VANCOUVER, British Columbia--(BUSINESS WIRE)--Coinciding with World Environment Day, BC-based carbon capture and removal technology provider, Svante, has ranked 2nd among privately owned companies in the Corporate Knights Future 50 Fastest-Growing Sustainable Companies in Canada ranking.
Corporate Knights, a Canadian media and research B Corp has been producing global corporate and fund rankings for nearly 20 years. The Future 50 Fastest Growing Sustainable Companies in Canada features emerging companies whose energy and innovation leaves them poised to be the market leaders in the future. These companies are selected from a pool of 5,115 Canadian companies whose business activities align with the transition to a global clean economy.
"To tackle the climate crisis, we're going to need all kinds of solutions,” says Toby Heaps, Founder and CEO of Corporate Knights. “Luckily, the Future 50 are putting them on the shelf faster than any other companies in Canada. Companies like Svante are contributing to this tapestry of solutions by demonstrating how decarbonization efforts like carbon capture are not only accelerating the transition to a clean energy economy but are also commercially viable across multiple heavy industry applications. Investor enthusiasm reflects this momentum as evidenced by the $147 million raised by Svante last year, a 4,262% increase from the $3.4 million raised by the company in 2018. Svante is contributing to the creation of a more sustainable Canada, and we are proud to recognize their leadership in the Future 50.”
“Being listed amongst the incredible companies that are a part of the Future 50 ranking is a true honour. We are thrilled,” says Claude Letourneau, Svante’s President & CEO. “To be ranked in the top two private companies is a testament to the passion and dedication of our people and the key role our business and carbon management is playing in the fight against climate change, alongside renewables, hydrogen, and electrification. Getting to net-zero is going to take global support from the financial sector, policymakers, and the general public. The media plays an important role in sharing the message that the time to act and scale is now, and it’s great to see our efforts are being recognized in reputable publications like the Corporate Knights.”
The Future 50 ranking is made up of the fastest-growing 25 publicly traded companies (selected based on year-over-year revenue growth %) and the fastest-growing 25 privately owned companies (selected based on growth % in capital raised from two most recent years of fundraising rounds) that earn more than 50% of their revenue from clean energy sources. Corporate Knights’ definition of clean energy aligns with the International Energy Agency definition, which includes energy efficiency.
The Future 50 list includes companies from a number of different sectors and Canadian provinces, providing tangible examples of how a net-zero economy can create an abundance of new opportunity.
About Svante
Founded in 2007, Svante offers companies in emission-intensive industries a commercially viable way to capture large-scale CO2 emissions from existing infrastructure, either for safe storage or to be used for further industrial use in a closed loop. With the ability to capture CO2 from industrial sources and directly from the atmosphere in an environmentally sustainable way, Svante makes industrial-scale carbon capture and carbon removal a reality. Svante’s Board of Directors includes Nobel Laureate and former Secretary of Energy, Steven Chu.
Please direct media inquiries to:
Colleen Nitta
Director of Marketing & Communications
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+1 (604) 970-2813
“Partnerships, Progress and Potential” describes Generation-defining Project 11
HOUSTON--(BUSINESS WIRE)--Port Houston, in partnership with the U.S. Army Corps of Engineers, held an event Wednesday officially kicking off the $1 billion expansion of the Houston Ship Channel. Described as a “generation-defining project,” these improvements to the nation’s busiest waterway – more safely and efficiently welcoming import and export container ships and other vessels – will deliver jobs and growth to the Houston region, state, and nation.
More than 200 people, including elected officials and representatives from multiple sectors in the maritime industry, attended the historic event. Bipartisanship and collaboration were on full display at the event, with the Port Commission, and Congressional, State, and Local delegations, leading the way.
“All of our partners here view what some would call problems or challenges as opportunities,” Port Houston Chairman Ric Campo said to the audience, but “opportunities to drive our industry forward and reimagine how we tackle these ‘challenges’ in new innovative ways, generating greater results for all.”
The unprecedented challenges in the global supply chain over the past two years have highlighted the critical importance of ports and the maritime industry, and the cargo moving through the channel touches every Congressional District in the nation.
Assistant Secretary of the Army (Civil Works) Michael Connor addressed the group, “Army Civil Works is proud to partner with the Port of Houston to invest funding from the Bipartisan Infrastructure Law to advance the expansion of the Houston Ship Channel,” he said. “This project is important on many levels, including improving the efficiency of our nation’s supply chains, promoting navigational safety, and creating environmental benefits through the innovative use of dredged material.”
According to USACE Southwestern District Commander Col. Kenneth N. Reed, it is also an important project for the Galveston District and the District’s higher headquarters. “As the federal agency that maintains and constructs much of the nation’s public infrastructure, the Army Corps of Engineers continues to work with Port Houston on one of the most impactful infrastructure projects nationwide,” he said.
Known locally as Project 11 because it is the eleventh major construction project of the waterway in its more than 100-year history, the work of widening and deepening the Houston Ship Channel will have tremendous positive economic, safety, and environmental benefit for the nation.
“The sooner we complete and utilize the project that delivers an increased $134 million annual economic impact, the better,” Chairman Campo stressed. “And ultimately what this means is more jobs.”
The project is on schedule for completion in 2025.
“This project will enable Port Houston to continue to grow and respond effectively to whatever the future demand in the supply chain has to offer,” said Port Houston Executive Director Roger Guenther in his remarks. “A safe and efficient channel is the best way we can position Houston to provide a prosperous opportunity for the next generation.”
On display at the event were some of the many vessels keeping the channel safe and efficient, including Great Lakes Dredge and Dock Company’s eco-friendly dredge Carolina, which soon joins the channel work.
