ALLENTOWN, Pa.--(BUSINESS WIRE)--Energy Power Partners (EPP), a renewable energy-focused private market firm, announced today that it has completed its acquisition of LES Project Holdings, LLC (LESPH) from affiliates of Aria Energy.
LESPH consists of a portfolio of 16 operating landfill gas-to-energy projects in Michigan, New Jersey, Florida, California, Utah, North Carolina and Virginia, with a total of 90 megawatts of nameplate generating capacity. The projects sell renewable electricity to investment grade utilities under long-term contracts. The operating team managing the LESPH assets has transitioned to EPP’s operating affiliate, EPP Service Company, LLC, as part of the transaction.
With the acquisition, EPP’s portfolio will expand to nearly 50 renewable assets, and the firm will rank among the largest producers of renewable electricity from landfill gas in the U.S. “The LESPH assets strongly fit the investment strategy that we have pursued for the past decade, and complement our current portfolio of U.S. renewable projects,” said Henry Park, Managing Partner and Co-Founder of Energy Power Partners. “We are excited to expand our asset base, as well as our operating team, and look forward to optimizing the portfolio as the sustainable energy transition advances.”
Comerica provided debt financing for the transaction. Rath, Young and Pignatelli served as EPP’s legal counsel, SCS Engineers served as EPP’s engineering advisor, and Cohn Reznick served as EPP’s tax advisor.
About Energy Power Partners
Founded in 2009, EPP is a private market fund manager making long-term equity investments in U.S. and Canadian renewable energy projects, with a focus on decentralized generation and carbon neutral fuels. The firm targets assets that have predictable cash flows, utilize proven technologies, and have asset optimization potential. EPP’s current portfolio includes biogas, solar, wind, microgrid and cogeneration facilities producing renewable electricity, renewable natural gas, and providing sustainable energy solutions. EPP’s platform includes EPP Service Company, which provides asset management and operating services for EPP’s portfolio projects. http://www.energypowerpartners.com
Dan Walsh
Energy Power Partners
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HOUSTON--(BUSINESS WIRE)--Cactus, Inc. (NYSE: WHD) (“Cactus”) today announced that Mr. Tym Tombar has been appointed to the Company’s Board of Directors (the “Board”) and will serve on its audit committee and compensation committee, effective July 1, 2021. Mr. Tombar is a Co-Founder of Arcadius Capital Partners (“Arcadius”) and its predecessor, SW Capital Partners. Arcadius is an energy private equity firm that provides growth capital to start-ups and early-stage companies in the upstream oil and gas industry. Prior to co-founding Arcadius, he was a Managing Director and co-head of Scotiabank’s Energy Private Equity group. Previously, Mr. Tombar also held various positions at Goldman, Sachs & Co, including leading deal teams through the sourcing, execution and management of primary market energy investments in securities and loans and working within the investment banking division. With the addition of Mr. Tombar, the Board is now composed of nine members, including six independent directors.
Scott Bender, President and CEO of Cactus, stated, “We are pleased to welcome Mr. Tombar as an independent director. His leadership experience in the energy and investment fields make him an ideal addition to our Board. We believe the Board of Directors will greatly benefit from his expertise.”
About Cactus, Inc.
Cactus designs, manufactures, sells and rents a range of highly engineered wellhead and pressure control equipment. Its products are sold and rented principally for onshore unconventional oil and gas wells and are utilized during the drilling, completion and production phases of its customers’ wells. In addition, it provides field services for all its products and rental items to assist with the installation, maintenance and handling of the wellhead and pressure control equipment. Cactus operates service centers in the United States, which are strategically located in the key oil and gas producing regions, including the Permian, SCOOP/STACK, Marcellus, Utica, Haynesville, Eagle Ford and Bakken, among other areas, and in Eastern Australia.
Cactus, Inc.
John Fitzgerald, 713-904-4655
Director of Corporate Development and Investor Relations
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DUBLIN--(BUSINESS WIRE)--The "Solar PV Inverter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026" report has been added to ResearchAndMarkets.com's offering.
The global solar PV inverter market exhibited moderate growth during 2015-2020. Looking forward, the publisher expects the global solar PV inverter market to grow at a CAGR of around 6% during 2021-2026.
A solar inverter is one of the most essential elements of a solar electric power plant. Often considered as the brain of the system, its basic function is to convert direct current (DC) from solar panels to alternating current (AC). Apart from this, solar inverters help in maximizing electricity production by constantly varying the resistance (load) as well as ensuring compliance with regulations about feeding electricity into the grid.
Some of the other capabilities of these inverters include optimizing power, managing temperature, and controlling and monitoring all parameters, yields, and operational data of the power plant. At present, solar PV inverters majorly find applications in the utilities and industrial sectors.
Global Solar PV Inverter Market Trends:
The global demand of solar inverters has been rising robustly over the last few years. A key factor catalyzing this demand is the increasing environmental concerns regarding greenhouse emissions and the importance of solar and other renewable energy sources to reduce these emissions.
Moreover, the increasing cost of fossil fuels is also making solar power a more economical energy source. Additionally, the prices of solar inverters have also declined in recent years making them more affordable to the general population.
This has resulted in a strong growth in the installation of solar electric systems across both developed and developing regions across the globe. Other factors driving this market include the need for rural electrification, technological advancements, increasing government support, rising investments in renewable energy, etc.
Key Questions Answered in This Report:
Companies Mentioned
Key Topics Covered:
1 Preface
2 Scope and Methodology
3 Executive Summary
4 Introduction
5 Global Solar PV Inverter Market
6 Market Breakup by Technology
7 Market Breakup by Voltage
8 Market Breakup by Application
9 Market Breakup by Region
10 Global Solar PV Inverter Industry: SWOT Analysis
11 Global Solar PV Inverter Industry: Value Chain Analysis
12 Global Solar PV Inverter Industry: Porters Five Forces Analysis
13 Global Solar PV Inverter Industry: Price Analysis
14 Solar PV Inverter Manufacturing Process
15 Competitive Landscape
For more information about this report visit https://www.researchandmarkets.com/r/asv37i
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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NEW YORK--(BUSINESS WIRE)--Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of notes issued by Mosaic Solar Loan Trust 2021-2 (“Mosaic 2021-2”), an asset-backed securitization collateralized by a pool of residential solar loans.
The collateral pool of Mosaic 2021-2 will include approximately $218.2 million of residential solar loans, which comprises of approximately $120.0 million in loans at closing and $98.2 million in additional prefunded solar loans. The preliminary ratings reflect the initial credit enhancement levels ranging from 51.97% for the Class A notes to 12.14% for the Class D notes.
Solar Mosaic, Inc. (“Mosaic” or the “Company”) is a California-based specialty finance company focused on originating and servicing consumer loans used for the purchase of residential solar systems. Mosaic was founded in 2011 and began originating residential solar system loans in June 2014. Mosaic originates loans to mostly prime credit quality homeowners through its partnerships with more than 700 active approved solar system installers/dealers. The Company directly originates loans in 48 states and the District of Columbia through its state lending licenses where required, and across all 50 states and the District of Columbia through lending partnerships with financial institutions.
KBRA applied its Global General Rating Methodology for Asset-Backed Securities, Global Consumer Loan ABS Rating Methodology, and its Global Structured Finance Counterparty Methodology as part of its analysis of the transaction’s underlying collateral pool and the proposed capital structure. KBRA also conducted an operational assessment of Mosaic, as well as a review of the transaction’s legal structure and transaction documents. KBRA will also review the operative agreements and legal opinions for the transaction prior to closing.
Click here to view the report. To access ratings and relevant documents, click here.
Related Publications
Disclosures
Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.
A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.
Information on the meaning of each rating category can be located here.
Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.
About KBRA
Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority pursuant to the Temporary Registration Regime. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.
Analytical Contacts
Melvin Zhou, CFA, Senior Director (Lead Analyst)
+1 (646) 731-2412
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Pritam Patel, Associate
+1 (646) 731-3374
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Business Development Contact
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DUBLIN--(BUSINESS WIRE)--The "Carbon Black Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026" report has been added to ResearchAndMarkets.com's offering.
The global carbon black market reached a value of US$ 18.2 Billion in 2020. Looking forward, the publisher expects the global carbon black market to exhibit moderate growth during the next five years.
Carbon black is elemental carbon that is produced by partial combustion or decomposition of hydrocarbons such as oil and natural gas under controlled temperature and pressure. It mainly consists of carbon along with small amounts of hydrogen, oxygen, sulfur and nitrogen. Carbon black is most commonly produced by the furnace method that provides high yield and substantial control over the particle structure and size of the output, making it ideal for mass production. It finds wide application across various industries such as automotive and paint. It is also used as a filler and a strengthening agent in tires and several rubber products.
The growing automotive industry is one of the key factors driving the market growth. Carbon black is extensively used in the inner liners, sidewalls and treads of tires as it increases their strength and longevity. It is also applied in various extruded and molded industrial rubber products such as air springs, belts, hoses, gaskets and types of conveyor wheels and grommets. Furthermore, the flourishing construction and manufacturing sectors are also driving the market growth. These sectors extensively utilize industrial rubber and other related equipment, in which carbon black forms an integral part. Moreover, in the paints and coatings industry, it is used in jet black paints which act as a protective coating to various products. Apart from this, as the mixture of carbon black and cement results in an enhanced uniformity, surface hardness, tensile strength and compressive strength, there has been an increase in the demand for carbon black in the construction industry.
Companies Mentioned
Key Questions Answered in This Report:
Key Topics Covered:
1 Preface
2 Scope and Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Carbon Black Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Breakup by Type
5.5 Market Breakup by Grade
5.6 Market Breakup by Application
5.7 Market Breakup by Region
5.8 Market Forecast
6 Market Breakup by Type
7 Market Breakup by Grade
8 Market Breakup by Application
9 Market Breakup by Region
10 SWOT Analysis
11 Value Chain Analysis
12 Porters Five Forces Analysis
13 Price Analysis
14 Competitive Landscape
14.1 Market Structure
14.2 Key Players
14.3 Profiles of Key Players
For more information about this report visit https://www.researchandmarkets.com/r/s8gg2f
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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America’s Busiest Port Sets Western Hemisphere Record for Annual Volume
SAN PEDRO, Calif.--(BUSINESS WIRE)--The Port of Los Angeles on Thursday became the first port in the Western Hemisphere to process 10 million container units in a 12‑month period. To mark the milestone, Los Angeles Mayor Eric Garcetti, longshore labor leaders, Port officials and stakeholders gathered at the Port’s Fenix Marine Services Container Terminal to watch the 10 millionth container loaded onto the CMA CGM AMERIGO VESPUCCI, a vessel from the fleet of the Port’s largest shipping line customer, the CMA CGM Group, a world leader in shipping and logistics.
“The Port is the beating heart of our economy, the backbone of our region’s prosperity, and the crossroads that makes Los Angeles a true gateway to the rest of the world,” said Mayor Eric Garcetti. “Reaching this remarkable milestone is a reflection of its role as a critical engine of the global supply chain — and a testament to our unmatched port infrastructure and highly-skilled workforce.”
“Stacked end-to-end, 10 million containers would circle the world one and a half times,” said Los Angeles Board of Harbor Commissioners President Jaime Lee. “It’s a lot of cargo to handle by any measure. We are deeply grateful to the longshore workers, truckers, terminal operators, shipping line partners and all of the stakeholders that have made this remarkable achievement possible, particularly in the face of an unprecedented pandemic.”
