TORONTO--(BUSINESS WIRE)--Superior Plus Corp. (“Superior”) (TSX:SPB) announced today it has closed the previously announced acquisition of the retail propane and refined fuels distribution assets of Quarles Petroleum Inc. (the “Quarles Delivered Fuels Business”). The US $144 million purchase price (before working capital adjustments) was paid with funds drawn from Superior’s existing credit facility.
Founded in 1940, the Quarles Delivered Fuels Business (“Quarles”) is an established retail propane distributor servicing approximately 55,000 residential and commercial customers primarily in Virginia. Quarles has 29 propane bulk plants, one rail terminal, approximately 3 million gallons of storage capacity, a fleet of 196 vehicles and 188 employees.
On a normalized basis, including the achievement of expected synergies and weather consistent with the five-year average, Superior expects Quarles to generate approximately US$19 million ($24 million) in Adjusted EBITDA on an annual run-rate basis 24 months following the close of the acquisition.
"I am excited to welcome the Quarles employees and customers to the Superior family,” said Luc Desjardins, Superior’s President and CEO. “We’re looking forward to adding to our existing service offering in Virginia and growing our business in this attractive market.”
About the Corporation
Superior is a leading North American distributor and marketer of propane and distillates and related products and services, servicing over 890,000 customer locations in the U.S. and Canada.
For further information about Superior, please visit our website at: www.superiorplus.com or contact: Beth Summers, Executive Vice President and Chief Financial Officer, Tel: (416) 340-6015, or Rob Dorran, Vice President, Capital Markets, Tel: (416) 340-6003, E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it., Toll Free: 1-866-490-PLUS (7587).
Forward Looking Information
This press release contains certain forward-looking information within the meaning of applicable Canadian securities laws which is provided for the purpose of presenting information about management’s current expectations and plans. Readers are cautioned that such information may not be appropriate for other purposes. Superior’s actual results could differ materially from those expressed in, or implied by, this forward-looking information, and accordingly, no assurances can be given that any of the results anticipated by the forward-looking information will transpire or occur. Forward-looking information is predictive in nature, depends upon or refers to future events or conditions, or includes words such as “approximately”, "anticipated”, “will”, “guidance”, and similar expressions. In particular, this news release contains forward-looking statements with respect to, among other things, the expected run-rate Adjusted EBITDA of Quarles twenty-four months after closing and anticipated synergies.
Forward-looking information is not a guarantee of future performance. Forward-looking information contained herein is based on various assumptions and expectations that Superior believes are reasonable in the circumstances, however, they are subject to the risks and uncertainties set forth below and no assurance can be given that these assumptions and expectations will prove to be correct. These assumptions and expectations are based on information currently available to Superior, including information obtained from third party industry analysts and other third-party sources, as well as on management’s current plans and its perception of historical trends, the historic performance of Superior’s business segments, current conditions and expected future developments. By its very nature, forward-looking information involves inherent assumptions, risks and uncertainties, both general and specific, and risks that predictions, forecasts, projections and other forward-looking information will not be achieved, including risks relating to the future operating performance of Quarles, risks relating to the future operating and financial performance of the Energy Distribution business and the risks and assumptions identified in (i) Superior’s first quarter MD&A under the heading "Risk Factors" and (ii) Superior's most recent Annual Information Form, both of which are filed electronically at www.sedar.com. The preceding list of assumptions, risks and uncertainties is not exhaustive. When relying on Superior’s forward-looking information to make decisions with respect to Superior, investors and others should carefully consider the preceding factors, other uncertainties and potential events. For the reasons set forth above, investors and others should not place undue reliance on forward-looking information.
Forward-looking information contained in this news release is provided for the purpose of providing information about management’s goals, plans and range of expectations for the future and may not be appropriate for other purposes. Any forward-looking information is made as of the date hereof and, except as required by law, Superior does not undertake any obligation to publicly update or revise such information to reflect new information, subsequent or otherwise.
Non-GAAP Financial Measures
In this press release, Superior has used the following terms (“Non-GAAP Financial Measures”) that are not defined by International Financial Reporting Standards (“IFRS”) but are used by management to evaluate the performance of Superior and its business: Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”). These measures may also be used by investors, financial institutions and credit rating agencies to assess Superior’s performance and ability to service debt. Non-GAAP Financial Measures do not have standardized meanings prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Securities regulations require that Non-GAAP Financial Measures are clearly defined, qualified and reconciled to their most comparable IFRS financial measures. Except as otherwise indicated, these Non-GAAP Financial Measures are calculated and disclosed on a consistent basis from period to period. Specific items may only be relevant in certain periods. See “Non-GAAP Financial Measures” in Superior’s most recent Management’s Discussion and Analysis (“MD&A”) for a discussion of Non-GAAP Financial Measures used by Superior and certain reconciliations to IFRS financial measures.
The intent of Non-GAAP Financial Measures is to provide additional useful information to investors and analysts, and the measures do not have any standardized meaning under IFRS. The measures should not, therefore, be considered in isolation or used in substitute for measures of performance prepared in accordance with IFRS. Other issuers may calculate Non-GAAP Financial Measures differently. Investors should be cautioned that Adjusted EBITDA should not be construed as an alternative to net earnings, cash flow from operating activities or other measures of financial results determined in accordance with GAAP as an indicator of Superior’s performance. Non-GAAP Financial Measures are identified and defined as follows:
Adjusted EBITDA
Adjusted EBITDA represents earnings before interest, taxes, depreciation, amortization, losses (gains) on disposal of assets, finance expense, restructuring costs, transaction and other costs, and unrealized gains (losses) on derivative financial instruments. Adjusted EBITDA is used by Superior and certain investors to assess its consolidated results and ability to service debt. Adjusted EBITDA is reconciled to net earnings before income taxes.
Beth Summers
Executive Vice President and Chief Financial Officer
Tel: (416) 340-6015
Rob Dorran
Vice President, Capital Markets
Tel: (416) 340-6003
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Toll Free: 1-866-490-PLUS (7587)
SHANGHAI--(BUSINESS WIRE)--Hannover Messe in Germany, the global industrial technology "wind vane", was held from May 30 to June 2. CHINT, the world's leading provider of smart energy solutions, presented 10 products and solutions, which covered new energy, green and environmentally friendly smart transformers, and smart buildings, at the Energy Solutions Pavilion (H11.C30).
Centered around new energy and the entire industry chain, CHINT shared its practices and exploration in the fields of "green energy", "smart grid”, "load reduction" and “new energy storage”. “CHINT is about green development and the forefront of carbon emission reduction in the electricity and energy sector. After all these years, CHINT has accumulated and established a great number of top clients and a rich set of user scenarios to rapidly perceive and capture changes and new demands in markets and clients,” said Lily Zhang, CEO of CHINT Electrics.
In 2021, CHINT and BYD's energy storage project orders were successfully delivered, and these two partners joined together to serve the new energy market in the UK. During that year, CHINT's Saudi Arabia smart meter project delivered more than 500,000 smart circuit breakers to local areas. CHINT Cambodia developed off-grid photovoltaic systems in local areas, providing electricity to local areas using thousands of off-grid photovoltaic installations.
CHINT’s solutions are aimed at energy transformation to help bring about global climate objectives. At the exhibition, CHINT’s exhibit featured 8 events delivered in online/offline mode, sharing CHINT's new products and solutions. CHINT shared photovoltaic solutions by having their European team put on a show for the audience so they could experience CHINT’s new energy solutions and photovoltaic applications across large-scale ground, industrial, commercial and residential fields. This showcased the attraction of the innovative "photovoltaic +" model. CHINT also shared its CHINT Smart City energy-saving, low-carbon, interconnected and efficient solutions to the audience. Meanwhile, CHINT’s smart terminal molded case circuit breakers, Arc Fault Detection Devices (AFDD), and a number of new products took center stage, showcasing the company’s strengths in smart manufacturing.
Lily Zhang believes that “through a trade exhibition platform as important as Hannover, clients from more than 140 different nations and regions around the world have joined with CHINT to engage in discussions and exchanges. The cooperation formed between CHINT and international partners is full of endless potential and will leverage the CHINT’s global solution to boost green energy development.”
ABOUT CHINT GLOBAL
CHINT Global is committed to serving as the world's leading provider of intelligent energy solutions for the whole industrial chain. After more than 2 decades of global expansion, our business and marketing network covers over 140 countries and regions worldwide, with a wide range of industries in low voltage electric, smart electrics, energy instruments and meters, green energy, etc.
As the localization progresses steadily, through business integration and industrial upgrade, CHINT Global will further open up the supply chain, optimize the service system, and establish an ecological mechanism, in order to provide innovative integrated technological service for the global energy market.
PR:
Cora Geng
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SANTA ANA, Calif.--(BUSINESS WIRE)--$ITI #IoT--Iteris, Inc. (NASDAQ: ITI), the world’s trusted technology ecosystem for smart mobility infrastructure management, today announced that its Board of Directors has authorized a new stock repurchase program that permits the purchase of up to $10 million of the Company’s common stock.
The prior share repurchase program is being terminated and replaced with this new authorization. Under the new plan, management has discretion in determining the conditions under which shares may be purchased from time to time, including block trades.
“We are committed to strategically allocating capital to investments we believe can generate value for our shareholders,” said Douglas Groves, CFO of Iteris. “The stock buyback program demonstrates our confidence in the future growth of the Company and the undervalued price of our stock.”
Repurchases will be made in accordance with applicable securities laws in the open market, in privately negotiated transactions or through other means. Depending on acquisition opportunities, market conditions or other factors, these repurchases may commence or cease from time to time without prior notice.
