Jeremy Low Joins as Head of European Oil & Gas to Lead New Team
LONDON--(BUSINESS WIRE)--Houlihan Lokey (NYSE:HLI), the global investment bank, announced today the launch of its European oil and gas sector coverage with the hire of an experienced, market-leading team from BMO Capital Markets. Jeremy Low, formerly Co-Head of Investment Banking and Head of Energy EMEA at BMO Capital Markets, joins the firm as a Managing Director and Head of European Oil & Gas. Mr. Low and the team are based in London. With this addition, Houlihan Lokey’s Oil & Gas Group now has more than 70 dedicated professionals globally advising clients on M&A, corporate finance, capital raising, and recapitalization assignments.
“We are very happy to be adding this highly talented team that has advised on over $20 billion of M&A acquisitions and divestitures and helped raise over $3.8 billion in debt and equity capital over the past four years to drive our business in Europe,” said J.P. Hanson, Head of the Oil & Gas Group. “Jeremy and his team are extremely well respected and bring a proven track record of success. Due to their deep relationships and wealth of experience, they have achieved outstanding results for their clients—which is a key element of our corporate culture at Houlihan Lokey.”
Jeremy Low joins with more than 26 years’ experience in the energy industry, having started his career at Royal Dutch Shell in 1995. Before joining BMO in 2016, he spent seven years in RBC’s oil and gas sector team, prior to which he spent four years on Deutsche Bank’s oil and gas team and five years covering oil and gas with Lehman Brothers. He began his investment banking career at Dresdner Kleinwort Benson in 1997 after working for Shell International as a Commercial Manager. Mr. Low holds a BA (Hons) in Classics from Durham University.
Tom Hughes, Director, spent four years as a senior member of BMO Capital Markets’ energy investment banking team in EMEA, having spent six years at RBC Capital Markets previously covering natural resources and oil and gas. He holds an MSc and a BA (Hons) in Accounting and Finance from the University of Exeter.
Thomas Wheeler, Vice President, also spent four years at BMO, having joined in 2017 from Ophir Energy, where he spent three years as a Commercial Analyst for Global New Ventures in London and on secondment in Africa. He holds an MSc in Management from University College London and a BA (Hons) in History and Politics from the University of Sheffield.
Raffaello Avakov, Associate, joined the BMO team in 2018, having spent a year as an Analyst in M&A advisory with ING Bank. He holds a BSc (Hons) in Economics from University College London.
Over the past six years, the firm has grown its European Corporate Finance business through a series of acquisitions and strategic hires. Further to the recent establishment of the healthcare sector team, Houlihan Lokey now covers seven industry sectors in Europe, including consumer, food, and retail; business services; data and analytics; financial institutions; healthcare; industrials; and oil and gas.
“These are exciting times for our Corporate Finance business in Europe as we launch our second new sector team in a week. Under the leadership of Andrew Adams, Shaun Browne, and Matteo Manfredi, the business has terrific momentum, and we plan to continue expanding across the region to build on this success,” commented Scott Adelson, Co-President of Houlihan Lokey.
“The opportunity to join Houlihan Lokey, given the breadth of capabilities across the firm and the strength of the growing global Oil & Gas Group, is hugely compelling. The firm is a recognised market leader in M&A, corporate finance, valuation, and financial restructuring, and we look forward to working with so many talented colleagues to develop this new regional sector coverage,” said Mr. Low.
Houlihan Lokey’s Energy Group provides superior service and achieves outstanding results for its clients in M&A and A&D advisory, capital raising, and restructuring as well as financial and board advisory services. The group employs a dedicated subsector-specific model to cover the entire energy spectrum, with experienced senior-level bankers dedicated to each sector coverage area across eight energy sectors.
About Houlihan Lokey
Houlihan Lokey (NYSE:HLI) is a global investment bank with expertise in mergers and acquisitions, capital markets, financial restructuring, and valuation. The firm serves corporations, institutions, and governments worldwide with offices in the United States, Europe, the Middle East, and the Asia-Pacific region. Independent advice and intellectual rigor are hallmarks of the firm’s commitment to client success across its advisory services. Houlihan Lokey is the No. 1 M&A advisor for the past six consecutive years in the U.S., the No. 1 global restructuring advisor for the past seven consecutive years, and the No. 1 global M&A fairness opinion advisor over the past 20 years, all based on number of transactions and according to data provided by Refinitiv.
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HOUSTON--(BUSINESS WIRE)--Cheniere Energy, Inc. (“Cheniere” or the “Company”) (NYSE American: LNG) announced today that it plans to issue its earnings release with respect to first quarter 2021 financial results on Tuesday, May 4, 2021 before the market opens. Cheniere will host a conference call for investors and analysts at 11:00 a.m. Eastern Time (10:00 a.m. Central Time) that day to discuss first quarter results.
A listen-only webcast of the call and accompanying slide presentation will be available on the Company’s website at www.cheniere.com. After completion of the webcast, a replay will be available on the Company’s website.
About Cheniere
Cheniere Energy, Inc. is the leading producer and exporter of liquefied natural gas (LNG) in the United States, reliably providing a clean, secure, and affordable solution to the growing global need for natural gas. Cheniere is a full-service LNG provider, with capabilities that include gas procurement and transportation, liquefaction, vessel chartering, and LNG delivery. Cheniere has one of the largest liquefaction platforms in the world, consisting of the Sabine Pass and Corpus Christi liquefaction facilities on the U.S. Gulf Coast, with expected total production capacity of approximately 45 million tonnes per annum of LNG operating or under construction. Cheniere is also pursuing liquefaction expansion opportunities and other projects along the LNG value chain. Cheniere is headquartered in Houston, Texas, and has additional offices in London, Singapore, Beijing, Tokyo, and Washington, D.C.
For additional information, please refer to the Cheniere website at www.cheniere.com and Annual Report on Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission.
Forward-Looking Statements
This press release contains certain statements that may include “forward-looking statements” within the meanings of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical or present facts or conditions, included herein are “forward-looking statements.” Included among “forward-looking statements” are, among other things, (i) statements regarding Cheniere’s financial and operational guidance, business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding expectations regarding regulatory authorizations and approvals, (iii) statements expressing beliefs and expectations regarding the development of Cheniere’s LNG terminal and pipeline businesses, including liquefaction facilities, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements, (vi) statements regarding future discussions and entry into contracts, (vii) statements relating to the amount and timing of share repurchases, and (viii) statements regarding the COVID-19 pandemic and its impact on our business and operating results. Although Cheniere believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere’s periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere does not assume a duty to update these forward-looking statements.
Cheniere Energy, Inc.
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MUNICH--(BUSINESS WIRE)--#AMFM--VertiGIS, a leading geographic information systems (GIS) solution provider and software developer, announced today the completed acquisition of longstanding development partner KMS Computer GmbH. KMS is an established and trusted computer-aided facility management (CAFM) software specialist based in Dresden, Germany.
VertiGIS is backed by global, technology-based investment firm Battery Ventures, who began acquiring GIS and location technology-focused companies under the brand in 2017.
Best known for the GEBman software suite, KMS has helped municipal, industry, service, and utility companies with their facility- and document management needs since 1990. Their flexible, end-to-end solutions – based upon the latest web technologies and suitable for in-house or mobile use – integrate access and analysis of factual data, documents, and spatial information for plants, real estate, and capital goods.
For the past 15 years, KMS has worked with VertiGIS to bring ProOffice – a process-oriented software solution with optional GIS connectivity for infrastructure workflows, and built upon GEBman technology – to German, Austrian, and Swiss customers. The integration of KMS into VertiGIS ensures that the strategic planning and development of ProOffice and GEBman continue to be closely coordinated.
"After 30 years, it was time for me to hand over the company to the next generation,” explains Konrad Schulze, founder and Managing Director of KMS. “Due to the successful partnership and cooperation that has existed between KMS and VertiGIS for many years, I know we can combine the greatest strengths of both organizations and expect our joint customers to benefit from the expanded expertise and industry-leading know-how we have developed over the years.”
“Previous sales partners have now become colleagues, and we are looking forward to working together as one team.”
Schulze’s son, Sebastian, will transition from CTO at KMS to assume the co-role of Managing Director together with VertiGIS veteran Theodor Meusburger. KMS’s solution will become an integral part of the VertiGIS offering for all customers and business segments and will be further supported in sales and software development by VertiGIS’s global business units and teams.
“We are excited to have an even closer working relationship with our friends and partners at KMS,” adds Holger Schade, CEO of VertiGIS EMEA. “This transaction will drive additional innovation as we extend our technological capabilities to a broader group around the globe.”
“Facility management solutions are a key strength of VertiGIS’, and the shared development plans for ProOffice and GEBman fit perfectly into our product strategy moving forward.”
About VertiGIS:
VertiGIS is a leading geographic information systems (GIS) solution provider and software developer. Its focus is the development of software solutions and services that help utilities, land management, public sector, energy, telecommunications, and industry customers connect their business processes and location technology. The VertiGIS product portfolio is used by thousands of customers and millions of end-users around the world and is designed to enhance the capabilities of leading mapping software, most notably Esri’s ArcGIS®. Major product brands include UT for ArcGIS®, the 3A product line, Geocortex®, GEONIS, ConnectMaster™, M4® Solutions, GeoOffice, WebOffice and ProOffice. Further information can be found at www.vertigis.com
About Battery Ventures:
Battery strives to invest in cutting-edge, category-defining businesses in markets including software and services, Web infrastructure, consumer Internet, mobile and industrial technologies. Founded in 1983, the firm backs companies at stages ranging from seed to private equity and invests globally from offices in Boston, the San Francisco Bay Area, London, Israel and New York. Follow the firm on Twitter @BatteryVentures, visit our website at www.battery.com and find a full list of Battery's portfolio companies here.
