~New service builds on acquisitions of Sun Valley Cold Storage and Kloosterboer Group and the construction of new refrigerated storage facility in Savannah, Georgia set to open in Q1 2023~
NOVI, Mich.--(BUSINESS WIRE)--#oneLineage--Lineage Logistics, LLC (“Lineage” or the “Company”), the world’s largest and most innovative temperature-controlled industrial REIT and logistics solutions provider, today announced Lineage Fresh, a new strategic service providing fresh storage options for major importers, grocers, and producers of fresh fruit and produce.
Lineage Fresh will allow products with a short shelf-life to face fewer obstacles, less risk, and less spoilage with Lineage’s cold storage technology and leading logistics network. Leveraging the Company’s expertise as a global temperature-controlled provider, Lineage Fresh is designed to cater to businesses in which food safety is critical and speed to market is essential. The new value-added services and specialized capabilities of Lineage Fresh include re-pack & bagging services, reconditioning, restacking, restyling, container plugs, multi-temperature zones for produce, cold treatment, fumigation, container drayage, and the integration of customs bonded facilities.
“With the launch of Lineage Fresh, we are excited to expand our reach in the fresh produce market, adding dedicated fresh capacity and product expertise to the market, ultimately helping customers capitalize on this growing opportunity,” said Jim Henderson, Vice President of Business Development. “This offering will leverage our strategic acquisitions of Sun Valley Cold Storage and Kloosterboer, which bring state-of-the-art assets and years of experience to the organization, as well as our new port facility in Savannah, Ga., to build a more efficient end-to-end supply chain while addressing capacity concerns that have previously impacted the market.”
Fresh produce importers, exporters, and the international fresh fruit and vegetable community at large have been experiencing significant service and capacity issues with their fresh products. To address their needs, Lineage has made significant investment in the space to meet the demands of the fresh market:
To learn more about Lineage Fresh, or to find out how you can partner with Lineage, click here.
About Lineage Logistics
Lineage Logistics is the world’s largest temperature-controlled industrial REIT and logistics solutions provider. It has a global network of over 400 strategically located facilities totaling over 2 billion cubic feet of capacity, which spans 20 countries across North America, Europe, and Asia-Pacific. Lineage’s industry-leading expertise in end-to-end logistical solutions, its unrivaled real estate network and the development and deployment of innovative technology help increase distribution efficiency, advance sustainability, minimize supply chain waste, and, most importantly, as a Visionary Partner of Feeding America, help feed the world. In recognition of the company’s leading innovations and sustainability initiatives, Lineage was a 2022 U.S. Best Managed Company, No. 3 in the 2022 CNBC Disruptor 50 list, No. 17 in the 2021 CNBC Disruptor 50 list, the No 1. Data Science company, and 23rd overall, on Fast Company’s 2019 list of The World’s Most Innovative Companies, in addition to being included on Fortune’s Change The World list in 2020. (www.lineagelogistics.com)
Lineage Logistics
Christina Wiese
734.608.1855
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TORONTO--(BUSINESS WIRE)--Superior Plus Corp. ("Superior") is pleased to announce that the Toronto Stock Exchange ("TSX") has accepted Superior's notice of intention to commence a normal course issuer bid ("NCIB") through the facilities of the Toronto Stock Exchange ("TSX") and/or other alternative trading platforms in Canada.
The NCIB will commence on October 13, 2022 and will terminate on the earlier of October 12, 2023, the date on which Superior has purchased the maximum number of Common Shares permitted under the NCIB or the date on which Superior terminates the NCIB in accordance with its terms. Superior believes that in the event the Common Shares trade in a price range that does not fully reflect their value, the acquisition of Common Shares may represent an attractive and desirable use of available funds.
"Consistent with our dynamic capital allocation approach, the NCIB will provide optionality to return capital to shareholders in addition to our regular monthly dividend," said Luc Desjardins, President and Chief Executive Officer. "We will continue to exercise strict capital discipline, and the decision to repurchase Superior shares will be evaluated against our other investment opportunities, including acquisitions, and leverage guidelines. We are focused on creating long-term shareholder value, and we will allocate capital to only our most accretive opportunities."
The NCIB is intended to augment Superior's ongoing return of capital to shareholders through dividends. Superior believes that the market price of its common shares may not, from time to time, accurately reflect their underlying value. Accordingly, purchasing its own common shares for cancellation under the NCIB may represent an attractive investment opportunity to enhance shareholder value.
Under the NCIB, Superior may, over a 12-month period commencing on October 13, 2022, purchase in the normal course through the facilities of the TSX and/or Canadian alternative trading systems, up to 10,085,599 Common Shares, such amount representing 5% of the 201,711,987 Common Shares issued and outstanding as of September 30, 2022. Purchases under the NCIB will be subject to certain pricing limits set by the board of directors of Superior from time to time. Furthermore, subject to certain exemptions for block purchases, the maximum number of Common Shares that Superior may acquire on any one trading day is 123,619 Common Shares, such amount representing 25% of the average daily trading volume of the Common Shares of 494,479 for the six calendar months prior to the start of the NCIB. All Common Shares purchased by Superior under the NCIB will be cancelled.
Superior has engaged a broker to administer the NCIB. Superior will also enter into an automatic purchase plan (“APP”) with its broker in relation to the NCIB to facilitate purchases of Common Shares under the NCIB at times when Superior normally would not be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise. Pursuant to the APP, from time to time, when Superior is not in possession of material non-public information about itself or its securities, Superior may, but is not required to, direct its broker to make purchases of Common Shares under the NCIB during an ensuing trading blackout period. Such purchases will be based on trading parameters established by Superior prior to the trading blackout period in accordance with the rules of the TSX, applicable securities laws and the terms of the APP.
About the Corporation
Superior is a leading North American distributor and marketer of propane and distillates and related products and services, servicing approximately 890,000 customer locations in the U.S. and Canada.
For further information about Superior, please visit Superior’s website at: www.superiorplus.com or contact: Beth Summers, Executive Vice President and Chief Financial Officer, Tel: (416) 340-6015, or Rob Dorran, Vice President, Capital Markets, Tel: (416) 340-6003, E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it., Toll-Free: 1-866-490-PLUS (7587).
Forward-Looking Information
This news release contains certain forward-looking information and statements based on Superior’s current expectations, estimates, projections and assumptions in light of its experience and perception of historical trends. In this news release, such forward-looking information and statements can be identified by terminology such as "may", "will", "expects", and similar expressions.
In particular, this news release contains forward-looking statements and information relating to share repurchases under the NCIB, including potential repurchases to be made and the effects and benefits of the NCIB. These forward-looking statements are being made by Superior based on certain assumptions that Superior has made in respect thereof as at the date of this news release regarding, among other things: prevailing and future market prices for the Common Shares, prevailing and future commodity prices, margins, volumes and exchange rates; that Superior’s future results of operations will be consistent with past performance and management expectations in relation thereto; the continued availability of capital; future cash flow and debt levels; and that all required regulatory approvals will be obtained in a timely manner. These forward-looking statements are not guarantees of future performance and are subject to several known and unknown risks and uncertainties, including, but not limited to: general economic and market conditions in Canada, North America and elsewhere; market prices for the Common Shares being too high to realize the anticipated benefits of the NCIB; fluctuations in operating results; and certain other risks detailed from time to time in Superior’s public disclosure documents including, among other things, those detailed under the heading "Risk Factors" in Superior’s management's discussion and analysis and annual information form for the year ended December 31, 2021, which can be found at www.sedar.com.
Accordingly, readers are cautioned that events or circumstances could cause results to differ materially from those predicted, forecasted or projected. Such forward-looking statements are expressly qualified by the above statements. Superior does not undertake any obligation to publicly update or revise any forward looking statements or information contained herein, except as required by applicable laws.
Beth Summers
Executive Vice President and Chief Financial Officer
Tel: (416) 340-6015
Rob Dorran
Vice President, Capital Markets
Tel: (416) 340-6003
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Toll-Free: 1-866-490-PLUS (7587)
HOUSTON--(BUSINESS WIRE)--Genesis Energy, L.P. (NYSE: GEL) announced today that, on October 10, 2022, the Board of Directors of its general partner declared a distribution on Genesis’ common units and 8.75% Class A Convertible Preferred Units attributable to the quarter ended September 30, 2022. These distributions will be paid on November 14, 2022 to holders of record at the close of business on October 31, 2022.
Each holder of common units will be paid a quarterly cash distribution of $0.15 ($0.60 on an annualized basis) for each common unit held of record. With respect to the preferred units, Genesis will pay a cash distribution of $0.7374 ($2.9496 on an annualized basis) for each preferred unit held of record.
Genesis Energy, L.P. is a diversified midstream energy master limited partnership headquartered in Houston, Texas. Genesis’ operations include offshore pipeline transportation, sodium minerals and sulfur services, onshore facilities and transportation and marine transportation. Genesis’ operations are primarily located in the Gulf Coast region of the United States, Wyoming and the Gulf of Mexico.
Genesis Energy, L.P.
Dwayne Morley
VP – Investor Relations
(713) 860-2536
ABINGDON, England & BILLERICA, Mass.--(BUSINESS WIRE)--Infineum and Entegris, Inc. (NASDAQ: ENTG) today announced that the companies have entered into a definitive agreement for Infineum to acquire Entegris’ Pipeline and Industrial Materials business (PIM). Entegris’ PIM business is part of the company’s Specialty Chemicals and Engineered Materials (SCEM) division and includes the Flowchem, Val-Tex, and Sealweld brands and a broad range of Drag Reducing Agents (DRAs) for pipeline operations. The transaction is expected to close in the fourth quarter of 2022, subject to receipt of required regulatory approvals and other customary closing conditions.
“We are excited to announce the agreement to acquire Entegris’ Pipeline and Industrial Materials business. This acquisition has a strong strategic fit with the core capabilities of Infineum and is a significant step in Infineum’s transformation into a sustainable world-class specialty chemicals company. We look forward to welcoming our new colleagues to the Infineum team,” said Trevor Russell, CEO.