About Iteris, Inc.
Iteris is the world’s trusted technology ecosystem for smart mobility infrastructure management. Delivered through Iteris’ ClearMobility® Platform, our cloud-enabled end-to-end solutions monitor, visualize and optimize mobility infrastructure around the world, and help bridge legacy technology silos to unlock the future of transportation. That’s why more than 10,000 public agencies and private-sector enterprises focused on mobility rely on Iteris every day. Visit www.iteris.com for more information, and join the conversation on Twitter, LinkedIn and Facebook.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
This release may contain forward-looking statements, which speak only as of the date hereof and are based upon our current expectations and the information available to us at this time. Words such as "believes," "anticipates," "expects," "intends," "plans," "feel(s)," "seeks," "estimates," "may," "will," "can," and variations of these words or similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, statements related to the Company’s stock repurchase program and its potential benefits, as well as statements regarding our strategic plans. Such statements are subject to certain risks, uncertainties, and assumptions that are difficult to predict, and actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors.
Important factors that may cause such a difference include, but are not limited to, continuing volatile and negative stock market conditions; federal, state and local government budgetary issues, spending and scheduling changes, funding constraints and delays, including in light of the COVID-19 pandemic; the timing and amount of government funds allocated to overall transportation infrastructure projects and the transportation industry; our ability to replace large contracts once they have been completed; the effectiveness of efficiency, cost, and expense reduction efforts; our ability to achieve anticipated benefits from our sale of our Agriculture and Weather Analytics segment; our ability to successfully complete and integrate acquired assets and companies; our ability to specify, develop, complete, introduce, market and gain broad acceptance of our new and existing product and service offerings; risks related to our ability to recruit and/or retain key talent; the potential unforeseen impact of product and service offerings from competitors, increased competition in certain market segments, and such competitors’ patent coverage and claims; any softness in the markets that we address; adverse effects of the COVID-19 pandemic on our vendors and our employees; and the impact of general economic and political conditions and specific conditions in the markets we address, and the possible disruption in government spending and commercial activities, such as the COVID-19 pandemic, import/export tariffs, terrorist activities or armed conflicts in the United States and internationally. Further information on Iteris, Inc., including additional risk factors that may affect our forward-looking statements, as contained in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K, and our other SEC filings that are available through the SEC's website (www.sec.gov).
Iteris Contact
Douglas Groves
Senior Vice President and Chief Financial Officer
Tel: (949) 270-9643
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Investor Relations
MKR Investor Relations, Inc.
Todd Kehrli
Tel: (213) 277-5550
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
NEW YORK--(BUSINESS WIRE)--New Fortress Energy Inc. (NASDAQ: NFE) (“NFE”) announced today that it has, along with its joint venture partner Ebrasil Energia Ltda. and its shareholders (“Ebrasil”), entered into a definitive Share Purchase Agreement (“SPA”) with Brazilian power company Eneva S.A. (“Eneva”) (B3: ENEV3), whereby Eneva will acquire 100% of the equity interests of the Porto de Sergipe Power Plant for R$6.1 billion in cash (approximately $1.29 billion USD). Located in Barra dos Coqueiros in the country’s Northeast region, the 1,593 MW Sergipe Power Plant plays a critical role in Brazil’s energy security, providing low-cost, dispatchable power to balance the significant seasonal hydroelectric power that comprises a majority of the region’s electric capacity.
As part of the transaction, Eneva has agreed to acquire, directly and indirectly, 100% of the shares of Centrais Elétricas de Sergipe Participações S.A. (“CELSEPAR”), which owns 100% of the equity interests of the Sergipe Power Plant, and Centrais Elétricas Barra dos Coqueiros S.A. (“CEBARRA”), which owns 1.7 GW of expansion rights adjacent to the Sergipe Power Plant, for a total implied enterprise value of approximately R$10.2 billion (approximately $2.16 billion USD) (the “Enterprise Value”). Pursuant to the terms of the transaction, Eneva will be assuming the current debt of Centrais Elétricas de Sergipe (“CELSE”), the 100% owned subsidiary of CELSEPAR.
“We look forward to maintaining a long-term relationship with Eneva and the CELSE Power Plant,” said Wes Edens, Chairman and CEO of New Fortress Energy. “Eneva is one of Brazil’s leading power companies and a highly capable long-term owner and operator of this critical power asset for northeast Brazil. NFE will continue to operate the Golar Nanook, a Floating Storage and Regasification Unit that remains chartered to CELSE for the next 20 years.”
“CELSE will play a critical role for Eneva’s strategy going forward. With multiple options embedded and a significant Thermal Power Plant pipeline to be developed it will allow Eneva to focus on what it does best – developing new business opportunities in Brazil having the access to gas as a cornerstone,” said Pedro Zinner, CEO of Eneva. “This can be the beginning of a very fruitful and long-lasting relationship between two companies which have complementary roles in the gas value chain.”
Subject to satisfying certain covenants and closing conditions, including approval by Eneva’s shareholders, the Brazilian antitrust agency and the receipt of necessary consents, the transaction is expected to close in the second half of 2022. Accounting for NFE’s 50% ownership of CELSEPAR, the transaction is projected to generate proceeds to NFE of approximately $550 million USD following the paydown of certain debt and other liabilities and net of transaction expenses.
About New Fortress Energy
New Fortress Energy Inc. (NASDAQ: NFE) is a global energy infrastructure company founded to help address energy poverty and accelerate the world’s transition to reliable, affordable, and clean energy. The company owns and operates natural gas and liquefied natural gas (LNG) infrastructure, ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. Collectively, the company’s assets and operations seek to support global energy security, enable economic growth, enhance environmental stewardship, and transform local industries and communities around the world.
Cautionary Language Regarding Forward-Looking Statements
This communication contains certain statements and information that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this communication other than historical information are forward-looking statements that involve known and unknown risks and relate to future events, our future financial performance or our projected business results. You can identify these forward-looking statements by the use of forward-looking words such as “expects,” “may,” “will,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative version of those words or other comparable words. Forward looking statements include: the successful sale and purchase of the companies in accordance with the terms of the transaction; the projected proceeds of the transaction, including with respect to any foreign exchange risk between the Brazilian Real and the Dollar; the expected structure for closing of the transaction; the role of the Sergipe Power Plant in Brazil’s energy security and ability to dispatch; the continued operations of the Sergipe Power Plant; NFE’s expected partnerships with third parties, including with respect to the Golar Nanook and continued operation of the Golar Nanook; satisfaction of the closing conditions in the SPA in accordance with the terms thereof and within the required dates, including approval by the shareholders of Eneva, the Brazilian antitrust agency or any other regulatory agency, as well as the receipt of necessary consents from any third parties; the expected date of closing of transaction; compliance by the parties of the covenants and obligations under the SPA; and the ability to mitigate foreign exchange risk for the transaction through hedge arrangements. It is uncertain whether any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what impact they will have on the results of operations and financial condition of the parties to the SPA or the stock prices of such parties.
These forward-looking statements represent the Company’s expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are necessarily estimates based upon current information and are subject to risks, uncertainties and other factors, many of which are outside of the Company’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: the risk that the proposed transactions may not be completed in a timely manner or at all; common risks related to the sale and purchase of businesses or assets, including the risk of valuation and successful implementation, and the risks that we may not be able to realize the benefits of any such transactions, among others; fluctuations in exchange rates used to translate the Brazilian Real into U.S. dollars that could result in potential losses and reductions in our proceeds from the transaction resulting from currency fluctuations; possibility that any or all of the various conditions to the consummation of the transaction may not be satisfied or waived (or any conditions, limitations or restrictions placed on such approvals); the receipt, on a timely basis or otherwise, of the required approvals and consents for the transaction by the shareholders of the parties, the required regulators or governmental agencies, third parties or other persons; breach or failure by the parties to comply with the covenants and obligations under the SPA; the continued operations of the Golar Nanook and relationship with the new shareholder of the Sergipe Power Plant; the possibility that long-term financing for the proposed transactions may not be available on favorable terms, or at all; nonpayment or nonperformance by any of parties to the SPA; the effect of the announcement or pendency of the transactions on our operations, including the ability of NFE to retain and hire key personnel and maintain relationships with customers, suppliers and others with whom NFE does business; the outcome of any legal proceedings related to the SPA; the ability of NFE to implement its plans, forecasts and other expectations with respect to NFE’s business after the completion of the proposed transactions; business disruption following the SPA; and the impact of public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics and any related company or government policies and actions to protect the health and safety of individuals or government policies or actions to maintain the functioning of national or global economies and markets. These factors are not necessarily all of the important factors that could cause actual results to differ materially from those expressed in any of NFE’s forward-looking statements. Other known or unpredictable factors could also have material adverse effects on future results.
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for the Company to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in our annual report, quarterly and other reports filed with the SEC, which could cause its actual results to differ materially from those contained in any forward-looking statement. We undertake no duty to update these forward-looking statements, even though our situation may change in the future.
Investors:
Brett Magill
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Media:
Jake Suski
(516) 268-7403
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HAMILTON, Bermuda--(BUSINESS WIRE)--Valaris Limited (NYSE: VAL) (“Valaris” or the “Company”) announced today that Equinor has delivered a termination notice for the drilling contract awarded to drillship VALARIS DS-11. The termination will take effect at the end of June. Our total contract backlog of $2.5 billion as of May 2, 2022 included approximately $428 million related to this contract. Further details on the VALARIS DS-11 contract can be found in our latest Fleet Status Report dated May 2, 2022.
As a result of the contract termination, Valaris will receive an early termination fee that is more than sufficient to cover expenses and commitments incurred by Valaris on the project.
