New Android Auto™ compatibility unlocks the in-vehicle experience for Android™ users, bringing essential charging functionality directly into the vehicle
CAMPBELL, Calif.--(BUSINESS WIRE)--#Bethechange--ChargePoint, Inc. (NYSE:CHPT), a leading electric vehicle (“EV”) charging network, now working with Android Auto, is making the transition to electric mobility easier and more seamless for drivers. This new integration brings essential EV charging functionality inside the vehicle, allowing drivers to easily access charging information directly from their infotainment system.
“At ChargePoint, we know that the shift to electric mobility relies on driver experience, and ChargePoint’s Android Auto app is another pivotal step in the evolution already underway, driven by software and increased connectivity,” said Bill Loewenthal, Senior Vice President, Product, ChargePoint. “By integrating essential charging data directly into the vehicle’s infotainment system, drivers are even more empowered and informed. With the ability to connect their phone directly to their EV through Android Auto, drivers now have access to ChargePoint app information right on the vehicle display. The enhanced connection between app and vehicle represents the next step in how drivers and passengers are fueling mobility and how ChargePoint is delivering technology solutions to fit the needs of EV drivers now and in the future.”
Beginning today, Android users will be able to harness the power of the ChargePoint app on their vehicle display by simply connecting an Android phone, with the ChargePoint app installed and running Android 6.0 or above, to an Android Auto compatible vehicle. Key features of the application include:
This integration with Android Auto underscores ChargePoint’s decade-plus commitment to enhancing the experience for drivers and businesses helping to accelerate the shift to electric mobility.
About ChargePoint
ChargePoint is creating a new fueling network to move people and goods on electricity. Since 2007, ChargePoint has been committed to making it easy for businesses and drivers to go electric with one of the largest EV charging networks and a comprehensive portfolio of charging solutions available today. ChargePoint’s cloud subscription platform and software-defined charging hardware are designed to include options for every charging scenario from home and multifamily to workplace, parking, hospitality, retail and transport fleets of all types. Today, one ChargePoint account provides access to hundreds-of-thousands of places to charge in North America and Europe. To date, more than 90 million charging sessions have been delivered, with drivers plugging into the ChargePoint network approximately every two seconds. For more information, visit the ChargePoint pressroom, the ChargePoint Investor Relations site, or contact ChargePoint’s This email address is being protected from spambots. You need JavaScript enabled to view it. or This email address is being protected from spambots. You need JavaScript enabled to view it. press offices or This email address is being protected from spambots. You need JavaScript enabled to view it..
Android and Android Auto are trademarks of Google LLC.
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Project capable of supplying enough carbon-neutral Renewable Natural Gas to meet the needs of 1,900 homes in Metro Vancouver region
VANCOUVER, British Columbia--(BUSINESS WIRE)--EverGen, Canada’s Renewable Natural Gas (RNG) Infrastructure Platform, announces that its wholly owned subsidiary Net Zero Waste Abbotsford Inc. is entering into a 20-year offtake agreement with FortisBC Energy Inc. (Fortis BC). Under the agreement, FortisBC will purchase up to 173,000 gigajoules of RNG annually for injection into its natural gas system, upon completion of an anaerobic digester project at EverGen’s existing Net Zero Waste Abbotsford composting and organic processing facility in Abbotsford, British Columbia. Once approved by the British Columbia Utilities Commission and other regulatory agencies, the project would convert municipal and commercial organic waste into enough energy to meet the needs of approximately 1,900 residential homes.
Renewable Natural Gas is a carbon neutral energy made from decomposing organic waste. It displaces conventional natural gas in existing natural gas lines, thereby reducing the emissions from the natural gas system. Increasing the amount of renewable gas in FortisBC’s system is key to the organization achieving its 30BY30 target – an ambitious goal to reduce its customers’ greenhouse gas emissions by 30 per cent by 2030. FortisBC’s 30BY30 target is among the most ambitious emissions reductions targets in the Canadian utility sector, and aligns with the provincial government's goals in its CleanBC plan.
“This agreement is truly a win for everyone involved—providing a solution and highest end use for organic waste in the Lower Mainland region, creating jobs in the local community, and capturing greenhouse gases to supply low-carbon energy to FortisBC’s customers,” says EverGen Co-Founder and CEO Chase Edgelow. “For EverGen, it’s another important step toward our foundational goals—expediting Canada's journey to compete on the global RNG stage, combating climate change, and helping communities contribute to a carbon-free future, starting right here on the West Coast.”
“Within our 30BY30 target is a goal to have approximately 15 per cent of our gas supply be carbon neutral by 2030. In order to get there, we need new suppliers that are committed to increasing the amount of renewable gas produced in the province,” said Dave Bennett, director of renewable gas and low carbon fuels with FortisBC. “I congratulate the EverGen team for their leadership in climate action, and look forward to working together to build a lower carbon future.”
EverGen plans to begin construction on the anaerobic digester at its Net Zero Waste Abbotsford facility later this year. Upon regulatory approval and completion, EverGen expects to start supplying FortisBC with Renewable Natural Gas by the end of 2022.
This agreement comes on the heels of EverGen’s most recent acquisition of Fraser Valley Biogas, BC’s original RNG project. The Fraser Valley Biogas facility currently produces over 80,000 gigajoules of RNG annually and has supplied RNG to FortisBC for the last decade. EverGen also owns Sea to Sky Soils, a composting and organic processing facility near Pemberton, British Columbia. Both Sea to Sky Soils and Net Zero Waste Abbotsford accept municipal organic waste and recycle it using proven composting technology into soil amendments and Class A compost for use by local farms and developers as part of the circular economy.
For more information about EverGen, please visit www.evergeninfra.com.
For more information about FortisBC’s RNG program, please visit www.fortisbc.com/RNG.
About EverGen Infrastructure Corp.
EverGen, Canada’s Renewable Natural Gas Infrastructure Platform, is combating climate change and helping communities contribute to a sustainable future, starting on the West Coast. Incorporated in 2020, EverGen is now established to acquire, develop, build, own and operate a portfolio of Renewable Natural Gas, waste to energy, and related infrastructure projects. EverGen is focused on British Columbia, with continued growth expected across other regions in North America.
For more information about EverGen Infrastructure Corp. and our projects, please visit www.evergeninfra.com.
About FortisBC
FortisBC Energy Inc. is a regulated utility focused on providing safe and reliable energy, including natural gas, propane and thermal energy solutions. FortisBC Energy Inc. employs more than 1,800 British Columbians and serves approximately 1,054,097 customers in 135 B.C. communities. FortisBC Energy Inc. owns and operates approximately 49,000 kilometres of natural gas transmission and distribution pipelines. FortisBC Energy Inc. is a subsidiary of Fortis Inc., a leader in the North American regulated electric and gas utility industry. FortisBC uses the FortisBC name and logo under license from Fortis Inc. For further information visit www.fortisinc.com.
EverGen Media
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FortisBC Media
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Simplifies Operator Weather Workflow in One Interface While Meeting FAA Part 107 Weather Minimums
RESTON, Va. & SAN FRANCISCO & SYRACUSE, N.Y.--(BUSINESS WIRE)--TruWeather Solutions (“TruWeather”), a leading micro weather data and analytics company, and Spire Global, Inc. (“Spire”), a leading global provider of space-based data and analytics, announced today that they have signed a letter of commitment to support TruWeather’s Small Business Innovation Research (SBIR) grant with NASA. This commitment enhances previous agreements that align the strengths of both companies with the goal of enabling safer and more reliable Unmanned Aerial Systems (UAS) and Advanced Air Mobility (AAM) as the emerging industry and air traffic density accelerate in growth. TruWeather will have access to Spire’s weather observational data sets and global predictions to fuel TruFlite V360 micro-weather prediction models and hyper-local weather decision support APIs. Spire will leverage TruWeather’s 35 years of aviation weather operations experience and unique positioning in the unmanned systems market, and most importantly, have access to TruWeather’s last mile weather solutions to address bespoke UAS and AAM weather needs. TruWeather and Spire expect the relationship to result in a comprehensive and reliable end-to-end global weather service focused on increasing global awareness from the stratosphere to urban city building canyons for drones, air taxis and flight control and management systems and service providers.
TruWeather was recently awarded the NASA grant to develop an urban wind hazard service demonstration as part of NASA’s Weather Data Infrastructure initiative. The partnership’s precision micro weather analysis and urban predictions will contribute to decreasing operators’ flight pattern uncertainty and increasing their potential revenue, safety and utilization in urban areas. Future reliability and predictability of drone and air taxi services will depend on better weather services to detect Venturi wind and wake turbulence effects, micro-burst detection, localized fog and cloud icing that pose significant risk to drone and air taxi operations.
“My experience as the National Weather Science and Technology Director informed TruWeather’s decision to partner with Spire and leverage what we believe to be the most promising global weather prediction system in the world. TruWeather only works with the best weather partners to deliver the most advanced pinpoint weather intelligence possible to drone and air taxi operators, UAS Test Ranges, UTM and AAM systems, and federal and local governments worldwide,” said Don Berchoff, CEO of TruWeather Solutions. “TruWeather is aligning sensor and data partners now to address the toughest weather challenge, localized urban wind variances and building induced wake turbulence, and micro-climate icing, and IFR conditions that are sub-grid to weather systems today and must get better for a safe, predictable and reliable drone and air taxi industries.”
TruFlite V360° simplifies decision-making with subscription-based APIs that provide actionable weather insights designed to increase vehicle utilization rates and optimize stakeholder resources and scheduling for the best flight windows. TruWeather is the first weather solution provider to offer a deeply immersive weather experience built specifically for drone pilots and air taxi operations, all focused on helping the pilot meet FAA Part 107 weather minimums and Part 135 weather requirements.
“We believe the combination of Spire’s weather data sets and prediction model with TruWeather’s TruFlite V360 will help ensure that end-users will receive highly accurate forecasting allowing them to make smarter weather-driven decisions,” said Keith Johnson, Vice President and General Manager for Government Solutions at Spire. “We know how critical these decisions can be to mission success and we’re proud to partner with TruWeather, a leader in micro-weather data and analytics, to create what we expect to be one of the most robust global weather prediction systems that can predict the weather of today, tomorrow and the future.”
About TruWeather Solutions, Inc.
Established in 2015, TruWeather Solutions, Inc. is a leading provider of weather data analytics and innovative weather risk management products in the US market and beyond. TruWeather’s customized translation of real-time and predictive weather data into discrete workflow decision insights sharpen resource scheduling, planning and mission execution resulting in safer, more productive operations and business success.
About Spire Global, Inc.
Spire is a global provider of space-based data and analytics that offers unique datasets and powerful insights about Earth from the ultimate vantage point so organizations can make decisions with confidence, accuracy, and speed. Spire uses a multi-purpose satellite constellation to source hard to acquire, valuable data and enriches it with predictive solutions. Spire then provides this data as a subscription to organizations around the world so they can improve business operations, decrease their environmental footprint, deploy resources for growth and competitive advantage, and mitigate risk. Spire gives commercial and government organizations the competitive advantage they seek to innovate and solve some of the world’s toughest problems with insights from space. Spire has offices in San Francisco, CA, Boulder, CO, Washington DC, Glasgow, Luxembourg, and Singapore. On March 1, 2021 Spire announced plans to go public via a planned business combination with NavSight Holdings, Inc. (NYSE: NSH), and expects to be traded on the NYSE under the ticker symbol “SPIR.” To learn more, visit spire.com.
About NavSight Holdings, Inc.
NavSight Holdings, Inc. (“NavSight”) is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. NavSight was organized with the opportunity to pursue a business combination target in any business or industry, with the intent to focus its search on identifying a prospective target business that provides expertise and technology to U.S. government customers in support of their national security, intelligence and defense missions.
Additional Information and Where to Find It
In connection with the planned business combination with Spire (the “Proposed Transaction”), NavSight intends to file a Form S-4 Registration Statement (the “Registration Statement”) with the SEC, which will include a preliminary proxy statement to be distributed to holders of NavSight’s common stock in connection with NavSight’s solicitation of proxies for the vote by NavSight’s stockholders with respect to the Proposed Transaction and other matters as described in the Registration Statement, a prospectus relating to the offer of the securities to be issued to the Company’s stockholders in connection with the Proposed Transaction, and an information statement to Company’s stockholders regarding the Proposed Transaction. After the Registration Statement has been filed and declared effective, NavSight will mail a definitive proxy statement/prospectus, when available, to its stockholders. Investors and security holders and other interested parties are urged to read the proxy statement/prospectus, any amendments thereto and any other documents filed with the SEC carefully and in their entirety when they become available because they will contain important information about NavSight, the Company and the Proposed Transaction. Investors and security holders may obtain free copies of the preliminary proxy statement/prospectus and definitive proxy statement/prospectus (when available) and other documents filed with the SEC by NavSight through the website maintained by the SEC at http://www.sec.gov, or by directing a request to: NavSight Holdings, Inc., 12020 Sunrise Valley Drive, Suite 100, Reston, VA 20191.
