Over 30 early adopters enroll in the new rating, which empowers organizations to take evidence-based actions to advance diversity, equity, inclusion and accessibility, and prioritize employee health for all
NEW YORK--(BUSINESS WIRE)--The International WELL Building Institute (IWBI) announced today the launch of the WELL Equity Rating, a new rating designed to help organizations act on their diversity, equity, inclusion and accessibility goals, and improve company culture and employee health. Over 30 leading organizations – including AvalonBay Communities, Canderel, Empire State Realty Trust, JLL, Overbury, Shaw Industries and the State University of New York (SUNY) College of Environmental Science and Forestry – have already enrolled in the rating, demonstrating their commitment to creating places where everyone has an equal opportunity to thrive.
By providing an evidence-based roadmap, the WELL Equity Rating empowers organizations to better address the needs of marginalized and underserved populations and take an action-oriented approach to creating equitable, people-first places. The rating includes more than 40 features spanning six action areas: user experience and feedback, responsible hiring and labor practices, health benefits and services, supportive programs and spaces, and community engagement. The rating validates an organization’s actions to advance health and well-being; celebrate diversity, equity, inclusion (DEI) and accessibility; and promote sensitivity while addressing disparities in populations that have been traditionally marginalized or underserved.
“Organizations worldwide are embracing the powerful role place can play in leveling the playing field and ensuring everyone feels welcome, seen and heard,” said Rachel Hodgdon, President and CEO, IWBI. “Many organizations have made commitments to DEI, but precious few have a roadmap for activation. The WELL Equity Rating is a transformative new offering that empowers organizations to make good on their promises— with evidence-based strategies and actions that improve and strengthen company culture, advance DEI goals and address disparities in underserved populations.”
For two years, IWBI has been collaborating with its Health Equity Advisory, learning from more than 200 participating expert Advisors from 26 countries. A prestigious group of more than 40 co-chairs led the Advisory, lending their tremendous knowledge and expertise in health equity, DEI, community building and belonging, and accessible design. The development process also included feedback and input from others with lived experience who represent the target populations prioritized by the rating. These include BIPOC (Black, Indigenous and other people of color), first-generation immigrants, LGBTQ+ individuals, primary caregivers and people who are physically disabled and/or neurodivergent.
“Equity and health go hand-in-hand. This rating is all about making equitable opportunity actionable, designing healthier places that are accessible to everyone, and delivering on the promise of a global culture of health and belonging,” said Kimberly Lewis, Executive Vice President of Equity, Engagement and Events, IWBI. “Because, as we know, equity is the very foundation to healthier, stronger and thriving organizations.”
Multiple studies show that employees in diverse and inclusive workplaces are more likely to innovate, enjoy their jobs, work harder, and ultimately stay with their employers for longer. Diverse organizations have also been found to be 1.32 times more productive and 21 percent more profitable than their peers. The WELL Equity Rating offers organizations a tangible path forward to help them follow through on their DEI commitments and transform how workplaces are designed, managed and operated to create environments where everyone can thrive and show up as their authentic selves.
Coinciding with the launch, in a show of leadership, over 30 organizations representing a variety of different sectors have already enrolled to pursue the WELL Equity Rating across over 1,000 locations.
They include:
Equity is a core tenet of the WELL Building Standard; the majority of the features in the WELL Equity Rating were drawn from existing WELL strategies, each backed by research that demonstrates more equitable outcomes for one or more of the target populations. With the help of the Health Equity and WELL Concept Advisories, IWBI also developed new beta features and parts to strengthen the new offering. This new designation will add to the suite of IWBI offerings that includes the WELL Health-Safety Rating and the WELL Performance Rating. Each rating can be earned as a stand-alone designation or milestone toward a place-based WELL Certification or an organization’s WELL Score.
“By driving accountability and action, the WELL Equity Rating will serve as an important tool to help organizations actualize their DEI commitments, live their values and effect lasting change,” said Dr. Angelita Scott, Director and Community Concept Lead at IWBI, who also served as principal architect of the rating. “We are so grateful to all our advisors and stakeholders from around the world with different backgrounds, expertise and lived experiences who supported this effort. It’s because of their vision, input and dedication that we were able to create a third-party verified solution that will uplift historically excluded voices, enhance ESG performance and improve organizational outcomes.”
In September, IWBI’s Governance Council, the leadership body tasked with upholding the integrity of WELL through rigorous standard development criteria, unanimously ratified the WELL Equity Rating. The Governance Council is made up of distinguished global thought leaders, doctors, public health professionals and business executives, such as Dr. Richard Carmona, the 17th U.S. Surgeon General; Cheryl Durst, President and CEO of the International Interior Design Association (IIDA); Dr. Yao Wang, Director General of the International Institute of Green Finance; Alison Omens, Chief Strategy Officer at Just Capital; Mona Naqvi, Global Head of ESG and Capital Markets Strategy at S&P Global; and Nancy Roman, President and CEO of Partnership for a Healthier America.
Here’s what some early adopters are saying about the WELL Equity Rating:
"ESF's commitment to the WELL Equity Rating was a resounding ‘yes’ as we work to improve and provide equitable access to the health and well-being of our campus. The rating will guide us in acknowledging populations that have been traditionally underrepresented and promoting inclusivity while celebrating the diversity that makes this campus so vibrant and successful," said SUNY College of Environmental Science and Forestry President Joanie Mahoney. "We appreciate IWBI's work and guidance in creating this rating and continuing to lead the way in putting people first."
"At Shaw, we strive to create a better future and a better world. A world in which we collectively value and invest in the health, well-being and success of all people AND our planet. A future that's safe and safeguarded for generations to come,” said Kellie Ballew, Vice President, Global Sustainability and Innovation, Shaw Industries. “The WELL Equity Rating aligns with that commitment and stands to provide external validation of our efforts."
"Ivanhoé Cambridge is proud to be part of the early adopters of the WELL Equity Rating. As a responsible real estate leader, we look at our spaces through both the investor and the employer lenses,” said Sunita Mahant, Head of Social Impact and Inclusion, Sustainable Investment at Ivanhoé Cambridge. “Our participation solidifies our commitment to creating inclusive spaces. When people walk into our buildings, we want them to feel a sense of belonging. This starts with our own employees – which is why we are kicking off our involvement with our own headquarters in Montréal.”
"Diversity, equity and inclusion (DE&I) sheds light on the needs and priorities of underserved and underrepresented populations who are some of the most valuable members of our community,” said Raymond Rufino, CEO of NEO. “We are still at the start of our DE&I journey but welcome the roadmap that the WELL Equity Rating provides to ensure that our organizations and spaces are safe, respectful and welcoming for each and every person. We’re excited to be an early adopter of the rating and hope many other companies join the journey."
“Green Building Holdings (GBH) together with our four business units at SIG, BlueO, GBES, and Aetos are continually evaluating our DEI efforts across the greater company,” said Beka Rund, Head of People, Green Building Holdings. “We are excited to adopt the WELL Equity Rating to compliment, measure, and evaluate our company for continual improvement. It is our goal to have an inclusive culture and to lead by example for our company and the greater industry.”
“The WELL Equity program provides proven strategies to inform and validate AHA’s commitment to our employees and prospective employees,” said Adam Jennings, Director of Energy, Sustainability & Commissioning, AHA Engineers. “The effects extend well beyond AHA through our service and the services we offer our clients and community.”
About the International WELL Building Institute
The International WELL Building Institute (IWBI) is a public benefit corporation and the world’s leading organization focused on deploying people-first places to advance a global culture of health. IWBI mobilizes its community through the administration of the WELL Building Standard (WELL) and WELL ratings, management of the WELL AP credential, the pursuit of applicable research, the development of educational resources, and advocacy for policies that promote health and well-being everywhere. More information on WELL can be found here.
International WELL Building Institute pbc is a wholly owned subsidiary of Delos Living LLC. International WELL Building Institute, IWBI, the WELL Building Standard, WELL v2, WELL Certified, WELL AP, WELL Portfolio, WELL Score, The WELL Conference, We Are WELL, the WELL Community Standard, WELL Health-Safety Rating, WELL Health-Safety Rated, WELL Equity, WELL Performance Rated, WELL Performance Rating, Works with WELL, WELL and others, and their related logos are trademarks or certification marks of International WELL Building Institute pbc in the United States and other countries.
Note to Editors:
WHAT DOES HEALTH EQUITY MEAN?
Our vision aligns with the Robert Wood Johnson Foundation’s definition of health equity where “everyone has a fair and just opportunity to be as healthy as possible.” Unlike equality, which involves giving everybody the same thing, equity “recognizes that each person has different circumstances and allocates the exact resources and opportunities needed to reach an equal outcome."
We support positive and preventative health factors in the belief that health is not just the absence of disease, but intimately bound up in a person’s ability to thrive. We recognize that people benefit from this “state of balance” resulting from optimal living in mind, body and spirit, and feel “content, connected to purpose, people and community."
Fulfilling this mission means recognizing that many health disparities are rooted in systemic conditions and social determinants—including the way workplaces are designed, managed and maintained—that impose significant health burdens on certain underserved populations. RWJF’s definition sets equitable access to health as a key outcome, while diversity and inclusion are ways of achieving that goal.
Media:
This email address is being protected from spambots. You need JavaScript enabled to view it.
Yan Tai
This email address is being protected from spambots. You need JavaScript enabled to view it.
HOUSTON--(BUSINESS WIRE)--PACIFIC COAST OIL TRUST (OTC–ROYTL) (the “Trust”), a royalty trust formed by Pacific Coast Energy Company LP (“PCEC”), announced today that there will be no cash distribution to the holders of its units of beneficial interest of record on November 30, 2022 based on the Trust’s calculation of net profits generated during September 2022 (the “Current Month”) as provided in the conveyance of net profits interests and overriding royalty interest (the “Conveyance”). Given the Trust’s receipt of insufficient monthly income from its net profits interests and overriding royalty interest during 2020 and 2021, the Trust had been expected to terminate by its terms at the end of 2021; however, as described further below, a court has issued a temporary restraining order enjoining the dissolution of the Trust until an arbitration tribunal can rule on the plaintiff’s request for injunctive relief. As described further below, based on information from PCEC, the likelihood of distributions to the unitholders in the foreseeable future is extremely remote. All financial and operational information in this press release has been provided to the Trustee by PCEC.
The Current Month’s distribution calculation for the Developed Properties resulted in operating income of approximately $1.3 million. Revenues from the Developed Properties were approximately $3.5 million, lease operating expenses including property taxes were approximately $2.1 million, and development costs were approximately $179,000. The average realized price for the Developed Properties was $86.12 per Boe for the Current Month, as compared to $94.50 per Boe in August 2022. Oil prices in recent months generally have remained elevated well above their 2020 and 2021 levels, and were higher in the Current Month as compared to September 2021. The cumulative net profits deficit amount for the Developed Properties declined approximately $1.0 million, to approximately $7.9 million in the Current Month versus approximately $8.9 million in the prior month.
As revenues from the Remaining Properties during the month of August were sufficient to repay the remaining cumulative net profits deficit for the Remaining Properties, the Trust received income from the 25% net profits interest instead of income from the 7.5% overriding royalty interest, as provided under the Conveyance. Revenues from the Remaining Properties were $1.4 million and lease operating expenses including property taxes were approximately $0.7 million. Average realized prices for the Remaining Properties were $83.92 per Boe in September, as compared to $92.24 per Boe in August. Income from the net profits interest for the Remaining Properties for the month of September was approximately $150,000.