“Each one of these 10 million boxes represents jobs and economic prosperity for not only the Harbor Area but the entire Southern California region,” said Los Angeles City Councilman Joe Buscaino, whose 15th District includes the Port. “I salute all the waterfront workers who work tirelessly to move all this cargo, particularly the men and women of the International Longshore and Warehouse Union.”
When the Port of Los Angeles closes its 2020-2021 Fiscal Year books on June 30, it is expected to have processed more than 10.8 million Twenty-Foot Equivalent Units (TEUs), a standardized maritime industry measurement used when counting cargo containers of varying lengths. A pandemic-induced consumer buying surge that began last summer, along with restocking of retailer shelves and e-commerce warehouses across the country have fueled the dramatic rise in imports.
Over the past 12 months, Port terminals have worked an average of 15 container ships each day, up from a pre-pandemic average of 10 ships a day, representing a significant increase in productivity.
“What we’ve collectively achieved today is a result of the incredibly hard work and perseverance of many,” said Port Executive Director Gene Seroka. “With our sustained focus on supply chain digitalization, infrastructure investments and strong business relationships, we have the opportunity to build on this historic milestone. Special thanks to our long-time partners, the CMA CGM Group, who share our vision for success both today and in the future.”
Ed Aldridge, President of CMA CGM and APL North America, stated, “As the Port of Los Angeles’ largest ocean carrier, the CMA CGM Group ships thousands of containers to and from California every day. But today’s historic TEU — number 10 million for the Port — carries more than just cargo, but hope. It shows that, as the pandemic subsides in the United States, the American economy is roaring back to life. CMA CGM is committed to delivering the essentials that keep the country moving as well as proposing agile logistics solutions to its customers, and we look forward to continuing to work with the Port of Los Angeles to deliver the goods Americans need to return to normal.”
During the COVID-19 pandemic, the Port of Los Angeles remained open every day, serving as a vital link and economic engine for the region and nation. The Port remained a steady source of high-quality jobs — from the docks to all nodes of the supply chain — despite the challenges presented by COVID-19 emergency orders and widespread economic uncertainties. Last month, Seroka met with the membership of International Longshore and Warehouse Union Locals 13, 63 and 94 to thank the dockworkers, clerks and foremen for their commitment to processing the nation’s essential cargo throughout the challenges of the pandemic.
“This 10 million cargo milestone would not have been possible without the dedication and commitment of the men and women of the ILWU,” said Ramon Ponce de Leon, President of ILWU Local 13. “Even in the midst of a pandemic, they worked diligently day in and day out, turned record amounts of cargo, and helped assure that much-needed goods were delivered to the American people. I salute to all my fellow brothers and sisters for their part in helping shatter all previous cargo records.”
Longshore labor shifts are up nearly 20% in 2021 compared to the average weekly shift count over the past four years.
The Port of Los Angeles has ranked as the number one container port in the United States each year since 2000. In 2020, the Port moved 9.2 million TEUs, the fourth highest-volume year in the Port’s history. The Port’s previous highest annual container volume on record was in 2018, moving 9.5 million TEUs.
North America’s leading seaport by container volume and cargo value, the Port of Los Angeles facilitated $259 billion in trade during 2020. San Pedro Bay port complex operations and commerce facilitate one in nine jobs across the counties of Los Angeles, Orange, Riverside, San Bernardino and Ventura. The Port of Los Angeles has remained open with all terminals operational throughout the COVID-19 pandemic.
Led by Rodolphe Saadé, the CMA CGM Group is a world leader in shipping and logistics. Its 561 vessels serve more than 420 ports around the world, on all five continents. In 2020, they transported nearly 21 million TEU (twenty-foot equivalent units) containers. With CEVA Logistics, a world leader in logistics services, CMA CGM handles 400,000 tons of airfreight and 2.8 million tons of inland freight every year. CMA CGM is constantly innovating to offer customers new maritime, inland and logistics solutions. Present on every continent and in 160 countries through its network of more than 400 offices and 750 warehouses, the Group employs more than 110,000 people worldwide, of which 2,400 are in Marseille where its head office is located.
Phillip Sanfield
Port of Los Angeles
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As thousands of public- and private-sector leaders convene at climate summit, LABC steps forward as first business group to endorse ambitious LA100 motion
LOS ANGELES--(BUSINESS WIRE)--As historic droughts parch California counties from Siskiyou to San Diego ahead of another projected record wildfire season, the Los Angeles Business Council today released its top climate policy goals, stepping forward as the first business group to endorse an ambitious plan for the L.A. Department of Water and Power to shift to 100% carbon-free energy by 2035.
The LABC released a blueprint to continue advancing L.A.’s climate leadership as thousands of high-level government, business and nonprofit leaders convened virtually at its 15th Annual Sustainability Summit. The ambitious goals range from expanded solar investment to calls for a citywide clean-workforce development initiative.
At the top of the LABC’s climate policy agenda is endorsing a March 31 motion by City Councilmembers Paul Krekorian and Mitch O’Farrell to expedite L.A.’s timeline to transition to all clean energy. The motion would direct the LADWP to complete the shift to 100% carbon-free energy a full decade early, reaching that goal through a mix of projects focused on solar, wind, electrical storage and other technologies.
The motion followed the release of the groundbreaking LA100 study, which examined potential paths to achieve L.A.’s goal of reaching reliable, 100% carbon-free energy over the next two decades.
“The LABC is proud to step up as the first business group to join Councilmembers Krekorian and O’Farrell in calling for the LADWP to transition to 100% clean energy by 2035,” said LABC President Mary Leslie. “Our city has already proven itself one of the nation’s leaders in sustainability and renewable energy in a cost-effective manner that has created new jobs and investment. But we believe L.A. must aim even higher in pursuit of a healthier environment and a stronger, more inclusive green economy. We should act with the urgency that our climate challenges demand.”
L.A. remains a leader in scaling back its carbon footprint and embracing forward-looking environmental policies that build more resilient communities and businesses in the face of intensifying climate challenges. The LABC continues to support broad economic incentives that spur investment, innovation, and market-driven solutions to adapt to and combat the climate crisis’ myriad consequences.
“The results of the LA100 study provide definitive evidence that not only is a 100% carbon free grid within reach, Los Angeles has a path to hit that mark by 2035,” said Councilmember Krekorian, who co-authored the 2016 motion that prompted the first-in-the-nation research. “This launches a new chapter for L.A., and creates a playbook that cities and utilities nationwide can follow.”
In addition to supporting an expedited clean energy transition, the LABC issued the following climate policy priorities:
The LABC’s second consecutive virtual climate summit addressed pressing topics including climate policy, energy grid regionalization, and California’s natural disaster resilience strategy. A full schedule of events can be found at labusinesscouncil.org.
About the Los Angeles Business Council
The Los Angeles Business Council is one of the most effective and influential advocacy and educational organizations in California. For over 70 years, the LABC has had a major impact on public policy by harnessing the power of business and government to promote environmental and economic sustainability in the Los Angeles region. To learn more, please visit labusinesscouncil.org.
Malina Brown
(310) 717-2208 | This email address is being protected from spambots. You need JavaScript enabled to view it.
OSLO, Norway & NEW YORK--(BUSINESS WIRE)--FREYR AS (FREYR), the Norway-based developer of clean, next-generation battery cell production capacity, and Alussa Energy Acquisition Corp. (Alussa Energy), disclosed that FREYR is in negotiations with a major multinational industrial conglomerate (the JV Partner) to potentially develop battery production facilities in North America. This development was noted by FREYR Battery in its 9 June 2021 filing of a third amendment to the registration statement on Form S-4 with the U.S. Securities and Exchange Commission.
FREYR and the JV Partner have entered negotiations regarding a draft non-binding memorandum of understanding (MoU) for a potential joint venture to be formed with the purpose of preparing a project to build battery production and potentially related facilities in North America at a targeted scale at least 50 GWh in annualized battery cell production by 2030 (the Venture).
The draft MoU provides a framework for FREYR’s cooperation and that FREYR and the JV Partner will work to enter into certain additional arrangements regarding the consummation of a joint venture to use U.S.-developed solutions from 24M Technologies, Inc. (24M) at a battery manufacturing facility in North America. The use of 24M process technology in the Venture would require a modification to FREYR’s existing 24M license agreement.
“It is a natural step for FREYR to include North America in our long-term plans for expanding our production of clean, low-cost and low-carbon battery cells. This ambition was clearly validated by the U.S. Department of Energy’s call this week for immediate actions to scale up the U.S. supply chain for battery materials and technologies. FREYR has strong U.S. bonds through our technology partner 24M and the upcoming business combination with Alussa Energy and NYSE listing which is supported by some of the leading institutional investors including Fidelity Management & Research, Franklin Templeton, Sylebra Capital and Van Eck Associates. We are excited to be part of the gathering momentum in North America for battery-led green growth and decarbonization of transportation and energy systems,” said Tom Einar Jensen, the CEO of FREYR.
Daniel Barcelo, CEO, President and Director of Alussa Energy, added, “Alussa Energy is proud to be merging with FREYR to potentially bring clean, next-generation battery cell production to the North American market utilizing proprietary U.S.-developed technology. The potential joint venture demonstrates that other companies within the battery manufacturing ecosystem view FREYR’s sustainable platform being developed in Norway as a robust starting point for scaling business opportunities into one of the largest markets in the world. We and Encompass Capital, a member of Alussa Energy’s sponsor, are thrilled to support FREYR to become a leading player in the effort to accelerate America’s clean energy future.”
As part of these negotiations, FREYR and the JV Partner exchanged draft terms outlining the key commercial points of the potential joint venture in May 2021. However, many key terms of the Venture, including economic and investment terms, have not been agreed to in principal. There is no guarantee that the draft MoU, if entered into, will lead to entry into binding documentation with respect to the Venture, its terms or consummation of the Venture.
On 29 January 2021, FREYR announced that it will become a publicly listed company through a business combination with Alussa Energy, raising approximately $850 million in equity proceeds to accelerate the development of up to 43 GWh clean battery cell manufacturing capacity in Norway. Subject to closing conditions being met, the combined company will be named “FREYR Battery” (Pubco) and its common stock is expected to start trading on the New York Stock Exchange under the ticker symbol FREY upon closing, expected in the second quarter of 2021. On 16 February 2021, the extraordinary general meeting of FREYR approved the business combination. Alussa Energy expects its Special Meeting to approve the business combination to take place on June 25, 2021.
About FREYR AS
FREYR plans to develop up to 43 GWh of battery cell production capacity by 2025 to position the company as one of Europe’s largest battery cell suppliers. The facilities will be located in the Mo i Rana industrial complex in Northern Norway, leveraging Norway’s highly skilled workforce and abundant, low-cost renewable energy sources from hydro and wind in a crisp, clear and energized environment. FREYR will supply safe, high energy density and cost competitive clean battery cells to the rapidly growing global markets for electric vehicles, energy storage, and marine applications. FREYR is committed to supporting cluster-based R&D initiatives and the development of an international ecosystem of scientific, commercial, and financial stakeholders to support the expansion of the battery value chain in our region. For more information, please visit www.freyrbattery.com.
About Alussa Energy Acquisition Corp.