About KMS:
KMS is an established and proven provider of computer-aided facility management (CAFM) software based in Dresden, Germany. KMS is known for its GEBman software and has been supporting municipalities, industrial, service and utility companies, among others, with their facility and document management requirements since 1990. The flexible, end-to-end solutions are based on the latest web technologies and are suitable for internal or mobile use. Learn more at www.gebman.com
Sabine Parschau, Communications Manager – VertiGIS EMEA
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Sebastian Schulze, Co-Managing Director – KMS by VertiGIS
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Theodor Meusburger, Co-Managing Director – KMS by VertiGIS/Managing Director – VertiGIS Austria
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Former American Electric Power Leader Brings 30-Year Track Record of Providing Safe, Reliable Electric Service
SAN FRANCISCO--(BUSINESS WIRE)--Pacific Gas and Electric Company (PG&E) today announced the appointment of Wade Smith as Senior Vice President, Electric Operations. Mr. Smith begins on May 3, 2021 and will report to Adam Wright, PG&E’s Executive Vice President, Operations and Chief Operating Officer, who joined the company earlier this year.
“Wade brings the ideal skillset and background to help us deliver safe and reliable energy for our customers and hometowns. He is a proven leader with extensive electric operations expertise and industry knowledge. On top of that, he brings a big heart and a strong passion for people. I am confident Wade will hit the ground running and advance our efforts to become a better and safer energy company,” said Mr. Wright.
Mr. Smith will be responsible for PG&E’s electric transmission and distribution operations and maintenance, as well as emergency preparedness and response efforts. While his primary focus will be on executing the work needed to serve customers and maintain PG&E’s electric grid on a day-to-day basis, Mr. Smith will also work in close coordination with PG&E’s new Wildfire Risk Organization, set up to ensure all wildfire mitigation work is executed consistently and effectively.
PG&E has made several key additions to its leadership team this year, bringing in proven leaders with significant energy, transformation, operations and safety experience.
“I am honored to join PG&E at such an important time for the company. I’ve spent the past three decades in the energy industry, and I wholeheartedly believe in the power of operational excellence to fundamentally strengthen a company for the long term. I’m looking forward to bringing my experience to PG&E and locking arms with the rest of the PG&E team to deliver results for our customers and the communities we serve,” said Mr. Smith.
Mr. Smith has over 30 years of comprehensive operations and financial management experience in the utility industry. He spent the past three decades at American Electric Power (AEP), serving in various leadership roles. AEP is one of the largest utilities in the U.S., serving over 5 million customers across 11 states.
Most recently, Mr. Smith was Senior Vice President, Grid Development, overseeing transmission planning, engineering, project management, construction and system operations teams. In this role, Mr. Smith executed AEP’s $20 billion transmission capital investment program and led efforts to improve reliability and increase operational efficiency in overseeing a 40,000-mile transmission system. He also brings experience in asset management and effective work prioritization, including managing R&D programs focused on new technologies and developing safe, reliable and compliant policies and procedures.
Previously, Mr. Smith served as President and Chief Operating Officer for AEP Texas; Vice President, Transmission Engineering and Project Services for AEP Service Corporation; and Director, Gas Turbine and Joint Venture Operations for AEP Service Corporation; among other operations and engineering roles at the company.
About PG&E
Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is a combined natural gas and electric utility serving more than 16 million people across 70,000 square miles in Northern and Central California. For more information, visit pge.com and pge.com/news.
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DUBLIN--(BUSINESS WIRE)--The "Asia-Pacific Offshore Wind Turbine Market, Forecast to 2025 - Growth Impelled by Innovations in Turbine Capacity & Regulations" report has been added to ResearchAndMarkets.com's offering.
The study offers market size forecasts for each country, the country's preferences and its challenges, and strategic information on what OEMs should invest in and develop.
This study outlines the general outlook for the offshore wind turbine market until 2025; analysis segments, how government plans and regulations drive the market, how geopolitical chaos restrain growth, how competitive intensity is dynamic and is both disrupted and driven by technology, including the transformative Mega Trends across the Asia-Pacific, and the country-level market trend.
The research concludes that the biggest challenge to the market is the lack of commissioning projects in a timely manner. Asia-Pacific can lose projects valued hundreds of billions of dollars, regardless of the market drivers, trends, government plans, or market demands. Executing and commissioning projects have become a far more valuable aspect than mere planning and proposing projects.
The research has identified the following market drivers and restraints:
Market Drivers
Market Restraints
Key Topics Covered:
1. Strategic Imperatives
2. Growth Opportunity Analysis, Offshore Wind Turbine Market
3. Growth Opportunity Analysis, Wind Turbines of Capacity Less Than or Equal to 3 MW
4. Growth Opportunity Analysis, Wind Turbines of Capacity More Than 3 MW
5. Growth Opportunity Universe, Offshore Wind Turbine Market
6. Next Steps
For more information about this report visit https://www.researchandmarkets.com/r/riyehq
ResearchAndMarkets.com
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COVINGTON, La.--(BUSINESS WIRE)--Globalstar do Brasil Ltda., a wholly owned subsidiary of Globalstar, Inc. (NYSE American: GSAT) and Cisa Trading, a company with 25 years of experience in trading operations within the oil and gas sector have partnered together to bring asset management solutions to Brazil.
Already showing early success, the partnership has delivered improved operations within the supply and management of one of the biggest oil and gas companies in the world. As a requirement from the contractor, all 4,400 Cisa Trading containers require tracking and monitoring via satellite technology as they are moved in remote areas out of cellular coverage.
Globalstar SmartOne Solar devices were selected to meet operational requirements. Powered by solar energy and with ATEX, IECEx, IP68/69K and HERO certifications, this powerful device can be operational for up to 10 years with little to no maintenance, bringing efficiency and cost reduction to operations.
“The O&G sector is a very concentrated and competitive vertical in Brazil. We are excited to have the opportunity to procure this business and confident the partnership with Cisa Trading will deliver an effective long-lasting solution to the contractor,” said Juan Porras, General Manager of Globalstar for Latin America. “This is just one of many key steps in our company’s strategy to expand our IoT business in key verticals across the region and the globe.”
“For our company it was an excellent opportunity to offer our client a state-of-the-art solution for controlling the location and movement of its assets, optimizing the use of the equipment and interacting proactively with its operational team. This strategic alliance demonstrates the confidence we have in the Brazilian oil and gas market and in the potential of our client,” said Edward Karic, Executive Director of Cisa Trading Oil and Gas Division.
Brazil has become a relevant global player in the production of crude oil with increasing exports over the last decade. The quality of the product has also increased since the exploration of pre-salt layer supplying a lighter oil which is used to produce gasoline and diesel, some of the most valued products. Brazil expects to be among the six biggest oil crude exporters by 2030 which will bring additional opportunities and increased demand for various IoT solutions.
About Globalstar, Inc.
Globalstar is a leading provider of customizable Satellite IoT Solutions for customers around the world in industries such as oil and gas, transportation, emergency management, government, maritime and outdoor recreation. A pioneer of mobile satellite voice and data services, Globalstar solutions connect people to their devices and allow businesses to streamline operations providing safety and communication and enabling mobile assets to be monitored remotely via the Globalstar Satellite Network. The Company's Commercial IoT product portfolio includes industry-acclaimed SmartOne asset tracking products, Commercial IoT satellite transmitters and the SPOT® product line for personal safety, messaging and emergency response, all supported on SPOT My Globalstar, a robust cloud-based enhanced mapping solution. Learn more at Globalstar.com.
About Cisa Trading
With international presence, Cisa Trading has offices in the main capitals of Brazil and in Lisbon, Portugal. Our customized services are performed by a team of more than 250 employees, who stand out for their high qualification, efficiency, punctuality, and flexibility. The company operates according to strict compliance rules in line with various service providers in the foreign trade chain, with strict compliance with the regulatory environment and in various import modalities. Cisa's differentials and logistical excellence have ensured its market recognition for 22 years with the conquest of numerous awards, including the Infraero for Logistics Excellence and the QSTP (Quality, Service, Technology and Price) Award from General Motors (GMC), in the Supplier of the Year and Supplier Merit Awards categories.
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Corporate Communications Manager, Globalstar
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Commercial Spoke 3 to process 10,000 tonnes of batteries per year, bringing Li-Cycle’s North American recycling capacity to 20,000 tonnes per year
TORONTO--(BUSINESS WIRE)--Li-Cycle Corp. (“Li-Cycle” or “the Company”), an industry leader in lithium-ion battery resource recovery and the largest lithium-ion battery recycler in North America, today announced that the Company will build its third commercial lithium-ion battery recycling facility, to be located in Gilbert, Arizona, within the Phoenix metropolitan area.
When complete, Li-Cycle’s “Spoke 3” facility will be capable of processing up to 10,000 tonnes of end-of-life batteries and battery manufacturing scrap per year, bringing Li-Cycle’s total recycling capacity to 20,000 tonnes per year. The construction of Spoke 3 builds on Li-Cycle’s existing North American Spokes, located in Rochester, New York and Kingston, Ontario, and is part of Li-Cycle’s strategic roadmap to construct twenty Spokes globally over the next five years. The Phoenix metropolitan area is strategically located close to Li-Cycle’s existing battery supply network, as well as being at the nexus of where there will be continued growth in the quantity of lithium-ion batteries available for recycling.
