xiv) the Company’s ability to successfully negotiate progress-billing arrangements for its large contracts; (xv) aggressive pricing by existing competitors and the entrance of new competitors in the markets in which the Company operates; (xvi) the Company’s ability to purchase raw materials at favorable prices and to maintain beneficial relationships with its suppliers; (xvii) the Company’s ability to manufacture products free of latent defects and to recover from suppliers who may provide defective materials to the Company; (xviii) reductions or cancellations of orders included in the Company’s backlog; (xix) risks and uncertainties specific to the Company's international business operations; (xx) the Company’s ability to attract and retain senior management and key personnel; (xxi) the Company’s ability to achieve the expected benefits of its growth initiatives; and (xxii) the impact of cybersecurity threats on the Company’s information technology systems. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect our performance may be found in our filings with the Securities and Exchange Commission, which are available at https://www.sec.gov and under the Investor Center section of our website (http://investors.permapipe.com.)
Additional information regarding the Company's financial results for the three and six months ended July 31, 2022, including management's discussion and analysis of the Company's financial condition and results of operations, is contained in the Company's Quarterly Report on Form 10-Q for the quarterly period ended July 31, 2022, which will be filed with the Securities and Exchange Commission on or about the date hereof and will be accessible at www.sec.gov and www.permapipe.com. For more information, visit the Company's website.
PERMA-PIPE INTERNATIONAL HOLDINGS, INC. AND SUBSIDIARIES |
||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) |
||||||||||||||||
(In thousands, except per share data) |
||||||||||||||||
|
|
Three Months Ended July 31, |
|
|
Six Months Ended July 31, |
|
||||||||||
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
Net sales |
|
$ |
37,003 |
|
|
$ |
39,804 |
|
|
$ |
68,225 |
|
|
$ |
64,227 |
|
Gross profit |
|
|
9,886 |
|
|
|
10,743 |
|
|
|
16,935 |
|
|
|
15,248 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
6,561 |
|
|
|
6,655 |
|
|
|
13,451 |
|
|
|
12,102 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations |
|
|
3,325 |
|
|
|
4,088 |
|
|
|
3,484 |
|
|
|
3,146 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
500 |
|
|
|
268 |
|
|
|
867 |
|
|
|
446 |
|
Other (expense)/income |
|
|
(64 |
) |
|
|
457 |
|
|
|
(14 |
) |
|
|
899 |
|
Income from operations before income taxes |
|
|
2,761 |
|
|
|
4,277 |
|
|
|
2,603 |
|
|
|
3,599 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
893 |
|
|
|
861 |
|
|
|
1,620 |
|
|
|
1,026 |
|
Net income |
|
$ |
1,868 |
|
|
$ |
3,416 |
|
|
$ |
983 |
|
|
$ |
2,573 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
0.23 |
|
|
|
0.42 |
|
|
|
0.12 |
|
|
|
0.32 |
|
Diluted |
|
|
0.23 |
|
|
|
0.41 |
|
|
|
0.12 |
|
|
|
0.31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Per share calculations could be impacted by rounding. |
||||||||||||||||
| PERMA-PIPE INTERNATIONAL HOLDINGS, INC. AND SUBSIDIARIES | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
(In thousands, except per share data) |
||||||||
|
|
July 31, 2022 |
|
|
January 31, 2022 |
|
||
|
|
(Unaudited) |
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets |
|
$ |
91,560 |
|
|
$ |
78,389 |
|
Long-term assets |
|
|
39,022 |
|
|
|
45,012 |
|
Total assets |
|
$ |
130,582 |
|
|
$ |
123,401 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
50,283 |
|
|
|
38,397 |
|
Long-term liabilities |
|
|
26,000 |
|
|
|
30,547 |
|
Total liabilities |
|
$ |
76,283 |
|
|
$ |
68,944 |
|
Stockholders' equity |
|
|
54,299 |
|
|
|
54,457 |
|
Total liabilities and stockholders' equity |
|
$ |
130,582 |
|
|
$ |
123,401 |
|
Perma-Pipe International Holdings, Inc.
David Mansfield, President and CEO
Perma-Pipe Investor Relations
(847) 929-1200
This email address is being protected from spambots. You need JavaScript enabled to view it.
Debt financing provided by Silicon Valley Bank and Trinity Capital brings recent funding to $48.5M
MILL VALLEY, Calif.--(BUSINESS WIRE)--Ambient Photonics has completed the initial financing for its state-of-the-art U.S. solar manufacturing facility. Silicon Valley Bank and Trinity Capital have added $17.5 million in debt financing to the company’s previously announced equity investments of $31 million, raising Ambient’s combined equity and debt funding to $48.5 million. The debt financing lenders now join Amazon’s Climate Pledge Fund, Ecosystem Integrity Fund (EIF), Cthulhu Ventures, Tony Fadell’s Future Shape and I Squared Capital in support of climate-friendly U.S. manufacturing.