Alussa Energy is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While Alussa Energy may pursue an acquisition opportunity in any industry or sector, Alussa Energy intends to focus on businesses across the entire global energy supply chain. For more information, please visit: https://www.alussaenergy.com.
Forward-Looking Statements
This press release contains, and certain oral statements made by representatives of Alussa Energy and FREYR and their respective affiliates, from time to time may contain, “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Alussa Energy’s, FREYR Battery’s (“Pubco’s”) and FREYR’s actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “might” and “continues,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, expectations with respect to the shareholder approval of the business combination, the listing of Pubco’s common stock and warrants on the New York Stock Exchange, the production of clean and cost-effective batteries, the plan to build battery production and related facilities in North America at a targeted scale of at least 50 GWh in annualized battery cell production by 2030, the entry into a memorandum of understanding between FREYR and the JV Partner, the consummation of a joint venture to use 24M technology at a battery manufacturing facility in North America, the ability to modify the existing 24M license agreement, collaborations with customers and global supply chain partners across the transportation and energy storage sectors, the ability to leverage the Nordic region’s developing battery ecosystem and the closing of the business combination shortly after the Special Meeting. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside the control of Alussa Energy, Pubco or FREYR and are difficult to predict. Factors that may cause such differences include, but are not limited to: the failure to enter into a memorandum of understanding and a binding agreement, the failure to modify the 24M license agreement, the inability to consummate the transaction due to failure to obtain approval of the shareholders of Alussa Energy; the inability to obtain the listing of Pubco’s common stock and warrants on the New York Stock Exchange following the transaction; the failure of capital to be delivered in the business combination; the risk that the transaction disrupts current plans and operations as a result of the announcement and consummation of the transaction; the inability to recognize anticipated benefits of the proposed business combination; the possibility that Alussa Energy, Pubco or FREYR may be adversely affected by other economic, business, and/or competitive conditions that might lead to, among other things, a failure to develop clean and cost-effective batteries, deliver on the targeted battery cell manufacturing capacity, leverage Norway’s perceived advantages in battery production and build collaborations with customers in the transportation and energy markets; and other risks and uncertainties identified in the registration/proxy statement relating to the transaction, including those under “Risk Factors” therein, and in other filings with the SEC made by Alussa Energy, Pubco and FREYR. Alussa Energy, Pubco and FREYR caution that the foregoing list of factors is not exclusive, and caution readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. None of Alussa Energy, Pubco or FREYR undertakes or accepts any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based, subject to applicable law.
No Offer or Solicitation
This press release is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities pursuant to the transaction or otherwise, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
No Assurances
There can be no assurance that the transaction will be completed, nor can there be any assurance, if the transaction is completed, that the potential benefits of combining the companies will be realized.
Information Sources; No Representations
This press release has been prepared for use by Alussa Energy, Pubco and FREYR in connection with the transaction. The information herein does not purport to be all-inclusive. The information herein is derived from various internal and external sources, with all information relating to the business, past performance, results of operations and financial condition of Alussa Energy was derived entirely from Alussa Energy and all information relating to the business, past performance, results of operations and financial condition of FREYR and Pubco was derived entirely from FREYR. No representation is made as to the reasonableness of the assumptions made with respect to the information herein, or to the accuracy or completeness of any projections or modeling or any other information contained herein. Any data on past performance or modeling contained herein is not an indication as to future performance.
No representations or warranties, express or implied, are given in respect of this press release. To the fullest extent permitted by law in no circumstances will Alussa Energy, Pubco or FREYR, or any of their respective subsidiaries, affiliates, shareholders, representatives, partners, directors, officers, employees, advisors or agents, be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from the use of this press release, its contents (including without limitation any projections or models), any omissions, reliance on information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith, which information relating in any way to the operations of FREYR or Pubco has been derived, directly or indirectly, exclusively from FREYR and has not been independently verified by Alussa Energy. Neither the independent auditors of Alussa Energy nor the independent auditors of FREYR or Pubco audited, reviewed, compiled or performed any procedures with respect to any projections or models for the purpose of their inclusion in this press release and, accordingly, neither of them expressed any opinion or provided any other form of assurances with respect thereto for the purposes of this press release.
Important Information About the Transaction and Where to Find It
In connection with the transaction, Alussa Energy and Pubco have filed and will file relevant materials with the SEC, including a Form S-4 registration statement filed by Pubco on March 26, 2021 and amended on May 7, May 27 and June 9, 2021 (the “S-4”), which includes a prospectus with respect to Pubco’s securities to be issued in connection with the proposed business combination and a proxy statement (the “Proxy Statement”) with respect to Alussa Energy’s shareholder meeting at which Alussa Energy’s shareholders will be asked to vote on the proposed business combination and related matters. ALUSSA ENERGY SHAREHOLDERS AND OTHER INTERESTED PERSONS ARE ADVISED TO READ THE S-4 AND THE AMENDMENTS THERETO AND OTHER INFORMATION FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTION, AS THESE MATERIALS WILL CONTAIN IMPORTANT INFORMATION ABOUT ALUSSA ENERGY, PUBCO, FREYR AND THE TRANSACTION. The Proxy Statement contained in the S-4 and other relevant materials for the transaction are being mailed to shareholders of Alussa Energy as of April 30, 2021. The preliminary S-4 and Proxy Statement, the final S-4 and definitive Proxy Statement and other relevant materials in connection with the transaction (when they become available), and any other documents filed by Alussa Energy with the SEC, may be obtained free of charge at the SEC’s website (www.sec.gov) or by writing to Alussa Energy Acquisition Corp. at c/o PO Box 500, 71 Fort Street, Grand Cayman KY1-1106, Cayman Islands.
Participants in Solicitation
Alussa Energy, Pubco and FREYR and their respective directors, executive officers and employees and other persons may be deemed to be participants in the solicitation of proxies from the holders of Alussa Energy ordinary shares in respect of the proposed transaction. Alussa Energy shareholders and other interested persons may obtain more detailed information regarding the names and interests in the transaction of Alussa Energy’s directors and officers in Alussa Energy’s and Pubco’s filings with the SEC, including when filed, the S-4 and the Proxy Statement. These documents can be obtained free of charge from the sources indicated above.
FREYR
Harald Bjørland, Investor Relations, +47 908 58 221, This email address is being protected from spambots. You need JavaScript enabled to view it.
Alussa Energy
Chi Chow, Alussa Energy, Strategy & Investor Relations, +1 929-303-6514, This email address is being protected from spambots. You need JavaScript enabled to view it.
DALLAS--(BUSINESS WIRE)--Amen Properties, Inc. (Pink Sheets: AMEN) today announced financial results for its fiscal quarter ended March 31, 2021. The Company posted quarterly revenue of $422 thousand and net income of $154 thousand. These results compare to revenue of $407 thousand and net income of $(1.5) million for the same quarter last year. The Company’s improvement in profitability was caused by excess depletion recorded in prior periods for some of the Company’s working interests and a loss of $(1.3) million recognized in 2020 as a result of the conversion of marketable securities.
Amen also announced that the Company’s Board of Directors has approved the payment of a quarterly dividend of $7.50 per share, to be paid on June 30, 2021 to shareholders of record as of the close of business on June 23, 2021.
Finally, Amen reiterated that its Board has approved a plan whereby the Company will no longer hedge the revenue stream associated with its oil and gas royalties. “Shareholders of Amen need to understand that they hold an un-hedged long oil and gas position and should pursue their own hedging strategy if they are uncomfortable with that risk,” said Kris Oliver, Amen’s Chief Financial Officer.
The Company’s 2021 first quarter report is available for viewing or download from the company’s web site – www.amenproperties.com.
About Amen Properties:
Amen Properties owns a portfolio of cash-producing properties including real estate and oil and gas interests.
Cautionary Statement:
This document contains forward-looking statements, which involve a number of risks and uncertainties that could cause our actual results to differ materially from those reflected in the forward-looking statements. Forward-looking statements can be identified by use of the words "expect," "project," "may," "might," potential," and similar terms. AMEN Properties, Inc. ("Amen", "we" or the "Company") cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Amen's control. These factors include, but are not limited to, our ability to implement our strategic initiatives, economic, political and market conditions and price fluctuations, government and industry regulation, U.S. and global competition and other factors. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.
Press and Investor Relations Contact:
Kris Oliver
(972) 999-0494
DALLAS--(BUSINESS WIRE)--Kosmos Energy (NYSE/LSE: KOS) announced today that Mr. Roy A. Franklin has joined its Board of Directors, effective June 9, 2021. Mr. Franklin is a senior executive with more than 45 years in the energy industry and extensive board experience in multiple companies both in the public and private sector.
Mr. Franklin currently serves as Chairman of the international energy services group, John Wood Group PLC (“Wood”), and is also a member of the Advisory Board of Kerogen Capital LLC.
In Mr. Franklin’s current role at Wood, he has overseen the company’s strategic positioning for the energy transition, broadening the company’s core activities from oilfield services to sustainable energy infrastructure, delivering solutions for a net-zero future. Wood is recognized as a sector leader in ESG matters with an AA rating from MSCI (Kosmos is also AA rated by MSCI) and Mr. Franklin’s experience in this area will be invaluable to Kosmos as it continues to navigate the energy transition.
He was previously the Chairman of Premier Oil plc, a UK-based independent oil and gas exploration company, from 2017 until its acquisition in 2021, the Chairman of privately-held Energean Israel Ltd from 2017 to 2021, and the Deputy Chairman of Equinor A/S from 2015 until 2019.
In addition to those listed above, he has served on the boards of a number of other international companies in non-executive roles, including Statoil A/S from 2007 until 2013, Santos Ltd from 2006 until 2017, Keller Group plc from 2007 until 2016, and Amec Foster Wheeler Plc from 2016 until 2017 when it was acquired by Wood.
Mr. Franklin began his career at BP where he spent 18 years in roles of increasing responsibility. He then joined Clyde Petroleum plc as Group Managing Director, and served as CEO of Paladin Resources plc from 1997 until its acquisition by Talisman Energy in 2005. In 2004 he was awarded the Order of the British Empire, and in 2006 the Petroleum Group Medal of the Geological Society of London, both in recognition of his services to the UK oil and gas industry.
Mr. Franklin earned his Bachelor of Science in Geology in 1973 from the University of Southampton, UK.
“We are delighted to have Roy join the Kosmos Board of Directors,” said Andrew G. Inglis, Chairman and Chief Executive Officer. “He has an impressive record of achievement across the upstream sector. In his executive roles he has created significant value for shareholders and in his non-executive board positions the companies he has served have benefited from his deep strategic understanding of the sector. This is a time of challenge and opportunity in the upstream sector and I am confident Roy’s extensive and varied experience will prove invaluable at the Kosmos Board.”