The monthly operating and services fee of approximately $100,000 payable to PCEC, together with Trust general and administrative expenses of approximately $106,000 and the payment to PCEC of approximately $50,000 of accrued interest under the promissory note between the Trust and PCEC, together exceeded the payment of approximately $150,000 received from PCEC from the 25% net profits interest on the Remaining Properties, creating a shortfall of approximately $106,000.
PCEC has provided the Trust with a $1 million letter of credit to be used by the Trust if its cash on hand (including available cash reserves) is not sufficient to pay ordinary course administrative expenses as they become due. As of March 31, 2021, the letter of credit has been fully drawn down. Further, the trust agreement provides that if the Trust requires more than the $1 million under the letter of credit to pay administrative expenses, PCEC will, upon written request of the Trustee, loan funds to the Trust in such amount as necessary to pay such expenses. Under the trust agreement, the Trust may only use funds provided under the letter of credit or loaned by PCEC or another source to pay the Trust’s current accounts or other obligations to trade creditors in connection with obtaining goods or services or for the payment of other accrued current liabilities arising in the ordinary course of the Trust’s business. As the Trust has fully drawn down the letter of credit, PCEC will be loaning funds to the Trust to pay the expected shortfall of approximately $106,000, which would bring the total amount of outstanding borrowings (including the amount drawn from the letter of credit, which also must be repaid as provided in the trust agreement) from PCEC to approximately $3.7 million plus interest thereon, related to shortfalls from prior months. Consequently, no further distributions may be made to Trust unitholders until the Trust’s indebtedness created by such amounts drawn or borrowed, including interest thereon, has been paid in full.
Sales Volumes and Prices
The following table displays PCEC’s underlying sales volumes and average prices for the Current Month:
Underlying Properties |
|||||||||
Sales Volumes |
|
Average Price |
|||||||
(Boe) |
|
(Boe/day) |
|
(per Boe) |
|||||
Developed Properties (a) |
40,735 |
|
1,358 |
|
$86.12 |
||||
Remaining Properties (b) |
16,199 |
|
540 |
|
$83.92 |
||||
(a) Crude oil sales represented 99% of sales volumes |
|||||||||
(b) Crude oil sales represented 100% of sales volumes |
|||||||||
Update on Estimated Asset Retirement Obligations
As previously disclosed, in November 2019, PCEC informed the Trustee that, as permitted by the Conveyance, PCEC intended to begin deducting its estimated asset retirement obligations (“ARO”) associated with the West Pico, Orcutt Hill, Orcutt Hill Diatomite, East Coyote and Sawtelle fields, thereby reducing the amounts payable to the Trust under its Net Profits Interests. ARO is the recognition related to net present value of future plugging and abandonment costs that all oil and gas operators face. PCEC engaged an accounting firm, Moss Adams LLP (“Moss Adams”), acting as third-party consultants, to assist PCEC in determining its estimated ARO, and on February 27, 2020, PCEC informed the Trustee that based on the analysis performed by Moss Adams, PCEC’s estimated ARO, as of December 31, 2019, was $45,695,643, which is approximately $10.0 million less than the undiscounted amount that was originally estimated before Moss Adams completed its analysis, as previously disclosed in the Trust’s Current Report on Form 8‑K filed on November 13, 2019. According to PCEC and its third-party consultants, its estimated ARO, which reflected PCEC’s assessment of current market conditions as of December 31, 2019 and changes in California law, was determined to be approximately $33.2 million for the Developed Properties and approximately $12.5 million for the Remaining Properties, or approximately $26.5 million and approximately $3.1 million net to the Trust, respectively, and PCEC has reflected these amounts beginning with the calculation of the net profits generated during January 2020. The accrual has resulted in a current cumulative net profits deficit of approximately $7.9 million, which must be recouped from proceeds otherwise payable to the Trust from the Trust’s Net Profits Interests. Therefore, until the net profits deficit for the Remaining Properties was eliminated in August 2022, the only cash proceeds the Trust had received since March 2020 were pursuant to the 7.5% overriding royalty interest. With the repayment of the remaining cumulative net profits deficit for the Remaining Properties in August 2022, the current cumulative net profits deficit relates only to the Developed Properties and will be repaid from proceeds otherwise payable to the Trust from the Trust’s 80% net profits interest.
PCEC has informed the Trustee that in accordance with generally accepted accounting principles, PCEC will evaluate the ARO on a quarterly basis. As a result of that re-evaluation, the actual ARO incurred in the future may be greater or less than the estimated amounts provided by PCEC. As previously disclosed, PCEC has informed the Trustee that at year-end 2020, and following the end of each of the first, second and third quarters of 2021, in light of the accounting guidance under Accounting Standards Codification 410-20-35-3, which requires the recognition of changes in the asset retirement obligation due to the passage of time and revision of the timing or amount of the originally estimated undiscounted cash flows, PCEC re-evaluated the estimated ARO, which resulted in an aggregate increase to the ARO accrual for the Developed Properties by approximately $5.1 million, net to the Trust’s interest, and an aggregate increase to the ARO accrual for the Remaining Properties by approximately $288,000, net to the Trust’s interest. PCEC has informed the Trustee that the audit of PCEC’s financial statements for the year ended December 31, 2021 has not yet been completed, and that when the audit is completed, PCEC expects to recognize further revisions to the ARO accrual for the Developed Properties, but at this time cannot estimate the amount or direction of any such revisions.
Based on PCEC’s estimate of its ARO attributable to the Net Profits Interest, deductions relating to estimated ARO are likely to eliminate the likelihood of any distributions to Trust unitholders for the foreseeable future, as previously disclosed in the Trust’s Current Report on Form 8-K filed on November 13, 2019.
As previously disclosed, the Trust engaged Martindale Consultants, Inc. (“Martindale”), a provider of analysis and compliance review services to the oil and gas industry, to perform an independent review of the estimated ARO in the Moss Adams report that PCEC provided to the Trustee. The Trustee also has engaged an accounting expert to advise the Trustee regarding the accruals that PCEC has booked relating to its estimated ARO. As disclosed in the Trust’s Current Report on Form 8-K filed on December 29, 2020, Martindale has completed its review of the estimated ARO and on December 21, 2020 provided its analysis and recommendations to the Trustee. Based on Martindale’s recommendations provided in its report to the Trust, as disclosed in the Trust’s Current Report on Form 8-K filed on December 29, 2020, the Trustee requested that PCEC promptly make several adjustments to its calculations and methods of deducting ARO from the proceeds to which the Trust is otherwise entitled pursuant to its Net Profits Interests. PCEC has responded to the Trustee, indicating PCEC’s view that the adjustments would violate applicable contracts and accounting standards, and has therefore declined to make any adjustments to the estimated ARO calculation based on those requests and the recommendations of the Martindale report. The Trustee has concluded that it has taken all action reasonably available to it under the Trust’s governing documents in connection with PCEC’s ARO calculation and therefore has determined not to take further action at this time.
As described in more detail in the Trust’s filings with the SEC, the trust agreement provides that the Trust will terminate if the annual cash proceeds received by the Trust from the Net Profits Interests and 7.5% overriding royalty interest total less than $2.0 million for each of any two consecutive calendar years. Because of the cumulative net profits deficit—which PCEC contends is the result of the substantial reduction in commodity prices during 2020 due to the COVID-19 pandemic and PCEC’s deduction of estimated ARO beginning in the first quarter of 2020—the only cash proceeds the Trust had received from March 2020 until the elimination of the net profits deficit for the Remaining Properties as discussed above had been attributable to the 7.5% overriding royalty interest. As a result, the total proceeds received by the Trust in each of 2020 and 2021 were less than $2.0 million. Therefore, the Trust had been expected to terminate by its terms at the end of 2021.
Status of the Dissolution of the Trust
As previously disclosed in the Trust’s Current Report on Form 8-K filed on December 23, 2021, on December 8, 2021, Evergreen Capital Management LLC (“Evergreen”) filed an Amended Class Action and Shareholder Derivative Complaint alleging a derivative action on behalf of the Trust and against PCEC in the Superior Court of the State of California for the County of Los Angeles (the “Court”).
On December 10, 2021, Evergreen filed a motion for temporary restraining order and for preliminary injunction, seeking to (1) enjoin the Trustee from dissolving the Trust, (2) enjoin PCEC from dissolving the Trust, (3) direct PCEC to account for all monies withheld from the Trust on the basis of ARO costs since September 2019, and (4) direct PCEC to place such monies in escrow. On December 16, 2021, the Court granted Evergreen’s application for a temporary restraining order only to the extent of enjoining the dissolution of the Trust. Accordingly, the Trust did not dissolve at the end of 2021 and commence the process of selling its assets and winding up its affairs.
On January 11, 2022, PCEC and Evergreen filed an agreed stipulation to stay the prosecution of Evergreen’s derivative claims pending an arbitration of such claims. On January 13, 2022, the Court signed an Order dissolving the December 16, 2021, temporary restraining order and entering a new temporary restraining order to preserve the status quo until a tribunal of three arbitrators appointed pursuant to the trust agreement could rule on any request by Evergreen for injunctive relief. On April 11, 2022, PCEC notified the Court, at the arbitrators’ request, that the arbitration panel had issued an order on April 7, 2022, denying Evergreen’s request for injunctive relief. On April 13, 2022, Evergreen notified the Court that Evergreen had filed a motion for reconsideration with the arbitration panel that same day, which was denied on May 26, 2022. On August 30, 2022, the arbitration Panel issued a Partial Final Award dismissing with prejudice Evergreen’s derivative claims against PCEC, including Evergreen’s application for an injunction. PCEC has moved to confirm that Partial Final Award in the California Superior Court which is scheduled to hear that application on December 5, 2022.
On June 20, 2022, Evergreen filed an amended pleading in the arbitration, adding the Trustee as a party to that proceeding. In early September 2022, Evergreen informed the Trustee that it was going to seek a preliminary injunction while its claims against the Trustee were pending. At the request of the arbitration panel, the Trustee agreed to take no steps toward the sale of the Trust corpus until the Panel decided Evergreen’s application for a preliminary injunction. On September 12, 2022, the Trustee filed a motion to dismiss Evergreen’s claims against the Trustee. On September 22, 2022, Evergreen filed an opposition to the Trustee’s motion to dismiss. On September 15, 2022, Evergreen filed a motion to enjoin the Trustee from selling the Trust assets or dissolving the Trust during the pendency of the arbitration. The Trustee and PCEC filed oppositions to Evergreen’s motion on September 22, 2022. Both motions were heard by the Panel on October 24, 2022. On October 31, 2022 the Panel granted the Trustee’s motion and dismissed Evergreen’s claims against the Trustee with prejudice, which mooted Evergreen’s request for injunctive relief.
Production Update
PCEC has informed the Trustee that PCEC continues to strategically deploy capital to enhance and maintain production. Costs associated with returning wells to service must be recovered before cash flow to the Trust can be created. Although oil prices have improved significantly from their lowest levels in 2020, any monthly payments, as a result of enhanced production, that PCEC may make to the Trust may not be sufficient to cover the Trust’s administrative expenses and outstanding debt to PCEC, and therefore the likelihood of distributions to the unitholders in the foreseeable future is extremely remote.
Cancellation of Connection Agreement with Phillips 66
PCEC has informed the Trustee that on September 22, 2022, PCEC received notice from Phillips 66 of the cancellation of the Connection Agreement between PCEC and Phillips 66 with respect to the three leases located south of Orcutt in Santa Barbara, California, effective upon completion of PCEC’s deliveries in December 2022. As a result of the cancellation, PCEC will no longer have a pipeline interconnection between the Orcutt properties and the Santa Maria Refinery, which Phillips 66 is expected to shut down in early 2023. Currently this pipeline is the sole means by which PCEC transports its crude oil from the Orcutt properties, which relates to approximately 86% and 91% of the production attributable to the Trust’s interests in 2021 and to date in 2022, respectively.