This financing further supports Ambient’s plan to open the world’s largest low-light solar cell production facility, based in the U.S., to scale low-cost, high-power solar cells to the mass IoT market for the first time.
“We know that securing such significant Series A funding is a testament to Ambient’s potential to create a more sustainable, connected world,” said Ambient CEO Bates Marshall. “By putting debt capital to work from leading lenders like SVB and Trinity Capital, along with the equity capital already raised this round, we will establish the U.S. as a major center of energy harvesting technology manufacturing.”
Ambient’s low-light solar cells eliminate the landfill waste associated with disposable and rechargeable batteries in connected devices and reduce the carbon footprint of battery-powered devices by up to 80 percent. By harvesting energy across the entire light spectrum, Ambient technology generates more than three times more power than conventional technology from the natural and artificial light in the surrounding environment.
“SVB is proud to work with startups like Ambient who bring together innovation and talent to solve the world’s most pressing issues. We are excited to support their continued growth and build out of a factory that will create U.S. jobs with global impact,” said Jordan Kanis, managing director of climate technology and sustainability at Silicon Valley Bank.
“Ambient’s rapid growth and progress toward high volume production is as equally impressive as their technology, and we are excited to support their journey in bringing more manufacturing to the U.S.,” said Ben Malcolmson, director of equipment finance at Trinity Capital.
To learn more about endless power and energy harvesting for connected devices, download the Ambient Technology Brief here: ambientphotonics.com/technology.
About Ambient Photonics
Ambient Photonics was founded in 2019 in California to bring low-light energy harvesting technology to mass scale. Ambient’s technology was originally developed at the Warner Babcock Institute for Green Chemistry and funded at inception by Cthulhu Ventures LLC. The company’s low light solar PV cells deliver ground-breaking power density from a broader spectrum of ambient light, inspiring a new era in connected device form and function. Ambient works with leading global smart home and IoT device manufacturers on embedded solar cells to deliver superior design possibilities, performance, sustainability and consumer convenience. Explore endless power at: ambientphotonics.com.
About Silicon Valley Bank
Silicon Valley Bank, the bank of the world’s most innovative companies and investors, provides commercial banking services, expertise and insights to the technology, life science and healthcare, private equity, venture capital and premium wine industries. Silicon Valley Bank operates in centers of innovation around the world and is one of SVB’s core businesses with SVB Capital, SVB Private and SVB Securities. With global commercial banking services, Silicon Valley Bank helps address the unique needs of its dynamic, fast-growing, innovative clients. Learn more at svb.com.
About Trinity Capital Inc.
Trinity Capital Inc. (Nasdaq: TRIN and TRINL), an internally managed business development company, is a leading provider of diversified financial solutions to growth-stage companies with institutional equity investors. Trinity Capital’s investment objective is to generate current income and, to a lesser extent, capital appreciation through investments including term loans, equipment financings and equity-related investments. Trinity Capital believes it is one of only a select group of specialty lenders that has the depth of knowledge, experience, and track record in lending to growth stage companies. For more information, please visit www.trinitycap.com.
Christine Bennett for Ambient Photonics
This email address is being protected from spambots. You need JavaScript enabled to view it. | +1 925.330.4783
In response to growing enterprise customer demand, Booster expands its energy delivery platform to 13 major markets across the U.S.
SAN MATEO, Calif.--(BUSINESS WIRE)--In response to growing customer demand from enterprise fleets looking to optimize costs, lower carbon emissions and source renewable fuels, Booster®, the leading tech-driven mobile energy delivery company, announces that it is expanding services across the United States with several new market launches.
The company recently launched in three new markets — Portland, Oregon; Philadelphia; and Boston — and will be in a fourth, Phoenix, in October. Booster continues to scale up operations and expand its serviceable range to meet growing demand from large-scale enterprise customers such as Amazon and UPS, which continue to see unprecedented growth.
“We are thrilled to establish a coast-to-coast presence and launch operations in these four new markets,” said Frank Mycroft, Booster co-founder and CEO. “Given the shifts in the global energy landscape — rising fuel costs, growing challenges and delays around wide-scale electrification, concerns about supply chain disruption — enterprise customers are increasingly looking for reliable energy delivery who can help reduce these pain points. Energy-as-a-service will become even more critical as we navigate these ongoing challenges.”
Phoenix will mark the company’s thirteenth major market following its recent expansion. All told, the company currently has offices in Boston (which also services Providence, Rhode Island), Dallas; Orange County, California; Nashville, Tennessee; Philadelphia; Portland; Richmond, California; Sacramento, California; San Diego; San Jose, California; Seattle; and Washington, D.C. (which also services Maryland).
The new markets enable Booster to deliver tens of millions of gallons of fuel, with plans to increase growth and volume in Philadelphia, Boston, and Phoenix by the end of the year.
