New strategic investment in EPC Power, the only U.S.-based provider of an end-to-end power conversion solution, helps fuel the U.S. economy’s clean energy transition
POWAY, Calif.--(BUSINESS WIRE)--EPC Power Corp., a leading North American supplier of high-performance, utility-scale, smart inverters, today announced the Sustainable Investing business within Goldman Sachs Asset Management (Goldman Sachs) and Cleanhill Partners have acquired a majority stake in its company. The strategic investment, along with a comprehensive recapitalization, positions EPC Power to expand and deliver against rapid growth in the renewable energy storage markets while helping facilitate the U.S. economy’s clean energy transition.
The transaction closely follows the signing into law of the Inflation Reduction Act of 2022, which among other provisions extends a first-ever tax credit to stand-alone energy storage, creating a significant financial incentive for adopting EPC Power’s inverters and other technologies. EPC Power is the only U.S.-based, end-to-end power conversion solution provider, making its technology well-suited for grid-scale applications that require added layers of security.
“EPC Power is extremely proud of the strong reputation and track record we’ve built by focusing on product innovation and forging deep relationships with our customers,” said Devin Dilley, co-founder and chief executive officer of EPC Power Corp. “As the world becomes more reliant on renewable energy, inverters need to continue to get smarter. Goldman Sachs and Cleanhill Partners support this vision and are committed to investing in EPC Power and our people to capitalize on this exciting market opportunity and to positively impact the U.S. energy transition.”
“In an exploding market of cleantech innovators, EPC Power stands out for its industry-leading technology, which directly supports the renewable energy transition while preserving grid reliability and performance,” said Rakesh Wilson and Ash Upadhyaya, managing partners at Cleanhill Partners, which first invested in EPC Power in 2021 when it underwrote a credit facility to support its growth; since then, the firm has also provided counsel on operational matters and facilitated strategic partnerships to help the company achieve rapid scale. “As prior investors in EPC Power, we have every confidence that the company will meet its ambitious and environmentally critical objectives and we are excited to partner with Goldman Sachs for the next stage of EPC Power’s growth.”
“EPC Power is uniquely positioned to play a critical role in the evolution of the U.S. solar and energy storage value chains and is now well capitalized to continue its trajectory of rapid growth,” said Alexander Mass, managing director of Goldman Sachs Asset Management. “As the only scaled supplier of smart inverters that are designed, engineered and 100% manufactured in the U.S., EPC Power is a natural continuation of our thematic investment activity in this space, in partnership with Cleanhill Partners and EPC management.”
Energy storage installations globally are projected to multiply 20 times by the end of 2030 compared to the end of 2020, according to BloombergNEF’s 2021 Global Energy Storage Outlook. The U.S. is currently the world’s biggest market for energy storage.
EPC Power’s smart inverters are uniquely suited for applications in stand-alone energy storage, solar energy storage and data center backup power. They enable the buildout of battery storage required to support the proliferation of renewable energy generation. Going beyond the role of traditional inverters to feed power into the grid, “smart” inverters are powered by advanced software and work dynamically with the grid to increase resilience, reliability, safety and security.
To date, EPC Power has sold more than two gigawatts of smart inverters globally. EPC Power is based in Southern California, operating its first manufacturing facility in Poway in San Diego County, with a second U.S. manufacturing location on the East Coast scheduled to open in late 2022 to significantly expand production capacity. To support its growing customer base in Europe, EPC Power also maintains an engineering and sales office in Helsinki, Finland. The company employs approximately 180 people.
William Blair served as the exclusive financial advisor to EPC Power; Foley & Lardner served as legal counsel to EPC Power; Vinson & Elkins and Kirkland & Ellis served as legal counsel to Goldman Sachs and Cleanhill Partners.
About EPC Power Corp.
EPC Power Corp. designs, develops and manufactures American-made smart inverters. The company is the only U.S.-based provider of end-to-end power conversion solution. EPC’s headquarters is in San Diego County, Calif., and the company is opening its East Coast manufacturing location in late 2022. EPC extended its global presence by opening an engineering and sales office in Helsinki, Finland, to support the European market. EPC has been ISO 9001:2015 certified since 2017. Serving customers on a global level, EPC Power Inverters are certified to all North American Standards (UL1741/CSA 22.2) as well as Australian and European standards and grid codes (IEC/VDE, etc.). For more information, visit https://www.epcpower.com.
About Goldman Sachs Asset Management
Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs (NYSE: GS), we deliver investment and advisory services for the world’s leading institutions, financial advisors and individuals, drawing from our deeply connected global network and tailored expert insights, across every region and market—overseeing more than $2 trillion in assets under supervision worldwide as of June 30, 2022. Driven by a passion for our clients’ performance, we seek to build long-term relationships based on conviction, sustainable outcomes, and shared success over time. Follow us on Linkedin.
About Cleanhill Partners
Cleanhill Partners is a private equity firm pursuing investments in the energy transition sector that contribute to decarbonization. The firm invests in scalable businesses with visibility into revenues, earnings and cash flow growth, leveraging its thesis-driven approach and operational expertise to enhance value in each of our investments. For more information, visit www.cleanhillpartners.com.
Media:
Michael Tebo
Gabriel Marketing Group (for EPC Power)
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Expands Presence in Europe, Asia and Middle East
LOUISVILLE, Ky.--(BUSINESS WIRE)--Sypris Technologies, Inc., a subsidiary of Sypris Solutions, Inc. (Nasdaq/GM: SYPR), announced today that it has recently acquired the intellectual property rights for the rapid opening closure (“ROC”) product line from Pipeline Engineering and Supply Co. Limited (“PE”), located in Catterick, UK. The terms and conditions of the transaction were not disclosed.
The purchase of the intellectual property provides Sypris with the exclusive right to use the purchased IP to manufacture and sell the ROC product line to end users globally, including those in the oil, gas, petrochemical and industrial markets. Under the agreement, Sypris will also have the capability to supply spare parts and provide field service for any installation that contains the ROC product line.
The transaction combines certain of the flow assurance products of PE, with over 50 years of installed base, with the Tube Turns® brand of products from Sypris, which has been manufacturing and selling highly engineered competing products for use in strategic oil, gas and petrochemical infrastructure projects around the world for over 60 years.
“The strategic fit of the ROC product line with our portfolio of closures is perfect,” said Brett Keener, General Manager. “We have a long history of supporting the project and service needs of our global customers. The ROC product line will expand our market presence in Europe, Asia and the Middle East, further enhancing our ability to serve our customers.”
Sypris Technologies, Inc., Tube Turns Products is a global leader in the manufacture of custom engineered products for high pressure critical applications serving multiple industries such as the oil and gas pipeline, hydrocarbon and petrochemical processing, food, pharmaceutical, water and utility since 1927. Headquartered in Louisville, Kentucky, the Company's products are marketed worldwide, and can be found in projects ranging from the Trans Alaska Pipeline and Strategic Petroleum Reserve in the U.S. to the Tengiz Oil Field in Kazakhstan and the Bonny Island Gas Field in Nigeria. For more information about the Company, visit its Web site at www.sypris.com.
Forward-Looking Statements
This press release contains “forward-looking” statements within the meaning of the federal securities laws. Forward-looking statements include our plans and expectations of future financial and operational performance. Each forward-looking statement herein is subject to risks and uncertainties, as detailed in our most recent Form 10-K and Form 10-Q and other SEC filings. Briefly, we currently believe that such risks also include the following: our failure to achieve and maintain profitability on a timely basis by steadily increasing our revenues from profitable contracts with a diversified group of customers, which would cause us to continue to use existing cash resources to fund operating losses; our failure to successfully complete final contract negotiations with regard to our announced contract “orders”, “wins” or “awards”; dependence on, retention or recruitment of key employees and highly skilled personnel and distribution of our human capital; cost, quality and availability or lead times of raw materials such as steel, component parts, natural gas or utilities including increased cost relating to inflation; our failure to successfully win new business or develop new or improved products or new markets for our products; our ability to integrate new customers or suppliers, and in turn cause increases in our inventory and working capital levels; the impact of COVID-19 and economic conditions on our future operations; possible public policy response to the pandemic, including U. S or foreign government legislation or restrictions that may impact our operations or supply chain; the cost, quality, timeliness, efficiency and yield of our operations and capital investments, including the impact of inflation, tariffs, product recalls or related liabilities, employee training, working capital, production schedules, cycle times, scrap rates, injuries, wages, overtime costs, freight or expediting costs; disputes or litigation involving supplier, customer, employee, creditor, product liability, warranty or environmental claims; our reliance on a few key customers, third party vendors and sub-suppliers; inventory valuation risks including excessive or obsolescent valuations or price erosions of raw materials or component parts on hand or other potential impairments, non-recoverability or write-offs of assets or deferred costs; failure to adequately insure or to identify product liability, environmental or other insurable risks; unanticipated or uninsured product liability claims, disasters, public health crises, losses or business risks; the costs of compliance with our regulatory or contractual obligations; labor relations; strikes; union negotiations; our inability to patent or otherwise protect our inventions or other intellectual property from potential competitors; adverse impacts of new technologies or other competitive pressures which increase our costs or erode our margins; our reliance on revenues from customers in the oil and gas markets, with increasing consumer pressure for reductions in environmental impacts attributed to greenhouse gas emissions; changes in legal rights to operate, manage our work force or import and export as needed; inflation; war, geopolitical conflict, terrorism, or political uncertainty, including disruptions resulting from the conflict between Russia and Ukraine arising out of international sanctions, foreign currency fluctuations and other economic impacts; cyber security threats and disruptions, including ransomware attacks on our systems and the systems of third-party vendors and other parties with which we conduct business; or unknown risks and uncertainties. We undertake no obligation to update our forward-looking statements, except as may be required by law.