The shutdown of the refinery and the pipeline will adversely affect PCEC’s financial performance, and the revenues that may be payable to the Trust, if PCEC is unable to secure alternative means of transporting oil from the Orcutt properties to market. PCEC has indicated to the Trustee that it has been and continues to explore options to secure the transport of its oil from the Orcutt properties by other means.
Overview of Trust Structure
Pacific Coast Oil Trust is a Delaware statutory trust formed by PCEC to own interests in certain oil and gas properties in the Santa Maria Basin and the Los Angeles Basin in California (the “Underlying Properties”). The Underlying Properties and the Trust’s net profits, and royalty interests are described in the Trust’s filings with the SEC. As described in the Trust’s filings with the SEC, the amount of any periodic distributions is expected to fluctuate, depending on the proceeds received by the Trust as a result of actual production volumes, oil and gas prices, development expenses, and the amount and timing of the Trust’s administrative expenses, among other factors. For additional information on the Trust, please visit https://royt.q4web.com/home/default.aspx.
Cautionary Statement Regarding Forward-Looking Information
This press release contains statements that are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical facts, are "forward-looking statements" for purposes of these provisions. These forward-looking statements include estimates of future asset retirement obligations, expectations regarding the impact of deductions for such obligations on future distributions to unitholders, estimates of future total distributions to unitholders, expectations regarding the outcome of the legal proceedings relating to the Trust and any future dissolution of the Trust, statements regarding the impact of returning shut-in wells to production, expectations regarding the cancellation of the Connection Agreement between Phillips 66 and PCEC and the shutdown of the Santa Maria refinery, and the impact of such cancellation and shutdown on PCEC’s financial condition and future payments to the Trust, expectations regarding PCEC’s ability to loan funds to the Trust, and the amount and date of any anticipated distribution to unitholders. In any case, PCEC’s deductions of its estimated asset retirement obligations will have a material adverse effect on distributions to the unitholders and on the trading price of the Trust units and may result in the termination of the Trust. Any anticipated distribution is based, in part, on the amount of cash received or expected to be received by the Trust from PCEC with respect to the relevant period. Any differences in actual cash receipts by the Trust could affect this distributable amount. The amount of such cash received or expected to be received by the Trust (and its ability to pay distributions) has been and will be significantly and negatively affected by low commodity prices, which declined significantly during 2020, could decline again and could remain low for an extended period of time as a result of a variety of factors that are beyond the control of the Trust and PCEC. Other important factors that could cause actual results to differ materially include expenses related to the operation of the Underlying Properties, including lease operating expenses, expenses of the Trust, and reserves for anticipated future expenses. Statements made in this press release are qualified by the cautionary statements made in this press release. Neither PCEC nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release. An investment in units issued by Pacific Coast Oil Trust is subject to the risks described in the Trust's Annual Report on Form 10-K for the year ended December 31, 2018 filed with the SEC on March 8, 2019, and if applicable, the Trust’s subsequent Quarterly Reports on Form 10-Q. The Trust's Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q are available over the Internet at the SEC's website at http://www.sec.gov.
Pacific Coast Oil Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Sarah Newell
1(512) 236-6555
DUBLIN--(BUSINESS WIRE)--The "Electrified Road for Electric Vehicle Charging Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027" report has been added to ResearchAndMarkets.com's offering.
The global electrified road for electric vehicle charging market is anticipated to register growth at a robust rate in the forecast period, 2023-2027. The market growth can be attributed to the increased focus of government on building electrified roads to reduce the requirement of installing new electric vehicle charging infrastructure to boost the adoption of electric cars. As carbon emissions levels are rising at a substantial rate, government agencies across the world are enforcing regulations to cut the greenhouse gas emissions by promoting electrification in their countries.
With the growing adoption of electric vehicles, the carbon emissions can be lowered significantly. Hence, government incentives on the purchase of electric vehicles, decreased vehicle prices, enhanced vehicle range and capabilities, and growing awareness among consumers regarding vehicular pollution are contributing to the rapid adoption of electric vehicles across the world. However, electric vehicle charging remains a key concern for the users.
Therefore, now electrified roads are being built to solve the problem of lack of public electric vehicle charging infrastructure, one of the major reasons restricting electric vehicle adoption. Electrified road for electric vehicle charging is an innovative method aimed at recharging the batteries of cars and trucks when they are on the move. The electric highways can make charging faster and travel longer for electric vehicle drivers. Electric road system (ERS) is a system that facilitates power exchange between an electric vehicle and the road that it is travelling on. On the basis of how charging takes place, the electrified roads are majorly divided into three categories such as overhead conductive, conductive power transfer from the road, and inductive power transfer from road.
Growing Need to Expand Electric Vehicle Infrastructure to Boost Market Growth
Electric vehicles are considered the best option to replace traditional ICE (internal combustion engine) vehicles. In near future, the electric vehicle adoption is expected to grow significantly, with the introduction of electric vehicles equipped with batteries with high capacity and addition of more Electric Vehicle charging stations.
However, vehicles with big sizes such as electric trucks required to be recharged more frequently. Hence, electrified roads serve as the perfect solution for electric vehicle drivers who need to cover long range as they would no longer have to recharge batteries from time-to-time. The "dynamic charging" with electrified roads is anticipated to replace the existing charging methods that take more time and require a power source to plug in the vehicle. With inductive charging technology, the cost of constructing 1 km of electrified road would require approx. USD1 million, 50 times less than constructing an urban tram line.
Technological Innovations Fuel the Expansion of Electrified Roads
The dynamic (in-motion) wireless power transfer (DWPT) is a novel technology. Hence, a number of research institutions are currently analyzing and developing the technology, in areas such as electromagnetic design optimization techniques, magnetic materials, power electronic topologies, etc. Innovation in areas such as batteries, electromagnetic emissions, alignment techniques are also required to make electrified roads mainstream in coming years. Hence, private players, government are research institutes are collaborating to pioneer wireless charging infrastructure technology and enhance roadway electrification.
However, the deployment of DWPT infrastructure would require significant investments by market players and increased collaboration for the government.
Key Topics Covered:
1. Product Overview
2. Research Methodology
3. Executive Summary
4. Working Principle of Electrified Road for Electric Vehicle Charging
5. Ongoing Research on Electrified Road for Electric Vehicle Charging
6. Electric Vehicle Market Overview
7. Electric Vehicle Charging Infrastructure Overview
8. Global Electrified Road for Electric Vehicle Charging Market Potential, 2022-2030
9. Market Dynamics
10. Market Trends and Developments
11. Policy & Regulatory Landscape (Major Countries)
12. Companies Involved in Electrified Road for Electric Vehicle Charging
13. Future of Electric Vehicle Charging Market Potential - Qualitative Insights
14. About the Publisher & Disclaimer
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/ms89r7
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
HOUSTON--(BUSINESS WIRE)--Hess Midstream LP (NYSE: HESM) today announced publication of its 2021 Sustainability Report as part of its commitment to transparency about environmental, social and governance plans and performance. The report is available on the Hess Midstream website.
Leading sustainability reporting frameworks were used to develop the Hess Midstream Sustainability Report including the Energy Infrastructure Council and GPA Midstream Association Environment, Social and Governance Reporting Template; the Sustainability Accounting Standards Board standard for oil and gas – midstream; the Taskforce for Climate-Related Financial Disclosures; and the Global Reporting Initiative Standards.
The Hess Midstream Sustainability Report is a companion to Hess Corporation’s 2021 Sustainability Report, available at www.hess.com/sustainability, which provides greater detail on sustainability strategy, management systems and programs for Hess Corporation that also apply to Hess Midstream.
About Hess Midstream
Hess Midstream is a fee based, growth oriented midstream company that owns, operates, develops and acquires a diverse set of midstream assets to provide services to Hess and third party customers. Hess Midstream owns oil, gas and produced water handling assets that are primarily located in the Bakken and Three Forks Shale plays in the Williston Basin area of North Dakota. More information is available at www.hessmidstream.com.
Investors:
Jennifer Gordon
(212) 536-8244
Media:
Robert Young
(713) 496-6076
DUBLIN--(BUSINESS WIRE)--The "Technology Breakthroughs Enabling Battery Management Systems" report has been added to ResearchAndMarkets.com's offering.
Battery manufacturers are under constant pressure to reduce battery costs and increase energy density. To do so, they are experimenting with and commercializing batteries that have altered chemistries and producing compact battery packs. But the regular changes in battery chemistry and increased compactness may compromise the safe operation. This is why battery manufacturers are now resorting to battery management systems (BMSs). A BMS has become crucial to reduce costs, enhance usable capacity, improve performance and life, and ensure safety.
This study focuses on BMS architectures and technologies that find applications in the 4 major areas of electric vehicles, battery energy storage systems, end-of-life batteries, and battery research and manufacturing.
The research describes major technology trends, growth drivers, and restraints in the BMS industry. It also offers a detailed technology and growth opportunity analysis. It covers key stakeholders involved in the development of innovative solutions for modern BMS controllers, an analysis of the global patent landscape for modern BMS technologies, the key patent owners/applicants, and the major areas of research.
Key Topics Covered:
1. Strategic Imperatives
2. Growth Opportunity Analysis
3. BMS: An Overview
4. BMS: Technology Analysis
5. Companies to Watch
6. IP Analysis of the BMS Patent Landscape
7. Growth Opportunity Universe
For more information about this report visit https://www.researchandmarkets.com/r/wcal4d
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
ABERDEEN, Scotland--(BUSINESS WIRE)--KNOT Offshore Partners LP (NYSE:KNOP):
Financial Highlights
For the three months ended September 30, 2022, KNOT Offshore Partners LP (“KNOT Offshore Partners” or the “Partnership”):
Other Partnership Highlights and Events
Gary Chapman, Chief Executive Officer and Chief Financial Officer of KNOT Offshore Partners LP, commented, “While our operational performance and utilization for scheduled operations remained at a high level throughout the third quarter, and our vessels in Brazil performed well, the Partnership’s financial results, liquidity and distributable cash flow reflect our heavy scheduled drydocking program. We remain focused on securing additional employment for our fleet for the next and coming quarters, during which pandemic and other related delays to the start-up of offshore oil production, particularly in the North Sea and in the Norwegian sector, have created an oversupply of shuttle tanker capacity at a time when we have multiple vessels coming back into the market, and which situation has also restricted the rates that are achievable for charter opportunities.
As we are concerned that this North Sea situation may continue in 2023, we are also considering opportunities for our North Sea-based vessels in the conventional tanker market as a potential alternate source of income and employment. However, in practice, and despite strong headline rates, the all-in returns from conventional tanker employment may be insufficient once utilization and fuel costs are considered. If we are unable to employ our North Sea vessels in the near term at acceptable rates, either on third party charters or in the conventional tanker market, we are likely to experience a material adverse effect on our distributable cash flow.
Looking out beyond 2023, based upon the committed capital expenditures of offshore oil producers in both the North Sea and Brazil, as well as the limited shuttle tanker supply growth in the coming years, we believe that the mid-term market environment will provide additional employment prospects across our fleet, as already evidenced by our progress in securing additional contracts that commence in late 2023 and beyond. However, in this near-term period of heightened uncertainty, we are working hard to secure additional charter coverage that supports our short-term cashflows and reinforces our balance sheet, without jeopardizing our ability to participate in the longer-term shuttle tanker opportunities that are the core of our business.”
| _______________________ | |||
|
(1) |
EBITDA, Adjusted EBITDA and distributable cash flow are non-GAAP financial measures used by management and external users of the Partnership’s financial statements. Please see Appendix A for definitions of EBITDA, Adjusted EBITDA and distributable cash flow and a reconciliation to net income, the most directly comparable GAAP financial measure. |
|
Financial Results Overview
Total revenues were $67.8 million for the three months ended September 30, 2022 (the “third quarter”), compared to $64.0 million for the three months ended June 30, 2022 (the “second quarter”). The increase is mainly due to the earnings from the time charter for the Synnøve Knutsen being included in the results of operations as of July 1, 2022.