“Drag Reducing Agents (DRA) is an exciting global growth segment, and this addition will expand Infineum’s portfolio of specialty chemicals and deliver long-term value to our shareholders. Infineum’s complementary technology and supply chain capabilities, along with the synergies and dedication we intend to bring to this business, will enable us to provide customers with enhanced levels of innovation and performance reliability, all backed by the Infineum brand,” said Shee Young Kim, Infineum’s Director of Global Business Growth.
About Infineum
Infineum is a specialty chemicals company whose purpose is to create a sustainable future through innovative chemistry. A joint venture between Shell and ExxonMobil, Infineum is a leader in the formulation, manufacturing, and marketing of petroleum additives for lubricants and fuels with operations and production facilities worldwide. Additional information can be found at www.infineum.com.
About Entegris
Entegris is a world-class supplier of advanced materials and process solutions for the semiconductor and other high-tech industries. Entegris has approximately 10,000 employees throughout its global operations and is ISO 9001 certified. It has manufacturing, customer service and/or research facilities in the United States, Canada, China, France, Germany, Israel, Japan, Malaysia, Singapore, South Korea, and Taiwan. Additional information can be found at www.entegris.com.
Flowchem
Founded in 2001 and based in Waller, Texas, Flowchem manufactures a broad range of DRAs (Drag Reducing Agents) for pipeline operations enabling the company to provide the most appropriate and effective DRA for its customers’ needs. Flowchem’s products include DRAs for light, medium or heavy crude oil, as well as DRAs engineered for refined fuel products and custom-engineered DRA solutions formulated to optimize any pipeline. Flowchem serves more than 50 pipeline operators worldwide, as well as midstream service providers and distributors.
Val-Tex
Located in Houston, Texas, Val-Tex manufactures and distributes high quality, cost-effective industrial sealants and lubricants, as well as related products, such as lubrication equipment and fittings. The company primarily serves customers in oil and gas storage, pipeline and gas distribution with value-added specialty products that enable optimal valve operation and help prevent costly, unscheduled downtime at customer facilities and pipelines. In addition, Val-Tex’s products provide important safety benefits along with preventing fugitive valve emissions.
Sealweld
Based in Calgary, Alberta, Canada, with additional facilities in the United States and the United Arab Emirates, Sealweld is a global supplier of high-performance products and services for industrial valve and actuator maintenance, including lubricants, sealants, cleaners, valve fittings, tools and equipment. Additionally, Sealweld provides routine and emergency valve maintenance services and technician training for many of the world’s largest pipeline operators. Sealweld’s products have proven reliable in more than 90 countries since the firm’s founding in 1969.
Advisors
Lowenstein Sandler is serving as legal counsel to Infineum. Lazard Freres & Co. LLC is serving as financial advisor and Wachtell, Lipton, Rosen & Katz is serving as legal counsel to Entegris.
Cautions Regarding Forward Looking Statements
Certain statements herein are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. Such forward-looking statements are often identified by words such as “anticipate,” “approximate,” “believe,” “commit,” “continue,” “could,” “estimate,” “expect,” “hope,” “intend,” “may,” “outlook,” “plan,” “project,” “potential,” “should,” “would,” “will” and other similar words or expressions. Such forward-looking statements reflect Entegris’ current expectations or beliefs concerning future events and actual events may differ materially from historical results or current expectations. The reader is cautioned not to place undue reliance on these forward-looking statements, which are not a guarantee of future performance and are subject to a number of uncertainties, risks, assumptions and other factors, many of which are outside the control of Entegris. The forward-looking statements in this document address a variety of subjects including, for example, the closing of the potential transaction and the potential benefits of the potential transaction. The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: the possibility that regulatory and other approvals and conditions to the potential transaction are not received or satisfied on a timely basis or at all; the possibility that Entegris may not fully realize the projected benefits of the potential transaction; changes in the anticipated timing for closing the potential transaction; business disruption during the pendency of or following the potential transaction; diversion of management time on transaction-related issues; the reaction of customers and other persons to the potential transaction; and other events that could adversely impact the completion of the potential transaction, including COVID-19 and industry or economic conditions outside of our control. In addition, actual results are subject to other risks and uncertainties that relate more broadly to the Company’s overall business, including those more fully described in the Company’s filings with the Securities and Exchange Commission (“SEC”), including its annual report on Form 10-K for the fiscal year ended December 31, 2021 and subsequent quarterly reports on Form 10-Q. The forward-looking statements in this document speak only as of this date. The Company undertakes no obligation to revise or update publicly any forward-looking statement, except as required by law.
Entegris
Investors:
Bill Seymour
VP of Investor Relations, Treasury, and Communications
T +1 952-556-1844
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Media:
Connie Chandler
Senior Director of Corporate Communications
T +1 978-436-6546
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Infineum
Helen Clear
Corporate Communication Manager
Tel: 44 (0) 1235 469447
Mobile: 44 (0) 7590 862754
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DUBLIN--(BUSINESS WIRE)--The "Marine Electric Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global marine electric vehicle market size reached US$ 3.8 Billion in 2021. Looking forward, the publisher expects the market to reach US$ 6.9 Billion by 2027, exhibiting a CAGR of 10.45% during 2021-2027.
Companies Mentioned
Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Marine electric vehicles (EVs) are zero-emission transportation systems that rely on renewable energy sources (RES) for electric propulsion. These vehicles require less maintenance, incur low running costs and are more environment friendly compared to fossil fuel-powered maritime vessels.
As they reduce waves, increase speed and create less noise, marine EVs are also considered suitable for wildlife tours. Moreover, a significant shift in preferences from diesel-powered to hybrid electric boats is positively influencing the sales of marine EVs for both commercial and recreational purposes.
Due to the escalating demand for shipping and rising environmental concerns, there is an increase in the need for low and zero-emission vessels (ZEVs). This, in confluence with the emerging trend of digitalization and automation and the depletion of fossil fuels, represents one of the key factors bolstering the growth of the marine EV market.
Additionally, the inflating disposable incomes are promoting the sales of seagoing enclosed yachts, ferries, workboats, personal submarines, scuba sea scooters and autonomous underwater vehicles (AUVs). This is also supported by the burgeoning travel and tourism sector, which is increasing the adoption of surface boats for leisure and recreational activities.
Apart from this, the electric unmanned underwater vehicles (UUVs) are gaining traction in the oil and gas industry for offshore hydrocarbon extraction, detailed mapping of the ocean floor and scientific research. They can be integrated with high-definition (HD) cameras that transmit data to allow the inspection of the underwater environment efficiently.
Key Questions Answered in This Report:
Key Topics Covered:
1 Preface
2 Scope and Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Marine Electric Vehicle Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Vehicle Type
7 Market Breakup by Propulsion Type
8 Market Breakup by Application
9 Market Breakup by Region
10 SWOT Analysis
11 Value Chain Analysis
12 Porters Five Forces Analysis
13 Price Analysis
14 Competitive Landscape
14.1 Market Structure
14.2 Key Players
14.3 Profiles of Key Players
For more information about this report visit https://www.researchandmarkets.com/r/4dkf9
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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For E.S.T Office Hours Call 1-917-300-0470
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DUBLIN--(BUSINESS WIRE)--The "Gas Chromatography Market By Product, By End User: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
According to this report the gas chromatography market was valued at $1.7 billion in 2021, and is estimated to reach $3.2 billion by 2031, growing at a CAGR of 6.1% from 2022 to 2031.
Gas chromatography is a chromatography technique that can separate and analyze volatile compounds in gas phase. Depending on stationary phase used in this analytical technique, there are two types of gas chromatography: gas-liquid chromatography (GLC) and gas-solid chromatography (GSC).
Among these, GLC is most widely used method. It is thus used to separate and detect small molecular weight compounds in the gas phase. The sample is either a gas or a liquid that is vaporized in the injection port. The mobile phase for gas chromatography is a carrier gas, typically helium due to its low molecular weight and being chemically inert. The pressure is applied and the mobile phase moves the analyte through the column.
The separation is accomplished using a column coated with a stationary phase. Helium, N2, and Argon are used as carrier gases. Helium is preferred for thermal conductivity detectors owing to its high thermal conductivity relative to that of most organic vapors. N2 is preferable when a large consumption of carrier gas is employed.
The main driving factors that foster growth of the gas chromatography market are rise in applications of gas chromatography in various fields such as pharmaceutical industries, chemical industry, food industry, environmental testing laboratories, and forensic science.
In addition, surge in adoption of chromatography in drug discovery process and growth in popularity of hyphenated chromatography techniques such as GC-MS further boost growth of the gas chromatography market. Moreover, technologically advanced products such as temperature-programmed chip-based GC, GCxGC, and new GC phase including nanoparticles, ionic liquids, and co-polymers are expected to propel the demand for gas chromatography procedures during the forecast period.
However, high cost of gas chromatography equipment and lack of adequate skilled professionals to operate gas chromatography instruments and perform the techniques in the pharmaceutical industry may hamper the growth of the market. In contrast, advancement in gas chromatography columns for petrochemical applications, adoption of gas chromatography in R&D for cancer detection are some of the factors expected to offer lucrative growth opportunities for players in the chromatography market.
Key Benefits For Stakeholders
Key Market Segments
By End User
By Product
By Region
Key Market Players
For more information about this report visit https://www.researchandmarkets.com/r/yoyisa
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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For E.S.T Office Hours Call 1-917-300-0470
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For GMT Office Hours Call +353-1-416-8900
VANCOUVER, British Columbia--(BUSINESS WIRE)--$LPEN--Loop Energy™ (TSX: LPEN) announces it plans to report consolidated financial results for the second quarter of 2022 after market close on Wednesday, November 2, 2022. Loop Energy will host a conference call on Thursday, November 3 at 8:00 am PT (11:00 am ET) to discuss the company’s financial results for the third quarter of 2022.
To join the call, please dial 1 (888) 330-2057 (toll-free) or 1 (646) 960-0203 (international). If prompted, please use the conference ID 5946836 to enter. A number to access the recording will be provided upon request.
The past financial results are also available at investors.loopenergy.com.
About Loop Energy Inc.
