IRVINE, Calif.--(BUSINESS WIRE)--Rivian opens three fast charging sites this week in Colorado and California, the first deployments in its nationwide Rivian Adventure Network. These “Level 3” DC fast charging sites will initially provide over 200 kilowatts of power, allowing Rivian drivers to add as much as 140 miles of range in just 20 minutes and creating new opportunities for sustainable adventure far from home.
The first Rivian Adventure Network site in Salida, Colorado opened to the public on Monday, June 27 with four chargers, including a pull-through charger to accommodate vehicles towing trailers. The site also hosts four “Level 2” Rivian Waypoints chargers, which are available for use by any EV – not just Rivian vehicles – through the Rivian smartphone app. Thanks to its natural beauty and abundant nearby recreational opportunities, Salida is an ideal location for Rivian’s first fast charging site. The second and third Adventure Network sites in Inyokern and Bishop, California, will open on June 28 and 29. These California sites support frequently visited areas like Yosemite National Park, Sequoia National Forest, Mammoth Lakes, and Death Valley National Park.
“We designed Rivian charging to support electrified adventure, and these first sites demonstrate how we’re enabling drivers to responsibly reach some of the nation’s most breathtaking natural spaces,” said Trent Warnke, Rivian’s Senior Director of Energy and Charging Solutions. “In addition to scenic or off-the-beaten-path destinations, our fast charging rollout is designed to ensure travelers have places to charge along major transportation corridors coast to coast.”
Recognizing that vehicle electrification is only one step in reducing environmental impact, Rivian is matching charging on Rivian Adventure Network and Waypoints chargers with 100% renewable energy on an annual basis. Rivian is engaging directly with clean energy developers and operators to promote tangible contributions to a cleaner grid when drivers plug in. To support this initiative, Rivian is building a portfolio of high-impact renewable projects around the country that balance technologies, location, and energy solutions. Integrating these solutions into a company-wide sustainability strategy is a foundational step on our path toward net-zero carbon emissions.
Rivian will continue opening Rivian Adventure Network sites with an initial goal of 3,500 fast chargers at 600 sites across North America.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding the expansion of the Rivian Adventure Network. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “forecasts,” “predicts,” “potential,” or “continue” or the negative of these terms or other similar expressions, although not all forward-looking statements use these words or expressions. These forward-looking statements speak only as of the date when made, and we undertake no obligation to publicly update or revise any forward-looking statements after the date of this press release, except as required by applicable law. Forward-looking statements are not guarantees of future performance and inherently involve a wide range of risks and uncertainties that are difficult to predict. A discussion of these risks and uncertainties is contained in our filings with the Securities and Exchange Commission.
About Rivian
Rivian exists to create products and services that help our planet transition to carbon neutral energy and transportation. Rivian designs, develops, and manufactures category-defining electric vehicles and accessories and sells them directly to customers in the consumer and commercial markets. Rivian complements its vehicles with a full suite of proprietary, value-added services that address the entire lifecycle of the vehicle and deepen its customer relationships. Learn more about the company, products, and careers at rivian.com.
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EVgo and GM technical collaboration provides streamlined charging experience; latest Autocharge technology available as Plug and Charge on GM brand apps
LOS ANGELES--(BUSINESS WIRE)--EVgo Inc. (NASDAQ: EVGO), the nation’s largest public fast charging network for electric vehicles (EVs), and General Motors (GM) today announced the availability of Plug and Charge for all GM EVs* with DC fast-charging capability on the EVgo network.
Plug and Charge enables EVgo GM customers to start a fast-charging session in seconds without the need to open a mobile app or swipe an RFID or credit card, saving EV drivers time and helping to deliver a seamless and secure charging experience.
GM’s Plug and Charge service utilizes the latest iteration of EVgo’s Autocharge technology, adding enhanced security features. The Autocharge technology builds on EVgo’s leadership position in EV charging innovation and streamlines the customer experience.
“At its core, this latest iteration of the Autocharge technology is a customer convenience feature that can save drivers time by simplifying the fast-charging experience while maintaining a high level of security and protection,” said Ivo Steklac, Chief Technology Officer at EVgo. “In collaboration with GM, EVgo continues to implement new technology across multiple hardware and software platforms to enhance the charging experience.”
This innovative technology will initially be available to all GM EVs with DC fast-charging capability** at EVgo stations. After a one-time enrollment, customers will unlock convenient fast charging on the EVgo network with the charger and car communicating to securely match the vehicle to the driver’s EVgo and GM brand app account.
To enroll, GM customers must register their vehicle in the GM brand app (myChevrolet, myGMC, myCadillac), link their EVgo account and activate Plug and Charge within their GM brand app.
“We want to be the company that makes the EV experience seamless and convenient for everyone,” said Hoss Hassani, GM vice president of EV Ecosystem. “Our collaboration with EVgo on Plug and Charge complements the work already in place with Ultium Charge 360 and is a part of our larger effort this year to expand charging infrastructure, access and education.”
For more information around the locations of fast chargers within EVgo’s charging network, visit www.evgo.com.
* Customers must have an EVgo account, active OnStar connected services and the GM brand app (myChevrolet, myGMC, myCadillac) associated with their vehicle to use the new service.
** CHAdeMO does not have a unique identifier and therefore cannot use Autocharge (or plug-and-charge). A certain subset of CCS vehicles also are unable to take advantage of Autocharge due to vehicle manufacturer limitations.
About EVgo
EVgo (Nasdaq: EVGO) is the nation’s largest public fast charging network for electric vehicles. With more than 850 fast charging locations, EVgo’s owned and operated charging network serves over 60 metropolitan areas across more than 30 states and approximately 375,000 customer accounts. Founded in 2010, EVgo leads the way on transportation electrification, partnering with automakers; fleet and rideshare operators; retail hosts such as hotels, shopping centers, gas stations and parking lot operators; and other stakeholders to deploy advanced charging technology to expand network availability and make it easier for drivers across the U.S. to enjoy the benefits of driving an EV. As a charging technology first mover, EVgo works closely with business and government leaders to accelerate the ubiquitous adoption of EVs by providing a reliable and convenient charging experience close to where drivers live, work and play, whether for a daily commute or a commercial fleet.
For Investors:
Ted Brooks, VP of Investor Relations
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Progress facilitates accelerated design completion. Updates include: new economic impact analysis; region-wide transportation solution for Calgary Airport rail hub; potential Edmonton-Calgary High Speed Rail project integration; wildlife impact mitigation approach; hydrogen rollingstock and supply alternatives; municipal, tourism and business stakeholder support; construction strategy; and ridership forecasts. All measures lead to lower development risk and opportunity to reduce or eliminate Provincial financial contributions.
CALGARY, Alberta--(BUSINESS WIRE)--Liricon Capital Ltd. (Liricon) and Plenary Americas (Plenary), a portfolio company of Caisse de dépôt et placement du Québec (CDPQ), are pleased to announce that, working with supportive stakeholders and with the strong support of local business and the community, they have advanced the first stage of Phase 4 (Design) by completing 11 key components of the Calgary Airport – Banff Rail (CABR) project. All of these measures thereby lower the development risk and create the opportunity to reduce or eliminate Provincial financial contributions.
Liricon/Plenary submitted an Enhanced Unsolicited Proposal in November 2021 (the Proposal) to the Government of Alberta’s Ministry of Transportation (Alberta Transportation), Invest Alberta Corporation (Invest Alberta), and the Canada Infrastructure Bank (CIB) to advance the CABR project from Phase 3 (Development) to Phase 4 (Design). Liricon/Plenary reviewed the Proposal with Alberta Transportation and CIB in February and March 2022. Since then, Liricon/Plenary have achieved 11 important milestones including:
These achievements will decrease the time to complete Phase 4 (Design), reduce development risk and enhance the attractiveness of the Proposal. This progress supports CABR ability to:
New analysis indicates that, should Parks Canada adopt policies that encourage Banff National Park visitors to use mass transit options like CABR rather than personal vehicles, there would be an opportunity to reduce or eliminate the proposed Provincial financial contribution.
The further advancement of the CABR project requires the Government of Alberta to match funding of up to $10 million that is being contributed by each of Liricon/Plenary and CIB, to complete second stage of Phase 4 (Design) and achieve a final investment decision.
Liricon/Plenary will then fund the third and fourth stages of the Design Phase (permitting and financial close), budgeted at a total of $75 million.
Upon the completion of each stage of the Design Phase, the Government of Alberta can decide whether to continue to the next stage based on the more detailed information then available to it, and will ultimately make a final investment decision whether to proceed into permitting and the Project’s fifth and final phase, Construction and Implementation.
This process provides the Government of Alberta with multiple opportunities to decide whether to continue to advance the Project, and thereby limits the Government of Alberta’s development risk.
The project is uniquely low risk to Alberta taxpayers since the structure proposed for CABR is a public-private-partnership, which is designed to share commercial risks across multiple partners, including risks relating to capital costs, ridership and revenue.
This P3 structure is different from the conventional government approach of using solely taxpayer money to develop, procure and build public transit projects. In 2016, Canada Infrastructure Bank was established to structure and fund P3 projects which take the commercial risk that government usually is forced to assume under traditional delivery models. The Government of Alberta had the vision to create an Unsolicited Proposal framework to accommodate this new innovative P3 structure.
As one of the first project proposals under this new framework Liricon/Plenary are looking forward to conducting further public engagement and working with the Province, CIB and various capital and engineering partners through the multiple phases required to structure the design and capital contributions to make this project possible.
Video link: Calgary Airport – Banff Rail arriving at Banff Train Station
CABR - Banff Train Station, Press Release 06-27-2022.mp4
Background to Press Release re Calgary Airport - Banff Passenger Rail Project
In November 2021, Liricon/Plenary submitted the Proposal which contemplates development and construction financing from private and institutional capital and the CIB. Once CABR is up and running, CABR’s operating and financing costs will be serviced by revenues from the Project, supported, if necessary, by a financial contribution of up to $30 million / year (2021$) from the Government of Alberta. This financial contribution represents a cap for the benefit of reducing any risk to Government of Alberta and is anticipated to be reduced or eliminated through further refinement of the Project’s design and operating parameters and long-term upside revenue-sharing mechanisms.