Vessel operating expenses for the third quarter of 2022 were $23.1 million, an increase of $0.1 million from $23.0 million in the second quarter of 2022. The increase is due to Synnøve Knutsen being included in the results of operations as of July 1, 2022, offset by high bunker costs for the Windsor Knutsen, the Lena Knutsen, the Anna Knutsen and the Vigdis Knutsen in connection with their voyages to drydock in the second quarter of 2022.
Depreciation was $27.6 million for the third quarter, an increase of $1.5 million from $26.1 million in the second quarter.
General and administrative expenses were $1.4 million for the third quarter compared to $1.4 million for the second quarter.
As a result, operating income for the third quarter was $15.7 million, compared to $13.4 million for the second quarter.
Interest expense for the third quarter was $12.2 million, an increase of $3.9 million from $8.3 million for the second quarter. The increase is mainly due to an increase in the US dollar LIBOR rate, the inclusion of the Synnøve Knutsen in the fleet, the refinancing of the Torill Knutsen and increased utilization of the Partnership’s revolving credit facilities.
The realized and unrealized gain on derivative instruments was $12.4 million in the third quarter, compared to realized and unrealized gain of $5.1 million in the second quarter. The unrealized non-cash element of the mark-to-market gain was $12.7 million for the third quarter, compared to an unrealized gain of $6.7 million for the second quarter. The unrealized gain for the third quarter related to mark-to-market gain on interest rate swaps of $13.5 million and a loss of $0.8 million on foreign exchange contracts.
As a result, net income for the third quarter of 2022 was $16.0 million compared to $9.9 million for the second quarter of 2022.
Net income for the third quarter of 2022 increased by $2.5 million from net income of $13.5 million for the third quarter of 2021 to $16.0 million for the third quarter of 2022. Operating income for the third quarter of 2022 decreased by $5.4 million to $15.7 million, compared to an operating income of $21.1 million in the third quarter of 2021. This decrease is mainly due to higher operating expenses in the third quarter of 2022 related to bunker costs for the Windsor Knutsen and the Lena Knutsen in connection with their voyages from drydock. Total finance income for the third quarter of 2022 increased by $8.0 million to $0.5 million, compared to a finance expense of $7.5 million for the third quarter of 2021, mainly due to an increase in unrealized gain on derivative instruments.
Distributable cash flow was $10.9 million for the third quarter of 2022, compared to $9.4 million for the second quarter of 2022. The increase was a result of the Synnøve Knutsen being included in the results of operations as of July 1, 2022, along with higher fleet utilization in the third quarter compared to the second quarter of 2022. The distribution declared for the third quarter was $0.52 per common and Class B unit.
COVID-19
Time and costs related to the movement of maritime personnel and vessel operational logistics, including repairs and maintenance, remain above their historical average. However, the Partnership has continued to date to avoid any serious or sustained operational impacts from the coronavirus (“COVID-19”) pandemic. There have also been no effects on the Partnership’s contractual position. Enhanced protocols remain in place with a focus on ensuring the health and safety of our employees and crew onboard, while providing safe and reliable operations for our customers.
Operational Review
The Partnership’s vessels operated throughout the third quarter of 2022 with 99.7% utilization for scheduled operations and 92.8% utilization, taking into account the scheduled drydockings of the Lena Knutsen and the Windsor Knutsen which, together, were offhire as a result of their drydocks for 115 days in the third quarter of 2022.
The Windsor Knutsen successfully completed her planned fifteen-year special survey drydocking in Europe and returned to Brazil in August 2022. In October 2022, the vessel suffered a minor hydraulic leak from a bow thruster and the vessel was placed off hire. However, except for a deductible of 14 days, loss of hire insurance is expected to provide income potentially lost due to the incident, and hull and machinery insurance is expected to cover the majority of any costs incurred to repair above the deductible amount. The vessel returned to service in November 2022.
The Lena Knutsen successfully completed her planned five-year special survey drydocking in Europe. After drydocking, the vessel returned to Brazil and commenced on its charter with TotalEnergies on August 21, 2022, as previously announced. The charter is for a fixed period of six months with charterer’s options to extend the charter by up to six further months.
Financing and Liquidity
As of September 30, 2022, the Partnership had $74.6 million in available liquidity, which consisted of cash and cash equivalents of $49.6 million and $25.0 million of capacity under its revolving credit facilities. The revolving credit facilities mature between August 2023 and November 2023. The Partnership’s total interest-bearing obligations outstanding as of September 30, 2022 were $1,065.3 million ($1,058.4 million net of debt issuance costs). The average margin paid on the Partnership’s outstanding debt during the third quarter of 2022 was approximately 2.02% over LIBOR.
As of September 30, 2022, the Partnership had entered into various interest rate swap agreements for a total notional amount of $458.2 million to hedge against the interest rate risks of its variable rate borrowings. As of September 30, 2022, the Partnership receives interest based on three or six-month LIBOR and pays a weighted average interest rate of 1.9% under its interest rate swap agreements, which have an average maturity of approximately 3.2 years. The Partnership does not apply hedge accounting for derivative instruments, and its financial results are impacted by changes in the market value of such financial instruments.
As of September 30, 2022, the Partnership’s net exposure to floating interest rate fluctuations was approximately $363.0 million based on total interest-bearing contractual obligations of $1,065.3 million, less the Raquel Knutsen and Torill Knutsen sale and leaseback facilities of $194.5 million, less interest rate swaps of $458.2 million, and less cash and cash equivalents of $49.6 million. The Partnership’s outstanding interest-bearing contractual obligations of $1,065.3 million as of September 30, 2022 are repayable as follows:
(U.S. Dollars in thousands) |
Sale & Leaseback |
Period repayment |
Balloon repayment |
Total |
|||||||
Remainder of 2022 |
$ |
3 250 |
$ |
24 417 |
$ |
— |
$ |
27 667 |
|||
2023 |
|
13 161 |
|
|
77 840 |
|
|
255 906 |
|
|
346 907 |
2024 |
13 804 |
41 178 |
63 393 |
118 375 |
|||||||
2025 |
|
14 399 |
|
|
33 109 |
|
|
136 583 |
|
|
184 091 |
2026 |
15 059 |
18 822 |
219 521 |
253 402 |
|||||||
2027 and thereafter |
|
134 871 |
|
|
— |
|
|
— |
|
|
134 871 |
Total |
$ |
194 544 |
$ |
195 366 |
$ |
675 403 |
$ |
1 065 313 |
|||
Acquisition of Synnøve Knutsen
On July 1, 2022, the Partnership’s wholly owned subsidiary, KNOT Shuttle Tankers AS, acquired KNOT Shuttle Tankers 35 AS (“KNOT 35”), the company that owns the shuttle tanker, Synnøve Knutsen, from Knutsen NYK (the “Synnøve Acquisition”). The purchase price was $119.0 million, less approximately $87.7 million of outstanding indebtedness related to the Synnøve Knutsen plus approximately $0.6 million for certain capitalized fees related to the financing of the vessel and other working capital purchase price adjustments of $5.9 million. The secured credit facility related to the vessel (the “Synnøve Facility”) is repayable in quarterly instalments with a final balloon payment of $71.1 million due at maturity in October 2025. The Synnøve Facility bears interest at an annual rate equal to LIBOR plus a margin of 1.75%. The purchase price was settled in cash.
The Synnøve Knutsen is operating in Brazil under a time charter with Equinor, which will expire in February 2027. The charterer has options to further extend the charter for up to three two-year periods and nine one-year periods. The Partnership’s board of directors (the “Board”) and the conflicts committee of the Board (the “Conflicts Committee”) approved the purchase price of the Synnøve Acquisition. The Conflicts Committee retained an outside financial advisor and outside legal counsel to assist with its evaluation of the Synnøve Acquisition.
Distributions
On October 13, 2022, the Partnership declared a quarterly cash distribution of $0.52 per common and Class B unit with respect to the quarter ended September 30, 2022, paid on November 9, 2022, to all common and Class B unitholders of record on October 27, 2022. On the same day, the Partnership declared a quarterly cash distribution to holders of Series A Preferred Units with respect to the quarter ended September 30, 2022 in an aggregate amount equal to $1.7 million.
Assets Owned by Knutsen NYK
In February 2021, Tuva Knutsen was delivered to Knutsen NYK from the yard and commenced on a five-year time charter contract with a wholly owned subsidiary of the French oil major TotalEnergies. TotalEnergies has options to extend the charter for up to a further ten years.
In November 2021, Live Knutsen was delivered to Knutsen NYK from the yard in China and commenced on a five-year time charter contract with Galp Sinopec for operation in Brazil. Galp has options to extend the charter for up to a further six years.
In June 2022, Daqing Knutsen was delivered to Knutsen NYK from the yard in China and commenced on a five-year time charter contract with PetroChina International (America) Inc for operation in Brazil. The charterer has options to extend the charter for up to a further five years.
In July 2022, Frida Knutsen was delivered to Knutsen NYK from the yard in Korea and will commence on a seven-year time charter contact with Eni for operation in North Sea. The charterer has options to extend the charter for up to a further three years.
Another vessel, Sindre Knutsen, was delivered to Knutsen NYK in August 2022 from the yard in Korea and will commence on a five-year time charter contract with Eni for operation in the North Sea. The charterer has options to extend the charter for up to a further five years.
In May 2022, Knutsen NYK entered into a new ten-year time charter contract with Petrobras for a vessel to be constructed and which will operate in Brazil where the charterer has the option to extend the charter by up to five further years. The vessel will be built in China and is expected to be delivered in late 2024.
In November 2022, Knutsen NYK entered into a new fifteen-year time charter contract with Petrobras for a vessel to be constructed and which will operate in Brazil where the charterer has an option to extend the charter by up to five further years. The vessel will be built in China and is expected to be delivered in early 2025.
Pursuant to the omnibus agreement the Partnership entered into with Knutsen NYK at the time of its initial public offering, the Partnership has the option to acquire from Knutsen NYK any offshore shuttle tankers that Knutsen NYK acquires or owns that are employed under charters for periods of five or more years.
There can be no assurance that the Partnership will acquire any additional vessels from Knutsen NYK.
Outlook
As of September 30, 2022, the Partnership’s fleet of eighteen vessels had an average age of 8.4 years (8.5 years as of June 30, 2022) and had charters with an average remaining fixed duration of 1.9 years (1.7 years as of June 30, 2022). In addition, the charterers of the Partnership’s time-chartered vessels had options to extend their charters by an additional 3.0 years on average (2.4 years as of June 30, 2022). As of September 30, 2022, the Partnership had $644 million of remaining contracted forward revenue, excluding options ($594 million as of June 30, 2022).
The Partnership’s earnings for the fourth quarter of 2022 will be affected by preparatory costs related to the scheduled ten-year special survey drydocking of the Carmen Knutsen which is due to take place in January 2023, off hire and costs above deductible amounts related to a minor repair carried out on the Windsor Knutsen and time spent by the vessel without employment in the quarter, the anticipated redelivery of the Ingrid Knutsen on or around December 7, 2022, the anticipated redelivery of the Torill Knutsen on or around December 17, 2022, and the short-term time charters of the Bodil Knutsen and Hilda Knutsen to Knutsen NYK that are at a reduced charter rate. The Tove Knutsen was offhire for 11 days in October 2022 to repair a minor problem with the vessel’s port crane, and the Synnøve Knutsen was offhire in October 2022 for 18 days due to a malfunction on the vessel’s controllable pitch propeller.
