DUBLIN--(BUSINESS WIRE)--The "Floating Solar Panel Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The floating solar panel market was valued at US$376.827 million in 2020 and is expected to grow at a CAGR of 35.86% over the forecast period to reach a total market size of US$3219.996 million by 2027.
In various economies, the inclination towards clean energy with floating solar panels is expected to be a major growth driver. In 2019, solar photovoltaic was the second-largest absolute generator of energy in the US, followed by wind power and ahead of hydropower, which drove the growth of floating solar power generation by 22% (+131 TWh).
Various factors, such as subsidies and tax incentives offered by the government to purchase and install solar panels, as well as rental benefits offered to reservoir owners, are expected to fuel the demand for solar photovoltaic (PV) panels. Further, the scarcity of open land and the growing use of water resources such as reservoirs, ponds, canals, and rivers for floating solar panel installations are expected to spur the market's growth.
In addition, floating solar panels have low maintenance and management costs. By 2020, there will be 230,000 Americans working in the solar industry, with more than 10,000 companies in every state in the country. A $25 billion investment in the solar industry is expected for the U.S. economy in 2020. If floating solar panels were added to bodies of water that already have hydroelectric plants, the researchers estimate that a potential annual output of 10,600 terawatt-hours could be generated by installing solar PV systems alone.
Solar panels are expected to grow in Japan, China, and India due to the growing investments in floating panels along with favourable regulatory support. During the forecast period, the South Korean, Malaysian, Australian, and Maldivian governments are all expected to increase their investments in floating solar panel plants.
As a result of the Yamakura Dam project in Japan, floating solar panels are expected to be in demand in Japan. Likewise, the Uttar Pradesh government in India announced that they would be developing a 150 megawatt (MW) floating solar power project in the near future.
Growth Factors
Investments in floating solar panels continue to grow
Manufacturing companies are investing more in ways to improve the efficiency of solar panels, which is a prominent trend in the floating panels market.
Additionally, governments worldwide are investing in this technology because floating solar panels save money since they do not need land. Many of the projects scheduled to start construction within the next few years, such as Vietnam's 475 MW project, South Korea's 2.1 gigawatt (GW) project, and several others, are likely to be completed in the near future.
Additionally, Singapore, which has a land area of over 700 sq. km and a population of over 5.70 million, is agitatedly working to deploy new floating solar panels. Singapore is building one of the world's largest floating solar panel farms in July 2021, occupying an area the size of 45 football fields and generating enough electricity to power five of the island's five water treatment plants.
Similarly, a 120-MW floating solar photovoltaic plant (FSPV) has been built by Jinko18 in Poyang Lake that is spread over 2000 acres of water and generates 137.70 GWh of electricity. Currently, China has 73% of the world's installed FSPV capacity, making it the leading country in that industry.
In addition, regulations to curb GHG emissions will boost the market in the forecast period. China announced in its 13th 5-year plan in 2016 that it plans to reduce emissions by 18% by 2020. In the forecast period, the factors aforesaid will propel the floating solar panel market's growth.
Restraints
Disturbance of aquatic life
A solar panel's surface is designed to be waterproof, but exposure to water 24/7 can negatively impact the panels. In the event of a panel break, water will cause more damage. However, this potential downside is insufficient to prevent floating solar panels from being installed. Since the panels could block the sun from illuminating all of the water, they could disturb aquatic life. Due to their structure, the solar panels have the potential to disturb aquatic life by blocking sunlight from reaching the whole surface of the water.
COVID-19 insight
As a result of business restrictions, travel restrictions, and border closures, transportation, and manufacturing energy usage fell sharply, reducing the reliance on renewable energy. The renewable industry, including solar energy, is subject to risks from pandemic-related shutdowns. Yet, with nations reviving their economies, the construction of floating solar panels has resumed, showing steady improvement.
Key Topics Covered:
1. INTRODUCTION
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.4. Industry Value Chain Analysis
5. FLOATING SOLAR PANELMARKET, BY DELIVERY TYPE
5.1. Introduction
5.2. Stationary Floating Solar Panels
5.3. Tracking Floating Solar Panels
6. FLOATING SOLAR PANELMARKET, BY DEPLOYMENT
6.1. Introduction
6.2. Onshore
6.3. Off Shore
7. FLOATING SOLAR PANELMARKET, BY GEOGRAPHY
7.1. Introduction
7.2. North America
7.2.1. United States
7.2.2. Canada
7.2.3. Mexico
7.3. South America
7.3.1. Brazil
7.3.2. Others
7.4. Europe
7.4.1. Germany
7.4.2. France
7.4.3. United Kingdom
7.4.4. Others
7.5. Middle East and Africa
7.5.1. Turkey
7.5.2. Egypt
7.5.3. South Africa
7.5.4. Others
7.6. Asia Pacific
7.6.1. China
7.6.2. India
7.6.3. South Korea
7.6.4. Japan
7.6.5. Others
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisition, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. COMPANY PROFILES
For more information about this report visit https://www.researchandmarkets.com/r/wv5r4t
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Laura Wood, Senior Press Manager
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DUBLIN--(BUSINESS WIRE)--The "Renewable Energy: Technologies and Global Markets" report has been added to ResearchAndMarkets.com's offering.
This report covers the major sources of renewable energy as primary fuels: hydroelectric, wind, solar, geothermal, oceanic sources (wave, tidal and thermal), and bioenergy.
This report deals intensively with power generation through renewable resources and therefore does not focus on other applications of renewable resources. However, it provides essential data on applications such as heating and lighting.
Renewable energy sources have had an intense decade of growth. In 2019, almost 11% of global primary energy came from renewable energy sources.
However, the market environment for renewable energy is likely to be more challenging in the years ahead. As the prices for some renewable energy sources become more competitive, suppliers will be forced to compete as the price of natural gas declines, and they will be challenged, particularly in the wind power industry, to find ways to lower costs, even as future projects focus on more expensive offshore installations.
With its much more extensive customer and manufacturing base, solar power will be able to respond more quickly. However, suppliers will find declining prices and difficult margins, due to the declining volume of the wind power industry. The workhorse of renewable energy - hydropower - will continue to grow mainly due to contracts signed and financing secured before the recent covid pandemic situation.
China is leading the renewable energy market in Asia-Pacific and is expected to remain a key driving factor for the Asia-Pacific market over the forecast period. Additionally, increasing governmental interventions to promote electricity generation using renewable resources in India will increase the Asia- Pacific market's growth over the forecast period.
Efforts to reduce or minimize reliance on conventional energy resources such as oil, natural gas and coal due to growing environmental hazards caused during their use for power generation are expected to remain a key driving factor for the global market.
In addition, governmental support in terms of tax benefits and financial incentives in nations such as the U.S., Germany, Iceland, France, the U.K., China and India are expected to drive renewable energy production. However, the high costs of renewable energy production are expected to hinder market growth over the forecast period.
There is no shortage in the marketplace of reports on each source. However, what the existing marketplace lacks and what this report intends to provide is a global perspective that places each source in a relevant context for decision-makers in both the public and private sectors.
In particular, this report includes:
Key Topics Covered:
Chapter 1 Introduction
Chapter 2 Summary and Highlights
Chapter 3 Global Renewable Energy Market Overview
Chapter 4 Solar Power Market
Chapter 5 Wind Power Market
Chapter 6 Geothermal Power Market
Chapter 7 Hydroelectric Power Market
Chapter 8 Ocean Energy Market
Chapter 9 Bioenergy Market
Chapter 10 Renewable Energy Market by Region
Chapter 11 Factors Influencing Demand for Renewable Energy
Chapter 12 Government Regulations
Chapter 13 Challenges to the Adoption of Renewable Energy
Chapter 14 Patent Review/New Developments
Chapter 15 Competitive Landscape
Chapter 16 Company Profiles
Chapter 17 Renewable Energy Ministries
Chapter 18 Appendix: Glossary
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/gn44u2
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Laura Wood, Senior Press Manager
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Ocient Works With Terrapass for Critical Carbon Emission Reduction
CHICAGO--(BUSINESS WIRE)--Ocient, the leading hyperscale data analytics solutions company serving organizations that derive value from analyzing trillions of data records in interactive time, today announced its continued commitment to digital sustainability and carbon neutrality with carbon offsets, green data centers and employee engagement programs.
Ocient has identified three core focus areas for its corporate social responsibility initiatives. In addition to committing to carbon neutrality, Ocient supports several initiatives to develop the next generation of talent in the industry while prioritizing diversity and inclusion. Ocient has also committed to improving the environment through various trail-building, trash clean-up, and other employee-led initiatives. By minimizing Ocient's carbon footprint and purchasing offsets for the carbon emissions generated by the company, all of Ocient’s operations, including 100% of OcientCloud deployments and all of its data center operations are carbon neutral making Ocient a net zero carbon company. By investing in these initiatives, Ocient enables previously infeasible hyperscale data analytics solutions in a responsible and sustainable way.
Ocient also took a significant step further toward reducing its environmental footprint and balancing its carbon emissions by working with Terrapass, a leader in carbon offset and renewable energy solutions.
Ocient’s carbon offsets facilitated by Terrapass support the following projects:
Carbon offsets are an effective way for companies to mitigate and balance their carbon footprint and invest in clean energy projects. For every metric ton (2,205 pounds of carbon dioxide equivalent, CO2e) a sustainable project reduces, one carbon offset certificate is created.
“The urgency of our climate crisis calls for immediate action, across all levels and sectors of business, to reduce the number of heat-trapping gases entering the atmosphere and impacting global warming,” said Sam Telleen, senior director and general manager at Terrapass. “It is encouraging to see companies like Ocient taking responsibility for their environmental impact and choosing Terrapass to help support carbon emission reduction projects that effect positive change.”