The CABR system will operate on a new, dedicated passenger line built within the existing CP Rail freight corridor and will provide high frequency, reliable service between 7 destinations: Calgary Airport, Calgary Downtown, Calgary Keith, Cochrane, Morley (Stoney Nakoda), Canmore and Banff. Net economy class ticket costs for Albertans are estimated to be about $10 from the Airport to Downtown Calgary and $20 from Downtown Calgary to Banff taking into account discounts for entry to the Park.
Leadership from Government of Alberta
The continued support of multiple public and private sector stakeholders is dependent upon the Government of Alberta, as Project Sponsor, also formally supporting the project in order to complete Phase 4 (Design). Without public sector support, infrastructure of this kind simply does not get built. This Design Phase will require an additional 9 months of analysis, further public engagement and engineering at the end of which the Government of Alberta will be able to make a final investment decision.
Alberta’s current decision is whether to match development and design funding of up to $10 million contributed by each of Canada Infrastructure Bank and Liricon/Plenary. The project cannot proceed without the Province’s $10 million commitment, as it is specified by CIB’s process.
The project is uniquely low risk to Alberta taxpayers. The Proposal structures CABR as a public-private-partnership (P3) where the private partner assumes the risks of achieving a commercially reasonable investment, including capital cost, ridership and revenue.
This P3 structure is different from the conventional government approach to developing and building public transit projects. The Canada Infrastructure Bank was established to assess and fund P3 projects that take the commercial risk that Government usually is forced to assume. Government of Alberta had the vision to create an Unsolicited Proposal framework to accommodate this innovative new P3 structure.
CABR Update: First Stage of Phase 4 (Design) Achievements
Since submitting its Enhanced Unsolicited Proposal in November 2021 (the Proposal) to Alberta Transportation, Invest Alberta, and the CIB to advance the CABR project from Phase 3 (Development) to Phase 4 (Design), Liricon/Plenary have achieved 11 important milestones:
These achievements will decrease the time to complete Phase 4 (Design) and enhance the attractiveness of the Proposal. This progress clarifies several key components including the potential integration of CABR with local transit systems and tourism operators thereby reducing development risk. Further, new analysis indicates that should Parks Canada adopt policies that encourage Banff National Park visitors to use mass transit options like CABR rather than personal vehicles, there would be an opportunity to reduce or eliminate the proposed Provincial financial contribution.
Additional detail and insight into the progress of each of the above milestones includes:
Potential Alberta Performance Payment Reduction
Under the Proposal, ridership and revenue is solely a Liricon/ Plenary risk yet the upside can be shared with Government of Alberta. This proposal was based on CABR capturing approximately 20% of the total 2019 visitors to the Park. Importantly, Steer acknowledges the conditions under which the Liricon/ Plenary upside ridership and revenue projections could be achieved. In particular, Parks Canada has the opportunity to use the Park entry fee to encourage a transportation mode shift from personal vehicles to mass transit (eg CABR) and sustainable intra-Park transit by increasing the entry fee for vehicles and not charge visitors arriving by mass transit.
Jan Waterous
Managing Partner
Liricon Capital Ltd.
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Stephanie Williamson
Vice President, Corporate Affairs
Plenary Americas
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CALGARY, Alberta--(BUSINESS WIRE)--Imperial Oil Limited (TSE: IMO, NYSE American: IMO) announced today that it has received final acceptance from the Toronto Stock Exchange (TSX) for a normal course issuer bid (NCIB) to repurchase up to five percent of its 636,676,182 outstanding common shares as of June 15, 2022, or a maximum of 31,833,809 shares during the next 12 months. This maximum will be reduced by the number of shares purchased from Exxon Mobil Corporation (ExxonMobil), Imperial’s majority shareholder, as described below.
The new one year program will begin on June 29, 2022, and will end should the company purchase the maximum allowable number of shares, or on June 28, 2023.
Imperial has established an automatic share purchase plan with its designated broker to facilitate the purchase of common shares, both under the NCIB and concurrently from ExxonMobil, during times when Imperial would ordinarily not be permitted to purchase due to regulatory restrictions or self-imposed black-out periods. Before entering a black-out period, Imperial may, but is not required to, instruct the broker to make purchases under the NCIB based on parameters set by Imperial in accordance with the share purchase plan, TSX rules and applicable securities laws. The plan has been pre-cleared by the TSX and will be implemented effective June 29, 2022.
Consistent with the company’s balance sheet strength, low capital requirements and strong cash generation, this announcement reflects the company’s priority and capacity to return cash to shareholders. The NCIB represents a flexible and tax-efficient way of distributing surplus liquidity to shareholders who choose to participate by selling their shares. In addition, the NCIB will be used to eliminate dilution from shares issued in conjunction with Imperial’s restricted stock unit plan.
ExxonMobil will be permitted to sell its shares to Imperial outside of, but concurrent with, the NCIB in order to maintain its proportionate share ownership at approximately 69.6 percent. ExxonMobil advised Imperial that it intends to participate, as it has in prior years, and has established an automatic share disposition plan to facilitate the sale of its shares concurrent with the NCIB.
All share purchases will be made through the Toronto Stock Exchange and through other designated exchanges and published markets in Canada. Shares purchased under the NCIB are cancelled and restored to the status of authorized but unissued shares.
As of the close of business on June 15, 2022, Imperial has 636,676,182 issued and outstanding common shares. The average daily trading volume of Imperial’s common shares over the six calendar months prior to the date of this announcement was 1,434,622 shares per day. Imperial’s daily purchase limit under the new program will be 358,655 shares, which represents 25 percent of the average daily trading volume.
The acceptance marks the continuation of Imperial’s most recent normal course share repurchase program that was completed on January 31, 2022. Under the most recent program, the company purchased the maximum 35,583,671 shares that were available, with 10,822,142 shares purchased on the open market and a corresponding 24,761,529 shares purchased from ExxonMobil to maintain its proportionate share ownership at 69.6 percent, representing a total cost of about $1,529 million and an average cost of $42.97 per share.
Imperial also recently completed a substantial issuer bid that commenced on May 6, 2022 and expired on June 10, 2022. Under this substantial issuer bid, Imperial purchased 32,467,532 common shares at a price of $77.00 per share, which included 22,597,379 shares from ExxonMobil to maintain its proportionate share ownership at 69.6 percent, for an aggregate purchase of $2.5 billion and 4.9 percent of Imperial’s issued and outstanding shares (as of the close of business on May 2, 2022).
After more than a century, Imperial continues to be an industry leader in applying technology and innovation to responsibly develop Canada’s energy resources. As Canada’s largest petroleum refiner, a major producer of crude oil, a key petrochemical producer and a leading fuels marketer from coast to coast, our company remains committed to high standards across all areas of our business.
Cautionary statement: Statements of future events or conditions in this release, including projections, expectations and estimates are forward-looking statements. Forward-looking statements in this release include references to the company’s low capital requirements, strong cash generation, and priority and capacity to return cash to shareholders; and ExxonMobil’s intention to participate concurrent with the NCIB. Forward-looking statements are based on the company's current expectations, estimates, projections and assumptions at the time the statements are made. Actual future financial and operating results, including expectations and assumptions concerning demand growth and energy source, supply and mix; commodity prices, foreign exchange rates and general market conditions; capital and environmental expenditures; production rates, growth and mix; project plans, timing, costs, technical evaluations and capacities and the company’s ability to effectively execute on these plans and operate its assets; progression of COVID-19 and its impacts on Imperial’s ability to operate its assets; and applicable laws and government policies, including restrictions in response to COVID-19 could differ materially depending on a number of factors. These factors include global, regional or local changes in supply and demand for oil, natural gas, and petroleum and petrochemical products and resulting price, differential and margin impacts, including foreign government action with respect to supply levels and prices and the impact of COVID-19 on demand; availability and allocation of capital; availability and performance of third-party service providers; management effectiveness and disaster response preparedness, including business continuity plans in response to COVID-19; political or regulatory events, including changes in law or government policy; unanticipated technical or operational difficulties; operational hazards and risks; currency exchange rates; general economic conditions; and other factors discussed in Item 1A risk factors and Item 7 management’s discussion and analysis of financial condition and results of operations of Imperial Oil Limited’s most recent annual report on Form 10-K and subsequent interim reports on Form 10-Q.
Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, some that are similar to other oil and gas companies and some that are unique to Imperial Oil Limited. Imperial’s actual results may differ materially from those expressed or implied by its forward-looking statements and readers are cautioned not to place undue reliance on them. Imperial undertakes no obligation to update any forward-looking statements contained herein, except as required by applicable law.
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HOUSTON--(BUSINESS WIRE)--Murphy Oil Corporation (NYSE: MUR) today announced that the Board of Directors has elected Paul D. Vaughan to serve as Vice President and Controller effective July 1, 2022. Mr. Vaughan succeeds Christopher D. Hulse, who is currently serving as Vice President and Controller and has notified the company of his decision to leave Murphy to pursue other opportunities. Mr. Hulse will relinquish his Controller position as of July 1, 2022, and remain in active service to assist in the transition through August 5, 2022.
Mr. Vaughan began his career in the finance department with Murphy in 1998, holding roles with increasing responsibility, culminating in his current position of Vice President and Controller, US, Central and South America for Murphy’s wholly owned subsidiary, Murphy Exploration & Production Company, since 2017. He holds a Bachelor of Science in Accounting from the University of Alabama and a Bachelor of Arts in History from Samford University. In his new role, Mr. Vaughan will also serve as Murphy’s principal accounting officer and report to Thomas J. (Tom) Mireles, incoming Executive Vice President and Chief Finance Officer.
