Names New Board of Directors and Leadership Team
Emerges from Bankruptcy with Greatly Improved Balance Sheet and Cost Structure; Poised to Deliver Sustainable Free Cash Flow Generation and Shareholder Returns
OKLAHOMA CITY--(BUSINESS WIRE)--Gulfport Energy Corporation (NYSE: GPOR) (the “Company” and together with its wholly owned subsidiaries, “Gulfport”) today announced that it has successfully completed its restructuring process and emerged from chapter 11 protection. As contemplated by Gulfport’s Plan of Reorganization (the “Plan”) that was confirmed by the U.S. Bankruptcy Court for the Southern District of Texas on April 28, 2021, Gulfport has exited bankruptcy with a new Board of Directors; a strengthened balance sheet, with $853 million of total debt representing more than $1.2 billion of deleveraging through the Chapter 11 process; and approximately $135 million of liquidity. At emergence, Gulfport’s net-debt-to-EBITDA is approximately 1.5x. Please refer to Gulfport’s emergence presentation for more details which will be provided in a Form 8-K and can also be found on the Company’s Investor Relations site: https://ir.gulfportenergy.com.
New Board of Directors and Leadership Team
In accordance with the Plan, the Company has appointed a new Board of Directors effective immediately. The Board is comprised of five new directors who are experienced industry professionals: Timothy J. Cutt (Chairman), David Wolf (Lead Independent Director), Guillermo “Bill” Martinez, Jason Martinez and David Reganato. Biographies for the directors can be found on the Company’s website at: https://www.gulfportenergy.com/about/board-of-directors.
The Company also announced the retirement of David M. Wood, the Company’s President and Chief Executive Officer effective immediately. Additionally, Quentin Hicks, Gulfport’s Chief Financial Officer, has resigned effective immediately to pursue other opportunities. The Board has appointed Chairman Timothy J. Cutt as Interim Chief Executive Officer and William “Bill” J. Buese as Chief Financial Officer. Mr. Cutt will serve in the interim position at least through year end 2021 and the Board will conduct a search for a permanent CEO at the appropriate time.
Message from Timothy J. Cutt, Chairman and Interim Chief Executive Officer
“We want to thank Dave, Quentin and the departing Gulfport Board for their leadership through a complex and challenging Chapter 11 process. Gulfport is emerging from its successful restructuring having materially improved its balance sheet and midstream cost structure, which leaves Gulfport well-positioned for future success. Today, we begin a new chapter at Gulfport with a strategy focused on continuing to reduce costs and generating sustainable free cash flow in an effort to drive shareholder value. In addition, we are committed to an emphasized focus on sustainability, and Gulfport will continue to prioritize safety, environmental stewardship, and maintaining strong relationships with the communities in which we operate.”
“I also want to thank the entire Gulfport workforce for their hard work and commitment to the Company and each other through the restructuring process.”
Listing on the NYSE
Gulfport’s new common shares will be listed on the NYSE under the ticker symbol "GPOR" and is expected to commence trading on May 18, 2021.
Details of the restructuring, the securities issued pursuant to the Plan and the debt and other agreements entered into as part of the Plan will be provided in a Form 8-K which can be viewed on the Company's website or the Securities and Exchange Commission's website at www.sec.gov.
Advisors
Kirkland & Ellis LLP and Jackson Walker L.L.P. served as legal co-counsel, Perella Weinberg Partners and its affiliate, Tudor Pickering Holt & Co. served as financial advisors, and Alvarez & Marsal served as restructuring advisor to the Company.
Additional Information
Additional information regarding the securities issued pursuant to the Plan, debt and other agreements entered into as part of the Plan has also been provided in a Form 8-K, which can be viewed on the Company’s website or the Securities and Exchange Commission’s website at www.sec.gov. Additional information regarding the Company’s restructuring is available at www.gulfportenergy.com/restructuring. Court filings are available at https://dm.epiq11.com/Gulfport. Questions should be directed to the Company’s claims agent by email to This email address is being protected from spambots. You need JavaScript enabled to view it. or by phone at (888) 905-0409 (toll free) or +1 (503) 597-7687 (international).
About Gulfport
Gulfport Energy is an independent returns-oriented, gas-weighted, exploration and development company and is one of the largest producers of natural gas in the contiguous United States. Headquartered in Oklahoma City, Gulfport holds significant acreage positions in the Utica Shale of Eastern Ohio and the SCOOP Woodford and SCOOP Springer plays in Oklahoma.
Forward-Looking Statements
This press release includes “forward-looking statements” for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are statements other than statements of historical fact. They include statements regarding: (i) the effect of the chapter 11 reorganization and sufficiency of the financing package; (ii) Gulfport’s ability to continue implementing operating efficiencies and technical developments; and (iii) Gulfport’s ability to capitalize on the reorganization and emerge as a stronger and more competitive enterprise. Although Gulfport believes the expectations and forecasts reflected in the forward-looking statements are reasonable, Gulfport can give no assurance they will prove to have been correct. They can be affected by inaccurate or changed assumptions or by known or unknown risks and uncertainties. Important risks, assumptions and other important factors that could cause future results to differ materially from those expressed in the forward-looking statements are described under "Risk Factors" in Item 1A of Gulfport’s annual report on Form 10-K for the year ended December 31, 2020 and any updates to those factors set forth in Gulfport's subsequent quarterly reports on Form 10-Q or current reports on Form 8-K (available at https://ir.gulfportenergy.com/all-sec-filings). Gulfport undertakes no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events.
Non-GAAP Financial Measures
EBITDA is a non-GAAP financial measure equal to net income, the most directly comparable GAAP financial measure, plus interest expense, income tax expense, accretion expense, depreciation, depletion and amortization and impairment of oil and gas properties. Adjusted EBITDA is a non-GAAP financial measure equal to EBITDA less non-cash derivative loss rig terminations fees, gain on debt extinguishment, non-recurring general and administrative expenses and loss from equity method investments cash flow from operating activities before changes in operating assets and liabilities is a non-GAAP financial measure equal to cash provided by operating activity before changes in operating assets and liabilities and inclusive of capitalized expenses incurred during the given period. Free cash flow is a non-GAAP measure defined as cash flow from operating activities before changes in operating assets and liabilities (as defined above) less capital expenditures incurred. Adjusted net income is a non-GAAP financial measure equal to pre-tax net income less non cash derivative loss, impairment of oil and gas properties, rig terminations fees, gain on debt extinguishment and loss from equity method investments. Gulfport has presented EBITDA, adjusted EBITDA, adjusted net income, cash flow from operating activities before changes in operating assets and liabilities and free cash flow because it uses these measures as an integral part of its internal reporting to evaluate its performance and the performance of its senior management. These measures are considered important indicators of the operational strength of Gulfport's business and eliminate the uneven effect of considerable amounts of non-cash depletion, depreciation of tangible assets and amortization of certain intangible assets. A limitation of these measures, however, is that they do not reflect the periodic costs of certain capitalized tangible and intangible assets used in generating revenues in Gulfport’s business. Management evaluates the costs of such tangible and intangible assets and the impact of related impairments through other financial measures, such as capital expenditures, investment spending and return on capital. Therefore, Gulfport believes that these measures provide useful information to its investors regarding its performance and overall results of operations. EBITDA, adjusted EBITDA, adjusted net income, cash flow from operating activities before changes in operating assets and liabilities and free cash flow are not intended to be performance measures that should be regarded as an alternative to, or more meaningful than, either net income as an indicator of operating performance or to cash flows from operating activities as a measure of liquidity. In addition, EBITDA, adjusted EBITDA, adjusted net income and cash flow from operating activities before changes in operating assets and liabilities are not intended to represent funds available for dividends, reinvestment or other discretionary uses, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The EBITDA, adjusted EBITDA, adjusted net income, cash flow from operating activities before changes in operating assets and liabilities and free cash flow presented in this press release may not be comparable to similarly titled measures presented by other companies, and may not be identical to corresponding measures used in Gulfport's various agreements.