President and Chief Executive Officer Anton Dibowitz said, “While we are disappointed that this contract has been terminated, the floater market and day rates have improved meaningfully since this contract was entered into in July 2021, and we expect there will be other attractive projects for a high specification drillship like VALARIS DS-11 with similar or earlier commencement dates.”
About Valaris Limited
Valaris Limited (NYSE: VAL) is the industry leader in offshore drilling services across all water depths and geographies. Operating a high-quality rig fleet of ultra-deepwater drillships, versatile semisubmersibles and modern shallow-water jackups, Valaris has experience operating in nearly every major offshore basin. Valaris maintains an unwavering commitment to safety, operational excellence, and customer satisfaction, with a focus on technology and innovation. Valaris Limited is a Bermuda exempted company (Bermuda No. 56245). To learn more, visit our website at www.valaris.com.
Cautionary Statements
Statements contained in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include words or phrases such as "anticipate," "believe," "estimate," "expect," "intend," “likely,” "plan," "project," "could," "may," "might," “should,” “will” and similar words. The forward-looking statements contained in this press release are subject to numerous risks, uncertainties and assumptions that may cause actual results to vary materially from those indicated, including the COVID-19 outbreak and global pandemic and the related public health measures implemented by governments worldwide; the cancellation, suspension, renegotiation or termination of drilling contracts and programs, including drilling contracts which grant the customer termination rights if final investment decision (FID) is not received with respect to projects for which the drilling rig is contracted; oil and natural gas price volatility, customer demand for drilling rigs; downtime and other risks associated with offshore rig operations; severe weather or hurricanes; changes in worldwide rig supply, competition and technology; risks inherent to shipyard rig reactivation, upgrade, repair or maintenance; our ability to enter into, and the terms of, future drilling contracts; suitability of rigs for future contracts; governmental regulatory, legislative and permitting requirements affecting drilling operations; our ability to obtain financing, fund capital expenditures and pursue other business opportunities; the effects of our emergence from bankruptcy on the Company's business, relationships, comparability of our financial results and ability to access financing sources; actions taken by regulatory authorities or other third parties, including related to the COVID-19 global pandemic; increased scrutiny of Environmental, Social and Governance (“ESG”) practices and reporting responsibilities; changes in customer strategy; future levels of offshore drilling activity; governmental action, civil unrest and political and economic uncertainties; terrorism, piracy and military action; environmental or other liabilities, risks or losses; debt agreement restrictions that may limit our liquidity and flexibility; failure to satisfy our debt obligations; and cybersecurity risks and threats. In addition to the numerous factors described above, you should also carefully read and consider “Item 1A. Risk Factors” in Part I and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II of our most recent annual report on Form 10-K, which is available on the Securities and Exchange Commission’s website at www.sec.gov or on the Investor Relations section of our website at www.valaris.com. Each forward-looking statement speaks only as of the date of the particular statement and we undertake no obligation to update or revise any forward-looking statements, except as required by law.
Investor & Media Contact:
Tim Richardson
Director - Investor Relations
+1-713-979-4619
New Plant Making Renewable Natural Gas (RNG) from Food Waste Diverted from Landfills
BURLINGTON, Ontario & LECCE, Italy--(BUSINESS WIRE)--Anaergia Inc. (“Anaergia” or the “Company”) (TSX: ANRG) announced it has officially commissioned a new biomethane facility in Italy, the Calimera Bio plant in the Province of Lecce. The facility is the second of seven facilities Anaergia is building which together will form one of the largest food waste to biomethane platforms in Europe.
The Calimera Bio facility has the capacity to anaerobically digest 24,000 metric tons of landfill-diverted food scraps and other organic waste each year, and to convert this waste into 2,190,000 cubic meters of renewable natural gas (“RNG” or “biomethane”) that will be injected into the region’s natural gas pipelines. The new plant will also treat the digestate that remains after the anaerobic digestion process to create 9,000 tons per year of high-quality natural fertilizer. Anaergia was the technology provider for the project, and owns 60% of the facility. Anaergia’s partner in this plant is a regional waste management company.
“With six biomethane plants opening in Italy, Anaergia is well-positioned to help meet the growing demand in Europe for biomethane, the European term for Renewable Natural Gas,” said Andrew Benedek, Chairman and CEO of Anaergia. “We are proud of these facilities because they will help Europe meet its ambitious climate change goals as well as its energy security objectives. Given these drivers, we hope to build many more such plants.”
The commissioning of the new Calimera plant comes on the heels of the European Commission’s pledge of €37 billion to increase biomethane production in the EU, as part of its €300 billion RePowerEU plan to stop Russian energy imports and move to green energy by the end of the decade. The Commission is proposing an action plan to achieve 35 billion cubic meters of annual biomethane production by 2030.
In addition, last week the G7 Ministers of Climate, Energy and the Environment highlighted the importance of cutting methane emissions, citing “opportunities to mitigate methane emissions from the waste sector, primarily by diversion of organic waste from landfills…and waste-to-fuel technologies to produce renewable methane from organic waste, agricultural residues and biomass…”
With offices in five European countries, Anaergia is in an excellent position to support these goals.
“Over the last two decades, Anaergia has built many facilities using our proprietary technologies that turn any type of organic waste into renewable energy” said Alessandro Massone, Anaergia’s Commercial Managing Director for Europe. “Based on our proven, world-leading capabilities, Anaergia is in a class by itself and ready to take advantage of the opportunities we are now seeing throughout Europe.”
About Anaergia
Anaergia was created to eliminate a major source of greenhouse gases by cost effectively turning organic waste into renewable natural gas (“RNG”), fertilizer and water, using proprietary technologies. With a proven track record from delivering world-leading projects on four continents, Anaergia is uniquely positioned to provide end-to-end solutions for extracting organics from waste, implementing high efficiency anaerobic digestion, upgrading biogas, producing fertilizer and cleaning water. Our customers are in the municipal solid waste, municipal wastewater, agriculture, and food processing industries. In each of these markets Anaergia has built many successful plants including some of the largest in the world. Anaergia owns and operates some of the plants it builds, and it also operates plants that are owned by its customers.
For further information please see: www.anaergia.com
Source: Anaergia Inc.
For media relations please contact: Melissa Bailey, Director, Marketing & Corporate Communications, This email address is being protected from spambots. You need JavaScript enabled to view it.
For investor relations please contact: This email address is being protected from spambots. You need JavaScript enabled to view it.
DALLAS--(BUSINESS WIRE)--Atmos Energy Corporation (NYSE: ATO) announced today that John C. Ale has been elected to its board of directors. His election, effective June 1, 2022, will increase the size of the board to 11 directors.
Ale was formerly Senior Vice President, General Counsel and Corporate Secretary of Southwestern Energy Company, an independent energy company engaged in natural gas, natural gas liquids and oil exploration, development, production and marketing.
Ale has over 30 years’ experience in the energy industry, including Vice President and General Counsel of Occidental Petroleum Corporation from April 2012 to November 2013, and he served as external counsel to the industry as a partner with Skadden, Arps, Slate, Meagher & Flom LLP since 2002. Previously, Ale was a partner with Vinson & Elkins LLP.
“John is an excellent addition to our Board. He has extensive experience in the energy sector as well as significant knowledge of environmental, social, and governance issues relating to the industry. As General Counsel, he participated in the development of Southwestern Energy Company’s cyber security policy and was regularly involved in management, Audit Committee, and Board of Directors’ discussions of cyber matters. John will be a significant asset to our Board,” said Kim R. Cocklin, Chairman of the Board of Atmos Energy.
About Atmos Energy
Atmos Energy Corporation, an S&P 500 company headquartered in Dallas, is the country’s largest natural gas-only distributor. We safely deliver reliable, affordable, efficient and abundant natural gas to more than 3 million distribution customers in over 1,400 communities across eight states located primarily in the South. As part of our vision to be the safest provider of natural gas services, we are modernizing our business and infrastructure while continuing to invest in safety, innovation, environmental sustainability and our communities. Atmos Energy manages proprietary pipeline and storage assets, including one of the largest intrastate natural gas pipeline systems in Texas. Find us online at http://www.atmosenergy.com, Facebook, Twitter, Instagram and YouTube.
Analyst and Media Contact:
Dan Meziere
(972) 855-3729
MANSFIELD, Ohio--(BUSINESS WIRE)--The Gorman-Rupp Company (NYSE: GRC) (the “Company”), a leading designer, manufacturer, and international marketer of pumps and pump systems, announced today that it has completed its previously announced acquisition of Fill-Rite and Sotera (“Fill-Rite”), a division of the Tuthill Corporation, for $525 million. When adjusted for approximately $80 million in expected tax benefits, the net transaction value is approximately $445 million. Gorman-Rupp funded the transaction with cash-on-hand and new debt. The new debt includes a $350 million term loan and an unsecured subordinated term loan of $90 million. In addition, the Company also entered into a $100 million revolving credit facility.
With facilities in Fort Wayne, Indiana and Lenexa, Kansas, the Fill-Rite and Sotera brands carry strong legacies associated with superior products and hold leadership positions in attractive niche pump markets. Fill-Rite provides rugged, high-performance liquid transfer pumps as well as a comprehensive line of mechanical and digital meters, precision weights and measures certified meters, hand pumps, hoses, nozzles, and accessories.
Scott King, President and Chief Executive Officer of Gorman-Rupp said “We are excited to welcome Fill-Rite and its outstanding team of employees to the Gorman-Rupp family. The closing of this transaction is the first step to realizing the great benefits of bringing together two pioneering flow control businesses with over 150 years of combined industry experience. I want to thank the teams at Gorman-Rupp, Fill-Rite, and Tuthill, for their incredible efforts to get us to closing today and helping to ensure a smooth, effective transition as we integrate Fill-Rite with Gorman-Rupp.”