More details on the Houston Ship Channel Expansion Program can be found here:
https://www.expandthehoustonshipchannel.com/
A photo gallery with downloadable images of the Project 11 event can be accessed at this link:
https://porthouston.aws.thirdlight.com/link/p11-dredge-kick-off-event
About Port Houston
For more than 100 years, Port Houston has owned and operated the public wharves and terminals along the Houston Ship Channel, including the area’s largest breakbulk facility and two of the most efficient container terminals in the country. Port Houston is the advocate and a strategic leader for the Channel. The Houston Ship Channel complex and its more than 200 public and private terminals, collectively known as the Port of Houston, is the nation’s largest port for waterborne tonnage and an essential economic engine for the Houston region, the state of Texas and the U.S. The Port of Houston supports the creation of nearly 1.35 million jobs in Texas and 3.2 million jobs nationwide, and economic activity totaling $339 billion in Texas – 20.6 percent of Texas’ total gross domestic product (GDP) – and $801.9 billion in economic impact across the nation. For more information, visit the website at PortHouston.com.
Lisa Ashley-Daniels, Director, Media Relations, Office: 713-670-2644; Mobile: 832-247-8179; E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Collaboration furthers Audubon’s growth in GOM and adds to extensive offshore experience
HOUSTON--(BUSINESS WIRE)--#AudubonEngineering--Audubon Engineering Company LP (Audubon), a leading provider of engineering, procurement, construction, and fabrication services, has entered a three-year contract with Shell Offshore Inc., a subsidiary of Shell plc, to provide brownfield engineering and procurement (EP) services support for Shell’s Mars Corridor.
The contract, which comes with two one-year options to extend, covers some of Shell’s offshore assets in the US Gulf of Mexico, including its Mars, Olympus, Ursa, and Vito tension leg platforms. The water depths for this deep-water portfolio range from approximately 3,000 to 4,000 feet (914 to 1,200 meters).
The contract scope spans topside engineering and procurement services, encompassing single-well subsea tiebacks; crane, lifeboat, and HVAC replacements; controls, firewater system, and utility upgrades; gas-lift installation; and prefabricated skid packages.
Audubon’s strong local operating centers in New Orleans, Louisiana, and Houston, Texas, will execute the contract. This agreement continues the company’s track record of successfully delivering integrated engineering and technical services for Shell.
Ryan Hanemann, president of Audubon Engineering Company, said, “We’re delighted that Shell has selected Audubon to be its contractor for these assets. We are committed to driving value and efficiency for Shell to further enhance and extend productivity across its assets in the Mars Corridor.”
“Audubon is proud of our accomplishments in the GOM region, and this contract award further positions our business for growth and continued delivery in the area,” he added.
On Twitter:@audubonco
About Audubon Engineering Company LP
Founded in 1997, Audubon Engineering Company LP is a leading provider of integrated engineering, construction, fabrication, and technical services. Serving the energy, power, utility, industrial, and infrastructure sectors, our end-to-end lifecycle solutions help solve our clients’ toughest challenges. Leveraging technology, ingenuity, and experience, we deliver outstanding project outcomes for a more sustainable tomorrow.
For more information, visit auduboncompanies.com.
Ivonne Hallard
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Funding from Oman and Abu Dhabi sovereign wealth funds to expand Digital Flare Mitigation® technology as Crusoe plans expansion into the Middle Eastern region
DENVER--(BUSINESS WIRE)--Crusoe Energy Systems Inc. (Crusoe) today announced that with an investment from Oman Investment Authority (OIA) and Mubadala Investment Company (Mubadala), the company is expanding its Digital Flare Mitigation® technology to the Middle East to help reduce flaring in the region. This investment will power Crusoe’s efforts to expand internationally as it works to align the future of computing with the future of the climate.
Collectively, the Middle East & North Africa (MENA) region accounted for over 38% of the global flaring in 2020, Oman accounted for approximately 1.8% or 2,517 million m3, while the United Arab Emirates accounted for approximately 0.7% or 955 million cubic meters (m3) of gas. With its track record of large-scale Digital Flare Mitigation® deployments in the U.S., Crusoe's technology can mitigate waste from flaring in the MENA region to reduce the environmental impact from traditional energy providers.
Crusoe’s 98 Digital Flare Mitigation data centers have prevented an estimated 2.5 billion cubic feet of flaring and achieve up to 99.89% elimination of methane emissions, whereas flares typically emit a significant amount of uncombusted methane. Their deployed fleet of flare-eliminating data centers have a capacity to reduce CO2-equivalent emissions estimated at 650,000 metric tons per year, comparable to removing approximately 140,000 cars from the road.
“Flaring is a global problem with a global impact,” said Chase Lochmiller, CEO and co-founder of Crusoe Energy Systems. “We’re excited to expand our Digital Flare Mitigation technology to the Middle East to help solve the region’s long-standing flaring challenges, while also empowering a new generation of digital technology in the region. OIA and Mubadala stand out as great partners that take a long-term view on tackling big problems. We’re very excited to work with them.”
The financing was part of Crusoe’s $350m Series C round of funding that was led by climate technology investors G2 Venture Partners. This funding propels the expansion of Digital Flare Mitigation® internationally and accelerates the launch of CrusoeCloud™, the company’s High-Performance Computing (HPC) cloud offering powered by carbon-reducing energy sources. To complement its investment, OIA also signed a memorandum of understanding (MOU) with Crusoe to further advance sustainability opportunities for Oman by cooperating on new Digital Flare Mitigation technologies.