Brett H. Keener
General Manager
(502) 774-6271
Electric utilities and tier-1 energy companies benefit from advanced modeling of DC-coupled storage systems using Ampt
FORT COLLINS, Colo.--(BUSINESS WIRE)--Ampt, the world’s #1 DC optimizer company for large-scale photovoltaic (PV) systems, today announced that its products have been integrated into the Energy Storage modeling software solution from Fractal, a leading energy storage and renewable energy consulting and engineering firm. Users of the Fractal Model software can now model their photovoltaic (PV) solar-plus-storage projects including Ampt String Optimizers to design lower cost and higher performing systems.
Fractal’s energy storage software solution – the Fractal Model – is used globally by electric utilities, IPPs, developers, EPCs, and integrators to perform battery storage sizing, dispatch and financial analysis. The software consists of a technoeconomic modeling platform used during project design and development, due diligence and RFP evaluation to provide investment-grade performance and cost analysis and simulations. Following today’s announcement, users of Fractal software are now able to model systems with Ampt String Optimizers.
Ampt String Optimizers are DC/DC converters that improve system performance and lower the cost of PV power plants and DC-coupled energy storage systems. Ampt’s innovative technology is used in a variety of PV solar applications with products ranging in power up to 70 kW that are used in system voltages up to 1500 VDC. With over 1 GW of optimizers in solar-plus-storage projects, Ampt powers some of the largest hybrid power plants in the world.
“Fractal is committed to providing its customers with access to the most comprehensive modeling capabilities,” said Judy McElroy, CEO of Fractal Energy Storage Consultants, “We are pleased to include Ampt products in our software to expand the options available to our users when optimizing their PV and energy storage systems.”
Fractal Energy Storage Consultants provides technical design, financial analysis, procurement, buy and sell side due diligence, technoeconomic models, controls integration and owner’s engineer services for energy storage and hybrid projects. Fractal has provided consulting services including technical design and financial analysis to over 600 utility-scale projects and more than 6 GW of battery storage.
“Fractal’s software provides investment-grade modeling capabilities to optimize the design and improve the economics of PV+storage power plants,” said Levent Gun, Ampt CEO. “Now developers can also use Fractal’s software to quantify the benefits of Ampt’s fixed-voltage DC architecture.”
Ampt is exhibiting at RE+ on September 20-22 at the Anaheim Convention Center in California. Please visit us in booth 1252 to learn about our award-winning products including our new i50 String Optimizer which will be on display. Visitors to Ampt’s booth also can see a demonstration of Fractal’s energy storage modeling software.
About Ampt
Ampt delivers innovative power conversion and communication technology that are used to lower the cost and improve performance of new PV systems, repower existing systems, and enable lower cost DC-coupled storage. With installations and experience serving markets around the world, Ampt is the number one DC optimizer company for large-scale systems. The company is headquartered in Fort Collins, Colorado and has sales and support locations in North America, Europe, and Japan as well as representation in Asia, Australia, and the Middle East. For more information, visit www.ampt.com.
Ampt
Mark Kanjorski
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HOUSTON--(BUSINESS WIRE)--NextDecade Corporation (“NextDecade or the “Company”) (NASDAQ: NEXT) today announced a private placement of common stock pursuant to which NextDecade will sell $85 million of common stock to 10 institutional investors. Shares of NextDecade’s common stock will be sold at $5.50 per share, and the private placement is expected to close on September 19, 2022, subject to the satisfaction of customary closing conditions.
The Company intends to use the proceeds from the private placement to continue development activity in preparation for its anticipated positive final investment decision on the first three trains at its Rio Grande LNG project.
Credit Suisse Securities (USA) LLC is acting as exclusive placement agent for the private placement.
The offer and sale of the common stock has not been, and will not be, registered under the Securities Act of 1933, as amended (the “Securities Act”), or any other securities laws, and the common stock 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 shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any state or jurisdiction in which such offer, solicitation or sale of these securities would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About NextDecade Corporation
NextDecade Corporation is an energy company accelerating the path to a net-zero future. Leading innovation in more sustainable LNG and carbon capture solutions, NextDecade is committed to providing the world access to cleaner energy. Through our wholly owned subsidiaries Rio Grande LNG and NEXT Carbon Solutions, we are developing a 27 MTPA LNG export facility in South Texas along with one of the largest carbon capture and storage projects in North America. We are also working with third-party customers around the world to deploy our proprietary processes to lower the cost of carbon capture and storage and reduce CO2 emissions at their industrial-scale facilities. NextDecade’s common stock is listed on the Nasdaq Stock Market under the symbol “NEXT.” NextDecade is headquartered in Houston, Texas. For more information, please visit www.next-decade.com.
NextDecade Forward-Looking Information
This press release contains forward-looking statements within the meaning of U.S. federal securities laws. The words “anticipate,” “contemplate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “might,” “will,” “would,” “could,” “should,” “can have,” “likely,” “continue,” “design,” “assume,” “budget,” “guidance,” and “forecast” and other words and terms of similar expressions are intended to identify forward-looking statements, and these statements may relate to the business of NextDecade and its subsidiaries. These statements have been based on assumptions and analysis made by NextDecade in light of current expectations, perceptions of historical trends, current conditions and projections about future events and trends and involve a number of known and unknown risks, which may cause actual results to differ materially from expectations expressed or implied in the forward-looking statements. These risks include NextDecade’s progress in the development of its LNG liquefaction and export projects and CCS projects and the timing of that progress; the timing of achieving a final investment decision on the Rio Grande LNG terminal (the “Terminal”); reliance on third-party contractors to successfully complete the Terminal, the pipeline to supply gas to the Terminal and any CCS projects; ability to develop NCS’ business though implementation of CCS projects; ability to secure additional debt and equity financing in the future to complete the Terminal and CCS projects on commercially acceptable terms; accuracy of estimated costs for the Terminal and CCS projects; ability to achieve operational characteristics of the Terminal and CCS projects, when completed, including liquefaction capacities and amount of CO2 captured and stored, and any differences in such operational characteristics from expectations; development risks, operational hazards and regulatory approvals applicable to NextDecade’s development, construction and operation activities and those of its third-party contractors and counterparties; technological innovation which may lessen NextDecade’s anticipated competitive advantage or demand for its offerings; global demand for and price of LNG; availability of LNG vessels worldwide; changes in legislation and regulations relating to the LNG and CCS industries, including environmental laws and regulations that impose significant compliance costs and liabilities; scope of implementation of carbon pricing regimes aimed at reducing greenhouse gas emissions; global development and maturation of emissions reduction credit markets; adverse changes to existing or proposed carbon tax incentive regimes; global pandemics, including the 2019 novel coronavirus pandemic, the Russia-Ukraine conflict, other sources of volatility in the energy markets and their impact on NextDecade’s business and operating results, including any disruptions in its operations or development of the Terminal and the health and safety of its employees, and on its customers, the global economy and the demand for LNG; risks related to doing business in and having counterparties in foreign countries; NextDecade’s ability to maintain the listing of our securities on the Nasdaq Capital Market or another securities exchange or quotation medium; changes adversely affecting the businesses in which NextDecade is engaged; management of growth; general economic conditions; ability to generate cash; and the result of future financing efforts and applications for customary tax incentives; and other matters discussed in the “Risk Factors” section of NextDecade’s most recent Annual Report on Form 10-K and subsequent reports filed with the Securities and Exchange Commission. Additionally, any development of the Terminal or CCS projects remains contingent upon completing required commercial agreements, securing all financing commitments and potential tax incentives, achieving other customary conditions and making a final investment decision to proceed. The forward-looking statements in this press release speak as of the date of this release. Although NextDecade believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that the expectations will prove to be correct. NextDecade may from time to time voluntarily update its prior forward-looking statements, however, it disclaims any commitment to do so except as required by securities laws.
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SAN DIEGO--(BUSINESS WIRE)--As organizations seek new sustainable energy solutions to meet carbon reduction goals, microgrids and distributed energy resources (DERs) have emerged as both a financially viable and resilient alternative to traditional utility services. However, even though onsite energy production offers a wealth of benefits, it also requires a great deal more planning, engineering and maintenance than a simple utility connection. These microgrid projects are made further difficult by the fact that microgrids must be designed to fit the dimensions of the building, the local weather conditions, and to meet the specific needs of the facility—be it a small house or a massive research laboratory.