About Kosmos Energy
Kosmos is a full-cycle deepwater independent oil and gas exploration and production company focused along the Atlantic Margins. Our key assets include production offshore Ghana, Equatorial Guinea and U.S. Gulf of Mexico, as well as a world-class gas development offshore Mauritania and Senegal. Kosmos is listed on the New York Stock Exchange and London Stock Exchange and is traded under the ticker symbol KOS. As an ethical and transparent company, Kosmos is committed to doing things the right way. The Company’s Business Principles articulate our commitment to transparency, ethics, human rights, safety and the environment. Read more about this commitment in our Corporate Responsibility Report. For additional information, visit www.kosmosenergy.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Kosmos expects, believes or anticipates will or may occur in the future are forward-looking statements. Kosmos’ estimates and forward-looking statements are mainly based on its current expectations and estimates of future events and trends, which affect or may affect its businesses and operations. Although Kosmos believes that these estimates and forward-looking statements are based upon reasonable assumptions, they are subject to several risks and uncertainties and are made in light of information currently available to Kosmos. When used in this press release, the words “anticipate,” “believe,” “intend,” “expect,” “plan,” “will” or other similar words are intended to identify forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Kosmos, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Further information on such assumptions, risks and uncertainties is available in Kosmos’ Securities and Exchange Commission (“SEC”) filings. Kosmos undertakes no obligation and does not intend to update or correct these forward-looking statements to reflect events or circumstances occurring after the date of this press release, except as required by applicable law. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement.
Investor Relations
Jamie Buckland
+44 (0) 203 954 2831
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Media Relations
Thomas Golembeski
+1-214-445-9674
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Latin America’s first cryogenic energy storage project to enable 24/7 baseload renewable energy
SANTIAGO, Chile & WASHINGTON--(BUSINESS WIRE)--Highview Enlasa, the 50/50 joint venture between Highview Power, a global leader in long duration energy storage solutions, and Energía Latina S.A.-Enlasa, the largest backup power generation provider in Chile, is pleased to announce that it is developing the first liquid air long duration energy storage project in Chile. This 50MW/500MWh (10 hours) CRYOBattery™, which represents an estimated investment of USD $150 million, will be located in Diego de Almagro in the Atacama Region.
With one of the highest solar irradiations in the world, the Atacama Region has the potential to generate all the country's electricity. By pairing solar with cryogenic energy storage, Chile can benefit from 24/7, 100% renewable energy.
Engineering, procurement, and construction (EPC) on the project will be carried out by SK Ingeniería y Construcción, a leading Chilean EPC and a subsidiary of the Sigdo Koppers group. The project is currently in the pre-feasibility engineering phase and is scheduled to enter environmental processing in August of this year. Construction is estimated to start in the second half of 2023.
“This is a big step forward to enabling decarbonization goals for the country of Chile,” said Javier Cavada, CEO and President of Highview Power. “Our liquid air energy storage technology is the optimal solution for the large scale, long duration energy storage that is needed to balance the grid, without the geographic constraints associated with other energy storage technologies.”
The Highview Enlasa joint venture is opening Latin American energy markets to baseload renewable energy potential. When paired with renewable energy sources such as solar, Highview Power’s long duration energy storage system is equivalent in performance to thermal and nuclear power. CRYOBatteries™ are developed using proven components from mature industries and can deliver pumped-hydro capabilities without geographical constraints.
"The objective of our company is to make this innovative technology available to the market and to all actors in the electrical and mining sectors. These plants can replace traditional coal plants, which will help us contribute to accelerating the decarbonization process in Chile and to combat climate change,” said Fernando del Sol, president of Highview Enlasa.
Highview Power’s proprietary cryogenic energy storage technology utilizes air liquefaction, in which ambient air is cooled and turned to liquid at -196 °C (-320 ˚F). The liquid air is stored at low pressure and later heated and expanded to drive a turbine and generate power. It is the only long duration energy storage solution available today that is locatable and can offer multiple gigawatt-hours (weeks) of storage. The CRYOBattery™ has a small footprint and is scalable with no size limitations or geographic constraints, allowing for the deployment of massive amounts of renewables. Highview Power’s cryogenic energy storage plants offer valuable capabilities including voltage control, grid balancing and synchronous inertia that give grid operators the flexibility to manage power and energy services independently.
About Highview Power
Highview Power is a designer and developer of the CRYOBattery™, a proprietary cryogenic energy storage system that delivers reliable and cost-effective long duration energy storage to enable a 100 percent renewable energy future. Its proprietary technology uses liquid air as the storage medium and can deliver anywhere from 20MW/100MWh to more than 200MW/2GWh of energy and has a lifespan over 30 years. Developed using proven components from mature industries, it delivers pumped-hydro capabilities without geographical constraints and can be configured to convert waste heat and cold to power. For more information, please visit: http://www.highviewpower.com.
About Enlasa
Energía Latina S.A.-Enlasa is an energy generation company with more than 12 years of history. Until now our business model has been mainly oriented to provide backup power to the National Grid making available flexible/fast response units to the system, providing grid security in case of contingencies or unavailability in the transmission facilities. Energía Latina S.A. is an open joint-stock company and the parent company of a corporate conglomerate. Its affiliate Enlasa Generación Chile S.A. owns the historical generation assets. http://www.enlasa.com
Media Contact Highview Power:
Wendy Prabhu, Mercom Communications
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+1 512 215 4452
MONTPELLIER, France--(BUSINESS WIRE)--Platinum Equity announced on June 6th, 2021 that it has entered into a definitive agreement with China Tianying (CNTY) to acquire the entire business of Urbaser Group.
Platinum Equity is a leading U.S. investment fund with more than $25 billion of assets under management with a portfolio of approximately 40 operating companies worldwide.
Tom Gores, founder and CEO of Platinum Equity, said “Urbaser is a complex company, that is both vital service provider and important caretaker of the environment. It is a leader in a sector that requires both professional excellence and ESG best practices. It is a tailor-made for Platinum’s hands-on approach, and we’re excited about the opportunity”.
Louis Samson, Partner at Platinum Equity and Head of the Group's European operations, confirmed that Urbaser will be a strong addition to Platinum’s growing portfolio of the operating companies headquartered in Europe, fully in accordance with the Platinum’s strategy to continue investing in this region.
Igor Chacartegui, Managing Director of Platinum Equity, emphasized the fund's commitment to accelerate Urbaser's growth, particularly through acquisitions in key geographic areas.
Platinum announced that José María López Piñol will continue to lead the Urbaser Group as CEO. "Platinum's global operational capabilities, financial resources and commitment to supporting our business make it the ideal partner," he said.
Claude Saint-Joly, Chairman and CEO of Urbaser Environnement (Urbaser France), said he was extremely pleased with this new momentum in the development of Urbaser Group. According to the Chairman of Urbaser France, “in view of the Urbaser's very dynamic position in France, of the situation of the French environmental services market, which is currently undergoing a complete overhaul with real opportunities for external growth, and of the discussions held with Platinum Equity, there is no doubt that the Urbaser Group will continue to pay particular attention to the French market, making it one of the priority geographical sectors in its international development”.
About Urbaser
Urbaser is a global environmental management company focused on sustainability and innovation, serving over 70 million people in 25 countries with 50,000 employees. It is currently responsible for cleaning over 8 million kilometers of streets in cities around the world and maintaining 25 million square meters of green space. It operates 133 waste treatment facilities for a total of 20 million tons treated, generates 1,500 GWh of electrical energy from waste and avoided the emission of almost 2 million tons of CO2 equivalent last year. Founded in 1990 and headquartered in Madrid, Spain, Urbaser is active in 3 business lines - urban services (waste collection, street cleaning and water management), municipal waste treatment and industrial waste treatment - concentrated mainly in Spain, Chile, Argentina and France. Urbaser has made substantial investments in R&D with a focus on circular economy solutions such as bioplastics, bioproducts, compost, waste oil from ship recovery, and advances in innovative waste collection practices. The company's commitment to innovation is a competitive advantage and is fundamental to providing solutions for the sustainable development of urban services, integrated water management and municipal and industrial waste treatment.
About Urbaser Environnement
Urbaser Environnement, a subsidiary of the Urbaser group, has become one of the key players in the French market for environmental services for local authorities. Our expertise of more than 30 years is to be found in the fields of waste collection and cleaning, but also in waste recovery through the design, construction and operation of household waste recovery units.
In order to support local authorities in the evolution of our activities and their environmental, technical and regulatory components, Urbaser Environnement relies on its know-how in treatment engineering and in the field of urban waste management to design integrated and scalable solutions at the cutting edge of technology. The many French local authorities that have placed their trust in our activities, such as the Metropolises of Aix-Marseille Provence, Montpellier, Nantes, the Agglomerations of La Rochelle (Charente-Maritime), Marmande (Lot-et-Garonne), Charleville-Mézières (Ardennes), Greater Poitiers, the cities of Paris, the treatment syndicates of Varennes-Jarcy (Essonne), the Paris conurbation, Valor Béarn, Trifyl (Tarn), Chalosse (Landes), Calaisis (Pas-de-Calais), Trivalis (Vendée), Bil Ta Garbi (Pyrénées-Atlantiques), etc. , can testify to the quality and reliability of our services and to the daily involvement of our teams in working closely with our clients.
Urbaser Environnement achieved a consolidated turnover of 210 million euros in 2020 and employs 1,250 staff on the French market.
Urbaser Environnement
Bertrand Hyllaire
Tél : 04 67 99 41 00
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WESTLAKE, Ohio--(BUSINESS WIRE)--TravelCenters of America Inc. (Nasdaq: TA) today announced the results of its 2021 Annual Meeting of Stockholders, which was held earlier today, as follows:
Barbara D. Gilmore was re-elected as an Independent Director. The final tabulation of the percentage of stockholders’ votes cast for this Independent Director is as follows:
Independent Director |
Percentage of Shares Voted For |
|
Barbara D. Gilmore |
71.5% |
Elena B. Poptodorova was re-elected as an Independent Director. The final tabulation of the percentage of stockholders’ votes cast for this Independent Director is as follows:
Independent Director |
Percentage of Shares Voted For |
|
Elena B. Poptodorova |
74.4% |
Adam D. Portnoy was re-elected as Managing Director. The final tabulation of the percentage of stockholders’ votes cast for this Managing Director as is as follows:
Managing Director |
Percentage of Shares Voted For |
|
Adam D. Portnoy |
67.5% |
Shareholders voted to approve executive compensation on an advisory vote. The final tabulation of the percentage of stockholders’ votes cast for this proposal is as follows:
Proposal |
Percentage of Shares Voted For |
|
Approval of Executive Compensation |
94.1% |
Stockholders approved an amendment to the TravelCenters of America Inc. Second Amended and Restated 2016 Equity Compensation Plan. The final tabulation of the percentage of stockholders’ votes cast for this proposal is as follows:
Proposal |
Percentage of Shares Voted For |
|
Amendment to the Second Amended and Restated 2016 Equity Compensation Plan |
97.1% |
Stockholders ratified the appointment of RSM US LLP as TA’s independent auditors for the 2021 fiscal year. The final tabulation of the percentage of stockholders’ votes cast for this proposal is as follows:
Proposal |
Percentage of Shares Voted For |
|
Ratification of Independent Auditors |
99.3% |
About TravelCenters of America Inc.:
TravelCenters of America Inc. (Nasdaq: TA) is the nation's largest publicly traded full-service travel center network. Founded in 1972 and headquartered in Westlake, Ohio, its more than 20,000 employees serve customers in over 270 locations in 44 states and Canada, principally under the TA®, Petro Stopping Centers® and TA Express® brands. Offerings include diesel and gasoline fuel, truck maintenance and repair, full-service and quick-service restaurants, convenience stores, car and truck parking and other services dedicated to providing great experiences for its guests. TA is committed to sustainability, with specialized business unit, eTA, focused on sustainable energy options for professional drivers and motorists, while leveraging alternative energy to support its own operations. TA operates over 600 full-service and quick-service restaurants and 9 proprietary brands, including Iron Skillet® and Country Pride®. For more information, visit www.ta-petro.com.