In a recent survey of 500 IT leaders conducted by Propeller Insights on behalf of Ocient, 64% of C-level executives indicated that working with carbon-neutral partners carries a high level of importance throughout their organizations. The majority (72%) of C-level executives responded that being carbon neutral is an important factor in their company's data strategy and 91% felt it should be a key strategic focus for 2022.
“Sustainability is an increasingly significant consideration in IT purchasing decisions. Carbon footprint is particularly relevant to data-intensive workloads such as high-performance computing and large-scale analytics, and will be a growing factor in product selection driven by regulatory, social, and economic considerations,” said Matt Aslett, VP and research director, Ventana Research.
“In this day and age, technology innovation should not come at a cost to the planet,” said Chris Gladwin, co-founder and CEO, Ocient. “Ocient is committed to leading the industry by example, driving digital sustainability in an energy-intensive field and serving as a carbon-neutral component of the digital supply chain. Ocient’s ability to reduce and balance carbon emissions while analyzing massive, compute-intensive datasets demonstrates it’s possible to fuel innovation responsibly.”
About Ocient
Ocient is the leading hyperscale data analytics solutions company that enables organizations to unlock value by analyzing trillions of data records at performance levels and costs previously unattainable. Leading organizations around the world trust Ocient’s team of industry experts to design and deploy proven complex solutions that enable and fast-track new revenue opportunities, streamline operations, and improve security on 5-10x more data while reducing their storage footprint by up to 80%. Ocient’s pilot-to-production solutions are rapidly deployed on-prem, in the OcientCloud or in the public cloud, with little to no resource-intensive integration. Ocient is a carbon-neutral company, headquartered in Chicago, and backed by leading investors including Greycroft, OCA Ventures and In-Q-Tel. For more information, please visit www.ocient.com.
About Terrapass
Terrapass, a member of Just Energy Group Inc., works towards a more sustainable planet by pursuing solutions to climate change. Terrapass supports projects throughout North America and the world that remove greenhouse gases, produce renewable energy and restore freshwater ecosystems. Its products and services provide individuals and businesses with the ability to reduce the environmental impact of their everyday activities. Learn more at terrapass.com.
Miranda Honnoll
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Contest begins June 1, offers prizes for best snaps of sunsets or sunrises, and provides solar energy education
CHICAGO--(BUSINESS WIRE)--#ComEdphotocontest--ComEd is celebrating the start of summer by inviting photographers of all skill levels to compete for prizes in its Summer Solstice Photo Contest. Entrants can submit photos of sunrises and sunsets from June 1 through the Summer Solstice on June 21. The solstice marks the official start of summer and produces the most sunlight of any day in the year. ComEd’s inaugural contest last year yielded 1,816 photo entries, including beautiful sunsets and sunrises showcasing Chicago’s magnificent skyline, the shores of Lake Michigan, rural settings, landscapes, wildlife, plants, and other natural elements.
“After seeing such enthusiasm for the photo contest last year, we are happy to bring it back,” said Scott Vogt, ComEd’s vice president of strategy and energy policy. “The contest is a great way for us to share the beauty of summer and it gives customers a chance to learn about their options for participating in solar energy and the benefits of clean, renewable energy.”
Contest participants with the top four entries will receive an Apple Watch Series 7, while a grand prize winner will receive an Apple Watch Series 7 and a private tour for four at the Adler Planetarium. The contest is open to residents in the ComEd service territory who are 18 years of age or older. Only photos taken within ComEd’s northern Illinois service territory are eligible to win, and location must be provided with submissions. More information about ComEd’s northern Illinois territory can be found here.
Participants can submit their photo to the contest webpage between June 1 and June 21, 2022. There is a limit of one entry per person. On the contest webpage, participants will find information about the summer solstice and links to solar energy resources, including the solar calculator, which estimates the cost of solar projects and associated potential savings.
To learn more about this year’s competition and view last year’s winning photos click here.
More than 26,000 private solar systems have been connected to ComEd’s smart grid and more than 20,000 ComEd customers subscribe to community solar. Community solar subscribers receive bill credits for their portion of the electricity generated by the project. ComEd expects to have more than 80 community solar projects connected to its grid by the end of this year
ComEd is a unit of Chicago-based Exelon Corporation (NASDAQ: EXC), a Fortune 200 energy company with approximately 10 million electricity and natural gas customers – the largest number of customers in the U.S. ComEd powers the lives of more than 4 million customers across northern Illinois, or 70 percent of the state’s population. For more information visit ComEd.com and connect with the company on Facebook, Twitter, Instagram and YouTube
ComEd Media Relations
312-394-3500
SAN RAMON, Calif.--(BUSINESS WIRE)--Chevron Corporation (NYSE:CVX) today announced a simplified organizational structure and senior leadership changes intended to strengthen execution and pace to deliver on the company’s objectives of higher returns and lower carbon.
Effective October 1, 2022, the company will consolidate its Upstream, Midstream and Downstream business segments under a new executive vice president, Oil, Products & Gas, who will oversee the full value chain. As part of this change, the company is consolidating into two Upstream regions – Americas Exploration & Production and International Exploration & Production.
The company is also organizing its Strategy & Sustainability, Corporate Affairs and Business Development functions under a new executive vice president, Strategy, Policy & Development.
The changes build on the company’s enterprise-wide transformation in 2020, which has produced improved operational and financial results. The new leadership structure is expected to enable a more integrated approach to capital allocation, asset class excellence and value chain optimization, and facilitate more effective external engagement and business development impact.
“We’ve made significant progress over the last two years, and these changes position us to further enhance execution across all aspects of our business as the energy system evolves,” said Mike Wirth, Chevron’s chairman and chief executive officer. “It will also bring strategy, policy and business development into tighter alignment as we focus on leveraging our strengths to deliver lower carbon energy to a growing world.”
The company made the following personnel appointments, effective October 1, 2022:
In addition, the company made the following personnel announcements:
“I’m confident that our new team will continue to effectively lead the company in delivering the affordable, reliable and ever-cleaner energy that enables human progress,” said Wirth. “Their contributions will be essential in enabling us to advance our objectives of higher returns, lower carbon.”
“I want to especially thank Jay Johnson, Jay Pryor and Steve Green for all they’ve done for our company, our industry and our employees over the course of their careers. Each of them exemplifies the finest qualities of character, integrity and excellence, and their influence will be felt for many decades still to come,” Wirth added.
Nelson and Hearne will report to Wirth in their new roles.
Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to achieving a more prosperous and sustainable world. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We are focused on lowering the carbon intensity in our operations and seeking to grow lower carbon businesses along with our traditional business lines. More information about Chevron is available at www.chevron.com.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This news release contains forward-looking statements relating to Chevron’s operations and energy transition plans that are based on management’s current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “advances,” “commits,” “drives,” “aims,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential,” “ambitions,” “aspires” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for the company’s products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changes to government policies in the countries in which the company operates; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and actions; disruptions in the company’s global supply chain, including supply chain constraints and escalation of the cost of goods and services; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic, market and political conditions, including the military conflict between Russia and Ukraine and the global response to such conflict; changing refining, marketing and chemicals margins; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; development of large carbon capture and offset markets; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates, particularly during the COVID-19 pandemic; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce greenhouse gas emissions; the potential liability resulting from pending or future litigation; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; material reductions in corporate liquidity and access to debt markets; the receipt of required Board authorizations to implement capital allocation strategies, including future stock repurchase programs and dividend payments; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 20 through 25 of the company's 2021 Annual Report on Form 10-K and in subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements.
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Addition of new equipment and control systems expected to save the university up to $436,385 in annual cost savings
FRAMINGHAM, Mass.--(BUSINESS WIRE)--#carbonreduction--Ameresco, Inc., (NYSE: AMRC), a leading cleantech integrator specializing in energy efficiency and renewable energy, today announced the completion of its energy and water retrofits project with the Massachusetts College of Art and Design (MassArt). The project included facility upgrades across seven campus buildings and 15 energy conservation measures.
Services provided by Ameresco included improved lighting controls, building management system and controls upgrades, steam heating improvements, make up air units and exhaust fans installations, real-time metering – demand response, general building code upgrades and more. MassArt is targeted to amass $436,385 in annual cost savings, which will allow the university to implement additional academic and infrastructure upgrades.
Construction covered approximately 800,000 square feet across university facilities, with Ameresco leading the design, labor and material procurement, installation, testing and commissioning, measurement and verification, inspection, training and more throughout the entirety of the project.
“One of the amazing things about working with customers in the higher education space is seeing how they can improve their learning environments from the cost savings that come from clean energy improvements,” said Pete Christakis, SVP of Construction and Operations. “We have been coordinating this project with MassArt since 2018. This is a very important step for the university’s future sustainability goals, and we are happy to help to lead the charge.”
Ameresco’s work with MassArt is the latest addition to its high-profile education pipeline. The cleantech integrator’s expertise in providing solutions to higher education institutions consists of ongoing relationships with universities including: Northwestern University, Wellesley College, Northeastern University, The Medical University of South Carolina, Tarleton State University, Trent University and more.
To learn more about the energy efficiency solutions offered by Ameresco, visit www.ameresco.com/energy-efficiency/.
About Ameresco, Inc.
Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading cleantech integrator and renewable energy asset developer, owner and operator. Our comprehensive portfolio includes energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions delivered to clients throughout North America and the United Kingdom. Ameresco’s sustainability services in support of clients’ pursuit of Net Zero include upgrades to a facility’s energy infrastructure and the development, construction, and operation of distributed energy resources. Ameresco has successfully completed energy saving, environmentally responsible projects with Federal, state and local governments, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco has more than 1,000 employees providing local expertise in the United States, Canada, and the United Kingdom. For more information, visit www.ameresco.com.