About The Gorman-Rupp Company
Founded in 1933, The Gorman-Rupp Company is a leading designer, manufacturer and international marketer of pumps and pump systems for use in diverse water, wastewater, construction, dewatering, industrial, petroleum, original equipment, agriculture, fire protection, heating, ventilating and air conditioning (HVAC), military and other liquid-handling applications.
Forward-Looking Statements
In connection with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, The Gorman-Rupp Company provides the following cautionary statement: This news release contains various forward-looking statements based on assumptions concerning The Gorman-Rupp Company’s operations, future results and prospects. These forward-looking statements are based on current expectations about important economic, political, and technological factors, among others, and are subject to risks and uncertainties, which could cause the actual results or events to differ materially from those set forth in or implied by the forward-looking statements and related assumptions. These include statements regarding estimates of future earnings and cash flows. Other uncertainties include, but are not limited to, general economic conditions, supply chain conditions and any related impact on costs and availability of materials, integration of the acquired business in a timely and cost effective manner, retention of supplier and customer relationships and key employees, and the ability to achieve synergies and cost savings in the amounts and within the time frames currently anticipated. Other risks and uncertainties that may materially affect Gorman-Rupp are described from time to time in its reports filed with the Securities and Exchange Commission, including Forms 10-K, 10-Q, and 8-K. Except to the extent required by law, Gorman-Rupp does not undertake and specifically declines any obligation to review or update any forward-looking statements or to publicly announce the results of any revisions to any of such statements to reflect future events or developments or otherwise.
Brigette A. Burnell
Corporate Secretary
The Gorman-Rupp Company
Telephone (419) 755-1246
NYSE: GRC
For additional information, contact James C. Kerr, Chief Financial Officer, Telephone (419) 755-1548
HOUSTON--(BUSINESS WIRE)--Magnolia Oil & Gas Corporation (NYSE: MGY) (“Magnolia” or the “Company”), today announced the proposed underwritten block trade (the “Offering”) of 7,500,000 shares of the Company’s Class A common stock (the “Class A Common Stock”) by certain affiliates of EnerVest, Ltd. (the “Selling Stockholders”). Magnolia will not sell any shares of its Class A Common Stock in the Offering and will not receive any proceeds from the sale by the Selling Stockholders of shares of Class A Common Stock.
In connection with the Offering, the Company intends to purchase from the Selling Stockholders 2,000,000 shares of the Company’s Class B common stock at a price per share equal to the price per share at which the underwriter purchases shares of the Company’s Class A Common Stock in the Offering (the “Class B Common Stock Purchase”). The Offering is not conditioned upon the completion of the Class B Common Stock Purchase, but the Class B Common Stock Purchase is conditioned upon the completion of the Offering.
Following the closing of the Offering and Class B Common Stock Purchase, the Selling Stockholders will own 10,912,450 Class A and 28,710,432 Class B shares of the Company, or approximately 18% of the total outstanding shares of the Company.
Morgan Stanley is acting as the sole book-running manager for the Offering. The Offering is being made pursuant to an effective shelf registration statement, which has been filed with the Securities and Exchange Commission (the “SEC”) and became effective August 30, 2018. The Offering will be made only by means of a preliminary prospectus supplement and the accompanying base prospectus, copies of which may be obtained on the SEC’s website at www.sec.gov. Alternatively, Morgan Stanley will arrange to send you the preliminary prospectus supplement and related base prospectus if you request them by contacting: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, This email address is being protected from spambots. You need JavaScript enabled to view it..
This press release is neither an offer to sell nor a solicitation of an offer to buy any securities, nor shall there be any sale of any such 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 such state or jurisdiction.
About Magnolia Oil & Gas Corporation
Magnolia (MGY) is a publicly traded oil and gas exploration and production company with operations primarily in South Texas in the core of the Eagle Ford Shale and Austin Chalk formations. Magnolia focuses on generating value for shareholders through steady production growth, strong pre-tax margins and free cash flow. For more information, visit www.magnoliaoilgas.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, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact included in this press release, including, without limitation, statements regarding the Offering and the Class B Common Stock Purchase, Magnolia’s future financial position, business strategy, budgets, projected revenues, projected costs and plans and objectives of management for future operations 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, Magnolia disclaims 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. Magnolia cautions you that these forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Magnolia, incident to the development, production, gathering and sale of oil, natural gas and natural gas liquids (“NGLs”). In addition, Magnolia cautions you that the forward-looking statements contained in this press release are subject to the following factors: (i) the length, scope and severity of the ongoing coronavirus disease 2019 (“COVID-19”) pandemic, including the emergence and spread of variant strains of COVID-19, including the effects of related public health concerns and the impact of continued or new actions taken by governmental authorities and other third parties in response to the pandemic and its impact on commodity prices and supply and demand considerations; (ii) legislative, regulatory or policy changes, including those following the change in presidential administrations; (iii) the market prices of oil, natural gas and NGLs, and other products or services; (iv) the supply and demand for oil, natural gas, NGLs and other products or services; (v) production and reserve levels; (vi) geopolitical and business conditions in key regions of the world; (vii) drilling risks; (viii) economic and competitive conditions; (ix) the availability of capital resources; (x) capital expenditures and other contractual obligations; (xi) weather conditions; (xii) inflation rates; (xiii) the availability of goods and services; (xiv) cyber attacks; (xv) occurrence of property acquisitions or divestitures; (xvi) the integration of acquisitions; (xvii) general market, political and economic conditions, including as a result of COVID-19 and the political environment of oil-producing regions, including uncertainty or instability resulting from civil disorder, an outbreak or escalation of armed hostilities or acts of war or terrorism; and (xviii) the securities or capital markets and related risks such as general credit, liquidity, market and interest-rate risks. Should one or more of the risks or uncertainties described in this press release occur, or should underlying assumptions prove incorrect, actual results and plans could differ 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 Magnolia’s filings with the SEC, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2021. Magnolia’s SEC filings are available publicly on the SEC’s website at www.sec.gov.
Investors
Brian Corales
(713) 842-9036
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Media
Art Pike
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In celebration of Global Running Day, Garmin’s new GPS running and triathlon smartwatch introduces solar charging, a touchscreen interface and premium training features to the Forerunner line
OLATHE, Kan.--(BUSINESS WIRE)--Garmin® International, Inc., a unit of Garmin Ltd. (NYSE: GRMN), today announced the Forerunner® 955 Solar, its first dedicated running smartwatch with solar charging. Featuring a Power Glass™ solar charging lens, the Forerunner 955 Solar gives athletes up to 20 days of battery life in smartwatch mode1 and up to 49 hours in GPS mode2. Built for the long run, the Forerunner 955 Solar features an always-on, full-color display that is easy to read – even in direct sunlight – while a responsive touchscreen complements the traditional 5-button design, allowing for fast access to everyday health features, easier control of maps and more. Designed with the runner in mind, the Forerunner 955 Solar adds innovative new features like heart rate variability (HRV) status, a training readiness score and race widget to help athletes better prepare for their next big race. Garmin unveiled the Forerunner 955 Solar in conjunction with Global Running Day, an annual celebration of the sport of running that encourages athletes of all levels to make a life-changing commitment to running.
“Athletes who strive to be the best seek the best training tools, and we are pleased to introduce the Forerunner 955 Solar to our lineup of premier GPS running smartwatches,” said Dan Bartel, Garmin vice president of global consumer sales. “With high-end training features and performance metrics, the Forerunner 955 Solar gives you the tools to chase your goals. No matter where, when or why you run, the Forerunner 955 Solar will help you go the extra mile.”
Here's what’s new
Made for medals
To help athletes chase their next PR, the Forerunner 955 Solar includes key performance and training tools from Firstbeat Analytics™ like VO2 max, training load, performance condition, training effect and more. What’s more, new indicators such as HRV status, recent exercise history and performance will provide athletes with greater insight into their overall training status – and whether they’re training productively, peaking or strained. Daily workout suggestions will provide athletes with an entire week of day-to-day training guidance based on their fitness levels and overall wellness and will even adapt based on race plans that are set up using the new race widget. When using a Running Dynamics Pod or HRM-Pro monitor (each sold separately), athletes can track running dynamics such as cadence, stride length, ground contact time and more. What’s more, athletes can track their cycling dynamics, such as seated/standing position, power phase and platform center offset when using a compatible Garmin power meter (sold separately). In the water, the Forerunner 955 Solar will track a swimmer’s distance, stroke, pace, personal records and more.
Runners and triathletes can take their training to the next level by syncing indoor and outdoor workouts automatically from Garmin Connect™, the Tacx training app and other third-party platforms. Furthermore, the Forerunner 955 Solar is compatible with Garmin Coach – free 5K, 10K and half-marathon training plans that adapt based on a runner’s goals and performance.
Go the distance
Whether running on city streets or cycling through densely covered trails, the Forerunner 955 Solar provides athletes with full-color, built-in maps to stay on track and go the distance.
All-day wear
Designed to be worn all day, the Forerunner 955 Solar includes advanced health and wellness features. Wrist-based Pulse Ox4 monitors blood oxygen saturation levels providing a clearer picture of sleep and altitude acclimation while Body Battery™ energy monitoring shows current energy levels which can help athletes find the best times for activity and rest. What’s more, women’s health features, including menstrual cycle tracking and pregnancy tracking, let women log symptoms and receive exercise and nutrition education.