To help meet this engineering challenge, particularly in larger projects, Xendee has released a new multi-node feature that enables users to create advanced, interconnected microgrid networks from a constellation of smaller microgrids or DERs that can support up to 25 technology types, including solar PV, battery storage, hydrogen, hydrokinetic and more. The multi-node feature enables the use of multiple nodes (a bus bar where multiple technologies or loads can be circuited together) and utilizes real-world location data of each point to optimize the final design and investment strategy. This allows for a more realistic model of communities or campuses and allows energy to be generated, used, and transferred in the most efficient manner.
“Xendee’s new multi-node feature gives engineers the tools to design large scale or interconnected microgrids using the same tools as a normal project,” says Michael Stadler, CTO and co-founder of Xendee. “We are moving past simple energy and economic modeling to allow the design of entire networks of microgrids. These networks can consider cable length, transformer requirements, power flow, and the losses due to distribution between the nodes. With multi-node, users can simultaneously satisfy energy and power demands for their systems, leveraging the best possible architecture while saving significant time throughout the design process.”
The multi-node feature allows each node to essentially act as its own energy node, with its own connection to the wider energy system and a bus bar to connect to up to 25 different types of renewable and traditional energy generation sources. The nodes can also be connected directly to building loads, for instance, a large industrial motor. This feature allows Xendee to suggest different functionality methods at particular nodes to help meet high-load portions of the facility. Multi-node can also help users avoid under or oversizing distribution equipment and cut costs by placing energy technologies as close as possible to where it will be consumed.
The multi-node feature will benefit several use cases, including modeling microgrids within large facilities, comparing rooftop and cable-fed field installations, and examining energy input and output demands based on geographic locations. The multi-node interface can also be equipped with an additional feature that layers power flow and voltage considerations within a model. With power flow included, models can calculate the optimal energy outputs and investment while also considering power constraints on cables or other electrical equipment. The multi-node feature also provides reporting based on each node’s dispatch, power flow, voltage, network losses, and a system balance table.
Xendee will be exhibiting at RE+ in Anaheim, September 19th-22nd, at Booth 4581.
About Xendee Corporation
Xendee brings unparalleled speed and sophistication for project decision support, planning, design, resilience, and real-time operation. We serve government and private entities who share our mission for a cleaner planet, and for our contributions, we received the 2021 Edison Gold Award for Critical Human Infrastructure. Contact us to learn how we can help you rapidly generate and compare complete bankable solutions with confidence and identify the best opportunities for you to meet your scope 1 & 2 and Net-Zero commitments.
Jake Wengroff
408-806-9626 Ext. 6816
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Elimination of greenhouse gas emissions from in-person notarizations would be equivalent to removing 800,000 cars from roads, each year
BOSTON--(BUSINESS WIRE)--New data from Notarize, the leading online notarization platform, and The Bridgespan Group, a global nonprofit advisory firm, examined the potential social return on investment and positive environmental impact of online notarizations. The findings reveal Notarize’s platform leads to material positive environmental impacts for notorious paper, car and shipping-dependent industries like real estate, financial services and automotive by reducing their dependencies on processes that produce greenhouse gas (GHG). By 2031, digitizing the entire notarization market across all industries is expected to reduce nearly four million metric tons of GHG emissions, or the equivalent of over 800,000 cars a year.
1.25 billion documents are notarized in the US each year, and prior to the Covid-19 pandemic, these notarizations overwhelmingly took place in-person. This process is both time-consuming and requires a remarkable number of resources – from signing stacks of 100+ sheets of paper, to overnight shipping and frequent car trips back and forth to meet in person and complete signatures.
“We have been diligently building the infrastructure needed to make remote online notarizations compliant, simple, and secure since 2015. We launched the company knowing we could expand access to notaries, while also evolving the legacy process to make it more delightful for customers. Years later, a global pandemic created a greater need for safety and convenience for transactions, and now online notarizations also have the ability to support pen-and-paper industries in their ESG goals,” said Pat Kinsel, founder and CEO of Notarize. “The data tells us just how impactful this is — not only for consumers but also for waste prevention in these very traditional businesses.”
Key findings of the report found that transitioning to remote online notarizations leads to:
More findings from the survey can be viewed here.
Methodology
In the pursuit of rigor, Bridgespan’s methodology bases all estimates and assumptions on the most rigorous research and evidence available. Bridgespan applied a discount to future projections for early-stage organizations, mirroring the risk adjustment that venture capital investors assume when they consider forward-looking projections; this means that despite Notarize’s track record of consistently hitting goals, Bridgespan applied a discount factor of 15 percent to all forward-looking projections. This risk rate also factors in the likelihood that the share of the US electrical grid supplied by renewables will continue to increase along the number of electric vehicles in use.
About Notarize
Notarize is the leader in online notarization, which is simpler, smarter and safer than notarizing documents on paper. From buying or selling a home, to adopting a child, Notarize is bringing trust online 24/7 for life’s most important moments. For more information, please visit notarize.com.
Media
Cristin Culver
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619-865-7019
STAMFORD, Conn.--(BUSINESS WIRE)--Altus Power, Inc. (NYSE: AMPS) (“Altus Power” or the “Company”), the premier independent developer, owner and operator of commercial-scale solar facilities, today announced that it will redeem all of its remaining public and private placement warrants (the “Warrants”) to purchase shares of Altus Power’s Class A common stock (the “Class A Common Stock”) that are governed by the Warrant Agreement, dated as of December 10, 2020 (the “Warrant Agreement”), by and among Altus Power, Inc., a Delaware corporation, and Continental Stock Transfer & Trust Company (“CST&T”), a Delaware corporation, as warrant agent and transfer agent and that remain outstanding following 5:00 p.m. New York City time on October 17, 2022 (the “Redemption Date”) for a redemption price of $0.10 per Warrant (the “Redemption Price”). Between May 31, 2022 and August 17, 2022, Altus Power exchanged approximately 4,630,163 public warrants for an aggregate of 1,111,243 of shares of its Class A Common Stock. Altus Power has not exchanged any of the private placement warrants as of this announcement.
Under Section 6.2 of the Warrant Agreement, Altus Power is entitled to redeem all of the outstanding Warrants at a redemption price of $0.10 per Warrant if the last reported sales price of the Class A Common Stock is at least $10.00 per share on any twenty trading days within the thirty trading day period ending on the third trading day prior to the date on which a notice of redemption is given. This share price performance requirement was satisfied as of September 12, 2022. CST&T, in its capacity as warrant agent, will be delivering a notice of redemption (the “Redemption Notice”) today to each of the registered holders of such outstanding Warrants on behalf of Altus Power.
All Warrants may be exercised by the holders thereof until 5:00 p.m. New York City time on the Redemption Date. Payment upon exercise of the Warrants may be made either (i) in cash, at an exercise price of $11.00 per Warrant (the “Cash Exercise Price”) or (ii) on a “cashless basis” in which the exercising holder will receive 0.2763 shares of Class A Common Stock for each Warrant. If any holder of Warrants would, after taking into account all of such holder’s Warrants exercised at one time, be entitled to receive a fractional interest in a share of Class A Common Stock, the number of shares the holder will be entitled to receive will be rounded down to the nearest whole number of shares.
Any Warrants that remain unexercised following 5:00 p.m. New York City time on the Redemption Date will be void and no longer exercisable, and the holders of those Warrants will be entitled to receive only the Redemption Price. The last day of trading of the Warrants, including on the New York Stock Exchange, will be October 14, 2022.
The shares of Class A Common Stock issuable upon exercise of the Warrants have been registered by Altus Power under the Securities Act of 1933, as amended, and are covered by a registration statement filed on Form S-1 with, and declared effective by, the Securities and Exchange Commission (Registration No. 333-262072).
Questions concerning redemption and exercise of the Warrants can be directed to Continental Stock Transfer & Trust Company,
One State Street, 30th Floor, New York, NY 10004, Attention: Compliance Department, Email This email address is being protected from spambots. You need JavaScript enabled to view it..
For a copy of the Redemption Notice, please visit our investor relations website at https://investors.altuspower.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any Altus Power securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering, solicitation or sale would be unlawful.
About Altus Power, Inc.
Altus Power, based in Stamford, Connecticut, is the premier commercial-scale clean electrification company, serving commercial, industrial, public sector and community solar customers with an end-to-end solution. Altus Power originates, develops, owns and operates locally sited solar generation, energy storage, and EV charging infrastructure across 18 states from Vermont to Hawaii. Visit www.altuspower.com to learn more.
Altus Power:
For Media:
Cory Ziskind
ICR, Inc.
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For Investors:
Chris Shelton, Head of IR
Caldwell Bailey, ICR, Inc.
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IRVINE, Calif.--(BUSINESS WIRE)--#alorica--Alorica Inc., a trusted global provider of next-generation customer experience (CX) solutions, has announced that two of its operational sites—St., Joseph, MO and Corpus Christi, TX—have each earned their first U.S. Environmental Protection Agency’s (EPA) ENERGY STAR® certification for superior energy performance. On average, ENERGY STAR-certified buildings and plants use 35 percent less energy, cause 35 percent fewer greenhouse gas emissions and are less expensive to operate than their peers—all without sacrificing performance or comfort. Over the next year, Alorica plans to certify additional sites and will perform energy audits at several of their buildings to ensure ongoing compliance and achievement of targets.