"Once completed, our newest Spoke facility will add significant recycling capacity to Li-Cycle, strategically expanding the geographic footprint of our closed-loop solution for recycling lithium-ion battery materials,” said Tim Johnston, Co-Founder and Executive Chairman of Li-Cycle. “Our Arizona Spoke will have two 5,000 tonne processing lines, effectively doubling our total recycling capacity in North America. It will also be engineered to directly process full electric vehicle packs without any dismantling. Spoke 3 will mark another important milestone as we continue to execute on our global growth plans and scale our sustainable, safe and innovative Spoke & Hub Technologies™.”
“Arizona is thrilled to be selected as the home of Li-Cycle’s new lithium battery recycling plant,” said Governor Doug Ducey. “This new facility will support Arizona’s growing electric vehicle industry by helping meet the demand for battery materials – in a way that’s sustainable and environmentally friendly. Li-Cycle is a welcome addition to Arizona’s thriving technology ecosystem, and we thank their entire team for choosing Arizona.”
Li-Cycle’s Spokes convert battery manufacturing scrap and end-of-life batteries into intermediate products, including “black mass”, a powder substance which contains a variety of metals, including lithium, cobalt and nickel. The Spokes will supply black mass to Li-Cycle's future North American Hub, which is currently in late-stage development in Rochester, New York. The North American Hub will process black mass through a hydrometallurgical circuit to produce critical, battery-grade materials, including lithium carbonate, cobalt sulphate and nickel sulphate, as well as other recycled materials that can be returned to the economy. Li-Cycle’s patented Spoke & Hub Technologies™ minimize the overall environmental footprint of the end-to-end resource recovery process, and substantially reduce the intensity of GHG emissions that would otherwise be produced from mining these finite resources.
“With our rapidly expanding electric vehicle sector and focus on sustainability, Arizona is the perfect destination for Li-Cycle’s western-U.S. battery recycling hub,” said Sandra Watson, President and CEO of the Arizona Commerce Authority. “The Company’s cutting-edge technology fills a growing supply chain need while providing an eco-friendly solution for battery recycling. Arizona is proud to be a partner in Li-Cycle’s success and contribute to the positive impact they will continue to have.”
The imperative for economically and environmentally sustainable resource recycling is growing in lockstep with the rapid growth of battery manufacturing. Li-Cycle utilizes its proprietary Spoke & Hub Technologies™ to achieve the industry-leading recovery rate of up to 95% resource mass recovery and to produce the critical battery materials underpinning the global growth in electric vehicle production. Legacy recycling technologies have largely relied on thermal operations, which can emit harmful emissions and result in lower recovery rates. The Company’s two-stage battery recycling model enables customers to benefit from a safe and environmentally friendly solution for recycling all types of lithium-ion materials.
On February 16, 2021, Li-Cycle announced its entry into a definitive business combination agreement with Peridot Acquisition Corp. (NYSE: PDAC) (“Peridot”). Upon the closing of the business combination, which is expected in the second quarter of 2021, the combined company will be named Li-Cycle Holdings Corp. Li-Cycle intends to apply to list the common shares of the combined company on the New York Stock Exchange under the new ticker symbol, “LICY.”
About Li-Cycle Corp.
Li-Cycle is on a mission to leverage its innovative Spoke & Hub Technologies™ to provide a customer-centric, end-of-life solution for lithium-ion batteries, while creating a secondary supply of critical battery materials. Lithium-ion rechargeable batteries are increasingly powering our world in automotive, energy storage, consumer electronics, and other industrial and household applications. The world needs improved technology and supply chain innovations to better manage battery manufacturing waste and end-of-life batteries and to meet the rapidly growing demand for critical and scarce battery-grade raw materials through a closed-loop solution. For more information, visit https://li-cycle.com/.
ADDITIONAL INFORMATION AND WHERE TO FIND IT
In connection with the proposed transaction involving Li-Cycle and Peridot, Li-Cycle Holdings Corp. (“Newco”) has prepared and filed with the SEC a registration statement on Form F-4 that includes both a prospectus of Newco and a proxy statement of Peridot (the “Proxy Statement/Prospectus”). Once effective, Peridot will mail the Proxy Statement/Prospectus to its shareholders and file other documents regarding the proposed transaction with the SEC. This communication is not a substitute for any proxy statement, registration statement, proxy statement/prospectus or other documents Peridot or Newco may file with the SEC in connection with the proposed transaction. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THE PROXY STATEMENT/PROSPECTUS WHEN IT BECOMES AVAILABLE, ANY AMENDMENTS OR SUPPLEMENTS TO THE PROXY STATEMENT/PROSPECTUS, AND OTHER DOCUMENTS FILED BY PERIDOT OR NEWCO WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders will be able to obtain free copies of the Proxy Statement/Prospectus and other documents filed with the SEC by Peridot or Newco through the website maintained by the SEC at www.sec.gov.
Investors and securityholders will also be able to obtain free copies of the documents filed by Peridot and/or Newco with the SEC on Peridot’s website at www.peridotspac.com or by emailing This email address is being protected from spambots. You need JavaScript enabled to view it..
PARTICIPANTS IN THE SOLICITATION
Li-Cycle, Peridot, Newco, and certain of their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in connection with the proposed transaction. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of proxies in connection with the proposed transaction, including a description of their direct or indirect interests, by security holdings or otherwise, are set forth in the Proxy Statement/Prospectus. Information regarding the directors and executive officers of Peridot is contained in Peridot’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on March 26, 2021 and certain of its Current Reports filed on Form 8-K. These documents can be obtained free of charge from the sources indicated above.
NO OFFER OR SOLICITATION
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities of Peridot or Newco or a solicitation of any vote or approval. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
Certain statements contained in this communication may be considered forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21 of the Securities Exchange Act of 1934, as amended, including statements regarding the proposed transaction involving Li-Cycle and Peridot and the ability to consummate the proposed transaction. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “expect,” “anticipate,” “plan,” “likely”, “believe,” “estimate,” “project,” “intend,” and other similar expressions among others. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: (i) the risk that the conditions to the closing of the proposed transaction are not satisfied, including the failure to timely or at all obtain shareholder approval for the proposed transaction or the failure to timely or at all obtain any required regulatory clearances, including under the Hart-Scott Rodino Antitrust Improvements Act; (ii) uncertainties as to the timing of the consummation of the proposed transaction and the ability of each of Li-Cycle and Peridot to consummate the proposed transaction; (iii) the possibility that other anticipated benefits of the proposed transaction will not be realized, and the anticipated tax treatment of the combination; (iv) the occurrence of any event that could give rise to termination of the proposed transaction; (v) the risk that stockholder litigation in connection with the proposed transaction or other settlements or investigations may affect the timing or occurrence of the proposed transaction or result in significant costs of defense, indemnification and liability; (vi) changes in general economic and/or industry specific conditions; (vii) possible disruptions from the proposed transaction that could harm Li-Cycle’s business; (viii) the ability of Li-Cycle to retain, attract and hire key personnel; (ix) potential adverse reactions or changes to relationships with customers, employees, suppliers or other parties resulting from the announcement or completion of the proposed transaction; (x) potential business uncertainty, including changes to existing business relationships, during the pendency of the proposed transaction that could affect Li-Cycle’s financial performance; (xi) legislative, regulatory and economic developments; (xii) unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism, outbreak of war or hostilities and any epidemic, pandemic or disease outbreak (including COVID-19), as well as management’s response to any of the aforementioned factors; and (xiii) other risk factors as detailed from time to time in Peridot’s reports filed with the SEC, including Peridot’s annual report on Form 10-K, periodic quarterly reports on Form 10-Q, periodic current reports on Form 8-K and other documents filed with the SEC. The foregoing list of important factors is not exclusive. Neither Li-Cycle nor Peridot can give any assurance that the conditions to the proposed transaction will be satisfied. Except as required by applicable law, neither Li-Cycle nor Peridot undertakes any obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
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Terminal will be an agricultural gateway to major global markets once complete mid-2021
OAKLAND, Calif.--(BUSINESS WIRE)--Octopi, part of Navis and Cargotec Corporation, the provider of operational technologies and services that unlock greater performance and efficiency for leading organizations throughout the global shipping industry, announced today that Savage has selected Octopi by Navis’ cloud-based terminal operating system (TOS) for its intermodal rail terminal in Idaho. The terminal is expected to be operational by mid-year 2021 and once complete, it will be a top agricultural gateway and Idaho’s first intermodal terminal.
This year, Savage has entered into an agreement with Union Pacific Railroad to construct and operate Savage Railport – Southern Idaho, the first intermodal terminal in Idaho. The terminal will provide a more efficient, cost-effective and environmentally-friendly option for agriculture producers and shippers to transport their products to Northwest seaports for export to Asia and other major global markets, and is projected to nearly double its initial operational output by the end of this year. Savage needed a TOS that would allow them to achieve their substantial growth and business goals, remain competitive with a modern, cloud-based platform and fill staffing gaps without the additional IT investment. Octopi was the natural choice to help them deliver tangible value that would positively impact the terminal’s operations.