“We expect to see accelerated growth across these markets, with several new market launches planned for 2023,” said Amy O’Neil, Booster chief operating officer. “None of this growth would be possible without the commitment of our customers, and the dedication and collaboration of our partners to further expand the Booster network. We are thrilled to help our customers optimize their fleet operations to best serve their customers by maximizing their vehicle and human capital assets.”
Booster advocates for legislation permitting mobile fueling at the state level, and works closely with policymakers and local regulators to pass mobile fueling permits and ordinances as demand for the service expands. In total, Booster has received permits to operate in more than 50 cities and counties across the United States while exceeding requirements for environmental quality and safety.
Editor’s Notes
About Booster
Booster is a tech-driven mobile energy delivery company on a mission to fuel the energy transition. Headquartered in San Mateo, California, Booster delivers conventional and renewable fuels directly to fleet vehicles nationwide, lowering carbon emissions, reducing costs, and providing access to renewable fuels. At a time when the urgent desire to transition to a more sustainable energy future is far outpacing the development of infrastructure, Booster provides a critical solution for Amazon, Imperfect Foods, UPS, and hundreds of other customers — no filling stations, truck stops, or off-route trips required. For more information, visit boosterusa.com.
Follow us:
LinkedIn: Booster
Twitter: @EnergyDelivered
Facebook: EnergyDelivered
Instagram: @energydelivered
Booster Media Contact:
Erica Zeidenberg
This email address is being protected from spambots. You need JavaScript enabled to view it.
925.518.8159
STAMFORD, Conn.--(BUSINESS WIRE)--Altus Power, Inc. (NYSE: AMPS) (“Altus Power” or the “Company”), the premier independent developer, owner and operator of commercial-scale solar facilities, today announced that Greg Roer has joined as a Managing Director of Altus Power’s Origination Team.
Roer joins Altus Power after 15 years at Goldman Sachs where he co-founded the Goldman Sachs Renewable Power Group. His leadership was instrumental in growing that platform to over 2 GW of solar and storage projects across more than 850 project sites with approximately 200 clients in more than 20 different states.
In his new role, Roer is expected to expand Altus Power’s ability to grow and develop Altus Power’s existing client base, establish new client relationships, and evaluate operating portfolios with a vision to further accelerate the Company’s growth. “Altus Power has built a premier platform perfectly geared to proliferating solar, storage and EV charging during the impending energy transformation,” Roer commented. “I feel fortunate to be joining a team of Altus Power’s caliber and look forward to the opportunity to grow our business substantially.”
“This is a very opportune time for Greg to join Altus Power, and we believe that his extensive background and vast experience in our sector will complement the Company’s leadership position in C&I-scale solar, storage and EV charging” said Lars Norell, Co-Chief Executive Officer of Altus Power.
Roer has extensive corporate and financing relationships across the alternative energy space and has a unique skill set combining his broad-based experience in debt and equity investing at Goldman Sachs over 15 years, investment banking at Dillon Read and UBS, as well as practicing environmental, insurance and real estate law at O’Melveny & Myers.
About Altus Power, Inc.
Altus Power, based in Stamford, Connecticut, is the premier commercial-scale clean electrification company, serving commercial, industrial, public sector and community solar customers with an end-to-end solution. Altus Power originates, develops, owns and operates locally sited solar generation, energy storage, and EV charging infrastructure across the nation. Visit www.altuspower.com to learn more.
Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements may be identified by the use of words such as "believe," "expect," or variations of such words or similar terminology that predict or indicate future events or trends or that are not statements of historical matters. These statements, which involve risks and uncertainties, relate to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable and may also relate to Altus Power’s future prospects, developments and business strategies. These statements are based on Altus Power’s management’s current expectations and beliefs, as well as a number of assumptions concerning future events.
Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Altus Power’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements.
Additional factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found under the heading “Risk Factors” in Altus Power’s Form 10-K filed with the Securities and Exchange Commission on March 24th, 2022, as well as the other information we file with the Securities and Exchange Commission.
This press release is not intended to be all-inclusive or to contain all the information that a person may desire in considering an investment in Altus Power and is not intended to form the basis of an investment decision in Altus Power. All subsequent written and oral forward-looking statements concerning Altus Power or other matters and attributable to Altus Power or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above.
Altus Power:
For Media:
Cory Ziskind
ICR, Inc.
This email address is being protected from spambots. You need JavaScript enabled to view it.
For Investors:
Chris Shelton, Head of IR
Caldwell Bailey, ICR, Inc.
This email address is being protected from spambots. You need JavaScript enabled to view it.
The ocean logistics arm invests in supply chain technology as it continues outpacing competitors with an almost 100 percent on-time arrival rate versus competitors.
MIAMI--(BUSINESS WIRE)--Network Shipping Ltd. (NWS), the ocean logistics arm of Fresh Del Monte, in partnership with Grydd Inc., is streamlining and ensuring nearly 100% compliance in its shipping operation by digitizing and automating with Grydd’s technology. The move comes as part of NWS’s continued effort to enhance agile processes with new technologies to better serve customers, continuing to drive growth in third-party services for Fresh Del Monte. Grydd, a logistics and supply chain technology solutions company with customers like Golden State Foods, ILG Logistics and Atlantic Express, has a proven track record in making logistics management low cost, fast and easy, connecting everyone and everything under one platform.
