DRAPER, Utah--(BUSINESS WIRE)--Leveraging their strong funding relationships, Onset Financial funded $40M for an energy provider. This lease transaction enabled the energy provider to begin implementing its growth strategies.
Due to the location and complexities of the equipment, this transaction presented an array of challenges. Onset was able to present the customer with a creative structure that highlighted the flexibility that Onset is uniquely suited to offer.
“To say that I’m incredibly proud would be an understatement,” said CEO & Founder Justin Nielsen, “thanks to our phenomenal team and their tireless efforts, we were able to finance exactly what our client needed.”
As an energy provider, Onset’s customer serves vital power needs throughout the nation and internationally.
“The seamless collaboration through every facet of our organization made this possible,” said EVP of Documentation Kristina Allen, “everyone from our Documentation team and Credit team, to our funding partners was more than willing to go the extra mile to ensure that our customer’s needs were met and expectations were exceeded.”
Onset was recently recognized as the nation’s 8th Largest Independent Leasing Company by Monitor Magazine.
About Onset Financial, Inc. – Founded in 2008, Onset Financial, Inc. is an industry leader in equipment leasing and financing. Onset’s seasoned Management Team has decades of equipment leasing experience and key industry relationships that enable Onset to offer additional flexibility in lease structuring. For more information please call 801-878-0600 or visit www.onsetfinancial.com.
Levi Allred
Onset Financial, Inc.
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f: 801.878.0601
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IRVINGTON, N.Y.--(BUSINESS WIRE)--CastleGreen Finance is pleased to announce the closing of One Park Road, West Hartford, CT, a $13,767,000 Commercial Property Assessed Clean Energy (C-PACE) transaction. In partnership with Lexington Partners LLC, the property developer, and the Connecticut Green Bank, the program administrator for the state of Connecticut C-PACE program, CastleGreen Finance is delighted to be part of the largest C-PACE transaction to date in Connecticut.
Project Overview
For 135 years, the Sisters of St. Joseph of Chambéry have occupied a convent on Park Road in West Hartford, Connecticut. One Park Road is the redevelopment of this iconic property which will add a 292-unit multi-family housing complex on the 22-acre property while maintaining much of the greenspace and preserving the Sisters’ history and ensuring their retirement security at the property.
One wing of the historic convent will continue to be owned and occupied by the Sisters. The remaining 111,000 square feet of the Colonial Revival-style convent is undergoing renovation into a mix of studio, one-, two- and three-bedroom apartments.
A new 230,000 square foot four-story building over a one-story parking deck, will be connected to the existing structures and is designed to look like a series of separate buildings while providing a neighborhood feel.
The long-discussed redevelopment of this iconic property is the result of the partnership between the Sisters of St. Joseph, Lexington Partners, and the Town of West Hartford, and it will bring new rental housing to the fast-growing Park Road/West Hartford area. Construction on the $70 million project is scheduled to begin in mid-2021, with completion expected in the spring/summer of 2023.
CastleGreen Finance has facilitated approval of the $13.7 million C-PACE project through the Connecticut Green Bank’s C-PACE program. The project provides the project developer with access to affordable, long term financing for qualifying clean energy and energy efficiency upgrades that lower energy costs.
Martin J. Kenny, president of Lexington Partners, states, “We feel the Park Road business district is to West Hartford as Brooklyn is to New York City. The project will serve to strengthen the Park Road business district and provide a gateway to and combine with what is going on in Parkville. We needed creative financing in our capital stack to help bring this project to fruition. The CastleGreen team presented a compelling financing solution and delivered on time and as promised.”
C-PACE financing of clean, sustainable energy efficiency projects embraces the collaboration of public/private financing of energy improvements for the redevelopment of this iconic property.
Sal Tarsia, Managing Partner of CastleGreen Finance states, “Lexington Partners is a key player in the revitalization of the Park Road business district, creatively utilizing C-PACE financing for its ESG initiatives. It was a pleasure working with the Lexington team on a redevelopment which exemplifies the original purpose of what C-PACE was created for, but also respects and preserves the history of the property."
“We are excited to see CastleGreen Finance closing their first project in Connecticut; the largest C-PACE project to date, in the state. This project is an excellent example of private capital working in the state’s open market for C-PACE financing,” said Bryan Garcia, President and CEO of Connecticut Green Bank. “The redevelopment at the Sisters of St. Joseph’s convent will not only make energy usage at the property more efficient and affordable, it will create housing opportunities and continue to support the Sisters, who strive to serve all people, especially those in need. This project will make a positive impact in West Hartford and exemplifies the Green Bank’s vision of a planet protected by the love of humanity.”
About CastleGreen Finance – www.CastleGreenfinance.com
CastleGreen Finance, in partnership with X-Caliber Capital, is a private capital source focused on Commercial PACE (Property Assessed Clean Energy) financing. CastleGreen Finance brings extensive experience in commercial real estate across a broad range of financial disciplines. The extensive real estate experience of the CastleGreen team, combined with its core C-PACE capabilities, provides our clients with the knowledge and resources to create a superior capital stack that meets all its needs and helps to unlock the potential of their commercial real estate. We understand that the most important part of any real estate transaction is showing up with the capital at closing. Our team focuses on the details of every deal to ensure we can get our clients to the finish line.
Sal Tarsia, Managing Partner of CastleGreen Finance
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HOUSTON--(BUSINESS WIRE)--Schlumberger Limited (NYSE:SLB) will hold a conference call on July 23, 2021 to discuss the results for the second quarter ending June 30, 2021.
The conference call is scheduled to begin at 9:30 am US Eastern time and a press release regarding the results will be issued at 7:00 am US Eastern time.
To access the conference call, listeners should contact the Conference Call Operator at +1 (844) 721-7241 within North America or +1 (409) 207-6955 outside of North America approximately 10 minutes prior to the start of the call and the access code is 8858313.
A webcast of the conference call will be broadcast simultaneously at www.slb.com/irwebcast on a listen-only basis. Listeners should log in 15 minutes prior to the start of the call to test their browsers and register for the webcast. Following the end of the conference call, a replay will be available at www.slb.com/irwebcast until August 23, 2021, and can be accessed by dialing +1 (866) 207-1041 within North America or +1 (402) 970-0847 outside of North America, and giving the access code 6752598.
About Schlumberger
Schlumberger (SLB: NYSE) is a technology company that partners with customers to access energy. Our people, representing over 160 nationalities, are providing leading digital solutions and deploying innovative technologies to enable performance and sustainability for the global energy industry. With expertise in more than 120 countries, we collaborate to create technology that unlocks access to energy for the benefit of all.
Find out more at www.slb.com
Ndubuisi Maduemezia – Vice President of Investor Relations, Schlumberger Limited
Joy V. Domingo – Director of Investor Relations, Schlumberger Limited
Office +1 (713) 375-3535
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BOSTON--(BUSINESS WIRE)--Raptor Maps, the leading software startup in C&I and utility-scale solar, announced Madison Energy Investments as its newest launch partner. The company’s latest software-as-a-service (SaaS) offering equips Madison Energy Investments with the digital tools needed to maximize the performance of its fast-growing Commercial and Industrial (C&I) portfolio.
“Madison Energy Investments is serious about asset performance,” explains Jack Hachmann, Managing Partner at Madison Energy Investments. “As the fastest-growing developer, builder, and owner-operator in the C&I space, we are laser-focused on stewardship for our investors. This means maximizing the performance of our existing fleet and ensuring we have the digital infrastructure in place to scale.”
The latest Raptor Maps product enables Madison Energy Investments to fuse in-field sensor data with the electrical schematics in a standardized format, streamline the warranty claim process, and directly correlate revenue with aerial inspection data. Additionally, Madison Energy Investments tracks the performance of assets and causes of degradation from year-over-year, in order to address any performance deficits before they impact the bottom line.
“Raptor Maps is proud to power the most innovative companies in solar,” notes Nikhil Vadhavkar, CEO of Raptor Maps. “The Madison Energy Investments team has a strong pedigree of managing a portfolio of assets across hundreds of PV systems, and they currently span the solar lifecycle from development through operations. We are enabling them to increase the internal rate of return (IRR) across their pipeline, which in turn catalyzes the global transition to renewable energy.”
About Madison Energy Investments
Madison Energy Investments is a platform that develops, constructs, owns and operates distributed generation assets within the commercial and industrial (C&I) and small utility-scale sectors. The team’s diverse experience has produced best practices across all phases of the industry from origination to asset management. Quality partnerships and the ‘execution mindset’ drive us to be the best team in the industry. To date, MEI has over 200 MW under contract across 17 states. To learn more about Madison Energy Investments, please visit madisonei.com.
About Raptor Maps
Raptor Maps builds software to enable the solar industry to scale, with over 45 GW analyzed across 40 countries. The company enables users to compare data across installations, communicate and collaborate with counterparties, increase performance and reduce costs. It services the entire solar lifecycle, including asset owners, managers, O&M, engineers, EPCs, financiers, and OEMs. Serial number mapping, equipment records, commissioning inspections, aerial thermography, warranty claims, mobile tools and more are powered by its industry-leading data model. To learn more about Raptor Maps, please visit raptormaps.com.
Tom Atwood
Raptor Maps, Inc.
(617) 539-6357
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DUBLIN--(BUSINESS WIRE)--The "Global Flow Batteries Market: 2021-2026" report has been added to ResearchAndMarkets.com's offering.
The flow battery report covers all batteries that are currently available commercially. The market report also analyzes the end-use segments in which flow batteries find application at both the regional and country level.
The report provides market size and estimations in terms of revenue (U.S. currency), considering 2020 as the base year with a market forecast provided from 2021 to 2026. The market size for regional and country level also is covered. The report also analyzes the impact of the COVID-19 pandemic on the market estimations.