Loop Energy is a leading designer and manufacturer of hydrogen fuel cell systems targeted for the electrification of commercial vehicles, including light commercial vehicles, transit buses and medium and heavy-duty trucks. Loop Energy’s products feature the company’s proprietary eFlow™ technology in the fuel cell stack’s bipolar plates. At the core of this innovation is its modified geometry that delivers improved uniform current density across the entire active area and increases gas velocity throughout the plate to enhance performance and water management. This innovative design provides OEMs and fleet operators with new levels of fuel efficiency, peak power and durability. For more information about how Loop Energy is driving towards a zero-emissions future, visit www.loopenergy.com.
Investor Inquiries:
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Media Inquiries:
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Jetstream Aviation Capital has expressed its intent to commit to purchase for up to 250 hybrid and fully-electric powertrains from Surf Air Mobility.
LOS ANGELES--(BUSINESS WIRE)--Surf Air Mobility Inc. (“SAM” or the “Company”), a regional air travel company working to accelerate the adoption of green aviation, and Jetstream Aviation Capital, LLC (“Jetstream”), the largest global aircraft lessor focused exclusively on commercially-operated turboprop regional aircraft and engines, announced today an agreement regarding the principal terms of an arrangement to finance up to $450 million through a customized operating lease and sale structure that will fund the planned growth of SAM’s fleet of turboprop aircraft. SAM will have access to this financing facility over the next six years for both new and used Cessna Caravan and Pilatus PC-12 aircraft, subject, among other things, to the entry into separate binding sale and purchase agreements for each individual aircraft and a separate binding lease agreement for each individual aircraft.
In addition, Jetstream has expressed its intent to commit to purchase up to 250 hybrid and fully-electric powertrains from SAM over the course of five years, subject to and post FAA certification, and the negotiation of pricing, terms and the minimum commitment and definitive documentation, demonstrating a meaningful commitment to SAM’s mission to electrify the regional air ecosystem. Each powertrain is expected to create one-time revenue at sale and multiyear recurring revenue streams as it is being used by the operator.
This agreement will help enable SAM to grow its fleet to meet route expansion plans and customer demand as it seeks to expand its regional air travel footprint and sustainable flying solution.
SAM is seeking to build a regional air mobility ecosystem that will sustainably connect the world’s communities. SAM intends to accelerate the adoption of green flying by developing hybrid electric powertrain technology in order to reduce direct operating costs and emissions from regional air travel by offering original equipment manufacturers (“OEMs”) and third-party operators the ability to order new or upgrade existing aircraft with hybrid electric powertrains. SAM plans to deploy the world’s largest fleet of hybrid electric aircraft on regional routes being serviced today and on additional routes in new markets. SAM’s immediate focus will be on scaling operations using the Cessna Grand Caravan, which will be the first aircraft to be electrified using SAM’s proprietary technology, hybrid electric powertrains, that will not require charging infrastructure targeted for commercial certification by 2025.
“We believe the customized aircraft leasing structure from Jetstream will provide us a capital efficient way to more rapidly expand our operations at the scale necessary for a future when electrified aircraft unlock the latent demand for convenient, affordable regional travel on new routes across the U.S.,” said Sudhin Shahani, founder of SAM. “Jetstream's proven record of leasing aircraft in this asset class at scale, especially for the Cessna Grand Caravan, will help strengthen Surf Air Mobility’s position in the regional mobility and turboprop category.”
SAM continues to create the platform for regional air mobility, bringing together the ecosystem of partners and services necessary to deploy, operate, maintain, and sell electrified aircraft at scale. By creating a single platform that benefits the entire value chain of regional mobility, SAM can better serve operators, airports, OEMs, and the consumer.
“We believe the regional turboprop asset category is positioned for significant growth over the next decade as electrified aircraft enter into operations,” said Stuart Klaskin, Chief Executive Officer of Jetstream Aviation Capital. “With electrified commercial aviation around the corner, we’re looking forward to lending our expertise in this growth segment of the aircraft market.”
Jetstream has long-standing relationships with Southern Airways Express and Mokulele Airlines, two companies who have entered into a definitive agreement to be acquired by SAM, subject to closing conditions and regulatory approval.
About Surf Air Global and Surf Air Mobility
Surf Air Mobility (SAM) is a Los Angeles-based electric aviation and air travel company reinventing flying through the power of electrification. The company intends to bring electrified aircraft to market at scale in order to substantially reduce the cost and environmental impact of flying. The management team has deep experience and expertise across aviation, electrification, and consumer technology. Surf Air Global has a number of notable advisors including Arianna Huffington (founder Huffington Post), Fred Reid (former Virgin America CEO, President Delta and Lufthansa), Jonathan Mildenhall (founder 21st Century Brands, former Airbnb CMO), Dr. David Agus (founder/CEO Ellison Institute), Matthew Anderson (former Roku CMO), and David Anderman (former General Counsel at SpaceX). For more information, visit: https://surfair.com.
About Jetstream Aviation Capital
Jetstream Aviation Capital, founded in 2010, is a Miami-based aircraft lessor specializing in commercially operated regional turboprop aircraft, and is the largest global owner of Saab 340 and Saab 2000 aircraft and associated spares and engines. Jetstream’s portfolio of over 150 aircraft also includes Cessna Caravan, Embraer EMB-120 and Pilatus PC-12 passenger and cargo aircraft.
Caution Concerning Forward-Looking Statements
Certain statements herein are “forward-looking statements” made pursuant to the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Actual results may differ from their expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. In some cases, you can identify forward-looking statements through the use of words or phrases such as “may”, “should”, “could”, “predict”, “potential”, “believe”, “will likely result”, “expect”, “continue”, “will”, “anticipate”, “seek”, “estimate”, “intend”, “plan”, “projection”, “would” and “outlook”, or the negative version of those words or phrases or other comparable words or phrases of a future or forward-looking nature, but the absence of such words does not mean that a statement is not forward-looking. These forward-looking statements are not historical facts and are based upon estimates and assumptions that, while considered reasonable by SAM and its management, as the case may be, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: the occurrence of any event, change or other circumstances that could impact the acquisition of Southern to result in a leading air mobility platform with scheduled routes and on-demand charter flights operated by Southern and other third-party operators; the ability of the Company’s first generation of electrified aircraft to meaningfully decarbonize aviation and help alleviate the environmental impact of flying by reducing carbon emissions by as much as 50 percent; the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreement with respect to the business combination with THCA (the “Business Combination”); the outcome of any legal proceedings that may be instituted against SAM; the combined company or others following the announcement of the Business Combination and any definitive agreements with respect thereto; the inability to complete the Business Combination due to the failure to obtain approval of the stockholders of SAM, to obtain financing to complete the Business Combination or to satisfy other conditions to closing; the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; costs related to the Business Combination; changes in applicable laws or regulations; the possibility that SAM or the combined company may be adversely affected by other economic, business, regulatory, and/or competitive factors; SAM’s estimates of expenses and profitability; the evolution of the markets in which SAM competes; the ability of SAM to implement its strategic initiatives and continue to innovate its existing products; the ability to respond to failures in our technology or cybersecurity threats affecting our business; the ability to respond to regional downturns or severe weather or catastrophic occurrences or other disruptions or events; the ability to respond to decreases in demand for private aviation services and changes in customer preferences; the ability of SAM to defend its intellectual property and satisfy regulatory requirements and the impact of the COVID-19 pandemic on SAM’s business; and other risks.
Additional Information and Where to Find It
THCA intends to file with the Securities Exchange Commission (the “SEC”) a registration statement on Form S-4 with a proxy statement containing information about the proposed transaction and the respective businesses of SAM and THCA. THCA will mail a final prospectus and definitive proxy statement and other relevant documents after the SEC completes its review. THCA shareholders are urged to read the preliminary prospectus and proxy statement and any amendments thereto and the final prospectus and definitive proxy statement in connection with the solicitation of proxies for the special meeting to be held to approve the proposed transaction, because these documents will contain important information about the THCA, SAM, and the proposed transaction. The final prospectus and definitive proxy statement will be mailed to stockholders of the THCA as of a record date to be established for voting on the proposed transaction. THCA shareholders will also be able to obtain a free copy of the proxy statement, as well as other filings containing information about the THCA, without charge, at the SEC’s website (www.sec.gov) or by calling 1-800-SEC-0330. Copies of the proxy statement and the THCA’s other filings with the SEC can also be obtained, without charge, by directing a request to: This email address is being protected from spambots. You need JavaScript enabled to view it.. Additionally, all documents filed with the SEC can be found on THCA’s website, tuscan-holdings.com. The information contained in, or that can be accessed through, THCA’s or SAM’s website is not incorporated by reference in, and is not part of, this press release.
Participants in the Solicitation
SAM and THCA and their respective directors and officers and other members of management and employees may be deemed participants in the solicitation of proxies in connection with the proposed business combination. THCA stockholders and other interested persons may obtain, without charge, more detailed information regarding directors and officers of THCA in the SPAC’s Form S-1 filed with the SEC relating to its initial public offering, which was declared effective on July 11, 2019 and in the proxy statement/prospectus relating to this transaction once filed. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies from THCA’s shareholders in connection with the proposed business combination will be included in the definitive proxy statement/prospectus SPAC intends to file with the SEC.
No Offer or Solicitation
This press release does not constitute (i) a solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the proposed business combination, or (ii) an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of the U.S. Securities Act.
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DENVER--(BUSINESS WIRE)--Sitio Royalties Corp. (NYSE: STR) (“Sitio”) today announced that it will report operating and financial results for the third quarter of 2022 on Tuesday, November 8, 2022, after the close of trading on the New York Stock Exchange.
Sitio will host a conference call at 8:30 a.m. Eastern on Wednesday, November 9, 2022 to discuss its third quarter 2022 operating and financial results. Participants can access the call by dialing 1-844-200-6205 in the United States or 1-929-526-1599 in other locations with access code 835942 or via webcast at https://events.q4inc.com/attendee/152608414. The conference call, live webcast and archive of the call can also be accessed through the Investor Relations section of Sitio’s website at www.sitio.com.
About Sitio Royalties Corp.