Participants in Solicitation
NavSight and the Company and their respective directors and certain of their respective executive officers and other members of management and employees may be considered participants in the solicitation of proxies with respect to the Proposed Transaction. Information about the directors and executive officers of NavSight is set forth in its Form 10-K filed on March 29, 2021. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be included in the Registration Statement and other relevant materials to be filed with the SEC regarding the Proposed Transaction when they become available. Stockholders, potential investors and other interested persons should read the Registration Statement carefully when it becomes available before making any voting or investment decisions. When available, these documents can be obtained free of charge from the sources indicated above.
No Offer or Solicitation
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.
Forward-Looking Statements
The information in this press release includes “forward-looking statements” within the meaning of the federal securities laws with respect to the Proposed Transaction. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding expectations of accelerating Spire’s sales and marketing efforts, expectations of product development, including the success of the weather service being developed in partnership with TruWeather, across Spire’s weather segment and the applicability of such products to Spire’s market, the strengthening of Spire’s competitive advantage, the importance of weather forecasting to Spire’s target markets, Spire’s ability to advance its offering of valuable and business-oriented weather prediction solutions to its core markets, the expansion of Spire’s business to new regions and markets, Spire’s future growth, estimates and forecasts of financial and performance metrics, expectations of achieving and maintaining profitability, projections of total addressable markets, market opportunity and market share, net proceeds from the Proposed Transactions, potential benefits of the Proposed Transaction and the potential success of the Company’s market and growth strategies, and expectations related to the terms and timing of the Proposed Transaction. These statements are based on various assumptions and on the current expectations of NavSight’s and the Company’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of NavSight and the Company. These forward-looking statements are subject to a number of risks and uncertainties, including (i) the risk that the Proposed Transaction may not be completed in a timely manner or at all, which may adversely affect the price of NavSight's securities; (ii) the risk that the Proposed Transaction may not be completed by NavSight's business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by NavSight; (iii) the failure to satisfy the conditions to the consummation of the Proposed Transaction, including the approval of the Proposed Transaction by the stockholders of NavSight, the satisfaction of the minimum trust account amount following any redemptions by NavSight's public stockholders and the receipt of certain governmental and regulatory approvals; (iv) the inability to complete the PIPE investment in connection with the Proposed Transaction; (v) the failure to realize the anticipated benefits of the Proposed Transaction; (vi) the effect of the announcement or pendency of the Proposed Transaction on Spire’s business relationships, performance, and business generally; (vii) risks that the Proposed Transaction disrupts current plans of Spire and potential difficulties in Spire employee retention as a result of the Proposed Transaction; (viii) the outcome of any legal proceedings that may be instituted against NavSight or Spire related to the business combination agreement or the Proposed Transaction; (ix) the ability to maintain the listing of NavSight’s securities on the New York Stock Exchange; (x) the ability to address the market opportunity for Space-as-a-Service; (xi) the risk that the Proposed Transaction may not generate expected net proceeds to the combined company; (xii) the ability to implement business plans, forecasts, and other expectations after the completion of the Proposed Transaction, and identify and realize additional opportunities; (xiii) the occurrence of any event, change or other circumstance that could give rise to the termination of the business combination agreement; (xiv) the risk of downturns, new entrants and a changing regulatory landscape in the highly competitive space data analytics industry; and those factors discussed in NavSight’s final prospectus filed on September 11, 2020 under the heading “Risk Factors,” and other documents of NavSight filed, or to be filed, with the SEC. If any of these risks materialize or the Company’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither NavSight nor the Company presently know or that NavSight and the Company currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect NavSight’s and the Company’s expectations, plans or forecasts of future events and views as of the date of this press release. NavSight and the Company anticipate that subsequent events and developments will cause NavSight’s and the Company’s assessments to change. However, while NavSight and the Company may elect to update these forward-looking statements at some point in the future, NavSight and the Company specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing NavSight’s and the Company’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
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CINCINNATI--(BUSINESS WIRE)--#FlexiblePackaging--Flexible packaging leader ProAmpac, is building on the European success of Rapid Action Packaging’s (RAP) fresh-food-to-go packaging portfolio by expanding into North America. Widely recyclable in paper streams, each product strives to remove avoidable plastics and use the least amount of materials possible. In addition to the sustainability benefits, ProAmpac’s fresh-food-to-go packaging offers modified-atmosphere options in a sleek and unified design with various customization options.
“Continuing our mission to deliver sustainable flexible packaging solutions, ProAmpac is pleased to offer the full capabilities of the RAP product line to the North American market following our successful merger in January. Already proven in the U.K. and EU markets, our sustainable extended shelf-life packaging products ensure consumers experience the same quality and freshness whether food is produced in-store or upstream,” states Adam Grose chief commercial officer for ProAmpac.
Acquired by ProAmpac in January 2021, RAP, a U.K.-based manufacturer, has a 24-year history of delivering innovative and sustainable cellulose-based packaging products for fresh prepared and ready-to-eat food-to-go. Comprehensive packaging offerings include sandwich packs, trays, wraps, and soft wraps for standard flow wrap machines.
“RAP has spent more than two decades delivering sustainable and performance driven ready-to-eat packaging products to U.K. and EU markets. By joining ProAmpac we can take the next step in our growth strategy and extend this level of service and innovation to North America,” states Graham Williams, global managing director, fresh food packaging for ProAmpac.
To learn more about ProAmpac’s fresh-food-to-go packaging contact Irma Randles at This email address is being protected from spambots. You need JavaScript enabled to view it. or visit ProAmpac.com/Fresh-Food-To-Go.
About ProAmpac
ProAmpac is a leading global flexible packaging company with a comprehensive product offering, providing creative packaging solutions, industry-leading customer service and award-winning innovation to a diverse global marketplace. ProAmpac’s approach to sustainability – ProActive Sustainability® – provides innovative sustainable flexible packaging products to help our customers achieve their sustainability goals. We are guided in our work by four core values that are the basis for our success: Integrity, Intensity, Innovation, and Involvement. Cincinnati-based ProAmpac is owned by Pritzker Private Capital along with management and co-investors. For more information, visit ProAmpac.com or contact This email address is being protected from spambots. You need JavaScript enabled to view it..
About Pritzker Private Capital
Pritzker Private Capital partners with middle-market companies based in North America with leading positions in the manufactured products, services, and healthcare sectors. The firm's differentiated, long-duration capital base allows for efficient decision-making, broad flexibility with transaction structure and investment horizon, and alignment with all stakeholders. Pritzker Private Capital builds businesses for the long term and is an ideal partner for entrepreneur- and family-owned companies. Pritzker Private Capital is a signatory to the United Nations Principles for Responsible Investment (PRI). For more information, visit PPCPartners.com.
Media Contact:
Kristy Paulin
ProAmpac
(413) 875-9872
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Providing STEM opportunities to more than 250 registered students from 7 countries
WESTFORD, Mass.--(BUSINESS WIRE)--NETSCOUT SYSTEMS, INC., (NASDAQ: NTCT), a leading provider of service assurance, networking, security, and business analytics, today announced it is sponsoring its seventh civic hackathon with Shooting Stars Foundation. This 12-hour virtual civic hackathon asks students to think about “Life in 2031” as they challenge themselves to solve new problems through hands-on STEM experience.
Civic hackathons grow students’ interest in STEM topics and community issues by providing an opportunity to practice 21st century skills such as critical thinking, technology literacy, collaboration, and innovation. This year’s theme is “Life in 2031” and students will be asked to consider what the world might look like 10 years from now, whether in learning, travel, culture, climate change, environment, health, or technology. Students, who may or may not have coding experience, will then develop creative solutions to address those anticipated needs and challenges, with support from mentors as needed. At the end of the day, student teams will pitch their solutions to the panel of judges.
With organizers making a concerted effort to include minority students by reaching out to youth organizations in underserved communities, a diverse group of middle and high school students from 22 states and Puerto Rico, as well as Jamaica, Canada, and four other countries are registered.
Event highlights are noted below and more information can be found on the event website.
Saturday, May 8, 9 a.m. – 9 p.m. Eastern
About Shooting Stars Foundation
Shooting Stars Foundation is a 501(c)3 non-profit organization that empowers youth through education. We sponsor about 400 students in STEM Majors in universities in 8 countries and have executed multiple state-of-the-art technology camps in the US for the underserved communities. Shooting Stars strongly believes in empowering youth to break the cycle of poverty through relevant STEM education in the most needed communities!
About NETSCOUT
NETSCOUT SYSTEMS, INC. (NASDAQ: NTCT) helps assure digital business services against disruptions in availability, performance, and security. Our market and technology leadership stems from combining our patented smart data technology with smart analytics. We provide real-time, pervasive visibility and insights customers need to accelerate and secure their digital transformation. Our approach transforms the way organizations plan, deliver, integrate, test, and deploy services and applications. Our nGenius™ service assurance solutions provide real-time, contextual analysis of service, network, and application performance. Arbor Smart DDoS Protection by NETSCOUT products help protect against attacks that threaten availability and advanced threats that infiltrate networks to steal critical business assets. To learn more about improving service, network, and application performance in physical or virtual data centers, or in the cloud, and how NETSCOUT’s performance and security solutions powered by service intelligence can help you move forward with confidence, visit www.netscout.com or follow @NETSCOUT on Twitter, Facebook, or LinkedIn.
©2021 NETSCOUT SYSTEMS, INC. All rights reserved. NETSCOUT, the NETSCOUT logo, Guardians of the Connected World, Adaptive Service Intelligence, Arbor, ATLAS, Cyber Threat Horizon, InfiniStream, nGenius, and nGeniusONE are registered trademarks or trademarks of NETSCOUT SYSTEMS, INC., and/or its subsidiaries and/or affiliates in the USA and/or other countries. Third-party trademarks mentioned are the property of their respective owners.
Media Contact:
Maribel Lopez
Manager, Marketing & Corporate Communications
NETSCOUT
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617-308-8551
Low-carbon cement and concrete leader attracts A-list venture investors committed to addressing climate change
PISCATAWAY, N.J.--(BUSINESS WIRE)--#CO2--Solidia Technologies® today announced a $78 million fundraise and named concrete industry leader Bryan Kalbfleisch as CEO.
The funding round attracted a range of leading investors committed to advancing low-carbon solutions for industry. Imperative Ventures and Zero Carbon Partners led the round and were joined by new investors Canada Pension Plan Investment Board (CPP Investments), Breakthrough Energy Ventures, Prelude Ventures, and PIVA Capital. Existing investors John Doerr, BP, OGCI Climate Investments, and Bill Joy demonstrated their ongoing commitment by investing additional funds.
By reducing CO2 emissions in the production of cement and consuming carbon in the production of concrete, Solidia significantly reduces the carbon footprint of an industry responsible for 8% of global emissions. The new funding will support the continued development and deployment of these leading technologies to accelerate the decarbonization of critical building materials industries.
“Joining Solidia provides me the rare privilege of helping move cement and concrete into their next generation with higher-performing materials that are better for industry, people, and the planet,” said Bryan Kalbfleisch. “Having devoted my career to this industry, I am excited to help build a new legacy for it with the support of some of the world’s most committed leaders in advancing sustainable innovation.”
Bryan brings over two decades of experience leading manufacturing operations producing concrete, asphalt, and other building materials. He comes to Solidia from Summit Materials, a leading aggregates-based construction materials company, where he served as president of both its Texas Region and Houston-based Alleyton Resource. He also previously served as president of Fayetteville, Ark.-based APAC Central for Oldcastle (CRH), North America’s largest manufacturer of building products and materials. His career was launched in the ready-mix concrete division of Central Pre-Mix Concrete Company, a Spokane, Wash.-based firm that was sold to Oldcastle in 1997.
“Solidia creates value while lowering industrial carbon emissions and advancing solutions that use captured CO2, which is unique in the industry and aligns well with our long-term investment focus,” said Bruce Hogg, Managing Director and Head of the Sustainable Energy Group at CPP Investments. “We are pleased to have a leader of Bryan’s caliber taking Solidia to the next stage of development.”