As the demand for energy storage technologies continues to rise due to increased electricity generation from renewable energy sources like solar and wind, players as well as the consumers are exploring different categories of batteries suited for their purpose.
Currently, Lithium-ion batteries dominate the electrochemical batteries space, whereas pumped hydro segment is still the largest segment for energy storage technologies. There are many emerging technologies such as flywheels, supercapacitors and solid state batteries among others that have specific properties and are suitable for specific applications.
Among them, flow batteries are gaining significant traction due to their suitability for large-scale storage applications. Flow batteries also are among the safest batteries and have a long life-cycle, making them highly suitable for large-scale long-term storage applications. Advancements in flow battery technologies are reducing system costs, which is another favorable indicator for flow battery users.
Furthermore, China's deployment of large-scale flow battery projects has led to speculations and optimism for the global adoption of flow batteries. However, the flow batteries industry still has not been fully commercialized due to the high installation and maintenance cost of flow batteries.
Among flow battery technologies, vanadium redox flow batteries (VRFB) dominate the flow battery industry due to superior technology and the product's significant adoption by China. Also, the properties of vanadium electrolyte are highly suitable for flow battery technology and attaining a long-life product cycle.
Because flow batteries require a large-scale setup and economically feasible with large-scale applications, they are suitable for grid scale-operations or at electricity generation centers. Therefore, load shifting and peaking capacity currently are the biggest application segments for flow batteries. For similar reasons, the utility segment is the largest end-use segment in the market for flow batteries.
Asia-Pacific leads all regions in flow battery consumption. China is the largest consumer of flow batteries due to significant vanadium raw material availability and the country's leading technology. In other countries, flow batteries are steadily gaining traction. Currently, several startups and small-scale industries are operating in this space.
Large-scale companies like Lockheed Martin are conducting significant research that might lead to its entry into the market for flow batteries.
Redflow, ESS Inc., Vionx Energy, Unienergy Technologies, EnerVault Corp., Primus Power, Sumitomo, Electric Industries Ltd., ViZn Energy, Younicos inc., Primus Power are major companies operating in the market for flow batteries.
Key Topics Covered:
Chapter 1 Introduction
Chapter 2 Summary and Highlights
Chapter 3 Market and Technology Background
Chapter 4 Market Breakdown by Battery Technology
Chapter 5 Market Breakdown by Application
Chapter 6 Market Breakdown by End Use
Chapter 7 Market Breakdown by Region
Chapter 8 Competitive Analysis
Chapter 9 Battery R&D Organizations
Chapter 10 Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/t553n
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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– Electric Last Mile Expected to Begin Trading on the Nasdaq Under Ticker “ELMS” on June 28, 2021
DELRAY BEACH, Fla. & TROY, Mich.--(BUSINESS WIRE)--Forum Merger III Corporation (Nasdaq: FIII, FIIIU, FIIIW) (“Forum” or the “Company”) and Electric Last Mile, Inc. (“ELMS”) today announced that Forum’s stockholders have approved all proposals related to the companies’ previously announced business combination.
At a special meeting of Forum’s stockholders held today, approximately 99% of the votes cast, representing approximately 67% of Forum’s outstanding shares as of the record date for the meeting, voted to approve the business combination with ELMS. The formal results of the vote will be included on a Form 8-K to be filed with the U.S. Securities and Exchange Commission.
David Boris, Co-CEO and Chief Financial Officer of Forum Merger III, commented, “We are thrilled with the shareholder support we have received for our merger with ELMS. We believe ELMS is strongly positioned to be a first mover in the industry as customers seek more efficient and sustainable solutions.”
Jason Luo, Executive Chairman of ELMS, said, “Today’s shareholder approval is an important milestone for ELMS and a validation of our strategy to redefine last mile solutions and electrify commercial fleets. We’d like to thank Forum for their partnership and support leading up to this day.”
The closing of the business combination is anticipated to take place on June 25, 2021, subject to the satisfaction of certain customary closing conditions. The combined company will be renamed Electric Last Mile Solutions, Inc., and its common stock and warrants are expected to begin trading on the Nasdaq Stock Market under the ticker symbols “ELMS” and “ELMSW”, respectively, on June 28, 2021.
About Forum Merger III Corporation
Forum Merger III Corporation (NASDAQ: FIII, FIIIU, FIIIW) is a blank check company formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Forum’s mandate is to consider an initial business combination target in any business or industry and it focused its search on companies with an aggregate enterprise value of approximately $500 million to $2 billion that are based in the United States. Forum is led by Co-Chief Executive Officers Marshall Kiev and David Boris.
About Electric Last Mile, Inc.
Electric Last Mile, Inc. (“ELMS”) is focused on redefining the last mile with efficient, connected and customizable solutions. ELMS’ first vehicle, the Urban Delivery, is anticipated to be the first Class 1 commercial electric vehicle in the U.S. market. The company is headquartered in Troy, Michigan. For more information, please visit www.electriclastmile.com or Twitter @ELMSolutions.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forum Merger III Corporation’s (“Forum”) and ELMS’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,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, Forum’s and ELMS’s expectations with respect to future performance and anticipated financial impacts of the previously announced business combination of Forum and ELMS (the “business combination”), the satisfaction of the closing conditions to the business combination, the size, demands and growth potential of the markets for ELMS’s products and ELMS’s ability to serve those markets, ELMS’s ability to develop innovative products and compete with other companies engaged in the commercial delivery vehicle industry and/or the electric vehicle industry, ELMS’s ability to attract and retain customers, the estimated go to market timing and cost for ELMS’s products, the implied valuation of ELMS and the timing of the completion of the business combination. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside Forum’s and ELMS’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the agreement and plan of merger (“Merger Agreement”) relating to the business combination or could otherwise cause the business combination to fail to close; (2) the inability of ELMS to consummate the Carveout Transaction (as defined below); (3) the outcome of any legal proceedings that may be instituted against Forum or ELMS following the announcement of the business combination; (4) the inability to complete the business combination, including due to failure to satisfy conditions to closing in the Merger Agreement; (5) the receipt of an unsolicited offer from another party for an alternative business transaction that could interfere with the business combination; (6) the inability to obtain the listing of the common stock of the post-acquisition company on the Nasdaq Stock Market or any alternative national securities exchange following the business combination; (7) the risk that the announcement and consummation of the business combination disrupts current plans and operations; (8) the inability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition and the ability of the combined company to grow and manage growth profitably and retain its key employees; (9) costs related to the business combination; (10) changes in applicable laws or regulations; (11) the possibility that ELMS may be adversely affected by other economic, business, and/or competitive factors; (12) the impact of COVID-19 on the combined company’s business; and (13) other risks and uncertainties indicated from time to time in the proxy statement filed relating to the business combination, including those under the “Risk Factors” section therein, and in Forum’s other filings with the SEC. Some of these risks and uncertainties may in the future be amplified by the COVID-19 outbreak and there may be additional risks that Forum and ELMS consider immaterial or which are unknown. Forum and ELMS caution that the foregoing list of factors is not exclusive. Forum and ELMS caution readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. ELMS is currently engaged in limited operations only and its ability to carry out its business plans and strategies in the future are contingent upon the closing of the business combination. The consummation of the business combination is subject to, among other conditions, (i) the effectiveness of certain agreements between ELMS and SF Motors, Inc. (d/b/a SERES) (“SERES”), (ii) the acquisition by ELMS of a leasehold interest in, or fee simple title to, the Indiana manufacturing facility prior to the business combination (provided that Forum has agreed that this condition will be waived upon delivery by ELMS of evidence of the mutual written agreement of ELMS and SERES as to the date and time of the transfer of possession of the facility to ELMS, which date and time shall be no later than two business days following the closing of the business combination), and (iii) the securing by ELMS of key intellectual property rights related to its proposed business (collectively, the “Carveout Transaction”). All statements herein regarding ELMS’s anticipated business assume the completion of the Carveout Transaction. Forum and ELMS do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in their expectations or any change in events, conditions or circumstances on which any such statement is based.
For Forum Merger III Corporation
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Oversees Coastal Texas Study, Likely Largest Civil Works Project in U.S. History
HOUSTON--(BUSINESS WIRE)--Texas Governor Greg Abbott has named Port Houston Executive Director Roger Guenther to the Gulf Coast Protection District (GCPD) Board of Directors. The Texas state legislature created the Gulf Coast Protection District to "operate and leverage funding to build the unique flood control and surge protection needs for coastal communities."
According to a news release issued by the Texas Governor's Office, when completed, the Coastal Texas study will be the largest civil works project in U.S. history. It has been described to have the same impact as the Galveston Coast seawall. The system will be designed to protect the Texas coast and the national economy, and millions of Texans for generations to come.
According to the release, Texas ports handle 65 percent of all US cargo and produce the largest military jet and diesel fuel volume. The creation of this District provides the opportunity to leverage almost $30 billion federal dollars to protect the ports of Beaumont, Harris County, and Galveston from storm surges. Port Houston is the largest port in Texas and on the Gulf Coast.
"Strengthening our coastal regions and ports is vital not only to Texas, but to the entire nation," said Governor Abbott. "This project will go down in history as one of the most significant measures to protect Coastal Texas, its citizens and the economic activities this region provides."
"I thank Gov. Abbott for appointing me to serve on the Gulf Coast Protection District," Guenther said. "The work we conduct as part of this district is about protecting lives and the Texas economy, and I am honored to serve."
The Office of the Texas Governor news release can be found here.