Sitio is a shareholder returns-driven company focused on large-scale consolidation of high-quality oil & gas mineral and royalty interests across premium basins, with a diversified set of top-tier operators. With a clear objective of generating cash flow from operations that can be returned to shareholders and reinvested, Sitio has accumulated over 173,000 net royalty acres (“NRAs,” when normalized to a 1/8th royalty equivalent) through the consummation of over 180 acquisitions to date, after giving effect to the completion of all signed transactions to date. More information about Sitio is available at www.sitio.com.
Forward Looking Statements
This new release contains statements that may constitute “forward-looking statements” for purposes of federal securities laws. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “seeks,” “possible,” “potential,” “predict,” “project,” “prospects,” “guidance,” “outlook,” “should,” “would,” “will,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. While forward-looking statements are based on assumptions and analyses made by us that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties that could cause our actual results, performance, and financial condition to differ materially from our expectations and predictions. See “Risk Factors” in Sitio’s publicly filed documents with the SEC for a discussion of risk factors that affect Sitio’s business. Any forward-looking statement made in this news release speaks only as of the date on which it is made. Factors or events that could cause actual results to differ may emerge from time to time, and it is not possible to predict all of them. Sitio undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future development, or otherwise, except as may be required by law.
IR contact:
Ross Wong
(720) 640–7647
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The solar energy company’s new financing will accelerate the delivery of breakthrough scalable solar technology for space at one-tenth the cost of conventional technology.
MENLO PARK, Calif.--(BUSINESS WIRE)--#energy--Airbus Ventures announces its newest lead investment in Solestial, Inc. (“Solestial”), the solar energy company for space. The round was joined by AEI HorizonX, GPVC, Stellar Ventures, Industrious Ventures, and others. This new funding will be used to ramp up production and customer engagement capabilities, as the company expands ground and flight testing in parallel; additional investments in R&D and go-to-market functions are also planned.
Solestial’s solar panels can be produced at scale using automated production methods at 90 percent lower cost than solar panels widely used by the satellite industry. This best-in-class silicon photovoltaic technology, optimized for space, also delivers orbital reliability of at least 10 years in low Earth orbit (LEO). Economical solar panels with scalable manufacturing capability are critical to meeting the demand of the satellite industry, which is projected to grow from 5,000 operational satellites to 100,000 or more by 2030, a 40% CAGR.
“We’re on a mission to become the solar energy company for space, and this capital will help us dramatically accelerate delivery of our breakthrough technology at scale,” said Stanislau Herasimenka, co-founder and CEO of Solestial. “We deeply and humbly appreciate the vote of confidence from each of the investors in this extremely strong syndicate led by Airbus Ventures, and we couldn’t be more excited to roll up our sleeves and get to work on this important next phase.”
Solestial’s technology has been under development for more than a decade, beginning its life at Arizona State University where the company was first conceived as Regher Solar. The company’s high-efficiency silicon solar cells are ultrathin and lightweight, self-curing radiation damage at normal operating temperatures of 80ºC or below, without additional hardware requirements. This breakthrough self-curing capability, unmatched in the industry, allows Solestial cells to achieve minimum degradation over decades of life in space. The new approach to radiation hardening also enables innovative proprietary packaging technology, resulting in a thin, lightweight panel that’s optimized for long missions in LEO.
Solestial’s technological breakthroughs and superior value proposition are unlocking tremendous commercial demand. In just the last year, the company has signed letters of intent (LOIs) totaling hundreds of millions of dollars with a variety of commercial customers, ranging from startups to major defense primes. This new commercial demand builds on a foundation of more than $2.5 million in SBIR contracts with NASA, NSF, and other government agencies.
“We are at a new inflection point for the aerospace and the energy industries,” said Mat Costes, Partner at Airbus Ventures. “We’re excited to welcome the team at Solestial into our vibrant community of entrepreneurs working to advance breakthrough technologies to help solve critical, near-term planetary challenges. From the start of our diligence process, we were instantly impressed by Solestial’s solar cell technology, and we're proud to be leading this impressive syndicate on a mission to help deliver advanced, lightweight, cost-effective solutions that power the new space economy,” Costes said.
Herasimenka added, “Looking ahead, Solestial is uniquely positioned to enable long-lasting, highly efficient infrastructure for Earth orbit, cislunar space, and operations on the Moon itself, helping unlock the energy and resources of our whole planetary system for the benefit of life on Earth.”
About Solestial, Inc.
Solestial, Inc. is the solar energy company for space. Solestial’s core technology is a breakthrough ultra-thin silicon solar cell that can self-cure radiation damage at normal operating temperatures in space, packaged in a flexible, lightweight panel designed to achieve minimum degradation for up to 10 years in LEO. Solestial panels can be mass-produced using automated machines resulting in costs 90% lower than incumbent technologies, with virtually unlimited manufacturing capacity. From today’s satellite constellations and research projects to tomorrow’s utility-scale energy infrastructure and services in space, Solestial is powering the new space economy.
About Airbus Ventures
Headquartered in Silicon Valley, with offices in Toulouse and Tokyo, Airbus Ventures is a fast-moving, early-stage venture capital company that independently funds and supports startups set to shift both the aerospace industry and our planetary system to a sustainable future. Airbus Ventures has helped aspiring innovators reach new dimensions of achievement since 2015.
For Airbus Ventures
Orli Robin
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For Solestial:
Luke Keding/HKA
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315-575-4491
Partnership to Address Global Emissions (PAGE) will advocate for the infrastructure needed to increase production and export of U.S. natural gas to slow climate change, reduce energy prices and provide energy security for U.S. allies
WASHINGTON--(BUSINESS WIRE)--A coalition of responsible energy companies, leading climate advocates and labor groups today formally launched the Partnership to Address Global Emissions (PAGE). PAGE will advocate for policies that enable the development of the infrastructure needed to increase production and export of U.S. liquefied natural gas (LNG) to replace foreign coal and lower greenhouse gas (GHG) emissions.
“If the U.S. unlocks the full potential of LNG to replace international coal, the emissions reductions would be equivalent to electrifying every U.S. vehicle, powering every U.S. home with rooftop solar and doubling U.S. wind capacity combined,” said Toby Z. Rice, chief executive officer of EQT Corporation and one of PAGE’s founding members. “All we need is the greenlight to build the infrastructure that will let us get natural gas from where it is produced to where it can be used.”
Over the past 15 years, the U.S. has led the world in GHG emissions reductions, driven in large part by switching electricity production from coal to natural gas, which generates considerably fewer CO2 emissions. During this time, over 200 U.S. coal plants closed. This year, however, foreign coal demand is on the rise, exacerbated by skyrocketing energy prices and Russia’s war against Ukraine. In 2022, coal usage is forecasted to match its all-time high, which was reached in 2013.
PAGE will help develop and promote policies that support four core objectives:
“U.S. natural gas has a crucial role to play in the global clean energy transition, providing secure baseload power to eliminate higher emitting coal, while reducing dependence on Russian gas, especially in Europe,” said Paul Bledsoe of the Progressive Policy Institute. “In turn, the U.S. must continue to drive down methane emissions from gas so that American natural gas is the cleanest in the world.”
EQT Corporation, TC Energy and Williams are founding members of PAGE, and an advisory council of supportive individuals and organizations – from think tanks, trade unions and academia – will provide outside guidance and expertise to the coalition and its members. Advisory council representatives include:
PAGE will continue recruiting new members in the coming months.
“The United Association of Union Plumbers and Pipefitters members work hard to help deliver affordable and reliable energy to American consumers. We are in a prime position to modernize and expand LNG, which will reduce emissions and help the United States meet its energy needs while creating family-sustaining jobs,” said Mark McManus, General President of the United Association. “We are proud to join PAGE at the ground level to lead the path forward to reduce our dependency on foreign coal, lower our global emissions and create a cleaner economic future. The entire United Association stands ready to build the next generation of American energy infrastructure.”
Americans already support natural gas as a solution to current energy and climate challenges. A nationwide poll conducted earlier this year by Democratic polling firm Impact Research showed that nearly 70% of all voters support increasing natural gas production. It also found that, after hearing about natural gas's benefits, strong majorities of both parties favor building new natural gas pipeline infrastructure to support increased production. By a 33-point margin, voters say they are more likely to support a political candidate who supports increasing the production of natural gas.
“The current energy crisis serves as a striking reminder that energy security and climate goals must be pursued in tandem,” said Richard Morningstar, founding chairman, Global Energy Center, Atlantic Council and former U.S. Ambassador to the European Union. “There is an urgent need to expand existing efforts to reduce carbon intensity and environmental impacts across the oil and gas value chain to ensure that these energy sources can continue bolstering supply security while contributing to decarbonization targets. The industry and public sector have tremendous opportunities to support this work through scaling up the deployment of innovative technologies, such as carbon capture, storage, and utilization, methane emissions reduction solutions, and initiatives to integrate hydrogen into the energy systems.”
To learn more about PAGE, visit Partnership to Address Global Emissions.
About the PAGE Coalition
Partnership to Address Global Emissions (PAGE) is a coalition of responsible energy companies, labor unions and leading climate advocates dedicated to promoting U.S. policies that protect the climate, strengthen the economy, lower energy costs and bolster energy security through the production and export of cleaner natural gas. We are driven by a desire to responsibly solve complex global energy and climate problems. More information can be found at Partnership to Address Global Emissions.
Chris Matthews
Senior Partner, VOX Global
(202) 279-1401
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SAN FRANCISCO--(BUSINESS WIRE)--Stem, Inc. (NYSE: STEM), a global leader in AI-driven clean energy solutions and services, will hold a conference call on Thursday, November 3, 2022, to discuss its financial results for the quarter ended September 30, 2022 and business outlook.
The conference call is scheduled to begin at 5:00 p.m. Eastern Time. A press release regarding the results will be issued at approximately 4:05 p.m. Eastern Time.
The conference call may be accessed via a live webcast on a listen-only basis at https://investors.stem.com/events-and-presentations. The call can also be accessed live over the telephone by dialing (888) 999-6281, or for international callers, (848) 280-6550, and referencing Stem.