High oil production seen in Brazil has continued in the third quarter and we expect that this will continue into the foreseeable future as additional low-cost production capacity comes online during 2023 and beyond. As such, we believe that demand for shuttle tankers in Brazil, where 14 of our vessels typically operate, will also strengthen in 2023 and continue into the mid and long term, aided by a multi-year pipeline of investment in new FPSOs and related production infrastructure, as well as the lack of new shuttle tanker tonnage available to enter the Brazilian market before 2025.
In contrast, the delayed resumption of activity in the North Sea, and in particular in the Norwegian sector, continues to dampen shuttle tanker demand and charter rates where 4 of our 18 vessels typically operate. We believe this situation could persist in 2023 with demand for shuttle tankers remaining below the levels of available tonnage. Over several quarters, we expect the market to rebalance as we see our customers moving forward with offshore projects that were postponed or delayed, as countries increasingly prioritize oil production due to high oil prices and energy security concerns and as some older vessels also naturally exit the shuttle tanker market.
In the meantime, for any North Sea vessels that are unable to secure a suitable third party time charter contract conducting offshore loading activities, the Partnership will look to employ such vessels in the conventional tanker market if appropriate opportunities can be found, based on market rates, and taking into consideration potential exposure to significant offhire time between voyages, and fuel and repositioning costs associated with this type of employment. However, if we are unable to employ our North Sea vessels in the near term at acceptable rates, either on third party charters or in the conventional tanker market, we are likely to experience a material adverse effect on our distributable cash flow, in particular given the scheduled vessel drydocks due in 2023.
The majority of the global fleet of around 76 shuttle tankers remain secured on mid or long term time charters, playing an integral role in our customers’ supply chains, and with only 6 new vessels scheduled to deliver before the end of 2025, the Partnership believes that the medium-term outlook beyond 2023 for the shuttle tanker market remains favorable given the publicly announced investment decisions, production sharing agreements and production forecasts made by our customers, including the number of FPSO orders intended for, in particular, the Brazilian Pre-salt fields. As such, the Partnership believes that these factors will drive demand for existing and for newbuild shuttle tankers, and that shuttle tanker demand growth will outpace net shuttle tanker supply growth in the mid to long-term.
While uncertainty caused by the ongoing war in Ukraine remains, the desire from developed economies for greater immediate and short-term energy security, continuing high oil prices and the increases seen in newbuild vessel prices in 2022 are all factors that could increase demand for shuttle and conventional oil tankers, both in the short and medium term.
Gary Chapman
+44 1224 618 420
This email address is being protected from spambots. You need JavaScript enabled to view it.
DUBLIN--(BUSINESS WIRE)--The "Malaysia Renewable Energy Policy Handbook 2022 Update" report has been added to ResearchAndMarkets.com's offering.
The report offers comprehensive information on major policies governing the renewable energy market in the country.
The report discusses renewable energy targets and plans along with the present policy framework, giving a fair idea of overall growth potential of the renewable energy industry. The report also provides major technology specific policies and incentives provided in the country.
The report is built using data and information sourced from industry associations, government websites, and statutory bodies.
Scope
Reasons to Buy
Key Topics Covered:
1 Renewable Energy Market, Overview
2 Electricity Supply Act 1990
3 MoUs signed by Sustainable Energy Development Authority (SEDA)
4 Energy Conservation Act
5 Renewable Energy Targets
6 Renewable Energy Act 2011
7 Twelfth Malaysia Plan, 2021-2025
8 Feed-in Tariffs (FiTs)
9 Net-Energy Metering (NEM)
10 National Renewable Energy Policy and Action Plan
11 Hydrogen Energy in Malaysia
12 Sustainable Energy Development Authority (SEDA) Act 2011
13 Green Technology Financing Scheme (GTFS)
14 Green Financing Roadmap
15 Green Investment Tax Allowance (GITA) and Green Income Tax Exemption (GITE)
16 Competitive Bidding for Renewable Energy Projects - Auctions
17 Supply Agreement of Renewable Energy (SARE)
For more information about this report visit https://www.researchandmarkets.com/r/ogrjmm
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
CENTENNIAL, Colo.--(BUSINESS WIRE)--Westwater Resources, Inc. (NYSE American: WWR), a battery-grade, natural graphite development company (“Westwater” or “the “Company”), today announced that it will participate in a Fireside Chat with Water Tower Research on Tuesday, December 13, 2022, at 11:30 a.m. EDT.
Water Tower Research will have a conversation with Jay Wago, Westwater Resources Vice President of Sales & Marketing. He will discuss the current trends and expectations in the US battery and EV market, specifically the growing demand for graphite battery materials, and the growing supply-demand imbalance in the battery-grade graphite market.
Investors and other persons interested in joining the Fireside Chat must register using the link below. Please note that the replay may be accessed at any time after the Chat ends utilizing the same registration link.
https://us06web.zoom.us/webinar/register/WN_azxqJ07zRzqI2-paIMYzUg
About Westwater Resources, Inc.
Westwater Resources, Inc. (NYSE American: WWR) is focused on developing battery-grade, natural graphite products. The Company’s primary project is the Kellyton Graphite Plant, which is under construction in east-central Alabama. In addition, the Company’s Coosa Graphite Deposit is the most advanced natural flake graphite deposit in the contiguous United States - and is located across 41,965 acres (~17,000 hectares) in Coosa County, Alabama.
About Water Tower Research
Water Tower Research is a shareholder communication and engagement platform powered by senior industry experts with significant Wall Street experience.
Cautionary Statement Regarding Forward-Looking Statements
The Fireside Chat on December 13, 2022 may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks, uncertainties, and assumptions and are identified by words such as “trends,” “expectations,” “demands,” and other similar words. Forward-looking statements include, among other things, all statements addressing operating performance, events, or developments that Westwater expects will occur in the future, including but not limited to statements relating to i) the expected future growth in the demand for graphite, graphite products, and vanadium; (ii) the timing or occurrence of the construction and operation of the Kellyton Graphite Plant; (iii) potential benefits from vanadium by-product sales from the Coosa Graphite Deposit; (iv) the timing or occurrence of any future drilling or production from the Company’s properties or projects, and the anticipated economics and rate of return from the Company’s projects; (v) the adequacy of funding, the Company’s liquidity, and the Company’s anticipated cash burn rate and capital requirements; and (vi) future governmental action to promote the production or price of domestically produced graphite, are forward-looking statements. Because they are forward-looking statements, they should be evaluated in light of important risk factors and uncertainties. Factors that could cause actual results to differ materially from these forward-looking statements include, among others: (a) the spot price and long term contract price of graphite (both flake graphite feedstock and purified graphite products) and vanadium, and the world-wide supply and demand of graphite and vanadium; (b) the effects, extent and timing of the entry of additional competition in the markets in which we operate; (c) the ability to obtain contracts with customers; (d) available sources and transportation of graphite feedstock; (e) the ability to control costs and avoid cost and schedule overruns during the development, construction and operation of the Kellyton Graphite Plant; (f) the ability to construct and operate the Kellyton Graphite Plant in accordance with the requirements of permits and licenses and the requirements of tax credits and other incentives; (g) government regulation of the mining and manufacturing industries in the United States; (h) unanticipated geological, processing, regulatory and legal or other problems we may encounter; (i) the results of our exploration activities, and the possibility that future exploration results may be materially less promising than initial exploration results; (j) any graphite or vanadium discoveries not being in high enough concentration to make it economic to extract the metals; (k) our ability to finance growth plans; (l) the potential effects of the continued COVID-19 pandemic; (m) currently pending or new litigation or arbitration (n) our ability to maintain and timely receive mining, manufacturing, and other permits from regulatory agencies and (o) other factors which are more fully described in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other filings with the SEC.
Except as required by law, the Company disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this news release.
Westwater Resources, Inc.
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Investor Relations
Porter, LeVay & Rose
Michael Porter, President
Phone: 212.564.4700
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
HOUSTON--(BUSINESS WIRE)--Enterprise Products Partners L.P. (NYSE: EPD) today announced that its Sea Port Oil Terminal (“SPOT”) project recently received its Record of Decision (“ROD”) from the U.S. Department of Transportation’s Maritime Administration in accordance with the provisions of the Deepwater Port Act of 1974. The receipt of the ROD is a significant milestone in the process to obtain a license for SPOT under the Deepwater Port Act.
The proposed SPOT project is comprised of a fixed-platform, deepwater port marine terminal in the Gulf of Mexico that will be connected to an onshore crude oil storage facility with approximately 4.8 million barrels of capacity in Brazoria County, Texas. The platform will be located approximately 30 nautical miles off the coast of Texas in approximately 115-feet of water. The platform will be connected to the onshore storage facility by two 36-inch, bi-directional pipelines. SPOT is designed to load Very Large Crude Carriers (“VLCCs”) and other crude oil tankers at rates up to 85,000 barrels per hour.
SPOT is one of the world’s most environmentally focused energy infrastructure projects that includes state-of-the-art pipeline control, vapor recovery and leak detection systems. SPOT is designed to reduce carbon dioxide and volatile organic compound (“VOC”) emissions by approximately 65 percent and 94 percent, respectively, compared to current industry practices. It also significantly reduces spill and collision risk and enhances overall maritime safety by eliminating the current routine of ship-to-ship oil transfers at sea.
Enterprise will begin work immediately to satisfy the remaining conditions to obtain the deepwater port license in 2023. Remaining conditions include routine construction, operating and decommissioning guarantees, submission of public outreach, wetland restoration and VOC monitoring plans, and other state approvals. The Maritime Administration has indicated it will work with SPOT to address and satisfy the conditions of approval for the issuance of the license.
The Maritime Administration and U.S. Coast Guard led the comprehensive, almost four-year environmental review of this project. The ROD includes reviews by more than a dozen Federal governmental agencies, including the Army Corps of Engineers and Environmental Protection Agency, as well as reviews and approvals by the State of Texas. Highlighted below, are some of the notable findings from the ROD:
Enterprise Products Partners L.P. is one of the largest publicly traded partnerships and a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, refined products and petrochemicals. Services include: natural gas gathering, treating, processing, transportation and storage; NGL transportation, fractionation, storage and marine terminals; crude oil gathering, transportation, storage and marine terminals; petrochemical and refined products production, transportation, storage, and marine terminals and related services; and a marine transportation business that operates on key U.S. inland and intracoastal waterway systems. The partnership’s assets include more than 50,000 miles of pipelines; over 260 million barrels of storage capacity for NGLs, crude oil, refined products and petrochemicals; and 14 billion cubic feet of natural gas storage capacity. Please visit www.enterpriseproducts.com for more information.
This press release includes “forward-looking statements” as defined by the Securities and Exchange Commission. All statements, other than statements of historical fact, included herein that address activities, events, developments or transactions that Enterprise and its general partner expect, believe or anticipate will or may occur in the future are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from expectations, including required approvals by regulatory agencies, the possibility that the anticipated benefits from such activities, events, developments or transactions cannot be fully realized, the possibility that costs or difficulties related thereto will be greater than expected, the impact of competition, and other risk factors included in Enterprise’s reports filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. Except as required by law, Enterprise does not intend to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
Randy Burkhalter, Investor Relations, (713) 381-6812 or (866) 230-0745, This email address is being protected from spambots. You need JavaScript enabled to view it.
Rick Rainey, Media Relations (713) 381-3635, This email address is being protected from spambots. You need JavaScript enabled to view it.