Grydd's technology modernizes a very manual process that relies heavily on spreadsheets, letters, phone calls, and has the fallibility of hundreds of human beings. Now with the implementation of Grydd technology, NWS manages its assets, plans routes, books shipments, creates purchase orders, tracks assets, shipments, and product conditions with full transparency of its financial and operative data.
“This technology partner gives the power to make better decisions thanks to its data integration and machine learning models, reducing friction, waste of time, and money,” said Francis Mc Cawley Foster, Head of Commercial at Network Shipping “Partners like Grydd only further our mission in being a reliable cargo solution to a wider audience.”
The market is demanding faster lead times, lower costs and a better service experience, yet 75% of supply chain and logistics companies in the world are still operating under manual processes – a solution Grydd technology provides.
“Now they [Network Shipping] have full control of their supply chain, giving them end-to-end visibility, transparency, and predictability in all the processes. Our system empowers their collaborators with real-time business intelligence and intuitive project management capabilities that are easy to use and understand. Hence, they are always connected and in control,” said Dan Acosta, CEO & Founder of Grydd.
NWS is outpacing its big shipping line competitors with an almost 100 percent on-time arrival rate versus the reliability of big shipping lines that is between 26 to 50 percent, thanks to the digital transformation powered by Grydd.
ABOUT NETWORK SHIPPING
Network Shipping™ (NWS), a Fresh Del Monte company, is a boutique logistics company operating sea and land solutions for perishable cargo in Latin America and the United States for over 25 years. Network Shipping's smart sea routes have virtually 100% on-time delivery and are a great cost-effective solution to ship cargo precisely where it needs to be. Commercial cargo falls under Fresh Del Monte’s Other Products and Services segment. To learn more about Network Shipping, visit www.network-shipping.com.
ABOUT GRYDD, INC
Grydd is a data-driven company for technology transformation in international Logistics and Global Supply Chain Management with a smart operating system with countless innovative solutions that provides the connection you need to access the new era of logistics and supply chain. The only company with an integrated, collaborative, end-to-end workflow. Through Machine Learning and Artificial Intelligence, we integrate all the elements of the Supply Chain network into one intuitive platform. We understand the power of the Supply Chain stems from the people and the data generated by those relationships during the logistics process. We are the innovation lab (i-lab) who brought to life the smart operating system that makes your logistics management, low cost, fast, and easy by connecting your whole supply chain ecosystem, driving the greatness of any business to the next level with logistics and supply chain evolution.
Grydd OS is available on Grydd’s website. More information is available here.
Grydd
Sebastian Vivas
This email address is being protected from spambots. You need JavaScript enabled to view it.
Fresh Del Monte / Network Shipping (NWS)
Claudia Pou
This email address is being protected from spambots. You need JavaScript enabled to view it.
Reliability of nuclear fleet, strength of customer-facing business and commitment to equity in energy help accelerate shift to a clean energy future
BALTIMORE--(BUSINESS WIRE)--Constellation (NASDAQ: CEG), the nation’s largest producer of clean, carbon-free energy and a leading supplier of energy products and services, today released its first sustainability report, highlighting its efforts to accelerate the transition to a carbon-free future, mitigate the climate crisis and support energy equity and environmental justice.
Driven by its nearly 12,000 employees last year, Constellation delivered value to customers, communities and shareholders through its industry-leading operational performance of the nation’s most reliable zero-emission generation fleet and its lower-emissions natural gas assets, as well as a comprehensive suite of clean energy products and services designed to help customers reduce their carbon footprints and achieve environmental goals.
“Seven months ago, we launched Constellation as a leader in the clean energy transition. This report provides a blueprint of where we are and where we will go,” said Joe Dominguez, president and CEO, Constellation. “The foundation is the continued operation of our always-on nuclear fleet, which is unrivaled in producing clean, reliable electricity and offers added environmental value by functioning as versatile clean energy centers that will help decarbonize other sectors of the economy. Coupled with our platform of customer-focused energy solutions, Constellation will help America tackle the climate crisis and create family sustaining jobs and economic opportunities for our communities.”
The Clean Energy Center Model
The report details an innovative clean energy center model, powered by always-on carbon-free nuclear plants, that will bring together new and emerging technologies to help decarbonize other polluting sectors of the economy. Constellation plans to leverage the production of its emissions-free nuclear assets by co-locating with data centers, exploring direct air capture of carbon dioxide from the atmosphere, and producing clean hydrogen and other sustainable fuels to reduce industrial, agricultural and transportation pollution. Fuels made with hydrogen can also be leveraged to reduce and eventually eliminate carbon from our lower-emissions natural gas fleet.