Investor Contact
Jessica Antle – Director, Investor Relations
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405-252-4550
Media Contact
Reevemark
Hugh Burns / Paul Caminiti / Nicholas Leasure
212-433-4600
HOUSTON--(BUSINESS WIRE)--P97, a leader in cloud-based mobile commerce, together with Petro-Canada, a Suncor business, delivers new customer experiences with Pay at the Pump and EV Charging functionality through the Petro-Canada and Petro-Canada EV Apps. Each App delivers a valuable service for its consumers in their digital journey.
Built on P97’s mobile commerce platform, the retail fueling app helps customers locate and navigate to nearby Petro-Canada sites, pay for fuel, and receive and redeem Petro-Points, Petro-Canada’s proprietary loyalty program. It also offers its customers enhanced security, efficiency, and value, improving the customer purchase experience at the pump.
The P97 platform eases the purchase process for consumers while increasing sales opportunities, building brand loyalty, and lowering transaction costs. The P97 mobile commerce platform is PCI DSS and SOC 2 Type II compliant, utilizing Microsoft Azure® Cloud Services with multifactor authentication to protect sensitive cardholder data.
To streamline the mobile payment strategy, P97 integrates with Petro-Canada’s existing point of sale system provided by Bulloch Technologies. P97’s platform also integrates with Petro-Points, which allows customers to easily earn rewards with every purchase.
“Petro-Canada recognizes the importance of enhancing every step of the customer journey,” Donald Frieden, founder and CEO of P97 said. “We are thrilled to be working with them on their mobile payments and digital marketing initiative and look forward to extending our partnership to other channels, like connected car.”
Spanning from Halifax, NS to Victoria, BC, Petro-Canada EV fast chargers are located every 250 km or less, in close proximity to the TransCanada Highway. Each station is connected to the Petro-Canada EV App which allows users to begin, end and monitor their charge. More about that announcement here.
To learn more about the P97 mobile commerce platform, visit www.P97.com.
About P97
P97 Networks provides secure, cloud-based mobile commerce, in-vehicle payments, and digital marketing solutions for the convenience retail, fuel, and vehicle manufacturing industries under the brand name PetroZone®. P97’s mCommerce solutions enhance the ability to attract, engage, and retain customers by securely connecting millions of individual mobile phones and connected cars with merchants using identity, geolocation-based software that creates a unique mobile consumer experience. For more information, follow us on Twitter @p97networks or visit www.p97.com.
P97 Press Contact
Tracy DeJarnett
P97 Networks, Inc.
713-294-9888
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Mr. Matheson brings decades of experience in advocating, supporting and leading clean energy initiatives, innovation and investments across the globe
BURLINGTON, Mass.--(BUSINESS WIRE)--FirstLight Power, a leading clean power producer and energy storage company, today announced that Jim Matheson has joined the company’s Board of Directors. Mr. Matheson is on the faculty at The Harvard Business School where he teaches courses at the intersection of innovation, finance and sustainability, and is an Affiliate of the Business & Environment Initiative. He is also a Special Advisor to both The Engine at MIT and Breakthrough Energy Ventures, and serves as a Director and Advisor to several climate and sustainability focused companies.
“Jim is a highly respected clean energy leader with a wealth of knowledge and a proven track record of bringing new clean technology to market,” said Alicia Barton, CEO of FirstLight. “Jim’s background and values align directly with FirstLight’s mission to accelerate the decarbonization of the electric grid and dedication to creating new market-leading solutions to stay ahead of unprecedented changes in the energy industry. We greatly admire Jim’s deep commitment to sustainability innovation across the critical realms of technology, finance and policy.”
Previously, as a General Partner at Flagship Pioneering, Mr. Matheson spearheaded the venture capital firm’s sustainability practice and was involved in founding, investing in and growing numerous innovative ventures. He also served as President and CEO of Oasys Water, which developed and deployed best-in-class large-scale water treatment solutions for energy and natural resource customers around the world. Before embarking on his second career in sustainable technology investing and entrepreneurship, Mr. Matheson was a decorated Navy F-14 and FA-18 pilot and TOPGUN Instructor. He retired in 2008 as a Commander in the U.S. Naval Reserves and earned his BS from the United States Naval Academy and his MBA from The Harvard Business School.
“With decades of experience across the clean energy sector, Jim’s passion and support for combating climate change will bring invaluable contributions to FirstLight,” said Stephan Rupert, Board Chair of FirstLight. “He has a deep devotion to advising organizations in their mission to solve the world’s most important challenges – especially climate change. Jim’s experience will build upon FirstLight’s goal of ensuring reliable power that will reduce regional greenhouse gas emissions for a cleaner, more sustainable future.”
FirstLight is working to enable the conversion to a clean energy future faster by delivering clean, locally made hydropower, and by leveraging large-scale storage facilities such as Northfield Mountain to integrate renewable energy and store it for times when it is needed. FirstLight is building on a strong legacy of environmental stewardship and clean energy leadership to help lead the drive to a more sustainable future in the years ahead.
ABOUT FIRSTLIGHT POWER
FirstLight Power (FirstLight) is a leading clean power producer and energy storage company in New England with a portfolio that includes nearly 1,400 megawatts of pumped-hydro storage, battery storage, hydroelectric generation, and solar generation – the largest clean energy generation portfolio in New England today. Based in Burlington, MA, with operating offices in Northfield, MA and New Milford, CT, FirstLight provides stewardship of and recreational access to 14,000 acres of land and waters along the Connecticut, Housatonic, Shetucket, Still, and Quinebaug Rivers. To learn more, visit www.firstlightpower.com.
Len Greene, Director of Government Affairs & Communications
Office: 413-659-4426, Cell: 860-795-4310
Travis Small, Slowey McManus Communications
Cell: 617-538-9041, Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
~Greenlane to supply biogas upgrading system for a new landfill project in the midwest U.S.~
VANCOUVER, British Columbia--(BUSINESS WIRE)--$GRN #ESG--Greenlane Renewables Inc. (“Greenlane”) (TSX: GRN / FSE: 52G) is pleased to announce that its wholly-owned subsidiary, Greenlane Biogas North America Ltd., has signed a contract valued at approximately $9.8 million (US$8.1 million) for supply of equipment for a new renewable natural gas (“RNG”) project in the midwest United States. This project will utilize Greenlane’s pressure swing adsorption (“PSA”) biogas upgrading system. Engineering work will begin immediately with a notice to proceed from the customer on equipment supply expected in the third quarter of 2021.
The contract is for a large landfill gas-to-RNG project. Greenlane will supply its two-stage PSA system to upgrade the landfill gas to pipeline-specification RNG for direct injection into the local natural gas grid.
“This is an important contract win for Greenlane, highlighting our expertise, experience and proven track record in landfill gas-to-RNG projects,” said Brad Douville, President & CEO of Greenlane. “Our sales backlog continues to expand as we successfully convert sales opportunities into revenue-generating projects and is indicative of the health and strong growth trajectory of the RNG industry.”
About Greenlane Renewables
Greenlane Renewables is a leading global provider of biogas upgrading systems that are helping decarbonize natural gas. Our systems produce clean, low-carbon and carbon-negative renewable natural gas from organic waste sources including landfills, wastewater treatment plants, dairy farms, and food waste, suitable for either injection into the natural gas grid or for direct use as vehicle fuel. Greenlane is the only biogas upgrading company offering the three main technologies: waterwash, pressure swing adsorption, and membrane separation. With over 30 years industry experience, patented proprietary technology, and over 125 biogas upgrading systems sold into 19 countries worldwide, including the world’s largest biogas upgrading facility, Greenlane is inspired by a commitment to helping waste producers, gas utilities or project developers turn a low-value product into a high-value low-carbon renewable resource. For further information, please visit www.greenlanerenewables.com.