Participants in this fundraise join Solidia’s other existing investors including Kleiner Perkins, BASF Venture Capital, LafargeHolcim, Total Carbon Neutrality Ventures, Air Liquide Venture Capital (ALIAD), and other private investors.
About Solidia Technologies®
Based in Piscataway, N.J. (USA), Solidia Technologies® helps manufacturers produce superior building and construction materials using low-carbon cement and concrete.
Ellen Yui, YUI+Company, Inc.
M: 301-332-4135
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Town Installs State-of-the-Art Battery Technology from Buffalo-based Viridi Parente as a Backup Power System
AMHERST, N.Y.--(BUSINESS WIRE)--The Town of Amherst is partnering with Buffalo, N.Y.-based Viridi Parente, Inc., a developer of innovative battery technology that can be safely installed and operated in nearly any environment or location, to provide an instantaneous backup system for the town’s traffic intersections. This program ensures power consistency during weather events or general power outages.
As part of a pilot program, the town recently installed an intersection backup power system using safe lithium-ion battery technology from Viridi’s Volta Energy Products group. The Volta FAVEO Traffic System was installed at the corner of Maple and Flint Roads, where 27,700 vehicles pass through a day. At the conclusion of the pilot program period, Amherst will explore additional opportunities to apply this technology to other critical intersections which may include site specific street lights and traffic volume control systems.
Whenever grid power is interrupted, the Volta FAVEO system will instantaneously power up resulting in no disruption of service to traffic lights, police cameras, and other intersection technology. Fully functioning traffic signals also allow officers to provide other critical public safety services during power outages instead of directing traffic at major intersections.
“Non-functioning traffic lights are dangerous, especially at this busy intersection where we have experienced several outages,” says Amherst Supervisor Brian Kulpa. “We are proud to partner with Buffalo-based Viridi Parente and its revolutionary green technology to modernize our grid and make our roads safer for drivers. This not only optimizes public safety, it also generates cost savings as it reduces overtime and minimizes safety concern for those that would have to direct traffic, especially at high volume intersections.”
The Volta FAVEO system is capable of operating in extreme temperatures, has a waterproof steel casing, and is maintenance free — all features that further enhance signal resiliency during more frequent severe weather events and grid challenges. With an anticipated cost reduction of 52% for lithium-ion battery technology by 2030, Volta’s FAVEO system is an affordable long-term option for the Town of Amherst to provide reliable power to its traffic signals and all related technology that may be defined as part of a smart cities program.
With increasing demands to the town’s electrical system, Kulpa said Amherst is looking for alternative ways to meet the needs of the community while being environmentally responsible. Smart signals are one way to curb carbon emissions, as over time these signals create optimal traffic flow and reduce the amount of time cars sit idling. However, if power is lost, the signals must reset and “re-learn” traffic patterns. The FAVEO system prevents this issue, letting traffic continue to proceed efficiently. Transportation accounts for 36% of greenhouse gas emissions in New York. Organized traffic management decreases traffic idle time, reduces emissions and contributes to New York's climate response.
“We commend the Town of Amherst and Supervisor Kulpa for their forward-thinking commitment to a greener, safer and more resilient community,” says Jon M. Williams, CEO of Viridi Parente. “We’re thrilled to deploy our reliable, state-of-the-art renewable technology to the Town of Amherst at this critical traffic intersection.”
In May, Viridi Parente is planning to install a second FAVEO system in collaboration with the Town of Lancaster.
Volta Energy Products brings stationary, point-of-use storage technology that is safe, locatable and reliable to industrial, medical, commercial, municipal, and residential building applications. Its energy storage systems can be used individually or configured for various energy requirements up to 1 megawatt to provide reliable, locatable power. The battery pack is constructed from materials used for aerospace and military applications, making it safe enough for both indoor and outdoor use.
About Viridi Parente:
Viridi Parente (Viridi) is a disruptive energy company in Buffalo, New York, that is changing the way we use energy to improve systems, communities, and lives. Viridi deploys safe lithium-ion battery technology into applications that have been historically dominated by fossil fuel energy sources. Its innovative architecture is constructed from materials used for aerospace and military applications and is the only design in the market that can be safely installed and operated in nearly any environment or location. Through its subsidiary, Green Machine Equipment, Viridi is bringing quiet, fully renewable mobile energy solutions to products in construction equipment, waste disposal, last-mile delivery, and other portable industrial markets. Through its subsidiary, Volta Energy Products, Viridi brings stationary, point-of-use storage technology that is safe, locatable and reliable to industrial, medical, commercial, municipal, and residential building applications. Learn more at: www.viridiparente.com.
Viridi Parente
Wendy Prabhu
Mercom Communications
Tel: 1-512-215-4452
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SAN DIEGO--(BUSINESS WIRE)--$DFCO #COP--Dalrada Financial Corp. (OTCQB: DFCO, “Dalrada”) announced today that the Company is launching the development of Likido®HOME, a revolutionary clean energy home water heater that is designed by its portfolio company Likido Limited (“Likido”). The Likido®HOME residential water heater improves energy efficiencies by 300% with its high temperature supercritical CO₂ micro heat pump. Additional benefits include dramatically reducing carbon emissions and saving consumers up to 80% on energy. With its patent-pending “drop-in” design, Likido®HOME has the potential to replace the world’s gas-fired and electric water heaters. The initial market focus is on the U.K., EU, and the USA.
In the U.K., gas boiler water heaters are to be banned by 2025 in newly built homes. By 2035, fossil fuel burning boiler water heaters will be phased out and replaced with heat pump technology and district heating.
Brian Bonar, CEO of Dalrada, states, “Likido®HOME is a perfect example of how industries and consumers can improve quality of life, aid the environment, and work together to support climate change policy.”
Environmental sustainability and carbon emissions reduction are key global initiatives that Dalrada is developing solutions for. Reducing reliance on the combustion of fossil or biomass fuels, Dalrada’s Likido® created an affordable heat pump replacement and energy transfer method for homes and businesses to align with industries in the global goal of achieving “Net Zero by 2050”.
Heating is the largest single source of carbon emissions in the U.K. Currently, only one million of the U.K.’s 27 million homes have low-carbon heat. In the United States, of the roughly 93 million homes, residential energy use accounts for 20% of greenhouse gas emissions. Likido®HOME is small and compact for installation in the same position as conventional wall-hung water heater boilers. Unlike other traditional heat pumps, Likido®ONE can be plumbed directly into the existing pipework without modification.
LIKIDO® TECHNOLOGY REDUCES GLOBAL WARMING POTENTIAL
Likido’s cost-saving design has proven to be a strategic element in the global challenge to decarbonize heating. Likido®ONE’s proprietary low-carbon, industrial, all-in-one heating and cooling pump design implements supercritical CO2 as a “natural non-toxic, non-flammable and CFC/HFC-free working fluid” and is used in a variety of applications throughout the world.
This future-proof technology enhances the energy efficiency of both fossil and renewable power sources using only 25% of the energy of traditional water heater boilers and electric water heaters. Likido®ONE’s all-in-one small footprint replaces hot water heaters, refrigerators, and cooling towers; this frees up valuable floor space.
For example, the standard approach to provide heating and cooling in hotels has been with hot water heaters/boilers coupled with environmentally damaging HFC-based conventional chillers and cooling towers or HFC-based heat pumps. The Likido®ONE system operates in a combined heating and cooling mode producing 160kW of high-grade heat while it extracts -120kW of cooling at traditional temperatures – for an electrical input of just 37kW, a coefficient of performance (COP) 1:8. Based on a 250-bed hotel in California, a single Likido®ONE module will save an average of $110,000/year in energy costs operating at the current exceptionally low oil prices.
For additional information, visit https://likido.net
About Likido Limited
Likido is an international technology company, developing advanced solutions for the harvesting and recycling of energy. Using its novel heat pump systems (patent pending), Likido is revolutionizing the renewable energy sector with the provision of innovative modular process technologies to maximize the capture and reuse of thermal energy for integrated heating and cooling applications. With uses across industrial, commercial, and residential sectors Likido seeks to provide cost savings and to minimize carbon emissions across supply chains. Likido’s novel technologies enable the effective recovery and recycling of process energy, mitigating climate change and enhancing quality of life through the provision of low-carbon heating and cooling systems. For more information, please visit www.likido.net.
About Dalrada (DFCO)
Dalrada Financial Corp. (OTCQB: DFCO, “Dalrada”) solves real-world problems by producing innovation-focused and technologically centered solutions on a global level. Delivering next-generation manufacturing, engineering, and healthcare products and services designed to propel growth, Dalrada is a team of industry experts and an organization built upon a strong foundation of financial capital. The Company and its subsidiaries are positioned for stable long-term growth through intelligent market research, sound business acumen, and established operational infrastructure. For more information, visit www.dalrada.com or call 1-858-283-1253.
Disclaimer
Statements in this press release that are not historical facts are forward-looking statements, including statements regarding future revenues and sales projections, plans for future financing, the ability to meet operational milestones, marketing arrangements and plans, and shipments to and regulatory approvals in international markets. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, our ability to obtain additional financing that will allow us to continue our current and future operations and whether demand for our products and services in domestic and international markets will continue to expand. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the Company's expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Factors that may impact the Company's success are more fully disclosed in the Company's most recent public filings with the U.S. Securities and Exchange Commission ("SEC"), including its annual report on Form 10-K.
Denise Mahaffey
858.283.1253
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OTTAWA, Ontario--(BUSINESS WIRE)--The Canadian Union of Public Employees (CUPE) says the passage of strike-breaking legislation by the Trudeau government through the House of Commons is a failure of leadership and an assault on the rights of 1,150 striking workers at the Port of Montreal.
Bill C-29, passed in the House of Commons early Thursday morning, would end the strike and, more importantly, rob those 1,150 workers represented by CUPE Local 375 of their fundamental right to free and fair collective bargaining.
"Throughout this process, we were clear we would return to work if the employer walked back their unfair, unilateral changes to our members' work conditions," said CUPE National President Mark Hancock. "But it was obvious the employer preferred to avoid bargaining altogether, and they successfully duped the Liberals into tipping the scales in their favour."
CUPE 375 went on strike Monday in response to escalating pressure tactics by their employer. The Maritime Employers Association (MEA), which served lockout notice on April 10, announced they would not honour job security provisions in the collective agreement, and extended workers' shifts by up to 100 minutes.
"The Liberals have shown yet again that when the chips are down, they're no friend to Canadian workers," said CUPE National Secretary-Treasurer Charles Fleury. "The courts say time and time again that back-to-work legislation violates Charter rights, and Mr. Trudeau has made it clear today that he does not respect the Charter that his father brought in as prime minister."
If anyone was still wondering if Conservative leader Erin O'Toole would hold true to his recent rhetoric about supporting rank-and-file union members, his party’s vote in support of Bill C-29 makes it clear. "Just one more thing the Conservatives now have in common with the Liberals: two parties who talk about supporting Canadian workers, who then sell them out the moment the rubber hits the road," said Hancock.
CUPE is Canada’s largest union, representing 700,000 workers nationwide.
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Hugh Pouliot
Media relations, CUPE
613-818-0067
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BENTONVILLE, Ark.--(BUSINESS WIRE)--Walmart’s Mark Vanderhelm, VP of Energy and Facilities Management released the following note Thursday:
Doing what’s right for the future of our planet means making major change. That’s why we’ve committed to becoming a regenerative company powered by 100% renewable energy in our own operations by 2035, and are investing in the technologies of tomorrow, today – so each step toward our goal prioritizes renewable, restorative operations.
We’re pleased to announce that in collaboration with ENGIE North America, more than 500 megawatts (MW) of new renewable energy generation capacity are now operational across three separate wind projects. Together, these projects are expected to supply renewable energy annually to hundreds of stores, clubs and distribution centers across three U.S. states: Texas, South Dakota and Oklahoma. This is enough renewable electricity to power more than 240,000 average American homes for an entire year.
According to the American Clean Power Association, as a result of these transactions, Walmart procured the most wind energy of any company in the U.S. in 2019.
The Power of Wind
This is a powerful collaboration because it allows us to purchase offsite power from three separate windfarms in Texas, Oklahoma and South Dakota. Together, these facilities are expected to help avoid as much as 1.3 million metric tons CO2e of greenhouse gas emissions per year.