The Forerunner 955 Solar keeps the essentials on the wrist with built-in music (download up to 2,000 songs from playlists on Spotify®, Amazon Music and Deezer (premium subscription may be required)), Garmin Pay™ contactless payments5, and smart notifications for calls, text messages, social media updates and alerts from an athlete’s Apple® or Android™ smartphone. Safety and tracking features provide peace of mind while training outside by sending an athlete’s live location to chosen emergency contacts – or automatically sending a message if an incident is detected.6 While riding inside, athletes can also control a Tacx® Smart trainer via ANT+® technology right from the watch for course simulation, automatic resistance changes and workout prompts when using courses or workouts. What’s more, the Forerunner 955 Solar can be personalized with custom watch faces, data fields, and apps and widgets from the Connect IQ™ Store.
Available now, the Forerunner 955 Solar has a suggested retail price of $599.99. A non-solar charging version, the Forerunner 955, is also available with a suggested retail price of $499.99.
Engineered on the inside for life on the outside, Garmin products have revolutionized life for runners, cyclists, swimmers and athletes of all levels and abilities. Committed to developing technology that helps people stay active and elevate performance, Garmin believes every day is an opportunity to innovate and a chance to beat yesterday. Other Garmin fitness brands include Tacx and Firstbeat Analytics. For more information, visit Garmin's virtual Newsroom, This email address is being protected from spambots. You need JavaScript enabled to view it., connect with @garminrunning on social media, or follow our adventures at garmin.com/blog.
1 Assumes all-day wear with 3 hours per day outside in 50,000 lux conditions
2 Solar charging, assuming continuous use in 50,000 lux conditions
3 The data and information provided by these devices is intended to be a close estimation of your activity and metrics tracked, but may not be precisely accurate
4 This is not a medical device and is not intended for use in the diagnosis or monitoring of any medical condition; see Garmin.com/ataccuracy. Pulse Ox is not available in all countries.
5 View current supported country, payment network and issuing bank information
6 When paired with a compatible smartphone; see Garmin.com/ble. For safety and tracking features requirements and limitations, see Garmin.com/safety
About Garmin International, Inc.
Garmin International, Inc. is a subsidiary of Garmin Ltd. (NYSE: GRMN). Garmin Ltd. is incorporated in Switzerland, and its principal subsidiaries are located in the United States, Taiwan and the United Kingdom. Garmin, Forerunner and Tacx are registered trademarks and Power Glass, Garmin Connect, Trendline, Garmin Pay, PacePro, Body Battery, Connect IQ, Firstbeat Analytics, UltraTrac and HRM-Pro are trademarks of Garmin Ltd. or its subsidiaries. All other brands, product names, company names, trademarks and service marks are the properties of their respective owners. All rights reserved. Amazon Music and all related logos are trademarks of Amazon.com, Inc. or its affiliates. SPOTIFY and the Spotify logo are among the registered trademarks of Spotify AB. Android is a trademark of Google LLC. Apple is a trademark of Apple Inc., registered in the U.S. and other countries.
Notice on Forward-Looking Statements:
This release includes forward-looking statements regarding Garmin Ltd. and its business. Such statements are based on management’s current expectations. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of known and unknown risk factors and uncertainties affecting Garmin, including, but not limited to, the risk factors listed in the Annual Report on Form 10-K for the year ended December 25, 2021, filed by Garmin with the Securities and Exchange Commission (Commission file number 0001-411180). A copy of such Form 10-K is available at http://www.garmin.com/aboutGarmin/invRelations/finReports.html. No forward-looking statement can be guaranteed. Forward-looking statements speak only as of the date on which they are made and Garmin undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
Stephanie Schultz
913-397-8200
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SAN ANTONIO--(BUSINESS WIRE)--Valero Energy Corporation (NYSE: VLO, “Valero”) reduced its debt by approximately $300 million through the acquisition of $300 million of 4.00 percent Gulf Opportunity Zone Revenue Bonds Series 2010 (“GO Zone Bonds”). As previously disclosed, the GO Zone Bonds are due December 1, 2040, but were subject to mandatory tender on June 1, 2022 (the “Mandatory Tender Date”) at a price equal to par plus accrued and unpaid interest up to, but excluding, the Mandatory Tender Date.
This transaction, combined with debt reduction and refinancing transactions completed in the third and fourth quarters of 2021, and the first quarter of 2022, collectively reduced Valero’s debt by approximately $2.3 billion.
About Valero
We are a multinational manufacturer and marketer of petroleum-based and low-carbon liquid transportation fuels and petrochemical products, and we sell our products primarily in the United States (U.S.), Canada, the United Kingdom (U.K.), Ireland, and Latin America. We own 15 petroleum refineries located in the U.S., Canada, and the U.K. with a combined throughput capacity of approximately 3.2 million barrels per day (BPD). We are a joint venture member in Diamond Green Diesel Holdings LLC (DGD), which owns a renewable diesel plant in Norco, Louisiana with a production capacity of 700 million gallons per year, and we own 12 ethanol plants located in the Mid-Continent region of the U.S. with a combined production capacity of approximately 1.6 billion gallons per year. We manage our operations through our Refining, Renewable Diesel, and Ethanol segments. Please visit www.investorvalero.com for more information.
Investors:
Homer Bhullar, Vice President – Investor Relations and Finance, 210-345-1982
Eric Herbort, Senior Manager – Investor Relations, 210-345-3331
Gautam Srivastava, Senior Manager – Investor Relations, 210-345-3992
Media:
Lillian Riojas, Executive Director – Media Relations and Communications, 210-345-5002
DUBLIN--(BUSINESS WIRE)--The "Global Building Integrated Photovoltaics (BIPV) Market (2022-2027) by Technology, Applications, End-Use, Deployment Type, Type, Geography, Competitive Analysis and the Impact of Covid-19 with Ansoff Analysis" report has been added to ResearchAndMarkets.com's offering.
The Global Building Integrated Photovoltaics (BIPV) Market is estimated to be USD 16.94 Bn in 2022 and is projected to reach USD 36.89 Bn by 2027, growing at a CAGR of 16.84%.
Market dynamics are forces that impact the prices and behaviors of the Global Building Integrated Photovoltaics (BIPV) Market stakeholders. These forces create pricing signals which result from the changes in the supply and demand curves for a given product or service. Forces of Market Dynamics may be related to macro-economic and micro-economic factors. There are dynamic market forces other than price, demand, and supply. Human emotions can also drive decisions, influence the market, and create price signals.
As the market dynamics impact the supply and demand curves, decision-makers aim to determine the best way to use various financial tools to stem various strategies for speeding the growth and reducing the risks.
Competitive Quadrant
The report includes Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.
Ansoff Analysis
The report presents a detailed Ansoff matrix analysis for the Global Building Integrated Photovoltaics (BIPV) Market. Ansoff Matrix, also known as Product/Market Expansion Grid, is a strategic tool used to design strategies for the growth of the company. The matrix can be used to evaluate approaches in four strategies viz. Market Development, Market Penetration, Product Development and Diversification. The matrix is also used for risk analysis to understand the risk involved with each approach.
The analyst analyses the Global Building Integrated Photovoltaics (BIPV) Market using the Ansoff Matrix to provide the best approaches a company can take to improve its market position.
Based on the SWOT analysis conducted on the industry and industry players, The analyst has devised suitable strategies for market growth.
Why buy this report?
Market Dynamics
Drivers
Restraints
Opportunities
Challenges
Market Segmentations
The Global Building Integrated Photovoltaics (BIPV) Market is segmented based on Technology, Applications, End-Use, Deployment Type, Type, and Geography.
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/1u4q6v
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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DALLAS & HOUSTON--(BUSINESS WIRE)--Texas Pacific Land Corporation (NYSE: TPL) (“TPL”) together with Milestone Carbon, LLC today announced that a Letter of Intent (“LOI”) has been executed between TPL and Milestone Carbon to evaluate geological and geophysical characteristics of certain acreage owned by TPL for the purposes of sequestering captured CO2. Milestone Carbon is a leading carbon capture company that offers turnkey solutions for the permanent geological sequestration of CO2 for significant industrial emitters. Milestone Carbon will perform the evaluation, which will cover approximately 21,000 acres in the Permian Basin, and, if successful, would potentially develop the acreage in connection with a carbon capture and sequestration (“CCS”) project.
“CCS is a proven technology that can provide actionable means to achieve a low-carbon future,” said Milestone Carbon President and CEO Gabriel Rio. “Milestone Carbon was created to develop, own, and operate environmental infrastructure that will enable industry to meaningfully decarbonize. Such infrastructure will be crucial in the fight against climate change and will support the industries that provide the energy and materials our economy depends on. TPL’s vast land holdings and deep industry experience make them an ideal partner for Milestone Carbon. We are thrilled to join with them to develop CCS infrastructure in the Permian Basin.”
“We have long been responsible stewards of our expansive land holdings, and that longstanding focus has served as a good foundation for enhancing our commitment to sustainability and the environment,” said Tyler Glover, CEO of TPL. “Carbon capture can be a key tool in the quest for ‘net zero’, and TPL’s expansive surface footprint could potentially serve as a key resource to permanently sequester carbon. We are constantly looking for ways to leverage the unique features of our surface assets, and carbon capture is an exciting opportunity that could serve a dual purpose of creating value for our shareholders while also benefitting the environment.”