FORWARD LOOKING INFORMATION – This news release contains “forward-looking information” within the meaning of applicable securities laws. All statements contained herein that are not historical in nature contain forward-looking information. Forward-looking information can be identified by words or phrases such as “may”, “expect”, “likely”, “should”, “would”, “plan”, “anticipate”, “intend”, “potential”, “proposed”, “estimate”, “believe” or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions "may" or "will" happen. In particular, this news release contains forward-looking statements relating to the anticipated supply of biogas equipment for the contracted project, the fact that engineering work will begin immediately, that the customer will issue a notice to proceed in the third quarter of 2021, that the Company’s sale’s backlog will continue to expand, that sales opportunities will convert into revenue-generating projects and that the Company’s sales backlog is indicative of the health and strong growth trajectory of the RNG industry. The forward-looking information contained herein is made as of the date of this press release and is based on assumptions management believed to be reasonable at the time such statements were made, including management's perceptions of future growth and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances. While management considers these assumptions to be reasonable based on information currently available to management, there is no assurance that such expectations will prove to be correct. By their nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond the Company’s control, could cause actual results to differ materially from the forward-looking information in this press release. Such factors include, without limitation, risks identified in the Company's annual information form, which has been filed under the Company's SEDAR profile at www.sedar.com. Readers are cautioned not to put undue reliance on forward-looking information. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
Incite Capital Markets
Eric Negraeff / Darren Seed
Ph: 604.493.2004
Brad Douville, President & CEO, Greenlane Renewables
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
PARIS--(BUSINESS WIRE)--CHRYSO, a leading player in the development of sustainable solutions in the construction industry, launches EnviroMix®, a global range of innovative products and services aimed at reducing and controlling the carbon footprint of concrete, dedicated to the ready-mix and precast concrete industries.
“The construction industry is accelerating its transformation to manage and reduce the environmental impact of its carbon footprint. CO2 footprint is a major challenge in the development of concrete formulations, coupled with the traditional properties of this material, and at the heart of our construction techniques (classes of strength and durability, workability, setting time, etc.)", states Frédéric Guimbal, Director of Concrete BU.
In order to pick up the pace of this low-carbon transition in the construction industry, the new range of tailor-made admixtures CHRYSO®EnviroMix combines technical performance and carbon footprint reduction.
CHRYSO®EnviroMix delivers a reduction in CO2 emissions of up to 50% and CHRYSO®EnviroMix ULC (Ultra Low-Carbon) provides superior levels of performance as well as reduction of more than 50% in the carbon footprint. Products adapted to the specific performance requirements of ready-mixed concrete and precast applications will be deployed to support customers in the evolution of construction methods.
Customers can benefit from dedicated services such as EnviroMix®Impact, which allows the environmental impact calculation of a concrete mix design and to set up a formulation strategy adapted to their target. CHRYSO also offers a digital solution for real-time monitoring of CHRYSO®Maturix concretes. This solution allows the optimization of the rise in compressive strength at early age in the precast plant or on site.
Over the past 15 years, CHRYSO has bolstered its expertise in the field of low carbon impact concrete admixtures. Backed by a highly innovative technological portfolio, CHRYSO also benefits from specific know-how adapted to the chemistry of new low-carbon cements via its cement additives activity. CHRYSO solutions dedicated to this low carbon transformation are based on multiple scientific collaborations and industrial partnerships that reinforce the knowledge of these new binders, including geopolymers and Calcined Clay Cements (LC3).
"With this new comprehensive EnviroMix® product range, CHRYSO is creating new development levers for the construction industry by delivering solutions to produce the cements of tomorrow. It also offers the control of concrete admixtures using new binders, the formulation and real-time monitoring of low-carbon concretes on building sites while providing an accurate measurement of their CO2 impact. CHRYSO is supporting industry stakeholders in this low carbon revolution" declares Frédéric Guimbal, Concrete BU Director.
About CHRYSO: https://www.chryso.com/about-us/
Contact RP:
Elodie Pujo Saulnier
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Tel.: 06 33 97 20 80
New LED series is CCT selectable between 4000K and 5000K and offers a lumen range from 9,000 to 18,000 lumens
NORTON SHORES, Mich.--(BUSINESS WIRE)--EarthTronics, dedicated to developing innovative energy-saving lighting products that provide a positive economic and environmental impact, introduces its new LED line of high lumen HID replacement lamps that are CCT selectable for 4000K and 5000K with full radial illumination for internal and external locations.
Providing 150 lumens per watt on an EX39 base, the new HID replacement line from EarthTronics includes 60-, 80-, 100-, and 120-watt LEDs delivering a high-efficient 9000, 12000, 15000 and 18000 lumens respectively. The LEDs have an 80+ CRI and are color selectable. Each of the lamps can be easily switched between 4000K and 5000K during installation. The LEDs are easy to install by simply removing the ballast from the circuit and wiring direct to the lamp socket. Operates on 120/277VAC.
The full radial illumination LEDs are ideal for exterior wall packs, yard lights, post lights, parking lot shoe box fixtures and other site and security applications. Interior applications include parking garage fixtures and highbay warehouse fixtures applications.
The new LED line of high lumen HID replacement lamps from EarthTronics will perform in temperatures from -40°F to 113°F. UL approved for enclosed applications and IP64 rated for damp locations, the LEDs are rated for 50,000 and come with a five-year warranty. For more information about the new EarthTronics LED line of high lumen H.I.D replacement lamps, visit https://www.earthtronics.com/hid-5-18/
About EarthTronics
Dedicated to creating a positive impact for the environment, businesses and consumers, EarthTronics, Inc. is an LED energy efficient solutions company based in Norton Shores, Michigan. EarthTronics offers high-performance EarthBulb LED light bulbs, T8 and T5 linear LEDs, and LED fixtures that are designed for commercial buildings, hotels, restaurants, retail stores and residential homes. All EarthTronics LED products provide energy savings with a solid return on investment for energy retrofits, renovation projects and new construction. More information can be found at www.earthtronics.com.
Brian Bloom
Falls
216-472-4033
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HOUSTON--(BUSINESS WIRE)--BBVA USA, as Trustee of the San Juan Basin Royalty Trust (the “Trust”) (NYSE:SJT), today declared a monthly cash distribution to the holders of its Units of beneficial interest (the “Unit Holders”) of $1,880,140.70 or $0.040339 per Unit, based primarily upon estimated production during the month of March 2021, subject to certain adjustments by the owner of the Trust’s subject interests, Hilcorp San Juan L.P. (Hilcorp”), for prior months. The distribution is payable June 14, 2021, to Unit Holders of record as of May 28, 2021.
Based upon information provided to the Trust by Hilcorp, gas production for the subject interests totaled 2,617,042 Mcf (2,907,824 MMBtu) for March 2021, as compared to 2,401,460 Mcf (2,668,289 MMBtu) for February 2021. Dividing revenues by production volume yielded an average gas price for March 2021 of $2.07 per Mcf ($1.86 per MMBtu), as compared to an average gas price for February 2021 of $4.67 per Mcf ($4.20 per MMBtu).
Hilcorp informed the Trust that due to Hilcorp’s transition to a new accounting system, the March 2021 reporting month is based on estimated production, estimated prices and estimated costs.
Hilcorp also reported that for the reporting month of March 2021, revenue included an estimated $100,000 for non-operated revenue. For the month ended March 2021, Hilcorp reported to the Trust capital costs of $64,225, lease operating expenses and property taxes of $2,061,485, and severance taxes of $1,026,287.
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Except for historical information contained in this news release, the statements in this news release are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements generally are accompanied by words such as “estimates,” “anticipates,” “could,” “plan,” or other words that convey the uncertainty of future events or outcomes. Forward-looking statements and the business prospects of San Juan Basin Royalty Trust are subject to a number of risks and uncertainties that may cause actual results in future periods to differ materially from the forward-looking statements. These risks and uncertainties include, among other things, certain information provided to the Trust by Hilcorp, volatility of oil and gas prices, governmental regulation or action, litigation, and uncertainties about estimates of reserves. These and other risks are described in the Trust’s reports and other filings with the Securities and Exchange Commission.