About Massachusetts College of Art and Design
MassArt is grounded in history, creativity, and foresight. Every era requires vision as part of its progress, and MassArt was founded on a vision of the future that included all citizens in its gaze. Started as a revolutionary idea, MassArt continues to look toward what is extraordinary and cutting-edge - and who will lead the way - in art, design, and education. Our students engage deeply with the world outside their studios and classrooms, and our community is broad, influential, and encompassing. MassArt is the Commonwealth’s art and design school, a place with wide reach, where the hardest, most important, and most rewarding work of our students, staff, and affiliates, is to keep our eyes open and continue expanding our vision.
The announcement of completion of a customer’s project contract is not necessarily indicative of the timing or amount of revenue from such contract, of the company’s overall revenue for any particular period or of trends in the company’s overall total project backlog. This project was completed in 2021 is no longer included in our contracted backlog.
Ameresco: Leila Dillon, 508-661-2264, This email address is being protected from spambots. You need JavaScript enabled to view it.
NEW YORK--(BUSINESS WIRE)--The Morgan Stanley Institute for Sustainable Investing (the Institute) today announced the second cohort of its Sustainable Solutions Collaborative (the Collaborative). The Collaborative, launched in 2020, aims to identify breakthrough innovations that address systemic change to support a sustainable future. The second cohort of five winners will join a bespoke yearlong strategic collaboration with the Institute where they will tap into the full range of Morgan Stanley’s expertise, networks and resources to help them achieve scale. Each winner will also receive an award of $250,000 to increase the impact of their initiative.
The 2022 Sustainable Solutions Collaborative cohort is comprised by a diverse group of organizations:
“Each of these organizations has the potential to scale and contribute to creating the type of systemic change needed to achieve a more sustainable future,” said Matthew Slovik, Head of Global Sustainable Finance at Morgan Stanley.
In 2020, Morgan Stanley launched the Sustainable Solutions Collaborative to boost sustainability initiatives that would benefit from partnerships across private and public industries. This second cohort joins a group of global innovators thinking about health care, climate solutions, plastic waste reduction and ecosystem services through re-engineered distribution methods, technology platforms and a new perspective on the importance of nature.
“We are thrilled to welcome these visionary teams into the Collaborative and look forward to seeing their solutions scale as the need to reach a sustainable future is at an all time-high,” said Shelley O’Connor, Vice Chairman and Head of External Affairs for Morgan Stanley.
For this award, the Institute engaged a diverse network of sustainability thought leaders and practitioners from across a wide variety of industries and sectors to make anonymous nominations. Morgan Stanley carried out a rigorous selection process on the nominations received to identify the innovations with the greatest potential for systemic impact that would also benefit from deep and sustained engagement with Morgan Stanley.
To learn more about the Sustainable Solutions Collaborative, please visit here.
About Morgan Stanley
Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 41 countries, the Firm’s employees serve clients worldwide including corporations, governments, institutions and individuals. For further information about Morgan Stanley, please visit www.morganstanley.com.
About the Institute for Sustainable Investing
The Morgan Stanley Institute for Sustainable Investing (The Institute) builds scalable finance solutions that seek to deliver competitive financial returns while driving positive environmental and social impact. Founded in 2013, The Institute creates innovative financial products, thoughtful insights and capacity building programs that help maximize capital to create a more sustainable future. For more information about the Morgan Stanley Institute for Sustainable Investing, visit www.morganstanley.com/sustainableinvesting.
Disclosures
The returns on a portfolio consisting primarily of Environmental, Social and Governance (ESG) aware investments may be lower or higher than a portfolio that is more diversified or where decisions are based solely on investment considerations. Because ESG criteria exclude some investments, investors may not be able to take advantage of the same opportunities or market trends as investors that do not use such criteria. Diversification does not guarantee a profit or protect against loss in a declining financial market.
© 2022 Morgan Stanley & Co. LLC and Morgan Stanley Smith Barney LLC. Members SIPC.
CRC 4758691 5/2022
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NEW YORK--(BUSINESS WIRE)--Ducon Group (NSE: DUCON), (“Ducon”) announced today that it has secured a Coal Clean Technology, Fuel Gas Desulphurization (FGD) order for a 2x660 MW supercritical Thermal Power Plant in Suratgarh, Rajasthan, India. Ducon will utilize its advanced Ventri-Rod deck FGD technology to provide highly efficient and the most cost-effective air pollution control system for this project.
Mr. Aron Govil, chairman of the Ducon Group, said, “The FGD market in India is expanding exponentially. With the Indian Government’s commitment to meet Air Emissions Standards by 2050, we are seeing massive investments in deployment of Coal Clean Technologies across Coal Fired Power Plants in India. With over 192 GW of Coal Fired Power/Steel/Cement power capacity to be cleaned, and India’s commitment on strict Air Emissions regulatory mandates, Indian power plants will spend over US$ 20 billion on Fossil Fuel Clean Technologies in the coming years.” “With our proprietary technologies, Ducon is uniquely positioned to leverage this transformational opportunity both in terms of Intellectual Property and Execution capability as we are aggressively aiming to garner a significant share of India’s rapid transition to cleaner environment,” continued Mr. Aron Govil.
This project was jointly bid by Ducon Technologies Inc., headquartered in New York, USA along with its group company Ducon Infratechnologies Ltd. in Thane, India, and a leading EPC organization in the Indian subcontinent. Ducon will provide its FGD execution expertise to the project from concept to commissioning. This is the Second Coal Clean Technology FGD project for Ducon Group in the last 4 Months as earlier it had also secured Coal Clean Technology FGD Project order for a 2 x 600 MW Singareni Thermal Power Plant, in Telangana, India. The total order value of both projects is approximately USD 220 million.
Ducon is a world leader in providing the most advanced technologies & equipment for Environmental control, Material Handling systems, infrastructure, and industrial maintenance since 1938. With over 30,000 successfully completed projects globally, Ducon’s mission is to provide its customers with optimized and innovative engineering, expert manufacturing with quality workmanship and on time completion of all our projects. As an established supplier, Ducon reaches its maximum potential by utilizing all necessary resources to provide complete customer satisfaction. Ducon provides single source responsibility for execution of major turn-key projects throughout the world.
Disclaimer: Certain statements in this document that are not historical facts are forward looking statements. Such forward-looking statements are subject to certain risks and uncertainties like government actions, local, political or economic developments, technological risks, and many other factors. that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. The Company will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.
Ron Kumar
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DUBLIN--(BUSINESS WIRE)--The "Global Wind Automation Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The global wind automation market is expected to grow at a compound annual growth rate of 5.01% over the forecast period to reach a market size of US$5.196 billion in 2027 from US$3.689 billion in 2020.
The growing digital transformation trend, along with rising R&D spending, is expected to be the major factor propelling the growth of the global wind automation market.
As the demand for renewable energy continues to grow, government authorities around the world have taken steps to increase renewable energy production, contributing greatly to the growth of the global market for wind power automation.
Other factors that further drive the demand for wind power automation are stringent low-carbon regulations, a better return on investment, and increased awareness of green energy. The Biden administration's Department of the Interior announced the expansion of its offshore wind farms in the Atlantic, off the coasts of Massachusetts and the Carolinas, and in the Gulf of Mexico.
On the flip side, high capital requirements along with stringent government regulations regarding offshore installations are expected to act as restraints to this market's growth.
Growth Factors
Growing demand for renewable energy
One of the main factors driving the growth of the global wind energy automation market is the rising demand for renewable energy. According to the IEA, the demand for renewable energy has increased by 3% in 2020. The share of renewable energy in global electricity demand was estimated to be around 27% in 2019, which has increased and jumped to 29% in 2020. Automation in wind turbines helps in detecting the most suitable conditions for energy production, which is expected to increase the demand for automation processes such as AI, IoT, and data analytics in wind turbines.
Automated devices help in controlling and detecting the working conditions of the equipment remotely in real-time, which ultimately reduces the operational cost and lowers the dependency on available fossil fuels, which are limited in nature. Efficiency is the major restraint on generating renewable energy, but with the help of smart automated devices, companies are easily implementing automated controls that help in improving efficiency while generating electricity.
Amazon, the online retail giant, has announced the development of 18 new wind and solar energy projects in the United States, Germany, Italy, Spain, and the United Kingdom. It has 274 renewable projects around the world and plans to use renewable energy to power 100 percent of its business operations by 2025.
Increased spending on R&D
Another factor propelling this growth is the increase in spending for R&D. According to the IEA, in 2019, world government energy R&D spending increased by 3% to the US$ 30 billion, of which approximately 80% was used for low-carbon energy technologies. Although the growth rate in 2019 is lower than in the previous two years, it is still above the annual average since 2014.
China's low-carbon energy R&D content increased by 10% in 2019, especially in efficiency energy and hydrogen energy R&D. In Europe and the United States, public energy R&D spending in both economies has increased by 7%, which is higher than the recent annual trend. 24 major countries and the European Commission pledged in 2015 to double public investment in clean energy research and development within five years under the Mission's Innovation Initiative.
This is to increase public spending on energy research and development and bring it closer to the need for decarbonization. consistent. Since then, major economies' governments have increased their investment in energy research, and some countries, such as India, have clarified the link between their R&D activities and members of their innovation mission.
COVID-19's Impact on the Wind Automation Market:
The COVID-19 pandemic, however, is expected to act as a restraint to this market's growth, owing to the pandemic scenario, several countries around the world went into lockdown, which completely disrupted the supply chain. Also, work stoppages, labour shortages, and preventive quarantines to curb the spread of the virus are expected to have a negative impact on the market.