Alorica’s building in St. Joseph received an ENERGY STAR score of 83, making it the most efficient Alorica building in North America. In April 2022, St. Joseph completed its light emitting diode (LED) retrofit project, resulting in annual electrical savings of $50,000 and energy reduction of 515,000 kWh, an equivalent to CO2 emissions from 41,068 gallons of gas consumed. Alorica’s Corpus Christi site received an ENERGY STAR score of 80, thanks to its installation of LED lighting and energy-efficient HVAC units.
“I’m extremely proud of this recognition as we expand our presence in North America,” said Jay King, President of Alorica’s North America Operations. “It represents our company-wide commitment to sustainability as part of our ESG initiatives. I applaud our energy management team for their continued focus on ensuring efficient operations that conserve energy while reducing costs. Taking care of one another and prioritizing sustainability efforts are equally important, and this is just one of the ways we show our dedication to our people and communities, both today and for future generations.”
“Improving the energy efficiency of our nation’s buildings is critical to protecting our environment,” said Cindy Jacobs, Chief of the ENERGY STAR Commercial & Industrial Branch. “From the boiler room to the board room, organizations are leading the way by making their buildings more efficient and earning EPA’s ENERGY STAR certification.”
Alorica’s ESG approach (also known as CSR) is categorized under three pillars—Philanthropy, People and Planet. The Planet pillar focuses on sustainability and reducing carbon footprint and waste. Alorica prohibits practices that harm ecosystems and is always looking for ways to minimize the use of natural resources, while maintaining recycling programs around the world. Since 2019, the company experienced a total reduction of over 30 million kWh throughout the region due to a decrease in heating, cooling and electricity consumption. Additionally, it expanded its robust Work-at-Home program, Alorica Anywhere, to further minimize impact on the environment by significantly reducing work commutes and the usage of office supplies globally. Alorica also continues to partner with specialized vendors to properly recycle e-waste. Since 2021, the company recycled 90 tons of waste through 19 of its sites and implemented a comprehensive GREENGUARD-certified Healthy High-Performance Cleaning (HHPC) program to commit to using green, earth-friendly cleaning products. To learn more about Alorica’s commitment, visit www.alorica.com/corporate-social-responsibility.
ENERGY STAR Certification
For more than 20 years, the US Environmental Protection Agency’s ENERGY STAR program has identified the most energy-efficient products, buildings, plants, and new homes—all based on the latest government-backed standards. The program was created in 1992 to help businesses and individuals save energy and fight climate change. Today, every ENERGY STAR label is verified by a rigorous third-party certification process. ENERGY STAR certified buildings and plants are verified to perform in the top 25 percent of buildings nationwide, based on weather-normalized source energy use that considers occupancy, hours of operation, and other key metrics. ENERGY STAR is the only energy efficiency certification in the United States that is based on actual, verified energy performance. To date, tens of thousands of buildings and plants across all fifty states have earned the ENERGY STAR. For more information about ENERGY STAR for Buildings and Plants, visit www.energystar.gov/buildings.
About Alorica
Alorica creates insanely great digital customer experiences at scale. Our team of 100,000 solutionists, technologists and operators partner with global brands and disruptive innovators to deliver digitally charged, tailored interactions customers crave. With a track record of creating long-term loyalty, Alorica brings actionable insights, proven processes and CX leadership to transform clients’ business needs, whether they’re focused on digital optimization, customer engagement or market expansion. Through strategic partnerships with best-in-breed technology, we design, integrate, and optimize digital solutions personalized to reach clients’ most desired outcomes now and for the future. Alorica drives CX innovation for the best clients around the globe from its award-winning operations in 16 countries worldwide. To learn more, visit www.alorica.com.
Sunny Yu
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Energy assets can reduce vulnerability from fossil fuels supply, while Demand Response (DR) and trading can help to reduce cost and generate revenues, according to GridBeyond’s latest report
HOUSTON--(BUSINESS WIRE)--#DR--The energy crisis that has been building for a year has mostly affected the UK and European countries so far, but its impacts are starting to be felt in the US.
In the UK, wholesale energy prices increased rapidly from the second half of 2021. As a net importer of energy, the UK is exposed to volatility in gas prices. In addition, last year, countries in Asia and Europe used significant amounts of gas stocks during a long winter, which drove up prices, while the reopening of economies following the Covid-19 pandemic also sparked higher demand. More recently, the conflict in Ukraine has led to the cost of gas soaring even further, which has in turn pushed bills higher.
While the US may import only a small amount of Russian oil and gas it is tied to Russian energy via its participation in highly globalized supply chains.
In 2021, the US imported about 626,000 barrels per day of oil (7% of imports) from Russia. To put this amount into context, the US produces 75% of its crude oil supply and 90% of its natural gas supply domestically. This gas is used to generate 37% of US electricity demand. Natural gas’ share of US generation is expected to remain largely constant in spite of higher prices this year, the US Energy Information Administration (EIA) has said.
The average price of electricity for residential consumers could reach $0.1524/kWh in 2023, the EIA forecast on 7 September in its latest Short Term Energy Outlook. That would represent about a 3.3% increase from this year. Businesses across the country will see similar increases, but the increase in energy prices is not uniform across the country. Wholesale electricity prices in the Southwest are expected to average 25% higher than in 2021. Meanwhile the highest forecast wholesale prices are at more than $100/MWh in ISO New England (up 96% from 2021) and New York ISO (up 124% from 2021).
Renewable energies can reduce US vulnerability to fossil fuel supply and help businesses to navigate the energy crisis. But an increasingly renewables-based power system means a growing need for more flexibility in the system to manage peaks and troughs caused by intermittent generation.
Wayne Muncaster, SVP for North America said:
“The use of DR and trading generate savings and revenues while helping businesses to manage this current crisis and react quickly to market volatility.
“In these times where the cost of energy is rising, many large energy consumers like manufacturers, cold storage industries, but also hospitals and large retailers’ companies could look at DR to mitigate against price peaks, while supporting the transition towards net zero”.
To download a copy of the report visit: https://gridbeyond.com/lp/energy-crisis/
Gabriella Di Salvo
Global PR Manager, GridBeyond
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BELOIT, Wis.--(BUSINESS WIRE)--#FMD--Fairbanks Morse Defense (FMD), a portfolio company of Arcline Investment Management (Arcline), is redefining the technological limits of national security with the establishment of its Technology Center of Excellence, an initiative designed to consolidate the company’s extensive technology resources under a single platform to maximize its capabilities.
“Most of the companies acquired by FMD in recent years have technology development in their roadmap, but they’re spread out among the individual businesses,” said FMD CEO George Whittier. “By consolidating these initiatives within a specific center of excellence, we can fully leverage our wealth of expertise to benefit our customers in a way that will improve reliability, enhance performance and reduce their lifecycle costs.”
FMD’s technology portfolio focuses on emerging technologies such as Artificial Intelligence (AI), Digital Defenses, SMART Engineering Solutions, Uncrewed Mission Management and FM OnBoard. While the company’s short-term focus is on technology solutions that support autonomy, electrification, and augmented reality, it plans to round out its technology portfolio, through organic growth and future acquisitions, with AI and uncrewed systems solutions.
The new division will be led by Keith Haasl, vice president and general manager of Fairbanks Morse Technology. Haasl, a U.S. Army veteran, joined Fairbanks Morse Defense in 1994 and has established a reputation as a solutions-focused advisor to the defense contractor’s top naval customers, as well as domestic and international commercial customers.
“We’re in constant conversations with our customers, and all the trends point to a future in which their missions are completed autonomously and with reduced human interaction,” Haasl said. “Our Technology Center of Excellence positions us to provide our customers with advanced AI, augmented reality, autonomy, electrification and unmanned solutions to ensure mission readiness well into the future.”
About Fairbanks Morse Defense (FMD)
Fairbanks Morse Defense (FMD) builds, maintains, and services the most trusted naval power and propulsion systems on the planet. For more than 100 years, FMD has been a principal supplier of a growing array of leading marine technologies, OEM parts, and turnkey services to the U.S. Navy, U.S. Coast Guard, Military Sealift Command, and Canadian Coast Guard. FMD stands ready to rapidly support the systems that power military fleets without compromising safety or quality. In times of peace and war, the experienced engineers, sailors, and technicians of FMD demonstrate our commitment to supporting the mission and vision of critical global naval operations wherever and whenever needed. FMD is a portfolio company of Arcline Investment Management.
To learn more, visit www.FairbanksMorseDefense.com.
Fairbanks Morse Media Contact:
Mercom Communications
Michelle Hargis
Tel: 512-215-4452
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DCVC leads the largest Series A funding round for a water technology company with $33 million in financing to scale ZwitterCo’s revolutionary membrane technology that treats the toughest industrial wastewaters for reuse and is immune to irreversible fouling.