MELBOURNE, Australia--(BUSINESS WIRE)--Rio Tinto is planning to invest a further $600 million in renewable energy assets in the Pilbara as part of the company’s efforts to decarbonise its Western Australian iron ore operations.
The investment will fund the construction of two 100MW solar power facilities as well as 200MWh of on-grid battery storage in the Pilbara by 2026. This is in addition to the 34MW of solar power installed at the recently commissioned Gudai-Darri iron ore mine.
Initial funding for Rio Tinto’s first major stand-alone solar farm on the Pilbara coast has been approved, a 100MW solar photovoltaic system and associated transmission infrastructure. Construction, which will involve the installation of approximately 225,000 solar panels built to withstand the Pilbara’s cyclonic conditions, is expected to start next year ahead of project commissioning in 2025.
Rio Tinto is engaging with State and local authorities as well as Traditional Owners about the project and relevant approvals. Final capital approval is expected in the second quarter next year.
These new projects combined are expected to abate around 300,000 tonnes of CO2, equivalent to a 10 per cent reduction in total Scope 1 and 2 emissions from Rio Tinto’s iron ore business in the Pilbara based on 2021 levels. It will also reduce gas costs by approximately $55 million per annum at current prices by displacing around 30 per cent of the company’s current gas consumption in the Pilbara.
This new investment forms part of Rio Tinto’s previously announced plan to complete installation of a 1 gigawatt (GW) renewable energy system in the Pilbara as part of a global commitment to invest approximately $7.5 billion to halve emissions by 2030. This will include significant investment in transmission infrastructure to support full decarbonisation of the Pilbara including electrification of mobile and rail equipment beyond 2030 which is estimated to require up to 3GW of installed renewable energy assets.
Rio Tinto Iron Ore Chief Executive Simon Trott said, “The Pilbara is extremely well-positioned to take advantage of renewable power with land, access to people, and abundant wind and solar resources. Our Pilbara electricity grid is the largest privately-owned grid in Australia, ensuring that we have the initial infrastructure required to enable a transition to renewable energy.
“We expect to invest around $3 billion to install renewable energy assets as well as transmission and storage upgrades in the Pilbara as part of our commitment to halve our emissions from the Pilbara by the end of this decade.”
Please direct all enquiries to This email address is being protected from spambots. You need JavaScript enabled to view it.
Media Relations, UK
Matthew Klar
M+ 44 7796 630 637
David Outhwaite
M +44 7787 597 493
Media Relations, Americas
Simon Letendre
M +514 796 4973
Malika Cherry
M +1 418 592 7293
Media Relations, Australia
Matt Chambers
M +61 433 525 739
Jesse Riseborough
M +61 436 653 412
Investor Relations, UK
Menno Sanderse
M: +44 7825 195 178
David Ovington
M +44 7920 010 978
Clare Peever
M +44 7788 967 877
Investor Relations, Australia
Tom Gallop
M +61 439 353 948
Amar Jambaa
M +61 472 865 948
Rio Tinto plc
6 St James’s Square
London SW1Y 4AD
United Kingdom
T +44 20 7781 2000
Registered in England
No. 719885
Rio Tinto Limited
Level 43, 120 Collins Street
Melbourne 3000
Australia
T +61 3 9283 3333
Registered in Australia
ABN 96 004 458 404
riotinto.com
Category: General
BERKELEY, Calif.--(BUSINESS WIRE)--Verify Energy has signed a multi-year, multi-site monitoring and controls agreement with leading electric vehicle (EV) fast-charging development and AI-driven software company, ChargeNet Stations. The deal will see ChargeNet Stations deploy Verify Energy’s universal clean energy controller, the PowerFly, to act as a communication bridge between the hardware components of its proprietary renewable EV charging system.
As a pioneer in the space, ChargeNet Stations’ innovative solution utilizes equipment from multiple vendors, all needing to interoperate seamlessly together. The PowerFly communicates with the PV inverter, Energy Storage System, and metering equipment and delivers a unified stream of data up to ChargeNet Stations’ cloud. This allows ChargeNet Stations the ability to focus on operating their proprietary renewable EV Charging software.
“The EV charging sites of the future will often require PV and batteries since the grid cannot handle the explosion of EVs taking to the roads. The PowerFly is one of the only multi-vendor and scalable DER controllers on the market that manages this type of complexity,” said James D’Albora, Founder and CEO of Verify Energy.
ChargeNet Stations offers customers a convenient way to pull a 100-mile charge in ten minutes, or less, for about $12. “Our goal is to ‘democratize’ EV charging - meaning making a fast, affordable charge available to everyone, everywhere,” said ChargeNet Stations COO Venus Jenkins. “Partnering with Verify Energy helps make our hardware and software all the more efficient, which is good for our customers and our quick-serve restaurant partners,” she added.
About Verify Energy
Verify Energy is the maker of the PowerFly, an end-to-end DER monitoring and controls platform designed to provide data acquisition and controls capabilities to any type of DER fleet whether solar PV, energy storage, or EV charging. The company's AI-driven fleet management software provides a vendor-agnostic view of an entire portfolio of clean energy systems helping owners and operators reduce downtime, manage operations and keep their customers happy.
About ChargeNet Solutions
ChargeNet Stations is an electric vehicle fast-charging station development and AI driven software company. Our software platform creates a seamless opportunity for Quick Serve Restaurants to offer customers a superior EV charging experience in mere minutes. ChargeNet Stations’ hardware-agnostic SaaS platform, ChargeOpt, optimizes EV chargers and renewable energy to transform parking lots into profit centers.
Eric Ruud, 510-986-4293 or This email address is being protected from spambots. You need JavaScript enabled to view it.
PARIS--(BUSINESS WIRE)--Technip Energies (PARIS:TE) has been awarded a contract by TotalEnergies for the production of Sustainable Aviation Fuels (SAF) at Grandpuits platform in France.
This contract covers the Engineering, Procurement services and Construction assistance (EPsCa) for the conversion of the Grandpuits refinery into a zero-crude platform oriented towards SAF.
Once in operation, this facility will have the capacity to produce 210,000 tons per year of SAF from sustainable feedstock such as used cooking oil and animal fat.
Bhaskar Patel, SVP Sustainable Fuels, Chemicals and Circularity at Technip Energies declared: “We are pleased to have been selected by TotalEnergies for this project which is fully in line with Technip Energies’ strategy to accelerate the energy transition and the reduction of CO2 emissions using SAF. We will leverage our technical expertise and execution capabilities to make this project a success and to contribute to TotalEnergies’ transformation strategy towards low-carbon businesses.”
Conversion of TotalEnergies’ Grandpuits refinery into a zero-crude platform is based on the development of several future-oriented activities in the field of biomass, renewable energies, and the circular economy.
To know more about Technip Energies capabilities in Biofuels:
Our engineering and end-to-end project management expertise applies directly to the biofuels market, particularly for biofuel refineries. We offer a wide range of services and proprietary and partnership-based technologies, including biodiesel and biojet production technologies as well as ethanol first- and second-generation processes. We have extensive experience in the design and construction of bioethanol plants.
Learn more: https://www.technipenergies.com/markets/biofuels
About Technip Energies
Technip Energies is a leading Engineering & Technology company for the energy transition, with leadership positions in Liquefied Natural Gas (LNG), hydrogen and ethylene as well as growing market positions in blue and green hydrogen, sustainable chemistry and CO2 management. The company benefits from its robust project delivery model supported by extensive technology, products and services offering.
Operating in 34 countries, our 15,000 people are fully committed to bringing our client’s innovative projects to life, breaking boundaries to accelerate the energy transition for a better tomorrow.
Technip Energies is listed on Euronext Paris with American depositary receipts (“ADRs”) trading over-the-counter in the United States. For further information: www.technipenergies.com.
Important Information for Investors and Securityholders
Forward-Looking Statement
This release contains “forward-looking statements” as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements usually relate to future events and anticipated revenues, earnings, cash flows or other aspects of Technip Energies’ operations or operating results. Forward-looking statements are often identified by the words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” “may,” “estimate,” “outlook,” and similar expressions, including the negative thereof. The absence of these words, however, does not mean that the statements are not forward-looking. These forward-looking statements are based on Technip Energies’ current expectations, beliefs and assumptions concerning future developments and business conditions and their potential effect on Technip Energies. While Technip Energies believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting Technip Energies will be those that Technip Energies anticipates.
All of Technip Energies’ forward-looking statements involve risks and uncertainties (some of which are significant or beyond Technip Energies’ control) and assumptions that could cause actual results to differ materially from Technip Energies’ historical experience and Technip Energies’ present expectations or projections. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those set forth in the forward-looking statements.
For information regarding known material factors that could cause actual results to differ from projected results, please see Technip Energies’ risk factors set forth in Technip Energies’ filings with the U.S. Securities and Exchange Commission, which include amendment no. 4 to Technip Energies’ registration statement on Form F-1 filed on February 11, 2021.
Forward-looking statements involve inherent risks and uncertainties and speak only as of the date they are made. Technip Energies undertakes no duty to and will not necessarily update any of the forward-looking statements in light of new information or future events, except to the extent required by applicable law.
Investor relations
Phil Lindsay
Vice-President Investor Relations
Tel: +44 203 429 3929
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Media relations
Stella Fumey
Director Press Relations & Digital Communications
Tel: +33 (1) 85 67 40 95
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Jason Hyonne
Press Relations & Social Media Lead
Tel: +33 1 47 78 22 89
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
ALAMEDA, Calif.--(BUSINESS WIRE)--Sila, a next-generation battery materials company, today announced that U.S. Department of Energy vet Alex Fitzsimmons has been named the company’s first Head of Government Affairs.
Fitzsimmons was previously the Chief of Staff and Senior Advisor at the U.S. Department of Energy (DOE) Office of Energy Efficiency and Renewable Energy. In February 2020, Fitzsimmons was named Deputy Assistant Secretary for Energy Efficiency at DOE.
Fitzsimmons transitioned from DOE to become Senior Director for Renewable Energy, Energy Storage, and Advanced Manufacturing at ClearPath. ClearPath is a private sector organization whose mission is to develop and advance policies that accelerate breakthrough innovations that reduce emissions in the energy and industrial sectors.
“Alex has deep knowledge of the energy industry, specifically in key sectors including advanced manufacturing that will be so critical to Sila’s future,” said Gene Berdichevsky, co-founder and CEO of Sila. “He will be an instrumental part of the team as we work to gain energy independence based on renewables and storage, and make America a leader in the energy transition.”
In his new role, Fitzsimmons will lead the new Washington, D.C. offices of Sila.
"America's energy security depends on technological innovation and manufacturing competitiveness. Sila has demonstrated leadership in both," said Fitzsimmons. "I look forward to playing a leading role in helping Sila deploy next-generation battery materials that enable the production of better batteries, reduce dependence on foreign supply chains, and strengthen global energy security."
About Sila
Founded in 2011, Sila is a next-generation battery materials company with the mission to power the world’s transition to clean energy. Sila shipped the world’s first commercially available silicon anode for lithium-ion batteries in 2021. Sila’s materials drive battery performance enhancements in consumer electronics devices and will power electric vehicles starting with the Mercedes-Benz G-Class series. Committed to American leadership in clean energy production, Sila is scaling its technology at its manufacturing facility in Moses Lake, Washington. Major investors include 8VC, Bessemer Venture Partners, Canada Pension Plan Investment Board, Coatue, In-Q-Tel, Matrix Partners, Sutter Hill Ventures, and funds and accounts advised by T. Rowe Price Associates, Inc.
Hannah Williams
SutherlandGold for Sila
This email address is being protected from spambots. You need JavaScript enabled to view it.