But beyond being better for the planet, these facilities also provide more direct benefits to communities by creating local opportunity. They support employment ecosystems all their own. According to ENGIE North America, the three projects supplied 1,000 construction jobs at their peak and are expected to deliver more than $400 million in landowner lease payments, taxes, wages and commitments over the life of the project.
The partnership highlights how our investments in infrastructure, paired with innovative thinking, are creating change for people and the environment in ways that will benefit the communities Walmart serves, our associates and customers – for years to come.
The Bigger Picture
Bringing this amount of renewable energy online represents an important leap forward on our renewable energy journey, reinforcing Walmart’s broader mission to spark collective climate action and drive environmental sustainability.
But it still stands as part of the bigger picture toward reaching our goal of becoming a regenerative company.
It’s not just wind energy that’s helping us fulfill our renewable ambitions. The sun is playing its part, too. According to the Solar Energy Industries Association, in 2019, Walmart added the most solar of any company in the U.S., increasing our solar use by more than 35%. This growth in solar was driven by several large offsite solar projects added to our long history of using solar at our facilities. And according to the EPA Green Power Partnership Top 30 Retail Ranking, Walmart was the top retailer in terms of annual green power usage in the U.S. in 2020.
These recent strides have moved us closer to meeting our goals. In 2020, renewable sources supplied an estimated 36% of our electricity needs globally. To date, our actions will have helped to bring more than three gigawatts of new renewable energy capacity to power grids since 2008. As of the end of 2020, we had more than 550 onsite and offsite projects in operation or under development in eight countries, 30 U.S. states and Puerto Rico.
Last year, the renewable energy supplied by our projects globally grew to over 4 billion kWh, and we’re not planning on slowing down.
Beyond our efforts to scale renewable energy for our own operations, we’re encouraging our suppliers to take action in theirs through Project Gigaton, our initiative to avoid a gigaton of greenhouse gas emissions from our global supply chain by 2030. In September 2020, in collaboration with Schneider Electric, we launched Gigaton PPA™ to help engage our suppliers in accessing renewable energy purchases and accelerating greater renewable energy adoption.
Securing innovative, scaled energy transactions is another solid step toward our goal of being powered by 100% renewable energy by 2035 and achieving zero emissions across our operations by 2040. With a mixture of infrastructure and innovation, we can set an example for what one company can do to move toward a cleaner future.
Media Contact: 800-331-0085
Key newsmaker sessions from the world’s preeminent energy conference now available free, on-demand at www.ceraweek.com
HOUSTON--(BUSINESS WIRE)--Prominent sessions from CERAWeek by IHS Markit 2021—the world’s preeminent energy conference—are now available publicly for the first time at www.ceraweek.com and include newsmaker interviews and addresses featuring:
“CERAWeek 2021 virtually gathered a global audience of more than 15,000 people for wide-ranging discussions about the future of energy, energy transition, climate and technology,” said Daniel Yergin, conference chair and vice chairman of IHS Markit. “We are now pleased to make some of the most high-profile sessions available to an even wider audience.”
CERAWeek by IHS Markit is the premier annual international gathering of energy industry leaders, experts, government officials and policymakers, leaders from the technology, financial and industrial communities – and energy technology innovators.
CERAWeek 2021: The New Map: Energy, Climate and Charting the Future, held virtually March 1-5, 2021, marked the 39th edition of the conference and is the first time that it was held as an all-virtual event. The conference is produced by IHS Markit (NYSE: INFO), a world leader in critical information, analytics and solutions.
The conference program, inspired by Yergin’s new book, The New Map: Energy, Climate and the Clash of Nations, focused on key themes related to Energy Transition; Geopolitics, Economics and Markets; Investment and Financing; Technology and Innovation; Mobility and the Future Workforce.
Select quotes and direct links to complete sessions follow:
Watch the full video (originally aired March 1, 2021)
Drawing on his decades of work in science, technology and humanitarian aid, Bill Gates offers insights into the breakthrough technologies and pipelines of innovation to address the climate challenge.
On the magnitude of the climate challenge and achieving net zero carbon emissions by 2050:
“In the history of the industrial economy, things have never changed as fast as we’re asking them to change. It is so radical. Only an entire generation committed to making this a political priority, in at least all the rich countries, for all of those 30 years gives us a chance…the electric grid has to get three times as big. At the same time, it has to stay reliable using mostly intermittent sources, and people don’t want the price to go up. That makes all the electrification done only a small subset of what we’re asking them to do during this 30-year period. And that’s only one area of emission.”
Explaining his new concept of the “Green Premium”:
“The extra cost you pay to buy something that has no emissions above the normal cost—that’s the green premium…. The U.S. and the other rich countries, we owe more to the world than just brute force reducing our emissions by paying high Green Premiums. We have to innovate on behalf of the entire world. If we get the Green Premium in aggregate down by 95% then the idea of subsidizing becomes practical. The Green Premium to me is the metric that says are you on your way to success in 2050?”
On the knowledge and skills that oil companies can apply to green energy:
“Green hydrogen may need to play a very gigantic role. And a lot of the skill sets involved there are from the oil and gas industry: sequestering carbon, taking nuclear waste and burying it ridiculously deep so that people know that for millions of years you don’t have to worry about it—there are skills sets that those companies can bring. Can they help us with biofuels, can they help us with electric fuels? Green hydrogen is more in their skill sets. We need that capability to do complex engineering.”
Watch the full video (originally aired March 2, 2021)
Over 125 countries have pledged or are considering commitment to net-zero CO2 emissions. Yet few have aligned climate aspirations with policies, laws and regulations to achieve them. Sec. Kerry discusses how United States will lead internationally to ensure that energy demand, climate aspirations and energy security intersect?
On the economic opportunities of addressing climate change:
“We are staring at the opportunity to have the greatest economic transformation since the industrial revolution – certainly since the communications and technology burst of the 1990s. This is the biggest market the world has ever known. It’s a five billion user market today. It’s going to go up to nine billion users over the course of the next 30 years as we grow in population.”
On competition and necessary collaboration with China on climate:
“Yes, there are tensions today that did not exist back then. Now they’re out in the open and it’s no secret that there is strong competition with China. That’s not a problem. We welcome the competition. The United States does well with competition. What we don’t want is an unfair playing field. These things are obviously significant issues and they will exist. But the climate crisis is not something that can fall victim to those other concerns and contests—because China is 30% of all the world’s emissions. It is the number one emitter in the world, we are the number two emitter in the world. There’s no solving this by any one country alone. You have to have China at the table.”
Watch the full video (originally aired March 3, 2021)
Speaking in her first public forum as energy secretary, Secretary Granholm discusses her vision for the U.S. Department of Energy, the agenda for energy research and innovation, and the Biden Administration’s strategy for net zero by 2050.
Comparing energy transition to her experience as Michigan governor during the auto industry collapse and helping industrial sectors transform:
“In times where the market is raising its hand and saying ‘we’re heading in this direction, you better come along or you’re going to be left behind,’ maybe we should listen to some of those signals. And it’s an opportunity for those who work in these sectors to work with us to diversify into clean energy solutions. This is where ‘the puck is headed’ and it would be great to have partners in making that a successful transition.”
On balancing U.S. oil, gas and energy security with the administration’s clean energy goals:
“It’s clear that we want to have energy security. It is a must. The question really is about how to decarbonize. How do you manage carbon emissions? So many of the DOE labs are focused on this technology, both demonstrating it and taking it to scale. If the goal is to get to net zero by 2050 the question is: what is the technology availability, cost, [and] deployment strategies to get us there?”
Watch the full video: (originally aired March 4, 2021)
As one of the first acts of his Administration, President Joe Biden appointed the Hon. Gina McCarthy to become the first White House National Climate Advisor and lead the domestic climate policy agenda. McCarthy discussed what Biden’s climate strategy will be and how will the United States align long-term goals with short-term actions.
On the Biden administration’s dual priorities of climate change and job creation:
“This is really, in the end, all about transitioning from a time of pandemic to transitioning to what does our future look like? We’ve been devastated, as other countries have been, by COVID-19. So, now’s the time to rebuild, now’s the time to look to the future. Now is the time for us to actually grow jobs, really good union jobs, to advance that middle class that we need to really expand and to show people that the solutions on climate are actually solutions they should embrace for themselves today for growth of jobs, for a more stable economy, and for their health and wellbeing and safety.”
On the Biden administration’s whole-of-government approach to innovation:
“You’re going to see us continue to invest in innovation. The Department of Energy and the Department of Transportation and other parts of the administration have resources that they can put on the table that start building and building the momentum for new ideas and new technologies. We are thinking about nothing left behind, nothing left off the table but beginning to understand, what are the best investments as well as the best deployments?”
On a balanced approach to addressing climate change:
“We’re not in a zero-sum game here. It’s not ‘think about one’ and it’s at a detriment in terms of our ability to invest and get excited about a full range of opportunities…I don’t think it’s a question of thinking that you can’t do enough. It’s a question of investing in everything. I don’t think that we just need to rely on mitigation at every level to the detriment of any risk that we might face in our ability to have a resilient and vibrant energy sector. We’re not going to go down the road of getting to zero if that means we’re impacting our safety, our health, our viability of our essential services. But we do have to think about all of these things and mix and match them while at the same time reducing the emissions on the whole as quickly as we can.”
Watch the full video (originally aired March 5, 2021)
A keynote address on India’s energy future and the country’s role in the global economy by the Prime Minister of India Hon. Shri Narendra Modi, the recipient of the 2021 CERAWeek Global Energy and Environment Leadership Award in recognition of his commitment to sustainability in energy and the environment.
On the ecological visions of Mahatma Gandhi:
“Mahatma Gandhi rightly said, ‘We may utilize the gifts of nature just as we choose, but in her books, the debits are always equal to the credits.’ Nature keeps [a] simple balance sheet. Whatever is available or credited can be used or debited. But this has to be distributed properly because if we overconsume resources, we are snatching it from someone else. It is on similar lines that India is speaking about climate justice to help fight climate change. Now is the time to think logically and ecologically.”
On the power of behavioral change to fight climate change:
“The most powerful way to fight climate change is behavioral change. There is a very famous story many of you would have heard of. A small child was given a torn world map. The child was told to fix it thinking it could never be done. But the child actually did successfully. When asked how the child did so, the child said, ‘at the back of the world map was a figure of the man.’ All the child did was assemble to a figure of the man. And because of that the world map also got assembled. The message is clear. Let us fix ourselves and the world will be [a] better place. The spirit of behavioral change is a key part of our traditional habits which teaches us consumption with compassion. A mindless throw-away culture is not a part of our ethos.”
On collective behavioral changes in India to promote environmental stewardship:
“The people of India decided to invest LED bulbs on a scale that has never been seen before. As of March 1, 2021, around 37 million LED bulbs are being used. This has saved cost and energy. Over 38 million tons of carbon dioxide have been reduced per year.
“.…A simple request was made to people to give up their LPG subsidy for the benefit of the more needy people. Several people across India voluntarily gave up their subsidy. This played a major role in India being able to provide smoke-free kitchens to [many] households. LPG coverage in India has seen a remarkable growth from 55% in 2014 to 99.6% today. Women have been the major gainers due to this.”
Watch the full video (originally aired March 1, 2021)
Part of the CERAWeek Agora-X Voices of Innovation series, Isaacson—best-selling author of the books Einstein, Steve Jobs, Leonardo Da Vinci and The Innovators—shares insights from his latest book on the Nobel Prize–winning scientist whose discovery of CRISPR, the tool that can edit DNA, opens a brave new world of medical miracles as well as moral questions.
On the “three great innovation revolutions” of our time:
"I do think that there have been three great innovation revolutions of our time all based on the fundamental particles we discovered around 1900, which is the atom, the gene and the bit.
“The atom and Einstein’s papers in 1905 lead us to things like nuclear weapons and GPS and space travel. The bit—or binary digit that can encode any information—leads us to the digital revolution. This new revolution is going to be by using molecules as the new microchips. We can reprogram molecules in order to make our own cells into a manufacturing engine."
On the scientific fundamentals of CRISPR:
“CRISPR is a wonderful technique that bacteria has been using for more than a billion years to fight off attacks from viruses. It takes a tiny genetic sampling of the virus that has attacked them, and it weaves it into these clustered repeats, known as CRISPRs, that are inside the DNA of the bacteria. It is an immune system that is able to fight off each new wave of virus. What Jennifer Doudna and others did is figure out a way to repurpose that so we can edit our own DNA using these wonderful molecules that are guide RNAs to guide as scissors and attack our DNA and cut it as we want to for gene editing or to help use it for vaccines or detection technologies or even cures for coronavirus.”