24/7/365 Carbon-Free Energy
This year’s report outlines the need to begin transitioning toward a more accurate carbon accounting approach, along with the tools Constellation is helping to pioneer. A true clean energy grid will require enough carbon-free energy to meet demand for every hour of every day, ensuring consumers have clean electricity whenever they need it, for whatever needs to be powered, wherever they are in the country. Constellation has partnered with Microsoft to develop a 24/7/365 carbon-free energy (CFE) matching platform to help customers achieve true-zero emissions, as opposed to the current practice of annualizing renewable certificates or credits. Constellation’s 24/7/365 product will be the most advanced, hourly CFE matching solution of its kind.
Additional Constellation Sustainability Report Highlights:
For more information on Constellation’s corporate sustainability initiatives, please visit constellationenergy.com/csr.
About Constellation
Constellation Energy Corporation (Nasdaq: CEG) is the nation’s largest producer of clean, carbon-free energy and a leading supplier of energy products and services to millions of homes, institutional customers, the public sector, community aggregations and businesses, including three fourths of Fortune 100 companies. A Fortune 200 company headquartered in Baltimore, our fleet of nuclear, hydro, wind and solar facilities have the generating capacity to power approximately 20 million homes, providing 10 percent of all carbon-free energy on the grid in the U.S. Our fleet is helping to accelerate the nation’s transition to clean energy with more than 32,400 megawatts of capacity and annual output that is nearly 90 percent carbon-free. We have set a goal to achieve 100 percent carbon-free power generation by 2040 by leveraging innovative technology and enhancing our diverse mix of hydro, wind and solar resources paired with the nation’s largest nuclear fleet. Follow Constellation on Twitter @ConstellationEG.
Dave Snyder
Constellation
410-470-9700
This email address is being protected from spambots. You need JavaScript enabled to view it.
Fermata Energy FE-15 charger allows business owners to utilize their Nissan LEAF to help reduce energy costs
NASHVILLE, Tenn.--(BUSINESS WIRE)--As a pioneer in the electric vehicle space, Nissan continuously looks for ways to deliver new, meaningful technologies to EV owners. Today, working with Fermata Energy, a vehicle-to-grid services provider, Nissan has approved the first ever bi-directional charger for use with the Nissan LEAF in the U.S.
With Nissan’s approval, along with its UL 9741 certification for bi-directional charging systems, the Fermata Energy FE-15 charger has passed key requirements from Nissan, and has been verified to be compatible with the Nissan LEAF. Usage of the approved charger will also not impact the LEAF’s battery warranty.
Bi-directional charging technology means not only charging the Nissan LEAF, but also sending energy stored in the vehicle battery back to the building or the grid. The Nissan LEAF is currently the only fully electric passenger vehicle in the US market able to supply energy to the grid, allowing LEAF owners with the Fermata Energy FE-15 bi-directional charger to park their vehicle, plug it in, and save money with their local electric utility as well as reduce the total cost of ownership of the vehicle.
Ideal for companies with fleet vehicles, the Fermata Energy Demand Charge Management application, along with the FE-15 charger, continuously monitors a building's electrical loads, and may draw on the Nissan LEAF's energy to provide power to the building during more expensive high-demand periods. In states with utility demand response programs, bi-directional-enabled Nissan LEAF vehicles (MY2013 and later) are able to safely send energy stored in the battery to the grid during peak energy demand times, such as in summer months.
To support its long-term vision, Ambition 2030, Nissan continues to explore additional opportunities in the Vehicle-To-Everything (V2X) market, including residential applications, working with leading third-party companies in the space such as dcbel.
Interested customers can go to www.fermataenergy.com/fe15-sales for details on the Fermata Energy FE-15 charger today.
For more information about our products, services and commitment to sustainable mobility, visit nissanusa.com. You can also follow us on Facebook, Instagram, Twitter and LinkedIn and see all our latest videos on YouTube.
Jeff Wandell
Manager, Nissan CUV & EV Communications
(615) 725-1448
This email address is being protected from spambots. You need JavaScript enabled to view it.
HOUSTON, Texas--(BUSINESS WIRE)--Aris Water Solutions Inc. (NYSE: ARIS) (“Aris” or the “Company”) announced today that Stephan Tompsett has been named Aris’s next Chief Financial Officer. Mr. Tompsett will assume the responsibilities of Chief Financial Officer immediately.
“The Board and I are excited to add someone with Stephan’s industry and financial experience to the executive team. Stephan is a proven Chief Financial Officer with substantial capital markets experience and a strong background in developing financial and accounting teams, which is critical at this juncture to support the Company’s long-term vision and continued growth,” said Aris President and Chief Executive Officer Amanda Brock. “We are confident that Stephan’s strategic and financial acumen, coupled with his experience leading finance in dynamic, complex companies will be a tremendous contribution to our team.”