Roger Guenther bio here: https://porthouston.com/leadership/executive-administration/
About Port Houston
For more than 100 years, Port Houston has owned and operated the public wharves and terminals along the Houston Ship Channel, including the area’s largest breakbulk facility and two of the most efficient and fastest-growing container terminals in the country. Port Houston is the advocate and a strategic leader for the Channel. The Houston Ship Channel complex and its more than 200 public and private terminals, collectively known as the Port of Houston, is the nation’s largest port for waterborne tonnage and an essential economic engine for the Houston region, the state of Texas, and the U.S. The Port of Houston supports the creation of nearly 1.35 million jobs in Texas and 3.2 million jobs nationwide, and economic activity totaling $339 billion in Texas – 20.6 percent of Texas’ total gross domestic product (GDP) – and $801.9 billion in economic impact across the nation. For more information, visit the website at www.PortHouston.com.
Lisa Ashley, Director, Media Relations
Office: 713-670-2644; Mobile: 832-247-8179
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GARDEN VALLEY, Texas--(BUSINESS WIRE)--Mercy Ships, the global healthcare charity that provides free medical services to the world’s least advantaged peoples through a fleet of first-class hospital ships, announced today that it has appointed Gert van de Weerdhof as Interim Chief Executive Officer (CEO) to replace current Mercy Ships CEO, Tom Stogner, who retires June 25, 2021.
Originally from the Netherlands, Mr. Van de Weerdhof has extensive experience in management, including 30 years in various industries and businesses around the globe. He has served on numerous boards and currently serves on the Mercy Ships Netherlands board. Mr. Van de Weerdhof will be based out of the Mercy Ships International Support Center in the USA during this appointment and will focus on the ongoing work of Mercy Ships in Africa. Mercy Ships aims to see both the Africa Mercy® redeployed and new Global Mercy™ in full deployment during 2022.
“As a subcommittee of the Mercy Ships International Board, we took appointment of an interim CEO very seriously. Mr. van de Weerdhof was one of many qualified candidates. We felt his experience both in the continental US and internationally positioned him to dive into the mission of serving the forgotten poor in Africa. We are grateful to have him onboard,” stated Kristine Davis, Vice Chair of the Mercy Ships International Board.
Tom Stogner came to Mercy Ships in 2017 as Chief Operating Officer (COO) and became CEO in 2019.
"Tom has led the organization through an incredible season. Tom leaves Mercy Ships with a healthy culture and in a strong financial position despite the challenges of the past year. He has guided Mercy Ships through the COVID-19 shutdown, stewarded preparations for the Africa Mercy’s return to service in Senegal as soon as practically possible and can point to a successful delivery of the Global Mercy before he leaves office. We will miss his leadership, sense of humor, wisdom in difficult times, and his heart for the Lord," stated Ruben Martin, Chairman of the Mercy Ships International board.
The Mercy Ships International Board has appointed a CEO Search Committee for a new Mercy Ships CEO. The committee has the aim to have a permanent CEO in place by Q4, 2021. Candidate applications are being handled by executive search firm Odgers Berndtson.
ABOUT MERCY SHIPS:
Mercy Ships uses hospital ships to deliver free, world-class healthcare services, capacity building, and sustainable development to those with little access in the developing world. Founded in 1978 by Don and Deyon Stephens, Mercy Ships has worked in more than 55 developing countries, providing services valued at more than $1.7 billion and directly benefitting more than 2.8 million people. Our ships are crewed by volunteers from over 60 nations, with an average of over 1200 volunteers each year. Professionals including surgeons, dentists, nurses, healthcare trainers, teachers, cooks, seamen, engineers, and agriculturalists donate their time and skills. With 16 national offices and an Africa Bureau, Mercy Ships seeks to transform individuals and serve nations. For more information click on www.mercyships.org
Hi-res photos and general Mercy Ships B-Roll video footage are available upon request.
Laura Rebouche´
U.S. National Media Relations Director Mercy Ships
Office: +1 903.939.7000
Direct: +1 903.939.7137
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www.mercyships.org
New low-cost plug-and-play energy management device empowers every household with proactive control of their carbon footprint and energy costs
ROYAL OAK, Mich.--(BUSINESS WIRE)--Powerley is announcing today the launch of Powerlync, a breakthrough in energy management, packaged in a low-cost smart plug. Designed for mass appeal and ease of installation, Powerlync looks and functions just like a smart plug while also connecting to:
“With over 300,000 households using Powerley’s solutions today, Powerlync will accelerate the adoption of energy management,” said Manoj Kumar, CEO of Powerley. “We are building on the company’s five-year legacy of empowering households with insights to proactively control their energy and carbon footprints.”
DRIVING ENERGY MANAGEMENT ADOPTION
Developed in partnership with leading electric utilities, Powerlync was designed from the ground-up to take energy management mainstream. Powerlync solves the key challenges that have hindered the adoption of energy management for the last decade, driving more value for utilities and their customers.
DELIVERING A NEW RELATIONSHIP WITH ENERGY
With wider adoption and deeper energy engagement, Powerlync will push the impact of utility programs at a substantially lower cost, delivering benefits across the utility. Through Powerlync, both customers and call centers will have access to real-time energy management tools and insights to reduce bill related issues. With just-in-time advanced rate advice, utilities can shift demand while helping customers save more. And, by adding electric vehicles (EV) and distributed energy resources (DER) to the energy management experience, Powerlync will help utilities create a cleaner energy future.
To learn more about Powerley’s energy management solutions, visit powerley.com.
About Powerley
Powerley is the global leader in home energy management. We help households lower their energy costs and cut their carbon footprints as we continue our transition to a clean energy future. We do this by giving utility customers the power to see where they are wasting energy and control it from their smartphones, the web or even by using their voice. This experience is all possible because we partner with utilities - giving their customers instant access to the data and insights they need to make the right energy decisions to reduce their bills and make the world greener. To learn more about Powerley, visit powerley.com.
Matthew Mowat
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(248) 537-9440
Company anticipates 2Q21 revenue and earnings to be above previously communicated guidance
WALTHAM, Mass.--(BUSINESS WIRE)--PerkinElmer, Inc. (NYSE: PKI), a global leader committed to innovating for a healthier world, today announced ahead of this morning’s Virtual Investor and Analyst Day that it anticipates exceeding its previously announced financial guidance for the second quarter ending July 4, 2021, driven by broad-based momentum across both COVID and non-COVID businesses.
Presentations from company executives for this morning’s Investor and Analyst Day will begin at 8:30 a.m. ET and conclude at approximately to 11:30 a.m. ET. All participants are requested to register prior to the start of the event. The link can be accessed on the Investors section of the Company’s website at www.perkinelmer.com. A replay of the webcast will be available on the PerkinElmer website following the presentation.
Additionally, PerkinElmer will release its second quarter 2021 financial results after market close on Wednesday, July 28, 2021. The Company will host a conference call the same day at 5:00 p.m. ET to discuss these results. Prahlad Singh, president and chief executive officer, and Jamey Mock, senior vice president and chief financial officer, will host the conference call.
To access the call, please dial (720) 405-2250 prior to the scheduled conference call time and provide the access code 6596884. A live audio webcast of the call will also be available on the Investors section of the Company's website.
A replay of the webcast will be available beginning at 7:00 p.m. ET, Wednesday, July 28, 2021 through the Investors section of the Company’s website.
About PerkinElmer
PerkinElmer, Inc. is a global leader focused on innovating for a healthier world. The Company reported revenue of approximately $3.8 billion in 2020, has more than 14,000 employees serving customers in 190 countries, and is a component of the S&P 500 Index. Additional information is available through 1-877-PKI-NYSE, or at www.perkinelmer.com.
Factors Affecting Future Performance
This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements relating to estimates and projections of future earnings per share, cash flow and revenue growth and other financial results, developments relating to our customers and end-markets, and plans concerning business development opportunities, acquisitions and divestitures. Words such as "believes," "intends," "anticipates," "plans," "expects," "projects," "forecasts," "will" and similar expressions, and references to guidance, are intended to identify forward-looking statements. Such statements are based on management's current assumptions and expectations and no assurances can be given that our assumptions or expectations will prove to be correct. A number of important risk factors could cause actual results to differ materially from the results described, implied or projected in any forward-looking statements. These factors include, without limitation: (1) markets into which we sell our products declining or not growing as anticipated; (2) the effect of the COVID-19 pandemic on our sales and operations; (3) fluctuations in the global economic and political environments; (4) our failure to introduce new products in a timely manner; (5) our ability to execute acquisitions and license technologies, or to successfully integrate acquired businesses and licensed technologies into our existing business or to make them profitable, or successfully divest businesses; (6) our ability to compete effectively; (7) fluctuation in our quarterly operating results and our ability to adjust our operations to address unexpected changes; (8) significant disruption in third-party package delivery and import/export services or significant increases in prices for those services; (9) disruptions in the supply of raw materials and supplies; (10) our ability to retain key personnel; (11) significant disruption in our information technology systems, or cybercrime; (12) our ability to realize the full value of our intangible assets; (13) our failure to adequately protect our intellectual property; (14) the loss of any of our licenses or licensed rights; (15) the manufacture and sale of products exposing us to product liability claims; (16) our failure to maintain compliance with applicable government regulations; (17) regulatory changes; (18) our failure to comply with healthcare industry regulations; (19) economic, political and other risks associated with foreign operations; (20) the United Kingdom’s withdrawal from the European Union; (21) our ability to obtain future financing; (22) restrictions in our credit agreements; (23) discontinuation or replacement of LIBOR; (24) significant fluctuations in our stock price; (25) reduction or elimination of dividends on our common stock; and (26) other factors which we describe under the caption "Risk Factors" in our most recent quarterly report on Form 10-Q and in our other filings with the Securities and Exchange Commission. We disclaim any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release.