“Conducting terminal operations in a safe, reliable and efficient manner is critical to Savage executing on our mission and purpose,” said Brig Skoy, Director of Business Development at Savage. “We believe Octopi provides a compelling platform that will deliver tangible value to this terminal’s overall productivity and augment growth for years to come.”
“Intermodal terminals provide many benefits to shipping and logistics stakeholders including more efficient, streamlined and cost-effective operations, as well as many environmental benefits,” said Martin Bardi, Vice President of Global Sales, Octopi by Navis. “We are thrilled that Savage has signed a subscription with Octopi by Navis to be the TOS behind its new operation, and we look forward to helping them achieve their business goals and provide the best output for their customers in the US and internationally once the terminal is complete this year.”
For more information visit www.navis.com and www.octopi.co.
About Octopi
Octopi is the leading developer of cloud based software solutions for port terminal operators. The Octopi Terminal Operating System (TOS) helps seaport terminal operators manage their operations, track their cargo, and communicate electronically and in real-time with their commercial partners. The Octopi TOS provides small terminal operators the agility and adaptability required to modernize and efficiently run their operational ecosystem. www.octopi.co
About Navis, LLC
Navis, a part of Cargotec Corporation, is a provider of operational technologies and services that unlock greater performance and efficiency for the world’s leading organizations across the cargo supply chain. Navis combines industry best practices with innovative technology and world-class services, to enable our customers, regardless of cargo type, to maximize performance and reduce risk. Through its holistic approach to operational optimization, Navis customers benefit from improved visibility, velocity and measurable business results. Whether tracking cargo through a terminal, improving vessel safety and cargo capacity, optimizing rail network planning and asset utilization, automating equipment operations, or managing multiple terminals through an integrated, centralized solution, Navis helps all customers streamline operations. www.navis.com
About Cargotec Corporation
Cargotec (Nasdaq Helsinki: CGCBV) enables smarter cargo flow for a better everyday with its leading cargo handling solutions and services. Cargotec's business areas Kalmar, Hiab and MacGregor are pioneers in their fields. Through their unique position in ports, at sea and on roads, they optimise global cargo flows and create sustainable customer value. Cargotec has signed United Nations Global Compact’s Business Ambition for 1.5°C. The company’s sales in 2020 totaled approximately EUR 3.3 billion and it employs around 11,500 people. www.cargotec.com
About Savage
Celebrating 75 years in business, Savage is a global provider of supply chain services, with nearly 4,500 Team Members in over 200 locations. The Company’s work in transportation, logistics, materials handling and other industrial services enables its Customers and Partners to Feed the World, Power Our Lives, and Sustain the Planet. www.savageservices.com/savage-companies
Jennifer Grinold
Navis, LLC
T+1 510 267 5002
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Geena Pickering
Affect
T+1 212 398 9680
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DUBLIN--(BUSINESS WIRE)--The "Advances in Green Hydrogen Create Opportunity across the Global Power Sector" report has been added to ResearchAndMarkets.com's offering.
The primary aim of this research is to analyze the current and future market potential of green hydrogen as an energy carrier driving transition toward a sustainable energy future. The study identifies growth opportunities for the green hydrogen market in the global power sector and some of the key countries and companies active in this space.
Currently, green hydrogen account less than 1% of the total hydrogen produced. The global demand for green hydrogen and its emerging applications is expected to increase exponentially in the next 20 years, creating need for considerable infrastructure to handle production and delivery. It will take 10 to 20 years before a green hydrogen economy becomes mainstream across the global power sector and other segments.
Increasing concerns about carbon emissions and the need to decarbonize the industrial, commercial, transport, and power sectors have forced countries to reduce their dependency on fossil fuel-based systems and increase deployment of renewable energy sources (RES). To meet the 1.5-degree Celsius target, global renewable energy capacity should increase from about 2500 GW in 2019 to more than 15,000 GW in 2050, a near 6-fold increase.
However, total decarbonization of certain sectors, such as transport and industry, cannot be achieved solely by electrification. This challenge can be addressed by green hydrogen produced through electrolysis from RES, wind and solar, in particular. Green hydrogen produced through electrolysis can then be used downstream as a chemical feedstock material in high-carbon sectors that are difficult to decarbonize through electrification alone.
In the last five years, interest has grown in using green hydrogen as a low- or zero-carbon energy carrier, and many governments have started acknowledging the fact that a green hydrogen-based economy could be the answer to growing concerns over carbon emissions, energy security, and climate change.
Technological institutions in various countries have already invested in pilot and demonstration projects related to the production, storage, distribution, and utilization of green hydrogen across different business verticals.
For a green hydrogen economy to become a reality, technological and economical breakthroughs are needed to bring down the costs associated with production; other needs are decisive regulatory frameworks to promote investments and support in research and development (R&D) activities related to technologies for the production, storage, transport, and utilization of hydrogen.
Key Topics Covered:
1. Strategic Imperatives
2. Executive Summary
3. Growth Opportunity Analysis - Green Hydrogen in the Global Power Sector
4. Growth Environment - Key Market Trends
5. Growth Environment - Market Forecasts
6. Growth Environment - Regional Analysis
7. Growth Environment - Competitive Analysis
8. Growth Opportunity Universe - Green Hydrogen
9. Next Steps
For more information about this report visit https://www.researchandmarkets.com/r/1kgovd
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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CALGARY, Alberta--(BUSINESS WIRE)--Vorsana Environmental Inc. (Vorsana), a clean technology company, announced today the acquisition of NanosTech, a leader in developing nano-catalyst-based technologies for emerging clean energy markets.
The acquisition strengthens Vorsana's existing technology portfolio, and with NanosTech's In-situ upgrading technology (ISUT), it will help ensure Canada exceeds its 2030 emission reduction targets. Along with Vorsana's waste-to-biofuel and carbon capture technologies, it accelerates the path to creating a one-of-a-kind Catalytic-based Innovation Hub. This will be a hub dedicated to the cleantech sector to ensure Canada can sustainably hit its next 2050 GHG emission targets.
Speaking on the announcement, Myles McGovern, CEO of Vorsana, said the acquisition of NanosTech, headed by Professor Pedro Pereira-Almao and a world-renowned research team from the University of Calgary (U of C), will create a strong entity dedicated to making the Canadian energy industry a global leader and the industrial sectors more environmentally sustainable.
"We are very pleased to have NanosTech as part of the Vorsana team," he said of Kelowna-based Vorsana. "Pedro and the team have done a remarkable job developing disruptive technologies that can have a significant impact in reducing emissions while making a positive contribution to the bottom lines of the companies adopting these technologies.
"We are not giving up on Canadian oil; the oilsands need to be competitive, we have the technology to significantly reduce GHG emissions, increase pipeline capacity and not compromise the environment."
"We have been waiting to partner with an exceptional group of leaders like those at Vorsana," said Prof. Pereira-Alamo, speaking of the Vorsana and NanosTech combination. "We have spent years developing our technologies and researching solutions that solve problems for the energy industry."
Rapid Commercialization of NanosTech (ISUT)
The disruptive in-situ oil extraction method reduces GHG emissions by 35% in existing Steam-Assisted-Gravity-Drainage (SAGD) installations while increasing the net present value and recovery factor of the activity. It increases the oil API, eliminating the requirement for diluent.
This technology has been developed in Alberta, with over $30 million of Canadian taxpayers' support, the companies pointed out.
"We have spent many years researching and understanding the potential of these technologies, and now, we have the right solutions at the right time," said Pereira-Almao, referring to the readiness of the technology and Vorsana's impressive go to market strategies.
"Our proprietary nano-catalyst technology creates a fixed bed reactor in the reservoir; the chemicals adhere to the walls of the rock reservoir in a very small area and go to work, using less steam and extracting oil from the entire reservoir," said Prof. Pereira-Almao.
"At scale, the NanosTech ISUT process will take the equivalent of millions of cars off the road each year by reducing the emissions of the oilsands and will be a game-changer for the Canadian oilsands. It will provide immediate results both environmentally and financially, with an approach that can enhance existing SAGD technology, now commonly used," said Vorsana's McGovern.
Vorsana expects an ISUT skid to be in field demonstration this summer, with commercial deployment after that.
NanosTech brings innovative upgrading technology to Vorsana's waste to fuel process.
Vorsana has already developed a proprietary waste to fuel process capable of converting waste materials such as garbage, hard to recycle plastics and biomass into a cost-effective drop-in fuel capable of significantly reducing emissions within the transportation industry. NanosTech leads the frontier in catalytic upgrading by developing a novel low-cost modular solution for upgrading heavy oils and renewable fuels.
With NanosTech, Vorsana will leverage its modular mini-refining process to substantially improve the renewable fuels it produces. This will enable the company to make better low-carbon synthetic crude oil and ultimately low-carbon gasoline, diesel, and jet fuel, which can reduce tailpipe emission by up to 80%, according to Vorsana's executive vice-president, Andrew McGovern.
NanosTech and Vorsana will launch an Innovation Hub focused on enabling cleantech innovators within Canada.
As part of Vorsana, NanosTech is well-positioned to accelerate and extend its mission to help innovators in the energy and cleantech industries by leveraging their decades of experience in nano-catalysis research and development through its Calgary-based Innovation Hub.
"NanosTech has been a key enabler in providing their nano-catalyst expertise to support the creation of several other Alberta companies, which are making significant headway in providing viable solutions to combat climate change," said Prof. Pereira-Almao. "We will continue to license and develop key enabling technologies and supply innovative catalysis and catalysts to support these industries."