Mr. Tompsett has over 20 years of experience primarily in the energy industry in both industry and banking roles. He most recently served as Chief Financial Officer of Limetree Bay Energy and prior to that served as Chief Financial Officer of EagleClaw Midstream and held leadership roles at Andeavor (formerly Tesoro) including Chief Financial Officer of Andeavor Logistics, a subsidiary of Andeavor. He began his career in finance at JPMorgan as an investment banker and has an MBA and BS from the University of Texas.
“I am honored and excited to join the Aris Water Solutions team. The potential for Aris’s growth is significant given its unique asset footprint and environmental solutions capabilities. I look forward to partnering with Amanda and the entire team to continue to enhance the financial and operational performance of this impressive platform,” said Mr. Tompsett.
The Company previously announced that Brenda R. Schroer, who until this appointment served as Aris’s Chief Financial Officer, would conclude her role at the end of the year. Ms. Schroer will remain with the Company in an advisory capacity and play a key role in supporting the transition to Mr. Tompsett over the coming months.
About Aris
Aris Water Solutions, Inc. (NYSE: ARIS) is a leading, growth-oriented environmental infrastructure and solutions company that directly helps its customers reduce their water and carbon footprints. Aris Water delivers full-cycle water handling and recycling solutions that increase the sustainability of energy company operations. Its integrated pipelines and related infrastructure create long-term value by delivering high-capacity, comprehensive produced water management, recycling and supply solutions to operators in the core areas of the Permian Basin. Additional information is available on our website, www.ariswater.com.
Forward-Looking Statements
Certain statements contained in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included in this press release may constitute forward-looking statements. Although Aris believes that the expectations and assumptions reflected in these forward-looking statements are reasonable, it cannot assure you that these forward-looking statements will prove to be correct. Forward-looking statements are based on Aris’s current expectations and assumptions regarding its business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, Aris’s actual results may differ materially from those contemplated by these forward-looking statements. Factors that could cause Aris’s actual results to differ materially from the results contemplated by such forward-looking statements include but are not limited to the risk factors discussed or referenced in Aris’s filings made from time to time with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Factors or events that could cause Aris’s actual results to differ may emerge from time to time, and it is not possible for Aris to predict all of them. Aris undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
David Tuerff
Senior Vice President, Finance and Investor Relations
(281) 501-3070
This email address is being protected from spambots. You need JavaScript enabled to view it.
BOSTON--(BUSINESS WIRE)--Schneider Electric, the leader in digital transformation of energy management and automation, today announced that Kevin Brown, Senior Vice President of EcoStruxure Solutions, Secure Power Division, has been accepted into the Forbes Technology Council, an invitation-only community for world-class CIOs, CTOs, and technology executives. A review committee vetted and selected Brown based on the depth and diversity of his experience. Criteria for acceptance include a track record of successfully impacting business growth metrics, as well as personal and professional achievements and honors.
At Schneider Electric, Brown is responsible for the Data Center Infrastructure Management (DCIM) and IT infrastructure management software business, which provides customers insight into the resiliency and availability of their infrastructure. He serves as head of the Energy Management Technology Research Center, which researches market trends and creates content that helps customers make smart and pragmatic business and technology decisions.
“I am focused on harnessing technology to address the challenges of resiliency, availability, and sustainability, and I am excited to join the Forbes Technology Council and connect with others who share that focus,” said Brown, who was formerly CTO and CMO for Secure Power and has received numerous industry awards and accolades.
Brown joins Schneider Electric colleague Steven Carlini, Vice President of Innovation and Data Center, Energy Management Business Unit, in the Forbes community. Carlini, who leads the team focused on data centers, digital energy, and residential businesses, has published articles on edge computing and metaverse, the importance of an IT ecosystem, and data center trends for the Forbes Technology Council.
Where exceptional business leaders come together
“We are honored to welcome Kevin into the community,” said Scott Gerber, founder of Forbes Councils, the collective that includes Forbes Technology Council. “Our mission with Forbes Councils is to bring together proven leaders from every industry, creating a curated, social capital-driven network that helps every member grow professionally and make an even greater impact on the business world.”
Forbes Councils is a collective of invitation-only communities created in partnership with Forbes and the expert community builders who founded Young Entrepreneur Council (YEC). In Forbes Councils, exceptional business owners and leaders come together with the people and resources that can help them thrive. For more information about Forbes Technology Council, visit forbestechcouncil.com. To learn more about Forbes Councils, visit forbescouncils.com.
About Schneider Electric
Schneider’s purpose is to empower all to make the most of our energy and resources, bridging progress and sustainability for all. We call this Life Is On.
Our mission is to be your digital partner for Sustainability and Efficiency.
We drive digital transformation by integrating world-leading process and energy technologies, end-point to cloud connecting products, controls, software and services, across the entire lifecycle, enabling integrated company management, for homes, buildings, data centers, infrastructure and industries.
We are the most local of global companies. We are advocates of open standards and partnership ecosystems that are passionate about our shared Meaningful Purpose, Inclusive and Empowered values.