“We are proud of the pioneering role we played in bringing this technology to the region, which is home to some of the biggest oil and gas producers globally,” said Ismail Al-Harthi, Senior Manager – Technology Investments at OIA and CEO of Innovation Development Oman. “We strive to be at the forefront of the adoption of innovative technologies, and the Digital Flare Mitigation technology presents us with a great opportunity to improve the environmental performance of Oman’s existing energy production industry. Crusoe’s inventive use of natural gas flaring to propel innovation enables continued diversification of Oman’s economy.”
In addition to its work with Oman, Crusoe’s collaboration with Mubadala will create an impact in furthering innovation and sustainability in Abu Dhabi.
“Our responsibility as a global investor is to enable capital to drive innovation and impact. We are focused on backing visionary founders building enduring technology companies around the world," said Ibrahim Ajami, Head of Ventures and Growth at Mubadala. "Crusoe is an exceptional leader at the forefront of innovation, bridging the energy and technology markets. The company’s technology captures energy that is otherwise wasted and flared during energy production to reduce the cost of cloud computing. This is fundamental in a world desperate for clean energy solutions and an increasing global demand for data.”
About Crusoe Energy Systems Inc.
Crusoe is on a mission to align the future of computing with the future of the climate. We are the pioneers of clean computing infrastructure that reduces both the costs and the environmental impact of the world’s expanding digital economy. By unlocking stranded sources of energy to power crypto, cloud and data centers, we are creating a future for compute-intensive innovation that reduces emissions rather than adds to them. The world’s appetite for computation, energy, and progress will never stop growing. Crusoe is here to bring energy to ideas in ways that are aligned with the needs of our climate.
About Oman Investment Authority
Oman Investment Authority (OIA) is Oman’s sovereign wealth fund, and it is entrusted with managing, investing, and developing the Sultanate’s national and international assets. It has diverse investment portfolios both nationally and internationally, whereby it invests in over 40 countries across various sectors including food, energy, logistics, ICT, public services, finance and investment, food security, tourism, mining, industry, and aviation.
About Mubadala
Mubadala Investment Company is a sovereign investor managing a global portfolio, aimed at generating sustainable financial returns for the Government of Abu Dhabi. Mubadala's $284 billion (AED 1,045 billion) portfolio spans six continents with interests in multiple sectors and asset classes. We leverage our deep sectoral expertise and long-standing partnerships to drive sustainable growth and profit, while supporting the continued diversification and global integration of the economy of the United Arab Emirates. Mubadala's Digital Infrastructure unit invests in physical assets around the world underpinning the global trend of digitalization and increasing demand for connectivity, data storage and compute power. Headquartered in Abu Dhabi, Mubadala has offices in London, Rio de Janeiro, Moscow, New York, San Francisco and Beijing. For more information about Mubadala Investment Company, please visit: www.mubadala.com
More Information:
Please reach out to Holly Gordon - This email address is being protected from spambots. You need JavaScript enabled to view it. or visit www.crusoeenergy.com to learn more, and follow Crusoe on Linkedin and Twitter.
Holly Gordon
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MISSISSAUGA, Ontario--(BUSINESS WIRE)--Schneider Electric, the leader in the digital transformation of energy management and automation, has launched EcoStruxure Machine Expert Twin, a scalable digital twin software solution to manage the entire machine lifecycle.
The software enables original equipment manufacturers (OEMs) to create digital models of real machines so they can be designed and commissioned virtually before building the machine itself. EcoStruxure Machine Expert Twin’s intuitive environment includes drag-and-drop mechatronic components, VR/AR interfaces, and application-focused libraries, all of which enable the parallel engineering of mechanical, electrical, and control tasks.
The solution’s open programming environment allows for add-ons and extensions, with a multitude of advanced modules and seamless integration into EcoStruxure Machine Expert and EcoStruxure Machine Advisor, as well as adaptation to customer data sources, workflows, and processes. EcoStruxure Machine Expert Twin helps OEMs to improve design processes and quality and minimize commissioning costs. It also provides an entirely new level of flexibility and efficiency in operations and maintenance.
“Digital twin software is paving the way for new machine designs, creating more agile production, and increasing machine performance,” says Ali Haj Fraj, Senior Vice President, Digital Factory, Schneider Electric. “Smart manufacturing allows for greater productivity and flexibility. Designing the future of manufacturing with EcoStruxure Machine Expert Twin can give OEMs a faster time-to-market, less risk of malfunction, and machines that are truly fit for purpose.”
Using EcoStruxure Machine Expert Twin, customers can expect:
Revolutionize the design process
EcoStruxure Machine Expert Twin spans the entire machine lifecycle, from sales, concept, and design, to manufacturing and operation. Transforming design ideas into convincing sales animations helps customers to properly visualize the end product, while the in-depth design helps to improve and verify prototypes, reduce risk and quality costs, and speed up time-to-market.
Transform machine building
EcoStruxure Machine Expert Twin revolutionizes machine building by digitizing all the processes, from a detailed design to the mechanical, electrical, and controls, allowing for virtual test strategies and commissioning, as well as shortened factory acceptance testing (FAT). The solution also improves system integration tests, increases software quality, speeds up production ramp-up, and saves crucial onsite commissioning time.
Enhance machine operation
EcoStruxure Machine Expert Twin can also open new revenue streams for OEMs over the complete machine lifecycle through machine servicing, operator training, and further improvements and upgrades. The software enables OEMs to offer new services based on digital twins, improve and test software upgrades virtually, and reduce machine downtime.
Schneider Electric has been recognized as the world’s most sustainable corporation in 2021 by Corporate Knights Global 100 Index.
About Schneider Electric
Schneider’s purpose is to empower all to make the most of our energy and resources, bridging progress and sustainability for all. We call this Life Is On.
Our mission is to be your digital partner for Sustainability and Efficiency.