Joshua R. Peterson, Head of Trust Real Assets & Mineral Resources
and Senior Vice President
Kaye Wilke, Investor Relations, toll-free: (866) 809-4553
Paul Reig, former World Resources Institute director, brings longtime experience to water solutions startup
HERNDON, Va.--(BUSINESS WIRE)--#cleanwater--Paul Reig – an international leader in water risk and corporate water stewardship – has launched water solutions startup Bluerisk.
Bluerisk helps companies enhance resilience, reduce risk, and sustain business growth in the face of current and future water challenges. Bluerisk provides practical, simple and actionable solutions, with a focus on contextual water target setting, implementation guidance, and digital solutions to measure the impact of water-related projects.
Reig is joined by other international water experts including Bluerisk advisors Upmanu Lall, Director of the Columbia Water Center at Columbia University, and Ross Hamilton, board member of the Global Water Partnership and senior advisor to the UN Global Compact CEO Water Mandate.
“Water crises continue to rank as a top global risk and are a growing concern to companies,” Lall said. “Much of the corporate focus to date has been on understanding and disclosing water risk. Bluerisk helps companies and investors go beyond understanding to meaningfully address risk.”
A thought leader, innovator, and promoter of corporate water stewardship, Reig spent nine years at the World Resources Institute (WRI), where he led the development of the Aqueduct Water Risk Atlas and founded WRI’s Corporate Water Stewardship practice.
During his tenure at WRI Reig advised over 40 of the world’s largest companies on a range of innovative solutions to identify and understand water risk.
“Paul is highly experienced in helping companies and investors respond successfully to water-related risks,” said Emilio Tenuta, Chief Sustainability Officer at international water leader ECOLAB. “He has helped many companies implement new and effective contextual water targets. He is perfectly positioned to lead Bluerisk as it helps companies meet and overcome emerging water challenges.”
Bluerisk clients include high-profile multinational organizations including BHP, The Coca-Cola Company, Nestle Waters, Danone, ECOLAB, UN Global Compact CEO Water Mandate, and international ESG investor network Ceres.
Bluerisk offers advisory services and digital solutions to enhance resilience and reduce risk in the face of emerging water challenges. Bluerisk’s target setting, and implementation guidance employs leading best practice to help investors and companies respond to current and future risks through individual and collective actions, estimate their economic, environmental and social ROI and drive positive watershed outcomes. Digital solutions enable innovative approaches to provide asset-specific, real-time estimates of value at risk and probability of water supply and business disruptions across industrial and agricultural value chains. Bluerisk also partnered with Silicon Valley water startup Aqaix to offer solution portfolio management services to help finance, measure, and communicate the impact of water-related projects.
Paul Reig
Founder, Bluerisk
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https://blueriskintel.com/
WALTHAM, Mass.--(BUSINESS WIRE)--It is with profound sadness that Global Partners LP (NYSE: GLP) today announced that Edward J. Faneuil, the Partnership’s Executive Vice President, General Counsel and Secretary, died suddenly on May 17, 2021. He was 68.
“Eddie was a treasured colleague, friend and member of the Global family for three decades, and we are deeply saddened by his unexpected passing,” said Richard Slifka, Chairman of the Board of Directors of the Partnership’s general partner, Global GP LLC. “His knowledge, experience and leadership were integral in guiding and growing our business and our team.”
Eric Slifka, President and CEO of Global Partners, said, “Yesterday we lost a legend. Eddie was tough in business but had a compassionate way of turning strangers into friends and family. He was an exceptionally talented attorney who mentored many young lawyers and gave generously of his time. Through his energy and dedication, Eddie helped to build the foundation for Global’s success—we are fortunate to have worked with him. We extend our deepest sympathies and support to Eddie’s wife and family and all those who loved him like family.”
Mr. Faneuil, who had been employed with the Global family of companies since 1991, oversaw the Partnership’s legal and regulatory departments. In addition, he managed the legal aspects of Global Partners’ successful 2005 initial public offering on the New York Stock Exchange as well as the Partnership’s subsequent financial transactions. From 1981 to 1991, Mr. Faneuil was a partner at Samek & Faneuil, a Boston-based general practice law firm with an emphasis on mergers and acquisitions and real estate transactions.
Mr. Faneuil was a member of the Massachusetts Bar Association and the Association of Corporate Counsel, and served on the board of directors of the New England Fuel Institute and the Independent Oil Marketers Association.
About Global Partners LP
With approximately 1,550 locations primarily in the Northeast, Global Partners is one of the region’s largest independent owners, suppliers and operators of gasoline stations and convenience stores. Global also owns, controls or has access to one of the largest terminal networks in New England and New York, through which it distributes gasoline, distillates, residual oil and renewable fuels to wholesalers, retailers and commercial customers. In addition, Global engages in the transportation of petroleum products and renewable fuels by rail from the mid-continental U.S. and Canada. Global, a master limited partnership, trades on the New York Stock Exchange under the ticker symbol “GLP.” For additional information, visit www.globalp.com.
Daphne H. Foster
Chief Financial Officer
Global Partners LP
(781) 894-8800
Catie Kerns
Vice President of Communications
Global Partners LP
(781) 894-8800
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TORONTO--(BUSINESS WIRE)--Superior Plus Corp. (“Superior”) announced today that its wholly-owned subsidiary, Superior Plus LP (“Superior LP”) has closed the previously announced private placement (the “Offering”) of CDN$500 million aggregate principal amount of 4.25% senior unsecured notes due May 18, 2028 (the “Notes”). The Notes were issued at par and have been guaranteed by Superior and certain of its subsidiaries. Interest on the Notes will be payable semi-annually in arrears on May 18 and November 18 of each year, commencing on November 18, 2021.
The Offering was underwritten by National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc. and RBC Dominion Securities Inc. as joint bookrunners, and a syndicate of underwriters, including, ATB Capital Markets Inc., Canaccord Genuity Corp., Desjardins Securities Inc., J.P. Morgan Securities Canada Inc., Wells Fargo Securities Canada, Ltd., Casgrain & Company Ltd., Cormark Securities Inc., iA Private Wealth Inc. and Raymond James Ltd.
The Notes were offered on a private placement basis to certain accredited investors in the provinces of Canada. The Notes have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and were offered and sold in the United States only to qualified institutional buyers in reliance on the exemption from such registration requirement contained in Rule 144A under the U.S. Securities Act and comparable exemptions under applicable state securities laws. The Notes have not been and will not be qualified under the securities laws of any province or territory of Canada for distribution to the public and may not be offered or sold directly or indirectly in Canada or to or for the benefit of any resident of Canada except pursuant to applicable prospectus exemptions.
As previously disclosed, Superior LP intends to use the net proceeds of the Offering, together with borrowings under its credit facilities and cash on hand, to early redeem all of its outstanding: (i) CDN$400 million principal amount of 5.25% senior unsecured notes due February 27, 2024 (the “2024 Notes”) on May 27, 2021 in accordance with the indenture governing the 2024 Notes; and (ii) CDN$370 million principal amount of 5.125% senior unsecured notes due August 27, 2025 (the “2025 Notes”) on May 19, 2021 in accordance with the indenture governing the 2025 Notes. The previously announced early redemptions of the 2024 Notes and 2025 Notes were each initially subject to the condition precedent that the Offering is successfully completed. This condition precedent to each of these redemptions has now been satisfied in full.
This press release does not constitute an offer to sell or an offer to purchase, or a solicitation of an offer to sell or an offer to purchase, the Notes. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful.
About Superior Plus Corp.
Superior is a leading North American distributor and marketer of propane and distillates and related products and services, servicing over 780,000 customer locations in the U.S. and Canada.