Discover Life Is On Follow us on: Twitter, Facebook, LinkedIn, YouTube, Instagram, Blog
Discover the newest perspectives shaping sustainability, electricity 4.0, and next generation automation on Schneider Electric Insights
Related resources:
Hashtags: #PressRelease #SecurePower #EcoStruxureIT #HybridIT #Technology #Innovation
Schneider Electric Media Relations – Thomas Eck, (919) 266-8623; This email address is being protected from spambots. You need JavaScript enabled to view it.
Pathway Power is a renewable energy development platform and independent power producer that is rapidly expanding its portfolio of clean energy projects across North America
SAN DIEGO--(BUSINESS WIRE)--Pathway Power, LLC (“Pathway Power”), a growing renewable energy and battery storage developer, today announced a $36 million strategic investment from Forest Road Renewables (“Forest Road”), a climate-focused infrastructure platform within The Forest Road Company. The funding enables Pathway Power to continue scaling its portfolio of clean energy projects built to deliver over 2 GW across North America.
Pathway Power will target a balance of solar and storage opportunities across various markets. With solar energy capacity poised to quadruple by the end of the decade, this is the latest in a series of clean energy investments which recognize the urgency of the climate crisis and stress on the US power grid amidst the current geopolitical backdrop. Pathway Power’s founding management team are pioneers in renewables development having previously led BayWa r.e., where they amassed a pipeline of over 6 GW of utility scale solar and storage assets throughout North America and delivered over 1 GW to the market.
“With solar energy capacity poised to quadruple by the end of the decade, Pathway Power will build on this momentum to deliver utility-scale solar, storage, and hybrid assets to the market,” said Pathway Power Managing Partner, Jam Attari. “We appreciate Forest Road’s confidence in our team and will continue to execute on our strategy of developing a portfolio that will help to drive the next stage of the renewable market’s evolution.”
“The Pathway Power partnership is the latest example of our ability to offer highly efficient, flexible, and creative capital solutions across the renewable energy ecosystem,” said Head of Forest Road Renewables, Dan Rittenhouse. “We are thrilled to be a core partner in Pathway Power’s growth plans and look forward to advancing the proliferation of renewable energy alongside this experienced management team.”
To learn more, please visit: www.pathway-power.com.
About Pathway Power, LLC
Pathway Power is a utility-scale solar and battery storage developer with a best-in-class, founder-led management team who led the North America efforts for BayWa Renewables. Pathway Power has built a broad geographic footprint across North America and a deep network of relationships across the renewable energy value chain. www.pathway-power.com
About The Forest Road Company
The Forest Road Company (FRC) is a specialty finance platform that owns, operates and invests in exceptional companies that reshape their categories. FRC provides strategic capital, operational expertise, and access to its global network of corporate leaders, executives and clients. www.forestroadco.com
MEDIA:
Pathway Power:
Alex Jeffrey/Sara Widdmann
Gasthalter & Co.
(212) 257-4170
DUBLIN--(BUSINESS WIRE)--The "Well Testing Services Market by Services (Downhole Well Testing, Surface Well Testing, Reservoir Sampling, Real Time Well Testing, Hydraulic Fracturing Method Testing) by Application, by Well Type, by Stages by Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global well testing services market is expected to grow at a CAGR of 6.4%, from 2021 to 2026. It is estimated to be USD 6.4 billion in 2021 and is projected to reach USD 8.8 billion by 2026.
The factors driving the growth for well testing services are the rising global oil demand and the exploration and adoption of unconventional oil & gas resources.
Real Time Well Testing segment dominates the global market
The real time well testing segment is estimated to have the largest market share and is expected to grow at the highest rate during the forecast period. The higher growth rate of this segment is due to its increased adoption due to cost and operational efficiency and enhanced accuracy of data acquired on performing real time well testing.
Onshore segment to lead the global well testing services market
The onshore segment holds the largest share in the well testing services market, followed by offshore. The onshore exploration and re-exploration activities are expected to fuel the growth of the onshore segment of the well testing services market. Further, the technological advancements to achieve cost and operational efficiency is expected to boost the market for offshore segment of the well testing services market during the forecast period.
North America dominates the global well testing services market in terms of annual growth rate
The North American region is estimated to be the largest market for the well testing services, followed by APAC. The North American region is also projected to be the fastest growing market during the forecast period. The presence of vast shale reserves in the North American region encourages the oilfield operators to invest in the exploration and production of these resources, which consequently drives the demand for the well testing services in the North American region during the forecast period.
Market Dynamics
Drivers
Restraints
Opportunities
Challenges
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/nudukf
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
KANSAS CITY, Mo.--(BUSINESS WIRE)--Kansas City Southern (KCS) announced today the introduction of KCS Certified Premier Sites. These sites are larger, shovel-ready sites that are certified and pre-approved for rail service.