We drive digital transformation by integrating world-leading process and energy technologies, endpoint to cloud connecting products, controls, software and services, across the entire lifecycle, enabling integrated company management, for homes, buildings, data centers, infrastructure and industries.
We are the most local of global companies. We are advocates of open standards and partnership ecosystems that are passionate about our shared Meaningful Purpose, Inclusive and Empowered values.
Discover Life Is On Follow us on: Twitter, Facebook, LinkedIn, YouTube, Instagram, Blog
Discover the newest perspectives shaping sustainability, electricity 4.0, and next generation automation on Schneider Electric Insights
Media Relations - Edelman on behalf of Schneider Electric, Juan Pablo Guerrero, Phone: +1 416 875 7173, Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Fluence VYPR 3p top lights markedly improve crop performance and energy output compared to HPS technology at JEM Farms
AUSTIN, Texas--(BUSINESS WIRE)--Fluence, a leading global provider of energy-efficient LED lighting solutions for commercial cannabis and food production, announced today its research collaboration with JEM Farms, a Kingsville, Ontario-based cultivation facility, to explore the effects of LED-only lighting strategies compared to high-pressure sodium (HPS). Early results from the collaboration show that crops lit by 100% LED lighting technology saw a 10% increase in yield with a simultaneous 40% reduction in energy consumption compared to the area under HPS fixtures.
As the president and director of JEM Farms, Jamie and Paul J. Mastronardi oversee more than 50 acres of greenhouse facilities that produce cucumbers, mini cucumbers, grape tomatoes and beefsteak tomatoes. Wholly focused on delivering exceptional produce to the local Canadian market and surrounding regions year-round, the JEM Farms team has optimized facilities to include advanced supplemental lighting that enables the farm to produce throughout the winter months. Within the company’s expansive greenhouse footprint sits its specialized, two-acre facility dedicated to research and development. Here, JEM Farms trials and analyzes new technology to future-proof their facilities through the industry’s most advanced cultivation practices.
“We are 100% Canadian-grown and wholly dedicated to delivering year-round, delicious produce to our local and regional markets,” said Paul J. Mastronardi.
“Through the power of advanced cultivation practices such as supplemental LED technology, JEM Farms is producing the highest-quality produce for our partners and community,” said Jamie Mastronardi. “Our research collaboration with Fluence quickly exemplified the power of LED lighting for our crops’ performance, particularly in overall yield. Together, we will perfect our cultivation strategies in the research facility and apply them directly to the entire farm.”
Leveraging Fluence’s VYPR 3p top light—built to maximize crop growth in greenhouse and indoor settings while balancing energy efficiency and the human work environment—JEM Farms is observing how LED technology’s lower heat load enables higher light levels without driving up energy costs. The research facility’s LED-only acre is lit by Fluence’s PhysioSpec™ BROAD R6 spectrum, harnessing the power of white light and a spectral strategy optimized for JEM Farms’ region, cultivars and production goals.
“The JEM Farms team is already realizing the benefits of LED technology within its research environment,” said David Cohen, CEO of Fluence. “Our broad-spectrum lights are driving higher yields and boosting crop quality. Jamie and Paul J. share Fluence’s passion and interest in exploring the interaction between light and plant life. We’re eager to observe continued improvements within the research facility and work with the JEM Farms team to deliver even better crops to the Canadian market.”
For more information on Fluence and its other ongoing research endeavors, visit www.fluence.science.
About Fluence
Fluence Bioengineering, Inc. (Fluence) creates powerful and energy-efficient LED lighting solutions for commercial crop production and research applications. Fluence is a leading LED lighting supplier in the global cannabis market and is committed to enabling more efficient crop production with the world’s top vertical farms and greenhouse produce growers. Fluence global headquarters are in Austin, Texas, with its EMEA headquarters in Rotterdam, Netherlands. Fluence operates as a business unit within Signify’s Digital Solutions division. For more information about Fluence, visit www.fluence.science.
For Fluence,
Emma Chase
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C: 512-917-4319
MISSISSAUGA, Ontario--(BUSINESS WIRE)--Schneider Electric, the leader in the digital transformation of energy management and automation, showcased its growing portfolio of SF6-free medium-voltage switchgear at Hannover Messe.
The new GM AirSeT is the green and digital primary GIS technology for electrical networks and demanding applications in industrial buildings and critical infrastructure. It represents another milestone of Schneider Electric’s commitment to developing a full suite of sustainable, next-generation offers. The company is already working closely with customers – from utilities and industry to buildings and data centers – seeking to advance toward pure air and away from SF6. The first commercial projects incorporating GM AirSeT are underway in Europe.
The timing of this new arrival is well aligned with the EU Commission’s April 5th proposal to tighten F-gas regulation. This includes sulfur hexafluoride (SF6), which is the world’s most potent greenhouse gas and is widely used in electrical equipment to power electro-intensive industrial installations, large buildings, and the grid. This urgent policy action is needed to meet climate goals, and details a timeline for the transition to more sustainable power systems. GM AirSeT ends heavy industries’ reliance on SF6 by combining the latest gas-insulated switchgear with pure air and vacuum technology.
“Tighter regulation and the fact that the technology exists to remove SF6 from the climate equation means that time is up. The momentum toward environmental improvements in power systems has never been stronger. And we are ready to support our customers with the highly awarded green and digital technologies,” commented Frederic Godémél, Executive Vice President of Power Systems and Services at Schneider Electric.
A suite of award-winning medium voltage innovations
Designed for industry and utilities, GM AirSeT joins other Schneider Electric SF6-free medium voltage solutions contributing to the global fight against climate change, including:
Schneider Electric’s technology has been successfully piloted at numerous electric utilities, infrastructure and buildings, by customers such as GreenAlp in France, EEC Engie in New Caledonia and Azienda Trasporti Milanesi in Italy.