A replay will be available shortly after the call and can be accessed by dialing (844) 512-2921, or for international callers, +44 (412) 317-6671. The passcode for the replay is 152363. The replay will be available until Saturday, December 3, 2022. An archive of the webcast will be available shortly after the call on Stem’s website at https://investors.stem.com/overview for 12 months following the call.
About Stem
Stem (NYSE: STEM) provides clean energy solutions and services designed to maximize the economic, environmental, and resiliency value of energy assets and portfolios. Stem’s leading AI-driven enterprise software platform, Athena®, enables organizations to deploy and unlock value from clean energy assets at scale. Powerful applications, including AlsoEnergy’s PowerTrack, simplify and optimize asset management and connect an ecosystem of owners, developers, assets, and markets. Stem also offers integrated partner solutions to help improve returns across energy projects, including storage, solar, and EV fleet charging. For more information, visit www.stem.com.
Source: Stem, Inc.
For Investors:
Ted Durbin, Stem
Marc Silverberg, ICR
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Suraya Akbarzad, Stem
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The Mobility House, CTE, AC Transit, New Flyer, Schneider Electric to deploy electric transit buses as mobile emergency backup power for community centers
OAKLAND, Calif.--(BUSINESS WIRE)--A new project funded by the California Energy Commission (CEC) will demonstrate the value of bidirectional electric vehicle charging to support a first-of-its-kind vehicle-to-building (V2B) resilience hub. This groundbreaking project will leverage stored energy from zero-emission electric buses, owned and operated by AC Transit, to provide filtered air conditioning at the West Oakland Branch of the Oakland Public Library for local residents in the event of unhealthy heat or smoke conditions. CEC’s Electric Program Investment Charge program awarded the project $3.2 million in funding, with combined $400,000 in matching funds contributed by West Oakland Environmental Indicators Project (WOEIP) and AC Transit. This pilot study is known locally as "V2B Oakland" and will be executed by a powerhouse green energy project team: Center for Transportation and the Environment (CTE), The Mobility House, AC Transit, New Flyer, Schneider Electric, City of Oakland and WOEIP.
Each battery electric bus (BEB) will contribute six hours of backup power to the critical loads at the library, and each hydrogen fuel cell-electric bus (FCEB) will provide up to 11 continuous hours of backup power, displacing nearly 100 pounds of carbon emissions per hour compared to traditional diesel backup generators. Working in close coordination with bus manufacturer New Flyer of America Inc. (New Flyer), a subsidiary of NFI Group Inc. (NFI), this project also marks the first time a U.S. transit agency will have the capability to use a hydrogen vehicle for V2B backup power.
“Initiating the first community resilience hub powered by a bidirectional V2B charging system has been an incredible journey. By bringing together leading-edge technological innovation and sustainability, we are able to offer much needed emergency response benefits for both transit agencies and communities,” said Jason Hanlin, Director of Technology Research at CTE. “For a project with so many key players, we are excited to apply CTE’s proven project management approach to usher this novel project from concept to fruition.”
The resilient backup power system, which combines Bus Exportable Power Supply (BEPS) capability with bidirectional chargers and smart software, will be integrated and tested at NFI’s Hayward facility, then deployed at an AC Transit bus division and the Oakland Library. The system is designed to power the library’s upgraded HVAC and air filtration system, providing clean air and electricity inside the building to create a public shelter during emergencies and outages.
“We are thrilled to bring our ‘vehicle-to-everything’ expertise from numerous projects in Europe and Asia to now develop the first ever vehicle-to-building resilience hub in the U.S.,” said The Mobility House U.S. Managing Director Gregor Hintler. “Our ChargePilot system ensures all transit mobility needs are met and orchestrates the charge and discharge of the bidirectional chargers so that the buses can power critical building loads.”
Electric-drive bus fleets are uniquely suited for backup power and emergency relief because of their energy storage capacity, electrical architecture, independent mobility and ability to be quickly dispatched. When compared to diesel generators – the current default technology for emergency backup power – BEPS provides quicker response times; avoids emission of harmful pollutants; can be more cost-effective; and increases the value of procuring zero-emission vehicles and chargers by providing community support benefits.
“Powering emergency shelters with islanded energy supply is an innovative feat we are honored to help facilitate,” said Jana Gerber, President of Microgrids North America at Schneider Electric. “It is also exciting to demonstrate how different technologies can integrate with each other so seamlessly and intelligently to allow for crucial backup power for the community and infrastructure.”
“Unquestionably, delivering reliable public transit service to nearly 22 million annual riders is our highest priority but we also pursue partnerships and initiatives that advance zero emission technology," said AC Transit General Manager Michael Hursh. "V2B is one example of a zero emission program that permits us to leverage our resources to enhance the resiliency and emergency preparedness of the diverse communities we've served for the past 60 years."
“NFI is proud to work with AC Transit and our other partners on this exciting project that enables our vehicles to act as generators supporting resiliency and emergency preparedness. This platform, the first vehicle-to-everything fuel cell-electric bus in the world, will change the game for electric propulsion technology and will vastly expand the capabilities and utility of our mobility solutions,” said Paul Soubry, President and Chief Executive Officer, NFI.
"Many low-income communities of color share streets and fence lines with the freight industry and suffer deadly pollution from petroleum combustion. With our electrical grids straining under the demands of global warming and solar and wind not keeping pace with the urgent need, hydrogen may offer another tool in the toolbox of zero-emission freight transportation opportunities. Communities like West Oakland will benefit from an expanded set of transportation energy options by getting cleaner, safer streets and air quality." - Brian Beveridge, Co-Executive Director of WOIEP.
Infrastructure is expected to be installed by mid-2023, and demonstration, analysis, evaluation, and knowledge transfer for the pilot program will continue until July 2025.
About The Mobility House
The Mobility House’s mission is to create an emissions-free energy and mobility future. Since 2009, the company has developed an expansive partner ecosystem to intelligently integrate electric vehicles into the power grid, including electric vehicle charger manufacturers, 1,000+ installation partners, 80+ energy suppliers, and automotive manufacturers ranging from Audi to Tesla. The intelligent Charging and Energy Management system ChargePilot and underlying EV Aggregation Platform enable customers and partners to integrate electric vehicles into the grid for optimized and future proof operations. The Mobility House’s unique vendor-neutral and interoperable technology approach to smart charging and energy management has been successful at over 800 commercial installations around the world. The Mobility House has more than 250 employees across its operations in Munich, Zurich and Belmont, Calif. For more information visit mobilityhouse.com.
About CTE
The Center for Transportation and the Environment is a 501(c)(3) nonprofit organization with a mission to improve the health of our climate and communities by bringing people together to develop and commercialize clean, efficient, and sustainable transportation technologies. CTE collaborates with federal, state, and local governments, fleets, and vehicle technology manufacturers to complete our mission. Learn more at www.cte.tv.
About NFI
Leveraging 450 years of combined experience, NFI is leading the electrification of mass mobility around the world. With zero-emission buses and coaches, infrastructure, and technology, NFI meets today’s urban demands for scalable smart mobility solutions. Together, NFI is enabling more livable cities through connected, clean, and sustainable transportation.
With 7,500 team members in nine countries, NFI is a leading global bus manufacturer of mass mobility solutions under the brands New Flyer® (heavy-duty transit buses), MCI® (motor coaches), Alexander Dennis Limited (single and double-deck buses), Plaxton (motor coaches), ARBOC® (low-floor cutaway and medium-duty buses), and NFI Parts™. NFI currently offers the widest range of sustainable drive systems available, including zero-emission electric (trolley, battery, and fuel cell), natural gas, electric hybrid, and clean diesel. In total, NFI supports its installed base of over 105,000 buses and coaches around the world. NFI’s common shares trade on the Toronto Stock Exchange (“TSX”) under the symbol NFI and its convertible unsecured debentures trade on the TSX under the symbol NFI.DB. News and information is available at www.nfigroup.com.
About New Flyer
New Flyer is North America’s heavy-duty transit bus leader and offers the most advanced product line under the Xcelsior® and Xcelsior CHARGE® brands. It also offers infrastructure development through NFI Infrastructure Solutions™, a service dedicated to providing safe, sustainable, and reliable charging and mobility solutions. New Flyer actively supports over 35,000 heavy-duty transit buses (New Flyer, NABI, and Orion) currently in service, of which 8,600 are powered by electric motors and battery propulsion and 1,900 are zero-emission. Further information is available at www.newflyer.com.
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, end-point 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.
About the California Energy Commission
The California Energy Commission is leading the state to a 100 percent clean energy future. It has seven core responsibilities: developing renewable energy, transforming transportation, increasing energy efficiency, investing in energy innovation, advancing state energy policy, certifying thermal power plants, and preparing for energy emergencies.
Christine Bennett for The Mobility House
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Kate Mason for CTE
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Stephen King for NFI
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The unique amniotic membrane allograft aids in the covering and protection of wounds
PHOENIX--(BUSINESS WIRE)--#biosciences--Membrane Wrap – Hydro™, a hydrated human amnion membrane allograft by BioLab Sciences, has just been recognized by the Food and Drug Administration’s (FDA) Tissue Reference Group (TRG) as a human cell, tissue, or cellular or tissue-based product (HCT/P). This recognition may bring Membrane Wrap – Hydro™ one step closer to streamlining the reimbursement process for providers.
Membrane Wrap – Hydro™ is a novel BioLab Sciences product that contains a connective tissue matrix to aid in the covering and protection of wounds. It was developed by BioLab Sciences to protect burns, surgical wounds, diabetic and venous ulcers, and other chronic or difficult-to-heal wounds. This amniotic membrane, with its fibrous scaffold and inherent tensile strength can be affixed over the wound and provide protection over external factors and contaminants.
“Being recognized by the FDA as an HCT/P may support providers’ claims when applying for reimbursement of Membrane Wrap – Hydro™ in the near future,” said Jaime Leija, Chief Commercialization Officer at BioLab Sciences. “This represents a significant step forward in our strategy to advance wound care, improve the quality of life for patients and make our products more accessible.”