BOSTON--(BUSINESS WIRE)--ZwitterCo, Inc., the advanced membrane technology company, today announced the largest Series A funding round in history for a water technology company. The $33 million financing, led by DCVC, will expand the development and production of its revolutionary zwitterionic membrane technology.
ZwitterCo’s technology delivers what the water industry has been seeking for decades: a rugged polymeric membrane that is immune to irreversible fouling. Traditional membrane performance degrades with every cleaning cycle until the membranes no longer work and must be replaced. For tough-to-treat wastewaters, membrane replacement occurs frequently, increasing the operational complexity and cost of running wastewater plants. ZwitterCo membranes, by contrast, perform as new after every cleaning cycle.
ZwitterCo leverages its patented zwitterionic copolymers to build highly advanced membranes that solve the toughest wastewater separation challenges. The performance advantages of ZwitterCo’s membranes make them unique. They can be used in a wide variety of new applications and operating environments, given their ability to repel thousands of times more organic compounds than standard membranes. The company is building a suite of membrane products with these and other capabilities, bringing the precision and reliability of filtration to historically underserved markets.
“ZwitterCo has unlocked the true potential of zwitterions for water treatment, resulting in a leap in membrane performance,” said Chris Drover, co-founder, and CTO of ZwitterCo. “The mechanisms behind fouling and degradation that plague traditional membranes do not apply to our products.”
A zwitterion is a special class of molecule that is “hydrophilic” or highly attractive to water molecules. ZwitterCo’s patented zwitterionic copolymers self-assemble into hydrophilic channels, acting like flumes at a water park, ushering through H2O molecules, and repelling everything unable to flow through its narrow pores, including organic compounds such as oils, fats, greases, or proteins.
ZwitterCo’s first product, a superfiltration (SF) membrane, targets challenging industrial wastewaters for treatment and reuse. “Today, over 4 billion people experience severe water scarcity at various times during the year,” said Alex Rappaport, co-founder and CEO of ZwitterCo. “As the world works to adapt to population growth and climate change, reusing wastewater safely and economically is imperative.”
Since introducing their SF in 2021, ZwitterCo has booked over a dozen commercial projects and completed dozens more successful pilots. As a result, ZwitterCo is already tackling some of the hardest wastewater treatment challenges, including digestates, leachates, O&G-produced water, poultry & dairy, bioprocessing, and food & beverage wastewaters. Additionally, ZwitterCo membranes are used in novel process applications where fouling recovery, ruggedness, and exacting tolerances are essential, such as protein extraction from bio-fermentation.
The Series A funds will allow the company to add applications development, increase its pilot fleet, and build inventory to meet the strong demand for ZwitterCo products. The funding will also commission ZwitterCo’s state-of-the-art innovation center just north of Boston, accelerating the development of new membrane products based on ZwitterCo chemistry.
One-sixth of the world’s freshwater withdrawals, an estimated 500 billion gallons a day, become industrial and agricultural wastewater. Accelerated depletion of our groundwaters and aquifers, as well as protracted droughts, are worsening water scarcity and threatening food production. As a result, safe and economical wastewater reuse has never been more critical.
“At DCVC, we invest in Deep Tech companies that address urgent, global problems while providing outsized returns for our investors,” said Jason Pontin, a Partner at DCVC and Chairman of ZwitterCo’s Board of Directors. “ZwitterCo’s novel membrane chemistry will help solve water scarcity around the globe by making it easy and affordable for a wide variety of industries to adopt water reuse.”
DCVC led ZwitterCo’s Series A financing, with participation from new investors Heritage Group Ventures, Genoa Ventures, and Mott Corporation. Existing investors MANN+HUMMEL Corporate Ventures, Burnt Island Ventures, and R-Cubed Capital Partners also participated in this round.
About ZwitterCo
ZwitterCo’s breakthrough membrane technology enables filtration for the most challenging separations. The company leverages the remarkable power of zwitterions to create an intensely hydrophilic membrane that resists fouling from organic molecules such as fats, oils, and proteins. The unique properties of their membranes give a pathway to the next generation of water treatment, precision separation, and resource recapture. ZwitterCo has been recognized by the Department of Energy, the National Science Foundation, and the Massachusetts Clean Energy Center as a leader in clean water technologies. For more information, visit zwitterco.com.
Press:
Hannah Parsley
Marketing Communications Manager, ZwitterCo
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Establishes HQ in Austin, TX with a team of 18 professionals led by industry veteran Mike Kirschner
Announces Initial 60MW ERCOT Storage Partnership with Glidepath Power Solutions
Real Time Algorithmic Optimization of Renewables + Storage to be launched in ERCOT, PJM, MISO and CAISO Using Advanced AI and Machine Learning Capability
AUSTIN, Texas--(BUSINESS WIRE)--Habitat Energy Limited (“Habitat”), the UK based algorithmic optimization and trading platform for grid-scale battery storage and renewables assets, announces a major expansion into the US power market with an initial team of 18 data science and power trading specialists, and is positioned to be operational in all major US power markets by the end of next year. Habitat has partnered with battery storage developer, Glidepath Power Solutions, LLC (“Glidepath”), to optimize an initial portfolio of 60MW of BESS assets to be operational in ERCOT by end 2023. Habitat and Glidepath are both portfolio companies of Quinbrook Infrastructure Partners.
Habitat’s first optimization asset is Glidepath’s 10MW/10MWh “Prospect” battery storage project located in West Columbia, TX. Habitat recently commenced optimizing Prospect in the Responsive Reserve Service (RRS) and wholesale power markets using the firm’s proprietary AI and machine learning capabilities. Habitat will also optimize Glidepath’s 50MW Byrd Ranch storage project located in Sweeny TX. The Byrd Ranch project is in the late stages of construction and commissioning.
Habitat is a market leader in the UK with an operating portfolio of over 700MW of storage capacity dynamically optimized across the UK real time wholesale power markets, Balancing Mechanism, and regulated ancillary services markets including Dynamic Containment. Habitat uses advanced artificial intelligence to analyze power market dynamics to optimize split-second dispatch instructions that are specific to each storage and renewable power supply asset under active management based on their respective operational capabilities and location. Habitat’s algorithmic tools are complemented with oversight from an experienced 24/7 trading team and in-house Route to Market and execution capability. Habitat possesses sophisticated in-house modeling of battery degradation, enabling it to calculate the marginal degradation cost of each dispatch action and factor that into real time optimization decisions. Habitat has been ranked the top performing battery optimizer in the UK by independent third parties such as LCP Enact, earning up to twice as much revenue per MW for their clients’ assets relative to competitors.
Habitat’s rapidly growing US team is led by Mike Kirshner, who most recently led Vistra’s optimization strategy for the milestone Moss Landing storage project in California. Habitat’s US team is supported from Habitat’s head office in Oxford, UK which comprises over 60 battery storage, data science and trading professionals. For the US market, Habitat will not only focus on battery storage optimization, but also on renewables and hybrid facilities, recognizing the substantial revenue opportunity that sophisticated AI optimization can deliver by trading across Day Ahead and Real Time markets and dynamically analyzing Hub/Node price differentials in real time.
Chris McKissack, CEO of Glidepath, said “Our team knows that making storage projects succeed in a rapidly evolving energy sector requires deep understanding of both technology and market specifics. We’ve seen that Habitat’s tools can give our projects a competitive edge and help us provide the more flexible, reliable grid that energy users need.”
Habitat plans to have a full operational capability across ERCOT, PJM, CAISO and MISO by the end of 2023. With gas prices and market volatility higher than ever, Habitat is seeing market demand for storage optimization services increasing as asset owners recognize the unique challenges of optimally managing increasing power market volatility which requires highly specialist capability.
Mike Kirschner, Managing Director of Habitat Energy USA said, “I am excited to lead Habitat’s US launch in Texas with committed plans, supported by Quinbrook, to expand rapidly into other ISOs next year. The power sector is in a period of dramatic change, with renewables and storage now dominating new capacity investment. AI-enabled forecasting and optimization is a critical functional need in order to respond to the hectic pace of the energy transition. Habitat is at the forefront of this digital revolution in power markets, with the demonstrated ability to consistently outperform its competitors in the UK. Habitat’s unique algorithmic and data science skills is what attracted me to take on the leadership role here in the US and help realize the huge potential in this market.”
Habitat was acquired in 2021 by Quinbrook Infrastructure Partners ("Quinbrook"), a specialist global investment manager focused exclusively on renewables, storage and grid support infrastructure. Quinbrook’s investment in Habitat reflects confidence in the growing role of AI-enabled automated forecasting and dispatch in ensuring that dispatchable renewable power and storage assets achieve their full revenue potential whilst also ensuring that more renewable capacity can be efficiently added to the power system.
David Scaysbrook, Co-founder and Managing Partner of Quinbrook commented, “We believe that the ‘Net Zero’ power systems of tomorrow are moving rapidly and inexorably to a place where renewable power assets and storage in all its forms will be managed and optimized with advanced algorithmic capabilities. We view Habitat as truly ahead of the game in devising ‘state of the art’ methods at the leading edge of data science combined with the power markets know-how to maintain competitive edge. Habitat’s launch in the US is part of our long-term strategic vision for this business and we celebrate Habitat onboarding their first operating assets in the US in what we believe will be the first of many.”