About Vorsana
Vorsana Environmental Inc. is a global leader in the commercialization of waste management technology that converts waste into transportation fuels and utilizes captured CO2 in numerous high-value products.
Vorsana has 37 patents and has developed 15 different product solutions to reduce greenhouse gases (GHGs) and restore compromised environments, creating sustainable products for the future.
For more information
www.vorsana.com
About NanosTech
NanosTech emerged from the U of C's Alberta Ingenuity Centre for In Situ Energy, and the NSERC Industrial Chair "Catalysis for Bitumen Upgrading," where Prof. Pereira-Almao has been working on upgrading technologies for more than 30 years, the last 18 years in In-situ (in-reservoir) upgrading and other technology schemes from CO2 conversion to renewable fuels. He brought and expanded decades of Venezuelan experience on upgrading bituminous oils and blended with young trainees and professionals. It is a Canadian powerhouse of innovation in catalysts and adsorbents for energy and fuels with environmental, sustainable, circular economy as its north.
For more information
www.nanos.tech
Naomi Pereira
Executive Vice President
403.680.5712
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Andrew McGovern
250.258.0305
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HOUSTON--(BUSINESS WIRE)--$NEXT #MoveTheWorldForward--NextDecade Corporation (NextDecade) (NASDAQ: NEXT) and Mitsubishi Heavy Industries America, Inc. (MHIA), part of Mitsubishi Heavy Industries (MHI) Group, have announced today that they have signed an engineering services agreement (ESA) for the design, license, and performance guarantee of the KM CDR ProcessTM, a post-combustion carbon capture technology to be applied at NextDecade’s Rio Grande LNG project in the Port of Brownsville, Texas.
Last month, NextDecade announced its wholly owned subsidiary, NEXT Carbon Solutions, is developing one of the largest carbon capture and storage (CCS) projects in North America at Rio Grande LNG. NEXT Carbon Solutions’ CCS project at Rio Grande LNG is expected to enable the capture and permanent geologic storage of more than five million tonnes of carbon dioxide (CO2) per year.
MHI Group has developed the KM CDR ProcessTM over three decades; the KM CDR ProcessTM is owned by Mitsubishi Heavy Industries Engineering, Ltd., part of the industrial group. MHI Group has deployed 13 carbon capture systems around the world, including the world’s largest post-combustion carbon capture facility that is comparable in size to the first phase of the carbon capture project at Rio Grande LNG.
“We are pleased to have executed an ESA with MHI Group, a widely recognized leader in commercial-scale carbon capture technology,” said Matt Schatzman, NextDecade’s Chairman and Chief Executive Officer. “MHI Group’s carbon capture solution is an ideal complement to NextDecade’s proprietary processes. We look forward to working with MHI Group on the CCS project at Rio Grande LNG, which we expect to be the greenest LNG project in the world.”
“We are proud to work with NextDecade on this world leading project,” said Yoshihiro Shiraiwa, MHIA’s President and Chief Executive Officer. “This will be the world’s first application of post-combustion capture for LNG, and we expect this initiative will contribute to realizing carbon neutrality in the years ahead. MHI Group is committed to being an innovative solution provider as the energy industry transitions to lower carbon options. We will work diligently with NextDecade to bring this project to fruition.”
Through NEXT Carbon Solutions’ CCS project at Rio Grande LNG, NextDecade and MHIA will contribute to solving the global challenge of effectively reducing greenhouse gas emissions.
About NextDecade Corporation
NextDecade Corporation (NextDecade) is committed to providing the world access to cleaner energy. NextDecade, through its wholly owned subsidiaries Rio Grande LNG and NEXT Carbon Solutions, is developing a 27 mtpa LNG export facility in South Texas along with one of the largest carbon capture and storage projects in North America. The Rio Grande LNG facility is expected to be the largest and greenest U.S. LNG export solution linking Permian Basin and Eagle Ford Shale natural gas to the global LNG market. NextDecade’s common stock is listed on the Nasdaq Stock Market under the symbol “NEXT.” NextDecade is headquartered in Houston, Texas. For more information, please visit www.next-decade.com.
About Mitsubishi Heavy Industries Group
Mitsubishi Heavy Industries (MHI) Group is one of the world’s leading industrial groups, spanning energy, logistics & infrastructure, industrial machinery, aerospace and defense. MHI Group combines cutting-edge technology with deep experience to deliver innovative, integrated solutions that help to realize a carbon neutral world, improve the quality of life and ensure a safer world. For more information, please visit www.mhi.com.
NextDecade Forward-Looking Information
This press release contains forward-looking statements within the meaning of U.S. federal securities laws including, in particular, statements about the Company’s private placement of Series C Preferred Stock and the use of proceeds thereof. The words “anticipate,” “contemplate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “might,” “will,” “would,” “could,” “should,” “can have,” “likely,” “continue,” “design” and other words and terms of similar expressions are intended to identify forward-looking statements, and these statements may relate to the business of NextDecade and its subsidiaries. These statements have been based on NextDecade’s current assumptions, expectations, and projections about future events and trends and involve a number of known and unknown risks, which may cause actual results to differ materially from expectations expressed or implied in the forward-looking statements. These risks include uncertainties about progress in the development of NextDecade’s LNG liquefaction and export projects and the timing of that progress; NextDecade’s final investment decision (“FID”) in the construction and operation of a LNG terminal at the Port of Brownsville in southern Texas (the “Terminal”) and the timing of that decision; the successful completion of the Terminal by third-party contractors and an approximately 137-mile pipeline to supply gas to the Terminal being developed by a third-party; NextDecade’s ability to secure additional debt and equity financing in the future to complete the Terminal; the accuracy of estimated costs for the Terminal; statements that the Terminal, when completed, will have certain characteristics, including amounts of liquefaction capacities; the development risks, operational hazards, regulatory approvals applicable to the Terminal’s and the third-party pipeline's construction and operations activities; NextDecade’s anticipated competitive advantage and technological innovation which may render its anticipated competitive advantage obsolete; the global demand for and price of natural gas (versus the price of imported LNG); the availability of LNG vessels worldwide; changes in legislation and regulations relating to the LNG industry, including environmental laws and regulations that impose significant compliance costs and liabilities; NextDecade’s ability to develop and implement carbon capture and storage or similar technology to reduce anticipated carbon emissions from the Terminal; global pandemics including the 2019 novel coronavirus pandemic and their impact on NextDecade’s business and operating results, including any disruptions in NextDecade’s operations or development of the Terminal and the health and safety of NextDecade’s employees, and on NextDecade’s customers, the global economy and the demand for LNG; risks related to doing business in and having counterparties in foreign countries; NextDecade’s ability to maintain the listing of its securities on a securities exchange or quotation medium; changes adversely affecting the business in which NextDecade is engaged; management of growth; general economic conditions; NextDecade’s ability to generate cash; compliance with environmental laws and regulations; the result of future financing efforts and applications for customary tax incentives; and other matters discussed in the “Risk Factors” section of NextDecade’s Annual Report on Form 10-K for the year ended December 31, 2020 and other subsequent reports filed with the Securities and Exchange Commission, all of which are incorporated herein by reference. Additionally, any development of the Terminal remains contingent upon completing required commercial agreements, acquiring all necessary permits and approval, securing all financing commitments and potential tax incentives, achieving other customary conditions and making a final investment decision to proceed. The forward-looking statements in this press release speak as of the date of this release. Although NextDecade believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that the expectations will prove to be correct. NextDecade may from time to time voluntarily update its prior forward-looking statements, however, it disclaims any commitment to do so except as required by securities laws.
Patrick Hughes
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Corporate Communication Department
Mitsubishi Heavy Industries, Ltd.
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BOSTON--(BUSINESS WIRE)--#FORTHEAIR--4AIR, the first and only rating system focused on comprehensive sustainability in private aviation – taking you beyond carbon neutrality, today announced #FORTHEAIR, an aerial photograph appreciation contest to celebrate Earth Day (April 22). Contestants can submit photographs they have taken personally from the air on Instagram or This email address is being protected from spambots. You need JavaScript enabled to view it. The contestant submitting the best picture will have the carbon dioxide (CO2) emissions from his or her personal air travel offset for an entire year, helping them do their part in protecting the climate.
The contest is open for submissions and will close on April 30, 2021. All are welcome to participate for a chance to offset their air travel-generated emissions for one year whether they travel as a passenger or crew on commercial, private or personal-use aircraft.
“4AIR has established a new standard for sustainability in private aviation, helping those who own or fly on private aircraft to voluntarily address the environmental impacts of their flights,” said Kennedy Ricci, 4AIR’s president. “Our #FORTHEAIR contest is intended to raise awareness of the importance of protecting our climate by offsetting or reducing emissions from aviation. Flying provides a truly unique perspective for seeing the Earth and it does it in a way that enhances our appreciation for what we’re trying to protect.”
4AIR helps owners, operators or users of private jets to offset or reduce their emissions of CO2 and other climate-related pollutants such as water vapor, contrails or soot. Its 4AIR Bronze baseline level will enable the #FORTHEAIR winner’s air travel to be carbon-neutral for one year by offsetting all CO2 emissions with carbon credits. The credits, purchased and retired by 4AIR in the winner’s name, will fund real-world projects that reduce carbon emissions, such as renewable energy facilities or the protection of carbon-absorbing forests.