The Board of Directors has also elected Leyster L. Jumawan to serve as Vice President, Corporate Planning and Treasurer. Beginning his Murphy career in 2013 as Senior Manager, Corporate Planning, Mr. Jumawan has held several roles in the Finance Department, including Assistant Treasurer and most recently Vice President, Corporate Planning and Finance. He holds a Bachelor of Business Administration in Finance from The University of Texas at Austin and a Master of Business Administration from the University of Houston.
In conjunction, John B. Gardner, who currently serves as Vice President, Marketing and Treasurer, will assume supply chain responsibilities and relinquish his role as Treasurer. His new title will be Vice President, Marketing and Supply Chain. Both Mr. Jumawan’s and Mr. Gardner’s new positions will be effective July 1, 2022, and they will report to Mr. Mireles.
“I would like to congratulate Paul, Leyster and John on their new roles. They all have long, successful track records within the finance team at Murphy and I am confident that will continue as they assume their new responsibilities. Supporting Tom as he transitions to his new role is a deep bench of experience across our finance team, and I look forward to continuing our strategy of Delever, Execute, Explore,” stated Roger W. Jenkins, President and Chief Executive Officer of Murphy Oil Corporation. “Lastly, I would like to thank Chris for his dedication to Murphy during his seven years of service and I wish him all the best.”
ABOUT MURPHY OIL CORPORATION
As an independent oil and natural gas exploration and production company, Murphy Oil Corporation believes in providing energy that empowers people by doing right always, staying with it and thinking beyond possible. Murphy challenges the norm, taps into its strong legacy and uses its foresight and financial discipline to deliver inspired energy solutions. Murphy sees a future where it is an industry leader who is positively impacting lives for the next 100 years and beyond. Additional information can be found on the company’s website at www.murphyoilcorp.com.
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified through the inclusion of words such as “aim”, “anticipate”, “believe”, “drive”, “estimate”, “expect”, “expressed confidence”, “forecast”, “future”, “goal”, “guidance”, “intend”, “may”, “objective”, “outlook”, “plan”, “position”, “potential”, “project”, “seek”, “should”, “strategy”, “target”, “will” or variations of such words and other similar expressions. These statements, which express management’s current views concerning future events or results, are subject to inherent risks and uncertainties. Factors that could cause one or more of these future events or results not to occur as implied by any forward-looking statement include, but are not limited to: macro conditions in the oil and gas industry, including supply/demand levels, actions taken by major oil exporters and the resulting impacts on commodity prices; increased volatility or deterioration in the success rate of our exploration programs or in our ability to maintain production rates and replace reserves; reduced customer demand for our products due to environmental, regulatory, technological or other reasons; adverse foreign exchange movements; political and regulatory instability in the markets where we do business; the impact on our operations or market of health pandemics such as COVID-19 and related government responses; other natural hazards impacting our operations or markets; any other deterioration in our business, markets or prospects; any failure to obtain necessary regulatory approvals; any inability to service or refinance our outstanding debt or to access debt markets at acceptable prices; or adverse developments in the U.S. or global capital markets, credit markets or economies in general. For further discussion of factors that could cause one or more of these future events or results not to occur as implied by any forward-looking statement, see “Risk Factors” in our most recent Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K that we file, available from the SEC’s website and from Murphy Oil Corporation’s website at http://ir.murphyoilcorp.com. Murphy Oil Corporation undertakes no duty to publicly update or revise any forward-looking statements.
Investor Contacts:
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SAN DIEGO--(BUSINESS WIRE)--$DFCO #BanyanInfrastructure--Dalrada Financial Corporation (OTCQB: DFCO, “Dalrada Financial Corporation”, “Dalrada”) today announced its clean energy subsidiary, Dalrada Energy Services (DES), has entered into a strategic partnership with Banyan Infrastructure, a San Francisco-based software company. The partnership provides a secure cloud-based software as a service (SaaS) solution for DES sustainable infrastructure and renewable ESG projects, improving banking transparency.
With increased transparency, lenders and investors can securitize deals with greater ease. Digitizing traditionally static documents, Banyan Infrastructure’s secure SaaS platform aggregates and contextualizes disparate data sources and streamlines workflows across multiple counterparties to ensure the contractual compliance of each entity in a DES-ESG contract.
“Partnering with Banyan Infrastructure gives DES a 360-degree view of the financial components of its ESG contracts across IoT monitoring systems, bank accounts, and other asset management applications,” said DES President, Tom Giles. “This capability ensures that our ESG clients meet net-zero goals and contractual obligations with complete transparency, while also saving money and receiving higher quality service.”
The partnership is expected to boost loan transparency and expedite internal communication, allowing for the origination, service, and syndication of loans for infrastructure projects at a higher volume and lower cost.
According to Banyan Infrastructure CEO, Will Greene, “Green energy investors and lenders can now accelerate decision making and simplify workflow complexity with Banyan Infrastructure’s secure online platform. The result is improved financing costs and new avenues for green energy liquidity, allowing rapid ESG installations by Dalrada Energy Services worldwide.”
DES advanced technology solutions include products that will enable institutions, industries, businesses, and government agencies to implement long-term clean energy and net-zero sustainability initiatives by or before 2050.
To learn more about how Dalrada Financial Corporation continuously creates innovative solutions to address the complex challenges of today and the future, please visit www.Dalrada.com.
About Banyan Infrastructure:
Banyan Infrastructure combines financial and technological innovation to accelerate the deployment of solar, wind and other critical infrastructure around the globe. The Banyan Platform oversees and automates the complex and time-consuming contractual management of these small, distributed assets. Our solution de-risks these assets for lenders, decreases overhead costs, and increases the ability to refinance these projects at a lower cost of capital. This gets more clean-tech installed faster at lower costs. For additional information, please visit www.BanyanInfrastructure.com.
About Dalrada:
Dalrada Financial Corporation drives innovation that positively impacts people, businesses, and the planet. With subsidiaries that are firmly positioned in the world’s top three-growing industries of healthcare, clean energy, and technology, Dalrada creates solutions that are sustainable, affordable, and accessible.
The company works continually to produce disruptive products and services that accelerate positive change for current and future generations. Dalrada’s global solutions directly address climate change, post-pandemic gaps in the healthcare industry, and technology solutions for a new era of human behavior and interaction, ensuring a bright future for the world around us.
Established in 1982, Dalrada has since grown its footprint to include the unique business divisions: Dalrada Health, Dalrada Precision, and Dalrada Technologies. For more information, please visit www.dalrada.com, and follow us on Twitter, Facebook, and LinkedIn.
Disclaimer:
Statements in this press release that are not historical facts, the statements are forward-looking, including statements regarding future revenues and sales projections, plans for future financing, the ability to meet operational milestones, marketing arrangements and plans, and shipments to and regulatory approvals in international markets. Such statements reflect management's current views, are based on certain assumptions, and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors and will be dependent upon a variety of factors including, but not limited to, our ability to obtain additional financing that will allow us to continue our current and future operations and whether demand for our products and services in domestic and international markets will continue to expand. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the Company's expectations regarding these forward-looking statements or the occurrence of unanticipated events. Factors that may impact the Company's success are more fully disclosed in the Company's most recent public filings with the US Securities and Exchange Commission ("SEC"), including its annual report on Form 10-K.
Denise Mahaffey
858.283.1253
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In 2022 and beyond, Vesuvius is continuing to invest in manufacturing and engineering that helps customers reduce their delivery time and environmental impact, while improving casting quality and production costs
CLEVELAND--(BUSINESS WIRE)--As the outlook for the metal casting market is on the upswing in North America, Vesuvius is at the forefront of industry-leading solutions to support the growth of its steel and metal foundry customers throughout the region.
Through its Foseco brand, Vesuvius is investing in manufacturing and engineering initiatives throughout North America that: reduce customer lead time, deliver continued product innovation, and offer sustainable consumables and solutions for customers to reduce their environmental footprint.
“We recognize that the pandemic has impacted the world in unprecedented ways, causing strain on most industries and businesses, including foundries,” said Manuel Delfino, Vice President of Vesuvius Foundry Division, NAFTA. “It has also uncovered new opportunities for us to renew our focus on what we do best for our foundry customers — delivering solid innovation, unmatched quality and sustainable engineering. Customers can feel confident knowing we’re continuing to invest in innovative solutions to help reduce their delivery time, improve casting quality and optimize their production costs.”
Investment in North American Manufacturing
Vesuvius has made strategic investments to increase its manufacturing capabilities and improve sustainable processes throughout North America to support the region’s foundry customers.
Construction has already begun on a new state-of-the-art manufacturing facility, where 75% of customer demand in North America will be fulfilled beginning in 2023.
Additionally, both the new manufacturing location and existing facilities are being outfitted with updated technology and sustainable initiatives that reduce carbon emissions and improve overall speed and delivery of production processes.
In 2021, Vesuvius Group also made a strategic acquisition of U.S.-based Universal Refractories Inc., which significantly expands its North American presence amongst electric-arc furnace (EAF) steel producers, while further strengthening its commitment to foundry customers in the region.
Leading Industry Innovation
While many industries scaled back on innovative advancements in 2020 and 2021 due to the constraints of the pandemic, Vesuvius maintained its investment in full-scale research and development operations.
In 2021 alone, Vesuvius’ investment in R&D resulted in 27 new products to support the steel and foundry industries, which were made possible through its 200 technical experts and seven research centers across the globe, including the Global Foundry R&D Center.
Today, the company has committed to launching at least one new innovation each quarter to help foundry customers reach unprecedented industry levels of efficiency, productivity and quality.
“With the global backing and support of Vesuvius Group, we’re well positioned to lead the foundry industry in innovation through breakthrough products and processes,” said Iuliana Nita, Marketing & Technology Director of Vesuvius Foundry Division, NAFTA. “And as technology continues to be an important factor in streamlining North American foundry operations, Vesuvius is also continuing to explore new ways to integrate continuous data capture into our solutions to give our customers the valuable insights they need.”
Sustainable, Forward-Thinking Solutions
Aside from product and technology innovations that help foundries improve their efficiency and productivity, Vesuvius is also committed to industry-leading R&D that helps the company and its customers improve their overall environmental footprint.