Today’s announcement further highlights TPL’s strong commitment to Environmental, Social, and Governance (“ESG”) initiatives. Sustainalytics, a leading provider of ESG research, ratings, and data to institutional investors and companies, recently provided its risk rating for TPL. Out of all entities in the Oil and Gas Producers Industry, TPL ranked #1 and #2 in the U.S. and globally, respectively. Among nearly 15,000 companies globally, TPL was ranked in the top 5th percentile. “TPL is proud of its ESG efforts and to be recognized by Sustainalytics as a top ESG performer, and we will continue to endeavor to build upon our successes to date,” said Tyler Glover.
Forward Looking Statements
Certain matters contained in this press release include “forward-looking statements.” All statements, other than statements of historical fact, included in this press release may constitute forward-looking statements. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that these expectations will prove to be correct. These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. Factors that might cause actual results to differ include, but are not limited to, the risk factors discussed from time to time in each of our documents and reports filed with the SEC.
Readers are cautioned not to place undue reliance on any forward-looking statements contained in this press release, which reflect management’s opinions only as of the date hereof. Except as required by law, we undertake no obligation to revise or publicly release the results of any revision to any forward-looking statements.
About Texas Pacific Land Corporation
Texas Pacific Land Corporation (NYSE: TPL) is one of the largest landowners in the State of Texas with approximately 880,000 acres of land in West Texas, with the majority of its ownership concentrated in the Permian Basin. TPL is not an oil and gas producer, but its surface and royalty ownership allow revenue generation through the entire value chain of oil and gas development, including through fixed fee payments for use of our land, revenue for sales of materials (caliche) used in the construction of infrastructure, providing sourced water and treated produced water, revenue from our oil and gas royalty interests, and revenues related to saltwater disposal on our land. TPL also generates revenue from pipeline, power line and utility easements, commercial leases, and seismic and temporary permits related to a variety of land uses including midstream infrastructure projects and hydrocarbon processing facilities.
About Milestone Carbon
Milestone Carbon, LLC is a subsidiary of Milestone Environmental Services, LLC (“Milestone”). Milestone Carbon offers turnkey solutions for the permanent geological sequestration of CO2—including design, permitting, development, and operations—for midstream and other significant industrial emitters. Applying Milestone’s vast knowledge and experience of developing complex injection operations, Milestone Carbon customers will benefit from the safe, reliable disposal and monetization of their carbon dioxide emissions through state-of-the-art injection facilities.
TPL Investor Relations
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Milestone Carbon
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Exhibiting at Booth #2055 at Las Vegas Convention Center, June 21-23
SOLON, Ohio--(BUSINESS WIRE)--#EnFocus--Energy Focus, Inc. (NASDAQ:EFOI) , a leader in sustainable, energy-efficient lighting and control systems and ultraviolet-c light disinfection (“UVCD”) products for the commercial, military maritime and consumer markets, will showcase its three core product lines at LightFair 2022, to be held at the Las Vegas Convention Center on June 21-23, 2022.
The products taking center stage at the Energy Focus booth, #2055, will be:
“With an increased emphasis on our engineering and sales operations, we have built upon our established reputation in the market and are enthused about introducing strategic and innovative improvements to our product lines that we expect will be met with industry-wide adoption and customer satisfaction,” said Greg Galluccio, Senior Vice President of Product Management and Engineering for Energy Focus. “We are also looking forward to introducing the latest innovations to EnFocus™ that incorporate our patented power line control technology, and enable hardwired, digital dimming and color tuning control to any lighting circuit without additional control wiring. We believe this disruptive technology will speed up the adoption of lighting controls in the commercial space.”
Members of the media who would like to meet with management at LightFair should email: This email address is being protected from spambots. You need JavaScript enabled to view it.
About LightFair
LightFair, the world’s largest annual architectural and commercial lighting trade show and conference, is owned by the International Association of Lighting Designers (IALD), the Illuminating Engineering Society (IES) and International Market Centers. For more information, please visit LightFair.com. Join the #LightFair conversation on Facebook, Twitter @lightfair, Instagram @lightfair_international, LinkedIn, YouTube and lightfairblog.com.
About Energy Focus
Energy Focus is an industry-leading innovator of sustainable light-emitting diode (“LED”) lighting and lighting control technologies and solutions, as well as UVC Disinfection technologies and solutions. As the creator of the first flicker-free LED lamps, Energy Focus develops high quality LED lighting products and controls that provide extensive energy and maintenance savings, as well as aesthetics, safety, health and sustainability benefits over conventional lighting. Our EnFocus™ lighting control platform enables existing and new buildings to provide quality, convenient and affordable, dimmable and color-tunable, circadian and human-centric lighting capabilities. In addition, our patent-pending UVCD technologies and products aim to provide effective, reliable and affordable UVCD solutions for buildings, facilities and homes. Energy Focus’ customers include U.S. and U.S. ally navies, U.S. federal, state and local governments, healthcare and educational institutions, as well as Fortune 500 companies. Since 2007, Energy Focus has installed approximately 900,000 lighting products across the U.S. Navy fleet, including tubular LEDs, waterline security lights, explosion-proof globes and berth lights, saving more than five million gallons of fuel and 300,000 man-hours in lighting maintenance annually. Energy Focus is headquartered in Solon, Ohio. For more information, visit our website at www.energyfocus.com .
Media:
DGI Comm
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Investors:
Hayden IR
Brett Maas
646-536-7331
DALLAS & HOUSTON--(BUSINESS WIRE)--#carboncapture--Texas Pacific Land Corporation (NYSE: TPL) (“TPL”) together with Milestone Carbon, LLC today announced that a Letter of Intent (“LOI”) has been executed between TPL and Milestone Carbon to evaluate geological and geophysical characteristics of certain acreage owned by TPL for the purposes of sequestering captured CO2. Milestone Carbon is a leading carbon capture company that offers turnkey solutions for the permanent geological sequestration of CO2 for significant industrial emitters. Milestone Carbon will perform the evaluation, which will cover approximately 21,000 acres in the Permian Basin, and, if successful, would potentially develop the acreage in connection with a carbon capture and sequestration (“CCS”) project.
“CCS is a proven technology that can provide actionable means to achieve a low-carbon future,” said Milestone Carbon President and CEO Gabriel Rio. “Milestone Carbon was created to develop, own, and operate environmental infrastructure that will enable industry to meaningfully decarbonize. Such infrastructure will be crucial in the fight against climate change and will support the industries that provide the energy and materials our economy depends on. TPL’s vast land holdings and deep industry experience make them an ideal partner for Milestone Carbon. We are thrilled to join with them to develop CCS infrastructure in the Permian Basin.”
“We have long been responsible stewards of our expansive land holdings, and that longstanding focus has served as a good foundation for enhancing our commitment to sustainability and the environment,” said Tyler Glover, CEO of TPL. “Carbon capture can be a key tool in the quest for ‘net zero’, and TPL’s expansive surface footprint could potentially serve as a key resource to permanently sequester carbon. We are constantly looking for ways to leverage the unique features of our surface assets, and carbon capture is an exciting opportunity that could serve a dual purpose of creating value for our shareholders while also benefitting the environment.”
Today’s announcement further highlights TPL’s strong commitment to Environmental, Social, and Governance (“ESG”) initiatives. Sustainalytics, a leading provider of ESG research, ratings, and data to institutional investors and companies, recently provided its risk rating for TPL. Out of all entities in the Oil and Gas Producers Industry, TPL ranked #1 and #2 in the U.S. and globally, respectively. Among nearly 15,000 companies globally, TPL was ranked in the top 5th percentile. “TPL is proud of its ESG efforts and to be recognized by Sustainalytics as a top ESG performer, and we will continue to endeavor to build upon our successes to date,” said Tyler Glover.
Forward Looking Statements
Certain matters contained in this press release include “forward-looking statements.” All statements, other than statements of historical fact, included in this press release may constitute forward-looking statements. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that these expectations will prove to be correct. These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. Factors that might cause actual results to differ include, but are not limited to, the risk factors discussed from time to time in each of our documents and reports filed with the SEC.
Readers are cautioned not to place undue reliance on any forward-looking statements contained in this press release, which reflect management’s opinions only as of the date hereof. Except as required by law, we undertake no obligation to revise or publicly release the results of any revision to any forward-looking statements.
About Texas Pacific Land Corporation
Texas Pacific Land Corporation (NYSE: TPL) is one of the largest landowners in the State of Texas with approximately 880,000 acres of land in West Texas, with the majority of its ownership concentrated in the Permian Basin. TPL is not an oil and gas producer, but its surface and royalty ownership allow revenue generation through the entire value chain of oil and gas development, including through fixed fee payments for use of our land, revenue for sales of materials (caliche) used in the construction of infrastructure, providing sourced water and treated produced water, revenue from our oil and gas royalty interests, and revenues related to saltwater disposal on our land. TPL also generates revenue from pipeline, power line and utility easements, commercial leases, and seismic and temporary permits related to a variety of land uses including midstream infrastructure projects and hydrocarbon processing facilities.
About Milestone Carbon
Milestone Carbon, LLC is a subsidiary of Milestone Environmental Services, LLC (“Milestone”). Milestone Carbon offers turnkey solutions for the permanent geological sequestration of CO2—including design, permitting, development, and operations—for midstream and other significant industrial emitters. Applying Milestone’s vast knowledge and experience of developing complex injection operations, Milestone Carbon customers will benefit from the safe, reliable disposal and monetization of their carbon dioxide emissions through state-of-the-art injection facilities.