For further information about Superior, please visit Superior’s website at: www.superiorplus.com or contact: Beth Summers, Executive Vice President and Chief Financial Officer, Tel: (416) 340-6015, or Rob Dorran, Vice President, Investor Relations and Treasurer, Tel: (416) 340-6003, E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it., Toll Free: 1-866-490-PLUS (7587).
Forward Looking Information
Certain information included herein is forward-looking, within the meaning of applicable Canadian securities laws. Such information is typically identified by words such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “plan”, “intend”, “forecast”, “future”, “guidance”, “may”, “predict”, “project”, “should”, “strategy”, “target”, “will” or similar expressions suggesting future outcomes. Forward-looking information in this news release includes forward looking information relating to the redemption of the 2024 Notes and 2025 Notes. Superior believes the expectations reflected in such forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct and such information should not be unduly relied upon.
Forward-looking information is not a guarantee of future performance. By its very nature, forward-looking information involves inherent assumptions, risks and uncertainties, both general and specific, and risks that predictions, forecasts, projections and other forward-looking information will not be achieved, including risks and assumptions relating to Canadian and U.S. market conditions and completion of the redemption of the 2024 Notes and 2025 Notes. Forward-looking information herein is based on information currently available to Superior. No assurance can be given that these assumptions and expectations will prove to be correct. Should one or more of these risks and uncertainties materialize, or should assumptions described above prove incorrect, Superior’s actual performance and results in future periods may differ materially from any projections of future performance or results expressed or implied by such forward-looking information. Superior cautions readers not to place undue reliance on this information as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations and anticipations, estimates and intentions expressed in such forward-looking information.
Forward-looking information contained in this news release is provided for the purpose of providing information about management’s goals, plans and range of expectations for the future and may not be appropriate for other purposes. Any forward-looking information is made as of the date hereof and, except as required by law, Superior does not undertake any obligation to publicly update or revise such information to reflect new information, subsequent or otherwise.
Beth Summers
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Tel: (416) 340-6015
Rob Dorran
Vice President, Investor Relations and Treasurer
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BOSTON--(BUSINESS WIRE)--Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent”), an innovation-driven company in the fuel cell and hydrogen technology space, today announced that its Chairman and CEO, Dr. Vasilis Gregoriou, will speak at Hydrogen 2021 on Friday, May 21, 2021. The two-day digital conference and exhibition is hosted by Reuters Events and will connect key industry stakeholders with the critical connections they need to expand in the hydrogen market.
Dr. Gregoriou will discuss hydrogen's role in the off-grid, portable and mobility sectors in a one-on-one interview with technology evangelist Kevin O’Donovan. Dr. Gregoriou will provide an overview of Advent’s high temperature HT-PEM fuel cells, and their key role in transforming the energy market. He will present Advent’s role in tackling the need for secure, flexible, and high-quality power through the company’s unique ‘Any Fuel. Anywhere’ option, which allows for a robust, long-lasting, low-cost fuel cell product that succeeds in extreme and challenging environments for an array of industries.
Later in the day, Dr. Gregoriou will also take part in a private roundtable discussion with energy and transportation leaders to discuss safety concerns in rolling out hydrogen and address why hydrogen is headlining with decarbonizing hard-to-abate sectors.
Dr. Gregoriou’s interview will take place live on Day 2 of the event at 14:30 PM BST / 9:30 AM EDT. Registration to follow the program is found here: https://www.reutersevents.com/events/hydrogen/.
About Advent Technologies Holdings, Inc.
Advent Technologies Holdings, Inc. is a U.S. corporation that develops, manufactures, and assembles critical components for fuel cells and advanced energy systems in the renewable energy sector. Advent is headquartered in Boston, Massachusetts, with offices in the San Francisco Bay Area and Europe. With 120-plus patents (issued and pending) for its fuel cell technology, Advent holds the IP for next-gen high-temperature proton exchange membranes (HT-PEM) that enable various fuels to function at high temperatures under extreme conditions – offering a flexible ‘Any Fuel. Anywhere’ option for the automotive, maritime, aviation and power generation sectors. www.advent.energy
Advent Technologies
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DUBLIN--(BUSINESS WIRE)--The "Business Layout of Overseas Players in Hydrogen Energy Market in China" report has been added to ResearchAndMarkets.com's offering.
This report of overseas companies' strategies in the Chinese hydrogen and fuel cell industry covers the leading companies that deal with fuel cell for automotive and stationary application, air compressor, on board vehicle hydrogen cylinder, hydrogen supplier etc.
The contents include in depth analysis of the current and future business layout of major overseas players in China hydrogen industry as well as each player's general introduction, product information, key milestone activities in hydrogen industry in China, analysis of the business model, revenue structure, as well as partnership ecosystem etc.
The data for each company includes an overview such as a year of establishment, address of their headquarters, their registered capital, revenue, executive board, number of employees, major shareholders, contact information and web site, complete set of product information, as well as value chain information which include their product component suppliers, customers and strategic partners.
Key Topics Covered:
For more information about this report visit https://www.researchandmarkets.com/r/rowpbv.
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New pilot with the nation’s premier lab to show how nuclear energy can be a highly efficient input into solid oxide electrolyzer system for carbon-free hydrogen production
SAN JOSE, Calif.--(BUSINESS WIRE)--Bloom Energy (NYSE: BE) today announced an agreement with Idaho National Laboratory (INL) to independently test the use of nuclear energy to create clean hydrogen through Bloom Energy’s solid oxide, high-temperature electrolyzer.
This carbon-free hydrogen is obtained through electrolysis that is powered by nuclear generation. When the electric grid has ample power, rather than ramping down power generation, the electricity generated by nuclear plants can be used to produce cost-effective hydrogen in support of the burgeoning hydrogen economy.
First announced in July 2020, Bloom Energy’s electrolyzer converts water (or steam) into hydrogen and oxygen. The hydrogen can then be injected into the natural gas pipeline, stored and used for power generation with a fuel cell at a later time, dispensed to fuel cell vehicles, or used by industrial processes that consume large amounts of hydrogen. Bloom Energy’s electrolyzer has a higher efficiency than low-temperature electrolyzer technologies, thereby reducing the amount of electricity needed to produce hydrogen. The steam supplied to the electrolyzers can also be generated by the thermal energy produced by the nuclear power plant, bolstering the overall efficiency of hydrogen production further.
INL will test Bloom Energy’s electrolyzers at the Dynamic Energy Testing and Integration Laboratory in Idaho where researchers can simulate steam and load following conditions as if it were already integrated with a nuclear power station. These simulations will provide the opportunity to model operations in a controlled environment.
“The high-temperature electrolyzers take advantage of both the thermal and the electrical power that are available at nuclear power plants,” said Tyler Westover, the Hydrogen and Thermal Systems Group lead at INL. “This expands the markets for nuclear power plants by allowing them to switch between sending power to the electrical grid and producing clean hydrogen for transportation and industry energy sectors.”
“We must think creatively and seek all possible low, zero, and negative carbon solutions to benefit our planet. Harnessing excess energy to produce hydrogen is a solution with a positive impact on global decarbonization efforts and we look forward to working with the team at Idaho National Laboratory to make this a reality,” said Venkat Venkataraman, EVP and chief technology officer, Bloom Energy. “As a result of this pilot, we expect to establish carbon-free hydrogen generation with the highest efficiency of any electrolyzer in the market today.”
As the nation's premier nuclear science and technology lab, INL leads research, development and demonstration projects to help the nation maintain and expand its use of nuclear energy.
About Bloom Energy
Bloom Energy’s mission is to make clean, reliable energy affordable for everyone in the world. The company’s product, the Bloom Energy Server, delivers highly reliable and resilient, always-on electric power that is clean, cost-effective, and ideal for microgrid applications. Bloom’s customers include many Fortune 100 companies and leaders in manufacturing, data centers, healthcare, retail, higher education, utilities, and other industries. For more information, visit www.bloomenergy.com.