In fact, more than 80% of Vesuvius’ products currently in development focus on sustainable solutions to help customers reduce their CO2 output.
This includes the latest SEMCO formaldehyde-free coating, which helps foundry customers reduce emissions of harmful substances generated in the casting process.
Further, the construction of the new regional manufacturing location and upgrades for all existing manufacturing facilities are based on sustainable initiatives to reduce Vesuvius’ environmental impact.
These efforts support the company’s overall commitment to reach a net zero carbon footprint by 2050.
To learn more about Vesuvius and its wide range of foundry consumables and solutions, visit www.vesuvius.com.
About Vesuvius
Vesuvius is a world leader in the supply of foundry consumables and solutions through its Foseco brand. Vesuvius offers a wide range of foundry products and services to meet the requirements of iron, steel and non ferrous foundries to help them to reduce defects, improve casting quality and optimize production costs. Vesuvius Group operates globally in over 100 countries around the world with headquarters for North America in Cleveland, Ohio.
To learn more, visit www.vesuvius.com.
Iuliana Nita
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The Sale Includes a 10-Year Factory Protection Plan (FPP), a Long-term Service Contract, Which Is Part of Capstone’s Focus On Growing Its EaaS Business
VAN NUYS, Calif.--(BUSINESS WIRE)--$CGRN #Bottling--Capstone Green Energy Corporation (NASDAQ: CGRN), a global leader in carbon reduction and on-site resilient green Energy as a Service (EaaS) solutions, announced today that it received a follow-on order for two signature series microturbines totaling 1.6 megawatts (MWs) for a leading bottling and packaging solutions provider in Mexico. The C1000S and C600S microturbines will be installed in a combined heat and power (CHP) application. DTC Solutions, Capstone's exclusive distributor for Mexico and Central America, secured the order, which is expected to be commissioned before the end of the year.
“It’s always an honor to me when our customers place follow-on orders with us as it’s the truest testament to our value proposition and the performance of our valued distributors like DTC Solutions,” said Darren Jamison, President and Chief Operating Officer of Capstone Green Energy. “Working with our distributors to help customers meet the evolving clean energy market demands and the shifting energy landscape, is our fundamental strength and what we strive to do day-in and day-out,” concluded Mr. Jamison.
The natural gas-fueled microturbines will be installed at the industrial manufacturer’s Guadalajara facility and are intended to provide 24/7 reliable and continuous electrical power and thermal energy for the plant. The clean exhaust will be used to feed a hot water exchanger with preheated boilers. The innovative heating process has helped the plant reduce energy costs, improve efficiency, and reduce on-site emissions.
The order will lead to energy consumption savings of approximately 62% and is estimated to have an impressive return on investment (ROI) of approximately three years, according to DTC Solutions internal calculations.
“These efficiency improvements directly translate to significantly lower energy costs and higher profit margins for our customers in Mexico,” said Alejandro Muñoz, President of DTC Solutions. “As utility rates continue to rise, manufacturers are opting to take matters into their own hands by adopting energy-efficient solutions like Capstone microturbine systems to increase resiliency and lower their carbon footprint,” concluded Mr. Muñoz.
Utilizing the heat by-product from a microturbine allows operators to reduce emissions and save added costs that would otherwise be required to produce heat or steam in a separate unit. While traditional electricity from the grid with coal and gas-fired plants produces power at 33% efficiency, Capstone CHP systems can reach efficiencies of more than 80%.
The order includes a 10-year Factory Protection Plan (FPP), a long-term service contract. Capstone's innovative FPP is a comprehensive maintenance program designed to give financial peace of mind to microturbine customers by providing product life cycle costs at a fixed rate for both scheduled and unscheduled maintenance for the life of the microturbine system.
About Capstone Green Energy
Capstone Green Energy (NASDAQ: CGRN) is a leading provider of customized microgrid solutions and on-site energy technology systems focused on helping customers around the globe meet their environmental, energy savings, and resiliency goals. Capstone Green Energy focuses on four key business lines. Through its Energy as a Service (EaaS) business, it offers rental solutions utilizing its microturbine energy systems and battery storage systems, comprehensive Factory Protection Plan (FPP) service contracts that guarantee life-cycle costs, as well as aftermarket parts. Energy Generation Technologies (EGT) are driven by the Company's industry-leading, highly efficient, low-emission, resilient microturbine energy systems offering scalable solutions in addition to a broad range of customer-tailored solutions, including hybrid energy systems and larger frame industrial turbines. The Energy Storage Solutions (ESS) business line designs and installs microgrid storage systems creating customized solutions using a combination of battery technologies and monitoring software. Through Hydrogen & Sustainable Products (H2S), Capstone Green Energy offers customers a variety of hydrogen products, including the Company's microturbine energy systems.
For customers with limited capital or short-term needs, Capstone offers rental systems; for more information, contact: This email address is being protected from spambots. You need JavaScript enabled to view it.. To date, Capstone has shipped over 10,000 units to 83 countries and estimates that, in FY21, it saved customers over $217 million in annual energy costs and approximately 397,000 tons of carbon. Total savings over the last three full fiscal years are estimated to be approximately $698 million in energy savings and approximately 1,115,100 tons of carbon savings.
For more information about the Company, please visit www.CapstoneGreenEnergy.com. Follow Capstone Green Energy on Twitter, LinkedIn, Instagram, Facebook, and YouTube.
Cautionary Note Regarding Forward-Looking Statements
This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding expectations for green initiatives and execution on the Company's growth strategy and other statements regarding the Company's expectations, beliefs, plans, intentions, and strategies. The Company has tried to identify these forward-looking statements by using words such as "expect," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, but not limited to, the following: the ongoing effects of the COVID-19 pandemic; the availability of credit and compliance with the agreements governing the Company's indebtedness; the Company's ability to develop new products and enhance existing products; product quality issues, including the adequacy of reserves therefor and warranty cost exposure; intense competition; financial performance of the oil and natural gas industry and other general business, industry and economic conditions; the Company's ability to adequately protect its intellectual property rights; and the impact of pending or threatened litigation. For a detailed discussion of factors that could affect the Company's future operating results, please see the Company's filings with the Securities and Exchange Commission, including the disclosures under "Risk Factors" in those filings. Except as expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason.
SOURCE: Capstone Green Energy Corporation
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HOUSTON--(BUSINESS WIRE)--Enterprise Products Operating LLC (“Enterprise”), a subsidiary of Enterprise Products Partners L.P. (NYSE: EPD), recently filed applications for tax abatements for six proposed projects, including a proposed ethane to ethylene cracker that could be located in one of at least three jurisdictions. None of the six projects and their locations have been finalized, approved or sanctioned at this time. Furthermore, to clarify multiple media reports, while Enterprise has been working to develop and commercially underwrite an ethane to ethylene facility for a number of years, the company has neither approved nor sanctioned the construction of such a facility.
Enterprise Products Partners L.P. is one of the largest publicly traded partnerships and a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, refined products and petrochemicals. Services include: natural gas gathering, treating, processing, transportation and storage; NGL transportation, fractionation, storage and marine terminals; crude oil gathering, transportation, storage and marine terminals; petrochemical and refined products production, transportation, storage, and marine terminals and related services; and a marine transportation business that operates on key U.S. inland and intracoastal waterway systems. The partnership’s assets include more than 50,000 miles of pipelines; over 260 million barrels of storage capacity for NGLs, crude oil, refined products and petrochemicals; and 14 billion cubic feet of natural gas storage capacity. Please visit www.enterpriseproducts.com for more information.
This press release includes “forward-looking statements” as defined by the Securities and Exchange Commission. All statements, other than statements of historical fact, included herein that address activities, events, developments or transactions that EPD and its general partner expect, believe or anticipate will or may occur in the future are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from expectations, including required approvals by regulatory agencies, the possibility that the anticipated benefits from such activities, events, developments or transactions cannot be fully realized, the possibility that costs or difficulties related thereto will be greater than expected, the impact of competition, and other risk factors included in EPD’s reports filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. Except as required by law, EPD does not intend to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
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Accelerating its science-based target set previously for both direct and indirect emissions
AUSTIN, Texas--(BUSINESS WIRE)--#Environment--Sabey Data Centers, a premier colocation data center provider, today announced its commitment to reach net-zero carbon emissions by or before 2029 across its Scope 1 and Scope 2 emissions. The Science-Based Target Initiative (SBTi), a global body that aligns enterprise emission reduction efforts with climate science, last year validated Sabey’s target and methods to achieve a 50% reduction in greenhouse gas emissions by 2030. Significantly, the company is now increasing and accelerating its commitment to a 100% reduction one year earlier.
Scope 1 focuses on direct emissions from operations, and Scope 2 includes indirect emissions from purchased electricity that powers its resilient data center infrastructure. Sabey will adopt industry-leading technology and techniques that align with its business objectives to meet its ambitious, portfolio-wide carbon emissions target.
Sabey has long built and operated energy-efficient data centers that reduce environmental impact and align with its customers’ sustainability initiatives and renewable energy requirements. “Sabey is an industry leader in energy-efficient solutions and low-cost, renewable power,” says John Sasser, Chief Technology Officer at Sabey Data Centers. “Unveiling our ambitious goal of net-zero emissions by or before 2029 aligns with our consistent, recognized record of sustainability.”
Sabey Data Centers has already taken the steps needed to become a more sustainable data center company. A few examples include:
For more information on Sabey Data Centers’ sustainability goals, visit sabeydatacenters.com.
About Sabey Data Centers:
With a portfolio of more than four million square feet of mission-critical space, Sabey Data Centers is one of the largest privately-owned multi-tenant data center owners/developers/operators in the United States. Sabey specializes in scalable, custom-built solutions, including data center-ready shell space and fully turnkey data centers managed by Sabey’s award-winning critical environment staff. Consistently recognized for low-cost hydroelectric power, operational excellence through its world-class data centers, and sustained uptime, Sabey is proud to provide data center services to many of the world’s top financial, technology, and healthcare companies. The company is a joint venture between Sabey Corporation and National Real Estate Advisors, LLC, acting as the investment manager on behalf of its institutional clients.