On the implications of a genetic revolution:
“The advent of coronavirus made me think: Maybe there are many good uses for CRISPR including making us less susceptible to viruses. Certainly, single gene mutations that are clearly bad such as Huntington’s disease, sickle cell anemia, Tay-Sachs disease, cystic fibrosis – if we can cure those, certainly we should use gene editing for that. The moral question becomes do we make gene edits and reproductive cells so that they are inherited, that we can change all of the human species?”
Visit www.ceraweek.com for instant access to these and other select sessions.
The complete CERAWeek 2021 program—more than 200 sessions—is available via subscription through the end of May. Subscribe to the complete program at https://ceraweek.com/register.html
About IHS Markit (www.ihsmarkit.com)
IHS Markit (NYSE: INFO) is a world leader in critical information, analytics and solutions for the major industries and markets that drive economies worldwide. The company delivers next-generation information, analytics and solutions to customers in business, finance and government, improving their operational efficiency and providing deep insights that lead to well-informed, confident decisions. IHS Markit has more than 50,000 business and government customers, including 80 percent of the Fortune Global 500 and the world’s leading financial institutions. Headquartered in London, IHS Markit is committed to sustainable, profitable growth.
IHS Markit is a registered trademark of IHS Markit Ltd. and/or its affiliates. All other company and product names may be trademarks of their respective owners © 2021 IHS Markit Ltd. All rights reserved.
Jeff Marn
IHS Markit
+1 202 463 8213
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Press Team
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VIENNA--(BUSINESS WIRE)--Alpega Group, a leading European provider of end-to-end transportation software, has been identified as a Challenger in the 2021 Gartner Magic Quadrant for Transportation Management Systems.
Unique in the European market
Alpega has a major presence in Europe and is suitable for all levels of transportation complexity. Manufacturers and retailers across Europe are turning to digital solutions to tackle logistics process inefficiencies and gain visibility, and they rely on technology experts – like those at Alpega – to configure the right solution for their supply chain.
Unique value proposition
As a modular, scalable SaaS solution, Alpega TMS enables optimization of global networks and synchronization of multimodal transportation processes (road, air, sea, barge, rail, parcel). Alpega TMS allows true supply chain collaboration – so that all parties involved have the latest status about the shipments that are being executed and powerful analytics to empower better business decisions. This collaboration not only reduces costs, but also lowers CO2 emissions.
Timeliness in a recovering COVID-19 world
The Gartner Magic Quadrant for Transportation Management Systems is a good resource for companies selecting a TMS, as it provides a comprehensive view of the market landscape based on rigorous and unique research methodology and strict inclusion criteria. The 2021 Magic Quadrant report arrives at a crucial time, as those in the transportation and logistics sector seek to recover from the global disruptions of 2020 and build supply chain resilience with digital transportation management solutions.
“Now is the time for companies who have been thinking about digital transformation around transportation of goods to take action. Our customers with a deployed TMS solution this past year were able to react flexibly in responding to the transportation challenges brought on by the pandemic” said Todd DeLaughter, CEO for Alpega Group.
“We deeply appreciate the recognition from Gartner. To us, it shows we’re bringing a unique offering to the market, especially when combined with the international Freight Exchanges that are part of Alpega Group. We are committed to leadership innovation in this market as it evolves to full digital transformation, helping our customers drive down costs and reduce their carbon footprint through smarter transportation management.”
Gartner, ‘Magic Quadrant for Transportation Management Systems’, Bart De Muynck, Brock Johns, Oscar Sanchez Duran, Carly West, March 30, 2021
Gartner Disclaimer
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
About Alpega Group
Alpega Group is a leading global logistics software company offering modular solutions that cover all transportation and logistics complexity needs. By bringing together the best solutions and market expertise, the Alpega Group has created the transportation industry’s only scalable end-to-end software suite.
Alpega TMS empowers transport professionals to manage the logistics and supply chain processes, it transforms global and local supply chains into collaborative ecosystems, bringing together all parties involved. Alpega TMS’s unique scalability and best-in-breed standalone solutions ensure shippers benefit from a system that evolves alongside their needs, regardless of the complexity of their logistics processes. Our freight procurement solution, TenderEasy, provides a world-class solution for sourcing transportation providers across air, land and sea. In terms of freight exchanges, 123cargo, Teleroute and Wtransnet are leading European marketplaces designed to match spot shipments and truck capacity.
These platforms and the data which flows through them, alongside our 30+ years’ experience in transportation lets us enable businesses to optimize their supply chain planning and execution while benefitting from lower costs and higher visibility. All of Alpega’s solutions combine to create added value for customers. Our community of 80,000 carriers and 200,000 members are electronically connected every day to successfully manage critical transport processes. Alpega is present in 80 countries worldwide and employs over 500 people with 31 different nationalities.
More information can be found at www.alpegagroup.com
Alpega Group
Verónica Rodríguez
Head of Brand
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SAN FRANCISCO--(BUSINESS WIRE)--PG&E Corporation (NYSE: PCG) recorded first-quarter 2021 income available for common shareholders of $120 million, or $0.06 per share, as reported in accordance with generally accepted accounting principles (GAAP). This compares with income available for common shareholders of $371 million, or $0.57 per share, for the first quarter of 2020.
GAAP results include non-core items that management does not consider representative of ongoing earnings, which totaled $367 million after-tax, or $0.17 per share, for the quarter. These results were primarily driven by costs related to 2019-2020 wildfire-related costs, prior period net regulatory recoveries, the amortization of wildfire insurance fund contributions under Assembly Bill (AB) 1054, PG&E Corporation’s and Pacific Gas and Electric Company’s (Utility) reorganization cases under Chapter 11 of the U.S. Bankruptcy Code (Chapter 11), and investigation remedies.
“This is an exciting time for PG&E,” said Patti Poppe, CEO of PG&E Corporation. “With our full leadership team now in place, we are pursuing the important work that we have all committed to – delivering clean, reliable energy for the benefit of our customers and hometowns, and doing so safely. We will meet that objective through our triple-bottom-line focus on people, the planet, and California’s prosperity, underpinned by performance.”
Non-GAAP Core Earnings
PG&E Corporation’s non-GAAP core earnings, which exclude non-core items, were $487 million, or $0.23 per share, in the first quarter of 2021, compared with $576 million, or $0.89 per share, during the same period in 2020.
The decrease in quarter-over-quarter non-GAAP core earnings per share was primarily driven by the increase in shares outstanding, unrecoverable interest expense, the timing of nuclear refueling outages, the timing of taxes, and wildfire mitigation costs above authorized, partially offset by the growth in rate base earnings.
PG&E Corporation uses “non-GAAP core earnings,” which is a non-GAAP financial measure, in order to provide a measure that allows investors to compare the underlying financial performance of the business from one period to another, exclusive of non-core items. See the accompanying tables for a reconciliation of non-GAAP core earnings to consolidated earnings available for common shareholders.
2021 Guidance
PG&E Corporation is adjusting 2021 GAAP earnings guidance in the range of $0.07 to $0.21 per share, which includes non-core items. PG&E is adjusting 2021 non-core items guidance to approximately $1.8 billion to $1.9 billion after tax, reflecting bankruptcy and legal costs, the amortization of wildfire insurance fund contributions, investigation remedies, and 2019-2020 wildfire-related costs, partially offset by the rate neutral securitization inception impact and prior period net regulatory recoveries.
On a non-GAAP basis, the guidance range for projected 2021 core earnings is reaffirmed at $0.95 to $1.05 per share. Factors driving non-GAAP core earnings include net below the line and spend above authorized of up to $100 million after tax and unrecoverable interest expense of $300 million to $325 million after tax.
Guidance is based on various assumptions and forecasts, including those relating to authorized revenues, future expenses, capital expenditures, rate base, equity issuances, the potential Net Operating Loss (NOL) securitization, and certain other factors.
Supplemental Financial Information
In addition to the financial information accompanying this release, presentation slides have been furnished to the Securities and Exchange Commission (SEC) and are available on PG&E Corporation’s website at: http://investor.pgecorp.com/financials/quarterly-earnings-reports/default.aspx.
Earnings Conference Call
PG&E Corporation will also hold a conference call on April 29, 2021, at 11:00 a.m. Eastern Time (8:00 a.m. Pacific Time) to discuss its first quarter 2021 results. The public can access the conference call through a simultaneous webcast. The link is provided below and will also be available from the PG&E Corporation website.
What: First Quarter 2021 Earnings Call
When: Thursday, April 29, 2021 at 11:00 a.m. Eastern Time
Where: http://investor.pgecorp.com/news-events/events-and-presentations/default.aspx
A replay of the conference call will be archived through June 6, 2021 at http://investor.pgecorp.com/news-events/events-and-presentations/default.aspx.
Alternatively, a toll-free replay of the conference call may be accessed shortly after the live call through June 6, 2021, by dialing (800) 585-8367. International callers may dial (416) 621-4642. For both domestic and international callers, the confirmation code 2090038 will be required to access the replay.
Public Dissemination of Certain Information
PG&E Corporation and the Utility routinely provide links to the Utility’s principal regulatory proceedings with the CPUC and the Federal Energy Regulatory Commission (FERC) at http://investor.pgecorp.com, under the “Regulatory Filings” tab, so that such filings are available to investors upon filing with the relevant agency. PG&E Corporation and the Utility also routinely post, or provide direct links to, presentations, documents, and other information that may be of interest to investors at http://investor.pgecorp.com, under the “Chapter 11,” “Wildfire and Safety Updates” and “News & Events: Events & Presentations” tabs, respectively, in order to publicly disseminate such information. It is possible that any of these filings or information included therein could be deemed to be material information.
About PG&E Corporation
PG&E Corporation (NYSE: PCG) is a holding company headquartered in San Francisco. It is the parent company of Pacific Gas and Electric Company, an energy company that serves 16 million Californians across a 70,000-square-mile service area in Northern and Central California. For more information, visit http://www.pgecorp.com. In this press release, they are together referred to as “PG&E.”
Forward-Looking Statements
This news release contains forward-looking statements that are not historical facts, including statements about the beliefs, expectations, estimates, future plans and strategies of PG&E Corporation and the Utility, including but not limited to earnings guidance for 2021. These statements are based on current expectations and assumptions, which management believes are reasonable, and on information currently available to management, but are necessarily subject to various risks and uncertainties. In addition to the risk that these assumptions prove to be inaccurate, factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include factors disclosed in PG&E Corporation and the Utility’s joint annual report on Form 10-K for the year ended December 31, 2020, their most recent quarterly report on Form 10-Q for the quarter ended March 31, 2021, and other reports filed with the SEC, which are available on PG&E Corporation's website at www.pgecorp.com and on the SEC website at www.sec.gov. PG&E Corporation and PG&E undertake no obligation to publicly update or revise any forward-looking statements, whether due to new information, future events or otherwise, except to the extent required by law.