Kristin Brown, Director, Investor Relations
(617) 796-8251
www.ta-petro.com
ChargeLab, Inc. to Develop Suite of Charging Management Tools and Services for TurnOnGreen’s Portfolio of Residential and Commercial Chargers
MILPITAS, Calif.--(BUSINESS WIRE)--$AGH #ChargeLab--Coolisys Technologies Corp®., a leading-edge technology company (“Coolisys”), announced today that it has executed a partnership agreement with ChargeLab, Inc. (“ChargeLab”) to design, build and publish cross-platform mobile experiences for residential and commercial end-users of TurnOnGreen™ EV chargers. TurnOnGreen, Inc., a recently established subsidiary of Coolisys, is dedicated to commercializing and launching its full service of electric vehicle supply equipment (“EVSE”) and services.
Under this agreement, ChargeLab will support Coolisys in the pre-production stage of the TurnOnGreen EV charging product by performing testing sessions to ensure and validate solid firmware compliance with the Open Charge Point Protocol (“OCPP”).
Mr. Kohn, President and CEO of Coolisys and TurnOnGreen, stated, “ChargeLab has proven experience in the development of custom member-facing applications and providing pre-launch manufacturing support to ensure compatibility with existing platforms at launch for top tier EVSE manufacturers. We are excited to engage in this partnership and feel confident ChargeLab’s support will allow us to launch a cross-platform mobile experience compliant with industry standards for our residential and commercial customers.” Mr. Kohn continued, “The main objectives of the agreement with ChargeLab are:
Zak Lefevre, Chief Executive Officer of ChargeLab stated, “Our experience supporting leading manufacturers with their go-to-market efforts allows them to rapidly enter the market with a high-quality, full-service offering. We share in TurnOnGreen’s passion to commercialize an innovative portfolio of EVSE products in the rapidly growing EV marketplace.”
Coolisys is a wholly owned subsidiary of Ault Global Holdings, www.AultGlobal.com.
About Coolisys Technologies Corp.
Coolisys Technologies Corp. designs and manufactures innovative, feature-rich, and top-quality power products for mission-critical and life-sustaining applications spanning multiple sectors in the harshest environments. The diverse markets we serve include automotive, defense, aerospace, medical and healthcare, industrial, and telecommunications. Coolisys brings decades of experience to every project, working with our clients to develop leading-edge products to meet a wide range of needs. Coolisys is headquartered in Milpitas, CA; www.Coolisys.com, This email address is being protected from spambots. You need JavaScript enabled to view it. or 1-877-634-0982
About TurnOnGreen, Inc.
TurnOnGreen, Inc. provides flexible and scalable electric vehicle (EV) charging solutions with a portfolio of residential, commercial, and ultra-fast charging station products, charging management software, and network services. We believe that we are the only green-energy technology company in the EV charging market that develops a broad range of robust products with smart service management support and cultivates strong partnerships with the passion and purpose that powers positive change. TurnOnGreen is headquartered in Milpitas, CA; www.TurnOnGreen.com, This email address is being protected from spambots. You need JavaScript enabled to view it. or 1-877-634-0982
About Charge Lab, Inc.
ChargeLab Inc. develops and provides for their customers the operating system for electric vehicle chargers. Their software makes EV chargers smarter by enabling billing, user management, power management, and integrations with third-party systems. ChargeLab partners with leading EV charger manufacturers, utilities, property owners, and governments to deliver seamless experiences for EV drivers across North America. ChargeLab has offices in San Francisco, CA and Toronto, Canada. www.ChargeLab.co, This email address is being protected from spambots. You need JavaScript enabled to view it. or 1 (800) 636-0986
Forward-Looking Statements
This press release contains “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect the Company’s business and financial results are included in the Company’s filings with the U.S. Securities and Exchange Commission, including, but not limited to, the Company’s Forms 10-K, 10-Q and 8-K. All filings are available at www.sec.gov and on the Company’s website at www.AultGlobal.com.
This email address is being protected from spambots. You need JavaScript enabled to view it. or 1-877-634-0982
The Alliance of CEO Climate Leaders steps up and calls on G7 and other world leaders to accelerate a just transition
BOSTON--(BUSINESS WIRE)--We need bold action now for a just transition
With the ongoing challenge of the COVID pandemic, it is easy to forget that climate change is an immediate and growing threat to people, ecosystems, and economies – with our current trajectory leading us to potentially irreversible outcomes. To avoid the worst impacts of climate change we need to limit warming to 1.5°C, which will require nearly halving greenhouse gas emissions by 2030 and reaching net-zero by 20501. This drastic departure from today’s emissions growth trajectory requires bold action across private and public sectors five months before COP26 in November.
Business is taking action
Recognizing the urgency to act on climate change, many businesses are already stepping up. At least one-fifth of the world’s largest 2000 public companies, many of which we lead, has now committed to meet net-zero targets by mid-century or sooner, and the number is growing fast2. The Race to Zero initiative championed by UNFCCC and COP26 is working with hundreds of companies and investors across the global economy to scale climate change solutions. In addition, our Alliance of 90 global CEOs and rising is helping to accelerate the transition to a net-zero economy through credible cross-sector collaboration: our members disclose emissions, set aggressive emissions reduction targets, embrace the right policies towards a low carbon economy and take actions in their businesses while encouraging and collaborating with others to do the same.
We call upon all world leaders including those meeting at the G7 Summit this week to deliver on our shared climate ambitions and enable a net-zero world – and additionally to work together with the private sector for bolder actions on shared ambitions within a clearer and more ambitious policy framework.
Transformative policy change is needed for full decarbonization
Governments are also starting to move: countries that emit over 60% of the world’s greenhouse gas emissions have now committed to net-zero and carbon neutrality targets by around mid-century3.
We now need these commitments to turn into actions, especially in the short term. This is because action from governments can accelerate even more action from companies. To decarbonize at the speed and scale required to achieve net-zero by 2050 at the latest, we urgently need transformative policy change. The Alliance is looking to governments to accelerate the transition before COP26 and beyond and calls on world leaders to:
Further, government support at a system level is needed to accelerate progress by business:
A sustainable and prosperous future?
Although the challenges ahead of us are substantial, we can deliver a just transition to a net-zero world. The transition has the potential to bring prosperity through green growth and jobs that set us 4 The Report of the High-Level Commission on Carbon Prices concludes that the explicit carbon-price level consistent with achieving the Paris temperature target is at least US$40–80/tCO2 by 2020 and US$50– 100/tCO2 by 2030 3 on an equitable path. Not taking mitigating actions against climate change could shrink global GDP by up to 18% in the next 30 years5. On the other hand, measures to green the production and use of energy could create 18 million additional jobs by 2030, while protecting the current 1.2 billion jobs that rely directly on a healthy and stable environment6.
Members of our Alliance have made clear commitments and are working to transition their businesses to net-zero. Greater collaboration between business and government on achieving our net-zero ambitions can help accelerate this process for the benefit of our economies and societies.
As the Alliance of CEO Climate Leaders, we stand ready to work side-by-side with governments to support these policies and transform the scale of public-private effort this decade in the race to net zero, for the benefit of people today and for generations to come.
We call on the G7 and other world leaders five months ahead of COP26 to help supercharge the net zero and climate resilience transition with bold and courageous commitments, policies, and actions.
List of signatories
1. Søren Skou, Chief Executive Officer, A.P. Møller-Maersk
2. Björn Rosengren, Chief Executive Officer, ABB
3. Julie Sweet, Chief Executive Officer, Accenture
4. José Manuel Entrecanales, Chief Executive Officer, ACCIONA
5. Oliver Bäte, Chief Executive Officer, Allianz
6. Alan Belfield, Group Chair, Arup
7. Pascal Soriot, Chief Executive Officer, AstraZeneca
8. Thomas Buberl, Chief Executive Officer, AXA
9. Manny Maceda, Chief Executive Officer, Bain & Company
10. Martin Brudermüller, Chief Executive Officer, BASF
11. Werner Baumann, Chief Executive Officer, Bayer
12. Carlos Torres Vila, Chairman, BBVA
13. Michel Vounatsos, Chief Executive Officer, Biogen
14. Rich Lesser, Chief Executive Officer, Boston Consulting Group
15. Aiman Ezzat, Chief Executive Officer, Capgemini
16. Ion Yadigaroglu, Managing Partner, Capricorn Investment Group
17. Cees 't Hart, Chief Executive Officer, Carlsberg
18. Mahendra Singhi, Managing Director and CEO, Dalmia Cement
19. Kim Fausing, President and Chief Executive Officer, Danfoss
20. Punit Renjen, Global Chief Executive Officer, Deloitte
21. Wendy Clark, Chief Executive Officer, Dentsu International
22. Frank Appel, Chief Executive Officer, Deutsche Post DHL
23. Francesco Starace, Chief Executive Officer and General Manager, Enel
24. Catherine MacGregor, Chief Executive Officer, Engie Group
25. Carmine Di Sibio, Global Chairman and Chief Executive Officer, EY
26. Poul Due Jensen, Chief Executive Officer, Grundfos
27. Helena Helmersson, Chief Executive Officer, H&M Group
28. Dolf van den Brink, Chief Executive Officer, HEINEKEN
29. Antonio Neri, President and Chief Executive Officer, Hewlett Packard Enterprise
30. Ignacio S. Galán, Chairman and Chief Executive Officer, Iberdrola
31. Pablo Isla, Chairman, Inditex
32. Salil Parekh, Chief Executive Officer and Managing Director, Infosys
33. Steven van Rijswijk, Chief Executive Officer, ING
34. Jesper Brodin, Chief Executive Officer, Ingka Group I IKEA
35. Steve Demetriou, Chair and Chief Executive Officer, Jacobs Engineering Group
36. Christian Ulbrich, Chief Executive Officer, JLL
37. George R. Oliver, Chairman and Chief Executive Officer, Johnson Controls International
38. Alex Liu, Managing Partner and Chairman of the Board, Kearney
39. Bill Thomas Chairman and Chief Executive Officer, KPMG International
40. Tex Gunning, Chief Executive Officer, LeasePlan
41. Stefan Doboczky, Chief Executive Officer, Lenzing Group
42. Hak Cheol Shin, Chief Executive Officer, LG Chem
43. H.S.H. Prince Max von und zu Liechtenstein, Chairman, LGT
44. Anand Mahindra, Chairman, Mahindra Group
45. Alain Bejjani, Chief Executive Officer, Majid Al Futtaim
46. Jonas Prising, Chairman and Chief Executive Officer, Manpower Group
47. Mike Haigh, Chair of the Executive Board, Mott MacDonald
48. Mark Schneider, Chief Executive Officer, Nestlé
49. Tom Palmer, President and Chief Executive Officer, Newmont Corporation 5
50. Vas Narasimhan, Chief Executive Officer, Novartis
51. Lars Fruergaard Jørgensen, Chief Executive Officer, Novo Nordisk
52. Ester Baiget, Chief Executive Officer, Novozymes
53. Philippe Knoche, Chief Executive Officer, Orano
54. Mads Nipper, Group President and Chief Executive Officer, Ørsted
55. Torben Möger Pedersen, Chief Executive Officer, Pension Denmark
56. Ramon Laguarta, Chairman & Chief Executive Officer, PepsiCo
57. Robert E. Moritz, Global Chairman, PwC
58. Dimitri De Vreeze, Co-CEO, Royal DSM
59. Feike Sybesma, Honorary Chairman, Royal DSM, Co-chair, Alliance of CEO Climate Leaders
60. Frans van Houten, Chief Executive Officer, Royal Philips
61. Mark Benioff, Chair and Chief Executive Officer, Salesforce
62. Christian Levin, President and Chief Executive Officer, Scania
63. Jean-Pascal Tricoire, Chairman and Chief Executive Officer, Schneider Electric
64. Roland Busch, Chief Executive Officer, Siemens
65. Erik Rondolat, Chief Executive Officer, Signify
66. Dr. Ilham Kadri, Solvay SA
67. Bill Winters, Group Chief Executive Officer, Standard Chartered Bank
68. Takeshi Niinami, Suntory Holdings
69. Christian Mumenthaler, Group Chief Executive Officer, Swiss Re
70. J. Erik Fyrwald, Chief Executive Officer, Syngenta Group
71. Christophe Weber, President and Chief Executive Officer, Takeda Pharmaceutical Company
72. Börje Ekholm, President and Chief Executive Officer, Ericsson
73. Michael W. Lamach, Chairman and Chief Executive Officer, Trane Technologies
74. Alan Jope, Chief Executive Officer, Unilever
75. Henrik Andersen, President and Chief Executive Officer, Vestas Wind Systems
76. Thierry Delaporte, Chief Executive Officer and Managing Director, Wipro
77. Svein Tore Holsether, Chief Executive Officer and President, Yara
78. Wolf-Henning Scheider, Chief Executive Officer, ZF Friedrichshafen
79. Mario Greco, Chief Executive Officer, Zurich Insurance Company
To access to the letter on the World Economic Forum website click HERE
About Schneider Electric
Schneider’s purpose is to empower all to make the most of our energy and resources, bridging progress and sustainability for all. We call this Life Is On.