Investor Relations:
Steve Willoughby
(781) 663-5677
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Media Relations:
Chet Murray
(781) 663-5719
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Nearly $400M Allocated to Advance ADI’s Commitment to Sustainability
WILMINGTON, Mass.--(BUSINESS WIRE)--Analog Devices, Inc. (Nasdaq: ADI) today published its 2020 Green Bond Report, which provides an update on the full allocation of the proceeds from its inaugural green bond offering, which closed on April 8, 2020. ADI allocated nearly $400 million to the development of eco-efficient products for its customers and green buildings and renewable energy for its operations.
“At ADI, we are putting our great engineering minds and resources behind tackling some of society’s greatest threats, especially climate change. In support of this, ADI completed the semiconductor industry’s first green bond offering last year and invested the nearly $400 million in proceeds in transformational, energy-efficient technologies and greener buildings at our corporate campus,” said Vincent Roche, President and CEO of Analog Devices. “While our work is far from done, the progress we have made is representative of the immense impact we can have on the world around us. We will continue to act urgently and identify new, innovative ways to help mitigate climate change and environmental destruction, and their effect on communities globally.”
As of May 1, 2021, net proceeds of $394.6 million from the green bond offering have been allocated over several projects, including:
The project categories for the green bond offering were designed to advance the United Nations Sustainable Development Goals. Additionally, ADI’s green bond framework was reviewed by Sustainalytics to ensure that it aligns with the four core components of the Green Bond Principles 2018.
More information on ADI’s sustainability initiatives can be found in ADI’s 2020 Corporate Responsibility Report published earlier this year.
About Analog Devices, Inc.
Analog Devices (Nasdaq: ADI) is a leading global high-performance semiconductor company dedicated to solving the toughest engineering challenges. We enable our customers to interpret the world around us by intelligently bridging the physical and digital with unmatched technologies that sense, measure, power, connect and interpret. Visit: http://www.analog.com.
(ADI-WEB)
Investor Contact:
Mr. Michael Lucarelli
781-461-3282
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Media Contacts:
Ms. Brittany Stone
917-935-1456
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Environmental partnerships and 24-hour EV rides in London enable enterprise clients to track, control and reduce CO2 emissions from business travel.
LONDON--(BUSINESS WIRE)--Gett, the leading corporate Ground Transportation Management (GTM) platform and B2B marketplace, today announced it is furthering its efforts to enable its clients to reduce CO2 emissions by delivering sustainable transportation options for its enterprise clients and their employees.
Gett’s platform now allows enterprise clients in the UK to adopt an employee travel policy consisting solely of electric fleets running 24 hours a day in central London, thus enabling companies to better track, control and reduce CO2 emissions from business travel. Gett has been able to extend this service through both more TX Electric taxis and more fleet partners, including Ola and Green Tomato who provide eco-travel options for business clients.
This new platform capability complements Gett’s existing Gett Green program in the United Kingdom. Through its existing partnership with EcoAct, Gett helps offset enterprise clients’ annual CO2 emissions from vehicle rides. EcoAct’s CO2 offsetting program is based on three accredited projects: wind power generation in India, peatland conservation and restoration, and Cambodian rainforest protection. Each project aligns to specific Sustainable Development Goals (SDGs) as Gett supports its enterprise clients in achieving a more sustainable future. In addition, B2C riders can select from numerous eco-travel options available on the Gett app—Gett Electric (to ride in a TX Electric taxi) and Gett Green (to donate 20p from total ride fare to help fund green projects in London). In May 2021, Gett signed a new Gett Green partner, Trees for Cities. Trees for Cities is a London-based environmental charity that has planted more than one million trees to improve air quality in urban areas. For more on Gett Green and Gett’s commitment to sustainability, visit Gett’s website.
Dave Waiser, CEO and co-founder of Gett, said: “We are delighted to offer more sustainability initiatives at Gett as we strive to reduce CO2 emissions and support our enterprise clients in achieving their sustainability goals. With corporate travel resuming, businesses have greater responsibility for employee transportation. As a global platform, we are in the fortunate position to take action to reduce the impact of pollution in the cities we love and provide businesses travelers with more sustainable transportation choices.”
About Gett
Gett is a technology platform focused on corporate Ground Transportation Management (GTM) in a market worth $100B globally. Gett is the GTM category leader and serves more than a quarter of Fortune 500 companies. Gett’s cloud-based software aggregates existing transportation providers onto a single platform, and helps business manage all their ground transportation spend. Additionally, Gett expands companies’ coverage by connecting them to a grid of transportation providers globally. Gett organizes corporate fleet, ride-hailing, taxi, and limo providers on one platform and optimizes the entire employee experience, from booking and riding to invoicing and analytics, to save businesses time and money. Founded in 2010 and headquartered in London, Gett has raised more than $750M in funding to date, including more than $300M from the Volkswagen Group.
FTI Consulting
Rob Mindell
Ollie Pratt
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+44 (0)20 3727 1000
LONDON & HOUSTON--(BUSINESS WIRE)--TechnipFMC (NYSE:FTI) (PARIS:FTI) (ISIN:GB00BDSFG982) will issue its second quarter 2021 earnings release after the close of the New York Stock Exchange on Wednesday, July 21, 2021. The Company will also host its second quarter 2021 earnings conference call on Thursday, July 22, 2021, at 1 p.m. London time (8 a.m. New York time).
The event will be webcast live and can be accessed through the TechnipFMC website (investors.technipfmc.com) or at https://edge.media-server.com/mmc/p/vphuo83k.
An archived version will be available on the website following the webcast.
About TechnipFMC
TechnipFMC is a leading technology provider to the traditional and new energy industries, delivering fully integrated projects, products, and services.
With our proprietary technologies and comprehensive solutions, we are transforming our clients’ project economics, helping them unlock new possibilities to develop energy resources while reducing carbon intensity and supporting their energy transition ambitions.
Organized in two business segments — Subsea and Surface Technologies — we will continue to advance the industry with our pioneering integrated ecosystems (such as iEPCI™, iFEED™ and iComplete™), technology leadership and digital innovation.
Each of our approximately 20,000 employees is driven by a commitment to our clients’ success, and a culture of strong execution, purposeful innovation, and challenging industry conventions.
TechnipFMC utilizes its website as a channel of distribution of material company information. To learn more about how we are driving change in the industry, go to www.TechnipFMC.com and follow us on Twitter @TechnipFMC.
Investor relations
Matt Seinsheimer
Vice President, Investor Relations
Tel: +1 281 260 3665
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James Davis
Senior Manager, Investor Relations
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Media relations
Nicola Cameron
Vice President, Corporate Communications
Tel: +44 1383 742297
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Catie Tuley
Director, Public Relations
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EDEN PRAIRIE, Minn.--(BUSINESS WIRE)--At a time when world leaders are setting aggressive goals to fight climate change, global logistics company C.H. Robinson is realizing triple-digit growth in its renewable-energy logistics business and helping the renewables industry cope with five key challenges. Feeding the demand for wind and solar power depends not only on overcoming today’s global supply-chain disruptions, but also reducing the risks, damages, complexities and costs inherent to projects that stretch into some of the most remote places on Earth.
C.H. Robinson, which manages renewable-energy transportation and logistics from manufacturing to installation to recycling, has seen its renewables business soar 654% globally in just the past three years. This work will create 14,000 megawatts of energy – enough solar energy to charge 1.73 million electric cars and enough wind energy to power a city the size of London for four months.
Growth in renewables is being fueled by the 194 nations of the Paris climate accord pledging to reduce greenhouse gases, tech advances lowering the cost of renewables compared to fossil fuels, and utilities and the business community investing more in clean energy sources. Tax incentives in the United States have also attracted new investors. The recent extension of those tax credits and the Biden administration proposing $2 trillion in climate-related spending are likely to propel the U.S. market for the next few years. Globally, investment in the sector is expected to grow sevenfold, reaching $2.15 trillion in 2025.
“The stakes are too high for these complex projects not to succeed,” said Mike Short, C.H. Robinson’s President of Global Forwarding. “The gap between sustainability goals and enough renewable energy to meet those goals can only be filled with a viable supply chain. That supply chain stretches across continents, from mines to manufacturing plants to some of the most remote places on Earth. Wind farms are being built in the ocean. Solar farms with millions of panels are rising in the desert. Just to make a solar panel, roughly 40 different components need to get to the factory, including precious metals. These projects are built on tight timelines and budgets, and companies risk millions in unexpected costs if there are delays anywhere along the way.”
Five supply-chain barriers pose the biggest threats to keeping up with the world’s demand for green energy:
Renewable-energy companies and investors rely on C.H. Robinson not just to manage transportation, but also to provide the planning, project management, customs expertise, warehousing and on-site logistics to get clean energy projects off the ground.
“NextEnergy Capital has built, owns and operates more than 1.5 gigawatts of solar electric power plants across the world,” said Filinto Martin, Managing Director of NPIII, a NextEnergy Capital fund. “We recently had nearly 200 containers of solar panels arriving to the East Coast of the United States from Asia, with the equipment destined for two different sites. We entrusted C.H. Robinson to find local warehousing and track the inventory until the project sites were ready.”
C.H. Robinson has also helped
“These companies cannot afford any black holes in the process, especially during one of the most volatile markets in history,” said C.H. Robinson renewables expert Jim Mancini, the vice president who oversees the company's services and technology for the energy sector. “That’s why we work to anticipate every contingency and offer visibility through our single, global multimodal technology platform, Navisphere. To keep these complex projects on track, it’s crucial to ensure that parts are where they need to be, the right transportation and specialized equipment are available, and the finished product arrives to the project site when on-the-ground teams are ready to receive and install. We are proud to leverage our scale and global suite of services to help renewable-energy companies protect and preserve our planet.”