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Exclusive global community, publicly available research and education are features of program
SEATTLE--(BUSINESS WIRE)--The Cloud Security Alliance (CSA), the world’s leading organization dedicated to defining standards, certifications, and best practices to help ensure a secure cloud computing environment, today announced the CSA CxO Trust, a first-of-a-kind initiative that will bring together a community of C-suite executives to evolve cloud and cybersecurity understanding, knowledge, and needed solutions in response to enterprise challenges.
Aimed at C-level leaders from various industry sectors with a vested interest in the successful evolution of cloud infrastructures and other related services, the CSA CxO Trust will spearhead, shape, and influence related security mappings and benchmarks. The leaders will also work together to develop practical privacy and governance models, training and certificate programs, mentorship and hiring best practices, wider regulatory/legislative programs, and product and services development. The program will have capabilities that are the hallmark of CSA: freely available community-driven research, timely education, and private collaboration among peers.
“We seek to improve the quality of the dialogue between CISOs, IT executives, other members of the C-Suite, and their respective boards of directors around the fundamental topics of cloud and cybersecurity. Cloud is now the top and enduring information technology priority. Who better than CSA to bring a fresh approach to providing the right data in the right context regarding cloud and cybersecurity to the boardroom?” said Jim Reavis, co-founder and CEO, Cloud Security Alliance. “A recent CSA survey found that 47 percent of organizations in the cloud are concerned about their staff’s lack of cloud expertise. Our belief is that a similar gap exists within leadership, and we intend to address it.”
Eventually compartmentalized by vertical market and region, the CSA CxO Trust will guide research initiatives, use-cases, sector-specific service provider surveys/needs, templates, benchmarks, and more. Additionally, the group will also seek to influence and guide the codification of cloud expertise needed in organizations today.
“We have interviewed a large number of CISOs and other C-level stakeholders about their pain points in preparation for this initiative and are identifying common themes, such as managing third-party risk, effective board presentations, cloud compliance, and quantifying the value of cybersecurity to the business. CSA’s access to a strong, well-rooted community of C-level leaders from different sectors will help to drive solutions for these pain points,” said CSA President Illena Armstrong.
A fundamental research whitepaper for this initiative will be our regularly updated Top Cloud Priorities for CxOs. A preliminary list of priorities has been developed and is available for download here. It will be used as a foundation for the CSA CxO Trust Working Group, which will commence in Q3 2021.
The first phase of the program will see the establishment of the CxO Trust Advisory Council. Composed of C-level executives from CSA corporate members, the group will be called upon to contribute to and advise on the overall strategy and roadmap of this broad-based program’s offerings. In addition to guiding the CxO Trust and its related offerings, the Council also will be asked to help steer the aforementioned Working Group. Those interested in participating in the CxO Trust Advisory Council are asked to contact Illena Armstrong at This email address is being protected from spambots. You need JavaScript enabled to view it. or visit http://cloudsecurityalliance.org/cxo-trust for more information.
About Cloud Security Alliance
The Cloud Security Alliance (CSA) is the world’s leading organization dedicated to defining and raising awareness of best practices to help ensure a secure cloud computing environment. CSA harnesses the subject matter expertise of industry practitioners, associations, governments, and its corporate and individual members to offer cloud security-specific research, education, training, certification, events, and products. CSA's activities, knowledge, and extensive network benefit the entire community impacted by cloud — from providers and customers to governments, entrepreneurs, and the assurance industry — and provide a forum through which different parties can work together to create and maintain a trusted cloud ecosystem. For further information, visit us at www.cloudsecurityalliance.org, and follow us on Twitter @cloudsa.
Kari Walker for the CSA
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CARY, N.C.--(BUSINESS WIRE)--MercuryGate® International, Inc., (MercuryGate) the largest and rapidly growing transportation management system (TMS) provider, today announced it has been selected to the Top 100 Logistics IT Providers list issued annually by Inbound Logistics Magazine. The list also included Cheetah Logistics, recently acquired by MercuryGate, positioning MercuryGate as a double award winner for 2021.
“To be selected not once but twice on the same list is an honor,” said MercuryGate President & CEO Joe Juliano. “However, the true recognition goes to all the shippers, carriers, brokers and 3PLs who recognized that the last mile is a mission-critical element of their Transportation Management Systems. It is also a key reason MercuryGate acquired Cheetah Logistics to significantly reduce transportation time and cost in all modes from container to customer.”
MercuryGate was recognized for its wide-ranging solutions include Load Planning, Optimization, Procurement, Rate & Bid, Routing & Scheduling, Supply Chain Control Tower, TMS and Transportation Management capabilities. Cheetah Logistics, recognized for the 16th consecutive year, was cited for such transformational capabilities as AI, Machine Learning, Predictive Analytics and Optimization helping customers streamline their last mile process. This includes proactively predicting, measuring and minimizing disruptions and risks to enable a fluid last mile and reduce disruption recovery time from days to minutes.
Inbound Logistics editors annually recognize 100 top Logistics IT companies that support and enable logistics excellence. For the 2021 list, the publication assessed more than 400 companies in the industry selecting industry leaders who deliver scalable, robust solutions that deliver significant and rapid return on investment.
“A seismic event changed the dynamic of the supply chain over the last year,” said Inbound Logistics Editor Felecia Stratton. “What elevated MercuryGate and Cheetah Logistics is their ability to address those seismic challenges with agile, evolutionary analytic and machine learning capabilities in all transportation modes. Inbound Logistics congratulates MercuryGate/Cheetah Logistics and all the 2021 Top 100 Logistics IT Providers who set the bar high for agility and capability.”
Find out why MercuryGate has set the industry standard for the most adaptable, comprehensive transportation solutions suite in the industry at https://mercurygate.com or on Twitter at @MercuryGate.
About Inbound Logistics
Since its inception in 1981, Inbound Logistics’ educational mission is to illustrate the benefits of demand-driven logistics practices, give companies the knowledge to help them match the inbound flow of materials to their demand, and align their business process to support that shift. Inbound Logistics offers real-world examples and decision support to guide businesses to efficiently manage logistics, reduce and speed inventory, offset rising transport costs, and balance transport needs with demand, supporting business scalability across their value chain. More information about demand-driven logistics practices is available at www.inboundlogistics.com.
About MercuryGate
MercuryGate provides powerful transportation management solutions proven to be a competitive advantage for today’s most successful shippers, 3PLs, freight forwarders, brokers, and carriers. MercuryGate’s solutions are unique in their native support of all modes of transportation on a single platform including Parcel, LTL, Truckload, Air, Ocean, Rail, and Intermodal. Through the continued release of innovative, results-driven technology and a commitment to making customers successful, MercuryGate delivers exceptional value for TMS users through improved productivity and operational efficiency. MercuryGate offers business intelligence to improve transportation processes, increase customer satisfaction, and reduce costs. Find out why MercuryGate has set the industry standard for the most adaptable, comprehensive transportation solutions suite in the industry at https://mercurygate.com or on Twitter at @MercuryGate.
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Demand for transaction analysis and infrastructure services leads global management consulting leader to elevate team leaders
OVERLAND PARK, Kan.--(BUSINESS WIRE)--As organizations around the globe work to modernize aging infrastructure, embrace decarbonization and adopt advanced technologies, Black & Veatch Management Consulting, LLC, announces today that it has promoted three leaders to expand its strategic services for new and existing clients. Deepa Poduval has been named Vice President and Chris Klausner and M. Joe Zhou have each been named Associate Vice President in the management consulting business. These professional serve in key roles delivering financial, operations and technology consulting services across the power, water, oil & gas and communications sectors.
These promotions come as clients across the globe plan, fund and modernize aging utility infrastructure; plan, execute and fund decarbonization strategies; and adopt and implement advanced operational technologies at accelerating rates. Black & Veatch management consulting leader services respond to the surging need to apply targeted solutions, including integrated strategy, transaction advisory, business operations, regulatory and technology solutions for the global power, water, oil and gas, telecommunications and other industries.