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Provider of long-duration energy storage completes convertible funding round co-led by CDP Venture Capital Sgr and Barclays and joined by Novum Capital Partners, ahead of planned Series B round.
MILAN--(BUSINESS WIRE)--Energy Dome, a leading provider of utility-scale long-duration energy storage solutions, today announced the successful closing of an $11 million bridge funding round.
The convertible funding was led by the Evolution Fund of CDP Venture Capital Sgr, together with existing investor Barclays, through their Sustainable Impact Capital program which funds early-stage companies accelerating the transition to a net-zero future. CDP Venture Capital Sgr is an asset management company with over €1,6 billion of AuM, aiming to make Venture Capital a strategic pillar to Italy's economic growth and innovation and creating the conditions for a comprehensive and sustainable growth of the ecosystem. The round was also joined by Swiss family office Novum Capital Partners, an existing shareholder in Energy Dome.
With the closing of this latest convertible round, Energy Dome has now raised a total of nearly $25M since the company emerged from stealth mode in February 2020.
The latest bridging round has closed in advance of Energy Dome’s Series B round, which is planned for later in the year. The convertible funding follows the Series A funding round in November 2021, which was also $11M and led by 360 Capital, Barclays, Novum Capital Partners and Third Derivative.
Energy Dome’s rapid technological development motivates the speed and frequency of the funding rounds. The Series A enabled the company to complete its 2.5MW / 4MWh commercial demonstration plant in Sardinia, Italy, the final step of technology de-risking. Energy Dome has begun the commercialization of the CO2 Battery. This latest bridge funding will allow the company to accelerate its development in advance of the Series B round by placing purchase orders for the long lead time turbomachinery equipment associated with its First of a Kind utility scale (20MW, 200MWh, 10-hour duration) energy storage projects. A Memorandum of Understanding for this first utility scale project has been signed with A2A, a major European utility, and the company is making strong progress on its commercial pipeline.
Energy Dome’s innovative technology is based on a novel industrial process which integrates off-the-shelf components using established supply chains. The core engineering team has worked together for over a decade in previous ventures and bring deep expertise in process engineering and turbomachinery.
Energy Dome’s emission-free energy storage method uses CO2 as a working fluid in a closed loop to store renewable energy from four to 24 hours and then dispatch it back to the grid when needed, a critical missing piece of the puzzle in the energy transition.
“This important achievement will sustain our ambitious growth,” said Claudio Spadacini, founder and CEO of Energy Dome. “I would like to welcome CDP Venture Capital Sgr into our team and to thank them, Barclays, and Novum Capital Partners for their trust in Energy Dome as we’re poised to become a leading solution provider for the long-duration energy storage market.”
“Energy Dome is a potential game changer in the green energy transition,” said Mario Scuderi, Responsible of Evolution Fund, CDP Venture Capital Sgr, “We believe in this enthusiastic team with great experience, innovative technologies and big ideas ready to scale internationally starting from Italy”.
“Energy Dome’s technology plays an important role in the transition to renewables, addressing the need for viable energy storage solutions. Their launch into the market is an exciting next step in Energy Dome’s journey, and we are delighted to continue our partnership as they scale up for the future.” said James Ferrier, Head of Sustainable Impact Capital at Barclays.
About Energy Dome
Energy Dome is an energy storage solution provider that is unlocking renewable energy by making solar and wind power dispatchable using the CO2 Battery. Led by a team with a track record of innovation in the energy sector, Energy Dome’s low-cost energy storage technology helps accelerate the global transition to renewable energy by enabling greater penetration of renewables on the grid. For more information, please visit www.energydome.com.
Barclays Sustainable Impact Capital
As part of the firm’s broader commitments, Barclays will invest £175m of its own capital, led by the Principal Investments team, in fast-growing, innovative, environmentally-focused companies whose values are aligned with those of Barclays and which target the goals and timelines of the Paris Agreement. Investments will be strategic to Barclays, its clients and the communities it serves, with clear scalable propositions that deliver both environmental benefits and economic returns. To find out more, click here.
Novum Capital Partners
Novum Capital Partners (NCP) is a Multi Family office based in Geneva. NCP was founded with one key objective: to provide ultra-high-net-worth families with peace of mind. Our partners shared a vision to build a financial services firm that is completely independent from banks, provides trusted advice for a limited number of clients based on a holistic understanding of their needs and wealth – and offers services that go far beyond the one of a traditional multi-family office. NCP as of today counts on 23 employees, from 14 different nationalities, that serves 20 families, with financial assets in excess of 2.2 bln CHF (over 5 bln of family total wealth).
About 360 Capital: Early Stage European VC
360 Capital is a Venture Capital firm investing in early stage, innovative deeptech & digital enterprises across Europe. The firm has a 20-year track record of supporting talented tech entrepreneurs in developing ambitious & disruptive companies in a variety of sectors. Led by a diverse and experienced team of professionals located in Paris and Milan, 360 Capital has €400M of assets under management and an active portfolio of over 50 companies. To find out more: www.360cap.vc
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NORTH CHARLESTON, S.C.--(BUSINESS WIRE)--Ingevity Corporation (NYSE:NGVT) today announced it has named Christine Stunyo, formerly with Host Hotels & Resorts, as chief human resources officer. In this role, Stunyo will be responsible for leading the company’s global Human Resources (HR) function, including organization development, integrated talent management, leadership development and culture. She assumes the new role effective June 27, 2022.
“We are thrilled to welcome Christine to Ingevity to lead our outstanding human resources team,” said John Fortson, Ingevity president and CEO. “She will be instrumental in continuing our commitment to diversity, equity and inclusion, drawing the best talent to Ingevity, and helping to develop our employees both professionally and personally. Christine’s multi-industry, global human resources experience will be a tremendous asset to guiding the evolution of our IngeviWay culture for our locations around the world.”
Stunyo has more than 20 years of experience in HR and joins Ingevity from Host Hotels & Resorts, a global real estate investment trust, where she was senior vice president of human resources and led the end-to-end human capital strategies, including executive compensation, benefits, learning and development, recruiting and employee relations. Prior to joining Host Hotels & Resorts in 2020, she worked for the United States Pharmacopeial Convention (USP) as senior vice president of global human resources, leading a team across four countries. Other previous experience includes roles of increasing responsibility at Capital One, including an ex-pat assignment heading human resources for the company’s Philippines operations, and HR management roles for PepsiCo.
“I believe creating a great work experience connects employees more deeply to the company’s work and purpose,” said Stunyo. “I am energized and honored to step into a new sector at Ingevity and help shape the future of the employee experience utilizing my broad background across many industries for the benefit of our global team.”
Stunyo received her bachelor’s degree in business administration with a human resources management emphasis from the University of Wisconsin – Green Bay. She is a native of Minnesota.
Ingevity: Purify, Protect and Enhance
Ingevity provides products and technologies that purify, protect, and enhance the world around us. Through a team of talented and experienced people, we develop, manufacture and bring to market solutions that help customers solve complex problems and make the world more sustainable. We operate in two reporting segments: Performance Chemicals, which includes specialty chemicals and engineered polymers; and Performance Materials, which includes high-performance activated carbon. These products are used in a variety of demanding applications, including asphalt paving, oil exploration and production, agrochemicals, adhesives, lubricants, publication inks, coatings, elastomers, bioplastics and automotive components that reduce gasoline vapor emissions. Headquartered in North Charleston, South Carolina, Ingevity operates from 25 locations around the world and employs approximately 1,850 people. The company is traded on the New York Stock Exchange (NYSE:NGVT). For more information visit www.ingevity.com.
Caroline Monahan
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DUBLIN--(BUSINESS WIRE)--The "Global Solid State Battery Market (2022-2027) by Components, Type, Rechargeability, Capacity, Application, Geography, Competitive Analysis, and the Impact of Covid-19 with Ansoff Analysis" report has been added to ResearchAndMarkets.com's offering.
The Global Solid State Battery Market is estimated to be USD 68 Mn in 2022 and is projected to reach USD 299.31 Mn by 2027, growing at a CAGR of 34.5%.
Market dynamics are forces that impact the prices and behaviors of the Global Solid State Battery 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
Why buy this report?
Market Dynamics
Drivers
Restraints
Opportunities
Challenges
Market Segmentations
The Global Solid State Battery Market is segmented based on Components, Type, Rechargeability, Capacity, Application, and Geography.
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/cetxbn
ResearchAndMarkets.com
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HOUSTON--(BUSINESS WIRE)--U.S. Transportation Secretary Pete Buttigieg has announced the appointment of Port Houston Executive Director Roger Guenther to the Maritime Transportation System National Advisory Committee (MTSNAC). The MTSNAC will advise Secretary Buttigieg, through the Maritime Administration (MARAD) Administrator, on ways to identify and address matters relating to U.S. maritime transportation, its integration with other segments of the transportation system, impediments to the effective use of short sea transportation, and the viability of the U.S. Merchant Marine.
“Our maritime industry plays a central role in our supply chains and our economic strength as a nation,” said U.S. Transportation Secretary Pete Buttigieg in the announcement. “These new members will help us deliver the maritime investments in the Bipartisan Infrastructure Law, fighting inflation and reducing delays for the American people.”
Guenther is among 22 new MTSNAC members comprised of leaders from sectors including commercial transportation firms, state and local public entities, trade associations, labor organizations, academic, and environmental groups, among others. In May, Guenther was inducted into the International Maritime Hall of Fame in recognition of his significant contributions to the maritime industry.
Port Houston, along with the U.S. Army Corps of Engineers, is currently leading the Houston Ship Channel Expansion – Project 11, a collaborative infrastructure project to deepen and widen the Houston Ship Channel to support safety and its continued historic record-breaking growth. According to the Corps of Engineers, the Houston Ship Channel is the busiest waterway in the nation.
Port Houston’s eight public terminals and more than 200 private facilities have an economic impact of nearly $802 billion in annual activity to the nation, and support more than 2.1 million U.S. jobs.