The runner-up will have a $250 contribution made in his or her name to the Aviation Climate Fund, a research initiative fund aimed at supporting university research and development in aviation sustainability. In addition, a $250 donation will be made to a 501(c)3 organization of the runner-up’s choice that is actively involved in charity through aviation.
About the 4AIR Rating Program
The 4AIR Rating – the first and only rating system focused on comprehensive sustainability in private aviation, taking you beyond carbon neutrality – offers understandable benchmarks that are aligned with industrywide goals and consistent with international standards. This allows private aviation users to evaluate the comprehensiveness of their own sustainability program or that of the private aviation sustainability programs available on the market.
If a private aviation entity or user does not have a sustainability program or would like to enhance their current efforts, they can opt into a 4AIR level. From there, 4AIR aligns flight activity with the necessary carbon offsets, sustainable aviation fuel purchases/credits or impact investments called for as part of each level.
About 4AIR
Incubated by Directional Aviation (www.directional.com), 4AIR is an industry pioneer offering sustainability solutions beyond just simple carbon neutrality. Its industry-first framework seeks to address climate impacts of all types and provides a simplified and verifiable path for private aviation industry participants to achieve meaningful aircraft emissions counteraction and reduction.
The 4AIR greenhouse gas accounting tool for aviation is easily incorporated into company-level greenhouse gas inventories meeting global reporting standards and guidelines. Carbon intensity aligns with International Civil Aviation Organization (ICAO) and Greenhouse Gas Protocol corporate accounting and reporting standards and allows for tracking of metrics for ESG (environmental, social, governance) data.
All carbon credits through 4AIR are quantified and verified through the most respected and international leading bodies that issue and register credits, including the American Carbon Registry, Climate Action Reserve, Verified Carbon Standard (VERRA) and The Gold Standard. Additionally, end-of-year commitment audits are independently verified by third parties. 4AIR also serves the demand signal working groups with the World Economic Forum’s Clean Skies for Tomorrow Coalition.
For more information, visit us at www.4air.aero.
Media Contact:
Erin Daigle
The Hubbell Group, Inc.
Mobile: 781-815-2827
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Hourly tracking of renewable energy load matching illustrates a future view of how companies will transition to a carbon-free energy supply
BOSTON--(BUSINESS WIRE)--$IRM #CarbonFree--Iron Mountain Incorporated (NYSE:IRM), the storage and information management services company, today announced that it has taken a significant step forward in the development of enhanced solutions for purchasing renewable energy, through readily available retail channels, by entering into an agreement with RPD Energy and Direct Energy to track the hourly renewable energy load of Iron Mountain data centers.
The innovative structure will source 100% renewable energy aimed at matching the hourly usage of all Iron Mountain facilities in Pennsylvania and New Jersey (over 60 buildings), including two data centers. Conventional renewable power solutions seek to only match a buyer’s load on an annual or monthly basis without ensuring renewable power is available when clients are using electricity. Tracking hourly usage from the generator and comparing it to Iron Mountain’s hourly usage demonstrates a future view of how firms can transition to truly carbon free energy supply.
“Iron Mountain is seeking to move beyond the conventional approach of matching renewable power on an annual basis, to matching renewable power generation with its hourly energy use. This is ultimately the path needed to decarbonize energy use,” stated Chris Pennington, Global Energy Manager at Iron Mountain Data Centers. “We are proud to push the marketplace and be at the forefront of embracing and adopting this unique approach and believe that RPD and Direct Energy have assembled a highly repeatable product that will become a readily available retail product.”
“It is so gratifying to witness the power of collaboration and we hope transactions like these can demonstrate that the market is capable of greater flexibility to meet increasingly aggressive demands for truly 24/7 renewable power,” said Eric Alam, CEO of RPD Energy. “RPD Energy’s role was to identify the right committed generator and retail supplier to ensure that Iron Mountain could achieve a truly unique outcome. Working with Axpo U.S. to design a wholesale transaction that worked for EDP Renewables North America, and with the team at Direct to create the retail product that fit Iron Mountain’s requirements required the kind of patience, resolve, and cooperation across all parties that results in these breakthrough transactions.”
RPD Energy in conjunction with Direct Energy, will provide Iron Mountain a monthly report to document the match of average hourly generation and Iron Mountain’s actual hourly offtake from the grid. To maintain the integrity of the renewable impact of the transaction, traceability and environmental claims are ensured by renewable energy credits provided via EDP Renewables North America and sourced from the same renewable developer.
About Iron Mountain
Iron Mountain Incorporated (NYSE: IRM), founded in 1951, is the global leader for storage and information management services. Trusted by more than 225,000 organizations around the world, and with a real estate network of nearly 93 million square feet across approximately 1,450 facilities in 56 countries, Iron Mountain stores and protects billions of valued assets, including critical business information, highly sensitive data, and cultural and historical artifacts. Providing solutions that include secure records storage, information management, digital transformation, secure destruction, as well as data centers, cloud services and art storage and logistics, Iron Mountain helps customers lower cost and risk, comply with regulations, recover from disaster, and enable a more digital way of working. Visit www.ironmountain.com for more information.
About RPD Energy
RPD Energy architects green energy solutions for corporate America. RPD offers directly sourced, variable term (2-8 years), right-sized contracts for green energy and RECs from utility-scale wind and solar facilities without the complexity of traditional PPA/VPPAs. Fortune 500 energy buyers have chosen RPD Energy work with their suppliers to provide green energy contracts for their data centers, production facilities and corporate headquarters in several regions across the US. RPD is headquartered in Houston, Texas. www.rpdenergy.com.
Iron Mountain
Global Communications:
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Investor Relations:
Greer Aviv
Senior Vice President, Investor Relations
617.535.2887
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STAMFORD, Conn.--(BUSINESS WIRE)--Crane Co. (NYSE: CR) announces the following schedule and teleconference information for its first quarter 2021 earnings release:
Crane Co. is a diversified manufacturer of highly engineered industrial products. Founded in 1855, Crane Co. provides products and solutions to customers in the chemicals, oil & gas, power, automated payment solutions, banknote design and production and aerospace & defense markets, along with a wide range of general industrial and consumer related end markets. The Company has four business segments: Fluid Handling, Payment & Merchandising Technologies, Aerospace & Electronics and Engineered Materials. Crane Co. has approximately 11,000 employees in the Americas, Europe, the Middle East, Asia and Australia. Crane Co. is traded on the New York Stock Exchange (NYSE:CR). For more information, visit www.craneco.com.
Jason D. Feldman
Vice President, Investor Relations
203-363-7329
www.craneco.com
New Drawdown Labs partners join a group of climate leaders committed to helping the world achieve “drawdown” quickly, safely, and equitably.
SAN FRANCISCO--(BUSINESS WIRE)--#ClimateChange--Climate solutions have powerful new private-sector champions. After launching Drawdown Labs last October, Project Drawdown—the world’s leading resource for climate solutions—is announcing five new partners to round out its pioneering group of private sector climate leaders. This consortium of 14 organizations spans nearly every industry, using their resources, influence, employees, community members, and customers to help the world reach drawdown—a future point in time when levels of greenhouse gases in the atmosphere stop climbing and start to steadily decline. This spring, Netflix, General Mills, LinkedIn, Aspiration, and Residential & Dining Enterprises (R&DE) Stanford Dining join Drawdown Labs to challenge status-quo private sector leadership for faster, safer, and more equitable climate action at unprecedented scale.
“Net-zero commitments by some date in the distant future just won’t cut it anymore,” says Drawdown Labs Director Jamie Alexander. “Drawdown Labs partners prove every day that any job can be a climate job, whether they’re helping people bank responsibly, find well-paying jobs, feed their families, inspire student climate leaders, or feel entertained at home. Project Drawdown chooses partners that are leading the transformation of their sectors—not simply playing at the edges of real change.”
Leveraging world-class research and analysis from Project Drawdown and cross-industry capabilities of its partners, Drawdown Labs is a testing ground for companies who already have industry-leading climate goals. Potential Labs partners are vetted on the nature of their science-based, independently verified greenhouse gas emissions reduction targets as well as their track record for lobbying, leadership goals, and commitment to climate solutions both within and outside their business operations. As the year progresses, Drawdown Labs partners will meet regularly, share insights, ask critical questions, and enjoy full access to Project Drawdown’s science-based resources and staff members.
“Drawdown Labs only works when you start with companies that are already all-in on climate,” says Alexander. “If a company is pouring money into anti-climate lobbying and suddenly makes a commitment to reach ‘net zero,’ we need to question the authenticity of that commitment. There’s no room for daylight between the pursuit of a just climate future and any other business priority. The superpowers of our five new companies, along with our existing partners, should demonstrate to the world the kind of climate ambition that is possible, achievable, and necessary.”
Joining Drawdown Labs (and its nine existing partners) are:
Learn more about Drawdown Labs online, follow Project Drawdown on social media, and sign up for email newsletters for inspiring real-world Labs updates throughout the year. Looking for a deeper dive into the climate solutions driving Drawdown Labs partners to think big? Climate Solutions 101 presented by Project Drawdown—the world’s first educational effort focused solely on global solutions—is free, full of hope, and streaming now.
About Drawdown Labs
Drawdown Labs is Project Drawdown’s private sector testing ground for scaling bold climate solutions quickly, safely, and equitably. This consortium of visionary partners goes beyond “net zero” to scale global climate solutions, within and outside their own operations. Leveraging world-class research and analysis from Project Drawdown—and the cross-industry capabilities of participating organizations, businesses, and funders—Drawdown Labs experiments with collaborative ways to address climate change at unprecedented scale, and offers the world a transformative vision for private sector climate leadership. Drawdown Labs members include Allbirds, Aspiration, Copia, General Mills, Google, Grove Collaborative, IDEO, Impossible Foods, Intuit, Lime, LinkedIn, Netflix, R&DE Stanford Dining, and Trane Technologies.