“These three experts each have unique skill sets that expand our ability to deliver high-value full life cycle services to our clients,” said Martin Travers, group president with Black & Veatch. “Backed by extensive consulting experience, these professionals enable our clients to achieve their business-critical goals.”
Editor’s Notes:
About Black & Veatch Management Consulting, LLC
Black & Veatch Management Consulting, LLC provides integrated strategy, transaction advisory, business operations, regulatory and technology solutions for the global power, water, oil and gas, telecommunications and non-traditional industries. Our highly experienced team of professional consultants bring together combined expertise in advanced analytics and practical business sense with extensive technology and engineering capabilities. We deliver solutions that work best for your transformation, program needs, organization, assets and customers.
About Black & Veatch
Black & Veatch is an employee-owned global engineering, procurement, consulting and construction company with a more than 100-year track record of innovation in sustainable infrastructure. Since 1915, we have helped our clients improve the lives of people around the world by addressing the resilience and reliability of our most important infrastructure assets. Our revenues in 2020 exceeded US$3.0 billion. Follow us on www.bv.com and on social media.
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Loan Supports Solar Access, Energy Savings and Green Jobs
CAMBRIDGE, Mass.--(BUSINESS WIRE)--#climateinvesting--Clean energy investment firm Sunwealth today announced a $2.9 million loan from Calvert Impact Capital to support Sunwealth’s solar access work. Sunwealth will use the financing, together with $4.3 million in tax equity investment from private investors, to support 18 solar projects on the rooftops and parking lots of nonprofit organizations, multi-family apartment buildings, houses of worship and commercial office buildings in communities underserved by traditional renewable energy financing. These community-based solar projects will generate enough electricity to power over 300 homes annually, and will provide Sunwealth’s solar customers with $3.8 million in lifetime energy savings. The loan will also help catalyze additional investment in Sunwealth’s innovative solar financing model.
Sunwealth brings critical capital to the commercial solar market – supporting solar projects ranging in size from 5 kilowatts to 1 megawatt on building rooftops and parking lots. The company partners with local solar developers and installers to design and construct these projects, which deliver solar access and long-term, meaningful energy savings to building owners and to low- and moderate-income households through community shared solar agreements. Sunwealth helps investors like Calvert Impact Capital put their money to work in these community-based projects, building portfolios that contribute to a more diverse and inclusive solar economy while delivering strong, stable and predictable financial returns.
One of projects supported by Calvert Impact Capital’s investment is a 37-kilowatt installation on the rooftop of a multifamily apartment building owned by Fifth Avenue Committee (FAC), a nonprofit community development corporation in Brooklyn, NY. Installed by Brooklyn-based Solar Energy Systems, the system will allow FAC to provide building tenants with $240 in annual energy savings.
“Investors are looking for proactive solutions to climate change and inequality, two of the most pressing challenges of our time,” said Kevin Fanfoni, Director of Investments at Calvert Impact Capital. “Sunwealth offers both: reducing carbon emissions and delivering solar access and savings to underserved markets, while supporting green jobs at local small businesses. We’re proud to partner with them to build a more equitable and inclusive renewable energy future.”
“For over a generation, Calvert Impact Capital has helped make impact ‘investable,’” said Jon Abe, CEO of Sunwealth. “They’ve set the standard for investments that deliver social, environmental and financial returns – and made those returns accessible to all investors. They’re a key partner as we look to decarbonize, decentralize and democratize our clean energy economy.”
About Sunwealth
Sunwealth is a clean energy investment firm working to change who has access to renewable energy by changing the way we invest in it. Since 2014, Sunwealth has invested over $50 million in 400+ community-based solar projects nationwide and has delivered targeted returns to investors for 25 quarters with no defaults. In 2021, Impact Assets named Sunwealth to its IA50, a leading list of impact fund managers. Learn more at www.sunwealth.com.
About Calvert Impact Capital
Calvert Impact Capital invests to create a more equitable and sustainable world. Through our products and services, we raise capital from individual and institutional investors to finance intermediaries and funds that are investing in communities left out of traditional capital markets. During our 25-year history, we have mobilized over $2 billion of investor capital. More at www.calvertimpactcapital.org.
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Adaptive3D Acquisition Enables High-Volume, Additive Manufacturing for One of the Fastest Growing Segments in the Industry: End-Use Elastomeric Parts
BOSTON--(BUSINESS WIRE)--#3Dprint--Desktop Metal, Inc. (NYSE: DM) today announced it has acquired Adaptive3D, a leading provider of elastomeric solutions for additive manufacturing.
Adaptive3D offers category-leading photopolymer elastomers. Its products enable volume end-use parts production via additive manufacturing of odorless, tough, strain-tolerant, tear-resistant, and biocompatible rubbers and rubber-like materials. The Company’s flagship resin is Elastic ToughRubber 90™, a tough, printable elastomer for all seasons. Adaptive3D printable materials are optimized for high-throughput manufacturing of functional, complex 3D plastic and rubber parts in consumer, healthcare, industrial, transportation, and oil and gas markets. Adaptive3D’s core technology was developed through Defense Advanced Research Projects Agency (DARPA) funding, and the Company has received strategic capital from leading materials companies including Covestro, Arkema Group, West Pharmaceuticals, Applied Ventures, and Royal DSM.
“The acquisition of Adaptive3D advances Desktop Metal’s vertical integration strategy to grow our portfolio of materials and expand the high-volume applications supported by our polymer additive manufacturing solutions,” said Ric Fulop, Founder and CEO of Desktop Metal. “Elastomers and rubber materials are a killer app for Additive Manufacturing 2.0 (AM 2.0). Adaptive3D has the best photoelastomer resins in the world. Combining Adaptive3D’s patented and superior elastomer materials with our printers, such as the Xtreme 8K, which lead the industry in throughput, affordability, and part quality, will accelerate the adoption of additively manufactured solutions for high-volume, end-use elastomeric parts and products.”
“We are thrilled to partner with Desktop Metal to enable additive manufacturing through our differentiated materials,” said Dr. Walter Voit, Founder and CEO of Adaptive3D. “This acquisition extends our already strong partnership with EnvisionTEC, enabling us to accelerate our growth into the $129 billion1 elastomer and flexible foams market just waiting for high-volume, additive manufacturing elastomer capabilities.”
Acquiring a Category Leader in Elastomers for Additive Manufacturing
Adaptive3D is a best-in-class provider of photoelastomers that enables additive manufacturing of rubbers, polyurethane-like, silicone-like, and rubber-like materials. The material properties of the ToughRubber photoresin material family lead the industry in tear strength, toughness, and elongation2. Adaptive3D’s solutions are designed for high-throughput manufacturing, while maintaining low cost of production, and superior material performance. Adaptive3D serves a broad customer base across consumer, healthcare, industrial, transportation, and oil and gas markets, with a massive opportunity to expand through leveraging Desktop Metal’s scale and channel network.
Bolstering AM 2.0 Solutions for Area-Wide Elastomer Materials
The acquisition extends Adaptive3D’s existing partnership to pair ToughRubber photoresins with EnvisionTEC’s Xtreme 8K. The Xtreme 8K printer is optimized for area-wide photopolymer printing and is the largest build area production-grade digital light processing (DLP) 3D printer in the world. Coupled with Adaptive3D’s photoelastomer resins, customers can produce tough, durable parts quickly and in volume with premium surface quality, robust material properties, and high part accuracy.
Expanding Materials Library
“This transaction advances Desktop Metal’s strategy to grow our proprietary materials portfolio in order to expand the high-volume applications we can provide our customers,” said Fulop. “We will continue to search for attractive opportunities to organically and inorganically add to our library of over 225 qualified materials across metals, composites, polymers, ceramics, biocompatible materials, wood, and now elastomers.”