About Port Houston
For more than 100 years, Port Houston has owned and operated the public wharves and terminals along the Houston Ship Channel, including the area’s largest breakbulk facility and two of the most efficient container terminals in the country. Port Houston is the advocate and a strategic leader for the Channel. The Houston Ship Channel complex and its more than 200 public and private terminals, collectively known as the Port of Houston, is the nation’s largest port for waterborne tonnage and an essential economic engine for the Houston region, the state of Texas and the U.S. The Port of Houston supports the creation of nearly 1.35 million jobs in Texas and 3.2 million jobs nationwide, and economic activity totaling $339 billion in Texas – 20.6 percent of Texas’ total gross domestic product (GDP) – and $801.9 billion in economic impact across the nation. For more information, visit the website at PortHouston.com.
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TORONTO--(BUSINESS WIRE)--Li-Cycle Holdings Corp. (NYSE: LICY) (“Li-Cycle” or the “Company”), an industry leader in lithium-ion battery resource recovery and the leading lithium-ion battery recycler in North America, announced today that as part of the 2022 Russell indexes annual reconstitution, the Company has been added to the small-cap Russell 2000® Index and the broad-market Russell 3000® Index, effective after the U.S. market opens on June 27, 2022.
“As we continue to execute on our Spoke & Hub network strategy, which provides localized sustainable solutions for the battery materials supply chain to support the growth for electric vehicles, we look forward to expanding our reach within the investment community,” said Ajay Kochhar, Li-Cycle co-founder and Chief Executive Officer. “We are excited to have been selected for inclusion in the Russell 2000® Index, another meaningful market milestone for Li-Cycle since becoming publicly listed in August 2021.”
The annual Russell indexes reconstitution captures the 4,000 largest U.S. stocks as of May 6, 2022 ranking them by total market capitalization. Membership in the U.S. all-cap Russell 3000® Index, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000® Index or the small-cap Russell 2000® Index as well as the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings and style attributes.
Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $12 trillion in assets are benchmarked against Russell’s US indexes. Russell indexes are part of FTSE Russell, a leading global index provider. Additional information on the Russell 2000® Index, Russell 3000® Index and the Russell indexes reconstitution can be found on the “Russell Reconstitution” section of the FTSE Russell website.
About Li-Cycle Holdings Corp.
Li-Cycle (NYSE: LICY) is on a mission to leverage its innovative Spoke & Hub Technologies™ to provide a customer-centric, end-of-life solution for lithium-ion batteries, while creating a secondary supply of critical battery materials. Lithium-ion rechargeable batteries are increasingly powering our world in automotive, energy storage, consumer electronics, and other industrial and household applications. The world needs improved technology and supply chain innovations to better manage battery manufacturing waste and end-of-life batteries and to meet the rapidly growing demand for critical and scarce battery-grade raw materials through a closed-loop solution. For more information, visit https://li-cycle.com/.
About FTSE Russell
FTSE Russell is a global index leader that provides innovative benchmarking, analytics and data solutions for investors worldwide. FTSE Russell calculates thousands of indexes that measure and benchmark markets and asset classes in more than 70 countries, covering 98% of the investable market globally.
FTSE Russell index expertise and products are used extensively by institutional and retail investors globally. Approximately $20 trillion is currently benchmarked to FTSE Russell indexes. For over 30 years, leading asset owners, asset managers, ETF providers and investment banks have chosen FTSE Russell indexes to benchmark their investment performance and create ETFs, structured products and index-based derivatives.
A core set of universal principles guides FTSE Russell index design and management: a transparent rules-based methodology is informed by independent committees of leading market participants. FTSE Russell is focused on applying the highest industry standards in index design and governance and embraces the IOSCO Principles. FTSE Russell is also focused on index innovation and customer partnerships as it seeks to enhance the breadth, depth and reach of its offering.
FTSE Russell is wholly owned by London Stock Exchange Group. For more information, visit www.ftserussell.com.
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LUGANO, Switzerland & WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--Energy Vault Holdings, Inc. (NYSE: NRGV) ("Energy Vault"), a leader in sustainable, grid-scale energy storage solutions, today announced that they have joined the Russell 2000® Index following the conclusion of the 2022 Russell indexes annual reconstitution, effective today, Monday, June 27, 2022 at market open.
Annual Russell indexes reconstitution captures the 4,000 largest US stocks as of May 6, ranking them by total market capitalization. Membership in the US all-cap Russell 3000® Index, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000® Index or small-cap Russell 2000® Index as well as the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings and style attributes.
“We are excited to be added to the Russell family of indices,” said Robert Piconi, Chairman, Co-Founder and CEO of Energy Vault. “Our inclusion in the Russell 2000® marks another important milestone for Energy Vault during this transformative year for the company, giving us a greater opportunity to increase our exposure to the broader investment community, and expand awareness for our mission of accelerating the decarbonization of our planet.”
Russell indexes are widely used by investment managers and institutional investors for index funds, and as benchmarks for active investment strategies. Approximately $12 trillion in assets are benchmarked against Russell’s US indexes. Russell indexes are part of FTSE Russell, a leading global index provider.
For more information on the Russell 3000® Index and the Russell indexes reconstitution, go to the “Russell Reconstitution” section on the FTSE Russell website.
About Energy Vault
Energy Vault develops and deploys sustainable energy storage solutions designed to transform the world’s approach to utility-scale energy storage in realizing decarbonization while maintaining grid resiliency. The company’s proprietary gravity-based energy storage technology and energy storage management and integration platform are intended to help utilities, independent power producers and large industrial energy users significantly reduce their levelized cost of energy while maintaining power reliability. Utilizing eco-friendly materials with the ability to integrate waste materials for beneficial re-use, Energy Vault is facilitating the shift to a circular economy while accelerating the clean energy transition for its customers. For additional information, please visit: www.energyvault.com.
About FTSE Russell
FTSE Russell is a global index leader that provides innovative benchmarking, analytics and data solutions for investors worldwide. FTSE Russell calculates thousands of indexes that measure and benchmark markets and asset classes in more than 70 countries, covering 98% of the investable market globally.
FTSE Russell index expertise and products are used extensively by institutional and retail investors globally. Approximately $20 trillion is currently benchmarked to FTSE Russell indexes. For over 30 years, leading asset owners, asset managers, ETF providers and investment banks have chosen FTSE Russell indexes to benchmark their investment performance and create ETFs, structured products and index-based derivatives.
A core set of universal principles guides FTSE Russell index design and management: a transparent rules-based methodology is informed by independent committees of leading market participants. FTSE Russell is focused on applying the highest industry standards in index design and governance and embraces the IOSCO Principles. FTSE Russell is also focused on index innovation and customer partnerships as it seeks to enhance the breadth, depth and reach of its offering.
FTSE Russell is wholly owned by London Stock Exchange Group.
For more information, visit www.ftserussell.com.
Energy Vault
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Adds 31,900 NRAs, bringing Company’s total to 173,700 NRAs
Issues financial and operational guidance for second half of 2022
DENVER--(BUSINESS WIRE)--Sitio Royalties Corp. (NYSE: STR) (“Sitio” or the “Company”) today announced it has (i) completed the acquisition of over 19,700 net royalty acres ("NRAs") in the Permian Basin from Foundation Minerals, a Midland-based portfolio company of Quantum Energy Partners, for approximately $323 million (the “Foundation Acquisition”) and (ii) entered into a definitive purchase and sale agreement to acquire over 12,200 NRAs in the Permian Basin from Momentum Minerals, a Houston-based portfolio company of funds and accounts managed or advised by affiliates of Apollo Global Management, for approximately $224 million (the “Momentum Acquisition” and together with the Foundation Acquisition, the “Acquisitions”). The Foundation Acquisition was funded utilizing borrowings under the Company’s credit facility and proceeds from a 364-day unsecured bridge loan facility, and the Momentum Acquisition is expected to be funded utilizing debt financing and close in the third quarter of 2022, subject to customary closing conditions.
In conjunction with the Acquisitions and consistent with the Company’s strategy of protecting returns in times of above mid-cycle pricing, Sitio also entered into crude oil and natural gas derivative contracts to enhance the certainty of cash flows and protect against adverse commodity price fluctuations.
ACQUISITION HIGHLIGHTS
1 Line of sight inventory wells are wells that have been either spud or permitted. |
Chris Conoscenti, Chief Executive Officer of Sitio, commented, “We are excited to announce these highly accretive acquisitions in the Permian Basin and continued execution of our returns-focused, large-scale mineral and royalty consolidation strategy. We expect our shareholders to significantly benefit from efficiencies due to the increased scale of the Company and a substantial increase to our dividend. These acquisitions are the latest in a series of transactions in excess of 10,000 NRAs since June of 2021, building on our track record of executing value-additive M&A and further cementing our position as the top consolidator in the space.”
Noam Lockshin, Chairman of the Sitio Board of Directors, said, “We believe that the mineral and royalty sector is ripe for consolidation and are proud to announce these highly accretive acquisitions soon after completing the Falcon Minerals merger and rebranding the Company to Sitio. The acquired assets are in highly valued areas of the Permian Basin, meaningfully increasing our line of sight to strong production growth in the near-term and providing substantial remaining inventory.”