Competitive Insights
The increasing demand for global wind automation solutions has led to the entry of several new players into the global wind automation market. To increase their clientele as well as increase their market share in the upcoming years, many of these market players have taken various strategic actions like partnerships and the development of novel solutions, which are expected to keep the market competitive and constantly evolving.
Major market players like Siemens AG, Rockwell Automation, Inc., and Bachmann Electronic GmbH, among others, have been covered along with their relative competitive strategies. The report also mentions recent deals and investments by different market players over the last few years.
Company Profiles
Market Segmentation:
By Product
By Deployment
By Geography
For more information about this report visit https://www.researchandmarkets.com/r/r1ymui
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TORONTO--(BUSINESS WIRE)--Viston United Swiss AG (“Viston”) and its indirect, wholly-owned subsidiary, 2869889 Ontario Inc. (the “Offeror”) today announced that the 45-day notice review period has commenced in connection with the notice formally submitted by the Offeror and Petroteq with the Committee on Foreign Investment in the United States (“CFIUS”) in connection with the Offeror’s all-cash offer (the “Offer”) to acquire all of the issued and outstanding common shares (“Common Shares”) of Petroteq Energy Inc. (“Petroteq”) (TSX-V: PQE; OTC: PQEFF; FSE: PQCF).
Background to the CFIUS Condition
CFIUS is a group of Cabinet-level officials in the U.S. government who are authorized to review certain transactions involving foreign investment in the United States, in order to determine the effect of such transactions on the national security of the United States. On January 6, 2022, the Offeror made a voluntary declaration filing (the “Declaration”) with CFIUS. The Declaration was made for the purpose of securing a clearance by CFIUS that the Offeror’s acquisition of Common Shares pursuant to the Offer and the subsequent second-step acquisition by the Offeror of any Common Shares not acquired by it in the Offer (the “Transactions”) as reflected in (i) a written notice from CFIUS that the Transactions do not constitute a “covered transaction” under relevant government regulations, (ii) a written notice from CFIUS that it has completed its assessment, review, or investigation of the Transactions and has concluded all action under Section 721 of the U.S. Defense Production Act of 1950, as amended (the “DPA”), or (iii) an announcement by the President of the United States, made within the period required by the DPA, of a decision not to take any action to suspend or prohibit the Transactions (each of (i), (ii), or (iii) being a “Clearance”).
On February 24, 2022, Viston announced that following the expiration of the assessment period, CFIUS notified the Offeror that it was unable to complete action under the DPA and grant a Clearance on the basis of the Declaration.
Accordingly, Viston and the Offeror determined to file a voluntary notice (the “Notice”) with CFIUS seeking a Clearance, in order to satisfy the conditions to the Offer. Viston and the Offeror commenced the preparation of the Notice with the objective of preparing the Notice on an expedited basis, submitting the Notice to CFIUS and commencing the 45-day notice review period as soon as practicable.
Pursuant to the February 25, 2022 Petroteq announcement of its willingness to assist Viston with the CFIUS filings, and following discussions between representatives of the Offeror and Petroteq, the Offeror’s U.S. counsel engaged with representatives of Petroteq in order to jointly prepare the Notice. Further to the Declaration filed by the Offeror, the Notice includes additional required information in respect of Petroteq provided by Petroteq.
On April 6, 2022, the Offeror and Petroteq pre-filed the Notice with CFIUS. After responding to comments and questions from CFIUS on the pre-filing materials, the Offeror and Petroteq formally submitted the Notice to CFIUS on May 16, 2022.
On May 24, 2022, the United States Department of the Treasury notified the Offeror that the Notice has been accepted by CFIUS for review, that the 45-day notice review period commenced on May 24, 2022 and that the review will conclude no later than July 7, 2022. Viston and the Offeror currently intend to extend the Offer to a date after July 7, 2022 in order to allow additional time for the Offeror to obtain clearance under U.S. national security regulations, which is a condition to the Offer, and are currently evaluating the timing of such an extension. Viston and the Offeror expect to issue a further update once Viston and the Offeror have determined a new expiry date for the Offer.
Summary of Offer Details
Viston reminds Shareholders of the following key terms and conditions of the Offer:
For More Information and How to Tender Shares to the Offer
Shareholders who hold Common Shares through a broker or intermediary should promptly contact them directly and provide their instructions to tender to the Offer, including any U.S. dollar currency election. Taking no action and not accepting the Offer comes with significant risks of shareholder dilution and constrained share prices. The deadline for Shareholders to tender their shares is currently June 17, 2022.
For assistance or to ask any questions, Shareholders should visit www.petroteqoffer.com or contact Kingsdale Advisors, the Information Agent and Depositary in connection with the Offer, within North America toll-free at 1-866-581-1024, outside North America at 1-416-867-2272 or by e-mail at This email address is being protected from spambots. You need JavaScript enabled to view it..
Advisors
The Offeror has engaged Gowling WLG (Canada) LLP to advise on certain Canadian legal matters and Dorsey & Whitney LLP to advise on certain U.S. legal matters. Kingsdale Advisors is acting as Information Agent and Depositary.
About the Offeror
The Offeror is an indirect, wholly-owned subsidiary of Viston, a Swiss company limited by shares (AG) established in 2008 under the laws of Switzerland. The Offeror was established on September 28, 2021 under the laws of the Province of Ontario. The Offeror’s registered office is located at 100 King Street West, Suite 1600, 1 First Canadian Place, Toronto, Ontario, Canada M5X 1G5. The registered and head office of Viston is located at Haggenstreet 9, 9014 St. Gallen, Switzerland.
Viston was created to invest in renewable energies and clean technologies, as well as in the environmental protection industry. Viston aims to foster innovative technologies, environmentally-friendly and clean fossil fuels and to help shape the future of energy. Since October 2008, Viston has undertaken its research, development and transfer initiatives in Saint Gallen, Switzerland. Viston has been working to optimize and adapt these technologies to current market requirements to create well-engineered products. Viston’s work also includes the determination of technical and economic risks, as well as the search for financing opportunities.
Caution Regarding Forward-Looking Statements
Certain statements contained in this news release contain “forward-looking information” and are prospective in nature. Forward-looking information is not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties that could cause actual results to differ materially from the future results expressed or implied by the forward-looking information. Often, but not always, forward-looking information can be identified by the use of forward-looking words such as “plans”, “expects”, “intends”, “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking information contained in this news release includes, but is not limited to, statements relating to a further extension or extensions of the time for acceptance of the Offer; the expectations regarding the process for, and timing of, obtaining regulatory approvals; expectations relating to the Offer; estimations regarding the issued and outstanding Common Shares, including as measured on a fully-diluted basis; and the satisfaction or waiver of the conditions to consummate the Offer.
Although the Offeror and Viston believe that the expectations reflected in such forward-looking information are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking information, and actual results may differ materially from those expressed or implied in such statements. Important factors that could cause actual results, performance or achievements of the Offeror or the completion of the Offer to differ materially from any future results, performance or achievements expressed or implied by such forward-looking information include, among other things, the ultimate outcome of any possible transaction between Viston and Petroteq, including the possibility that Petroteq will not accept a transaction with Viston or enter into discussions regarding a possible transaction, actions taken by Petroteq, actions taken by security holders of Petroteq in respect of the Offer, that the conditions of the Offer may not be satisfied or waived by Viston at the expiry of the Offer period, the ability of the Offeror to acquire 100% of the Common Shares through the Offer, the ability to obtain regulatory approvals and meet other closing conditions to any possible transaction, including any necessary shareholder approvals, potential adverse reactions or changes to business relationships resulting from the announcement, pendency or completion of the Offer transaction or any subsequent transaction, competitive responses to the announcement or completion of the Offer, unexpected costs, liabilities, charges or expenses resulting from the proposed transaction, exchange rate risk related to the financing arrangements, litigation relating to the proposed transaction, the inability to engage or retain key personnel, any changes in general economic and/or industry-specific conditions, industry risk, risks inherent in the running of the business of the Offeror or its affiliates, legislative or regulatory changes, Petroteq’s structure and its tax treatment, competition in the oil & gas industry, obtaining necessary approvals, financial leverage for additional funding requirements, capital requirements for growth, interest rates, dependence on skilled staff, labour disruptions, geographical concentration, credit risk, liquidity risk, changes in capital or securities markets and that there are no inaccuracies or material omissions in Petroteq’s publicly available information, and that Petroteq has not disclosed events which may have occurred or which may affect the significance or accuracy of such information. These are not necessarily all of the important factors that could cause actual results to differ materially from those expressed in any of the Offeror’s forward-looking information. Other unknown and unpredictable factors could also impact its results. Many of these risks and uncertainties relate to factors beyond the Offeror’s ability to control or estimate precisely. Consequently, there can be no assurance that the actual results or developments anticipated by the Offeror will be realized or, even if substantially realized, that they will have the expected consequences for, or effects on, the Offeror, its future results and performance.
Forward-looking information in this news release is based on the Offeror and Viston’s beliefs and opinions at the time the information is given, and there should be no expectation that this forward-looking information will be updated or supplemented as a result of new information, estimates or opinions, future events or results or otherwise, and each of the Offeror and Viston disavows and disclaims any obligation to do so except as required by applicable Law. Nothing contained herein shall be deemed to be a forecast, projection or estimate of the future financial performance of the Offeror or any of its affiliates or Petroteq.