This product is extremely versatile in its applications, supporting protection for a variety of wounds, especially those that are difficult-to-heal. Application of Membrane Wrap – Hydro™, can serve as a protective barrier to all types of wounds, providing protective coverage from the surrounding environment.
About BioLab Sciences
BioLab Sciences is a regenerative medicine company focused on creating new ways to allow the body to heal itself. The biotechnology company, which was founded in 2018, is uncovering better ways to address various medical issues. Learn more at www.biolabsciences.net/.
Beth Cochran, Wired PR
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For a limited time, EVgo customers nationwide can receive a Fandango Promotional Code* after charging** to see BLACK ADAM in theaters
LOS ANGELES--(BUSINESS WIRE)--EVgo Inc. (NASDAQ: EVGO) (EVgo), the nation’s largest public fast charging network for electric vehicles (EVs), today announced that they’re teaming up with Warner Bros. Pictures ahead of the highly anticipated theatrical release of the feature film BLACK ADAM, only in theatres beginning October 21. In partnership with BLACK ADAM, EVgo account holders will be eligible for a $5 Fandango Promotional Code* after completing a qualifying charging session** at an EVgo station. This limited time offer is exclusive to EVgo customers and available while supplies last.
Leading up to the release of the movie, BLACK ADAM characters will be featured at EVgo’s Lot 27 charging station in Santa Monica (1334 5th St.), including new charger names and station branding. Drivers in the area will be able to power up with one of their favorite DC Super Heroes from the upcoming film: BLACK ADAM, HAWKMAN, DOCTOR FATE, CYCLONE or ATOM SMASHER. BLACK ADAM decals will also be featured at select stations across the U.S. with a QR code where customers can watch the BLACK ADAM trailer while charging.
“As BLACK ADAM hits theaters, the power of electricity is more apparent than ever, including the shockingly fast charging speeds powered by 100% renewable energy on EVgo’s nationwide network,” said Jonathan Levy, Chief Commercial Officer at EVgo. “We’re thrilled to collaborate with Warner Bros. Pictures on this epic action adventure to offer EVgo customers exclusive perks that support experiences we all enjoy, like a night out at the movies.”
EVgo customers will have the opportunity to receive the Fandango Promotional Code* via email after completing a qualifying charging session** at an EVgo DC fast charger or L2 charger. To participate in this offer, drivers must first confirm their EVgo account email address at www.evgo.com/black-adam/ and then head to their nearest EVgo charging station to initiate a charging session via an EVgo program card (RFID) or the EVgo app, credit card transactions not applicable.
With over 850 fast charging locations and 1,000+ L2 chargers nationwide, EVgo customers across the U.S. are eligible for electric savings to see BLACK ADAM. Customers with compatible EVs can enroll in Autocharge+ to unlock a streamlined charging experience at all EVgo DC fast charging stations. With Autocharge+, EV drivers can start a charging session in lightning speed by simply plugging into one of EVgo’s high power chargers, capable of charging as much as 80% in 15-45 minutes (actual charging speed depends on vehicle’s charging capability).
To find all available chargers within EVgo’s charging network, visit www.evgo.com.
**Offer valid October 11, 2022 to November 20, 2022. To receive the $5 Fandango Promotional Code, participants must have a registered EVgo account in good standing and charge for no less than 20 minutes in a single session on an EVgo DC fast charger or 6 hours on an L2 charger. Before completing a qualifying charging session, participants need to confirm their email address at www.evgo.com/black-adam/. Limited quantity available, while supplies last. Offer available at EVgo stations only, no roaming partners. Promotion available to main EVgo account holders only.
*Fandango Promotional Code (“Code”) is good towards the purchase of one movie ticket (up to $5, total ticket and convenience fee value) to see BLACK ADAM at Fandango partner theaters in the US. Valid only for purchases at Fandango.com or via the Fandango app. Code is void if not redeemed by December 31, 2022 or when BLACK ADAM is no longer in theaters, whichever comes first. Not for resale; void if sold or exchanged. Offer valid for on-time use only. The redemption of the Code is subject to Fandango’s Terms and Policies at www.fandango.com/terms-and-policies. See www.evgo.com/black-adam/ for full details.
About EVgo
EVgo (Nasdaq: EVGO) is a leader in charging solutions, building and operating the infrastructure and tools needed to expedite the mass adoption of electric vehicles for individual drivers, rideshare and commercial fleets, and businesses. Since its founding in 2010, EVgo has led the way to a cleaner transportation future and its network has been powered by 100% renewable energy since 2019 through renewable energy certificates. As the nation’s largest public fast charging network, EVgo’s owned and operated charging network features over 850 fast charging locations – currently serving over 60 metropolitan areas across more than 30 states – and continues to add more DC fast charging locations through EVgo eXtend™, its white label service offering. EVgo is accelerating transportation electrification through partnerships with automakers, fleet and rideshare operators, retail hosts such as grocery stores, shopping centers, and gas stations, policy leaders, and other organizations. With a rapidly growing network, robust software products and unique service offerings for drivers and partners including EVgo Optima™, EVgo Inside™, EVgo Rewards™, and Autocharge+, EVgo enables world-class charging experience where drivers live, work, travel and play.
About Black Adam
New Line Cinema Presents a Seven Bucks/Flynn Picture Co. Production, A Jaume Collet-Serra Film, Black Adam, smashing into theaters and IMAX internationally beginning 19 October 2022, in North America on October 21, 2022. It will be distributed worldwide by Warner Bros. Pictures.
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NEW YORK--(BUSINESS WIRE)--#energy--One Equity Partners, a middle market private equity firm, today announced that it has completed the sale of the Power Generation business of BRUSH Group (“BRUSH”) to energy technology company Baker Hughes (NASDAQ: BKR). The business designs, assembles and services large scale generators that provide primary and standby electrical power to customers across the infrastructure, renewables, oil and gas, and utilities sectors.
“This sale is another example of OEP’s value creation strategy, culminating through the strategic sale of BRUSH’s largest business segment to bring returns for investors,” said Steven Lunau, Managing Director at One Equity Partners. “We identified Baker Hughes as the optimal buyer in less than a year and moved quickly to complete the sale. OEP will now focus on growing BRUSH’s remaining Power Distribution & Networks businesses in close partnership with BRUSH management.”
“BRUSH will focus on growing the remaining Power Distribution & Networks businesses with the goal of providing agile and adaptive engineering solutions and engineered products to future-proof the United Kingdom’s critical infrastructure whilst enabling a sustainable lower-cost, zero-carbon footprint. Since signing the sale to Baker Hughes in August, BRUSH management has already closed on the strategic acquisitions of Eta Projects Ltd, which provides design and installation of power continuity and resiliency solutions; and KUS Power Engineering a sub-stations design and build contractor focused on high voltage solutions,” added Ori Birnboim, Managing Director at One Equity Partners. “The two recent acquisitions will add to BRUSH’s acquisition of Aprenda Ltd in 2021 and mark the company’s continued growth through acquisitions.”
About One Equity Partners
One Equity Partners (“OEP”) is a middle market private equity firm focused on the industrial, healthcare, and technology sectors in North America and Europe. The firm seeks to build market-leading companies by identifying and executing transformative business combinations. OEP is a trusted partner with a differentiated investment process, a broad and senior team, and an established track record generating long-term value for its partners. Since 2001, the firm has completed more than 300 transactions worldwide. OEP, founded in 2001, spun out of JP Morgan in 2015. The firm has offices in New York, Chicago, Frankfurt and Amsterdam. For more information, please visit www.oneequity.com.
About BRUSH Group
BRUSH has a long and rich history serving power generation customers as an OEM of generation, control, and distribution products. While primarily known for supplying industry leading turbogenerators and power management systems, BRUSH also designs and manufactures transformers and switch gear of equally high quality. BRUSH serves the global power generation and distribution markets with a strong foundation of technical knowledge to support grassroots projects, capacity expansions, and drop-in-replacements. For more information, please visit www.brush.eu/.
For One Equity Partners
Thomas Zadvydas
Stanton
646-502-3538
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HIGHLIGHTS
MINNEAPOLIS--(BUSINESS WIRE)--Northern Oil and Gas, Inc. (NYSE: NOG) (the “Company” or “NOG”) today announced the acquisition of Northern Delaware Basin properties.
DELAWARE BASIN ACQUISITION
NOG has entered into a definitive agreement to acquire certain non-operated interests (the “Assets”) in the Delaware Basin from a private seller (the “Seller”) for a purchase price of $130.0 million in cash, subject to typical closing adjustments.
The acquired assets are located in Lea and Eddy Counties, New Mexico and Loving and Winkler Counties, Texas, and include approximately 2,100 net acres, 5.3 net producing wells, 2.1 net wells-in-process and approximately 17.2 net undeveloped locations. The primary operator of the assets is Mewbourne Oil, one of the most cost efficient and active operators in the Northern Delaware Basin. Other operators include Coterra and Permian Resources.
The effective date for the transaction is November 1, 2022, and NOG expects to close the transaction in December 2022. The obligations of the parties to complete the transactions contemplated by the purchase agreement are subject to the satisfaction or waiver of customary closing conditions.
HEDGING UPDATE
In addition to its continuous hedging program, NOG has hedged, as standard practice, a significant portion of the production from the pending transaction. Updated hedge schedules can be found in NOG’s related October Acquisition Presentation at http://ir.northernoil.com.
MANAGEMENT COMMENTS
“NOG continues to press its advantage as a well-capitalized, reliable and consistent purchaser of high-quality non-operated properties,” commented Nick O’Grady, NOG’s Chief Executive Officer. “More importantly, NOG’s technical team continues to underwrite for returns with precision and focus on the best assets available in the marketplace today.”
“This transaction lies squarely in NOG’s fairway on a number of levels,” commented Adam Dirlam, NOG’s President. “The Assets contain high-quality, low breakeven development that is leveraged to some of NOG’s top operating partners, as our investors have come to expect.”
ADVISORS
Wells Fargo Securities served as financial advisor to NOG for the acquisition. Kirkland & Ellis LLP is serving as the Company’s legal advisor for the acquisition.