About Habitat Energy
Habitat Energy (https://www.habitat.energy) is a specialist in AI-enabled optimization and trading services for battery storage and renewables. Habitat’s proprietary software allows for real-time trading, forecasting and revenue generation in the wholesale and ancillary service markets, complemented by an experienced power trading team and execution capability. Habitat Energy is headquartered in Oxford UK, with offices in Melbourne, Australia and Austin, Texas.
About Glidepath
GlidePath Power Solutions (www.glidepath.net) is a leading developer of distributed power solutions spanning multiple technologies and U.S. power markets. Led by a team of power industry veterans, GlidePath has successfully developed multiple battery storage projects in the U.S. and is actively advancing a multi-technology project development portfolio exceeding 3,000 MW of planned distributed power capacity. Chicago-based GlidePath is a portfolio company of Quinbrook Infrastructure Partners, a specialist investor in low-carbon and renewable energy infrastructure.
About Quinbrook
Quinbrook Infrastructure Partners (http://www.quinbrook.com) is a specialist investment manager focused exclusively on renewables, storage and grid support infrastructure needed to drive the energy transition in the US, UK and Australia. Quinbrook is led and managed by a senior team of power industry professionals who have collectively invested c.USD 8.2 billion equity in energy infrastructure assets since the early 1990s, representing a total enterprise value of c.USD 28.7 billion or 19.5 GW of power supply capacity. Quinbrook has completed a diverse range of direct investments in both utility and distributed scale onshore wind and solar power, battery storage, reserve peaking capacity, biomass, fugitive methane recovery, hydro and flexible energy management solutions in the US, UK and Australia. Quinbrook is currently developing and constructing some of the largest renewables and storage infrastructure projects ever undertaken in the US, UK and Australia.
Media:
Jennifer Pflieger
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+1 (212) 446-1866
TA to Provide Healthy Food Options and Wellness Resources for Professional Drivers
WESTLAKE, Ohio--(BUSINESS WIRE)--As TravelCenters of America (Nasdaq: TA) celebrates Driver Appreciation Month in September, the company is demonstrating its commitment to professional drivers by providing more options to make healthy choices while on the road. TA announced a collaboration with Cleveland Clinic, one of the world’s most respected academic medical centers, to expand its support of drivers’ health and well-being by enhancing healthy food offerings and educational opportunities.
The collaboration with Cleveland Clinic will result in new healthy meal options to be included on the menus at all the Country Pride and Iron Skillet full-service restaurants by the end of 2022. TA plans to expand beyond these full-service menu offerings by working with Cleveland Clinic to identify healthy snack and grab-and-go food options in its travel stores. Finally, TA will work with Cleveland Clinic to provide professional drivers with health and wellness information to promote these new healthy menu options and an overall healthy lifestyle.
The new Cleveland Clinic initiatives continue TA’s long-standing focus on driver health and wellness, and its commitment to enhancing their overall experience. At many locations nationwide, TA has amenities, including fitness centers, walking trails, basketball hoops and others to promote an active lifestyle.
“The nation relies on professional drivers to keep our economy strong and we are committed to helping them maintain a healthy lifestyle while on the road by making it easier for them to make healthy choices,” said Jon Pertchik, Chief Executive Officer of TravelCenters of America. “Providing quality food offerings and educational tools to support driver wellness allows us to show professional drivers how much we appreciate all that they do for this country.”
“We know having access to healthy food choices and nutrition information can help drive a healthier lifestyle,” said Dr. Amanda Hagen, Medical Director, Cleveland Clinic AtWork. “This new collaboration with TA supports the health and wellness needs of professional drivers.”
About TravelCenters of America
TravelCenters of America Inc. (Nasdaq: TA) is the nation's largest publicly traded full-service travel center network. Founded in 1972 and headquartered in Westlake, Ohio, its 19,000 team members serve guests in over 275 locations in 44 states, principally under the TA®, Petro Stopping Centers® and TA Express® brands. Offerings include diesel and gasoline fuel, truck maintenance and repair, full-service and quick-service restaurants, travel stores, car and truck parking and other services dedicated to providing great experiences for its guests. TA is committed to sustainability, with its specialized business unit, eTA, focused on sustainable energy options for professional drivers and motorists, and leverages alternative energy to support its own operations. TA operates over 600 full-service and quick-service restaurants and nine proprietary brands, including Iron Skillet® and Country Pride®. For more information, visit www.ta-petro.com.
Tina Arundel
TravelCenters of America
440-250-4758
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BOSTON--(BUSINESS WIRE)--Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent“ or the “Company”), an innovation-driven leader in the fuel cell and hydrogen technology space, today announced it has signed a Memorandum of Understanding (“MoU”) with Hydrogen Systems, Inc. (“Hydrogen Systems”), a hydrogen energy solutions company based in Riyadh, Saudi Arabia, to provide integrated hydrogen solutions and value-added support to industrial and renewable energy markets in the Middle East.
Under the MoU, Hydrogen Systems aims to utilize a vast number of existing relationships in the telecom and hydrogen energy marketplace in the Kingdom of Saudi Arabia, and elsewhere throughout the Middle East to market, sell, distribute, install and service Advent’s full line of high-temperature proton exchange membrane (“HT-PEM”) fuel cells and hydrogen production products. Simultaneously, Advent and Hydrogen Systems intend to collaborate and explore potential large-scale development opportunities for hydrogen fuel cell power applications across the region.
Advent’s family of products, including the Serene and M-ZERØ® fuel cell systems, realize a significant carbon advantage over conventional diesel remote power generation technology. HT-PEM fuel cells can operate with a range of low or zero-carbon hydrogen fuels and enable more efficient heat management. Such fuel cells can produce power in extreme ambient temperatures (from -40°C to up to +55°C) and conditions such as high air pollution and low humidity, resulting in a longer lifetime and lower total cost of ownership.
Dr. Vasilis Gregoriou, Advent’s Chairman and Chief Executive Officer, stated, “We look forward to a successful partnership with Hydrogen Systems to support the effort in the Middle East to decarbonize faster by adopting hydrogen and HT-PEM fuel cells to replace conventional and polluting energy sources. Hydrogen Systems’ industry knowledge and reach provide an advantage in bringing disruptive, emerging fuel cell solutions to a mature application.”
Sattam Alsuwailem, Chief Executive Officer of Hydrogen Systems, added: “We are excited to have Advent as our new industry partner and truly believe that this new collaboration can play a vital role in speeding up the Middle East’s transition to clean energy technologies. All of us at Hydrogen Systems are connected through a shared mission to continue providing our customers with the most reliable, efficient, and cost-effective hydrogen solutions. We look forward to further strengthening this mission by bringing Advent’s highly differentiated technology to the Middle East market.”
About Advent Technologies Holdings, Inc.
Advent Technologies Holdings, Inc. is a U.S. corporation that develops, manufactures, and assembles complete fuel cell systems as well as supplying customers with critical components for fuel cells in the renewable energy sector. Advent is headquartered in Boston, Massachusetts, with offices in California, Greece, Denmark, Germany, and the Philippines. With more than 150 patents issued, pending, and/or licensed for fuel cell technology, Advent holds the IP for next-generation HT-PEM that enables various fuels to function at high temperatures and under extreme conditions, conferring the virtues of a flexible fuel option for the automotive, aviation, defense, oil and gas, marine, and power generation sectors. For more information, visit www.advent.energy.
About Hydrogen Systems, Inc.
Hydrogen Systems is a Saudi Arabia based company dedicated to delivering the most comprehensive and cost-effective hydrogen gas solutions to its customers in the greater GCC region. Hydrogen Systems was founded in 2009 and has grown steadily over the last 10 years by providing valuable solutions and services to their customers. With the establishment of the Hydrogen Energy Center of Excellence, Hydrogen Systems is committed to the localization and development of hydrogen energy and decarbonization solutions to meet the growing demand in the region.
Cautionary Note Regarding Forward-Looking Statements
This press release includes forward-looking statements. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “expect,” “plan,” “could,” “may,” “will,” “believe,” “estimate,” “forecast,” “goal,” “project,” and other words of similar meaning. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, the Company’s ability to maintain the listing of the Company’s common stock on Nasdaq; future financial performance; public securities’ potential liquidity and trading; impact from the outcome of any known and unknown litigation; ability to forecast and maintain an adequate rate of revenue growth and appropriately plan its expenses; expectations regarding future expenditures; future mix of revenue and effect on gross margins; attraction and retention of qualified directors, officers, employees and key personnel; ability to compete effectively in a competitive industry; ability to protect and enhance Advent’s corporate reputation and brand; expectations concerning its relationships and actions with technology partners and other third parties; impact from future regulatory, judicial and legislative changes to the industry; ability to locate and acquire complementary technologies or services and integrate those into the Company’s business; future arrangements with, or investments in, other entities or associations; and intense competition and competitive pressure from other companies worldwide in the industries in which the Company will operate; and the risks identified under the heading “Risk Factors” in Advent’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 31, 2022, as well as the other information filed with the SEC. Investors are cautioned not to place considerable reliance on the forward-looking statements contained in this press release. You are encouraged to read Advent’s filings with the SEC, available at www.sec.gov, for a discussion of these and other risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this document, and the Company undertakes no obligation to update or revise any of these statements. Advent’s business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.