It has also received multiple awards and recognitions as an enabler of the green and efficient energy transition. Those include the Industrial Energy Efficiency Award at Hannover Messe, the Top 10 Innovations award from the Innovation for Cool Earth Forum, and an iF Design Award. Additionally, the company’s project with E.ON in Sweden won the enerTIC Award for smart grid.
Digital capabilities unlock new customer values
Schneider Electric’s pure air MV technology has a full range of data powered native capabilities, which will monitor the performance of electrical distribution applications and will enable preventive condition-based and predictive maintenance.
The embedded smart sensors enable users to monitor all their operations remotely. Data is fed into powerful cloud-based analytics tools such as those offered by EcoStruxure to provide powerful actionable insights.
The native digital capabilities are available on Schneider’s future-focused ranges including MCSet Active as well as SM, RM, and GM AirSeT Active.
“In large, critical, and industrial buildings and operations – like automotive manufacturing, healthcare facilities and data centers, mining, metals, oil and gas production – digital insights play an important role in anticipating issues. In this way, you enhance operational safety, maximize uptime, increase operational efficiency, and optimize maintenance efforts and cost,” said Frederic Godémél.
About Schneider Electric
Schneider’s purpose is to empower all to make the most of our energy and resources, bridging progress and sustainability for all. We call this Life Is On.
Our mission is to be your digital partner for Sustainability and Efficiency.
We drive digital transformation by integrating world-leading process and energy technologies, endpoint to cloud connecting products, controls, software and services, across the entire lifecycle, enabling integrated company management, for homes, buildings, data centers, infrastructure and industries.
We are the most local of global companies. We are advocates of open standards and partnership ecosystems that are passionate about our shared Meaningful Purpose, Inclusive and Empowered values.
Discover Life Is On Follow us on: Twitter, Facebook, LinkedIn, YouTube, Instagram, Blog
Discover the newest perspectives shaping sustainability, electricity 4.0, and next generation automation on Schneider Electric Insights
Media Relations - Edelman on behalf of Schneider Electric, Juan Pablo Guerrero, Phone: +1 416 875 7173, Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Spiritwood, North Dakota, facility – the state’s first dedicated soybean processing plant – expected to be online by 2023 harvest
Vegetable oil produced at facility expected to support approximately 75 million gallons of annual renewable diesel production
JAMESTOWN, N.D.--(BUSINESS WIRE)--Leaders from ADM (NYSE: ADM) and Marathon Petroleum Corp. (NYSE: MPC), along with local, state and federal policymakers, today celebrated the groundbreaking for North Dakota’s first dedicated soybean processing facility. By harvest 2023, the plant – owned by the previously announced ADM-MPC joint venture Green Bison Soy Processing – is expected to be producing approximately 600 million pounds of refined vegetable oil annually, which will be supplied exclusively to MPC as a feedstock for renewable diesel.
“The need for lower-carbon, more sustainable products is one of the fundamental trends underlying ADM’s strategy and purpose, and we’re proud to continue to scale up our leadership in this critical area,” said Ken Campbell, ADM’s president of North America Oils, Biodiesel and Renewable Chemicals. “Renewable diesel is a potentially transformative opportunity for the oilseed industry, for farmers, and for the sustainability of our transportation system. We’re excited to celebrate our bright future, and we look forward to working with MPC and producers across North Dakota as we bring this state-of-the-art plant online in less than a year and a half.”
“The Green Bison Soy Processing facility represents another step in MPC’s commitment to investing in a sustainable, energy-diverse future,” said Dave Heppner, MPC’s senior vice president of Strategy and Business Development. “The Green Bison Soy Processing facility will help us further optimize our renewable feedstock sourcing, and we are excited about the opportunity to partner with ADM and the state of North Dakota as we move forward with the development of this facility.”
When complete, the approximately $350 million complex will feature state-of-the-art automation technology and is expected to have the capacity to process 150,000 bushels of soybeans per day. Vegetable oil from the plant will be supplied exclusively to MPC to serve as feedstock for the production of a targeted 75 million gallons of renewable diesel annually.
The construction of the new complex is supporting hundreds of jobs in the region, and the facility is expected to employ approximately 75 people once operational.
“The new Green Bison Soybean Processing Plant brings together several important and necessary components for success,” said Dwaine Heinrich, mayor of Jamestown, North Dakota. “This joining of two of the most important components of North Dakota's economy – agriculture and energy – is made possible by a willingness to work together to achieve goals that will in the end benefit the city of Jamestown, Stutsman County and the entire state of North Dakota. Our thanks and congratulations to ADM and MPC for their collaboration to make this day possible.”
“As a Top 10 soybean-producing state, the ADM-MPC joint venture is a game-changer that will provide lasting benefits for North Dakota soybean growers,” North Dakota Gov. Doug Burgum said. “Green Bison will add value and expand the market for one of our farmers’ most important crops, while also creating 75 direct jobs and diversifying our economy to support our communities, our citizens and the entire state. It’s also a shining example of the growing synergy between our agriculture and energy sectors in North Dakota. We appreciate ADM and MPC for this significant investment in our state and their well-placed faith in our highly productive and innovative farmers, and we’re grateful for the efforts of Lt. Gov. Sanford and so many other state, federal and local partners who helped make this happen.”
Forward-Looking Statements
Some of the above statements constitute forward-looking statements. ADM and MPC’s respective filings with the SEC provide detailed information on such statements and risks and should be consulted along with this release. To the extent permitted under applicable law, neither ADM nor MPC assume any obligation to update any forward-looking statements.