PG&E CORPORATION |
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
||||||||
|
(Unaudited) |
|||||||
|
Three Months Ended March 31, |
|||||||
(in millions, except per share amounts) |
2021 |
|
2020 |
|||||
Operating Revenues |
|
|
|
|||||
Electric |
$ |
3,395 |
|
|
$ |
3,040 |
|
|
Natural gas |
1,321 |
|
|
1,266 |
|
|||
Total operating revenues |
4,716 |
|
|
4,306 |
|
|||
Operating Expenses |
|
|
|
|||||
Cost of electricity |
590 |
|
|
545 |
|
|||
Cost of natural gas |
307 |
|
|
284 |
|
|||
Operating and maintenance |
2,336 |
|
|
1,967 |
|
|||
Wildfire-related claims, net of insurance recoveries |
172 |
|
|
— |
|
|||
Wildfire Fund expense |
119 |
|
|
— |
|
|||
Depreciation, amortization, and decommissioning |
888 |
|
|
855 |
|
|||
Total operating expenses |
4,412 |
|
|
3,651 |
|
|||
Operating Income |
304 |
|
|
655 |
|
|||
Interest income |
2 |
|
|
16 |
|
|||
Interest expense |
(408) |
|
|
(254) |
|
|||
Other income, net |
127 |
|
|
97 |
|
|||
Reorganization items, net |
— |
|
|
(176) |
|
|||
Income Before Income Taxes |
25 |
|
|
338 |
|
|||
Income tax benefit |
(98) |
|
|
(36) |
|
|||
Net Income |
123 |
|
|
374 |
|
|||
Preferred stock dividend requirement of subsidiary |
3 |
|
|
3 |
|
|||
Income Available for Common Shareholders |
$ |
120 |
|
|
$ |
371 |
|
|
Weighted Average Common Shares Outstanding, Basic |
1,985 |
|
|
529 |
|
|||
Weighted Average Common Shares Outstanding, Diluted |
2,131 |
|
|
648 |
|
|||
Net Earnings Per Common Share, Basic |
$ |
0.06 |
|
|
$ |
0.70 |
|
|
Net Earnings Per Common Share, Diluted |
$ |
0.06 |
|
|
$ |
0.57 |
|
|
|
|
|
|
|||||
Reconciliation of PG&E Corporation’s Consolidated Earnings Available for Common Shareholders in Accordance |
with Generally Accepted Accounting Principles (“GAAP”) to Non-GAAP Core Earnings |
First Quarter, 2021 vs. 2020 |
(in millions, except per share amounts) |
|
Three Months Ended
|
|||||||||||||||
|
Earnings |
|
Earnings per
|
|||||||||||||
(in millions, except per share amounts) |
2021 |
|
2020 |
|
2021 |
|
2020 |
|||||||||
PG&E Corporation's Earnings on a GAAP basis |
$ |
120 |
|
|
$ |
371 |
|
|
$ |
0.06 |
|
|
$ |
0.57 |
|
|
Non-core items: (1) |
|
|
|
|
|
|
|
|||||||||
2019-2020 wildfire-related costs, net of insurance (2) |
133 |
|
|
— |
|
|
0.06 |
|
|
— |
|
|||||
Prior period net regulatory recoveries (3) |
88 |
|
|
— |
|
|
0.04 |
|
|
— |
|
|||||
Amortization of Wildfire Fund contribution (4) |
86 |
|
|
— |
|
|
0.04 |
|
|
— |
|
|||||
Bankruptcy and legal costs (5) |
32 |
|
|
177 |
|
|
0.02 |
|
|
0.27 |
|
|||||
Investigation remedies (6) |
28 |
|
|
28 |
|
|
0.01 |
|
|
0.04 |
|
|||||
PG&E Corporation’s Non-GAAP Core Earnings (7) |
$ |
487 |
|
|
$ |
576 |
|
|
$ |
0.23 |
|
|
$ |
0.89 |
|
|
All amounts presented in the table above and footnotes below are tax adjusted at PG&E Corporation’s statutory tax rate of 27.98% for 2021 and 2020, except for certain costs that are not tax deductible, as identified in the following footnotes. Amounts may not sum due to rounding.
(1) |
“Non-core items” include items that management does not consider representative of ongoing earnings and affect comparability of financial results between periods, consisting of the items listed in the table above. See Exhibit H: Use of Non-GAAP Financial Measures. |
|
(2) |
The Utility incurred costs, net of probable insurance recoveries, of $184 million (before the tax impact of $52 million) during the three months ended March 31, 2021, associated with the 2019-2020 wildfires. This includes accrued charges for third-party claims of $175 million (before the tax impact of $49 million) during the three months ended March 31, 2021, related to the 2019 Kincade fire, and $25 million (before the tax impact of $7 million) during the three months ended March 31, 2021, related to the 2020 Zogg fire. The Utility also incurred costs of $3 million (before the tax impact of $1 million) during the three months ended March 31, 2021, for legal and other costs related to the 2019 Kincade fire, as well as $4 million (before the tax impact of $1 million) during the three months ended March 31, 2021 related to the 2020 Zogg fire. In addition, the Utility also incurred costs of $6 million (before the tax impact of $2 million) during the three months ended March 31, 2021 for clean-up and repair costs related to the 2020 Zogg fire. These costs were partially offset by probable insurance recoveries of $28 million (before the tax impact of $8 million) during the three months ended March 31, 2021, related to the 2020 Zogg fire. |
(in millions, pre-tax) |
Three Months
|
|
|||
2019 Kincade fire-related costs |
|
|
|||
Third-party claims |
$ |
175 |
|
|
|
Legal and other costs |
3 |
|
|
||
2020 Zogg fire-related costs, net of insurance |
|
|
|||
Third-party claims |
25 |
|
|
||
Utility clean-up and repairs |
6 |
|
|
||
Legal and other costs |
4 |
|
|
||
Insurance recoveries |
(28) |
|
|
||
2019-2020 wildfire-related costs, net of insurance |
$ |
184 |
|
|
|
(3) |
The Utility incurred $122 million (before the tax impact of $34 million) during the three months ended March 31, 2021, associated with prior period net regulatory recoveries, reflecting the impact of the April 15, 2021 FERC order denying the Utility's request for rehearing on the Transmission Owner ("TO") 18, which rejected the Utility's direct assignment of common plant to FERC, and impacted TO revenues recorded through December 31, 2020. |
|
(4) |
The Utility recorded costs of $119 million (before the tax impact of $33 million) during the three months ended March 31, 2021 associated with the amortization of Wildfire Fund contributions related to Assembly Bill ("AB") 1054. |
|
(5) |
PG&E Corporation and the Utility recorded costs of $44 million (before the tax impact of $12 million) during the three months ended March 31, 2021, associated with bankruptcy and legal costs. This includes $37 million (before the tax impact of $10 million) during the three months ended March 31, 2021 related to exit financing costs. PG&E Corporation and the Utility also incurred legal and other costs of $7 million (before the tax impact of $2 million) during the three months ended March 31, 2021 ($1 million of legal and other costs during the three months ended March 31, 2021 are not tax deductible). |
(in millions, pre-tax) |
Three Months
|
|||
Exit financing |
$ |
37 |
|
|
Legal and other costs |
7 |
|
||
Bankruptcy and legal costs |
$ |
44 |
|
|
(6) |
The Utility recorded costs of $37 million (before the tax impact of $9 million) during the three months ended March 31, 2021, associated with investigation remedies. This includes $25 million (before the tax impact of $7 million) during the three months ended March 31, 2021, related to the Order Instituting Investigation (“OII”) into the 2017 Northern California Wildfires and the 2018 Camp Fire (the “Wildfires OII”) settlement, as modified by the Decision Different dated April 20, 2020. The Utility also incurred restoration and rebuild costs of $5 million (before the tax impact of $1 million) during the three months ended March 31, 2021, associated with the town of Paradise (2018 Camp fire). The Utility also recorded costs of $7 million (before the tax impact of $1 million) during the three months ended March 31, 2021, for system enhancements related to the Locate and Mark OII ($2 million of Locate and Mark OII system enhancement costs during the three months ended March 31, 2021 are not tax deductible). |
(in millions, pre-tax) |
Three Months
|
|
|||
Wildfire OII disallowance and system enhancements |
$ |
25 |
|
|
|
Paradise restoration and rebuild |
5 |
|
|
||
Locate and Mark OII system enhancements |
7 |
|
|
||
Investigation remedies |
$ |
37 |
|
|
|
(7) |
"Non-GAAP core earnings" is a non-GAAP financial measure. See Exhibit H: Use of Non-GAAP Financial Measures. |
PG&E Corporation's 2021 Earnings Guidance |
|
2021 |
|||||||||
EPS Guidance |
|
Low |
|
High |
||||||
Estimated Earnings on a GAAP basis |
|
|
$ |
0.07 |
|
|
|
$ |
0.21 |
|
Estimated Non-Core Items: (1) |
|
|
|
|
|
|
||||
Bankruptcy and legal costs (2) |
|
~ |
0.69 |
|
|
~ |
0.66 |
|
||
Investigation remedies (3) |
|
~ |
0.05 |
|
|
~ |
0.05 |
|
||
Amortization of Wildfire Fund contribution (4) |
|
~ |
0.16 |
|
|
~ |
0.16 |
|
||
2019-2020 wildfire-related costs (5) |
|
~ |
0.07 |
|
|
~ |
0.07 |
|
||
Net securitization inception impact (6) |
|
~ |
(0.07) |
|
|
~ |
(0.07) |
|
||
Prior period net regulatory recoveries (7) |
|
~ |
(0.03) |
|
|
~ |
(0.03) |
|
||
Estimated EPS on a non-GAAP Core Earnings basis |
|
~ |
$ |
0.95 |
|
|
~ |
$ |
1.05 |
|
All amounts presented in the table above and footnotes below are tax adjusted at PG&E Corporation’s statutory tax rate of 27.98% for 2021, except for certain costs that are not tax deductible, as identified in the following footnotes. Amounts may not sum due to rounding.
(1) |
“Non-core items” include items that management does not consider representative of ongoing earnings and affect comparability of financial results between periods. See Exhibit H: Use of Non-GAAP Financial Measures. |
|
(2) |
“Bankruptcy and legal costs" consists of exit financing costs including interest on temporary Utility debt and write-off of unamortized fees related to the retirement of PG&E Corporation debt, reversal of the tax benefit recorded for shares transferred to the Fire Victim Trust, and legal and other costs associated with PG&E Corporation and the Utility's Chapter 11 filing. The total offsetting tax impact for the low and high non-core guidance range is $72 million and $47 million, respectively. |
|
|
2021 |
||||||||
(in millions, pre-tax) |
|
Low guidance
|
|
High
|
||||||
Exit financing |
|
~ |
$ |
135 |
|
|
~ |
$ |
95 |
|
Fire Victim Trust grantor trust benefit |
|
~ |
1,300 |
|
|
~ |
1,300 |
|
||
Legal and other costs |
|
~ |
120 |
|
|
~ |
70 |
|
||
Bankruptcy and legal costs |
|
~ |
$ |
1,555 |
|
|
~ |
$ |
1,465 |
|
(3) |
“Investigation remedies" includes costs related to the Wildfire OII Decision Different, Paradise restoration and rebuild, and Locate and Mark OII system enhancements. The total offsetting tax impact for the low and high non-core guidance range is $18 million. |
|
|
2021 |
||||||||
(in millions, pre-tax) |
|
Low guidance
|
|
High
|
||||||
Wildfire OII disallowance and system enhancements |
|
~ |
$ |
80 |
|
|
~ |
$ |
80 |
|
Paradise restoration and rebuild |
|
~ |
25 |
|
|
~ |
25 |
|
||
Locate and Mark OII system enhancements |
|
~ |
25 |
|
|
~ |
25 |
|
||
Investigation remedies |
|
~ |
$ |
130 |
|
|
~ |
$ |
130 |
|
(4) |
"Amortization of Wildfire Fund contribution” represents the amortization of Wildfire Fund contributions related to AB 1054. The total offsetting tax impact for the low and high non-core guidance range is $130 million. |
|
|
2021 |
||||||||
(in millions, pre-tax) |
|
Low guidance
|
|
High
|
||||||
Amortization of Wildfire Fund contribution |
|
~ |
$ |
465 |
|
|
~ |
$ |
465 |
|
(5) |
“2019-2020 wildfire-related costs" includes third-party claims and legal and other costs associated with the 2019 Kincade fire, and utility clean-up and repairs costs associated with the 2020 Zogg fire. The total offsetting tax impact for the low and high non-core guidance range is $60 million and $55 million, respectively. |
|
|
2021 |
||||||||
(in millions, pre-tax) |
|
Low guidance
|
|
High
|
||||||
2019 Kincade fire-related costs |
|
|
|
|
|
|
||||
Third-party claims |
|
~ |
$ |
175 |
|
|
~ |
$ |
175 |
|
Legal and other costs |
|
~ |
30 |
|
|
~ |
10 |
|
||
2020 Zogg fire-related costs |
|
|
|
|
|
|
||||
Utility clean-up and repairs |
|
~ |
10 |
|
|
~ |
10 |
|
||
2019-2020 wildfire-related costs |
|
~ |
$ |
215 |
|
|
~ |
$ |
195 |
|
(6) |
“Net securitization inception impact" represents the impact upon inception of rate neutral securitization and reflects the difference between the securitization regulatory asset and the regulatory liability associated with the revenue credits funded by up-front shareholder contributions and the Net Operating Loss monetization. This reflects the assumption that the CPUC will authorize the securitization of $7.5 billion of wildfire-related claims that is designed to be rate neutral on average to customers based on the final decision issued April 22, 2021. The total offsetting tax impact for the low and high non-core guidance range is $59 million. |
|
|
2021 |
||||||||
(in millions, pre-tax) |
|
Low guidance
|
|
High
|
||||||
Net securitization inception impact |
|
~ |
$ |
(210) |
|
|
~ |
$ |
(210) |
|
(7) |
“Prior period net regulatory recoveries" represents the recovery of capital expenditures from 2011 through 2014 above amounts adopted in the 2011 GT&S rate case, partially offset by the impact of the April 15, 2021 FERC order denying the Utility's request for rehearing on the TO18, which rejected the Utility's direct assignment of common plant to FERC, and impacted TO revenues recorded through December 31, 2020. The total offsetting tax impact for the low and high non-core guidance range is $22 million. |
|
|
2021 |
||||||||
(in millions, pre-tax) |
|
Low guidance
|
|
High
|
||||||
2011 GT&S capital audit |
|
~ |
$ |
(200) |
|
|
~ |
$ |
(200) |
|
TO18 FERC ruling impact |
|
~ |
120 |
|
|
~ |
120 |
|
||
Prior period net regulatory recoveries |
|
~ |
$ |
(80) |
|
|
~ |
$ |
(80) |
|
Undefined, capitalized terms have the meanings set forth in the PG&E Corporation and the Utility’s joint quarterly report on Form 10-Q for the quarter ended March 31, 2021.
|
Use of Non-GAAP Financial Measures PG&E Corporation and Pacific Gas and Electric Company |
|
PG&E Corporation discloses historical financial results and provides guidance based on “non-GAAP core earnings” and “non-GAAP core EPS” in order to provide a measure that allows investors to compare the underlying financial performance of the business from one period to another, exclusive of non-core items.