Adaptive3D will operate as a wholly owned subsidiary of Desktop Metal, and Voit will continue to lead the business from its Plano, Texas headquarters. Desktop Metal executives will discuss this strategic acquisition during its first quarter 2021 financial results call scheduled for May 17, 2021 at 4:30 p.m. Eastern Standard Time.
About Desktop Metal
Desktop Metal, Inc., based in Burlington, Massachusetts, is accelerating the transformation of manufacturing with an expansive portfolio of 3D printing solutions, from rapid prototyping to mass production. Founded in 2015 by leaders in advanced manufacturing, metallurgy, and robotics, the company is addressing the unmet challenges of speed, cost, and quality to make additive manufacturing an essential tool for engineers and manufacturers around the world. Desktop Metal was selected as one of the world’s 30 most promising Technology Pioneers by the World Economic Forum and named to MIT Technology Review’s list of 50 Smartest Companies.
For more information, visit www.desktopmetal.com.
About Adaptive3D
Adaptive3D, headquartered in Plano, Texas, is the leader in elastomeric solutions for additive manufacturing. The company has a mission to enable high-volume additive manufacturing through optimized materials. Adaptive3D offers leading additive manufacturing polymer resins and specialty polymers to a range of industries around the world in consumer, healthcare, industrial, transportation, and oil and gas sectors. The company leads in printing and processing rubber-like materials, tough damping materials, and low-cure stress photopolymers. The deeply technical company has developed a patent portfolio based on fundamental materials processing, some of which has been translated from the University of Texas at Dallas and is based on the team’s past funding from the Defense Advanced Research Projects Agency, the Defense Threat Reduction Agency, the National Science Foundation, and the McDermott family who are the co-founders of Texas Instruments.
Forward-looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws. Forward-looking statement generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to the risks and uncertainties set forth in Desktop Metal, Inc.'s filings with the U.S. Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Desktop Metal, Inc. assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.
1 Markets and Markets, 2020 and Mohite, Danekar, & Prasad, 2020
2 Source: data derived from publicly available technical data sheets for commercially available comparable elastomer materials
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Company expands line of wearable technology to address range of organizational safety, operational needs and COVID mitigation, as needed, across industries
NORWALK, Conn.--(BUSINESS WIRE)--#Connected--Triax Technologies, Inc., a leading Internet of Things (IoT) solutions provider connecting construction, energy, manufacturing and industrial worksites, announced today that it has launched a streamlined IoT solution, Spot-r Radius, expanding its flagship Spot-r suite of solutions. Spot-r Radius is a wearable solution that provides real-time preventative alerts and daily operational data insights, enabling companies to operate more safely and productively. The new solution incorporates Triax’s Proximity Trace* technology, providing device-to-device connectivity, which has helped keep workers safe through social distancing and contact tracing at more than 275 worksites during the COVID-19 pandemic.
Spot-r Radius, a self-deployable and lightweight wearable technology, provides key worker-to-worker, worker-to-location and worker-to-equipment-based intelligence to deliver valuable insights into daily operations. In addition to real-time safety alerts that proactively notify workers before entering hazardous areas or no-go zones, Spot-r Radius automates headcount and hours for daily reporting and labor billing verification; tracks equipment utilization; identifies bottlenecks causing inefficiencies on site; and supports social distancing and digital contact tracing, as needed. Its analytics reports, automatically uploaded to the cloud at the end of each day, help organizations improve sitewide efficiency and measure workforce behavior and risk KPIs.
“The insight we gained about our customers’ digital needs during the pandemic helped shape the development of Spot-r Radius and the expansion of our product line,” said Robert Costantini, Triax Technologies CEO. “Spot-r Radius is ideal for companies that are at the early stages of their digital transformation journeys and don’t have complex or real-time data requirements. While data is critical to gaining insights, too much of it initially can make analysis difficult. By collecting just what companies need when they start out – headcount, equipment usage data and more – Spot-r Radius helps companies identify ways to operate more safely and efficiently, while enabling proactive safety measures through its real-time alerting capabilities.”
According to Rose Hall, Head of Construction Innovation for AXA XL, which includes Triax as a technology partner in its Construction Ecosystem, “Construction jobsites are busy, risky workplaces. Spot-r Radius can help contractors gain peace of mind by giving workers added awareness into their surroundings on the jobsite and helping to keep workers at safe distances. Having this real-time feedback can minimize potential safety risks.”
Spot-r Radius joins Triax’s other IoT solutions, including its flagship Spot-r network solution – now known as Spot-r Mesh – which is a comprehensive safety, productivity and workforce management platform for complex worksites with real-time location and data needs; and Spot-r Access, a simplified approach to helping organizations control site entry and exit for safety and security.
Beyond social distancing
Spot-r Radius leverages the real-time proximity alerting technology that the company had developed for Proximity Trace, bringing new worker-facing, safety alerting capabilities to the Spot-r suite of products. To date, the more than 100 organizations across North America that have adopted Proximity Trace have been able to reduce close contact interactions between workers by 50 percent on average, in as few as two weeks of use.
Spot-r Radius is well-suited for all industrial worksites, including construction, energy, food processing, manufacturing, mining and other industries looking to digitize their worksites, while supporting their back-to-work strategies. An intrinsically safe version of the product enables it to operate reliably in very hazardous work environments. Spot-r Radius, which is easy to deploy and use, has modest network and power requirements.
About Triax Technologies, Inc.
Triax Technologies, Inc. develops and delivers a fully connected loT worksite platform through a proprietary communication hub designed for industries such as construction, energy, oil & gas, manufacturing, mining, heavy industrial and other challenging IT environments. Its Spot-r suite of wearable solutions addresses diverse digital needs, providing data-driven visibility to elevate worksite safety, productivity and security, while minimizing health and safety risks. Triax enables intelligent, actionable insights, helping firms work safer and smarter. The company is privately held and based in Norwalk, Conn. More information can be found at www.triaxtec.com.
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*Proximity Trace is a trademark of Triax Technologies, Inc.
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LONDON & PARIS & HOUSTON--(BUSINESS WIRE)--TechnipFMC (NYSE:FTI) (Paris:FTI) (ISIN:GB00BDSFG982) today announced that it has been awarded a significant(1) Engineering, Procurement, Construction and Installation (EPCI) contract from Ithaca Energy (UK) Limited for the Captain Enhanced Oil Recovery (EOR) Project in the UK North Sea.
TechnipFMC will design, manufacture, deliver and install subsea equipment including a rigid riser caisson, water injection flexible flowline, umbilicals and associated equipment.
Jonathan Landes, President Subsea at TechnipFMC, stated: “We are delighted to support Ithaca Energy on this important EOR expansion of the Captain field, utilizing our innovative design and installation technologies and solutions to unlock and maximize the recovery of hydrocarbons from the UK Continental Shelf. We look forward to helping Ithaca improve project economics, enhance performance and reduce emissions.”
The Captain field lies approximately 145 kilometers (90 miles) northeast of Aberdeen, Scotland, in the Outer Moray Firth area of the UK North Sea, in water depths of around 105.5 meters (346 feet).
(1) For TechnipFMC, a “significant” contract ranges between $75 million and $250 million.
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About TechnipFMC
TechnipFMC is a leading technology provider to the traditional and new energy industries; delivering fully integrated projects, products, and services.
With our proprietary technologies and comprehensive solutions, we are transforming our clients’ project economics, helping them unlock new possibilities to develop energy resources while reducing carbon intensity and supporting their energy transition ambitions.
Organized in two business segments — Subsea and Surface Technologies — we will continue to advance the industry with our pioneering integrated ecosystems (such as iEPCI™, iFEED™ and iComplete™), technology leadership and digital innovation.
Each of our approximately 20,000 employees is driven by a commitment to our clients’ success, and a culture of strong execution, purposeful innovation, and challenging industry conventions.
TechnipFMC uses its website as a channel of distribution of material company information. To learn more about how we are driving change in the industry, go to www.TechnipFMC.com and follow us on Twitter @TechnipFMC.
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