SECOND HALF 2022 FINANCIAL AND OPERATIONAL GUIDANCE
In connection with the acquisitions, Sitio is providing operational and financial guidance for the second half of 2022.
| 2H 2022 Guidance | |
| Production (Mboe/d) | 18.0 - 19.0 |
| % oil | 50% - 53% |
| Expenses and taxes | |
| Gathering, transportation and marketing ($ / boe) | $1.25 - $1.75 |
| Production & ad valorem taxes (% of revenue) | 7% - 9% |
| Cash tax rate(1) | 3% - 5% |
| Annual cash G&A ($ mm) | $15.0 - $16.5 |
| (1) Percent of pre-tax income attributable to Sitio Royalties Corp. |
HEDGING UPDATE
Sitio entered into derivative contracts in connection with each cash acquisition beginning in the second quarter of 2022. The company’s oil and gas derivatives as of June 27, 2022 are summarized below:
Oil (NYMEX WTI) |
|||||||||
2H22 |
2023 |
2024 |
1H25 |
||||||
| Swaps | |||||||||
| Total volume (bbls) | 404,800 |
1,113,250 |
1,207,800 |
199,100 |
|||||
| Average price ($/bbl) | $106.31 |
$93.71 |
$82.66 |
$74.65 |
|||||
| Collars | |||||||||
| Total volume (bbls) | - |
- |
- |
362,000 |
|||||
| Average call ($/bbl) | - |
- |
- |
$93.20 |
|||||
| Average put ($/bbl) | - |
- |
- |
$60.00 |
|||||
Gas (NYMEX Henry Hub) |
|||||||||
2H22 |
2023 |
2024 |
1H25 |
||||||
| Swaps | |||||||||
| Total volume (mmbtu) | 92,000 |
182,500 |
183,000 |
- |
|||||
| Average price ($/mmbtu) | $4.63 |
$3.83 |
$3.41 |
- |
|||||
| Collars | |||||||||
| Total volume (mmbtu) | 1,104,000 |
3,102,500 |
4,172,400 |
2,099,600 |
|||||
| Average call ($/mmbtu) | $9.69 |
$7.93 |
$7.24 |
$10.34 |
|||||
| Average put ($/mmbtu) | $6.00 |
$4.82 |
$4.00 |
$3.31 |
|||||
Additional Information
Sitio has posted an updated investor presentation to the investor relations tab of its website, and will hold an investor call on June 27, 2022 at 8:30 a.m. ET to discuss details of the Acquisitions. Participants can access the call by dialing 1-844-200-6205 in the United States or 1-929-526-1599 in other locations with access code 299158. The call will also be available via webcast at https://events.q4inc.com/attendee/728055855.
About Sitio Royalties Corp.
Sitio is a shareholder returns-driven company focused on large-scale consolidation of high-quality oil & gas mineral and royalty interests across premium basins, with a diversified set of top-tier operators. With a clear objective of generating cash flow from operations that can be returned to shareholders and reinvested, Sitio has accumulated over 173,000 net royalty acres (“NRAs,” when normalized to a 1/8th royalty equivalent) through the consummation of over 180 acquisitions to date, after giving effect to the completion of the Momentum Acquisition. More information about Sitio, including an updated investor presentation, is available at www.sitio.com.
Forward Looking Statements
This presentation relates to Sitio Royalties Corp. (the “Company” or “Sitio”) and its (i) completion of the acquisition of over 19,700 net royalty acres ("NRAs") in the Permian Basin from Foundation Minerals (the “Foundation Acquisition”) and (ii) entry into a definitive purchase and sale agreement to acquire over 12,200 NRAs in the Permian Basin from Momentum Minerals (the “Momentum Acquisition” and together with the Foundation Acquisition, the “Acquisitions”). This presentation contains statements that may constitute “forward-looking statements” for purposes of federal securities laws. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “seeks,” “possible,” “potential,” “predict,” “project,” “prospects,” “guidance,” “outlook,” “should,” “would,” “will,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These statements include, but are not limited to, statements about the Company’s expected benefits of the Acquisition, including with respect to the Company’s expected results of operations, cash flows, financial position and future dividends; as well as future plans, expectations, and objectives for the Company’s operations, including statements about strategy, synergies, future operations, financial position, prospects, and plans. While forward-looking statements are based on assumptions and analyses made by us that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties that could cause our actual results, performance, and financial condition to differ materially from our expectations and predictions. See “Risk Factors” in Falcon Minerals Corporation’s (“Falcon”) definitive proxy statement filed with the U.S. Securities and Exchange Commission (the “SEC”) on May 5, 2022 for a discussion of risk factors related to the merger between Falcon and Desert Peak Minerals (“Desert Peak”) and Desert Peak’s business. See also Part I, Item 1A “Risk Factors” in Falcon’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and Part II, Item 1A “Risk Factors” in Falcon’s Quarterly Reports on Form 10-Q , each filed with the SEC for a discussion of risk factors that affect Falcon’s business, and the “Risks Factors Relating to Desert Peak” described in the Current Report on Form 8-K filed on June 10, 2022. Any forward-looking statement made in this presentation speaks only as of the date on which it is made. Factors or events that could cause actual results to differ may emerge from time to time, and it is not possible to predict all of them. Sitio undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future development, or otherwise, except as may be required by law.
IR contact:
Ross Wong
(720) 640-7647
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Media contact:
Daniel Yunger or Hallie Wolff
Kekst CNC
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DUBLIN--(BUSINESS WIRE)--The "Saudi Arabia Port Infrastructure Market, By Elements (Port Terminals, Port Operational Equipment, Others), By Type (Sea Port, Dry Port, Container Terminals, Others), By Thrust (Portable, Mid-range, High Power), By Region, Competition Forecast & Opportunities, 2028" report has been added to ResearchAndMarkets.com's offering.
Saudi Arabia port infrastructure market is anticipated to grow at a significant rate during the forecast period. The market growth can be attributed to the rising investments and financial aid by the government to advance the port infrastructure.
Besides, effective trade activities are promoting the economic activities in the coastal areas, and upsurge in passengers travelling via sea are creating a need to advance port infrastructure in the country, which is propelling its market growth. Moreover, investments from the Saudi government to ensure safe and efficient economic activities are further augmenting the port infrastructure market in Saudi Arabia.
Many end-user industries depend on container shipments for the import and export of goods across the world, which is further expected to propel the growth of Saudi Arabia port infrastructure market in coming years. Huge investments in the construction of container hubs and upgrading of containerized cargo for oil and gas supply and increasing private investments in public infrastructure are substantiating the growth of Saudi Arabia port infrastructure.
Huge investments to make port projects more investor-friendly and expand the volume capacity of the docks to handle the ships better are expected to accelerate the growth of Saudi Arabia port infrastructure market. Waste generated from cargo operations such as dredged materials, oily mixtures, garbage discarded from ships, solid and liquid wastes, etc. significantly impact flora and fauna of water bodies. Thus, growing concerns regarding the environmental impact could present a major growth challenge for the Saudi Arabia port infrastructure market. Besides, high capital and maintenance costs could restrict the growth of Saudi Arabia port infrastructure market in the coming years.
Objective of the Study:
Report Scope:
In this report, Saudi Arabia port infrastructure market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Saudi Arabia Port Infrastructure Market, By Elements:
Saudi Arabia Port Infrastructure Market, By Type:
Saudi Arabia Port Infrastructure Market, By Thrust:
Saudi Arabia Port Infrastructure Market, By Region:
Key Topics Covered:
1. Product Overview
2. Research Methodology
3. Executive Summary
4. Voice of Customer
5. Impact of COVID -19 on Saudi Arabia Port Infrastructure Market
6. Saudi Arabia Port Infrastructure Market Overview
7. Saudi Arabia Port Infrastructure Market Outlook
7.1. Market Size & Forecast
7.1.1. By Value
7.2. Market Share & Forecast
7.2.1. By Elements (Port Terminals, Port Operational Equipment, Others)
7.2.2. By Type (Sea Port, Dry Port, Container Terminals, Others)
7.2.3. By Thrust (Portable, Mid-range, High Power)
7.2.4. By Region (Northern & Central, Southern, Eastern, Western)
7.2.5. By Company (2021)
7.3. Market Map
8. Saudi Arabia Sea Port Infrastructure Market Outlook
9. Saudi Arabia Dry Port Infrastructure Market Outlook
10. Saudi Arabia Container Terminals Infrastructure Market Outlook
11. Market Dynamics
11.1. Drivers
11.2. Challenges
12. Market Trends & Developments
13. Policy & Regulatory Landscape
14. Supply Chain Analysis
15. Saudi Arabia Economic Profile
16. Competitive Landscape
17. Strategic Recommendations
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/90qa5o
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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DALLAS--(BUSINESS WIRE)--Primoris Services Corporation (NASDAQ Global Select: PRIM) (“Primoris” or the “Company”) announced today that it has entered into a definitive merger agreement to acquire PLH Group, Inc. (“PLH Group” or “PLH”) in an all-cash transaction valued at $470 million.
Primoris, one of the top specialty contractors in the U.S., provides critical infrastructure services to the utility, renewables and other related energy markets. The Company’s strategic focus on utility markets includes Power Delivery, Communications, and Gas Utilities. PLH Group is a utility-focused specialty construction company with concentration in key fast-growing regions of the U.S. Both companies are headquartered in the Dallas-Fort Worth metroplex.
Strategic Advantages and Benefits
Financial Advantages and Benefits
“This acquisition aligns solidly with our strategic focus on higher-growth, higher-margin business segments,” said Tom McCormick, President and Chief Executive Officer of Primoris. “It expands our footprint for Power Delivery services at a time when improvement and expansion of our domestic electric grid is driving massive capital investment in this market.”
McCormick also pointed to the strengths of PLH in emerging growth utility markets including data centers and renewable-power-generation-to-grid connections: “We are the best owner for this business, and its scope complements ours both in end markets and geographic coverage, advancing us along our strategic path. We look forward to welcoming the PLH team to the Primoris family of companies.”
Peter Sandore, Chief Executive Officer of PLH Group, said, “We’re excited about the opportunities Primoris provides for both our customers and employees. Primoris’ wide range of services allow us to offer new capabilities to our existing customers while we continue to advance our core values of safety, integrity, professionalism, and teamwork. Further, Primoris’ size and expanded footprint will give the PLH teams access to greater career mobility and more diverse job opportunities in the future.”
For the 12 months ended May 31, 2022, PLH generated total revenue of $733 million and total adjusted earnings before income tax, depreciation and amortization (“Adjusted EBITDA”) of $54 million. Approximately 80 percent of PLH revenue is associated with Power Delivery and Gas Utility end markets for the 12 months ended December 31, 2021.