TPH&Co., the energy business of Perella Weinberg Partners, served as financial advisor to the Seller. Bracewell LLP is serving as the Seller’s legal advisor.
ABOUT NORTHERN OIL AND GAS
NOG is a company with a primary strategy of investing in non-operated minority working and mineral interests in oil & gas properties, with a core area of focus in the premier basins within the United States. More information about NOG can be found at www.northernoil.com.
SAFE HARBOR
This press release contains forward-looking statements regarding future events and future results that are subject to the safe harbors created under the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”). All statements other than statements of historical facts included in this release regarding NOG’s financial position, common stock dividends, business strategy, plans and objectives of management for future operations, industry conditions, capital expenditures, production, cash flow, hedging and other matters are forward-looking statements. When used in this release, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “guidance,” “project,” “predict,” “believe,” “expect,” “continue,” “anticipate,” “target,” “could,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.
Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond NOG’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following: changes in crude oil and natural gas prices, the pace of drilling and completions activity on NOG's properties and properties pending acquisition, the effects of the COVID-19 pandemic and related economic slowdown, NOG's ability to acquire additional development opportunities, integration and benefits of property acquisitions, or the effects of such acquisitions on Northern’s cash position and levels of indebtedness, changes in NOG's reserves estimates or the value thereof, general economic or industry conditions, nationally and/or in the communities in which NOG conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, NOG's ability to consummate any pending acquisition transactions (including the transactions described herein), other risks and uncertainties related to the closing of pending acquisition transactions (including the transactions described herein), NOG's ability to raise or access capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, and other economic, competitive, governmental, regulatory and technical factors affecting NOG's operations, products, services and prices.
NOG has based these forward-looking statements on its current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond NOG's control. NOG does not undertake any duty to update or revise any forward-looking statements, except as may be required by the federal securities laws.
Investor Relations
(952) 476-9800
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131-Acre Solar and Battery Storage Project in ‘Ewa designed to Power 10,000 Homes with Clean, Renewable Energy
Speakers included U.S. Senator Mazie Hirono, Lt. Governor Josh Green and Meredith Berger, Assistant Secretary of the U.S. Navy
FRAMINGHAM, Mass. & PHOENIX & HONOLULU--(BUSINESS WIRE)--#carbonreduction--Ameresco, Inc., (NYSE: AMRC), a leading clean technology integrator specializing in energy efficiency and renewable energy, and Bright Canyon Energy, a leading developer of energy infrastructure, hosted a groundbreaking and blessing ceremony for the Kūpono Solar Project on Friday, October 7, 2022.
This combined solar and battery storage system will be built at the Joint Base Pearl Harbor-Hickam West Loch Annex in Hawai‘i. Once operational, the project is designed to deliver 42 megawatts (MW) of clean, renewable energy to Hawaiian Electric’s (HECO) grid on the island of O‘ahu. Attendees at the event heard from U.S. Senator Mazie Hirono, Lt. Governor Josh Green, and Meredith Berger, Assistant Secretary of the U.S. Navy for Energy, Installations, and Environment.
Using approximately 131 acres of Federal land, the Kūpono Solar Project will feature the installation of a 42-MW photovoltaic solar array and 42 MW/168 MWh (four-hour duration) of lithium-ion battery storage system. The batteries are designed to store solar energy beyond sunset hours, enabling the project to deliver sustainable, renewable energy to power approximately 10,000 homes on O‘ahu. Additionally, once fully operational, the project is expected to reduce more than 50,000 tons of carbon dioxide annually from Hawai‘i’s environment, which is the equivalent to offsetting emissions from 12,000 cars annually.
“Today, we are taking significant strides to strengthen our state’s energy security and resilience, and thanks to the ‘Ewa community, Navy, Hawaiian Electric, Ameresco and Bright Canyon Energy, we are now steps closer to reaching Hawai‘i’s renewable energy vision of achieving 100% clean energy by 2045,” said Lt. Governor Josh Green.“Kūpono Solar is a landmark initiative for us that will not only benefit our state’s economy but will also bolster our sustainability efforts and local communities through stable, affordable energy, innovative technology and job creation.”
Ameresco and Bright Canyon Energy established a joint venture in 2021 known as Kūpono Solar Development Company, LLC to advance the Kūpono Solar Project, which is the first project of the joint venture. In support of the Department of Defense’s long-term energy security initiative to increase clean energy reliability and military capabilities, and the state’s goals of renewable energy and decarbonization, Kūpono Solar has a 37-year land lease agreement with the Navy to provide critical energy resiliency upgrades for O’ahu.
“The Department of the Navy is proud to partner with the Kūpono Solar team and Hawaiian Electric as we enhance mission and community resilience and move purposefully towards Hawaii and Navy’s energy goals,” said Meredith Berger, Assistant Secretary of the Navy for Energy, Installations, and Environment. “This is a great example of climate action, building access to clean, reliable energy sources inside and outside the fenceline.”
Kūpono Solar will own and operate this solar and battery project under a 20-year power purchase agreement with Hawaiian Electric. The project will benefit the state’s long-term clean energy transition plan while setting the foundation for Ameresco and Bright Canyon Energy to bring a diversified portfolio of clean energy solutions to Hawai‘i in the future.
“The start of this project comes at a time when the need for consistent energy security and independence is at an all-time high,” said Nicole Bulgarino, Executive Vice President and General Manager of Federal Solutions, Ameresco. “The solar and battery storage solutions that are being implemented will deliver clean, renewable energy to the grid and benefit businesses and residents across Hawai‘i.”
“Through our strategic relationships with the Navy, Hawaiian Electric and the community, we are able to leverage clean technology and infrastructure upgrades to help the state of Hawai‘i reach its renewable energy goals and the Navy achieve its climate and energy resiliency objectives,” said Jason Smith, General Manager, Bright Canyon Energy. “It’s energizing to work with a group of partners committed to bringing this key energy infrastructure to O‘ahu and its residents.”
Construction on the Kūpono Solar Project is expected to be completed in early 2024.
About Ameresco, Inc.
Founded in 2000, Ameresco, Inc. (NYSE: AMRC) is a leading independent clean technology integrator of comprehensive services, energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions for businesses and organizations throughout North America and Europe. Ameresco’s sustainability services include upgrades to a facility’s energy infrastructure and the development, construction, and operation of renewable energy plants. Ameresco has successfully completed energy saving, environmentally responsible projects with Federal, state, and local governments, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco has more than 1,000 employees providing local expertise in the United States, Canada, and Europe. For more information, visit www.ameresco.com.
About Bright Canyon Energy
Bright Canyon Energy is a developer, owner, and operator of electric infrastructure in the United States. The company creates sustainable energy solutions for customers, focusing on clean energy, microgrids, energy storage and transmission. With headquarters in Phoenix, Bright Canyon Energy is a wholly owned subsidiary of Pinnacle West Capital Corp. (NYSE: PNW).
Ameresco’s announcement of entering into a contract for an energy asset is not necessarily indicative of the timing or amount of revenue from the energy asset, of the company’s overall revenue for any particular period or of trends in Ameresco’s overall total assets in development or operation. This project was included in Ameresco’s previously reported assets in development as of June 30, 2022.
Media Contacts:
Ameresco: Leila Dillon, 508.661.2264, This email address is being protected from spambots. You need JavaScript enabled to view it.
Bright Canyon Energy: Alan Bunnell, 602.250.3376, This email address is being protected from spambots. You need JavaScript enabled to view it.
Investor Relations:
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MINNEAPOLIS--(BUSINESS WIRE)--Northern Oil and Gas, Inc. (NYSE: NOG) (the “Company” or “NOG”) today announced its intention to offer, subject to market and other conditions, $350,000,000 aggregate principal amount of convertible senior notes due 2029 (the “notes”) in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The Company also expects to grant the initial purchasers of the notes an option to purchase, for settlement within a period of 13 days from, and including, the date notes are first issued, up to an additional $50,000,000 principal amount of notes.
The Company intends to use a portion of the net proceeds of the offering to fund the cost of entering into the capped call transactions described below. In addition, the Company intends to use $25 to $30 million of the net proceeds of this offering to repurchase shares of its common stock concurrently with the pricing of this offering in privately negotiated transactions effected through one of the initial purchasers of the notes or its affiliate, as the Company’s agent. The Company intends to use any remaining net proceeds from this offering for general corporate purposes (initially, the repayment of outstanding debt under its revolving credit facility, and ultimately a portion of the proceeds is intended to be used to fund the cash purchase price for recently announced acquisitions of non-operated properties in the Delaware Basin). If the initial purchasers exercise their option to purchase additional notes, the Company expects to use a portion of the net proceeds from the sale of the additional notes to enter into additional capped call transactions.
The notes will be senior, unsecured obligations of the Company, will accrue interest payable semi-annually in arrears and will mature on April 15, 2029, unless earlier repurchased, redeemed or converted. Noteholders will have the right to convert their notes in certain circumstances and during specified periods. The Company will settle conversions by paying or delivering, as applicable, cash and, if applicable, shares of its common stock, based on the applicable conversion rate(s). The notes will be redeemable, in whole or in part (subject to certain limitations), for cash at the Company’s option at any time, and from time to time, on or after April 15, 2026 and on or before the 40th scheduled trading day immediately before the maturity date, but only if the last reported sale price per share of the Company’s common stock exceeds 130% of the conversion price for a specified period of time. The redemption price will be equal to the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. The interest rate, initial conversion rate and other terms of the notes will be determined at the pricing of the offering.
In connection with the pricing of the notes, the Company expects to enter into privately negotiated capped call transactions with one or more of the initial purchasers or their respective affiliates and/or other financial institutions (the “counterparties”). The capped call transactions are expected to offset the potential dilution to the Company’s common stock upon any conversion of notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted notes, as the case may be, with such offset subject to a cap.