Haley Bowling
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@ProjectDrawdown
HOUSTON--(BUSINESS WIRE)--Kinder Morgan, Inc. (NYSE: KMI) today announced it will release first quarter 2021 earnings results on Wednesday, April 21, 2021.
What: Kinder Morgan First Quarter ’21 Earnings Results Webcast
When: April 21, 2021, at 3:30 p.m. CT, 4:30 p.m. ET
Where: http://ir.kindermorgan.com/presentations-webcasts
How: Live over the Internet by logging on to the web at the above address, or by phone (listen-only) by dialing 1-517-308-9311 and entering the passcode 5691744.
If you are unable to listen during the live webcast, the call will be archived at www.kindermorgan.com. A recording of the conference call will also be available for replay one hour after the call until the end of the day on July 20, 2021. To access the replay, please dial 1-203-369-2032 and enter passcode 32121.
About Kinder Morgan, Inc.
Kinder Morgan, Inc. (NYSE: KMI) is one of the largest energy infrastructure companies in North America. Access to reliable, affordable energy is a critical component for improving lives around the world. We are committed to providing energy transportation and storage services in a safe, efficient, and environmentally responsible manner for the benefit of people, communities and businesses we serve. We own an interest in or operate approximately 83,000 miles of pipelines and 144 terminals. Our pipelines transport natural gas, refined petroleum products, crude oil, condensate, CO2 and other products, and our terminals store and handle various commodities including gasoline, diesel fuel chemicals, ethanol, metals and petroleum coke. For more information, please visit www.kindermorgan.com.
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- Approximately 125,000 residential solar systems and home improvement projects funded nationwide -
NEW YORK & CHARLOTTE, N.C.--(BUSINESS WIRE)--$SPRQ #SPRQ--Sunlight Financial, a premier, technology-enabled point-of-sale financing company in the process of completing a business combination with Apollo-affiliated Spartan Acquisition Corp. II (NYSE: SPRQ), today announced that more than $4 billion in loans have been originated through Sunlight’s proprietary technology platform, Orange®.
“We are proud to have surpassed the $4 billion milestone in funded loan originations through our proprietary Orange® platform, and excited to help homeowners transition to clean energy and save money,” said Sunlight Financial Chief Executive Officer Matt Potere. “Our platform continues to deliver best-in-class credit quality and industry-low default rates to our capital providers, which in turn reduces Sunlight’s cost of capital and facilitates the Sunlight process and product innovations that help our partner contractors grow.”
Sunlight’s integrated end-to-end platform, driven by advanced automated underwriting and loan processing, delivers instant credit decisions and affordable solar and home improvement loans to homeowners nationwide. Through disciplined risk management, Sunlight has achieved exceptional loan performance and industry-low credit losses for its broad and diverse set of capital providers.
More than 15,000 professionals use Sunlight’s technology to simplify and streamline the sale and installation of residential solar systems and other home improvements. The approximately 125,000 solar systems financed through Orange® will produce enough solar energy to avoid the emission of more than 12.5 million metric tons of carbon dioxide into the atmosphere.
Sunlight partners can download the latest version of Orange® via iOS and Android. Prospective partners can learn more about Sunlight and apply to partner with Sunlight at https://sunlightfinancial.com/enroll/.
On January 23, 2021, Sunlight entered into a business combination agreement with Spartan Acquisition Corp. II (NYSE: SPRQ). The business combination is expected to close during the second quarter of 2021. Upon closing of the transaction, the combined public company will be named Sunlight Financial Holdings Inc. Sunlight Financial LLC will be the new public holding company’s sole operating subsidiary and Sunlight’s existing management team will continue to lead the business. Sunlight will be listed on NYSE and has reserved the ticker “SUNL” for use by the Company post-completion of the business combination with Spartan.
About Sunlight Financial
Sunlight Financial is a premier, technology-enabled point-of-sale finance company. Sunlight partners with contractors nationwide to provide homeowners with financing for the installation of residential solar systems and other home improvements. Sunlight’s best-in-class technology and deep credit expertise simplify and streamline consumer finance, ensuring a fast and frictionless process for both contractors and homeowners. For more information, visit www.sunlightfinancial.com.
Forward-Looking Statements
The information in this press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding Spartan’s proposed business combination of Sunlight, Spartan’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. When used in this press release, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Spartan and Sunlight disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. Spartan and Sunlight caution you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of either Spartan or Sunlight. In addition, Spartan and Sunlight caution you that the forward-looking statements contained in this press release are subject to the following factors: (i) the occurrence of any event, change or other circumstances that could delay the business combination or give rise to the termination of the agreements related thereto; (ii) the outcome of any legal proceedings that may be instituted against Spartan or Sunlight following announcement of the transactions; (iii) the inability to complete the business combination due to the failure to obtain approval of the shareholders of Spartan, or other conditions to closing in the transaction agreement; (iv) the risk that the proposed business combination disrupts Spartan’s or Sunlight’s current plans and operations as a result of the announcement of the transactions; (v) Sunlight’s ability to realize the anticipated benefits of the business combination, which may be affected by, among other things, competition and the ability of Sunlight to grow and manage growth profitably following the business combination; (vi) costs related to the business combination; (vii) changes in applicable laws or regulations; and (viii) the possibility that Sunlight may be adversely affected by other economic, business, and/or competitive factors. Should one or more of the risks or uncertainties described in this press release, or should underlying assumptions prove incorrect, actual results and plans could different materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in Spartan’s periodic filings with the Securities and Exchange Commission (the “SEC”), including Spartan’s Annual Report on Form 10-K filed with the SEC on March 11, 2021. Spartan’s SEC filings are available publicly on the SEC’s website at sec.gov.
Important Information for Investors
In connection with the transactions (the “Transactions”) contemplated by that certain Business Combination Agreement, dated as of January 23, 2021, by and among Sunlight Financial LLC, a Delaware limited liability company (“Sunlight”), Spartan Acquisition Corp. II, a Delaware corporation (“Spartan”), and their subsidiaries and affiliates party thereto, Spartan has filed a Registration Statement on Form S-4 (File No. 333-254589) (the “Registration Statement”) with the Securities and Exchange Commission (the “SEC”), which includes a preliminary proxy statement/prospectus of Spartan. Additionally, Spartan will periodically file other relevant materials with the SEC in connection with the Transactions. After the Registration Statement has been cleared by the SEC, a definitive proxy statement (the “Proxy Statement”) will be mailed to Spartan’s stockholders. Copies will be accessible free of charge at the SEC’s website at www.sec.gov. SECURITY HOLDERS OF SPARTAN AND SUNLIGHT ARE URGED TO READ (1) THE REGISTRATION STATEMENT, (2) THE PROXY STATEMENT/PROSPECTUS (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO), (3) OTHER DOCUMENTS RELATING TO THE TRANSACTIONS THAT WILL BE FILED WITH THE SEC BY SPARTAN, AND (4) ADDITIONAL PRESS RELEASES FROM SUNLIGHT AND SPARTAN FOUND ON THEIR RESPECTIVE WEBSITES, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE, BECAUSE SUCH DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT THE TRANSACTIONS. 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
Spartan and its directors and officers may be deemed participants in the solicitation of proxies of Spartan’s shareholders in connection with the proposed business combination. Security holders may obtain more detailed information regarding the names, affiliations and interests of certain of Spartan’s executive officers and directors in the solicitation by reading Spartan’s preliminary proxy statement/prospectus in the Registration Statement and Spartan’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on March 11, 2021 and the other relevant materials filed with the SEC in connection with the business combination when they become available. Information concerning the interests of Spartan’s participants in the solicitation, which may, in some cases, be different than those of their stockholders generally, is set forth in the preliminary proxy statement/prospectus relating to the business combination.
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HOUSTON--(BUSINESS WIRE)--#energybilling--Rayburn Electric Cooperative, (“REC” or “Rayburn Electric”), has gone live with PCI’s Enterprise Platform to manage its member billing and settlement validation requirements in the Electric Reliability Council of Texas (ERCOT) power market.
As part of this new partnership, PCI deployed its specifically tailored, cloud-based, integrated platform to replace Rayburn Electric’s legacy system and several in-house applications. The new Member Billing Solution implemented by PCI, enables Rayburn Electric to:
Rayburn Electric CEO and President, David Naylor noted, “We are committed to our members and continually strive to add value to their portfolios and implementing a comprehensive billing platform offers increased transparency for them.” Adding, “We are proud to partner with PCI on this project and appreciate the professional collaboration for delivery of a robust platform.”
Rayburn Electric obtains power from various sources to maintain lower power costs for its members. Renewables are a key part of the cooperative’s portfolio, including hydroelectric power from Denison Dam and several solar projects located within its territory.
“We have a rich history of serving the public power sector and have found a great customer partner in Rayburn Electric, one that has a matching customer-centric mindset. The successful go-live represents our continued success in delivering a reliable and value-generating software platform,” said PCI Vice President, Shailesh Mishra.