Unless otherwise indicated, the information concerning Petroteq contained herein has been taken from or is based upon Petroteq’s and other publicly available documents and records on file with the Securities Regulatory Authorities and other public sources at the time of the Offer. Although the Offeror and Viston have no knowledge that would indicate that any statements contained herein relating to Petroteq, taken from or based on such documents and records are untrue or incomplete, neither the Offeror, Viston nor any of their respective officers or directors assumes any responsibility for the accuracy or completeness of such information, or for any failure by Petroteq to disclose events or facts that may have occurred or which may affect the significance or accuracy of any such information, but which are unknown to the Offeror and Viston.
Additional Information
This news release relates to a tender offer which Viston, through the Offeror, has made to Shareholders. The Offer is being made pursuant to a tender offer statement on Schedule TO (including the Offer to Purchase and Circular, the Notice of Variation and Extension dated February 1, 2022, the Second Notice of Extension dated February 24, 2022, the Third Notice of Extension dated April 14, 2022, the letter of transmittal and other related offer documents) initially filed by Viston on October 25, 2021, as subsequently amended. These materials, as may be amended from time to time, contain important information, including the terms and conditions of the Offer. Subject to future developments, Viston (and, if applicable, Petroteq) may file additional documents with the Securities and Exchange Commission (the “SEC”). This press release is not a substitute for any tender offer statement, recommendation statement or other document Viston and/or Petroteq may file with the SEC in connection with the proposed transaction.
This communication does not constitute an offer to buy or solicitation of an offer to sell any securities. Investors and security holders of Petroteq are urged to read the tender offer statement (including the Offer to Purchase and Circular, the Notice of Variation and Extension dated February 1, 2022, the Second Notice of Extension dated February 24, 2022, the Third Notice of Extension dated April 14, 2022, the letter of transmittal and other related offer documents) and any other documents filed with the SEC carefully in their entirety if and when they become available as they will contain important information about the proposed transaction. Any investors and security holders may obtain free copies of these documents (if and when available) and other documents filed with the SEC by Viston through the web site maintained by the SEC at www.sec.gov or by contacting Kingsdale Advisors, the Information Agent and Depositary in connection with the offer, within North America toll-free at 1-866-581-1024, outside North America at 1-416-867-2272 or by e-mail at This email address is being protected from spambots. You need JavaScript enabled to view it..
For More Information
Media inquiries:
Hyunjoo Kim
Vice President, Strategic Communications and Marketing
Kingsdale Advisors,
Direct: 416-867-2357
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For assistance in depositing Petroteq Common Shares to the Offer, please contact:
Kingsdale Advisors
130 King Street West, Suite 2950
Toronto, ON M5X 1E2
North American Toll Free: 1-866-581-1024
Outside North America: 1-416-867-2272
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www.petroteqoffer.com
MISSISSAUGA, Ontario--(BUSINESS WIRE)--Schneider Electric, the global leader in the digital transformation of energy management and automation, today announced Grid to Prosumer, an end-to-end approach to DER management to maximize the connection and value of renewable energy, energy storage and electric vehicles.
Grid modernization is increasingly about managing supply and demand at the grid edge, spanning both sides of the customer meter. It requires new ways to engage, plan and design, optimize and maintain, analyze and automate, all with a stepwise, coordinated approach. Schneider Electric’s new Grid to Prosumer approach helps manage the lifecycle of DER management with simple to complex workflows and use cases that optimize DER across energy market needs, grid constraint requirements and prosumer priorities.
Schneider Electric has also expanded its EcoStruxure Grid portfolio for Grids of the Future with strategic partners AutoGrid for flexibility services and Virtual Power Plants, and Uplight for prosumer engagement and demand-side management. With this continued focus toward solving the challenges the industry faces, the Grid to Prosumer approach offers an end-to-end solution to DER management that coordinates across business functions with a comprehensive view of grid data management that is value-based and use-case driven.
“Schneider Electric recognizes that as the complexity of grid management rises, the more crucial it becomes to address utility challenges holistically,” said Scott Koehler, Vice President, Global Strategy for Digital Grids at Schneider Electric. “Backed by a comprehensive portfolio of solutions driving our vision for Grids of the Future, the Grid to Prosumer approach addresses the needs of supply and demand to serve utilities and prosumers with more flexible and scalable options for a more reliable, efficient, sustainable and flexible grid.”
End-to-end Integrated DER Management Approach
EcoStruxure Grid integrated solutions for Grids of the Future directly supporting the Grid to Prosumer approach include EcoStruxure™ DERMS for grid optimization, AutoGrid Flex for flexibility services and Virtual Power Plants, Uplight Orchestrated Energy and Energy Profiler Online for prosumer engagement and demand-side management, and EcoStruxure Microgrid Advisor for microgrid management.
Schneider Electric’s EcoStruxure Grid solution portfolio for Grids of the Future demonstrates the company’s commitment to a more digital and electric world, and together with the Grid to Prosumer approach supports the growth of distributed energy resources, microgrids, energy communities, and other flexible resources across digitally planned, designed and operated lifecycles.
To learn more about Schneider Electric’s vision for Grids of the Future, download our e-guide detailing the Grid to Prosumer end-to-end approach to DER management, or visit https://www.se.com/ww/en/work/campaign/grids-of-the-future/.
About Schneider Electric
Schneider’s purpose is to empower all to make the most of our energy and resources, bridging progress and sustainability for all. We call this Life Is On.
Our mission is to be your digital partner for Sustainability and Efficiency.
We drive digital transformation by integrating world-leading process and energy technologies, endpoint to cloud connecting products, controls, software and services, across the entire lifecycle, enabling integrated company management, for homes, buildings, data centers, infrastructure and industries.
We are the most local of global companies. We are advocates of open standards and partnership ecosystems that are passionate about our shared Meaningful Purpose, Inclusive and Empowered values.
Discover Life Is On Follow us on: Twiiter | Facebook | LinkedIn | Youtube | instagram | Blog
Discover the newest perspectives shaping sustainability, electricity 4.0, and next generation automation on Schneider Electric Insights
Additional resource:
Hashtags: #IndustriesOfTheFuture #NextGenAutomation #IndustrialAutomation #UniversalAutomation #EcoStruxure
Media Relations - Edelman on behalf of Schneider Electric, Juan Pablo Guerrero, Phone: +1 416 875 7173, Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
NEWCASTLE & HOUSTON--(BUSINESS WIRE)--TechnipFMC (NYSE: FTI) has been awarded a significant(1) engineering, procurement, construction, and installation (EPCI) contract by Equinor for subsea tiebacks for the Halten East development on the Norwegian Continental Shelf.
The contract covers the manufacture and installation of flowlines and the installation of umbilicals and subsea structures. The development of Halten East consists of the Gamma, Harepus, Flyndretind, Nona, Sigrid and Natalia discoveries. Halten East is a subsea development tied back to the existing infrastructure on the Åsgard field.
Jonathan Landes, President, Subsea at TechnipFMC, commented: “We are proud that we can help our longstanding partner Equinor and its consortium partners transform the economics of this project by optimizing design, engineering, manufacturing, and installation.”
The award is the latest call-off on a subsea umbilicals, risers, and flowlines (SURF) framework agreement between the two companies. The contract is subject to government approval of the plan for development and operation.
(1) For TechnipFMC, a “significant” contract is between $75million and $250million.
Important Information for Investors and Securityholders
Forward-Looking Statement
This release contains "forward-looking statements" as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. The words “expect,” “believe,” “estimated,” and other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. Such forward-looking statements involve significant risks, uncertainties and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. For information regarding known material factors that could cause actual results to differ from projected results, please see our risk factors set forth in our filings with the United States Securities and Exchange Commission, which include our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any of our forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by law.
About TechnipFMC
TechnipFMC is a leading technology provider to the traditional and new energy industries, delivering fully integrated projects, products, and services.
With our proprietary technologies and comprehensive solutions, we are transforming our clients’ project economics, helping them unlock new possibilities to develop energy resources while reducing carbon intensity and supporting their energy transition ambitions.
Organized in two business segments — Subsea and Surface Technologies — we will continue to advance the industry with our pioneering integrated ecosystems (such as iEPCI™, iFEED™ and iComplete™), technology leadership and digital innovation.
Each of our approximately 20,000 employees is driven by a commitment to our clients’ success, and a culture of strong execution, purposeful innovation, and challenging industry conventions.
TechnipFMC uses its website as a channel of distribution of material company information. To learn more about how we are driving change in the industry, go to www.TechnipFMC.com and follow us on Twitter @TechnipFMC.
Investor relations
Matt Seinsheimer
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Tel: +1 281 260 3665
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Media relations
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LONDON--(BUSINESS WIRE)--Web3 companies Renovi and Meta Yachts have today announced the signing of a strategic partnership - aiming to create enhanced luxury experiences for brands and individuals in the Metaverse.
The partnership will see the businesses bring their teams of experts together to create branded yachts, spaces and experiences, for companies, private individuals, and high-profile celebrities.
As part of the agreement, the two companies will also be developing unique ‘on-board’ yachting experiences for businesses looking to enhance their brand presence in web3.
Renovi and Meta Yachts are also developing a unique design competition and yacht design drop, due to be launched in the summer.
Renovi has already established itself as a leading marketplace and design studio, working with some of the world’s leading companies to bring their brand vision to life in the Metaverse.
Meta Yachts is bridging the gap between the traditional luxury world and web3 technology through its in-depth expertise in the yachting industry, luxury space, blockchain, NFTs and web3.
By working with luxury brand managers in the fashion, marketing, events, and yachting spaces, the two organisations will create a complete solution for progressive companies in this space.
Andy Charalambous, co-founder Renovi, said: “We are excited to be working with the team at Meta Yachts. Having already worked with a number of luxury brands in this space, we know how important it is that our work is fitting of the brand values our clients share with us.”