The Company expects that, in connection with establishing their initial hedge of the capped call transactions, the counterparties or their respective affiliates will purchase shares of the Company’s common stock and/or enter into various derivative transactions with respect to the Company’s common stock concurrently with, or shortly after, the pricing of the notes, including potentially with certain investors in the notes. These activities could increase (or reduce the size of any decrease in) the market price of the common stock or the notes at that time. In addition, the counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to the Company’s common stock and/or purchasing or selling shares of common stock or other securities of the Company in secondary market transactions following the pricing of the notes and prior to the maturity of the notes (and are likely to do so during any observation period relating to a conversion of the notes). This activity could also cause or prevent an increase or a decrease in the market price of the common stock or the notes, which could affect the ability of noteholders to convert the notes and, to the extent the activity occurs during any observation period related to a conversion of the notes, could affect the number of shares of the Company’s common stock and value of the consideration that noteholders will receive upon conversion of the notes.
The offer and sale of the notes and any shares of common stock issuable upon conversion of the notes have not been, and will not be, registered under the Securities Act or any other securities laws, and the notes and any such shares cannot be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable securities laws. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, the notes or any shares of common stock issuable upon conversion of the notes, nor will there be any sale of the notes or any such shares, in any state or other jurisdiction in which such offer, sale or solicitation would be unlawful.
ABOUT NOG
NOG is a company with a primary strategy of investing in non-operated minority working and mineral interests in oil & gas properties, with a core area of focus in the premier basins within the United States.
SAFE HARBOR
This press release contains forward-looking statements regarding future events and future results that are subject to the safe harbors created under the Securities Act and the Securities Exchange Act of 1934, as amended. All statements, including statements regarding the completion, timing and size of the proposed offering, the intended use of the proceeds and the terms of the notes being offered, other than statements of historical facts included in this press release, are forward-looking statements. When used in this press release, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “continue,” “anticipate,” “target,” “could,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about actual or potential future production and sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.
Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond the Company’s control) that could cause actual results to differ materially from those set forth in the forward looking statements, including the following: changes in crude oil and natural gas prices, the pace of drilling and completions activity on the Company’s properties and properties pending acquisition, the effects of the COVID-19 pandemic and related economic slowdown, the Company’s ability to acquire additional development opportunities, changes in the Company’s reserves estimates or the value thereof, general economic or industry conditions, nationally and/or in the communities in which the Company conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, the Company’s ability to consummate any pending acquisition transactions, other risks and uncertainties related to the closing of pending acquisition transactions, the Company’s ability to raise or access capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, and other economic, competitive, governmental, regulatory and technical factors affecting the Company’s operations, products, services and prices. Additional information concerning potential factors that could affect future financial results is included in the section entitled “Item 1A. Risk Factors” and other sections of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and the Company’s Quarterly Report on Form 10-Q for the fiscal quarters ended March 31, 2022 and June 30, 2022, as updated from time to time in amendments and subsequent reports filed with the SEC, which describe factors that could cause the Company’s actual results to differ from those set forth in the forward-looking statements.
The Company has based these forward-looking statements on its current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the Company’s control. You are urged not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Except as may be required by applicable law or regulation, the Company does not undertake, and specifically disclaims, any obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of such statements.
Investor Relations
952-476-9800
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Mawson is now focused on expansion activities at its Pennsylvania facilities, which, when combined with existing and pipeline sites are capable of operating at up to approximately 12.0 Exahash2 of Self-Mining and Hosting Co-location across 350 megawatts of energy capacity
ATLANTA & SYDNEY--(BUSINESS WIRE)--Mawson Infrastructure Group Inc. (NASDAQ:MIGI) (“Mawson”), a digital infrastructure provider, today announced it has closed on the previously announced transaction with CleanSpark, Inc. (NASDAQ:CLSK) (“CleanSpark”), to sell its Sandersville, Georgia facility, and up to 6,468 ASIC’s for up to a maximum total purchase price of approximately $40 million.1
The Sandersville, Georgia facility was Mawson’s first site built from the ground up and was operating at approximately 80 megawatts at close of the sale to CleanSpark. The exit from Georgia allows Mawson to focus on its expansion in Pennsylvania where the company has two sites in close proximity to each other. The Company expects the Georgia sale will have a positive impact on earnings with a preliminary, unaudited profit on sale of approximately $18 million expected in the fourth quarter 2022.
“The proceeds from the sale of our Georgia facility ensures Mawson is now fully funded for the Midland, Pennsylvania expansion while simultaneously allowing us to reduce our overall debt. Our Midland facility benefits from low cost energy, secured for 5 years under our power purchase agreement (PPA). Our large existing infrastructure capacity ensures we have significant opportunity to continue to build a sustainable business in this tough economic climate. We continue to receive solid inbound enquiry and demand for hosting co-location services and anticipate that as per industry standard new hosting customers will contribute to any additional capital required to establish or build out new or existing facilities,” said James Manning, CEO of Mawson.
After the sale of the Georgia facility, Mawson expects to have Self-Mining and Hosting Co-location of, 4.5 Exahash by Q1, 2023, and 8.0 Exahash by Q4, 2023.
Mawson’s existing revised infrastructure capacity comprises:
Site |
MW Capacity |
E/H Capacity |
Status |
Midland, PA |
100 MW |
3.3 |
Stage 1 - 50MW online Stage 2 - 50MW construction underway |
Sharon, PA |
120 MW
|
4.0 |
Stage 1 – 12MW – Q4 2022 Stage 2 – 80MW Mid 2023 Stage 3 – 28MW late 2023 |
Texas |
120 MW |
4.0 |
Site electrical infrastructure in place |
New South Wales, Australia |
20 MW |
0.5 |
Stage 1 – 16MW online |
Tasmania, Australia |
10 MW3 |
0.25 |
Stage 1 – 10MW Q1 2023 |
TOTAL CAPACITY: |
350 MW |
12.05 EH |
|
James Manning, CEO and Founder of Mawson, said, “We are extremely proud of the Sandersville facility we built from the ground up and the great team which operated the site for Mawson since inception. We believe the modular data center (MDC) approach to digital infrastructure gives us a competitive edge in the design and build of large-scale, low-cost digital asset infrastructure. The sale of the Sandersville facility to CleanSpark allows Mawson to continue to develop world class digital infrastructure, and we will focus on building out our existing and future pipeline infrastructure assets with partnerships in mind.”
Zach Bradford, CEO of CleanSpark, said, “Mawson has built a world-class facility, staffed by an incredible team, and we are looking forward to continuing their work in Sandersville, eventually building this site to its full potential of 230 MW as we work toward our 2023 year-end guidance of 22.4 EH/s, We are equally committed to deepening and developing our relationship with the people of Sandersville as we build sustainable bitcoin infrastructure.”
About Mawson Infrastructure Group, Inc
Mawson Infrastructure Group (NASDAQ: MIGI) is a digital infrastructure provider, with multiple operations throughout the USA and Australia. Mawson’s vertically integrated model is based on a long-term strategy to promote the global transition to the new digital economy. Mawson matches sustainable energy infrastructure with next-generation Mobile Data Center (MDC) solutions, enabling low-cost Bitcoin production and on-demand deployment of infrastructure assets. With a strong focus on shareholder returns and an aligned board and management, Mawson Infrastructure Group is emerging as a global leader in ESG focused Bitcoin mining and digital infrastructure.
For more information, visit: www.mawsoninc.com
About CleanSpark, Inc.
CleanSpark (NASDAQ: CLSK) is America’s Bitcoin Miner™. Since 2014, we’ve helped people achieve energy independence for their homes and businesses. In 2020, we began applying that expertise to develop sustainable infrastructure for Bitcoin, an essential tool for financial independence and inclusion. We strive to leave the planet better than we found it by sourcing and investing in low-carbon energy, like wind, solar, nuclear, and hydro. We cultivate trust and transparency among our employees, the communities we operate in, and the people around the world who depend on Bitcoin. CleanSpark is a Forbes 2022 America's Best Small Company and holds the 44th spot on the Financial Times' List of the 500 Fastest Growing Companies in the Americas.
For more information, visit: www.cleanspark.com
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Mawson cautions that statements in this press release that are not a description of historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words referencing future events or circumstances such as “expect,” “intend,” “plan,” “anticipate,” “believe,” and “will,” among others. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon Mawson’s current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, the possibility that Mawson’s need and ability to raise additional capital, the development and acceptance of digital asset networks and digital assets and their protocols and software, the reduction in incentives to mine digital assets over time, the costs associated with digital asset mining, the volatility in the value and prices of cryptocurrencies and further or new regulation of digital assets. More detailed information about the risks and uncertainties affecting Mawson is contained under the heading “Risk Factors” included in Mawson’s Annual Report on Form 10-K filed with the SEC on March 21, 2022, and Mawson’s Quarterly Report on Form 10-Q filed with the SEC on August 22, 2022, and in other filings Mawson has made and may make with the SEC in the future. One should not place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Mawson undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as may be required by law.
1 Assumes maximum earn outs are achieved, no adjustments are made to the purchase price, and uses the CleanSpark stock price as at October 7, 2022, and rounding.
2 Assumes all equipment deployed and 100% online, plus the construction of all contracted sites on time, actual results are likely to vary in a negative manner. Construction delays are common and it is rare for all equipment to be deployed and 100% online, however accurate historical downtime averages are difficult to calculate and also may not provide an accurate picture due to differences moving forward. Investors should consider all risk factors related to uptime when considering these figures, which are a best case scenario. The above information is for general information purposes only, and are forward looking statements which should not be relied upon as being necessarily indicative of future results. Please see our Risk Factors in our Annual Report on Form 10-K filed March 21, 2022, under the Sub-Heading Risks Relating to Our Business and Management for important risks related to our Self-Mining. Exahash capacity assumes installation of current generation ASIC Bitcoin Mining hardware including but not limited to Bitmain S19J Pro and XP, MicroBT M30/1, Avalon A1246 assuming approximately 30 megawatt per 1 Exahash.
3 Under the terms of contract Mawson has rights to 10MW at the Que River Site. Additionally, Mawson has entered into a contract to acquire 33% of the shares in Tasmania Data Infrastructure Pty Ltd, which is seeking to develop a 100% renewable energy Bitcoin Mining facility at the Que River Mine Site in Tasmania, Australia with a total of up to 35 megawatts of energy infrastructure.
Investor Contact:
Brett Maas
646-536-7331
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