About ADM
ADM unlocks the power of nature to enrich the quality of life. We’re a premier global human and animal nutrition company, delivering solutions today with an eye to the future. We’re blazing new trails in health and well-being as our scientists develop groundbreaking products to support healthier living. We’re a cutting-edge innovator leading the way to a new future of plant-based consumer and industrial solutions to replace petroleum-based products. We’re an unmatched agricultural supply chain manager and processor, providing food security by connecting local needs with global capabilities. And we’re a leader in sustainability, scaling across entire value chains to help decarbonize our industry and safeguard our planet. From the seed of the idea to the outcome of the solution, we give customers an edge in solving the nutritional and sustainability challenges of today and tomorrow. Learn more at www.adm.com.
About Marathon Petroleum Corporation
Marathon Petroleum Corporation (MPC) is a leading, integrated, downstream energy company headquartered in Findlay, Ohio. The company operates the nation's largest refining system. MPC's marketing system includes branded locations across the United States, including Marathon brand retail outlets. MPC also owns the general partner and majority limited partner interest in MPLX LP, a midstream company that owns and operates gathering, processing, and fractionation assets, as well as crude oil and light product transportation and logistics infrastructure. More information is available at www.marathonpetroleum.com.
Source: Corporate Release
Source: ADM
ADM Media Relations
Jackie Anderson
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MPC Media Relations
Jamal Kheiry
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MPC Investor Relations
Kristina Kazarian, Vice President
Brian Worthington, Manager
Kenan Kinsey, Analyst
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ADM Investor Relations
Michael Cross
217-451-4647
New solar array, developed in partnership with Guzman Energy, to deliver up to 25% reduction in customer rates
TAOS, N.M.--(BUSINESS WIRE)--Kit Carson Electric Cooperative (KCEC) and Guzman Energy today celebrated the cooperative’s achievement of providing 100% of its daytime power with solar energy this summer. Integral to this milestone, construction has been completed on KCEC’s Taos Mesa Solar Array. The completed array has testing underway as it nears ongoing generation and delivery of 15 MW of solar power, which will be capable of powering approximately 7,500 homes with locally generated renewable energy.
At a ribbon-cutting event today, KCEC marked the official construction completion and testing of the Taos Mesa Solar Array, which is located roughly nine miles northwest of the Town of Taos. The project spans roughly 170 acres, has 43,680 solar panels and is part of KCEC’s overall solar energy footprint totaling 41 MW of distributed solar throughout its service territory plus 15 MW of accompanying battery storage.
“When we partnered with Guzman Energy in 2016, we set an ambitious goal of becoming one of the cleanest energy cooperatives in America,” said Luis A. Reyes, Jr., CEO of KCEC. “Providing our members with 100% daytime solar power, delivered by locally built and maintained solar arrays and battery storage while also reducing cost for our members is an accomplishment we are incredibly proud of. We are serving our members the clean power they’ve been asking for while lowering costs, and we’re also helping to meet our state’s overall climate change action initiatives.”
The state of New Mexico has set an objective to achieve a statewide reduction in greenhouse gas emissions by 45% by the year 2030. Governor Michelle Lujan Grisham attended today’s event, noting that KCEC is leading the way for other cooperatives around the state and the country in driving the energy transition.
Guzman Energy has been the wholesale power provider to KCEC since 2016, when the coop exited its contract with Tri-State Generation and Transmission in order to provide the coop with more control over its energy mix and give its members more cost-effective and rate-stable local energy. KCEC will complete repayment of its exit fee from Tri-State by the end of June 2022 while reaching its goals for cleaner and lower cost power. Coop members will see a decrease in their electric bills through the fuel adjustment line item and will realize savings of up to 25%.
“What Kit Carson Electric Cooperative has achieved here today is a phenomenal example of how rural cooperatives can make a significant impact locally for communities as well as globally on climate change,” said Jeffrey M. Heit, Principal and Managing Director, Guzman Energy. “Guzman Energy is proud to be KCEC’s partner delivering a blueprint for energy transition to cooperatives across America.”
About Kit Carson Electric Cooperative
Formed in 1944, Kit Carson is a member owned electric distribution cooperative in northern New Mexico and is the second largest cooperative in the state. Kit Carson is one of 16 electric cooperatives that serve rural New Mexico communities, serving nearly 30,000 members in Taos, Colfax and Rio Arriba counties. To learn more about Kit Carson, visit www.kitcarson.com.
About Guzman Energy
Guzman Energy is a wholesale power provider dedicated to communities in search of affordable and reliable energy. We partner with cooperatives, municipalities, companies, and tribes across North America to customize energy portfolios that make economic and environmental sense for today and tomorrow. Together, we are lighting the way forward. Visit www.guzmanenergy.com.
Jill Petersen
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M: 303-968-5092
HOUSTON--(BUSINESS WIRE)--Unconventional Gas Solutions LLC (UGS), an emerging leader in the development, design and deployment of gas processing technologies announces order intake today of more than $38M over the last two months on the strength of its technology offering for the processing of renewable natural gas (RNG) and remains on track for more than $100M in order intake for 2022. “By focusing on design and deployment of both standardized and complex processing solutions and ensuring that our turnkey RNG plant design is the safest, most reliable, and with near-zero fugitive methane emissions it’s gratifying to see this level of growth in the first half of 2022,” commented UGS’ President, Chet Benham.
UGS is also announcing today the addition of key executives to its leadership team. Marc Straub joins UGS as President, reporting to the Board of Directors. Marc joins UGS from Generon where he was Vice President of Technology, and global General Manager for membranes. Marc is a gas processing professional with nearly 30 years of experience across a range of technologies and processes including membranes, adsorption as well as chemical and water scrubbing. He has held numerous leadership positions ranging from R&D Manager to overseeing all of the membrane business for a leading technology supplier. Marc holds a Master of Process Engineering degree from the University of Stuttgart. Marc is replacing Chet Benham, whose planned departure coincides with the hiring of the new executive team.