“We saw from our experience during a number of recent events that the opportunities are endless, and we cannot wait to get started on this latest partnership.”
Thomas O’Nial, co-founder of Meta Yachts, said: “We’re looking forward to working closely with Renovi to offer brands a unique Metaverse experience. The tie-up will enable us to leverage complementary expertise and ensure brands make the biggest splash possible when entering the virtual world.”
Media contact:
Piers Zangana
Susa Comms
+44 (0)7960 078 935
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In a series of transactions, Crestwood to acquire Sendero Midstream Partners, LP and First Reserve’s 50% equity interest in Crestwood Permian Joint Venture at approximately 7x NTM EBITDA
Crestwood more than doubles its natural gas processing capabilities in the Delaware Basin, the leading North American shale play by economics and drilling rig activity; Excess processing and compression capacity combined with complementary footprints drive significant commercial and capital synergies
The Delaware Basin becomes Crestwood’s second largest cash flow contributor with 2023E Adjusted EBITDA of $190 – $200 million, representing approximately 20% of total company cash flow
Divestiture of Barnett Shale assets for $275 million continues Crestwood’s asset optimization strategy by redeploying cash proceeds from non-core assets into higher growth and stacked pay, Delaware Basin assets
Transactions prudently financed with cash proceeds from the divestiture of Barnett Shale assets, common equity issued to First Reserve, and revolver borrowings to maintain Crestwood’s strong balance sheet metrics and financial flexibility
HOUSTON--(BUSINESS WIRE)--Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood”) today announced it has entered into a series of agreements under which the company will i) acquire Sendero Midstream Partners, LP (“Sendero Midstream”) for $600 million in cash, ii) acquire First Reserve’s 50% equity interest in Crestwood Permian Basin Holdings LLC (“CPJV”) for $320 million in Crestwood common units, plus the assumption of asset level debt, and iii) divest its legacy, non-core Barnett Shale assets to EnLink Midstream, LLC (NYSE: ENLC) (“EnLink Midstream”) for $275 million in cash. The transactions are expected to close early in the third quarter 2022, subject to customary regulatory approvals.
“I am thrilled to announce this series of strategic transactions that greatly enhance the Crestwood franchise by creating immediate scale and additional runway in the Delaware Basin, high-grading our cash flow mix through the rationalization of non-core assets, and successfully maintaining our conservative balance sheet and financial flexibility,” commented, Robert G. Phillips, Founder, Chairman, and Chief Executive Officer of Crestwood. “The acquisition of Sendero Midstream is highly complementary to our existing Willow Lake assets, provides excess processing and compression capacity for current and future customer development activity, and solidifies Crestwood’s footprint in the leading North American shale play. Furthermore, the consolidation of First Reserve’s equity interest in CPJV simplifies our corporate structure and drives enhanced financial, commercial and operational flexibility. Both transactions are highly synergistic and will drive meaningful accretion to our distributable cash flow for many years to come.”
Mr. Phillips continued, “Today’s announcement also marks the culmination of our long-term investment and operating footprint in the Barnett Shale. The Barnett Shale is where Crestwood started dating back to October 2010 and I want to personally thank our field employees for their hard work, dedication, and loyalty over the past twelve years, as they have fully embodied Crestwood’s core principles with an unwavering commitment to operational safety and performance. We are excited to pass the torch to EnLink Midstream who shares Crestwood’s commitment to operational excellence and corporate stewardship. As we close this chapter in Crestwood’s history, we will continue to focus on building and optimizing our sizeable gathering and processing positions in the Williston Basin, Delaware Basin, and Powder River Basin. We believe the strategic actions we are taking today to divest a legacy asset to core up our position in one of the most prolific, economic, and active basins in North America, best positions Crestwood to deliver long-term value creation for our unitholders.”
Transaction Highlights and Rationale
Transaction Details
Sendero Midstream Acquisition
Under the terms of the purchase agreement, Crestwood will acquire Sendero Midstream for $600 million in cash, which will be financed with cash from the Barnett Shale divestiture and borrowings on Crestwood’s revolving credit facility. The Sendero Midstream assets, located in Eddy County, New Mexico, are comprised of 350 MMcf/d of processing capacity, approximately 140 miles of natural gas gathering lines and more than 53,000 horsepower of field gathering compression.
First Reserve’s 50% Equity Interest in CPJV
Under the terms of the First Reserve agreement, Crestwood will acquire the remaining 50% equity interest in CPJV for $320 million. As part of the valuation and a condition to closing the transaction, First Reserve will fund $75 million into CPJV to paydown asset level debt and support a portion of the cash consideration due to Sendero Midstream. In connection with these steps, Crestwood will issue to First Reserve approximately 11.3 million common units, which represents a total transaction value of $320 million. Pro forma for the transaction, First Reserve will own approximately 10% of Crestwood’s common units outstanding. In addition, Crestwood will assume approximately $75 million in remaining debt outstanding at the joint venture level.
Barnett Shale Asset Divestiture
Crestwood entered into a definitive agreement to divest its legacy, non-core Barnett Shale assets to EnLink Midstream for $275 million in cash. The divestiture of Crestwood’s assets includes the Alliance System, the Lake Arlington System and the Cowtown System, representing a full exit from the Barnett Shale. Crestwood will utilize the cash proceeds from the sale to fund the cash consideration for the Sendero Midstream acquisition.
These transactions have been unanimously approved by the Board of Directors of Crestwood’s general partner, Sendero Midstream and First Reserve. The transactions are expected to close early in the third quarter 2022, subject to customary regulatory approvals. Crestwood has posted a supplemental investor deck providing details on the transactions on its corporate website.
Advisors
RBC Capital Markets served as lead financial advisor, Citi served as financial advisor and Vinson & Elkins L.L.P. and Locke Lord L.L.P. served as legal advisors to Crestwood. Morgan Stanley & Co. LLC served as financial advisor and Latham & Watkins LLP served as legal advisor to Sendero Midstream. Simpson Thacher & Bartlett L.L.P. served as legal advisor to First Reserve. Baker Botts L.L.P. served as advisor to EnLink Midstream.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities and Exchange Act of 1934. The words “expects,” “believes,” “anticipates,” “plans,” “will,” “shall,” “estimates,” and similar expressions identify forward-looking statements, which are generally not historical in nature. Forward-looking statements are subject to risks and uncertainties and are based on the beliefs and assumptions of management, based on information currently available to them. Although Crestwood believes that these forward-looking statements are based on reasonable assumptions, it can give no assurance that any such forward-looking statements will materialize. Important factors that could cause actual results to differ materially from those expressed in or implied from these forward-looking statements include the risks and uncertainties described in Crestwood’s reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K and its subsequent reports, which are available through the SEC’s EDGAR system at www.sec.gov and on our website. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management’s view only as of the date made, and Crestwood assumes no obligation to update these forward-looking statements.
About Crestwood Equity Partners LP
Houston, Texas, based Crestwood Equity Partners LP (NYSE: CEQP) is a master limited partnership that owns and operates midstream businesses in multiple shale resource plays across the United States. Crestwood is engaged in the gathering, processing, treating, compression, storage and transportation of natural gas; storage, transportation, terminalling and marketing of NGLs; gathering, storage, terminalling and marketing of crude oil; and gathering and disposal of produced water. Visit Crestwood Equity Partners LP at www.crestwoodlp.com; and to learn more about Crestwood’s sustainability efforts, please visit https://esg.crestwoodlp.com.
About First Reserve
First Reserve is a private equity firm exclusively focused on investing across diversified energy, infrastructure, and general industrial end-markets. Founded in 1983, First Reserve has 38 years of industry insight, and has cultivated a network of global relationships. First Reserve has raised more than $32 billion of aggregate capital since inception. Its investment and operational experience have been built from over 700 transactions, including platform investments and add-on acquisitions, on six continents. The firm’s portfolio companies have operated globally in over 60 countries and span the entire energy and industrial spectrum.
Crestwood Equity Partners LP
Investor Contact
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Sustainability and Media Contact
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Senior Vice President, Sustainability and Corporate Communications
About $1 million in funds will support secondary education of young women who attended the Exelon Foundation STEM Leadership Academies in Chicago, Philadelphia and Baltimore/Washington
CHICAGO--(BUSINESS WIRE)--Nine young women --- graduates of the Exelon STEM Leadership Academy -- received the good news that the Exelon Foundation will be paying for their college education. Last year’s scholarship recipients surprised the new winners, letting them know that the Foundation will pay all costs associated with college, including tuition, room and board and all other expenses that aren’t covered by other confirmed scholarships, federal and state grants, and work-study programs. The total value of the nine scholarships is approximately $1 million.
The Exelon STEM Leadership Academy is a free, week-long experience for current 10th and 11th grade girls from diverse and low-income communities held each summer in the Philadelphia, Washington, D.C./Baltimore and Chicago metro regions. More than 650 girls have participated over the last four years.
The STEM Leadership Academy Scholarship provides recipients with a clear pathway from participation in the Academy to college and then entry into the energy workforce, ideally as an Exelon employee. Launched in 2021, the scholarship is available to STEM Leadership Academy alumnae who are graduating from high school or who have already begun their post-secondary education at a two- or four-year educational institution.
“We want to ensure these outstanding young women the opportunity and financial flexibility to study at the college of their choice,” said Paula Conrad, vice president of Corporate Relations for Exelon. “It’s not just a scholarship, but, hopefully, a path to future leadership at Exelon.”