“Non-GAAP core earnings” is a non-GAAP financial measure and is calculated as income available for common shareholders less non-core items. “Non-core items” include items that management does not consider representative of ongoing earnings and affect comparability of financial results between periods, consisting of the items listed in Exhibit A. “Non-GAAP core EPS,” also referred to as “non-GAAP core earnings per share,” is a non-GAAP financial measure and is calculated as non-GAAP core earnings divided by common shares outstanding (diluted). PG&E Corporation and the Utility use non-GAAP core earnings and non-GAAP core EPS to understand and compare operating results across reporting periods for various purposes including internal budgeting and forecasting, short- and long-term operating planning, and employee incentive compensation. PG&E Corporation and the Utility believe that non-GAAP core earnings and non-GAAP core EPS provide additional insight into the underlying trends of the business, allowing for a better comparison against historical results and expectations for future performance. With respect to our projection of Non-GAAP Core EPS for the years 2022-2025, we are not providing a reconciliation to the corresponding GAAP measures because we are unable to predict with reasonable certainty the reconciling items that may affect GAAP net income without unreasonable effort. The reconciling items are primarily due to the future impact of wildfire-related costs, timing of regulatory recoveries, special tax items, and investigation remedies. These reconciling items are uncertain, depend on various factors and could significantly impact, either individually or in the aggregate, the GAAP measures.
Non-GAAP core earnings and non-GAAP core EPS are not substitutes or alternatives for GAAP measures such as consolidated income available for common shareholders and may not be comparable to similarly titled measures used by other companies.
Investor Relations Contact: 415.972.7080
Media Inquiries Contact: 415.973.5930
NEW YORK--(BUSINESS WIRE)--Piedmont Lithium Limited (“Piedmont” or the “Company”) (Nasdaq:PLL; ASX:PLL) is pleased to provide the following update on the status of its proposed re-domiciliation from Australia to the United States.
Piedmont shareholders have today approved, by the requisite majorities, the proposed scheme of arrangement pursuant to which it is proposed that Piedmont Lithium Inc. (Piedmont US) will acquire 100% of the shares in Piedmont (Scheme).
In accordance with Listing Rule 3.13.2 and section 251AA of the Corporations Act 2001 (Cth), a detailed report of proxies received and the votes cast in respect to the resolution approving the Scheme is included as Appendix 1 to this announcement.
Although Piedmont shareholder approval has been obtained, the Scheme remains subject to a number of conditions as set out in the Scheme Implementation Deed (a full copy of which is disclosed within the scheme booklet, which is available on the ASX website at www.asx.com.au and on Piedmont's website at www.piedmontlithium.com), including:
Subject to these remaining conditions being satisfied or waived, implementation of the Scheme is expected to occur on May 17, 2021.
Further information
If you require further information or have questions, please contact the please contact the Piedmont Scheme Information Line on 1300 218 182 (within Australia) or +61 3 9415 4233 (outside Australia) Monday to Friday between 8:30am and 5:00pm (AEDT).
This announcement has been authorized for release by the Company’s Company Secretary, Mr Gregory Swan.
Click here to view the full ASX Announcement.
Keith Phillips
President & CEO
T: +1 973 809 0505
E: This email address is being protected from spambots. You need JavaScript enabled to view it.
Brian Risinger
VP - Investor Relations and Corporate Communications
T: +1 704 910 9688
E: This email address is being protected from spambots. You need JavaScript enabled to view it.
NEW YORK--(BUSINESS WIRE)--#climatechange--Promoted by governmental funding programs worldwide, hydrogen is predicted to play a leading role in the energy transition towards a low-carbon economy. As an alternative to fossil fuels like oil and coal, hydrogen solutions could be key for tackling climate change in the future, helping many industries to reduce their carbon emissions. While hydrogen technology has been in use for decades, currently planned mega projects require a scaling up of risk management.
A new bulletin from Allianz Global Corporate & Specialty (AGCS) highlights some of the opportunities and challenges of the emerging hydrogen industry, stressing that potential risks around the production, storage and transportation of hydrogen – most notably fire and explosion but also technical failure and business interruption – need to be proactively managed.
“Hydrogen (produced from low-carbon or even renewable energies) is of growing importance for the substitution of fossil fuels in the fields of energy, supply, mobility and industry,” says Chris van Gend, Global Head of Energy and Construction at AGCS. “It has the potential to morph from a niche power source into big business, with countries committing billions to scale up their infrastructure and with projects being introduced around the globe. Despite these successes, there are challenges to overcome for hydrogen to become a major part of the energy transition, such as the cost of production, supply chain complexity and a need for new safety standards.”
Backed by governments: Over 30 countries have produced hydrogen roadmaps
The global shift toward decarbonization has triggered strong momentum in the hydrogen industry. Hydrogen offers several options for the transition towards a low-carbon economy: as an energy carrier and storage medium for conversion back to electricity, as a fuel for all means of transport and mobility and as a potential substitute for fossil hydrocarbons in industries such as steel production or petrochemicals.
Around the world, there is strong governmental commitment for hydrogen initiatives, backed by financial support and regulation: As of the beginning of 2021, over 30 countries have produced hydrogen roadmaps and governments worldwide have committed more than $70bn in public funding, according to McKinsey. There are more than 200 large-scale production projects in the pipeline.
In the US, more than 30 states have already adopted action plans to promote hydrogen technology. The goal is to build a broad-based hydrogen industry that will generate $140bn in annual income and employ 700,000 people by 2030.
Assessing the risk environment
Many of the technologies used for the generation of hydrogen or energy from hydrogen are well known in principle. “Today the vast majority of hydrogen is produced and used on site in industry. What is new is that the type and scale of its adaption is changing fundamentally, with the expected rapid growth of plants in future. We see the advent of giga-scale projects in many countries with various new players entering the market and established players sizing up – and risk management has to keep pace,” says Thomas Gellermann, an AGCS risk consultant and expert at Allianz Center for Technology.
From a technology perspective, the following operational risks are highlighted in the AGCS bulletin:
Significant increase in demand for insurance expected
While standalone hydrogen projects have been rare in the insurance market to date, hydrogen production as part of integrated refining and petrochemical facilities, and as a part of AGCS’ coverage of industrial gas programs in its property book, has long been a staple of AGCS’ insurance portfolio. Given the numerous projects planned around the world, insurers can expect to see a significant increase in demand for coverage in future to construct and operate electrolysis plants or pipelines for hydrogen transportation.
“As with any energy risk, fire and explosion is a key peril. Business interruption and liability exposures are also key as are transit, installation and mechanical failure risks,” van Gend explains. He expects a significant ramp up in opportunities to which AGCS aims to respond in a proactive manner. “We are developing a more detailed underwriting approach for hydrogen projects, ensuring that we can serve clients globally. There is rightly great enthusiasm around hydrogen solutions as a key driver towards a low-carbon economy, but we shouldn’t overlook that these projects involve complex industrial and energy risks and require high levels of engineering expertise and insurance know-how in order to be able to provide coverage. We will apply the same rigor in risk selection and underwriting for hydrogen projects that we do on our existing energy construction and operational business.”
For the full overview of loss prevention measures for the hydrogen economy download here.
About Allianz Global Corporate & Specialty
Allianz Global Corporate & Specialty (AGCS) is a leading global corporate insurance carrier and a key business unit of Allianz Group. We provide risk consultancy, Property-Casualty insurance solutions and alternative risk transfer for a wide spectrum of commercial, corporate and specialty risks across 10 dedicated lines of business.
Our customers are as diverse as business can be, ranging from Fortune Global 500 companies to small businesses, and private individuals. Among them are not only the world’s largest consumer brands, tech companies and the global aviation and shipping industry, but also satellite operators or Hollywood film productions. They all look to AGCS for smart answers to their largest and most complex risks in a dynamic, multinational business environment and trust us to deliver an outstanding claims experience.
Worldwide, AGCS operates with its own teams in 31 countries and through the Allianz Group network and partners in over 200 countries and territories, employing over 4,400 people. As one of the largest Property-Casualty units of Allianz Group, we are backed by strong and stable financial ratings. In 2020, AGCS generated a total of €9.3 billion gross premium globally.
Cautionary Note Regarding Forward-Looking Statements
Sabrina Glavan
Allianz Global Corporate & Specialty
973 876 3902
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Erin Burke
Harden Communications Partners
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Commission Adopts MWBE Policy Navigating a Brighter Future for All
HOUSTON--(BUSINESS WIRE)--The Port Commission of the Port of Houston Authority met virtually in regular session on Tuesday for its April meeting. Chairman Ric Campo reflected on the priorities of Port Houston’s future, as he emphasized its commitment to continued investment in infrastructure to keep growing and sustaining 1.35 million Texan jobs, and providing opportunities to thrive for small and minority and women-owned businesses (MWBE).
The meeting opened with encouragement and support from Harris County officials and the City of Houston, including Harris County Commissioners Rodney Ellis and Adrian Garcia and Houston Mayor Sylvester Turner. These officials commended the Port Commission for improving and strengthening opportunities for minorities and women-owned companies to access Port Houston business, through its new MWBE policy, an item on the Port Commission’s agenda.
Later in the meeting, the Port Commission approved the Minority- and Woman-Owned Business Enterprise Development Policy, accompanied by the Amended and Restated Small Business Development Policy.
The officials also expressed support of Port Houston’s efforts to achieve continued improvement of the Houston Ship Channel through the Project 11 deepening and widening project, keeping Port Houston competitive and generating jobs and economic impact for the region and the state.
Notably, the Commission awarded the first Project 11 construction contract at the meeting – and more than half of the total $24 million in contracts approved at the meeting supported Project 11 efforts.
“Each step forward in this project represents the future prosperity of over 3.2 million Americans who rely on this channel for their livelihoods, and the future generations who will benefit from these investments for decades to come,” Chairman Campo said, concerning this significant milestone.
In his operational update, Executive Director Roger Guenther announced that container volume in March was the highest ever. Port Houston handled 297,397 twenty-foot equivalent units (TEUs) in the last month, a 20% gain over March of last year.
Guenther also announced the production of a special video offering a unique “behind the scenes” look at what makes Port Houston work. “Navigating the Future” includes Guenther, Chairman Campo, and others as they discuss port activity, the economic outlook, infrastructure, environmental and MWBE initiatives, and much more.
The free video will be available Thurs. April 29 starting at 11:00 a.m. (CST) at https://www.youtube.com/user/PortHoustonAuthority
The next Port Commission meeting is scheduled for May 25.
About Port Houston
For more than 100 years, Port Houston has owned and operated the public wharves and terminals along the Houston Ship Channel, including the area’s largest breakbulk facility and two of the most efficient and fastest-growing container terminals in the country. Port Houston is the advocate and a strategic leader for the Channel. The Houston Ship Channel complex and its more than 200 public and private terminals, collectively known as the Port of Houston, is the nation’s largest port for waterborne tonnage and an essential economic engine for the Houston region, the state of Texas, and the U.S. The Port of Houston supports the creation of nearly 1.35 million jobs in Texas and 3.2 million jobs nationwide, and economic activity totaling $339 billion in Texas – 20.6 percent of Texas’ total gross domestic product (GDP) – and $801.9 billion in economic impact across the nation. For more information, visit the website at www.PortHouston.com.