"Prospective shippers often need a quick turnaround from site selection to shovel ready. A KCS Premier Site saves time and money, because the site has already been carefully evaluated to ensure it has what shippers need for safe and reliable rail service," said KCS executive vice president and chief marketing officer Mike Naatz. "KCS is customer-focused and we strive to be top of mind when shippers need a transportation partner in the industrial development process. As part of our focus on growth, additional KCS Certified Premier Sites will be added as they become available in the near future."
To become a KCS Certified Premier Site, the location must go through a rigorous certification process which includes verifying access to rail services, proximity to highways, workforce availability, access to industrial grade utilities, proper zoning and strong public-private support. KCS Certified Premier Sites can reduce the industrial development timeline by six to nine months mitigating potential up-front risks for projects.
KCS Premier Sites in the U.S. currently include Beaver Lake Industrial Park in Pineville, La., Infinity Mega Site in Columbus, Ms., Ward 2 Industrial Park in Vivian, La., Airport Industrial Park in Tuscaloosa, Ala., Southwest International Gateway Business Park in El Campo, Texas and Franklin Farms in Holly Ridge, La. KCS Premier Sites in Mexico currently include Interpuerto Monterrey in Salinas Victoria, N.L., Propark at Pesqueria, N.L., Node Park at San Luis Potosi, S.L.P., Puerta Querétaro at Querétaro, Qro. and Puerta México at Toluca, Mex.
Prospective shippers can learn more about this program by visiting kcsouthern.com/raildevelopment or by contacting the Industrial Development team directly at This email address is being protected from spambots. You need JavaScript enabled to view it.. KCS Certified Premier Sites in the U.S. and in Mexico are highlighted on the company's Network Map. Select “KCS Certified Premier Sites" from the menu.
Headquartered in Kansas City, Mo., KCS is a transportation holding company that has railroad investments in the U.S., Mexico and Panama. Its primary U.S. holding is The Kansas City Southern Railway Company, serving the central and south-central U.S. Its international holdings include KCSM, serving northeastern and central Mexico and the port cities of Lázaro Cárdenas, Tampico and Veracruz, and a 50 percent interest in Panama Canal Railway Company, providing ocean-to-ocean freight and passenger service along the Panama Canal. KCS' North American rail holdings and strategic alliances with other North American rail partners are primary components of a unique railway system, linking the commercial and industrial centers of the U.S., Mexico and Canada. More information about KCS can be found at www.kcsouthern.com.
U.S.: C. Doniele Carlson, 816-983-1372, This email address is being protected from spambots. You need JavaScript enabled to view it.
Mexico: Jaime Rogelio Hernandez Vega, 011-52-55-91-78-56-51, This email address is being protected from spambots. You need JavaScript enabled to view it.
NEW YORK--(BUSINESS WIRE)--Glenfarne Asset Company, LLC (“Glenfarne”), a developer, owner, and operator of energy and infrastructure assets across the Americas, announced today it has acquired Termonorte Colombia S.A.S. (the “Plant” or “Termonorte”), a power plant located near the port of Santa Marta in Colombia. The acquisition reinforces Glenfarne’s commitment to providing grid stability to Colombia and the entire Latin American region.
Termonorte has an installed capacity of 93 MW and began operations in December 2018. The Plant can operate on both natural gas and liquid fuels and is strategically located with a direct connection to the Promigas gas pipeline.
“Termonorte plays a critical role for the energy transition in Colombia by offering a reliable, flexible generation resource in a region with limited firm capacity. Termonorte’s attributes are an ideal complement to the intermittent renewable generation resources being deployed throughout the Caribbean region. We look forward to working with the authorities, regulators, and the local communities to serve as a cornerstone of the Colombian power system for years to come,” said Bryan Murphy, Managing Director of Glenfarne.
Glenfarne is also a joint venture partner in EnfraGen, LLC, a separately managed company which owns Prime Energia Colombia (“Prime Energia”) as well as other Latin American power assets. Termonorte will operate separately from Prime Energia in Colombia acting as an independent agent in the Colombian electricity market.
About Glenfarne Asset Company, LLC
Glenfarne Asset Company, LLC is a subsidiary of Glenfarne Group, LLC, a privately held energy and infrastructure development and management firm based in New York City and Houston, Texas with offices in Dallas, Texas; Panama City, Panama; Santiago, Chile; Bogota, Colombia; Rio de Jainero, Brazil; Seoul, South Korea; and Ho Chi Minh City, Vietnam. Glenfarne’s seasoned executives, asset managers, and operators develop, acquire, manage, and operate energy infrastructure assets throughout North and South America and Asia. For more information, please visit www.GlenfarneGroup.com.
Kris Cole
This email address is being protected from spambots. You need JavaScript enabled to view it.
(310) 652-1411
Offshore Source keeps you updated with relevant information concerning the Offshore Energy Sector.
Any views or opinions represented on this website belong solely to the author and do not represent those of the people, institutions or organizations that Offshore Source or collaborators may or may not have been associated with in a professional or personal capacity, unless explicitly stated.