With a high proportion of PLH revenue based on master service agreements (“MSAs”) and unit price contracts, the transaction also maintains Primoris’ strategic emphasis on limiting contract risk. On a pro forma basis, MSA contracts will increase from 46 percent of total revenue to 48 percent of total revenue.
Transaction Approvals and Closing Conditions
The transaction has been unanimously approved by the Boards of Directors of both Primoris and PLH Group and is expected to close in the third quarter of 2022. The transaction is dependent on the receipt of regulatory approvals and other customary closing conditions.
Financing
Primoris will acquire PLH Group for a purchase price of $470 million, funded through borrowings under our existing credit agreement. Certain members of our existing lender group have committed to provide $425 million of incremental term loans. Pro forma for the transaction, Primoris’ net leverage will be approximately 3.3x net debt to adjusted EBITDA, based on estimated Primoris net debt as of June 30, 2022, and Primoris LTM adjusted EBITDA as of March 31, 2022 combined with PLH LTM adjusted EBITDA as of May 31, 2022. Following the close of the transaction, Primoris targets net leverage of 2.0x by 2024.
Advisors
UBS Investment Bank served as the exclusive financial advisor to Primoris. Gibson, Dunn & Crutcher LLP served as the Company’s legal counsel. Stifel, Nicolaus & Company served as the exclusive financial advisor to PLH Group. K&L Gates LLP served as PLH Group’s legal counsel.
Conference Call
Tom McCormick, President and Chief Executive Officer, and Ken Dodgen, Executive Vice President and Chief Financial Officer, will host a conference call Monday, June 27, 2022 at 9:00 am Central Time / 10:00 am Eastern Time to discuss the transaction.
Interested parties may participate in the call by dialing:
Presentation slides to accompany the conference call are available for download in the Investor Relations section of Primoris’ website at www.primoriscorp.com. Once at the Investor Relations section, please click on “Events & Presentations”.
If you are unable to participate in the live call, a replay may be accessed by dialing 1-877-344-7529, or 1-412-317-0088 (access code: 2594883) and will be available for approximately seven days. The conference call will also be broadcast live over the Internet and can be accessed and replayed through the Investor Relations section of Primoris' website at www.primoriscorp.com.
About Primoris
Primoris Services Corporation is a leading specialty contractor providing critical infrastructure services to the utility, energy/renewables and pipeline services markets throughout the United States and Canada. The Company supports a diversified base of blue-chip customers with engineering, procurement, construction and maintenance services. A focus on multi-year master service agreements and an expanded presence in higher-margin, higher-growth markets such as utility-scale solar facility installations, renewable fuels, electrical transmission and distribution systems and communications infrastructure have also increased the Company’s potential for long-term growth. Additional information on Primoris is available at www.primoriscorp.com.
About PLH Group, Inc.
PLH Group is a leading full-service construction and specialty contractor that serves the electric power and pipeline markets. PLH Group has assembled a North American team of top-quality companies that deliver services covering the broad range of needs of its customers from pipeline construction and related directional drilling to electric transmission, distribution and substation construction including specialized foundations and helicopter airborne operations. Safety, expertise, and collaboration distinguish PLH Group’s diversified infrastructure service solutions.
Forward Looking Statements
This press release contains certain forward-looking statements, including the Company’s outlook, that reflect, when made, the Company’s expectations or beliefs concerning future events that involve risks and uncertainties, including with regard to the Company’s future performance. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “anticipates”, “believes”, “could”, “estimates”, “expects”, “intends”, “may”, “plans”, “potential”, “predicts”, “projects”, “should”, “targets”, “will”, “would” or similar expressions. Forward-looking statements include information concerning the possible or assumed future results of operations, business strategies, financing plans, competitive position, industry environment, potential growth opportunities, the effects of regulation and the economy, generally. Forward-looking statements involve known and unknown risks, uncertainties, and other factors, which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Actual results may differ materially as a result of a number of factors, including, among other things, customer timing, project duration, weather, and general economic conditions; changes in the mix of customers, projects, contracts and business; regional or national and/or general economic conditions and demand for the Company’s services; macroeconomic impacts arising from the long duration of the COVID-19 pandemic, including labor shortages and supply chain disruptions; price, volatility, and expectations of future prices of oil, natural gas, and natural gas liquids; variations and changes in the margins of projects performed during any particular quarter; increases in the costs to perform services caused by changing conditions; the termination, or expiration of existing agreements or contracts; the budgetary spending patterns of customers; inflation and other increases in construction costs that the Company may be unable to pass through to customers; cost or schedule overruns on fixed-price contracts; availability of qualified labor for specific projects; changes in bonding requirements and bonding availability for existing and new agreements; the need and availability of letters of credit; costs incurred to support growth, whether organic or through acquisitions; the timing and volume of work under contract; losses experienced in the Company’s operations; the results of the review of prior period accounting on certain projects and the impact of adjustments to accounting estimates; developments in governmental investigations and/or inquiries; intense competition in the industries in which the Company operates; failure to obtain favorable results in existing or future litigation or regulatory proceedings, dispute resolution proceedings or claims, including claims for additional costs; failure of partners, suppliers or subcontractors to perform their obligations; cyber-security breaches; failure to maintain safe worksites; risks or uncertainties associated with events outside of the Company’s control, including severe weather conditions, public health crises and pandemics (such as COVID-19), political crises or other catastrophic events; client delays or defaults in making payments; the availability of credit and restrictions imposed by credit facilities; failure to implement strategic and operational initiatives; risks or uncertainties associated with acquisitions, dispositions and investments; possible information technology interruptions or inability to protect intellectual property; the Company’s failure, or the failure of the Company’s agents or partners, to comply with laws; the Company's ability to secure appropriate insurance; new or changing legal requirements, including those relating to environmental, health and safety matters; the loss of one or a few clients that account for a significant portion of the Company's revenues; asset impairments; and risks arising from the inability to successfully integrate acquired businesses. In addition to information included in this press release, additional information about these and other risks can be found in Part I, Item 1A “Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, and the Company’s other filings with the U.S. Securities and Exchange Commission (“SEC”). Such filings are available on the SEC’s website at www.sec.gov. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements. Primoris does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Factors that could cause actual results to differ materially from those indicated in the forward-looking statements include, among other things, (a) the risk and uncertainties disclosed in the Company’s Annual Report on Form 10-K and the Company’s Quarterly Reports on Form 10-Q filed with the SEC from time to time and (b) the following risks inherent in the transactions (in addition to others described elsewhere in this document and in the subsequent filings with the SEC): (1) failure to obtain regulatory approval necessary to consummate the transactions or to obtain regulatory approvals on favorable terms, (2) delays in consummating the transactions or the failure to consummate the transactions, (3) our ability to realize the estimated synergies on the timeline expected or at all, and (4) our ability to subsequently deleverage our balance sheet to targeted levels.
Jeremy Apple
312-690-6003
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Ameren Missouri’s Largest-Ever Solar Project Will Generate $14 million in Revenue for Local Communities
SAN DIEGO & ST. LOUIS--(BUSINESS WIRE)--EDF Renewables North America and Ameren Missouri, a subsidiary of Ameren Corporation (NYSE: AEE), announced today an agreement by which Ameren will acquire, after construction, the 200 megawatt (MWac) / 270 MWdc Huck Finn Solar Project. The deal is subject to closing conditions, including regulatory approvals.
Developed by EDF Renewables, Huck Finn Solar is expected to create more than 250 jobs at peak construction. Once operational in late 2024, the project is expected to generate more than $14 million in revenue for the local communities in both Audrain and Ralls Counties. This new generation will help Ameren Missouri meet its goal of net-zero carbon emissions by 2045 as well as provide new clean energy options to help customers meet their clean energy goals.
Eric Spigelman, Director of Origination and Power Marketing at EDF Renewables commented, “EDF Renewables is pleased to partner again with Ameren to help them execute on the transition to cleaner forms of generation. Ameren shares in our mission to deliver affordable, clean, reliable energy while at the same time growing the economy.”
“Solar generation is good for all of our customers because it provides clean electricity, creates economic opportunity and injects millions of dollars into the community over the life of the project, which will have widespread additional benefits,” said Mark Birk, Chairman and President of Ameren Missouri. “The facility is a step-change for solar generation in Missouri and is designed to generate more than 25 times the amount of energy of Missouri's largest existing solar facility. With timely regulatory approvals, the project could begin generating clean energy as soon as 2024.”
The expected electricity generated at full capacity is enough to meet the consumption of approximately 40,000 homes1. This is equivalent to avoiding over 330,000 metric tons of carbon (CO₂) emissions annually which represents the greenhouse gas emissions from over 70,000 passenger vehicles driven over the course of one year2.
EDF Renewables, one of the largest renewable developers in North America, is committed to providing solutions to meet our customers’ carbon-reduction goals. With 35 years of experience and 24 gigawatts of wind, solar, and storage projects developed, EDF Renewables provides integrated energy solutions from grid-scale power to electric vehicle charging.
1 According to U.S. Energy Information Administration (EIA) 2020 Residential Electricity Sales and U.S. Census Data and typical transmission assumptions.
2 According to U.S. EPA Greenhouse Gas Equivalencies calculations and typical transmission assumptions.
EDF Renewables North America is a market leading independent power producer and service provider with 35 years of expertise in renewable energy. The Company delivers grid-scale power: wind (onshore and offshore), solar photovoltaic, and storage projects; distributed solutions: solar and storage; and asset optimization: technical, operational, and commercial expertise to maximize performance of generating projects. The Company’s PowerFlex subsidiary offers a full suite of onsite energy solutions for commercial and industrial customers: solar, storage, EV charging, energy management systems, and microgrids. EDF Renewables’ North American portfolio consists of 24 GW of developed projects and 13 GW under service contracts. EDF Renewables North America is a subsidiary of EDF Renouvelables, the dedicated renewable energy affiliate of the EDF Group. For more information visit: www.edf-re.com. Connect with us on LinkedIn, Facebook and Twitter.
Sandi Briner, 858-521-3525
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