VELIZY-VILLACOUBLAY, France--(BUSINESS WIRE)--#3DEXPERIENCE--Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA) (Paris:DSY) today announced the signature of a Memorandum of Understanding with Samsung Heavy Industries, a global leader in the high-tech shipbuilding sector, to create a “smart yard” based on new digital transformation technology with the aim to establish a fully digital shipyard and a competitive edge.
The smart yard is designed to optimize the shipyard operations’ scheduling and execution as well as streamline and automate the flow of information required for construction, to accelerate production and assembly operations. Samsung Heavy Industries can better meet the booming demand for liquefied natural gas carriers by improving its capacity to produce them and shortening their delivery time.
By introducing model-based systems engineering, Samsung Heavy Industries can design more sophisticated and sustainable vessels requiring more automation, new systems and propulsions, and higher safety and control. MBSE, which is already a standard product development method in the transportation and mobility, aerospace, and high-tech industries, will enable Samsung Heavy Industries to strengthen its competitiveness in the ship development process and accelerate this process thanks to full traceability from concept to production.
“Automation systems are proven to greatly affect business efficiency across all industries. A smart yard in the shipbuilding industry will also help reduce construction costs and improve the quality of ships,” said Jung Nam Lee, DT Director, Samsung Heavy Industries. “We plan to accelerate innovation in shipbuilding.”
The cooperation with the Smart SHI team of Samsung Heavy Industries will allow Dassault Systèmes to organize a consultative group for digital transformation to define and validate new processes and tools required to achieve the smart yard. This will involve Dassault Systèmes’ core technologies and experts from its local office and global headquarters.
Dassault Systèmes’ 3DEXPERIENCE platform-based smart yard will support a unique digital thread integrating various data sources and real-time operations information. Connecting the virtual twins of ships and the virtual twin of the shipyard, automating and standardizing business processes with artificial intelligence, and optimizing planning and operations within the shipyard and with the supply chain will enable smart innovations for both production methods and production execution.
“It is essential for Korea’s shipbuilding to accelerate its transformation with new and advanced technologies that allow it to keep its leadership in productivity and quality for complex vessels, and we are proud to support SHI in this journey,” said François-Xavier Dumez, Vice President, Marine & Offshore Industry, Dassault Systèmes. “Through our cooperation with Samsung Heavy Industries, we’re given an opportunity to introduce and implement our outstanding marine industry solution experiences, and achieve a new paradigm in the shipbuilding industry in Korea.”
###
FOR MORE INFORMATION
Dassault Systèmes’ industry solution experiences for the Marine & Offshore industry: https://ifwe.3ds.com/marine-offshore
Dassault Systèmes’ 3DEXPERIENCE platform, 3D design software, 3D Digital Mock Up and Product Lifecycle Management (PLM) solutions: http://www.3ds.com
SHARE THIS ON TWITTER
Partners @Dassault3DS and @SamsungSHI cooperate to establish a smart digital shipyard #3DEXPERIENCE
Connect with Dassault Systèmes on
Twitter | Facebook | LinkedIn | Youtube
ABOUT DASSAULT SYSTÈMES
Dassault Systèmes, the 3DEXPERIENCE Company, is a catalyst for human progress. We provide business and people with collaborative 3D virtual environments to imagine sustainable innovations. By creating virtual twin experiences of the real world with our 3DEXPERIENCE platform and applications, our customers push the boundaries of innovation, learning and production to achieve a more sustainable world for patients, citizens, and consumers. Dassault Systèmes brings value to more than 300,000 customers of all sizes, in all industries, in more than 140 countries. For more information, visit www.3ds.com
© Dassault Systèmes. All rights reserved. 3DEXPERIENCE, the Compass icon, the 3DS logo, CATIA, BIOVIA, GEOVIA, SOLIDWORKS, 3DVIA, ENOVIA, NETVIBES, MEDIDATA, CENTRIC PLM, 3DEXCITE, SIMULIA, DELMIA, and IFWE are commercial trademarks or registered trademarks of Dassault Systèmes, a French “société européenne” (Versailles Commercial Register # B 322 306 440), or its subsidiaries in the United States and/or other countries.
Dassault Systèmes Press Contacts
Corporate / France
Arnaud MALHERBE
This email address is being protected from spambots. You need JavaScript enabled to view it.
+33 (0)1 61 62 87 73
North America
Natasha LEVANTI
This email address is being protected from spambots. You need JavaScript enabled to view it.
+1 (508) 449 8097
EMEAR
Virginie BLINDENBERG
This email address is being protected from spambots. You need JavaScript enabled to view it.
+33 (0) 1 61 62 84 21
China
Grace MU
This email address is being protected from spambots. You need JavaScript enabled to view it.
+86 10 6536 2288
India
Kriti ASHOK
This email address is being protected from spambots. You need JavaScript enabled to view it.
+91 9741310607
Japan
Yukiko SATO
This email address is being protected from spambots. You need JavaScript enabled to view it.
+81 3 4321 3841
Korea
Jeemin JEONG
This email address is being protected from spambots. You need JavaScript enabled to view it.
+82 2 3271 6653
AP South
Jessica TAN
This email address is being protected from spambots. You need JavaScript enabled to view it.
+65 6511 6248
Tips to Set the Holiday Mood Without Sacrificing Comfort or Increasing Costs
OAKLAND, Calif.--(BUSINESS WIRE)--As families begin decking the halls, Pacific Gas and Electric Company (PG&E) offers ways to make the holiday season more energy efficient.
“When combined with cold weather, shortened daylight hours and holiday lights, the demand for energy often increases this time of year. We are helping customers identify ways to be more energy efficient and save money on their monthly energy statement during the holiday season,” said Aaron August, PG&E Vice President of Utility Partnerships and Innovation.
Simple product substitutions and new habits give customers the power to reduce costs without sacrificing holiday spirit.
Here are easy ways to save energy this holiday season:
PG&E encourages customers to put these tips into action as winter approaches in hopes of forming life-long habits the entire family can keep year-round. To find out how much energy goes to heating, hot water, appliances, and other uses take PG&E’s 5-minute Home Energy Checkup.
For more easy tips for cold weather savings, visit www.pge.com/winter.
About PG&E
Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is a combined natural gas and electric utility serving more than 16 million people across 70,000 square miles in Northern and Central California. For more information, visit pge.com and pge.com/news.
MEDIA RELATIONS:
415-973-5930
ZURICH--(BUSINESS WIRE)--With businesses around the world facing unprecedented pressure from the cost of energy and the urgency of climate change, a new report from the Energy Efficiency Movement shows that improving industrial energy efficiency is the fastest and most effective way for a business to cut energy costs and greenhouse gas emissions. The Energy Efficiency Movement is a global forum of around 200 organizations sharing ideas, best practices and commitments to create a more energy-efficient world.
Published today, the “Industrial energy efficiency playbook” includes 10 actions that a business can take to improve its energy efficiency, reduce energy costs and lower emissions right now. It focuses on mature, widely available technology solutions that will deliver rapid results and ROI – and are capable of being deployed at scale.
“Energy efficiency is a win-win for companies and the climate,” said Kevin Lane, senior program manager, energy efficiency, with the International Energy Agency (IEA). “While industry needs to address climate change on all fronts – such as increasing use of renewable energy, investing in low-carbon processes and developing circular business models – energy efficiency stands out as the business-focused opportunity with the best near-term prospects for emission reductions. The 10 actions contained in this report are known, cost-effective resources, and can be employed at scale rapidly to help companies convert climate ambition into action.”
Industry is the world’s largest consumer of electricity, natural gas and coal, according to the IEA, accounting for 42 percent of total electricity demand, equal to more than 34 exajoules of energy.1 The iron, steel, chemical and petrochemical industries are the largest consumers of energy among the world’s top-five energy-consuming countries – China, United States, India, Russia and Japan. This energy consumption carries high costs in the current inflationary environment. It was also responsible for nine gigatons of CO2, equal to 45 percent of total direct emissions from end-use sectors in 2021, according to the IEA.
Organizations interviewed for the report include ABB, Alfa Laval, DHL Group, the IEA, Microsoft and ETH Zürich, the Swiss federal institute of technology. The contributors’ recommendations range from carrying out energy audits to right-sizing industrial machines that are often too big for the job at hand, which wastes energy. Moving data from on-site servers and into the cloud could help save around 90 percent of the energy consumed by IT systems.2 Speeding up the transition from fossil fuels, by electrifying industrial fleets, switching gas boilers to heat pumps or using well-maintained heat exchangers will also offer efficiencies.
Further actions involve installing sensors and real-time digital energy monitoring to reveal the presence of so-called “ghost assets” that use power when on stand-by, unlike a digital twin that can simulate efficiency actions without interrupting production. Using smart building solutions to control power systems, lighting, blinds and heating, ventilation and air conditioning (HVAC) will also save energy in industrial facilities.
Other recommendations include installing variable speed drives which can improve the energy efficiency of a motor-driven system by up to 30 percent, yielding immediate cost and emissions benefits. If the more than 300 million industrial electric motor-driven systems currently in operation were replaced with optimized, high-efficiency motors, global electricity consumption could be reduced by up to 10 percent.
“There are energy efficiency solutions available that can help industry mitigate climate change and drive down energy costs, without compromising performance and productivity,” said Tarak Mehta, president, Motion business area at ABB. “With recent technology advances in energy efficiency, the improvement potential in industry is significant and readily available. So, rather than turning the lights off and halting production to save money, this important new report explains practical steps executives can take to reduce energy use and their bills while maintaining current operations.”
Business leaders and experts wanting to learn more about reducing their energy costs and carbon emissions are invited to join a special panel event that dives deep on the opportunities presented in the report and how to capitalize on them. The event will take place at 4pm Central European Time / 10am Eastern on Tuesday, December 13, and will be available afterward as video on demand. Register here.
ABB is a technology leader in electrification and automation, enabling a more sustainable and resource-efficient future. The company’s solutions connect engineering know-how and software to optimize how things are manufactured, moved, powered and operated. Building on more than 130 years of excellence, ABB’s ~105,000 employees are committed to driving innovations that accelerate industrial transformation. www.abb.com
The Energy Efficiency Movement is an initiative that brings together like-minded stakeholders to innovate and act for a more energy-efficient world. The Movement was launched by ABB in 2021 and it has received a positive reaction from throughout industry, with around 200 companies joining as of November 2022. https://join.energyefficiencymovement.com/ #energyefficiencymovement
1 https://www.iea.org/reports/electricity-market-report-december-2020/outlook-2021
2 https://www.microsoft.com/en-us/download/details.aspx?id=56950
ABB Ltd
Affolternstrasse 44
8050 Zurich
Switzerland
Media Relations
Phone: +41 43 317 71 11
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
PORTLAND, Maine--(BUSINESS WIRE)--In a long-anticipated decision, the Maine Supreme Judicial Court today ruled that the State of Maine acted within its constitutional authority in granting a lease to NECEC developers for the New England Clean Energy Connect (NECEC) transmission line project. When completed, the project will connect 1,200MW of clean hydropower to the New England electrical grid.
The following is a statement from Scott Mahoney, Senior Vice President – General Counsel at AVANGRID:
“Today’s ruling by the Law Court is yet another step in the right direction for Maine’s renewable energy future. The serious need for the NECEC project to reduce our reliance on fossil fuels, combat climate change, and lower regional energy prices remains unchanged. For the past three years, despite opposition funding by fossil fuel interests, every regulatory body at the local, state, and federal level has thoroughly reviewed the New England Clean Energy Connect and all agree the NECEC is beneficial for Mainers. We are pleased with today’s ruling and look forward to determining our next steps for this critical project.”