Advent Technologies Holdings, Inc.
Elisabeth Maragoula / Michael Trontzos
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HOUSTON--(BUSINESS WIRE)--SilverBow Resources, Inc. (NYSE: SBOW) (“SilverBow” or “the Company”) today announced the addition of a new acreage block in the Dorado play of Webb County, Texas. Through a series of transactions, including bolt-on acquisitions, leasing and drill-to-earn agreements, the Company has assembled 7,500 net acres with current net production of approximately 30 million cubic feet per day (“MMcf/d”). Consideration for SilverBow’s new Dorado position has totaled approximately $50 million, representing a combination of leasing, acquisition and drilling capital. Approximately $40 million of the total was incurred during the third quarter of 2022.
Highlights:
MANAGEMENT COMMENTS
Sean Woolverton, SilverBow’s Chief Executive Officer, commented, “We are excited to announce our new position in the Dorado play, which we assembled by leveraging our long standing relationships in the area and our basin specific expertise. This new area closely resembles the reservoir quality of our prolific Fasken asset, and aligns with our strategy of adding scale in core areas and bolstering our Austin Chalk and Eagle Ford inventory. The first two wells that we have brought online in this position are exceeding our expectations and further confirm the robust economics of both the Eagle Ford and Austin Chalk reservoirs across Webb County.”
Mr. Woolverton commented further, “Our total net acreage position in Webb County now totals 15,000 acres and with estimated drilling inventory exceeding 200 gross locations. This represents approximately eight years of development at a one rig pace. Our current plan is to run a contiguous rig to develop the inventory as we ramp our gas production into a very favorable price environment.”
ABOUT SILVERBOW RESOURCES, INC.
SilverBow Resources, Inc. (NYSE: SBOW) is a Houston-based energy company actively engaged in the exploration, development and production of oil and gas in the Eagle Ford Shale and Austin Chalk in South Texas. With over 30 years of history operating in South Texas, the Company possesses a significant understanding of regional reservoirs that it leverages to assemble high quality drilling inventory while continuously enhancing its operations to maximize returns on capital invested. For more information, please visit www.sbow.com. Information on the Company’s website is not part of this release.
FORWARD-LOOKING STATEMENTS
This release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements represent management's expectations or beliefs concerning future events, and it is possible that the results described in this release will not be achieved. These forward-looking statements are based on current expectations and assumptions and are subject to a number of risks and uncertainties, many of which are beyond our control. All statements, other than statements of historical fact included in this press release, including those regarding our strategy, the benefits of the transactions, future operations, guidance and outlook, financial position, well expectations and drilling plans, estimated production levels, expected oil and natural gas pricing, estimated oil and natural gas reserves or the present value thereof, reserve increases, service costs, impacts of inflation, future free cash flow and expected leverage ratio, capital expenditures, budget, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this report, the words “will,” “could,” “believe,” “anticipate,” “intend,” “estimate,” “budgeted,” "guidance," “expect,” “may,” “continue,” “predict,” “potential,” “plan," “project” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Important factors that could cause actual results to differ materially from our expectations include, but are not limited to, risks and uncertainties discussed in the Company’s reports filed with the SEC.
All forward-looking statements speak only as of the date of this news release. You should not place undue reliance on these forward-looking statements. The Company’s capital budget, operating plan, service cost outlook and development plans are subject to change at any time. Although we believe that our plans, intentions and expectations reflected in or suggested by the forward-looking statements we make in this release are reasonable, we can give no assurance that these plans, intentions or expectations will be achieved. The risk factors and other factors noted herein and in the Company's SEC filings could cause its actual results to differ materially from those contained in any forward-looking statement. These cautionary statements qualify all forward-looking statements attributable to us or persons acting on our behalf.
All subsequent written and oral forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by the foregoing. We undertake no obligation to publicly release the results of any revisions to any such forward-looking statements that may be made to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events, except as required by law.
Jeff Magids
Director of Finance & Investor Relations
(281) 874-2700, (888) 991-SBOW
DUBLIN--(BUSINESS WIRE)--The "Oil Field Chemicals Market Research Report by Chemical Type (Biocide, Corrosion & Scale Inhibitor, and Demulsifier), Application, Region (Americas, Asia-Pacific, and Europe, Middle East & Africa) - Global Forecast to 2027 - Cumulative Impact of COVID-19" report has been added to ResearchAndMarkets.com's offering.
The Global Oil Field Chemicals Market size was estimated at USD 28.87 billion in 2021, USD 31.03 billion in 2022, and is projected to grow at a CAGR 7.66% to reach USD 44.97 billion by 2027.
Competitive Strategic Window:
The Competitive Strategic Window analyses the competitive landscape in terms of markets, applications, and geographies to help the vendor define an alignment or fit between their capabilities and opportunities for future growth prospects. It describes the optimal or favorable fit for the vendors to adopt successive merger and acquisition strategies, geography expansion, research & development, and new product introduction strategies to execute further business expansion and growth during a forecast period.
FPNV Positioning Matrix:
The FPNV Positioning Matrix evaluates and categorizes the vendors in the Oil Field Chemicals Market based on Business Strategy (Business Growth, Industry Coverage, Financial Viability, and Channel Support) and Product Satisfaction (Value for Money, Ease of Use, Product Features, and Customer Support) that aids businesses in better decision making and understanding the competitive landscape.
Market Share Analysis:
The Market Share Analysis offers the analysis of vendors considering their contribution to the overall market. It provides the idea of its revenue generation into the overall market compared to other vendors in the space. It provides insights into how vendors are performing in terms of revenue generation and customer base compared to others. Knowing market share offers an idea of the size and competitiveness of the vendors for the base year. It reveals the market characteristics in terms of accumulation, fragmentation, dominance, and amalgamation traits.
The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyze penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The report answers questions such as:
1. What is the market size and forecast of the Global Oil Field Chemicals Market?
2. What are the inhibiting factors and impact of COVID-19 shaping the Global Oil Field Chemicals Market during the forecast period?
3. Which are the products/segments/applications/areas to invest in over the forecast period in the Global Oil Field Chemicals Market?
4. What is the competitive strategic window for opportunities in the Global Oil Field Chemicals Market?
5. What are the technology trends and regulatory frameworks in the Global Oil Field Chemicals Market?
6. What is the market share of the leading vendors in the Global Oil Field Chemicals Market?
7. What modes and strategic moves are considered suitable for entering the Global Oil Field Chemicals Market?
Market Dynamics
Drivers
Restraints
Opportunities
Challenges
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/72d0et
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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Transaera emerges from stealth mode to further the development of sustainable cooling technology
NEW YORK--(BUSINESS WIRE)--Energy Impact Partners LP (“EIP”), a global investment platform leading the transition to a sustainable energy future, announced today that its Deep Decarbonization Frontier Fund (the “Frontier Fund”) led the seed round in Transaera Inc., the innovative pioneers behind a novel air conditioner providing affordable, energy-efficient dehumidification. The round closed at $4.5 million; EIP was joined in the round by Carrier Ventures, Saint Gobain, and MassCEC.
Air conditioners produce up to 7-11% of the world’s greenhouse gas emissions, a number expected to double by 2050. Dehumidification is key to efficiency because conventional A/C systems overcool the air to condense out moisture, leading to wasted energy. Transaera’s technology improves the efficiency and comfort of cooling, while simultaneously reducing emissions.
“All air conditioners perform two functions at once: cooling and dehumidifying,” said Sorin Grama, CEO and Co-Founder of Transaera. “The dehumidifying part accounts for almost half of the energy consumption of an air conditioner, especially in hot and humid climates. By separating these two functions and taking care of the dehumidifying part in a new way, we can dramatically reduce the energy consumption of an air conditioner.”
Transaera was co-founded by Mr. Grama, an experienced entrepreneur who previously scaled a refrigeration company, and Mircea Dincă, Professor of Energy in the Department of Chemistry at MIT. The company’s technology uses an innovative sponge-like material that grabs moisture from the atmosphere enabling the air conditioner to cool the air more efficiently. The heat generated by the unit is then used to dry the material for the next cycle.
"MOFs are central to several energy technology innovations,” Professor Dincă commented on the technology. “Their ability to adsorb large quantities of moisture are transformational for heat transfer and air-conditioning applications, with Transaera leading the charge in understanding how to apply these revolutionary materials in real devices."
Transaera was named one of eight finalists in the Global Cooling Prize, an international innovation competition to develop an affordable and sustainable residential air conditioner. The company’s enabling technology is its metal organic framework desiccant which can dehumidify air much more efficiently without increasing equipment complexity and cost. The proprietary desiccant material, spontaneously absorbs water vapor, allowing room air to dry. Dry air is easier to cool with a high-efficiency AC unit, thus reducing the overall electricity consumption.