During the call to surprise this year’s scholarship winners, 2021 scholarship recipient Nesochim Iheanyiigwe said, “You’re joining a family of people who are going to support you, who are going to help you be successful and are just really going to have your back. So, know that you are going to be supported in every way and I’m excited to see you all become amazing young women.”
The STEM Leadership Academy Scholarship recipients of 2022 are:
STEM Academy Baltimore and DC
STEM Academy Chicago
STEM Academy Philadelphia
More information about Exelon’s commitment to the communities it serves can be found here.
About Exelon
Exelon (Nasdaq: EXC) is a Fortune 200 company and the nation’s largest utility company, serving more than 10 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric (ACE), Baltimore Gas and Electric (BGE), Commonwealth Edison (ComEd), Delmarva Power & Light (DPL), PECO Energy Company (PECO), and Potomac Electric Power Company (Pepco). More than 18,000 Exelon employees dedicate their time and expertise to supporting our communities through reliable, affordable and efficient energy delivery, workforce development, equity, economic development and volunteerism. Follow Exelon on Twitter @Exelon.
Liz Keating
Corporate Communications
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Exelon Media Hotline 312-394-7417
Global leader in innovative and sustainable building solutions will seek to replace existing diesel-fueled trucks in Texas and Oklahoma operations
AUSTIN, Texas--(BUSINESS WIRE)--Hyliion Holdings Corp. (NYSE: HYLN) (“Hyliion”), a leader in electrified powertrain solutions for Class 8 semi-trucks, today announced that Holcim US has ordered 10 units backed by deposits to secure Hypertruck ERX™ production slots. A global leader in innovative and sustainable building solutions with a focus on low-carbon construction, Holcim will utilize the Hyliion technology in its Texas and Oklahoma operations, where the Hypertruck ERX units will replace existing diesel-fueled trucks.
Holcim placed the order after visiting Hyliion’s headquarters, where they gained a deeper understanding of how the Hypertruck ERX could facilitate a reduction in their transportation carbon footprint.
“The Hypertruck ERX can be a transformative solution for an organization like Holcim that demonstrates such a strong commitment to green solutions. Hyliion and Holcim share the ambitious goal of transforming our respective industries, and I’m proud that the Hypertruck ERX will help them take the first step in reducing their transportation-related emissions,” said Thomas Healy, Founder and CEO of Hyliion.
“Hyliion’s mission is to facilitate major change in commercial trucking, a notoriously large contributor of greenhouse gas emissions, and we intend to achieve that with the Hypertruck ERX—a solution that supports the environmental goals of sustainability-minded fleets without sacrificing their business needs,” Healy added.
This purchase agreement serves as another example of how Holcim US is working to accelerate the transition to net zero – from offering low carbon cements and concretes to innovative carbon capture research.
About the Hypertruck ERX
The Hypertruck ERX™ is an electric powertrain that is recharged by an onboard natural gas generator for Class 8 commercial trucks that aims to provide lower operating costs, emissions reductions, and superior performance. Utilizing the 700+ commercial natural gas vehicle filling stations across North America, it enables long range and quick refueling, and when fueled with renewable natural gas, can provide net-negative carbon emissions to commercial fleets.
About Hyliion
Hyliion’s mission is to reduce the carbon intensity and greenhouse gas (GHG) emissions of Class 8 commercial trucks by being a leading provider of electrified powertrain solutions. Leveraging advanced software algorithms and data analytics capabilities, Hyliion offers fleets an easy, efficient system to decrease fuel and operating expenses while seamlessly integrating with their existing fleet operations. Headquartered in Austin, Texas, Hyliion designs, develops, and sells electrified powertrain solutions that are designed to be installed on most major Class 8 commercial trucks, with the goal of transforming the commercial transportation industry’s environmental impact at scale. For more information, visit www.hyliion.com.
Forward Looking Statements
The information in this press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding Hyliion and its future financial and operational performance, as well as its strategy, future operations, estimated financial position, estimated revenues, and losses, projected costs, prospects, plans and objectives of management are forward looking statements. When used in this press release, including any oral statements made in connection therewith, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Hyliion expressly disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements herein, to reflect events or circumstances after the date of this press release. Hyliion cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Hyliion. These risks include, but are not limited to, Hyliion’s ability to disrupt the powertrain market, Hyliion’s focus in 2022 and beyond, the effects of Hyliion’s dynamic and proprietary solutions on its commercial truck customers, accelerated commercialization of the Hypertruck ERX™, the ability to meet 2022 and future product milestones, the impact of COVID-19 on long-term objectives, the ability to reduce carbon intensity and greenhouse gas emissions and the other risks and uncertainties set forth in “Risk Factors” section of Hyliion’s annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 24, 2022 for the year ended December 31, 2021. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Should one or more of the risks or uncertainties described in this press release occur, or should underlying assumptions prove incorrect, actual results and plans could different materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact Hyliion’s operations and projections can be found in its filings with the SEC. Hyliion’s SEC Filings are available publicly on the SEC’s website at www.sec.gov, and readers are urged to carefully review and consider the various disclosures made in such filings.
Hyliion Holdings Corp.
Ryann Malone
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Sharon Merrill Associates, Inc.
Nicholas Manganaro
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SPOKANE VALLEY, Wash.--(BUSINESS WIRE)--Daybreak Oil and Gas, Inc. (OTC PINK: DBRM) (“Daybreak” or the “Company”), a Washington corporation, is pleased to announce that it has completed its acquisition of Reabold California LLC. Reabold California is now a wholly-owned subsidiary of Daybreak.
James F. Westmoreland, President and Chief Executive Officer, commented, “We are pleased to add Reabold California LLC into our portfolio of oil and gas properties. Daybreak now owns approximately 1.1 million barrels of proved oil reserves from 35 wells worth approximately $23 million dollars with significant development potential. We are now producing approximately 75 barrels of oil per day and we expect to increase that significantly over the summer through development drilling and selective workovers on our existing acreage.”
Daybreak Oil and Gas, Inc. is an independent crude oil and natural gas company currently engaged in the exploration, development and production of onshore crude oil and natural gas in the United States. The Company currently operates in California’s Kern, Contra Costa, and Monterrey counties. The Company also owns a 3-D seismic survey in an oil producing area in Montcalm County, Michigan. Daybreak seeks shallow oil opportunities in and around its operating areas in California, as well as other known oil producing regions in the United States. The Company is headquartered in Spokane Valley, Washington with an operations office in Friendswood, Texas.
More information about Daybreak Oil and Gas, Inc. can be found at www.daybreakoilandgas.com.
Certain statements contained in this press release constitute “forward-looking statements” as defined by the Securities and Exchange Commission. Such statements can be identified by the use of forward-looking terminology such as “believe,” “expect,” “may,” “should,” “up to,” “approximately,” “likely,” or “anticipates” or the negative thereof. These forward-looking statements are based on our current expectations, assumptions, estimates and projections for the future of our business and our industry and are not statements of historical fact. Such forward-looking statements include, but are not limited to, statements about our expectations regarding our financing, our future operating results, our future capital expenditures, our expansion and growth of operations and our future investments in and acquisitions of crude oil and natural gas properties. We have based these forward-looking statements on assumptions and analyses made in light of our experience and our perception of historical trends, current conditions, and expected future developments. However, you should be aware that these forward-looking statements are only our predictions and we cannot guarantee any such outcomes. Future events and actual results may differ materially from the results set forth in or implied in the forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: general economic and business conditions; exposure to market risks in our financial instruments; fluctuations in worldwide prices and demand for crude oil and natural gas; fluctuations in the levels of our crude oil and natural gas exploration and development activities; our ability to find, acquire and develop crude oil and natural gas properties, including the ability to develop our San Joaquin and Sacramento Basin properties in California; risks associated with crude oil and natural gas exploration and development activities; competition for raw materials and customers in the crude oil and natural gas industry; technological changes and developments in the crude oil and natural gas industry; legislative and regulatory uncertainties, including proposed changes to federal tax law and climate change legislation, and potential environmental liabilities; our ability to continue as a going concern; and our ability to secure additional capital to fund operations. Additional factors that may affect future results are contained in our filings with the Securities and Exchange Commission (“SEC”) and are available at the SEC’s web site http://www.sec.gov. Daybreak Oil and Gas, Inc. disclaims any obligation to update and revise statements contained in this press release based on new information or otherwise.
Ed Capko Telephone: 815-942-2581
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New high-voltage GaN switches boost efficiency to 95 percent, yielding ultra-compact USB PD 3.1 adapters
SAN JOSE, Calif.--(BUSINESS WIRE)--Power Integrations (NASDAQ: POWI), the leader in high-voltage integrated circuits (ICs) for energy-efficient power conversion, today announced an expanded offering of the InnoSwitch™4-CZ family of high-frequency, zero-voltage switching (ZVS) flyback controller ICs. When paired with Power Integrations' ClampZero™ active-clamp IC and, optionally, the recently announced HiperPFS™-5 GaN-based power-factor corrector, the new ICs easily address the latest USB PD 3.1 specification for adapters and chargers up to 220 W.
“Road warriors demand light, compact, powerful adapters capable of rapidly charging all their mission-critical devices. The expanded power range of the new InnoSwitch4-CZ and ClampZero ICs allows charger/adapter designers to easily exceed 23 W per cubic inch for single- and multiple-output USB PD 3.1 certified designs,” explained Edward Ong, senior product marketing manager at Power Integrations. “Even at 220 W of output power, the family’s high efficiency minimizes waste heat; bulky heatsinks are not required on any of the active devices. The maximum switching frequency of up to 140 kHz minimizes transformer size, and the high level of integration approximately halves the number of passive components, MOSFETs and diodes that make safety-compliant PCB layout a challenge.”