Our mission is to be your digital partner for Sustainability and Efficiency.
We drive digital transformation by integrating world-leading process and energy technologies, end-point to cloud connecting products, controls, software and services, across the entire lifecycle, enabling integrated company management, for homes, buildings, data centers, infrastructure and industries.
We are the most local of global companies. We are advocates of open standards and partnership ecosystems that are passionate about our shared Meaningful Purpose, Inclusive and Empowered values.
Endnotes
1 IPCC; halving emissions vs. 2010 baseline
2 The Energy & Climate Intelligence Unit
3 ibid
4 The Report of the High-Level Commission on Carbon Prices concludes that the explicit carbon-price level consistent with achieving the Paris temperature target is at least US$40-80/tCO2 by 2020 and US$50-100/tCO2 by 2030
5 Swiss Re Institute, 2021
6 UN Climate Action Summit Jobs Initiative, 2019
Thomas Eck, This email address is being protected from spambots. You need JavaScript enabled to view it., 917-797-4974
The collaboration aims to validate and optimize the efficient lithium production process recently announced by Schlumberger New Energy, to support rapid growth of the EV market
HOUSTON--(BUSINESS WIRE)--Schlumberger New Energy and Panasonic Energy of North America, a division of Panasonic Corporation of North America, announced today that they have entered into a collaboration agreement for the validation and optimization of the innovative and sustainable lithium extraction and production process to be used by Schlumberger New Energy at its Neolith Energy pilot plant in Nevada. This collaboration paves the way for improved lithium production solutions that will help meet the expected surge in demand for lithium as the electric vehicle (EV) market takes off worldwide.
Neolith Energy’s sustainable approach uses a differentiated direct lithium extraction (DLE) process to produce high-purity, battery-grade lithium material while reducing the production time from over a year to weeks. The unique process is in sharp contrast to conventional evaporative methods of extracting lithium, with a significantly reduced groundwater and physical footprint. Panasonic will provide their guidance to validate and optimize the lithium material for battery-grade consumption. Situated in Clayton Valley, Nevada, the pilot plant is just 200 miles from Panasonic’s large-scale advanced battery manufacturing operation, Panasonic Energy of North America, in Sparks, Nevada.
As a global technology company and leader in lithium-ion batteries, Panasonic has a proven track record in innovation and advanced products and solutions that power the automotive industry. Demand for battery-grade lithium is projected to grow exponentially over the next decade. As EVs greatly depend on lithium-ion rechargeable batteries, sustainable and efficient lithium production has become an important topic for regions, industries and technology companies, as well as battery and large automotive manufacturers. While the lithium industry is expected to attract large investments, the time-to-first-lithium-production for new development projects and regions will be critical for the industry to meet the surge in demand.
“Panasonic has a longstanding commitment to contributing to society and increasing sustainability in the supply chain as we work to produce the world’s safest, highest quality and most affordable batteries is a critical priority,” said Allan Swan, president of Panasonic Energy of North America. “We look forward to working with Schlumberger New Energy to help achieve our vision of advancing the lithium-ion battery space and accelerating to a clean energy society.”
“Panasonic is a pioneer in electric vehicle battery technology, and we are excited to collaborate with them in developing our differentiated direct lithium extraction and production process,” said Ashok Belani, executive vice president Schlumberger New Energy. “We are committed to expanding the global supply chain for advanced lithium compounds to support the forecasted surge in demand and enable new opportunities for lithium production globally.”
Neolith Energy’s objective will be to pump brine from the subsurface, extract greater than 90% of the dissolved lithium, and pump more than 85% of the brine back to the subsurface in an environmentally safe manner. In addition to maximizing the reinjection of the brine, the ultimate goal is to eliminate the need for any fresh water from an external source and reduce the environmental impact.
Together, Panasonic and Schlumberger New Energy aim to accelerate the development and implementation of an innovative lithium production process, with a commitment to economical, environmental and responsible extraction to empower the world’s transition to new energy sources.
About Schlumberger New Energy
Schlumberger is the world's leading provider of technology to the global energy industry. Schlumberger New Energy explores new avenues of growth by leveraging Schlumberger’s intellectual and business capital in emerging new energy markets, with a focus on low-carbon and carbon-neutral energy technologies. Its activities include ventures in the domains of hydrogen, lithium, carbon capture and sequestration, geothermal power and geoenergy for heating and cooling buildings.
Learn more about Schlumberger New Energy: newenergy.slb.com
About Panasonic
Panasonic Corporation is a global leader developing innovative technologies and solutions for wide-ranging applications in the consumer electronics, housing, automotive, and B2B sectors. The company, which celebrated its 100th anniversary in 2018, operates 522 subsidiaries and 69 associated companies worldwide and reported consolidated net sales of 6,698.8 billion yen for the year ended March 31, 2021. Committed to pursuing new value through collaborative innovation, the company uses its technologies to create a better life and a better world for customers.
Learn more about Panasonic: https://www.panasonic.com/
Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the U.S. federal securities laws — that is, statements about the future, not about past events. Such statements often contain words such as “expect,” “may,” “believe,” “plan,” “can,” “estimate,” “intend,” “anticipate,” “should,” “could,” “will,” “likely,” “goal,” “objective,” “potential,” “projected” and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain, such as projected demand growth for battery-grade lithium and EVs; forecasts or expectations regarding the development of, or anticipated benefits of, NeoLith Energy’s process and other Schlumberger New Energy initiatives; and other forecasts or expectations regarding the energy transition and global climate change. These statements are subject to risks and uncertainties, including, but not limited to, the inability to recognize intended benefits from Schlumberger New Energy strategies, initiatives or partnerships; legislative and regulatory initiatives addressing environmental concerns, including initiatives addressing the impact of global climate change; and other risks and uncertainties detailed in the companies’ public filings, including Schlumberger’s most recent Forms 10-K, 10-Q and 8-K filed with or furnished to the U.S. Securities and Exchange Commission. If one or more of these or other risks or uncertainties materialize (or the consequences of such a development changes), or should underlying assumptions prove incorrect, actual outcomes may vary materially from those reflected in our forward-looking statements. The forward-looking statements speak only as of the date of this press release, the parties disclaim any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.
Media
Giles Powell – Director of Corporate Communication, Schlumberger Limited
Tel: +1 (713) 375-3494
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Dannea DeLisser
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Investors
Ndubuisi Maduemezia – Vice President of Investor Relations, Schlumberger Limited
Joy V. Domingo – Director of Investor Relations, Schlumberger Limited
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indie To Begin Trading on Nasdaq June 11, 2021 as "INDI"
ALISO VIEJO, Calif. & GREAT FALLS, Va.--(BUSINESS WIRE)--indie Semiconductor, an Autotech solutions innovator, and Thunder Bridge Acquisition II, Ltd. (Nasdaq: THBR), a special purpose acquisition company, today announced the completion of their previously announced business combination. The combined company will retain the indie Semiconductor name with its common stock and warrants to commence trading on Nasdaq under the new ticker symbols “INDI” and “INDIW”, respectively, on June 11, 2021. The business combination was approved at a special meeting of Thunder Bridge Acquisition II’s shareholders on June 9, 2021.
“The completion of our business combination with Thunder Bridge Acquisition II marks an extraordinary milestone for indie,” said Donald McClymont, indie’s Co-founder and CEO. “We founded indie back in 2007 on the simple concept of addressing the need for innovative semiconductor system solutions. Today we are a rapidly growing public company focused on the automotive industry with a global footprint and key relationships with leading Tier 1 customers and OEMs. Our advanced technologies are helping to re-architect tomorrow’s vehicle today, solving the step function increase in electronic performance and complexity demanded by our customers to improve safety, facilitate seamless data connectivity, enhance the user experience and accelerate electrification. Looking ahead, we are well positioned to capitalize on our existing design win pipeline, drive scale and further consolidate within Autotech while creating shareholder value.”
“We are delighted to close our merger with the indie team,” said Gary Simanson, President and CEO of Thunder Bridge Acquisition II. “indie has established an industry-leading franchise, and by virtue of our combination, will have the financial firepower to accelerate its strategic growth initiatives and create an Autotech pureplay powerhouse. Thunder Bridge's focus on high growth technology businesses combined with our proven ability to provide substantial equity capital from the SPAC sponsor, IPO investors and PIPE participants brought significant value to this transaction. Whether in the growing market for financial technology, such as REPAY (Nasdaq: RPAY), or in the burgeoning market for automotive technology such as indie Semiconductor (Nasdaq: INDI), the Thunder Bridge SPAC team is committed to its investors and helping strong operating companies realize their strategic objectives, access public capital markets and create long term shareholder value.”
The business combination is expected to result in gross proceeds of approximately $400 million to indie at closing, net of Thunder Bridge Acquisition II’s shareholder redemptions.
In addition to Donald McClymont, following completion of the business combination, indie will retain its experienced management team including Ichiro Aoki, Co-founder and President; Scott Kee, Co-founder and Chief Technology Officer; Thomas Schiller, Chief Financial Officer and EVP of Strategy; Ellen Bancroft, General Counsel, and Steve Machuga, Chief Operating Officer.