About C.H. Robinson
C.H. Robinson solves logistics problems for companies across the globe and across industries, from the simple to the most complex. With $21 billion in freight under management and 19 million shipments annually, we are one of the world’s largest logistics platforms. Our global suite of services accelerates trade to seamlessly deliver the products and goods that drive the world’s economy. With the combination of our multi-modal transportation management system and expertise, we use our information advantage to deliver smarter solutions for our more than 105,000 customers and 73,000 contract carriers. Our technology is built by and for supply chain experts to bring faster, more meaningful improvements to our customers’ businesses. As a responsible global citizen, we are also proud to contribute millions of dollars to support causes that matter to our company, our Foundation and our employees. For more information, visit chrobinson.com (Nasdaq: CHRW).
Kelsey Soby, This email address is being protected from spambots. You need JavaScript enabled to view it.
Kaelan Richards, This email address is being protected from spambots. You need JavaScript enabled to view it., 617-777-3883
HOUSTON--(BUSINESS WIRE)--PACIFIC COAST OIL TRUST (OTC Pink–ROYTL) (the “Trust”), a royalty trust formed by Pacific Coast Energy Company LP (“PCEC”), announced today that there will be no cash distribution to the holders of its units of beneficial interest of record on June 30, 2021 based on the Trust’s calculation of net profits generated during April 2021 (the “Current Month”) as provided in the conveyance of net profits interests and overriding royalty interest (the “Conveyance”). If the Trust continues to receive insufficient monthly income from its net profits interests and overriding royalty interest, the Trust is expected to terminate by its terms by the end of 2021. As described further below, based on information from PCEC, the likelihood of distributions to the unitholders in the foreseeable future is extremely remote. The Trust may also be terminated upon the occurrence of other events as described in the Trust’s filings with the SEC. All financial and operational information in this press release has been provided to the Trustee by PCEC.
The Current Month’s distribution calculation for the Developed Properties resulted in operating income of approximately $2.3 million. Revenues from the Developed Properties were approximately $2.5 million and lease operating expenses including property taxes were approximately $1.7 million. In addition, the distribution calculation reflects a $1.5 million adjustment for prior development costs, as PCEC did not complete $1.5 million of planned work in 2020 due to the COVID-19 pandemic and has therefore reversed the previously recognized expense in connection with its annual audit. The average realized price for the Developed Properties was $59.91 per Boe for the Current Month, as compared to $62.45 per Boe in March 2021. Oil prices generally have continued to rise in recent months, following the sharp decline in the first quarter of 2020, and were higher in the Current Month as compared to April 2020. Due to the increase in PCEC’s estimated asset retirement obligations ("ARO") discussed in “Update on Estimated Asset Retirement Obligations” below, the cumulative net profits deficit amount for the Developed Properties increased to approximately $27.0 million, compared to approximately $24.6 million in the prior month.
The Current Month’s calculation included approximately $69,000 generated from the 7.5% overriding royalty interest on the Remaining Properties from Orcutt Diatomite and Orcutt Field. Average realized prices for the Remaining Properties were $59.24 per Boe in the Current Month, as compared to $59.74 per Boe in March 2021. Due to the increase in PCEC’s estimated ARO discussed in “Update on Estimated Asset Retirement Obligations” below, the cumulative net profits deficit for the Remaining Properties increased by approximately $125,000 and was approximately $2.6 million for the Current Month.
The monthly operating and services fee of approximately $96,000 payable to PCEC and Trust general and administrative expenses of approximately $100,000, together exceeded the payment of approximately $69,000 received from PCEC from the 7.5% overriding royalty interest on the Remaining Properties, creating a shortfall of approximately $127,000.
PCEC has provided the Trust with a $1 million letter of credit to be used by the Trust if its cash on hand (including available cash reserves) is not sufficient to pay ordinary course administrative expenses as they become due. As of March 31, 2021, the letter of credit has been fully drawn down. Further, the trust agreement provides that if the Trust requires more than the $1 million under the letter of credit to pay administrative expenses, PCEC will, upon written request of the Trustee, loan funds to the Trust in such amount as necessary to pay such expenses. Under the trust agreement, the Trust may only use funds provided under the letter of credit or loaned by PCEC or another source to pay the Trust’s current accounts or other obligations to trade creditors in connection with obtaining goods or services or for the payment of other accrued current liabilities arising in the ordinary course of the Trust’s business. As the Trust has fully drawn down the letter of credit, PCEC will be loaning funds to the Trust to pay the expected shortfall of approximately $127,000, which would bring the total amount of outstanding borrowings (including the amount drawn from the letter of credit, which also must be repaid as provided in the trust agreement) from PCEC to approximately $2,280,000, plus interest thereon, related to shortfalls from prior months. Consequently, no further distributions may be made to Trust unitholders until the Trust’s indebtedness created by such amounts drawn or borrowed, including interest thereon, has been paid in full.
Sales Volumes and Prices
The following table displays PCEC’s underlying sales volumes and average prices for the Current Month:
Underlying Properties |
||||
Sales Volumes |
Average Price |
|||
(Boe) |
(Boe/day) |
(per Boe) |
||
Developed Properties (a) |
42,138 |
1,405 |
$59.91 |
|
Remaining Properties (b) |
16,337 |
545 |
$59.24 |
|
(a) Crude oil sales represented 95% of sales volumes |
||||
(b) Crude oil sales represented 100% of sales volumes |
||||
Update on Estimated Asset Retirement Obligations
As previously disclosed, in November 2019, PCEC informed the Trustee that, as permitted by the Conveyance, PCEC intended to begin deducting its estimated asset retirement obligations (“ARO”) associated with the West Pico, Orcutt Hill, Orcutt Hill Diatomite, East Coyote and Sawtelle fields, thereby reducing the amounts payable to the Trust under its Net Profits Interests. ARO is the accounting recognition related to plugging and abandonment obligations that all oil and gas operators face. PCEC engaged an accounting firm, Moss Adams LLP (“Moss Adams”), acting as third-party consultants, to assist PCEC in determining its estimated ARO, and on February 27, 2020, PCEC informed the Trustee that based on the analysis performed by Moss Adams, PCEC’s estimated ARO, as of December 31, 2019, was $45,695,643, which is approximately $10.0 million less than the amount that was originally estimated before Moss Adams completed its analysis, as previously disclosed in the Trust’s Current Report on Form 8‑K filed on November 13, 2019. According to PCEC and its third-party consultants, its estimated ARO, which reflected PCEC’s assessment of current market conditions as of December 31, 2019 and changes in California law, was determined to be approximately $33.2 million for the Developed Properties and approximately $12.5 million for the Remaining Properties, or approximately $26.5 million and approximately $3.1 million net to the Trust, respectively, and PCEC has reflected these amounts beginning with the calculation of the net profits generated during January 2020. The accrual has resulted in a current cumulative net profits deficit of approximately $29.6 million, which must be recouped from proceeds otherwise payable to the Trust from the Trust’s Net Profits Interests. Therefore, until the net profits deficit is eliminated, the only cash proceeds the Trust will receive are pursuant to the 7.5% overriding royalty interest.
PCEC has informed the Trustee that in accordance with generally accepted accounting principles, PCEC will evaluate the ARO on a quarterly basis. As a result of that re-evaluation, the actual ARO incurred in the future may be greater or less than the estimated amounts provided by PCEC. PCEC has informed the Trustee that at year-end 2020, and following the end of the first quarter of 2021, in light of the accounting guidance under Accounting Standards Codification 410-20-35-3, which requires the recognition of changes in the asset retirement obligation due to the passage of time and revision of the timing or amount of the originally estimated undiscounted cash flows, PCEC re‑evaluated the estimated ARO, which resulted in an increase to the ARO accrual for the Developed Properties by approximately $4.2 million, net to the Trust’s interest, and an increase to the ARO accrual for the Remaining Properties by approximately $186,000, net to the Trust’s interest.
Based on PCEC’s estimate of its ARO attributable to the Net Profits Interest, deductions relating to estimated ARO are likely to eliminate the likelihood of any distributions to Trust unitholders for the foreseeable future, as previously disclosed in the Trust’s Current Report on Form 8-K filed on November 13, 2019.
As previously disclosed, the Trust engaged Martindale Consultants, Inc. (“Martindale”), a provider of analysis and compliance review services to the oil and gas industry, to perform an independent review of the estimated ARO in the Moss Adams report that PCEC provided to the Trustee. The Trustee also has engaged an accounting expert to advise the Trustee regarding the accruals that PCEC has booked relating to its estimated ARO. As disclosed in the Trust’s Current Report on Form 8-K filed on December 29, 2020, Martindale has completed its review of the estimated ARO and on December 21, 2020 provided its analysis and recommendations to the Trustee. Based on Martindale’s recommendations provided in its report to the Trust, as disclosed in the Trust’s Current Report on Form 8-K filed on December 29, 2020, the Trustee requested that PCEC promptly make several adjustments to its calculations and methods of deducting ARO from the proceeds to which the Trust is otherwise entitled pursuant to its Net Profits Interests. PCEC has responded to the Trustee, indicating PCEC’s view that the adjustments would violate applicable contracts and accounting standards, and has therefore declined to make any adjustments to the estimated ARO calculation based on those requests and the recommendations of the Martindale report. The Trustee has concluded that it has taken all action reasonably available to it under the Trust’s governing documents in connection with PCEC’s ARO calculation and therefore has determined not to take further action at this time.
As described in more detail in the Trust’s filings with the SEC, the Trust will terminate if the annual cash proceeds received by the Trust from the Net Profits Interests and 7.5% overriding royalty interest total less than $2.0 million for each of any two consecutive calendar years. PCEC is deducting estimated ARO, thereby reducing the amounts payable to the Trust. Unless significant market changes were to occur, no payments will be made by PCEC to the Trust for the foreseeable future, which would result in the total proceeds received by the Trust to total less than $2.0 million in each of 2020 and 2021.