TPL Investor Relations
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Milestone Carbon
Jessica Clements
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42 MW photovoltaic solar array and 42 MW/168 MWh of batteries to be built on underutilized land owned by the Navy to deliver clean, secure, resilient power to O‘ahu
FRAMINGHAM, Mass. & PHOENIX & HONOLULU--(BUSINESS WIRE)--#batteryenergystorage--Ameresco, Inc., (NYSE: AMRC), a leading clean technology integrator specializing in energy efficiency and renewable energy, and Bright Canyon Energy, a leading developer of energy infrastructure, today announced the proposed Kūpono Solar Project, a combined solar and battery system to be built at the Joint Base Pearl Harbor-Hickam West Loch Annex in Hawai‘i. The proposed project is designed to deliver 42 megawatts (MW) of clean, renewable energy to Hawaiian Electric’s grid on the island of O‘ahu.
Ameresco has been implementing energy solutions in Hawai‘i for over 15 years. Similarly, Bright Canyon has been developing energy infrastructure solutions since 2014. In 2021, Ameresco and Bright Canyon established a joint venture known as Kūpono Solar Development Company, LLC to partner together to advance the Kūpono Solar Project. This is the first project for the joint venture to focus on renewable energy, energy security and resiliency on O‘ahu. In support of a Department of Defense long-term energy security initiative, Kūpono Solar signed a 37-year land lease with the Navy to provide critical energy resiliency upgrades. The lease provides the use of approximately 131 acres of underutilized lands within the Navy West Loch Annex of Joint Base Pearl Harbor-Hickam.
The project includes the installation of a 42 MW photovoltaic solar array and 42 MW/168 MWh (four-hour duration) of lithium-ion battery storage system. The batteries will store solar energy beyond sunset hours, enabling the project to deliver sustainable, renewable energy to power approximately 10,000 homes on O‘ahu. In addition, this clean energy project will be designed to reduce more than 50,000 tons of carbon dioxide annually from Hawai‘i’s environment – the equivalent to offsetting emissions from 12,000 cars every year.
“The Navy is excited to see this joint Kūpono Solar/Hawaiian Electric project move forward for our community’s benefit,” said Capt. Randall E. Harmeyer, Joint Base Pearl Harbor-Hickam public works officer. “This enables us to put 131 acres of underutilized land to long-term, sustainable use for Hawai‘i at a time when the cost and reliability of worldwide energy supplies is of great concern and reflects the Navy’s core commitment to energy security and resiliency for America.”
Ameresco and Bright Canyon are working to bring diverse clean energy solutions to Hawai‘i, and this is the first project supporting this large, long-term energy resiliency plan.
“We are excited to be working with the Navy, Hawaiian Electric, and the community on this important sustainability project in Hawai‘i. The energy generated and stored on this underutilized land will directly benefit the residents, businesses, and communities of O‘ahu,” said Nicole Bulgarino, executive vice president, Ameresco. “In addition, it will replace energy generated by burning fossil fuel, thereby reducing emissions and greenhouse gases and create a cleaner, healthier place for residents to live, work and play.”
“This project aligns with the energy priorities and policies set forth by the state of Hawai‘i, including the 100 percent renewable energy and carbon neutral goals by 2045,” said Jason Smith, General Manager of Bright Canyon Energy. “We are committed to working with Hawaiian Electric, the Navy and the local community as we move forward with this exciting project that will deliver a range of benefits for the clean energy future of O‘ahu.”
Construction is expected to be completed in early 2024. Kūpono Solar, the joint venture, will own and operate this solar and battery project under a 20-year power purchase agreement (PPA) with Hawaiian Electric.
About Ameresco, Inc.
Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading independent clean technology integrator of comprehensive services, energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions for businesses and organizations throughout North America and Europe. Ameresco’s sustainability services include upgrades to a facility’s energy infrastructure and the development, construction and operation of renewable energy plants. Ameresco has successfully completed energy saving, environmentally responsible projects with Federal, state and local governments, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco has more than 1,000 employees providing local expertise in the United States, Canada, and Europe. For more information, visit www.ameresco.com.
About Bright Canyon Energy
Bright Canyon Energy is a developer, owner and operator of electric infrastructure in the United States. The company creates sustainable energy solutions for customers, focusing on clean energy, microgrids, energy storage and transmission. With headquarters in Phoenix, Bright Canyon Energy is a wholly owned subsidiary of Pinnacle West Capital Corp. (NYSE: PNW).
The announcement of entering into a contract for an energy asset is not necessarily indicative of the timing or amount of revenue from the energy asset, of Ameresco’s overall revenue for any particular period, or of trends in Ameresco’s overall total assets in development or operation. This project was included in Ameresco’s previously reported assets in development as of March 31, 2022.
Media:
Ameresco: Leila Dillon, 508.661.2264, This email address is being protected from spambots. You need JavaScript enabled to view it.
Bright Canyon Energy: Alan Bunnell, 602.250.3376, This email address is being protected from spambots. You need JavaScript enabled to view it.
Investor Relations:
Eric Prouty, AdvisIRy Partners, 212.750.5800, This email address is being protected from spambots. You need JavaScript enabled to view it.
Lynn Morgen, AdvisIRy Partners, 212.750.5800, This email address is being protected from spambots. You need JavaScript enabled to view it.
Woven City to Model How Hydrogen Energy Improves Everyday Life for All
TOKYO--(BUSINESS WIRE)--TOYOTA MOTOR CORPORATION (“Toyota”) and its subsidiary, Woven Planet Holdings, Inc. ("Woven Planet"), have developed a working prototype of its portable hydrogen cartridge. This cartridge design will facilitate the everyday transport and supply of hydrogen energy to power a broad range of daily life applications in and outside of the home. Toyota and Woven Planet will conduct Proof of Concept (“PoC”) trials in various places, including Woven City, a human-centered smart city of the future currently being constructed in Susono City, Shizuoka Prefecture.
Toyota and Woven Planet are studying a number of viable pathways to carbon neutrality and consider hydrogen to be a promising solution. Hydrogen has significant advantages. Zero Carbon Dioxide (CO2) is emitted when hydrogen is used. Furthermore, when hydrogen is produced using renewable energy sources such as wind, solar, geothermal, and biomass, CO2 emissions are minimized during the production process as well. Hydrogen can be used to generate electricity in fuel cell systems and can also be used as a combustion fuel.
Together with ENEOS Corporation, Toyota and Woven Planet are working to build a comprehensive hydrogen-based supply chain aimed at expediting and simplifying production, transport, and daily usage. These trials will focus on meeting the energy needs of Woven City residents and those living in its surrounding communities.
Benefits of Using Hydrogen Cartridges
Next Steps for the Hydrogen Cartridge
Today most hydrogen is generated from fossil fuels and used for industrial purposes such as fertilizer production and petroleum refining. To use hydrogen as an energy source in our homes and daily life, the technology must meet different safety standards and be adjusted to new environments. In the future, we expect hydrogen will be generated with very low carbon emissions and used in a wider variety of applications. The Japanese government is working on a range of studies to promote the safe early adoption of hydrogen and Toyota and its business partners are excited to offer cooperation and support.
Our goal is to help hydrogen become commonplace by making this clean form of energy safe, convenient, and affordable. By establishing the underlying supply chain, we hope to facilitate the flow of a larger volume of hydrogen and fuel more applications. Woven City will explore and test an array of energy applications using hydrogen cartridges including mobility, household applications, and many future possibilities we have yet to imagine. Together with inventors and those living within and around Woven City, we will continue to advance mobility over time by constantly developing more practical applications for hydrogen cartridges. In future Woven City demonstrations, we will continue to improve the hydrogen cartridge itself, making it increasingly easy to use and improving the energy density.
The ultimate goal of this project is to realize a carbon-neutral society where everyone can access clean energy, first in Japan and then throughout the world. Toyota and Woven Planet aim to develop best practices for incorporating clean hydrogen energy into daily life by conducting human-centered demonstrations in and around Woven City. These real-life experiences will help us learn how to best transform hydrogen into a familiar, well-used, and well-loved form of energy.
The portable hydrogen cartridge prototype will be showcased at Super Taikyu Series 2022 Round 2 at Fuji SpeedWay from June 3 to 5, 2022*3. Our showcase is geared toward teaching people about how hydrogen energy works and helping them imagine the countless ways hydrogen can become a useful part of their daily lives.
*1 Specifications and design are subject to change. The target weight of a full tank (5kg) excludes a valve and protector. Multiple types of receptacles will be considered in the future based on further application research over time.
*2 When electricity is generated by a typical FC system, one hydrogen cartridge is assumed to generate enough electricity to operate a typical household microwave for approximately 3-4 hours (based on the assumption of using a future iteration, high-pressure hydrogen tank with an electricity output of approximately 3.3 kWh/unit).
*3 Our showcase will be on June 4 and June 5 only.
Video Links
English: https://youtu.be/poYJCJR-WRo
Japanese: https://youtu.be/85_6eMJofuY
About Toyota Motor Corporation
Toyota Motor Corporation (Toyota) (NYSE: TM) is the global mobility company that introduced the Prius hybrid-electric car in 1997 and the first mass-produced fuel cell sedan, Mirai, in 2014. Headquartered in Toyota City, Japan, Toyota has been making cars since 1937. Today, Toyota proudly employs 370,000 employees in communities around the world. Together, they build around 10 million vehicles per year in 28 countries and regions, from mainstream cars and premium vehicles to mini-vehicles and commercial trucks, and sell them in more than 170 countries and regions under the brands Toyota, Lexus, Daihatsu and Hino.
For more information, please visit https://global.toyota/en
About Woven Planet
Woven Planet is building the safest mobility in the world. A subsidiary of Toyota, Woven Planet innovates and invests in new technologies, software, and business models that transform how we live, work and move. With a focus on automated driving, smart cities, robotics and more, Woven Planet builds on Toyota's legacy of trust to deliver secure, connected, reliable, and sustainable mobility solutions for all.