InnoSwitch4-CZ ICs include a robust 750 V PowiGaN™ primary switch, active clamp drive and synchronous rectification in a compact InSOP™-24D package. Secondary-side sensing – achieved using Power Integrations’ FluxLink™ high-speed communications technology – provides exceptional CV/CC accuracy.
Adds Ong: “The use of a non-complementary-mode active clamp enables designs that work in both continuous (CCM) and discontinuous (DCM) modes. By operating across modes, it is much easier to support the wide load/range conditions often encountered in USB PD applications.”
InnoSwitch4-CZ ICs consume less than 30 mW at no-load, including input line voltage monitoring. The ICs feature a comprehensive suite of protection features, including auto-restart or latching fault response for output over- and under-voltage; multiple output under-voltage fault thresholds; and latching or hysteretic primary over-temperature protection.
Availability & Resources
A super compact 130 W, USB PD adaptor reference design (DER-957) is available for designers wishing to evaluate the InnoSwitch4-CZ flyback controller IC and ClampZero active clamp IC chipset. Devices are priced starting at $3.07 for INN4072C-TL and $0.66 for CPZ1061M-TLXXX in 1,000-unit quantities of the chipset. For further information, contact a Power Integrations sales representative or one of the company’s authorized worldwide distributors: Digi-Key, Farnell, Mouser and RS Components, or visit power.com.
About Power Integrations
Power Integrations, Inc. is a leading innovator in semiconductor technologies for high-voltage power conversion. The company’s products are key building blocks in the clean-power ecosystem, enabling the generation of renewable energy as well as the efficient transmission and consumption of power in applications ranging from milliwatts to megawatts. For more information, please visit www.power.com.
Power Integrations, power.com, the Power Integrations logo, InnoSwitch, ClampZero, PowiGaN, HiperPFS, FluxLink and InSOP are trademarks or registered trademarks of Power Integrations, Inc. All other trademarks are the property of their respective owners.
Media Contact
Linda Williams
Power Integrations
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BWW Communications
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MILWAUKEE--(BUSINESS WIRE)--Zurn Water Solutions Corporation (NYSE: ZWS) announced that, at a Special Meeting today, its stockholders voted to approve the issuance of shares of Zurn common stock necessary to complete the previously announced combination with Elkay Manufacturing Company. As approved today, stockholders of Elkay Manufacturing will receive up to 52.5 million newly issued shares of Zurn Common Stock. Zurn’s stockholders also voted to increase the number of authorized shares available for award under the Zurn Water Solutions Corporation Performance Incentive Plan by 1,500,000 shares.
“We are pleased to see our stockholders’ strong support of the transaction with Elkay,” said Todd A. Adams, Chairman and CEO of Zurn Water Solutions. “Since the transaction was announced in February, robust integration planning efforts have been underway, and we continue to believe we will be able to capitalize on the significant synergies the combination will generate. The newly created Zurn Elkay Water Solutions will be the unrivaled leader in providing specified water solutions to improve health, human safety and the environment and we look forward to closing in the coming weeks.”
The transaction is expected to close early in the third quarter, subject to the satisfaction of the remaining closing conditions.
About Zurn Water Solutions
Headquartered in Milwaukee, Wisconsin, Zurn Water Solutions is a growth-oriented, pure-play water business that designs, procures, manufactures, and markets what we believe is the broadest sustainable product portfolio of solutions to improve health, human safety, and the environment. The Zurn product portfolio includes professional grade water control and safety, water distribution and drainage, finish plumbing, hygienic, environmental and site works products for public and private spaces. Additional information about the Company can be found at www.zurnwatersolutions.com.
Cautionary Statement on Forward-Looking Statements
Information in this release may involve outlook, expectations, beliefs, plans, intentions, strategies or other statements regarding the future, which are forward-looking statements. These forward-looking statements involve risks and uncertainties. All forward-looking statements included in this release are based on information available to Zurn Water Solutions Corporation as of the date of the release, and Zurn assumes no obligation to update any such forward-looking statements. The statements in this release are not guarantees of future performance, and actual results could differ materially from current expectations. Numerous factors could cause or contribute to such differences. Please refer to “Risk Factors” and “Cautionary Notice Regarding Forward-Looking Statements” in our Annual Report on Form 10-K for the year ended December 31, 2021, as well as the Company’s subsequent annual, quarterly and current reports filed on Forms 10-K, 10-Q and 8-K from time to time with the Securities and Exchange Commission for a further discussion of the factors and risks associated with the business. In addition, our previously announced transaction with Elkay Manufacturing Company is subject to various risks, uncertainties and factors including, among others: the inability to complete the transaction; the inability to recognize the anticipated benefits of the proposed transaction, including due to the failure of other closing conditions; and costs related to the proposed transaction; see also Part I, Item 1A, "Risk Factors" in the Company's Quarterly Reporting on Form 10-Q for the quarterly period ended March 31, 2022.
Investor Relations
Dave Pauli, Vice President – Investor Relations
414-223-7770
Media Relations
Angela Hersil, Director – Corporate Communications
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Fortescue Future Industries and Quantum Delta NL join as foundational members
PALO ALTO, Calif.--(BUSINESS WIRE)--#climate--PsiQuantum, the company that’s building the world’s first utility-scale quantum computer, today at Davos announced Qlimate. A subsidiary of PsiQuantum, Qlimate is a quantum computing net zero initiative that builds partnerships to develop and scale decarbonization technology breakthroughs.
Demand for the world’s first utility-scale quantum computers will be extreme. Anticipating this scarcity, PsiQuantum has committed substantial hardware capacity to Qlimate. Drawing on McKinsey & Company's latest research, Qlimate has short-listed the most promising and highest impact decarbonization use cases that can run on first-generation utility-scale quantum computers. These use cases will enable breakthrough solutions across agriculture, solar, electric batteries, green hydrogen, carbon capture, green ammonia, cement and more. Taken together, these use cases will enable substantial decarbonization impact, and contribute towards the planet getting back on a 1.5°C pathway.
Qlimate is partnering with business, government, and philanthropy to deliver on this mission. In collaboration with these partners, Qlimate will optimize use case algorithms for deployment on the first utility-scale quantum computer, quantify their impact, and scale the resulting solutions.
“Qlimate will use the world’s first utility-scale quantum computer where humanity most needs it — and that is climate change,” said Jeremy O’Brien, co-founder and chief executive officer at PsiQuantum. “Qlimate has a singular focus on impact and will take ambitious steps to deliver some of the most promising decarbonization tools that could take years off the path to net zero.”
Together with foundational members — including Fortescue Future Industries (FFI) and the Dutch Government’s Quantum Delta initiative — Qlimate will start solving computational bottlenecks that currently hold back innovation in decarbonization. FFI is a global green energy company that has committed to producing 15 million tons per year of green hydrogen by the end of this decade. Quantum Delta NL is a public-private partnership of industry, government agencies and all major quantum research centers in the Netherlands.
“The Qlimate initiative with leading quantum computing company PsiQuantum is critical to lowering emissions through green energy production, and this partnership, through greater knowledge, will help to achieve that faster,” said FFI Chairman Dr. Andrew Forrest AO. “PsiQuantum’s fault-tolerant quantum computer could be a leading light in technology for green hydrogen, and FFI as a first mover in green tech will help make it happen.”
“Although we need to overcome different technical challenges before powerful quantum computers will become available, we should not wait to start exploring its potential use cases,” said Freeke Heijman, co-founder and director of ecosystem development at Quantum Delta NL. “As Quantum Delta NL aims to contribute to solving the world’s long-term challenges, we are proud of this founding partnership with Qlimate. Our Centre for Quantum and Society (CQS) will work with Qlimate on the ethical, legal, and societal impact of selected use cases, working towards maximizing the positive impact of quantum computing.”
“Solving the climate crisis will take every bit of human ingenuity we can muster, and quantum computing will be part of the picture,” said Celia Cattelain, director at Qlimate. “Utility-scale quantum computing will be a precious resource and Qlimate will work with the most committed partners on the best possible solutions, namely those with the highest CO2e abatement potential.”
Partnering with Qlimate is a powerful statement of climate leadership and vision, and a unique opportunity to qualify for access to limited quantum computing capacity. Membership is open to stakeholders from across the climate change ecosystem, including industry, finance, philanthropy, and government. For more information on how to get involved, visit www.qlimate.world.
About Qlimate
Qlimate is a quantum computing net zero initiative that aims to support large-scale decarbonization. Qlimate is backed by PsiQuantum, which is uniquely positioned to build the first utility-scale quantum computer well within this decade. PsiQuantum will dedicate a substantial share of initial quantum computing capacity to high-impact sustainability applications, and we are building partnerships with corporates, governments, and non-profits to develop and scale end-to-end the most promising decarbonization solutions that could take years off the path to net zero – and contribute towards the planet getting back on a 1.5°C pathway. To learn more, visit www.Qlimate.World.
About PsiQuantum
Powered by breakthroughs in silicon photonics and fault-tolerant quantum architecture, PsiQuantum is building the first utility-scale quantum computer to solve some of the world’s most important challenges. PsiQuantum’s approach is based on photonic qubits, which have significant advantages at the scale required to deliver a fault-tolerant, general-purpose quantum computer. With quantum chips now being manufactured in a world-leading semiconductor fab, PsiQuantum is uniquely positioned to deliver quantum capabilities that will drive advances in climate, healthcare, finance, energy, agriculture, transportation, communications, and beyond. To learn more, visit www.psiquantum.com.
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© 2022 PsiQuantum. PsiQuantum and our logo are trademarks of PsiQuantum, Corp. in the U.S. and other countries. All other trademarks are the property of their respective holders.
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