As part of the next phase of this project, Rayburn Electric plans to leverage the PCI Platform to provide its customers with a dedicated member portal application for on-demand access to energy data and enhanced reporting. PCI’s Platform offers unmatched functionality for public power entities to optimize their generation and transmission portfolios, including co-optimization of Energy Storage Systems (ESS) in wholesale power markets.
About Rayburn Electric Cooperative
Rayburn Electric Cooperative (Rayburn Electric) is a non-profit generation and transmission electric cooperative, formed in 1979 by seven distribution cooperatives in Northeast Texas. It is a source of adequate, reliable, and affordable wholesale electric energy that meets the needs of its members. The cooperative has been certified as a transmission owner/operator by ERCOT and operates its own network of transmission lines within the ERCOT footprint. All Rayburn Electric operations comply with not only ERCOT, but also with the Public Utilities Commission of Texas, North American Electric Reliability Corporation (NERC), and Federal Energy Regulatory Commission (FERC). To learn more, please visit www.rayburnelectric.com.
About Power Costs, Inc. (PCI)
PCI is the leading provider of energy trading software, superior customer support, and value-added services for energy companies worldwide. Founded in 1992, PCI continues to refine and develop new solutions that meet the ever-evolving needs of its clients which include renewable energy companies, investor-owned, municipal and cooperative utilities, energy marketers and traders, as well as independent power producers. PCI optimizes more than half the power generated in North America, and more than 60% of the Fortune 500 Energy and Utility firms in the U.S. are PCI customers. The firm is privately held and based in Norman (OK) with regional offices in Houston (TX), Raleigh (NC) and Mexico City. To learn more, please visit www.powercosts.com.
Media Contact: Stuart Wright
Power Costs, Inc. (PCI)
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BOGOTA, Colombia--(BUSINESS WIRE)--GeoPark Limited (“GeoPark” or the “Company”) (NYSE: “GPRK”), an exempted company incorporated under the laws of Bermuda, today announced that it intends to offer senior notes (the “Notes”) in a private placement to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and outside the United States to non-U.S. persons in accordance with Regulation S under the Securities Act. The Notes constitute a reopening of previously issued US$350,000,000 aggregate principal amount of the Company’s 5.500% Notes due 2027, which are fully and unconditionally guaranteed jointly and severally by GeoPark Chile SpA and GeoPark Colombia S.L.U. The timing of pricing and terms of the Notes are subject to market conditions and other factors.
Concurrent with the announcement of this proposed offering of Notes, the Company has announced that it is making a cash tender offer to purchase a portion of the Company’s outstanding 6.500% Senior Notes due 2024 (the "2024 Notes") and a consent solicitation to amend the terms of the indenture for the 2024 Notes. The Company intends to use the net proceeds from the offering of the Notes to purchase a portion of the 2024 Notes and for general corporate purposes.
This press release does not constitute an offer to sell or a solicitation of an offer to buy these securities, nor will there be any sale of these securities, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state or jurisdiction. The Notes have not been registered under the Securities Act, or any applicable state securities laws, and will be offered only to qualified institutional buyers pursuant to Rule 144A promulgated under the Securities Act and outside the United States to non-U.S. persons in accordance with Regulation S under the Securities Act. Unless so registered, the Notes may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and any applicable state securities laws.
ABOUT GEOPARK
GeoPark is a leading independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia, Ecuador, Chile, Brazil and Argentina.
CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements often are preceded by words such as “believes,” “expects,” “may,” “anticipates,” “plans,” “intends,” “assumes,” “will” or similar expressions. The forward-looking statements contained herein include statements about the tender offer for the 2024 Notes, the Company’s Notes offering and its intended use of proceeds therefrom. These expectations may or may not be realized. Some of these expectations may be based upon assumptions or judgments that prove to be incorrect. In addition, GeoPark’s business and operations involve numerous risks and uncertainties, many of which are beyond the control of GeoPark, which could result in GeoPark’s expectations not being realized or otherwise materially affect the financial condition, results of operations and cash flows of GeoPark. Some of the factors that could cause future results to materially differ from recent results or those projected in forward-looking statements are described in GeoPark’s filings with the United States Securities and Exchange Commission.
The forward-looking statements are made only as of the date hereof, and GeoPark does not undertake any obligation to (and expressly disclaims any obligation to) update any forward-looking statements to reflect events or circumstances after the date such statements were made, or to reflect the occurrence of unanticipated events. In light of the risks and uncertainties described above, and the potential for variation of actual results from the assumptions on which certain of such forward-looking statements are based, investors should keep in mind that the results, events or developments disclosed in any forward-looking statement made in this document may not occur, and that actual results may vary materially from those described herein, including those described as anticipated, expected, targeted, projected or otherwise.
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CAMBRIDGE, Mass. & IRVING, Texas--(BUSINESS WIRE)--#DOE--Malta Inc., a leading developer of long-duration thermal energy storage solutions and Vistra (NYSE: VST) a leading Fortune 275 integrated retail electricity and power generation company, in collaboration with Southwest Research Institute (SwRI), have been awarded a Department of Energy (DOE) grant. The federally funded project will study how Malta’s energy storage system can improve the environmental and economic performance of a natural gas-powered power plant, help to balance the diverse power generation on electric grids, and improve the reliability and resiliency of the electric system as more intermittent renewables come online.
“Malta is committed to accelerating the energy transition,” said Ramya Swaminathan, Malta’s CEO. “We are proud to collaborate with Vistra as it works to achieve aggressive net-zero carbon emissions goals and to expand our relationship with SwRI, one of the premier research organizations in the country. This collaboration furthers our mission by validating the Malta system’s ability to enable cleaner, more affordable, and more reliable electricity.”
The U.S. Department of Energy-funded study will focus on integration of the Malta system with a Vistra-owned natural gas-fired plant to optimize its environmental and economic performance. The Malta energy storage system will use electricity generated by the natural gas plant, convert and store that energy as heat, and then convert it back to electricity that can be redistributed on the electric grid as demand necessitates. The unique design of the Malta system would further diversify Vistra’s generation portfolio and create a more stable and resilient grid as intermittent renewable resources comprise a greater percentage of the generating capacity in the years ahead.
“Vistra is committed to leading our industry in the effort to address climate change,” said Molly Sorg, Vistra’s chief purpose and sustainability officer. “Vistra sees immense value in the increased research and development of new, longer-duration energy storage technologies, which will play a crucial role in grid reliability, balancing the intermittency of the power produced by renewable resources. We’re proud to work with Malta and SwRI to advance innovative solutions for a global energy transition.”
According to the U.S. Energy Information Administration, natural gas is the leading fuel source in the U.S. electricity sector, representing 39% of all electricity generated in 2020 and approximately 30% of utility and independent power producer generation units. Long-duration energy storage technologies, like the Malta system, promise to enable cleaner, more efficient operation of gas plants while supporting the operators’ transition to more variable renewable energy sources.
“Our goal is to design the future of integrated power systems,” said Natalie Smith, the study’s Principal Investigator and Senior Research Engineer at SwRI. “Pairing Malta’s innovative storage technology with Vistra’s diverse and evolving portfolio is the first step toward a clean, efficient, and resilient electricity generation landscape in a sustainable future.”
The Malta Pumped Heat Energy System (PHES) is a long-duration energy storage solution. The system uses turbomachinery and heat exchangers, well established and proven technologies in power generation, in a novel way to store electricity and dispatch it to the grid on demand. The Malta PHES is capable of storing electricity for up to 200 hours, with initial systems focused on current market applications for 10-12 hours of storage. This system uses hardware components, technologies, workforce personnel and skillsets, and a supply chain similar to those used by fossil plants, allowing for synergy when co-locating the two technologies.
About Malta Inc.
Malta is a developer of grid-scale long-duration thermal energy storage solutions. Incubated at X, the Moonshot Factory (formerly Google [X]), Malta is based in Cambridge, Massachusetts. For more information visit www.maltainc.com.
About Vistra
Vistra (NYSE: VST) is a leading, Fortune 275 integrated retail electricity and power generation company based in Irving, Texas, providing essential resources for customers, commerce, and communities. Vistra combines an innovative, customer-centric approach to retail with safe, reliable, diverse, and efficient power generation. The company brings its products and services to market in 20 states and the District of Columbia, including six of the seven competitive wholesale markets in the U.S. and markets in Canada and Japan, as well. Serving nearly 4.3 million residential, commercial, and industrial retail customers with electricity and natural gas, Vistra is one of the largest competitive residential electricity providers in the country and offers over 50 renewable energy plans. The company is also the largest competitive power generator in the U.S. with a capacity of approximately 39,000 megawatts powered by a diverse portfolio, including natural gas, nuclear, solar, and battery energy storage facilities. In addition, the company is a large purchaser of wind power. The company is currently constructing a 400-MW/1,600-MWh battery energy storage system in Moss Landing, California, the largest of its kind in the world. Vistra is guided by four core principles: we do business the right way, we work as a team, we compete to win, and we care about our stakeholders, including our customers, our communities where we work and live, our employees, and our investors. Learn more about our environmental, social, and governance efforts and read the company's sustainability report at https://www.vistracorp.com/sustainability/.
About SwRI
Southwest Research Institute is a premier independent, nonprofit research and development organization using multidisciplinary services to provide solutions to some of the world’s most challenging scientific and engineering problems. Headquartered in San Antonio, Texas, our client-focused, client-funded organization occupies more than 1,500 acres, providing more than 2.3 million square feet of laboratories, test facilities, workshops, and offices for approximately 3,000 employees who perform contract work for government and industry clients.
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