Production Update
PCEC has informed the Trustee that production continues to lag compared to historical periods, while PCEC strategically deploys capital to enhance production. Costs associated with returning wells to service must be recovered before cash flow to the Trust can be created. PCEC has informed the Trustee that unless a substantial number of wells return to production, or oil prices improve significantly or both, any monthly payments that PCEC may make to the Trust may not be sufficient to cover the Trust’s administrative expenses and outstanding debt to PCEC, and therefore the likelihood of distributions to the unitholders in the foreseeable future is extremely remote.
Overview of Trust Structure
Pacific Coast Oil Trust is a Delaware statutory trust formed by PCEC to own interests in certain oil and gas properties in the Santa Maria Basin and the Los Angeles Basin in California (the “Underlying Properties”). The Underlying Properties and the Trust’s net profits, and royalty interests are described in the Trust’s filings with the SEC. As described in the Trust’s filings with the SEC, the amount of any periodic distributions is expected to fluctuate, depending on the proceeds received by the Trust as a result of actual production volumes, oil and gas prices, development expenses, and the amount and timing of the Trust’s administrative expenses, among other factors. For additional information on the Trust, please visit https://royt.q4web.com/home/default.aspx.
Cautionary Statement Regarding Forward-Looking Information
This press release contains statements that are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical facts, are "forward-looking statements" for purposes of these provisions. These forward-looking statements include estimates of future asset retirement obligations, expectations regarding the impact of deductions for such obligations on future distributions to unitholders, estimates of future total distributions to unitholders in 2021, expectations regarding the impact of lower commodity prices on oil and gas reserve estimates, statements regarding the impact of returning shut-in wells to production, expectations regarding PCEC’s ability to loan funds to the Trust, and the amount and date of any anticipated distribution to unitholders. In any case, PCEC’s deductions of its estimated asset retirement obligations will have a material adverse effect on distributions to the unitholders and on the trading price of the Trust units and may result in the termination of the Trust. Any anticipated distribution is based, in part, on the amount of cash received or expected to be received by the Trust from PCEC with respect to the relevant period. Any differences in actual cash receipts by the Trust could affect this distributable amount. The amount of such cash received or expected to be received by the Trust (and its ability to pay distributions) has been and will be significantly and negatively affected by prevailing low commodity prices, which declined significantly during 2020, could decline again and could remain low for an extended period of time in light of the economic effects of the COVID-19 pandemic and actions taken by Russia and the members of the Organization of Petroleum Exporting Countries regarding production levels. Other important factors that could cause actual results to differ materially include expenses related to the operation of the Underlying Properties, including lease operating expenses, expenses of the Trust, and reserves for anticipated future expenses. Statements made in this press release are qualified by the cautionary statements made in this press release. Neither PCEC nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release. An investment in units issued by Pacific Coast Oil Trust is subject to the risks described in the Trust's Annual Report on Form 10-K for the year ended December 31, 2018 filed with the SEC on March 8, 2019, and if applicable, the Trust’s subsequent Quarterly Reports on Form 10-Q. The Trust's Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q are available over the Internet at the SEC's website at http://www.sec.gov.
Pacific Coast Oil Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Sarah Newell
1(512) 236-6555
Company Unveils Four Key Pillars Guiding its Sustainability Efforts
CAMP HILL, Pa.--(BUSINESS WIRE)--Rite Aid (NYSE: RAD) today published its third annual corporate sustainability report, detailing the company’s enhanced Environmental, Social and Governance (ESG) strategy. The report introduces four key pillars underpinning Rite Aid’s sustainability efforts: building a thriving planet, thriving business, thriving workplace and thriving community.
“As a healthcare organization that aspires to support the whole health of its communities, we understand the critical need to address notable issues like climate change, product safety, energy management, and health inequities,” said Trent Kruse, senior vice president, investor relations and treasury, Rite Aid. “Our third annual sustainability report illustrates the progress we’ve made across critical ESG initiatives, and lays out a new framework for our sustainability efforts focused around four key pillars. We are pleased with our progress, and look forward to continuing to elevate our efforts around each pillar as we carry out our RxEvolution strategy.”
The report fosters transparency and accountability by tracking Rite Aid’s performance on existing efforts over the past year, while also serving as a benchmark to identify and develop future sustainability priorities and goals. The company’s new sustainability pillars and key highlights of this year’s report include:
Thriving Planet
Goal: Reduce our overall environmental impact.
2020 Highlights:
In 2020, Rite Aid demonstrated progress in reducing its environmental footprint through energy and waste reduction, as well as fleet fuel efficiency efforts.
Thriving Business
Goal: Embed sustainability into every level of our value chain.
2020 Highlights:
Over the past year, Rite Aid has worked with supplier partners to improve chemical management and product safety to curate a product assortment that supports the whole health needs of customers.
Thriving Workplace
Goal: Optimize the Rite Aid associate experience, opportunity and wellbeing across our organization.
2020 Highlights:
In 2020 Rite Aid continued optimizing its workforce through enhanced communication and engagement by/with:
Thriving Community
Goal: Improve health outcomes and provide better access to care in the communities we serve.
2020 Highlights:
In 2020, Rite Aid customers and communities have needed us more than ever. Rite Aid’s associates have been at the heart of the response to the pandemic, safely providing communities with essential information, supplies, services and support for COVID-19 testing and vaccinations.
Our corporate sustainability report was prepared using guidance from the Sustainability Accounting Standards Board (SASB), as well feedback from key internal and external stakeholders. To learn more about Rite Aid’s sustainability efforts and progress, the entire report can be found here.
About Rite Aid Corporation
Rite Aid Corporation is on the front lines of delivering healthcare services and retail products to Americans 365 days a year. Our pharmacists are uniquely positioned to engage with customers and improve their health outcomes. We provide an array of whole being health products and services for the entire family through over 2,500 retail pharmacy locations across 17 states. Through Elixir, we provide pharmacy benefits and services to millions of members nationwide. For more information, www.riteaid.com.
MEDIA:
Chris Savarese
717-975-5718
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ROCKVILLE, Md.--(BUSINESS WIRE)--Argan, Inc. (NYSE: AGX) (“Argan”) announced today that its Board of Directors declared a regular quarterly cash dividend in the amount of $0.25 per share of common stock, payable July 30, 2021 to stockholders of record at the close of business on July 22, 2021.
About Argan, Inc.
Argan’s primary business is providing a full range of services to the power industry, including the renewable energy sector. Argan’s service offerings focus on the engineering, procurement and construction of natural gas-fired power plants and renewable energy facilities, along with related commissioning, operations management, maintenance, project development and consulting services, through its Gemma Power Systems and Atlantic Projects Company operations. Argan also owns The Roberts Company, which is a fully integrated fabrication, construction and industrial plant services company, and SMC Infrastructure Solutions, which provides telecommunications infrastructure services.
Company:
Rainer Bosselmann
301.315.0027
Investor Relations:
David Watson
301.315.0027
NEW YORK--(BUSINESS WIRE)--Climate Change Crisis Real Impact I Acquisition Corporation (NYSE: CLII) (“CLII”), a publicly-traded special purpose acquisition company, reminds its stockholders to vote in favor of the previously announced business combination (the “Business Combination”) with EVgo Services LLC (“EVgo”), the nation’s largest public fast charging network for electric vehicles (“EVs”) and first powered by 100% renewable electricity.
Stockholders who owned common stock of CLII as of the close of business on May 19, 2021 (the “Record Date”), may vote their shares. Stockholders as of the Record Date continue to have the right to vote their shares, regardless of whether such stockholders subsequently sold their shares and do not own such shares as of the date they cast their vote.
The special meeting to approve the pending Business Combination (the “Special Meeting”) is scheduled to be held on June 29, 2021 at 10:00 a.m. Eastern Time. The Special Meeting will be conducted completely virtually, and can be accessed via live webcast at https://www.cstproxy.com/climatechangecrisisrealimpacti/2021.
Additional information on how stockholders of record may vote their shares can be found at https://www.climaterealimpactsolutions.com/cris1-vote.
Every stockholder’s vote is important, regardless of the number of shares held. Accordingly, all CLII stockholders who held shares as of the Record Date who have not yet voted are encouraged to do so as soon as possible and by no later than 10:00 a.m. Eastern Time on June 29, 2021. For the avoidance of doubt, CLII stockholders who owned shares as of the Record Date and subsequently sold all or a portion of their shares are STILL entitled to vote, and are encouraged to do so. CLII’s board of directors recommends you vote “FOR” the Business Combination with EVgo and “FOR” all of the related proposals described in the definitive proxy statement on Schedule 14A (the “Proxy Statement”) filed by CLII with the Securities and Exchange Commission (“SEC”) on May 27, 2021.
These are the two easiest and fastest ways to vote – and they are both free:
Additionally, you can also vote by mail:
YOUR CONTROL NUMBER IS FOUND ON YOUR VOTING INSTRUCTION FORM. If you did not receive or misplaced your Voting Instruction Form, contact your bank, broker or other nominee to obtain your control number in order to vote. A bank, broker or other nominee is a person or firm that acts as an intermediary between an investor and the stock exchange who can help you vote your shares.
If any individual CLII stockholder has not received the Proxy Statement, such stockholder should (i) confirm his or her Proxy Statement’s status with his or her broker or (ii) contact Morrow Sodali LLC, CLII’s proxy solicitor, for assistance via e-mail at This email address is being protected from spambots. You need JavaScript enabled to view it. or toll-free call at (800) 662-5200. Banks and brokers can place a collect call to Morrow Sodali at (203) 658-9400.