Jason Morris will serve as Chief Financial Officer and Chief Growth Officer, also reporting to the Board. Jason comes to UGS from Nucor Steel where he was Divisional CFO. Jason has more than 20 years of complex financial and government relations experience spanning multiple industries. As Chief Growth Officer, Jason will be accountable for ensuring that UGS is prepared for the next phase of its evolution by deploying best-in-class systems, processes, and governance. Jason holds a Master’s Degree in Land Economics and a Bachelor of Science in Agricultural Economics from Texas A&M University. Jason is a Certified Management Account.
Maria Corcoran Beavers joins UGS as Director of Human Resources reporting to UGS’ CEO, George Paul. Maria joins UGS from Aggreko. Prior to that, she was Human Resources Manager for Airgas, an Air Liquide Company. Maria will be accountable for the development of our team’s competencies, ensuring that UGS continues to be an attractive and inclusive workplace. UGS has more than doubled its engineering and project management teams over the last 3 months. Maria holds a Bachelor of Business Administration from the University of Wisconsin – Platteville.
“With the addition of Marc, Jason & Maria, UGS is well positioned to continue to deliver on our safety, quality, reliability, and growth objectives. The strength of UGS has always been its people, and with these new executives coming on board, UGS is well positioned to continue to bring industry-leading engineered solutions to the markets we serve,” said George Paul, Chief Executive Officer of UGS.
Commenting on the strength of the UGS technology and product portfolio, Marc Straub said, “when I looked at both the breadth and depth of the UGS portfolio coupled with the experience of the team in bringing both standardized and complex technology solutions to market in a safe and reliable manner, I knew I wanted to be a part of this team.”
Marc Straub
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www.ugs.solutions
WASHINGTON--(BUSINESS WIRE)--The Small Refineries Coalition, through spokesperson LeAnn Johnson Koch, responds to the U.S. Environmental Protection Agency’s (EPA) decision to increase 2021 and 2022 renewable fuel volumes and deny small refinery hardship relief.
Despite President Biden’s repeated promises to use ‘every tool at [his] disposal’ to lower fuel prices, today’s actions by EPA do just the opposite -- throwing gasoline on the bonfire of skyrocketing inflation. The result of EPA’s actions, increasing both the 2021 and 2022 RFS blending mandates and simultaneously denying hardship relief to our nation’s smallest refineries, is that Americans will pay even more at the pump, at a time when they can least afford it.
Now more than ever, the needs of American consumers needed to take precedence over the RFS - an entitlement program upon which the biofuel industry has come to rely. Yet, the Biden Administration has chosen to turn its back on the American consumer and ignore the tools at its disposal to spare hard-working men and women more pain at the pump and protect domestic fuel supply. The next time you’re at the gas station, know EPA is the cause of the price you pay.
Small Refinery Coalition is an ad hoc group of businesses owning and operating facilities that refine less than 75,000 barrels of crude oil per day. Members supply liquid fuel markets from California to Pennsylvania, with a heavy role in our nation’s rural markets in Alabama, Mississippi, Louisiana, Arkansas, Oklahoma, Texas, New Mexico, Oklahoma, Colorado, Wyoming, Montana, Washington, California, Washington, North Dakota, Indiana, West Virginia, and Pennsylvania.
LeAnn Johnson Koch
Phone: (202) 253-8152
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
HAMILTON, Bermuda--(BUSINESS WIRE)--June 2, 2022 – Triton International Limited (NYSE:TRTN) today announced that Brian Sondey, Chairman and Chief Executive Officer, will participate in a fireside chat at the UBS Global Industrials and Transportation Conference on Tuesday, June 7, 2022 at 2:40 p.m. Eastern Time. A live webcast of the presentation and an archived replay will be available on the Investors section of Triton’s website at www.trtn.com.
About Triton International Limited
Triton International Limited is the world’s largest lessor of intermodal freight containers. With a container fleet of over 7 million twenty-foot equivalent units ("TEU"), Triton’s global operations include acquisition, leasing, re-leasing and subsequent sale of multiple types of intermodal containers and chassis.
Andrew Greenberg
Senior Vice President
Business Development & Investor Relations
914-697-2900
SOLON, Ohio--(BUSINESS WIRE)--Energy Focus, Inc. (“Energy Focus,” “we,” “our,” “us” or the “Company”) (NASDAQ:EFOI), a leader in sustainable, energy-efficient lighting and controls systems and ultraviolet-c light disinfection (“UVCD”) products for the commercial, military maritime and consumer markets, today announced that it has entered into definitive securities purchase agreements with certain institutional investors for the issuance and sale of 2,692,310 shares of the Company’s common stock (or pre-funded warrants in lieu thereof) and warrants to purchase up to 2,692,310 shares of common stock, in combinations of one share (or one pre-funded warrant) and one warrant for a combined purchase price of $1.30, in a private placement priced at-the-market under the rules of The Nasdaq Stock Market (“Nasdaq”) pursuant to one or more exemptions from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). Subject to certain ownership limitations, the warrants are exercisable upon issuance. Each warrant is exercisable into one share of common stock at a price per share of $1.30 per share and will expire five years from the initial exercise date. The closing of the private placement is expected to occur on or about June 7, 2022, subject to the satisfaction of customary closing conditions.
H.C. Wainwright & Co. is acting as the exclusive placement agent for the private placement.