The court issued its decision in a 50-page ruling, which can be found here. Key sections follow:
“Based on the lack of any “significant and legitimate” countervailing public purpose to justify the voiding of the 2020 lease, we conclude that the Contract Clause does not permit the impairment caused by section 1 of the Initiative (page 34).
The relevant facts in the administrative record are free of ambiguity or dispute. The two tracts of public reserved lands in question— Johnson Mountain and West Forks Plantation—occupy a combined area of 1,241 acres in the Upper Kennebec Region. Their physical characteristics include water bodies, wetlands, and primarily standing timber. There are no unique features or protected areas on either tract. Their predominant use has been for timber harvesting every twenty years, but there are also recreational facilities and an existing 100-foot-wide, three-mile-long utility transmission line on the tracts. The essential purposes of the tracts are to support the multiple uses currently being made of them consistent with the Bureau’s management plans (page 46-47).
Given the uses, physical characteristics, and essential purposes of the Johnson Mountain and West Forks Plantation tracts, we see no reasonable basis for deciding that a second utility transmission line occupying 2.6% of the combined tracts could significantly alter the physical characteristics of so much of the remaining 97.4% that the multiple-use purposes for which the tracts are held would be frustrated (page 48).”
About AVANGRID: AVANGRID, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $40 billion in assets and operations in 24 U.S. states, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs more than 7,000 people and has been recognized by JUST Capital in 2021 and 2022 as one of the JUST 100 companies – a ranking of America’s best corporate citizens. In 2022, AVANGRID ranked second within the utility sector for its commitment to the environment and the communities it serves. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2022 for the fourth consecutive year by the Ethisphere Institute. AVANGRID is a member of the group of companies controlled by Iberdrola, S.A. For more information, visit www.avangrid.com.
About Iberdrola: Iberdrola is one of the world's biggest energy companies and a leader in renewables, spearheading the energy transition to a low carbon economy. The group supplies energy to almost 100 million people in dozens of countries. With a focus on renewable energy, smart networks and smart solutions for customers, Iberdrola’s main markets include Europe (Spain, the United Kingdom, Portugal, France, Germany, Italy and Greece), the United States, Brazil, Mexico and Australia. The company is also present in growth markets such as Japan, Taiwan, Ireland, Sweden and Poland, among others.
With a workforce of nearly 40,000 and assets in excess of €141.7 billion, the company posted revenues of €39 billion and a net profit of over €3.9 billion in 2021. Across the world, Iberdrola helps to support 400,000 jobs across its supply chain, with annual procurement of €12.2 billion. A benchmark in the fight against climate change, Iberdrola has invested more than €130 billion over the past two decades to help build a sustainable energy model, based on sound environmental, social and governance (ESG) principles.
MEDIA:
Mariel Huerta
This email address is being protected from spambots. You need JavaScript enabled to view it.
475-234-9220
BERLIN--(BUSINESS WIRE)--Cube Green Energy, a renewable energy transition platform recently established by I Squared Capital, has made three strategic investments in operating onshore wind projects across two states in Germany, totalling 28 MW.
The acquired wind farms consist of 17 WTGs and an average operating life of 21 years. Cube Green Energy will work on increasing the energy generation at the sites through upgrading and repowering the existing technology, contributing to Germany’s net zero goals. To address the challenges of renewable energy intermittency, Cube Green Energy will work with local stakeholders to optimise the sites for potential storage solutions, including utility-scale batteries. When fully realised, energy capacity and generation at the sites is expected to more than triple, with storage solutions making renewable energy a viable alternative for local consumers and industrial users who require a 24/7 uninterrupted electricity supply.
The acquisitions follow the launch of Cube Green Energy in Oct 2021 and build on the stated ambition to initially commit US$500 million over the coming years to build Cube Green Energy into a leading renewables IPP (independent power producer) that can help enable Europe’s transition to a zero-carbon economy. Deploying the team’s strong financial capabilities and energy expertise, Cube Green Energy continues to evaluate additional acquisition opportunities in continental Europe, including in Germany.
“These acquisitions sit squarely within Cube Green Energy’s ambition to acquire and upgrade aging renewable energy facilities and to supplement with energy storage and hybrid solutions”, said Raghuveer Kurada, Chief Executive Officer at Cube Green Energy. “At Cube Green Energy, we see enormous opportunities in Germany and other countries in Continental Europe to improve the efficiency of the renewable energy fleet and we aim to be at the forefront in implementing innovative solutions to enable the replacement of existing base load power with renewable sources.”
“The team at Cube Green Energy has drawn on its strong partner network to source these opportunities and exhibited incredible resilience and disciplined underwriting to close these transactions during an unprecedented year of volatility in the European energy markets. Cube Green Energy expects these early acquisitions to be the template for future deals as we ramp up our capital deployment and hasten the pace of project acquisitions.”
About Cube Green Energy
Established in late 2021 by I Squared Capital, Cube Green Energy is a pan-European renewable energy IPP dedicated to improving renewable energy efficiency and availability by upgrading and repowering aging renewable energy farms and optimising sites with the deployment of storage and hybrid solutions.
The management of Cube Green Energy has 75+ years of experience in energy investments and managed portfolios of 10+GW in renewable technology globally.
Cube Green Energy currently operates 28 MW of onshore wind assets and has a development pipeline of 70+ MW expected to be ready to build over the next 3-4 years.
Hussain Shalchi
Chief Operating Officer & General Counsel
Cube Green Energy
This email address is being protected from spambots. You need JavaScript enabled to view it.
BARCELONA, Spain--(BUSINESS WIRE)--Wallbox N.V. (NYSE:WBX) (“Wallbox”), a leading provider of electric vehicle (EV) charging and energy management solutions worldwide, today announced a private placement of ordinary shares pursuant to which Wallbox will sell 8,176,694 Class A ordinary shares for aggregate gross proceeds of $43.5 million to certain existing investors and strategic partners. Wallbox’s ordinary shares will be sold to such investors at a price of $5.32 per share, and the private placement is expected to close on December 5, 2022, subject to the satisfaction of customary closing conditions. Wallbox has also agreed to file a registration statement for the resale of the ordinary shares purchased pursuant to the private placement.
This transaction is designed to further strengthen the company’s balance sheet and provide growth capital that will enable the continued execution of its strategic plan. Participants include, but are not limited to, Iberdrola and Kensington Capital Partners, both strategic partners and current shareholders, Orilla Asset Management and Quadis, which are current shareholders and board members, and Enric Asunción, Co-founder and CEO of Wallbox. “Our ability to raise this capital from trusted investors and board members, many of whom were early investors in Wallbox, is a testament to their continued trust in our business plan, execution and the leadership position we’ve built in a very attractive market,” said Enric Asunción, Co-founder and CEO.
The offer and sale of the ordinary shares has not been, and will not be, registered under the Securities Act of 1933, as amended (the “Securities Act”), or any other securities laws, and the ordinary shares cannot be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any state or jurisdiction in which such offer, solicitation or sale of these securities would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Wallbox
Wallbox is a global technology company, dedicated to changing the way the world uses energy. Wallbox creates advanced electric vehicle charging and energy management systems that redefine users' relationship to the grid. Wallbox goes beyond electric vehicle charging to give users the power to control their consumption, save money, and live more sustainably. Wallbox offers a complete portfolio of charging and energy management solutions for residential, semi-public and public use in more than 110 countries. Founded in 2015 and headquartered in Barcelona, the company now employs over 1,200 people in its offices in Europe, Asia, and the Americas. For additional information, please visit www.wallbox.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements contained in this press release other than statements of historical fact should be considered forward-looking statements, including, without limitation, statements regarding the private placement. The words “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “”target,” will,” “would” and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: Wallbox’s history of operating losses as an early stage company; the adoption and demand for electric vehicles including the success of alternative fuels, changes to rebates, tax credits and the impact of government incentives; Wallbox’s ability to successfully manage its growth; the accuracy of Wallbox’s forecasts and projections including those regarding its market opportunity; competition; risks related to health pandemics including those of COVID-19; losses or disruptions in Wallbox’s supply or manufacturing partners; impacts resulting from the conflict between Russia and Ukraine; risks related to macro-economic conditions and inflation; Wallbox’s reliance on the third-parties outside of its control; risks related to Wallbox’s technology, intellectual property and infrastructure; as well as the other important factors discussed and incorporated by reference under the heading “Risk Factors” in Wallbox’s Registration Statement, as amended, on Form F-3 (File No. 333-268347) filed on November 14, 2022, and as such factors may be updated from time to time in its other filings with the Securities and Exchange Commission (the “SEC”), accessible on the SEC’s website at www.sec.gov and the Investors Relations section of Wallbox’s website at investors.wallbox.com. Any such forward-looking statements represent management’s estimates as of the date of this press release. Any forward-looking statement that Wallbox makes in this press release speaks only as of the date of such statement. Except as required by law, Wallbox disclaims any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise.
Wallbox Investor Contact: Matt Tractenberg
VP, Investor Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
+1 404-574-1504
Wallbox Public Relations Contact: Elyce Behrsin
Public Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
+34 622 513 358
Rapidly Growing Platform Expands Underground Utility Locating and Damage Prevention Capabilities
PEACHTREE CORNERS, Ga.--(BUSINESS WIRE)--Sparus Holdings (“Sparus”), a leading provider of a complementary suite of outsourced field and professional services for utility and industrial customers, today announced the acquisition of United Locating Services (“ULS”), a premier underground utility locating and damage prevention service provider with operations across the midwestern and southwestern United States. The ULS leadership team will remain with the company and continue to manage the business within the Sparus platform. Sparus, a portfolio company of Ridgemont Equity Partners, continues to grow its service offering and is actively seeking to acquire other leading utility and infrastructure services providers.
“The acquisition of ULS is a particularly important and exciting development for Sparus,” said Rich Summers, CEO of Sparus. “Utility locating and damage prevention is a service area we prioritized for expansion, and ULS’s market presence and expertise is highly complementary to our operations and organic growth initiatives. Moreover, Sparus and ULS have similar cultures and shared values, including a mutual commitment to excellence in service quality, safety, and client satisfaction. We’re excited to welcome Scott Smith, founder of ULS, and his leadership team to Sparus, and we look forward to working together with ULS to continue to provide best-in-class solutions to our collective customer base.”
Ryan Jack, Partner at Ridgemont Equity Partners, added: “The combination of Sparus and ULS is a highly strategic transaction for both organizations. The combined company has expanded capabilities, technical talent, and resources to help its customers protect, maintain, and upgrade their mission-critical infrastructure. With the addition of ULS, Sparus is well positioned to drive continued growth as a leading provider of end-to-end utility and infrastructure services.”
Terms of the transaction were not disclosed.
About Sparus Holdings
Sparus is a leading provider of a complementary suite of field and professional services for utility and industrial customers. Through a growing family of brands, including Southern Cross, The Spear Group, OneVision Utility Services, Tru-Check, and United Locating Services, Sparus provides gas line inspection and leak detection, utility metering services, utility locate and damage prevention services, field-based project oversight, project management and controls, and other related services. For over 75 years, the Company has been committed to the highest standards of safety and industry expertise to meet the evolving needs of its customers. www.sparusholdings.com
About Ridgemont Equity Partners
Ridgemont Equity Partners is a Charlotte-based middle market private equity firm that has provided buyout and growth capital to industry-leading companies in the business and tech-enabled services, industrial growth, and healthcare sectors for nearly three decades. The principals of Ridgemont have refined a proven, industry-focused model designed to build distinctive middle market companies. For more information, please visit www.ridgemontep.com.
Kelly Lineberger
This email address is being protected from spambots. You need JavaScript enabled to view it.
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.