Important Information and Where to Find It
In connection with the proposed Business Combination between EVgo and CLII and related transactions (the “Proposed Transactions”), CLII has filed the Proxy Statement with the SEC, which was distributed to holders of CLII’s common stock in connection with CLII’s solicitation of proxies for the vote by CLII’s stockholders with respect to the Proposed Transactions and other matters as described in the Proxy Statement. Investors and security holders and other interested parties are urged to read the Proxy Statement, and any amendments thereto and any other documents filed with the SEC carefully and in their entirety because they contain important information about CLII, EVgo and the Proposed Transactions. Investors and security holders may obtain free copies of the Proxy Statement and other documents filed with the SEC by CLII through the website maintained by the SEC at http://www.sec.gov, or by directing a request to: Climate Change Crisis Real Impact I Acquisition Corporation, 300 Carnegie Center, Suite 150, Princeton, New Jersey 08540. The information contained on, or that may be accessed through, the websites referenced in this press release is not incorporated by reference into, and is not a part of, this press release.
Participants in the Solicitation
CLII and EVgo and their respective directors and certain of their respective executive officers and other members of management and employees may be considered participants in the solicitation of proxies with respect to the Proposed Transactions. Information about the directors and executive officers of CLII and EVgo is set forth in the Proxy Statement. Stockholders, potential investors and other interested persons should read the Proxy Statement carefully before making any voting or investment decisions. These documents can be obtained free of charge from the sources indicated above.
Forward Looking Statements
Certain statements in this press release that are not historical facts may constitute forward-looking statements are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. All statements, other than statements of present or historical fact included in this press release, regarding CLII’s proposed business combination with EVgo, CLII’s ability to consummate the transaction, the benefits of the transaction and the combined company’s future financial performance, as well as the combined company’s strategy, future operations, estimated financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the respective management of CLII and EVgo and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of CLII or EVgo. Potential risks and uncertainties that could cause the actual results to differ materially from those expressed or implied by forward-looking statements include, but are not limited to, changes in domestic and foreign business, market, financial, political and legal conditions; the inability of the parties to successfully or timely consummate the business combination, including the risk that any regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the business combination or that the approval of the stockholders of CLII or EVgo is not obtained; failure to realize the anticipated benefits of business combination; risk relating to the uncertainty of the projected financial information with respect to EVgo; the amount of redemption requests made by CLII’s stockholders; the overall level of consumer demand for EVgo’s products; general economic conditions and other factors affecting consumer confidence, preferences, and behavior; disruption and volatility in the global currency, capital, and credit markets; the financial strength of EVgo’s customers; EVgo’s ability to implement its business strategy; changes in governmental regulation, EVgo’s exposure to litigation claims and other loss contingencies; disruptions and other impacts to EVgo’s business, as a result of the COVID-19 pandemic and government actions and restrictive measures implemented in response; stability of EVgo’s suppliers, as well as consumer demand for its products, in light of disease epidemics and health-related concerns such as the COVID-19 pandemic; the impact that global climate change trends may have on EVgo and its suppliers and customers; EVgo’s ability to protect patents, trademarks and other intellectual property rights; any breaches of, or interruptions in, CLII’s information systems; fluctuations in the price, availability and quality of electricity and other raw materials and contracted products as well as foreign currency fluctuations; changes in tax laws and liabilities, tariffs, legal, regulatory, political and economic risks. More information on potential factors that could affect CLII’s or EVgo’s financial results is included from time to time in CLII’s public reports filed with the SEC, as well as the Proxy Statement that CLII has filed with the SEC in connection with CLII’s solicitation of proxies for the meeting of stockholders to be held to approve, among other things, the proposed business combination. If any of these risks materialize or CLII’s or EVgo’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither CLII nor EVgo presently know, or that CLII and EVgo currently believe are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect CLII’s and EVgo’s expectations, plans or forecasts of future events and views as of the date of this press release. CLII and EVgo anticipate that subsequent events and developments will cause their assessments to change. However, while CLII and EVgo may elect to update these forward-looking statements at some point in the future, CLII and EVgo specifically disclaim any obligation to do so, except as required by law. These forward-looking statements should not be relied upon as representing CLII’s or EVgo’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
No Offer or Solicitation
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities.
About CLII
CLII is a special-purpose acquisition company (“SPAC”) formed to identify and acquire a scalable company making significant contributions to the fight against the climate crisis. CLII is co-sponsored by private funds affiliated with Pacific Investment Management Company LLC (“PIMCO”), which has more than $640 billion in sustainability investments across its portfolios. CLII is led by a seasoned operations and leadership team that has decades of experience at the intersection of climate change and capitalism, and includes veterans from NRG, Credit Suisse, General Electric and Green Mountain Power. For more information, please visit www.climaterealimpactsolutions.com/.
About EVgo
EVgo is the nation’s largest public fast charging network for electric vehicles, and the first to be powered by 100% renewable energy. With more than 800 fast charging locations, EVgo’s charging network serves over 65 metropolitan areas across 34 states, owns and operates the most public fast charging locations in the US. and serves more than 250,000 customers. Founded in 2010, EVgo leads the way on transportation electrification, partnering with automakers; fleet and rideshare operators; retail hosts such as hotels, shopping centers, gas stations and parking lot operators; and other stakeholders to deploy advanced charging technology to expand network availability and make it easier for drivers across the U.S. to enjoy the benefits of driving an EV. As a charging technology first mover, EVgo works closely with business and government leaders to accelerate the ubiquitous adoption of EVs by providing a reliable and convenient charging experience close to where drivers live, work and play, whether for a daily commute or a commercial fleet. EVgo’s parent company is LS Power, a New York-headquartered development, investment and operating company focused on leading edge solutions for the North American power and energy infrastructure sector. On January 22, 2021, EVgo announced that it entered into a definitive business combination agreement with CLII (NYSE: CLII). For more information visit evgo.com and lspower.com.
CLII
For Investors:
Dan Gross
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For Media:
Isaac Steinmetz
Director of Media Relations
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646-883-3655
EVgo
For Investors:
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LS Power
Steven Arabia
Director, Government Affairs & Media Relations
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609-212-3857
LOS ANGELES--(BUSINESS WIRE)--Faraday Future (“FF”), a California-based global shared intelligent mobility ecosystem company, announced today that the Registration Statement on Form S-4 filed by PSAC formally became effective. The special meeting of PSAC stockholders will be held on July 20, 2021, to approve the business combination of PSAC with Faraday Future. Following closing, the combined company’s stock and warrants are expected to trade on NASDAQ under the ticker symbols “FFIE” and “FFIEW", respectively. The I in "FFIE" stands for Intelligent and Internet. The E represents Ecosystem and Electric. Merger to provide an estimated $1.0 billion of gross proceeds to Faraday Future (“FF”), including $230 million in cash held by PSAC in trust assuming no redemptions. Transaction is expected to fully fund the production of class defining ultimate-performance luxury electric FF 91 within 12 months of transaction close.
PSAC’s stockholder meeting is expected to be held on July 20, 2021 at 11:00 a.m. ET virtually at https://www.cstproxy.com/propertysolutionsacquisition/sm2021 to approve the business combination. PSAC stockholders who wish to participate in the PSAC stockholder meeting must register in advance at https://www.cstproxy.com/propertysolutionsacquisition/sm2021.
"The merger and listing with PSAC is an important milestone for FF, which is accomplished with the firm commitment of our employees, suppliers, global partners, and the city of Hanford, California,” said Dr. Carsten Breitfeld, Global CEO of Faraday Future. “This business combination will enable us to launch a new species, FF 91, an ultimate-intelligent tech-luxury electric vehicle, with the purpose of realizing the original intent of our founder and inviting user and shareholder participation in shaping an innovative future mobility ecosystem.“
PSAC stockholders as of the June 21, 2021 record date should submit their votes by 11:59 PM Eastern Time on July 19, 2021. Stockholders who need additional proxy materials or have questions regarding the special meeting, may contact PSAC’s proxy solicitor, Morrow Sodali, toll-free at US: 1 (800) 252-1959 or banks and brokers can call 1 (203) 658-9400, International: 1 (289) 695-3075 or send an email to This email address is being protected from spambots. You need JavaScript enabled to view it..
The proxy statement and the voting instruction form can be accessed on the U.S. Securities and Exchange Commission ("SEC") website (www.sec.gov), and PSAC stockholders can also click on the following website to view: https://www.cstproxy.com/propertysolutionsacquisition/sm2021.
We encourage PSAC stockholders to read the final proxy statement and voting instruction form, which contains important information about the transaction with FF, the background of the merger and listing of PSAC and FF, and the reasons why the PSAC board of directors unanimously recommended PSAC’s stockholders to vote for the merger with FF. Detailed voting instructions can be found at: http://vote.ff.com/. After obtaining PSAC stockholders’ approval and meeting other customary closing conditions, the business combination is scheduled to close on July 21, 2021.
"We are very pleased to reach this milestone in the transaction process,” said PSAC chairman and Co-CEO Jordan Vogel. “We encourage PSAC’s stockholders to approve the business combination and look forward to completing the proposed transaction with FF and continuing with the next chapter of FF as a public company."
FF has been committed to promoting the transformation of the automotive industry through product and technological innovation, business model innovation, user ecosystem innovation and governance structure innovation. With I.A.I as the core driving force, FF has created a smart driving platform and a third Internet living space.
The FF 91 is FF’s flagship product offering, and features an industry-leading 1,050 HP, 0-60 mph sprint in less than 2.4 seconds, zero gravity rear seats with the industry's largest reclining seat angle of 60 degrees, and a revolutionary user experience designed to create a mobile, connected, and luxurious third Internet living space. FF 91 is scheduled to be delivered within twelve months after the business combination is closed.
Users can reserve an FF 91 now at: https://www.ff.com/us/reserve.