About indie
indie is empowering the Autotech revolution with next generation automotive semiconductors and software platforms. We focus on edge sensors for Advanced Driver Assistance Systems including LiDAR, connected car, user experience and electrification applications. These technologies represent the core underpinnings of both electric and autonomous vehicles, while the advanced user interfaces transform the in-cabin experience to mirror and seamlessly connect to the mobile platforms we rely on every day. We are an approved vendor to Tier 1 partners and our solutions can be found in marquee automotive OEMs around the world. Headquartered in Aliso Viejo, CA, indie has design centers and sales offices in Austin, TX; Boston, MA; Detroit, MI; San Francisco and San Jose, CA; Budapest, Hungary; Dresden, Germany; Edinburgh, Scotland and several locations throughout China.
Please visit us at www.indiesemi.com to learn more.
About Thunder Bridge Acquisition II, Ltd.
Thunder Bridge Acquisition II, Ltd. is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. In August 2019, Thunder Bridge Acquisition II, Ltd. consummated a $345 million initial public offering of 34.5 million units (reflecting the underwriters’ exercise of their over-allotment option in full), each unit consisting of one Class A ordinary shares and one-half warrant, each whole warrant enabling the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share.
Forward-Looking Statements
This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements regarding our future operating results and benefits of the business combination, and other statements identified by words such as “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimated,” “believe,” “intend,” “plan,” “projection,” “outlook” or words of similar meaning. Such forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond our control. Actual results and the timing of events may differ materially from the results anticipated in these forward-looking statements. In addition to factors previously disclosed in Thunder Bridge Acquisition II’s reports filed with the SEC (including those identified under “Risk Factors” therein) and those identified elsewhere in this communication, the following factors, among others, could cause actual results and the timing of events to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: our ability to develop, market and gain acceptance for new products; the availability of semiconductors and manufacturing capacity; competitive products and pricing pressures, and economic instability in our target markets; indie’s future capital requirements and sources and uses of cash; indie’s ability to obtain funding for its operations and future growth; changes in the market for indie’s products and services; expansion plans and opportunities; the above-average industry growth of product and market areas that indie has targeted; indie’s plan to increase revenue through the introduction of new products within its existing product families as well as in new product categories and families; the cyclical nature of the semiconductor industry; indie’s ability to successfully introduce new technologies and products; the demand for the goods into which indie’s products are incorporated; indie’s ability to accurately estimate demand and obtain supplies from third-party producers; indie’s ability to win competitive bid selection processes; the outcome of any legal proceedings that may be instituted against indie or Thunder Bridge II following the Business Combination and transactions contemplated thereby; the inability to maintain the listing of the Class A common stock of the Company on Nasdaq following the Business Combination; the risk that the Business Combination disrupts current plans and operations; the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, and the ability of the Company to grow and manage growth profitably; costs related to the Business Combination. indie cautions that the foregoing list of factors is not exclusive.
All information set forth herein speaks only as of the date hereof, and we disclaim any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication except as required by law.
Media and Investor Contacts
indie Semiconductor
Media Inquiries
Pilar Barrigas
949-608-0854
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Investor Relations
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Thunder Bridge Acquisition II
Gary Simanson
(202) 431-0507
MONTREAL & KANSAS CITY, Mo.--(BUSINESS WIRE)--CN (TSX: CNR) (NYSE: CNI) and Kansas City Southern (NYSE: KSU) (“KCS”) today announced that the Hon. William Clyburn, Jr., a former Commissioner and Vice-Chairman of the U.S. Surface Transportation Board (“STB”) has written an op-ed, which was published by Railway Age. In the op-ed, Clyburn states he believes the CN voting trust addresses “unlawful control” and the “public interest” under the new rules, and that as such, the voting trust should be approved. The full text of the op-ed can be found below:
CN Voting Trust Clears Tests Under STB New Merger Rules: Should Be Approved
Written by William Clyburn, Jr.
Having been one of the three Surface Transportation Board (STB) Members who voted on the 2001 Major Merger Rules, it seems clear to me that the CN voting trust satisfies the new rules requirements addressing “unlawful control” and the “public interest” when deciding to approve or reject a voting trust. As such, it should be approved so that the Board and the public may move forward to consider the merits of the proposed transaction.
In adopting the 2001 new merger rules with respect to voting trusts, the STB voting trust regulation focused on the impending control application and did not create a “new test” to pre-judge the “public interest” merits of the entire proposed transaction before approving a voting trust. We were looking at the public interest factors that we believed were relevant to voting trust approval, not approval of the merger itself.
In reviewing voting trusts, we were focused on two factors: (1) would the trust insulate the target company from unlawful control by the acquiring company during the regulatory review process; and (2) would the acquiring company and target company remain financially sound so as to not jeopardize either railroad in the event the transaction was eventually denied. The new rules were designed to require applicants to formally meet these tests before the Board would approve the use of a voting trust.
Prior to adoption of the Major Merger Rules, parties proposing use of a voting trust were free to use it without Board approval. As a result, unless there was a controversy, the Board itself rarely reviewed voting trusts. As part of the 2001 proceeding, we wanted more authority over and transparency into the voting trust process. In that proceeding, we adopted rules that now require (1) applicants of a major transaction to file a voting trust for approval; (2) the Board to hold a “brief” period of time for the public to comment on the use of a voting trust; and (3) the Board to issue a decision after the comment period to either accept or reject the trust. As part of that formal review process, the STB examines the trust to ensure there is no unlawful control and to determine whether the voting trust is in the public interest regarding the financial integrity of the applicant carriers.
When considering the public interest of a voting trust, and as explained in the merger rules themselves, we were concerned about the financial health of the applicants and the divestiture of the target railroad if the STB did not ultimately approve the transaction. Specifically, we wrote then that the Board is “responsible for ascertaining whether a proposed transaction would undermine the financial integrity of the applicant carriers.” As such, we adopted a public interest standard designed to focus on the financial fitness of the merging parties, which was one of the five public interest factors in the statute, and the most important factor in reviewing voting trusts.
The proposed CN/KCS trust should be approved. It incorporates the same elements that have already been approved for the now moot CP/KCS voting trust and proposes to use the same trustee. In approving the CP/KCS trust, the Board has already determined that the trust structure does not cause unlawful, premature control. The Board should reach the same conclusion with respect to the CN/KCS trust. Similarly, in the CP/KCS decision, the STB found that KCS will be financially fit while in trust, and the STB reached the same conclusion with respect to CP’s financial fitness.
Based upon the recent motion from CN regarding their proposed voting trust, it seems clear that CN is one of the most financially-sound railroads, and that it can more than cover any debt it must take on to acquire KCS. CN has agreed to forgo share repurchases until its debt ratio returns to pre-deal levels. CN, like CP, should be found financially fit.
Likewise, in approving the CP/KCS trust, the STB inherently found that there was no concern about divestiture of KCS in the event that the STB did not approve the transaction. Such a finding becomes even more poignant with respect to the CN/KCS trust because CP has been clear that it remains interested in acquiring KCS. On May 21, 2021, CP issued a press release stating that “[w]ere KCS presented with the question of how to proceed following a decision by the Board not to approve CN's proposed use of a voting trust, CP anticipates being available to engage with KCS to enter into another agreement to acquire KCS.” And it has again said so in its recent motion for a declaratory order filed at the STB.
The CN-KCS transaction appears to strengthen competition by adding a strong competitor in the North-South lanes in the industrial center of the country, and opens markets with new single-line hauls, creating more efficient movements among Canada, the United States, and Mexico. CN has committed to divest the only overlapping line between the CN and KCS systems, a short 70 mile line between New Orleans and Baton Rouge, and to maintain open gateways. The CN-KCS combination is therefore a classic end-to-end merger that preserves existing route options, enhances competition with new, single-line routing options for shippers, and creates new rail-to-rail competition.
Based upon my first-hand knowledge of the internal conversations within the Board from when I voted on the 2001 new merger rules, it is my opinion that the CN voting trust more than clears the two tests we established for such trusts in 2001 and should be considered on a level playing field with CP’s approved trust. The CN trust should be approved so that the Board and the public may move forward to consider the merits of the transaction.
Mr. Clyburn is the Principal of Clyburn Consulting LLC and was the fourth Member to serve on the United States Surface Transportation Board (“Board”) since its inception in 1996. He joined the Board in 1998 and served until the end of 2001, including as Vice Chairman. Prior to joining the Board, Mr. Clyburn served as the Commerce Counsel to former U.S. Senator Chuck Robb of Virginia and as Staff Counsel to the United States, Senate Committee on Commerce, Science and Transportation from 1993 to 1995 and has been a consultant to Kansas City Southern. He also served as senior counsel to U.S. Senator Zell Miller. From 1992 to 1993, he served as a Judicial Attorney for the Hon. Rodney A. Peeples of South Carolina’s Second and Ninth Circuit Courts.
For more information on CN’s pro-competitive combination with KCS, please visit www.ConnectedContinent.com.
About CN
CN is a world-class transportation leader and trade-enabler. Essential to the economy, to the customers, and to the communities it serves, CN safely transports more than 300 million tons of natural resources, manufactured products, and finished goods throughout North America every year. As the only railroad connecting Canada’s Eastern and Western coasts with the U.S. South through a 19,500-mile rail network, CN and its affiliates have been contributing to community prosperity and sustainable trade since 1919. CN is committed to programs supporting social responsibility and environmental stewardship.
About Kansas City Southern
Headquartered in Kansas City, Mo., Kansas City Southern (KCS) (NYSE: KSU) is a transportation holding company that has railroad investments in the U.S., Mexico and Panama. Its primary U.S. holding is The Kansas City Southern Railway Company, serving the central and south central U.S. Its international holdings include Kansas City Southern de Mexico, S.A. de C.V., serving northeastern and central Mexico and the port cities of Lázaro Cárdenas, Tampico and Veracruz, and a 50 percent interest in Panama Canal Railway Company, providing ocean-to-ocean freight and passenger service along the Panama Canal. KCS' North American rail holdings and strategic alliances with other North American rail partners are primary components of a unique railway system, linking the commercial and industrial centers of the U.S., Mexico and Canada. More information about KCS can be found at www.kcsouthern.com
Forward Looking Statements
Certain statements included in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and under Canadian securities laws, including statements based on management’s assessment and assumptions and publicly available information with respect to KCS, regarding the proposed transaction between CN and KCS, the expected benefits of the proposed transaction and future opportunities for the combined company. By their nature, forward-looking statements involve risks, uncertainties and assumptions. CN cautions that its assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Forward-looking statements may be identified by the use of terminology such as “believes,” “expects,” “anticipates,” “assumes,” “outlook,” “plans,” “targets,” or other similar words.
Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors which may cause actual results, performance or achievements of CN, or the combined company, to be materially different from the outlook or any future results, performance or achievements implied by such statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements. Important risk factors that could affect the forward-looking statements in this news release include, but are not limited to: the outcome of the proposed transaction between CN and KCS; the parties’ ability to consummate the proposed transaction; the conditions to the completion of the proposed transaction; that the regulatory approvals required for the proposed transaction may not be obtained on the terms expected or on the anticipated schedule or at all; CN’s indebtedness, including the substantial indebtedness CN expects to incur and assume in connection with the proposed transaction and the need to generate sufficient cash flows to service and repay such debt; CN’s ability to meet expectations regarding the timing, completion and accounting and tax treatments of the proposed transaction; the possibility that CN may be unable to achieve expected synergies and operating efficiencies within the expected time-frames or at all and to successfully integrate KCS’ operations with those of CN; that such integration may be more difficult, time-consuming or costly than expected; that operating costs, customer loss and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers or suppliers) may be greater than expected following the proposed transaction or the public announcement of the proposed transaction; the retention of certain key employees of KCS may be difficult; the duration and effects of the COVID-19 pandemic, general economic and business conditions, particularly in the context of the COVID-19 pandemic; industry competition; inflation, currency and interest rate fluctuations; changes in fuel prices; legislative and/or regulatory developments; compliance with environmental laws and regulations; actions by regulators; the adverse impact of any termination or revocation by the Mexican government of KCS de México, S.A. de C.V.’s Concession; increases in maintenance and operating costs; security threats; reliance on technology and related cybersecurity risk; trade restrictions or other changes to international trade arrangements; transportation of hazardous materials; various events which could disrupt operations, including illegal blockades of rail networks, and natural events such as severe weather, droughts, fires, floods and earthquakes; climate change; labor negotiations and disruptions; environmental claims; uncertainties of investigations, proceedings or other types of claims and litigation; risks and liabilities arising from derailments; timing and completion of capital programs; and other risks detailed from time to time in reports filed by CN with securities regulators in Canada and the United States. Reference should also be made to Management’s Discussion and Analysis in CN’s annual and interim reports, Annual Information Form and Form 40-F, filed with Canadian and U.S. securities regulators and available on CN’s website, for a description of major risk factors relating to CN. Additional risks that may affect KCS’ results of operations appear in Part I, Item 1A “Risks Related to KCS’s Operations and Business” of KCS’ Annual Report on Form 10-K for the year ended December 31, 2020, and in KCS’ other filings with the U.S. Securities and Exchange Commission (“SEC”).
Forward-looking statements reflect information as of the date on which they are made. CN assumes no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable securities laws. In the event CN does update any forward-looking statement, no inference should be made that CN will make additional updates with respect to that statement, related matters, or any other forward-looking statement.
No Offer or Solicitation
This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, 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 offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Additional Information and Where to Find It
In connection with the proposed transaction, CN will file with the SEC a registration statement on Form F-4 to register the shares to be issued in connection with the proposed transaction. The registration statement will include a preliminary proxy statement of KCS which, when finalized, will be sent to the stockholders of KCS seeking their approval of the merger-related proposals. This news release is not a substitute for the proxy statement or registration statement or other document CN and/or KCS may file with the SEC or applicable securities regulators in Canada in connection with the proposed transaction.
INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT(S), REGISTRATION STATEMENT(S), TENDER OFFER STATEMENT, PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC OR APPLICABLE SECURITIES REGULATORS IN CANADA CAREFULLY IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT CN, KCS AND THE PROPOSED TRANSACTIONS. Any definitive proxy statement(s), registration statement or prospectus(es) and other documents filed by CN and KCS (if and when available) will be mailed to stockholders of CN and/or KCS, as applicable. Investors and security holders will be able to obtain copies of these documents (if and when available) and other documents filed with the SEC and applicable securities regulators in Canada by CN free of charge at www.sec.gov and www.sedar.com. Copies of the documents filed by CN (if and when available) will also be made available free of charge by accessing CN’s website at www.CN.ca. Copies of the documents filed by KCS (if and when available) will also be made available free of charge at www.investors.kcsouthern.com, upon written request delivered to KCS at 427 West 12th Street, Kansas City, Missouri 64105, Attention: Corporate Secretary, or by calling KCS’s Corporate Secretary’s Office by telephone at 1-888-800-3690 or by email at This email address is being protected from spambots. You need JavaScript enabled to view it..
Participants
This news release is neither a solicitation of a proxy nor a substitute for any proxy statement or other filings that may be made with the SEC and applicable securities regulators in Canada. Nonetheless, CN, KCS, and certain of their directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transactions. Information about CN’s executive officers and directors is available in its 2021 Management Information Circular, dated March 9, 2021, as well as its 2020 Annual Report on Form 40-F filed with the SEC on February 1, 2021, in each case available on its website at www.CN.ca/investors/ and at www.sec.gov and www.sedar.com. Information about KCS’ directors and executive officers may be found on its website at www.kcsouthern.com and in its 2020 Annual Report on Form 10-K filed with the SEC on January 29, 2021, available at www.investors.kcsouthern.com and www.sec.gov. Additional information regarding the interests of such potential participants will be included in one or more registration statements, proxy statements, tender offer statements or other documents filed with the SEC and applicable securities regulators in Canada if and when they become available. These documents (if and when available) may be obtained free of charge from the SEC’s website at www.sec.gov and from www.sedar.com, as applicable.
Media: CN
Canada
Mathieu Gaudreault
CN Media Relations & Public Affairs
(514) 249-4735
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Longview Communications & Public Affairs
Martin Cej
(403) 512-5730
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United States
Brunswick Group
Jonathan Doorley / Rebecca Kral
(917) 459-0419 / (917) 818-9002
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Media: KCS
C. Doniele Carlson
KCS Corporate Communications & Community Affairs
(816) 983-1372
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Joele Frank, Wilkinson Brimmer Katcher
Tim Lynch / Ed Trissel
(212) 355-4449
Investment Community: CN
Paul Butcher
Vice-President
Investor Relations
(514) 399-0052
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Investment Community: KCS
Ashley Thorne
Vice President
Investor Relations
(816) 983-1530
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MacKenzie Partners, Inc.
Dan Burch / Laurie Connell
(212) 929-5748 / (212) 378-7071
HOUSTON--(BUSINESS WIRE)--Murphy Oil Corporation (NYSE: MUR) announced today the appointment of Michelle A. Earley to Murphy’s Board of Directors, effective June 10, 2021.
“We are excited to welcome Ms. Earley to our Board of Directors,” stated Claiborne P. Deming, Chairman of the Board for Murphy Oil Corporation. “Michelle brings perspectives and expertise in energy governance to Murphy. Her appointment is also aligned with the Board’s commitment to bring skillsets to the boardroom that will best position us to deliver for all of our shareholders.”
A partner at Locke Lord LLP since 2008, Ms. Earley serves as co-chair of the firm’s Capital Markets Group and the Diversity Committee, as well as a member of the Executive Committee, Lateral Hire Committee, and Legal Personnel and Partnership Admissions Committee. Throughout her tenure at the firm, she has gained extensive experience in mergers and acquisitions, as well as securities regulation and offering matters, and routinely advises management teams and boards of directors on corporate governance topics.
While her clients span various industries, the majority of her time has been spent working with oil and natural gas companies, leading her to join the Adams Resources & Energy Inc. Board of Directors more than six years ago. Adams Resources is engaged in crude oil marketing, transportation and storage across multiple basins.
Ms. Earley earned a Bachelor of Arts from Texas A&M University, graduated from Yale University in 1997 with her Juris Doctor and served as a law clerk for the Fifth Circuit Court of Appeals prior to joining Locke Lord in 1998.
ABOUT MURPHY OIL CORPORATION
As an independent oil and natural gas exploration and production company, Murphy Oil Corporation believes in providing energy that empowers people by doing right always, staying with it and thinking beyond possible. Murphy challenges the norm, taps into its strong legacy and uses its foresight and financial discipline to deliver inspired energy solutions. The company sees a future where it is an industry leader who is positively impacting lives for the next 100 years and beyond. Additional information can be found on the company’s website at www.murphyoilcorp.com.
Investor Contacts:
Kelly Whitley, This email address is being protected from spambots. You need JavaScript enabled to view it., 281-675-9107
Megan Larson, This email address is being protected from spambots. You need JavaScript enabled to view it., 281-675-9470
Fluence LED lighting technology chosen for Missouri’s first facility licensed to grow and manufacture medical cannabis under one roof
AUSTIN, Texas & ROCK HILL, Mo.--(BUSINESS WIRE)--Fluence by OSRAM (Fluence), a leading global provider of energy-efficient LED lighting solutions for commercial cannabis and food production, and Proper Cannabis (Proper), a Rock Hill, Missouri-based cannabis cultivator and manufacturer, announced today the companies’ application of Fluence’s LED lighting solutions throughout Proper’s cultivation facility.
Proper is headquartered in the booming Missouri cannabis market and operates a 90,000-square-foot cannabis cultivation and manufacturing facility. In early 2021, the fully vertical medical marijuana company was the first to earn a state license for growing and manufacturing cannabis in the same location. When designing plans for its facility, Proper identified Fluence’s LED technology as a priority for the company’s cultivation strategy. Today, Fluence fixtures illuminate 20,000 square feet of cannabis canopy in Proper’s cultivation rooms, enabling the company to improve plant production and produce a variety of medical products under three unique brands.
“We observed LED lighting trends for years in Colorado, learning about the power and potential of the technology compared to HPS systems, and brought that knowledge back to our home state—the up-and-coming Missouri market,” said Matt LaBrier, COO and co-founder of Proper. “Fluence has always stood out as a leading expert in LED lighting. Partnering with Fluence’s trusted experts has not only produced results that continue to exceed our expectations, but also enabled us to focus intently on efficient cultivation practices that meet our ultimate goal of improving the lives of Missourians through medical cannabis.”
Proper’s first cultivation cycle under Fluence lighting exceeded expectations. The first harvest yielded 10 percent more biomass than anticipated at approximately 60 grams per square foot. Fluence’s LED solutions also mitigated the heat and microclimate issues growers have historically battled under legacy lighting systems. After completing its successful first harvest, Proper introduced its products to Missouri customers on April 20, 2021.
“The team behind Proper Cannabis is an incredible example of how the cannabis industry continues to evolve, advance and embrace the technologies of the future,” said David Cohen, CEO of Fluence. “We’re thrilled to work with a team who recognizes—through years of their own cultivation practice—the proven benefits of incorporating LED technology into their cannabis operation. We look forward to supporting Proper in their efforts to produce the best medicine and improve lives for patients in Missouri.”
Proper also secured more than $500,000 in rebates through its innovative use of LED lighting technology and other facility enhancements. The Proper team applied its rebate toward creating additional efficiencies and automation processes in its facility, including installing state-of-the-art air purification measures to protect against pathogens and contribute to an overall healthier cultivation environment.
For more information on Fluence, visit www.fluence.science. For more information on Proper, visit www.properbrands.com.
About Fluence by OSRAM
Fluence Bioengineering, Inc., a wholly-owned subsidiary of OSRAM, creates powerful and energy-efficient LED lighting solutions for commercial crop production and research applications. Fluence is a leading LED lighting supplier in the global cannabis market and is committed to enabling more efficient crop production with the world’s top vertical farms and greenhouse produce growers. Fluence global headquarters are based in Austin, Texas, with its EMEA headquarters in Rotterdam, Netherlands. For more information about Fluence, visit https://fluence.science.
About Proper Cannabis
Proper Cannabis is a fully vertical medical marijuana company in the state of Missouri with a vision to lead and inspire our community through the power of cannabis. Proper is powered by award-winning cultivation experts, hand selected genetics, and a careful human touch—all of which ensure a consistent high standard of quality. From heirloom strains to the latest exotics, our premium flower is cultivated for potency, optimum yield, and superior terpene production to suit customer needs and preferences.
Media Contacts:
For Fluence, Emma Chase
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C: 512-917-4319
For Proper, Spencer Pernikoff
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