“Our investment in Transaera will support the availability of a climate technology capable of dramatically lowering the cost and energy intensity of cooling at a time when it’s needed most,” said Ashwin Shashindranath, Partner at Energy Impact Partners. “We’re incredibly impressed with the team’s technology and are excited to continue supporting their growth and impact on this industry.”
For more information about EIP, please visit www.energyimpactpartners.com.
About Energy Impact Partners
Energy Impact Partners LP (EIP) is a global venture capital firm leading the transition to a sustainable future. EIP brings together entrepreneurs and the world's most forward-looking energy and industrial companies to advance innovation. With over $2.5 billion in assets under management, EIP invests globally across venture, growth, credit, and infrastructure – and has a team of over 70 professionals based in its offices in New York, Washington, D.C., San Francisco, Palm Beach, London, Cologne, and Oslo. For more information on EIP, please visit www.energyimpactpartners.com.
About Transaera
Transaera is an MIT spinout and performs research and development at Greentown Labs, the largest climatetech startup incubator in North America. The company is exploring novel desiccant materials to develop ultra-efficient climate systems that can regulate indoor environments critical to business and human productivity, all while reducing the impact on our global climate and local grid infrastructure. Transaera was one of eight finalists in the Global Cooling Prize, an international innovation competition to develop a residential air conditioner that would consume 80% less energy than commonly available air conditioners. For more information visit: www.transaera.com
Alex Autry
Silverline – on behalf of EIP
240-346-8136
COLLIERVILLE, Tenn.--(BUSINESS WIRE)--Mueller Industries, Inc. (NYSE: MLI) (“Mueller” or the “Company”), today announced the launch of its new investor relations website. The redesigned website provides enhanced access to an array of investor resources, including financial and stock information, Company news and a newly published investor presentation.
“We are very pleased to introduce our new investor relations website and to publish our Company’s investor presentation,” said Jeffrey A. Martin, Chief Financial Officer of Mueller Industries, Inc. “We believe that these materials highlight our Company, our operating principles and the positive outlook we have for our business. Having delivered double digit returns to our shareholders over the last 15 years, we are committed to continued growth and to maintaining our proven track record of value creation.”
Mueller’s website can be accessed at www.muellerindustries.com.
About Mueller Industries, Inc.
Mueller Industries, Inc. (NYSE: MLI) is an industrial corporation whose holdings manufacture vital goods for important markets such as air, water, oil and gas distribution; climate comfort; food preservation; energy transmission; medical; aerospace; and automotive. It includes a network of companies and brands throughout North America, Europe, Asia, and the Middle East.
Investor Contact:
Jeffrey A. Martin
Chief Financial Officer & Treasurer
(901) 753-3226
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LOS ANGELES--(BUSINESS WIRE)--$CGRN #Biogas--Capstone Green Energy Corporation (NASDAQ: CGRN), a global leader in carbon reduction and on-site resilient green energy solutions, announced that DTC Soluciones, Capstone's exclusive distributor for Mexico, has secured an order for two Capstone C600 Signature Series microturbine systems totaling 1.2 MWs.
"Supporting manufacturers as they seek to meet their reliability and resiliency needs while managing costs and lessening their environmental impact is a rewarding part of the Capstone business model," said Darren Jamison, Chief Executive Officer of Capstone Green Energy. "We continue to see demand for our products and services from the commercial and industrial sector worldwide. I appreciate our distributor's focus on educating and engaging these customers in Mexico and elsewhere on how Capstone products can help them reach their goals."
One of the core challenges faced by the manufacturing industry is the need for reliable and efficient energy solutions that reduce operational costs, increase reliability, and support sustainability goals. Capstone's scalable microturbine energy systems are engineered to meet commercial and industrial manufacturers' large electrical and thermal demand requirements. Capstone microturbines can reduce energy costs by producing electricity at a lower cost than the price of power supplied by local utilities.
According to the International Trade Association, Mexico's industrial and commercial sectors represent 72 percent of electricity demand, and high electricity rates have impacted industrial manufacturing, operations, and commercial activities. Even with these challenges, the industrial and commercial sectors are an important area of opportunity for U.S. exports, as they represent the largest percentage of electricity demand. These companies are continuously looking for technological alternatives to increase energy efficiency and reduce costs which Capstone's clean and green technology can provide.
"We continue to see high demand for energy-efficient solutions throughout Mexico. There is an urgent need for alternative forms of reliable power supply for the industrial and commercial sectors. Over the last 13 years, DTC has worked in synergy with Capstone to deliver our customers high-quality power and reliability while reducing energy costs and positively impacting the environment. We're proud to celebrate our anniversary this month and hope to continue to serve our customers for many years to come," said Alejandro Muñoz, President of DTC Soluciones.
About Capstone Green Energy
Capstone Green Energy (NASDAQ: CGRN) is a leading provider of customized microgrid solutions and on-site energy technology systems focused on helping customers around the globe meet their environmental, energy savings, and resiliency goals. Capstone Green Energy focuses on four key business lines. Through its Energy as a Service (EaaS) business, it offers rental solutions utilizing its microturbine energy systems and battery storage systems, comprehensive Factory Protection Plan (FPP) service contracts that guarantee life-cycle costs, as well as aftermarket parts. Energy Generation Technologies (EGT) are driven by the Company's industry-leading, highly efficient, low-emission, resilient microturbine energy systems offering scalable solutions in addition to a broad range of customer-tailored solutions, including hybrid energy systems and larger frame industrial turbines. The Energy Storage Solutions (ESS) business line designs and installs microgrid storage systems creating customized solutions using a combination of battery technologies and monitoring software. Through Hydrogen & Sustainable Products (H2S), Capstone Green Energy offers customers a variety of hydrogen products, including the Company's microturbine energy systems.
To date, Capstone has shipped over 10,000 units to 83 countries and estimates that in FY22, it saved customers over $213 million in annual energy costs and approximately 388,000 tons of carbon. Total savings over the last four years are estimated to be approximately $911 million in energy savings and approximately 1,503,100 tons of carbon savings.
For customers with limited capital or short-term needs, Capstone offers rental systems; for more information, contact: This email address is being protected from spambots. You need JavaScript enabled to view it..
For more information about the Company, please visit www.CapstoneGreenEnergy.com. Follow Capstone Green Energy on Twitter, LinkedIn, Instagram, Facebook, and YouTube.
Cautionary Note Regarding Forward-Looking Statements
This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's target for growth of its rental fleet and other statements regarding the Company's expectations, beliefs, plans, intentions, and strategies. The Company has tried to identify these forward-looking statements by using words such as "expect," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, but not limited to, the following: the sufficiency of the Company's working capital to meet its rental fleet growth target; the ongoing effects of the COVID-19 pandemic; the availability of credit and compliance with the agreements governing the Company's indebtedness; the Company's ability to develop new products and enhance existing products; product quality issues, including the adequacy of reserves therefor and warranty cost exposure; intense competition; financial performance of the oil and natural gas industry and other general business, industry and economic conditions; the Company's ability to adequately protect its intellectual property rights; and departures and other changes in management and other key employees. For a detailed discussion of factors that could affect the Company's future operating results, please see the Company's filings with the Securities and Exchange Commission, including the disclosures under "Risk Factors" in those filings. Except as expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events, or for any other reason.
Capstone Green Energy
Investor and investment media inquiries:
818-407-3628
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DALLAS--(BUSINESS WIRE)--Amen Properties, Inc. (Pink Sheets: AMEN) today announced financial results for its quarter ended June 30, 2022. The Company posted revenue of $1.0 million and net income of $1.2 million. These results compare to revenue of $621 thousand and net income of $471 thousand for the same quarter in 2021. The Company’s improvement in revenue and profitability resulted primarily from increased demand and prices for oil.
Amen also announced that the Company’s Board of Directors has approved the payment of a quarterly dividend of $10.00 per share. The dividend will be paid to shareholders of record on September 23 with a payment date of September 30.
Finally, Amen reiterated that its Board has approved a plan whereby the Company will no longer hedge the revenue stream associated with its oil and gas royalties. "Shareholders of Amen need to understand that they hold an un-hedged long oil and gas position and should pursue their own hedging strategy if they are uncomfortable with that risk," said Kris Oliver, Amen’s Chief Financial Officer.
The Company’s 2022 second quarter report is available for viewing or download from the company’s web site – www.amenproperties.com.
About Amen Properties:
Amen Properties owns a portfolio of cash-producing properties including real estate and oil and gas interests.
Cautionary Statement:
This document contains forward-looking statements, which involve a number of risks and uncertainties that could cause our actual results to differ materially from those reflected in the forward-looking statements. Forward-looking statements can be identified by use of the words "expect," "project," "may," "might," potential," and similar terms. AMEN Properties, Inc. ("Amen", "we" or the "Company") cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Amen's control. These factors include, but are not limited to, our ability to implement our strategic initiatives, economic, political and market conditions and price fluctuations, government and industry regulation, U.S. and global competition and other factors. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.
Press and Investor Relations Contact:
Kris Oliver
(972) 999-0494
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