ABOUT FARADAY FUTURE
Established in May 2014, Faraday Future (FF) is a global shared intelligent mobility ecosystem company, headquartered in Los Angeles, California. FF's vision is to create a shared intelligent mobility ecosystem that empowers everyone to move, connect, breathe, and live freely. FF aims to perpetually improve the way people move by creating a forward-thinking mobility ecosystem that integrates clean energy, AI, the Internet and new usership models. With the FF 91, FF has envisioned a vehicle that redefines transportation, mobility, and connectivity, creating a true “third Internet living space,” complementing users’ home and smartphone Internet experience.
FOLLOW FARADAY FUTURE:
https://www.ff.com/
https://twitter.com/FaradayFuture
https://www.facebook.com/faradayfuture/
https://www.instagram.com/faradayfuture/
www.linkedin.com/company/faradayfuture
ABOUT PROPERTY SOLUTIONS ACQUISITION CORP.
Property Solutions Acquisition Corp. is a special purpose acquisition company formed for the purpose of effecting a merger, stock purchase or similar business combination with one or more differentiated businesses. The company is managed by Co-CEO’s Jordan Vogel and Aaron Feldman.
Property Solutions I is a $230 million SPAC formed in July 2020 and is traded on the NASDAQ under the ticker symbol “PSAC”.
IMPORTANT INFORMATION AND WHERE TO FIND IT
This press release relates to a proposed transaction between PSAC and FF. PSAC has filed with the Securities and Exchange Commission (“SEC”) a preliminary registration statement on Form S-4 that includes a proxy statement and prospectus of PSAC and a consent solicitation statement with respect to FF. Upon completion, the proxy statement/consent solicitation statement/prospectus will be mailed to stockholders of PSAC as of a record date to be established for voting on the proposed business combination. PSAC also will file other relevant documents from time to time regarding the proposed transaction with the SEC. INVESTORS AND SECURITY HOLDERS OF PSAC ARE URGED TO READ THE PROXY STATEMENT, PROSPECTUS AND OTHER RELEVANT DOCUMENTS THAT WILL BE FILED BY PSAC FROM TIME TO TIME WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders will be able to obtain free copies of the proxy statement/consent solicitation statement/prospectus and other documents containing important information about PSAC and FF once such documents are filed with the SEC, through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by PSAC when and if available, can also be obtained free of charge by directing a written request to Property Solutions Acquisition Corp., 654 Madison Avenue, Suite 1009, New York, New York 10065.
PARTICIPANTS IN THE SOLICITATION
PSAC and FF and their respective directors and executive officers, under SEC rules, may be deemed to be participants in the solicitation of proxies of PSAC’s stockholders in connection with the proposed transaction. Investors and security holders may obtain more detailed information regarding the names and interests in the proposed transaction of PSAC’s directors and officers in PSAC’s filings with the SEC, including PSAC’s Annual Report on Form 10-K for the period ended December 31, 2020, which was filed with the SEC on March 31, 2021. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to PSAC’s stockholders in connection with the proposed business combination is set forth in the proxy statement/consent solicitation statement/prospectus for the proposed business combination. Additional information regarding the interests of participants in the solicitation of proxies in connection with the proposed business combination is included in the proxy statement/consent solicitation statement/prospectus that PSAC has filed with the SEC.
NO OFFER OR SOLICITATION
This communication shall neither constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
FORWARD LOOKING STATEMENTS
This press release includes “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside PSAC’s or FF’s management’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: the inability to complete the transactions contemplated by the proposed business combination; the inability to recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things, the amount of cash available following any redemptions by PSAC stockholders; the ability to meet the Nasdaq’s listing standards following the consummation of the transactions contemplated by the proposed business combination; costs related to the proposed business combination; FF’s ability to execute on its plans to develop and market its vehicles and the timing of these development programs; FF’s estimates of the size of the markets for its vehicles; the rate and degree of market acceptance of FF’s vehicles; the success of other competing manufacturers; the performance and security of FF’s vehicles; potential litigation involving PSAC or FF; the result of future financing efforts and general economic and market conditions impacting demand for FF’s products. Other factors include the possibility that the proposed transaction does not close, including due to the failure to receive required security holder approvals, or the failure of other closing conditions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the registration statement on Form S-4 and proxy statement/consent solicitation statement/prospectus discussed above and other documents filed by PSAC from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and neither PSAC nor FF undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
For Faraday Future
Investors:
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Media:
John Schilling
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Synovus Bank will finance the construction of two buildings totaling more than 800,000 SF at RiverPort Commerce Park expected to deliver by late 2021.
ARLINGTON, Va.--(BUSINESS WIRE)--EJF Capital LLC (“EJF”) and North Signal Capital LLC (“NSC”) have secured $31.6 million in financing from Synovus Bank for the construction of two buildings at RiverPort Commerce Park (“RiverPort”), less than 10 miles from the Port of Savannah, which includes the largest-area and fastest growing single-operator container terminal in the United States. The buildings are in a “Qualified Opportunity Zone” under the Tax Cuts and Jobs Act of 2017 (“TCJA”) which offers investors tax benefits to invest into Opportunity Zones with the aim of spurring economic growth in lower income areas. The TCJA encourages Opportunity Zone investors to have uninterrupted ownership of qualifying property for at least 10 years.
“The buildings, RiverPort Building 2 and Building 4, collectively over 800,000 square feet, are strategically located and will place our tenants within 10 miles of the fastest growing port in the U.S.,” said EJF Co-CEO Neal Wilson. “The strength of the port, lower cost structure, regional population growth, favorable property tax rates and other economic incentives make the RiverPort project a compelling opportunity.”
EJF and NSC developed and continue to own RiverPort Building 1, a 153,000-square-foot building that is 100 percent leased, and RiverPort 3, a 329,000-square-foot building that is currently 50% leased.
RiverPort has the capacity for approximately 4.5 million square feet of industrial space in 10 buildings in Hardeeville, SC.
Port Advantages
RiverPort has an attractive location offering tenants a convenient route to the Port of Savannah, the western-most port on the East Coast. Tenants enjoy lower operating costs relative to certain other large U.S. port markets, lower costs of living and a business environment with “Right to Work” laws.
Over the past 10-years, the port has prospered with capital investment reaching $1 billion. The area’s capital investment is expected to more than triple to $3.2 billion during the next decade. The Port’s monthly cargo volume is four- to five-years ahead of schedule, prompting the Georgia Ports Authority to plan a new container facility that will double the Port of Savannah’s annual capacity for 11 million twenty-foot equivalent units. Savannah is expected to overtake New York as the second largest port by 2026, according to the Authority.
Phenomenal Industrial Market Growth
Savannah is the fastest growing industrial market in the United States at a rate of 34.7 percent in the past two-years and 15.8 percent in 2020 based on net absorption as a percent of market. As of the first quarter of 2021 Savannah’s industrial market was 77 million square feet with a vacancy rate of less than 2 percent to extend its five-year streak of vacancy rates below 4 percent.
“The Savannah industrial leasing market remains one of the strongest in the United States with approximately 5.3 million square feet of industrial leases signed year-to-date,” said Peter Goulding, Founder and Partner of North Signal Capital. “Savannah’s industrial market will continue to benefit from the secular trends of growth in e-commerce, regional population growth and port market share gains.”
Asheel Shah, EJF Senior Managing Director and Head of Real Estate Development, said “Savannah and the port are showing no signs of slowing down. You would be hard pressed to find a more compelling region in the country. We are grateful to work with Synovus Bank, which sees the strength of the Savannah region.”
About EJF Capital
EJF Capital LLC is a global alternative asset management firm headquartered outside of Washington, D.C. As of March 31, 2021, EJF manages approximately $6.0 billion across a diverse group of alternative asset strategies. The firm was founded in 2005 by Manny Friedman and Neal Wilson. Since inception, EJF has focused on regulatory event-driven investment themes including its strategy to invest in Opportunity Zones.
EJF formed the EJF OpZone Fund I LP and the EJF OpZone Fund II LP (the “Funds”) to take advantage of certain benefits provided by the TCJA. Benefits to U.S. taxable investors include the ability for investors to (1) defer the recognition of recent capital gains for federal income tax purposes until 2026 (treatment of capital gains varies by state), (2) reduce the amount of capital gains recognized in 2026 by 10% (for investors investing by 2021), and (3) eliminate any federal capital gains tax generated from investments in the Funds (for investors in the Funds at least ten years). EJF’s first OpZone fund holds five completed projects including: a multifamily apartment complex in Washington, D.C., Jacksonville, FL, and Vancouver, WA; one hotel development in Oakland, CA and two industrial buildings in a multi-phase industrial park in Hardeeville, SC (near Savannah, GA MSA). In total these projects represent over $600 million in total estimated project costs with $219 million of equity being invested by EJF OpZone Fund I LP.
If you would like more information on the Fund, please visit http://ejfopzone.com or http://ejfcap.com, or contact EJF Investor Relations at This email address is being protected from spambots. You need JavaScript enabled to view it..
About North Signal Capital
Founded in 2015, North Signal Capital is a real estate investment and development firm, focused on developing and acquiring functional, flexible and strategically located distribution and manufacturing facilities in the Southeastern U.S. North Signal employs a precise investment approach, targeting investments that encompass and align with their greater thesis. NSC’s focus allows it to have a wealth of specific information regarding the asset classes and markets they operate in, and to develop a deep network of local experts to assist in completing successful projects. North Signal has developed or is developing approximately 5.6 million square feet of Class A industrial space across 15 buildings in the Charleston, SC and Savannah, GA markets.
Media Contacts:
Nathaniel Garnick/Kevin FitzGerald
Gasthalter & Co.
(212) 257-4170
EJF Investor Relations
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http://ejfopzone.com
http://ejfcap.com
(571) 982-7281
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