Learn more at https://www.woven-planet.global/en
Public Relations, Woven Planet Holdings, Inc.
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https://www.woven-planet.global/en/
NEW YORK--(BUSINESS WIRE)--Orion Energy Partners, a leading infrastructure investment firm, today announced that they have changed their name to Orion Infrastructure Capital and will be branded as OIC. The updated brand and website have been launched at www.OIC.com.
OIC is a diversified investment firm with credit, growth, and equity funds. With approximately $3 billion in assets under management, OIC targets investments in North America and select international markets. OIC’s partnership approach – for entrepreneurs, by entrepreneurs – cultivates creative credit, equity, and growth capital solutions to help middle market businesses scale and deploy sustainable infrastructure.
“Over the past seven years we have built a dynamic and diverse portfolio of 23 investments that focused on transition infrastructure. While energy infrastructure continues to be a core component of who we are, our investment partnerships go well beyond traditional energy infrastructure with elements of social and environmental innovation across many other infrastructure subsectors. We are pleased to be adopting a new name that better reflects this reality,” said Nazar Massouh, Co-Managing Partner and CEO of OIC.
OIC’s target investment sectors include energy efficiency, digital infrastructure, social infrastructure, sustainable power generation, renewable fuels, waste & recycling, water, transportation, and agriculture.
“With an invigorated resolve to tackle climate change, deliver economic stimulation/infrastructure renewal, and strengthen national security, there are vast investment opportunities to partner with critical businesses that drive sustainability goals and generate significant returns for our investors. OIC has built an important presence around middle market infrastructure investing and with this recent improvement to our brand, and approximately $3 billion in assets under management, we are now even better positioned to execute on our infra credit, growth, and equity strategies,” said Gerrit Nicholas, Co-Managing Partner and CIO of OIC.
About OIC
With approximately $3 billion in assets under management, OIC invests in North America and select international markets. OIC’s unique partnership approach – for entrepreneurs, by entrepreneurs – cultivates creative credit, equity, and growth capital solutions to help middle market businesses scale and deploy sustainable infrastructure. OIC’s target investment sectors include energy efficiency, digital infrastructure, social infrastructure, sustainable power generation, renewable fuels, waste & recycling, water, transportation, and agriculture. OIC was founded in 2015 by a team of energy and sustainability veterans, successful infrastructure investors, and former asset owners and industry operators. Across OIC’s platform is a team of 34 professionals based in New York, Houston and London. For more information, please visit www.OIC.com.
Reyno Norval
+1 (212) 292-0345
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CO2 reduction by up to 3.1% is expected by regenerative electric power via exhaust gas heat through Thermoelectric Generator unit on a vehicle with 2.0L gasoline engine
HAMAMATSU, Japan--(BUSINESS WIRE)--Yamaha Corporation and Sumitomo Corporation Power & Mobility Co., Ltd., a Sumitomo Corporation Group company (hereafter referred to as “both companies” or “we”), have jointly demonstrated a new waste heat recovery system based on thermoelectric generator (hereafter referred to as “TEG”) technology, which generates electrical power via exhaust gas heat and was proved to reduce CO2 emissions during vehicle testing on a chassis dynamometer (hereafter referred to as “this demonstration test”).
TEG unit, which is installed in a part of vehicle exhaust system, can reduce CO2 emissions following the reduction of alternator load achieved by generating electrical power from unutilized waste exhaust gas and also by early warm-up of engine by heated coolant through TEG unit at engine start.
In this demonstration test TEG unit was installed in a test vehicle, and the generated electrical power from TEG unit and CO2 emissions were measured on a chassis dynamometer. Thanks to the TEG unit, 1.9% of CO2 emissions (i.e. 3.9 g/km) was reduced throughout the European WLTP*1 driving cycle. Following this result, the potential benefit of TEG unit was estimated to be 3.1% CO2 reduction (i.e. 6.4g/km) by further optimization of vehicle installation of TEG unit.
Background of the Development
Recently the activities to realize a carbon neutral society have been accelerated globally and further CO2 reduction has been requested strongly to automotive industry.
TEG has long been drawing attention as one of the environmental technologies, and in the automotive industry various development efforts have been made to materialize the technology to reduce CO2 emissions. However, due to the insufficient performance and reliability of the TEG module, and also lack of engineering work to design the system using TEG unit on a vehicle, the technology has yet to be put into practical use.
In March 2021, both companies commenced sample sales of a TEG module, YGPX024*2, that features the highest output and largest size*3, to investigate market needs. We have now conducted this demonstration test for automotive applications where business on a large market scale can be expected.
Outline of the Demonstration Test
This demonstration test was outsourced to FEV Europe GmbH (Headquarters: Aachen, Germany). A system composed of TEG unit and DC/DC converter was installed in a test vehicle and this demonstration test was conducted on a chassis dynamometer. The details of the demonstration test are as follows.
Test Result
CO2 reduction and electrical output from TEG unit are summarized as follows.
During this demonstration test, there were notable installation restrictions for the TEG unit, and the gas temperature at the exhaust inlet pipe could not reach the target value. Therefore, we conducted an additional test achieving the target gas temperature, and based on the test result, our analysis showed a maximum CO2 emissions reduction of 3.1% (6.4 g/km) by optimizing the vehicle installation of TEG unit.
Future Prospects
It is certain that electrification and higher efficiency of internal combustion engines are essential in automotive industry to realize a carbon neutral society. Most automotive manufacturers require novel technologies for further improvements in CO2 reduction of vehicles with an internal combustion engine. Our goal is to realize a carbon neutral society with our customers through the world’s first practical use of TEG unit for automotive applications.
*1. |
Worldwide harmonized Light duty driving Test Procedure: International standards on exhaust gas emission test cycles and test methods for passenger and light commercial vehicles |
*2. |
For details of the TEG module, please access the following URL. |
|
https://device.yamaha.com/en/thermoelectric_cooler/generator/ |
*3. |
Based on investigations conducted by both companies in 2022 |
*4. |
One of the exhaust gas emission and fuel-efficiency test methods introduced in North America used to measure exhaust gas at high speed and high acceleration |
* All product names and company names are the trademarks or registered trademarks of their respective owners.
* All information is as of the date of release. Information is subject to change after its release.
For media inquiries:
Yamaha Corporation Media Relations Group Corporate Communications Division, Ayumu Sato
Contact Form: https://inquiry.yamaha.com/contact/?act=55&lcl=en_WW
Tel: +81-53-460-2210 (Japanese Correspondence only)
Web: www.yamaha.com
For General Inquiries:
Yamaha Corporation Electric Devices Division
https://device.yamaha.com/en/thermoelectric_cooler/contacts
The leading logistics group for the live event, entertainment, sports, and broadcast industries is growing in-house capabilities throughout the Spanish-speaking world
LOS ANGELES--(BUSINESS WIRE)--Global Critical Logistics (GCL) has acquired Madrid, Spain-based forwarder Asesores de Flete, S.A. (ADF), an experienced, non-asset-based provider of mission-critical logistics services to the live event, entertainment, sports, and broadcast industries.
ADF will be integrated under GCL’s Rock-it Global brand.
Together with Rock-it Global’s extensive presence in Latin America, the ADF acquisition solidifies Rock-it Global’s in-house capabilities to serve customers throughout the Spanish-speaking world.
“Establishing a company-owned presence in Spain not only strengthens our geographic footprint in continental Europe, but also gives us direct access to customers in key end markets within the region,” said Paul J. Martins, Chief Executive Officer and President, GCL.
“We are always looking for strategic opportunities to grow the business, enhance our value proposition to customers, and expand service offerings across the world. The acquisition of ADF builds on our strategy of enhancing capabilities to target customers in high growth industries such as live events, music touring, sports, broadcast, and film and television production.”
ADF will continue to be led by Founder and Managing Director Carlos Arauz Sanchez.
Rock-it Global is a provider of high-touch, mission-critical air, ocean, and surface freight forwarding and logistics services for the live entertainment and music touring, sports, broadcasting, corporate events, and tradeshow end markets.
“For more than 30 years, ADF has focused on providing a customized service to very demanding clients,” said Mr. Arauz.
“Joining the GCL family of companies and spearheading Rock-it Global’s efforts in Spain is an exciting step for our team since we are culturally aligned and have the same passion for providing outstanding service. We believe this partnership will further allow us to leverage a global network and shared resources for our existing customers, whilst continuing to deliver critical solutions in Spain and the region.”
Founded in 1987, ADF includes an experienced team of authorized in-house Customs experts and specializes in critical, zero-tolerance for failure projects serving customers around the globe.
ABOUT GLOBAL CRITICAL LOGISTICS (GCL)
Headquartered in Los Angeles CA, Global Critical Logistics (GCL) is the holding company for Rock-it Global, a provider of high-touch, mission-critical air, ocean and surface freight forwarding and logistics services for the live entertainment and music touring, sports, broadcasting, corporate events and tradeshow end markets.
Focused on critical, white glove logistics services, the GCL family of leading brands include Dietl, Cosdel, CargoLive and Dynamic International, who work with customers in fine arts, classic and high-end automobiles, film and television production, and industrial projects.
GCL has offices in North, Central and South America, Europe, the Middle East, and Asia Pacific, augmented by a network of long-term partner agents specializing in critical logistics.
The companies of GCL have served thousands of customers annually for over 40 years with bespoke, specialized logistics solutions for the most demanding transportation requirements across every continent.
GCL is backed by ATL Partners, a premier sector-focused private equity firm based in New York.
For more information, please visit www.gcl.global.
Emma Murray
Meantime Communications
Office: +44 (0)20 8853 5554
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