Lisa Ashley, Director, Media Relations
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DUBLIN--(BUSINESS WIRE)--The "Bio LPG Market - Global Industry Analysis (2017 - 2020), Growth Trends and Market Forecast (2021 - 2025)" report has been added to ResearchAndMarkets.com's offering.
Bio LPG market valuation to reach US$ 1.02 Bn by 2025
With the LPG sector exploring almost a dozen different pathways to pave way for a decarbonized future, the bio LPG market is expected to register a double-digit growth. The publisher has predicted a remarkable 47% CAGR for the market between 2021 and 2025. However, the bid to reduce dependence on conventional LPG will be replete with several commercial and technological hurdles.
Produced from organic and renewable feedstock, bio LPG mimics the chemical structure of conventional LPG but with less than 80% carbon footprint, as per Liquid Gas Europe. The demand for impactful and affordable access to modern energy is increasing and this will continue helping the market gain impetus through the report's forecast period.
Bio LPG has recently been issued Renewable Transport Fuel Certificates (RTFCs) by the UK Department of Transport. Several other policymakers are expected to join the bandwagon and recognize bio LPG as an effective method for reducing carbon footprint. The report identifies these developments as chief drivers of the market.
Possibility of Deriving Bio LPG from Multiple Sources
Bio LPG can be obtained in multiple ways, primarily as bioproducts, using diverse processes and feedstocks. The more prevalent method includes about 40% renewable vegetable oil such as palm, soy, rapseed, and others and 60% waste and residue materials such as feedstock. Other advanced processes include gasification through "Fischer-Tropsch" process, which converts hydrogen and carbon monoxide into liquid fuels.
There also are processes that are yet to make a mark. For instance, processes involving fermentation to LPG, the conversion of biomethane/ biogas, glycerin to propane, and others. The market is potentially going to need all these processes at various levels across various places in the world.
Europe Emerges Dominant
Europe produces nearly 90% of bio LPG and much of it is marketed in the region itself. To this day, Europe remains one of the highly lucrative markets, trailed by North America. As per this report, Europe accounts for more than 90% of the global market share hence its dominance is expected to continue through the course of the forecast period.
The presence of several leading players such as ENI, Nestle Oil, Total SE, Global Bioenergies, PREEM Group, and others has been giving tailwinds to the growth registered in the Europe market. In 2018, Nestle commenced the world's first largescale renewable production facility in Rotterdam, Netherlands. Backed by expansion strategies undertaken by some of the leading market players, Europe will continue boasting lead in the market.
Key Players to Aim at Capacity Expansion
Key players operating in the market are primarily focusing on strategic collaborations. While their intent is mostly set on strengthening their footprint, they also are focusing on novel opportunities.
For instance, in October 2020, Repsol announced its plans for building a low emission advanced biofuel plant in Spain. Meanwhile, in October 2020, Preem AB launched a project to rebuild its Lysekil refinery to become the largest producer of renewable fuel in Scandinavia.
Some of the companies profiled in the report are Total SE, ENI, Neste Oil, PREEM Group, Renewable Energy Group, AvantiGas, Irving Oil, Global Bioenergies, SHV Energy, and Diamond Green Diesel.
Key Insights into Bio LPG Market:
Key Topics Covered:
1. Executive Summary
2. Market Overview
2.1. Market Definitions and Segmentations
2.2. Market Dynamics
2.3. Value Chain Analysis
2.4. Porter's Five Forces Analysis
2.5. Covid-19 Impact
2.5.1. Supply Chain
2.5.2. Raw Materials Impact Analysis
3. Price Trends Analysis and Future Projects, 2017-2025
3.1. Key Highlights
3.2. by Feedstock/by End-user
3.3. By Region
4. Global Bio LPG Market Outlook, 2017-2025
4.1. Global Bio LPG Market Outlook, by Feedstock, Volume (Kilo Tons) and Value (US$ Mn), 2017-2025
4.1.1. Key Highlights
4.1.1.1. Bio-oil
4.1.1.2. Cellulosic Organic Waste
4.1.1.3. Others (Sugar, Glycerine, Wet Waste, etc.)
4.1.2. BPS Analysis/Market Attractiveness Analysis, by Feedstock
4.2. Global Bio LPG Market Outlook, by End-user, Volume (Kilo Tons) and Value (US$ Mn), 2017-2025
4.2.1. Key Highlights
4.2.1.1. Residential
4.2.1.2. Chemical & Petrochemical
4.2.1.3. Industrial & Others
4.2.2. BPS Analysis/Market Attractiveness Analysis, by End-user
4.3. Global Bio LPG Market Outlook, by Region, Volume (Kilo Tons) and Value (US$ Mn), 2017-2025
5. North America Bio LPG Market Outlook, 2017-2025
6. Europe Bio LPG Market Outlook, 2017-2025
7. Asia Pacific Bio LPG Market Outlook, 2017-2025
8. Rest of the World (RoW) Bio LPG Market Outlook, 2017-2025
9. Competitive Landscape
9.1. Company Market Share Analysis, 2019
9.2. Strategic Collaborations
9.3. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/s3fmxm
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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Application Deadline is June 1, 2021; Awards of Up to $10,000
SAN FRANCISCO--(BUSINESS WIRE)--Pacific Gas and Electric Company (PG&E) and The PG&E Corporation Foundation (The Foundation) are encouraging qualified students to apply for the Better Together STEM Scholarship Program. The Foundation will provide funding for a total of $250,000 to students pursuing a degree in the Science, Technology, Engineering and Math (STEM) disciplines. The program will award 20 scholarships of $10,000 each and 20 scholarships of $2,500 each.
“For PG&E, enhancing opportunities and the future for our young people is part of delivering on our triple bottom line of serving people, the planet and California’s prosperity,” said Stephanie Isaacson, Executive Director of The PG&E Corporation Foundation. “Through this scholarship program, we’re helping local students pursue their dreams of becoming the next generation of engineers, innovators or environmental scientists who will lead the way into our clean energy future.”
Scholarships will be awarded based on academic achievement, demonstrated participation and leadership in school and community activities, and financial need. Interested applicants can learn more and apply here. Awards will be announced in August.
“Thank you for your generous donation in funding the Better Together STEM Scholarship. I have had a passion for civil engineering ever since elementary school. Being able to study something I have been passionate about at my dream school is a privilege and a joy,” said 2020 scholarship winner Shan Qing Ou.
Eligibility Requirements
Applications are open to graduating high school seniors, current college students, U.S. military veterans and adults returning to school who are PG&E customers at the time of application.
Applicants must plan to enroll in full-time undergraduate study for the entire 2021-2022 academic year and be seeking their first undergraduate degree at an accredited four-year institution in California.
Students enrolled in the following majors are eligible:
Supporting Local Scholars
Since 2012, the Better Together STEM Scholarship Program has awarded more than $6.5 million to accomplished students based on a combined demonstration of community leadership, personal triumph, financial need and academic achievement.
In addition to the Better Together STEM Scholarship Program, PG&E’s 10 employee resource groups (ERGs) and two engineering networking groups (ENGs) award scholarships to help offset the cost of higher education. The funds are raised totally through employee donations, employee fundraising events and Campaign for the Community, the company’s employee giving program. Since 1989, more than $5 million ERG scholarships have been received by thousands of recipients.
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.
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415-973-5930
Global renewable fuels leader will implement advanced technologies to accelerate its digital transformation and meet global demand
AUSTIN, Texas--(BUSINESS WIRE)--Emerson (NYSE: EMR), a global technology, software and engineering company, has been selected to support Neste’s digital transformation of its expanded refinery in Tuas, Singapore. Emerson’s automation systems and software will help Neste deliver high-performance, efficient operations, supporting Neste’s plans to increase production by up to 1.3 million tons per annum by 2023.
Neste is the world’s largest producer for renewable diesel and sustainable aviation fuel produced from renewable waste and residue raw materials. At the end of 2018, Neste made a strategic decision to expand its production facility in Singapore via the Singapore Expansion Project. On top of its existing 1.3 million tons annual production capacity of renewable diesel, the expanded refinery will have additional capacity to produce up to 1 million tons of sustainable aviation fuel and renewable raw materials for polymers and chemicals, supporting the company’s goal to reduce customers’ greenhouse gas emissions by at least 20 million tons annually by 2030.
To ensure the construction of the Neste Singapore Expansion Project is on time and on budget, Emerson is working with Neste to incorporate its Project Certainty methodology, the company’s approach to ensuring successful capital project execution. Emerson will help Neste complete automation system implementation smoothly to bring Neste’s expanded refinery on line by 2023. Cloud engineering capabilities enable global engineering teams to collaborate remotely to optimize project designs and accelerate project schedules. Smart Commissioning software automates device commissioning, enabling faster, smoother startup of the production.
“By incorporating a digital foundation, advanced analytics and mobile collaboration capabilities into its expanded refinery’s operations starting from its construction phase, Neste is well positioned for long-term operational excellence,” said Ron Martin, president for Emerson’s process systems and solutions business.
Neste will apply Emerson’s DeltaV™ automation system and software to control production for efficient performance and to deliver on-demand remote access to data and analytics. Emerson’s advanced systems, software, analytics and mobility tools – part of its Plantweb™ digital ecosystem – establish the foundation to digitally transform operations by turning relevant data into new operational insights and actionable information that empower better decision-making.
For more on Emerson’s Plantweb digital ecosystem, visit Emerson.com/Plantweb
For more on Emerson’s DeltaV automation system, visit Emerson.com/DeltaV
About Emerson
Emerson (NYSE: EMR), headquartered in St. Louis, Missouri (USA), is a global technology and engineering company providing innovative solutions for customers in industrial, commercial and residential markets. Our Automation Solutions business helps process, hybrid and discrete manufacturers maximize production, protect personnel and the environment while optimizing their energy and operating costs. Our Commercial & Residential Solutions business helps ensure human comfort and health, protect food quality and safety, advance energy efficiency and create sustainable infrastructure. For more information, visit Emerson.com.
Additional resources:
Denise Clarke
512-587-5879
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Intense Field Trial Shows Success and Practicality of Arnco’s Heat-less Welding Technology
HOUSTON--(BUSINESS WIRE)--#completions--Since pioneering casing-friendly hardbanding alloys nearly 25 years ago, Arnco has been in the business of protecting pipe. With their patent-pending Heat-less Welding Solutions, they’ve increased the life of work string tubing by rebuilding the upsets to new pipe specifications while maintaining metallurgical and mechanical integrity of new pipe. A recent field trial showcased the effectiveness and viability of the technology by drilling out 275 frac plugs across 4 wells with tubing refurbished using Arnco’s Heat-less Welding Solution.
The field trial took place in some of the harshest conditions in West Texas, challenging the durability of the rebuilt connections. Throughout the trial, the repaired joints of tubing were placed at different locations throughout the wellbore, ranging from the very top to the very bottom and spaced out in between. While drilling out plugs in these 4 wells, the pipe became stuck multiple times and was pulled beyond the rated capacity of the tube - up to 240,000 lbs. - without issue.
According to Paco Mclaughlin, Arnco President, “We really wanted to test this pipe so we asked that it be put in the toughest spots in the wellbore. When drilling was completed, thread gauging and black light inspections revealed no flaws or cracks. There was nothing to concern the operator. Arnco’s refurbished tubing performed as well as new tubing.”
Arnco Technology’s Heat-less Welding Solutions are transforming the petroleum industry by solving long-standing problems in an economical way that is effective and safe.
“The Arnco team understands that to be market leaders, we need to solve problems that provide value to the customer. Our ability to rebuild pipe back to new dimensional condition at as low as half the cost of purchasing new pipe significantly lowers overall cost of ownership and provides another option vs. purchasing new pipe at higher prices,” says Mclaughlin. “We’re excited to offer a cost-saving alternative to an industry that hasn’t had another option until now.”
See the complete results of this field trial to learn more about the effectiveness of Arnco’s Heatless Welding Solutions and their real-world application in the field.
ABOUT ARNCO
Arnco is the global leader in wear-resistant, casing-friendly hardbanding alloys that provide top tier protection for the worldwide petroleum industry’s drill pipe, casing, and tubing. Arnco’s hardbanding products are the longest standing and most widely used hardbanding products on the market, requested and used in every active drilling region around the world.
For more information on Arnco, visit ArncoTech.com and LinkedIn.
John Seerey, Director of Sales and Marketing
Arnco Technology
+1-281-546-7979
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