The gross proceeds to the Company are expected to be approximately $3.5 million, before deducting placement agent fees and other offering expenses. Energy Focus currently intends to use the net proceeds from the offering for general corporate purposes and may use up to 50% of the net proceeds from the offering to reduce the balance of outstanding promissory notes.
The offer and sale of the foregoing securities are being made in a transaction not involving a public offering and have not been registered under the Securities Act, or applicable state securities laws. Accordingly, the securities may not be reoffered or resold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws.
Under an agreement with the investors, the Company has agreed to file a registration statement with the Securities and Exchange Commission (the “SEC”) covering the resale of the shares of the common stock and the shares of common stock underlying the warrants no later than 15 days after the date of the securities purchase agreement and to use commercially reasonable best efforts to have the registration statement declared effective as promptly as practical thereafter, and in any event no later than 30 days after the securities purchase agreement.
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 jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
About Energy Focus
Energy Focus is an industry-leading innovator of sustainable light-emitting diode (“LED”) lighting and lighting control technologies and solutions, as well as UV-C Disinfection technologies and solutions. As the creator of the first flicker-free LED lamps, Energy Focus develops high quality LED lighting products and controls that provide extensive energy and maintenance savings, as well as aesthetics, safety, health and sustainability benefits over conventional lighting. Our EnFocus™ lighting control platform enables existing and new buildings to provide quality, convenient and affordable, dimmable and color-tunable, circadian and human-centric lighting capabilities. In addition, our patent-pending UVCD technologies and products aim to provide effective, reliable and affordable UVCD solutions for buildings, facilities and homes. Energy Focus’ customers include U.S. and U.S. ally navies, U.S. federal, state and local governments, healthcare and educational institutions, as well as Fortune 500 companies. Since 2007, Energy Focus has installed approximately 900,000 lighting products across the U.S. Navy fleet, including tubular LEDs, waterline security lights, explosion-proof globes and berth lights, saving more than five million gallons of fuel and 300,000 man-hours in lighting maintenance annually. Energy Focus is headquartered in Solon, Ohio. For more information, visit our website at Energy Focus is an industry-leading innovator of sustainable light-emitting diode (“LED”) lighting and lighting control technologies and solutions, as well as UV-C Disinfection technologies and solutions. As the creator of the first flicker-free LED lamps, Energy Focus develops high quality LED lighting products and controls that provide extensive energy and maintenance savings, as well as aesthetics, safety, health and sustainability benefits over conventional lighting. Our EnFocus™ lighting control platform enables existing and new buildings to provide quality, convenient and affordable, dimmable and color-tunable, circadian and human-centric lighting capabilities. In addition, our patent-pending UVCD technologies and products aim to provide effective, reliable and affordable UVCD solutions for buildings, facilities and homes. Energy Focus’ customers include U.S. and U.S. ally navies, U.S. federal, state and local governments, healthcare and educational institutions, as well as Fortune 500 companies. Since 2007, Energy Focus has installed approximately 900,000 lighting products across the U.S. Navy fleet, including tubular LEDs, waterline security lights, explosion-proof globes and berth lights, saving more than five million gallons of fuel and 300,000 man-hours in lighting maintenance annually. Energy Focus is headquartered in Solon, Ohio. For more information, visit our website at www.energyfocus.com.
Forward-Looking Statements:
Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements can generally be identified by the use of forward-looking terminology, including the terms “believes,” “estimates,” “anticipates,” “expects,” “feels,” “seeks,” “forecasts,” “projects,” “intends,” “plans,” “may,” “will,” “should,” “could” or “would” or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts and include statements regarding our intentions, beliefs or current expectations concerning, among other things, our results of operations, financial condition, liquidity, prospects, growth, strategies, capital expenditures, and the industry in which we operate. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Although we base these forward-looking statements on assumptions that we believe are reasonable when made in light of the information currently available to us, we caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and industry developments may differ materially from statements made in or suggested by the forward-looking statements contained in this release. We believe that important factors that could cause our actual results to differ materially from forward-looking statements include, but are not limited to: (i) instability in the U.S. and global economies and business interruptions experienced by us, our customers and our suppliers as a result of the COVID-19 pandemic and related impacts on travel, trade and business operations; (ii) the competitiveness and market acceptance of our LED lighting, control and UVCD technologies, services and products; (iii) our ability to compete effectively against companies with lower prices or cost structures, greater resources, or more rapid development capabilities, and new competitors in our target markets; (iv) our ability to extend our product portfolio into new end markets, including consumer products; (v) our ability to realize the expected novelty, effectiveness, affordability and availability of our UVCD products and their appeal compared to other competing products; (vi) our ability to increase demand in our targeted markets and to manage sales cycles that are difficult to predict and may span several quarters; (vii) the timing of large customer orders, significant expenses and fluctuations between demand and capacity as we invest in growth opportunities; (viii) our ability to successfully scale our network of sales representatives, agents, distributors and other channel partners to compete with the sales reach of larger, established competitors; (ix) our ability to implement plans to increase sales and control expenses; (x) our reliance on a limited number of customers for a significant portion of our revenue, and our ability to maintain or grow such sales levels; (xi) our ability to add new customers to reduce customer concentration; (xii) our need for and ability to obtain additional financing in the near term, on acceptable terms or at all, to continue our operations; (xiii) our ability to refinance or extend maturing debt on acceptable terms or at all; (xiv) our ability to continue as a going concern for a reasonable period of time; (xv) our ability to attract and retain a new chief executive officer (“Chief Executive Officer”) and a new chief financial officer (“Chief Financial Officer”); (xvi) our ability to attract, develop and retain qualified personnel, and to do so in a timely manner; (xvii) our reliance on a limited number of third-party suppliers and research and development partners, our ability to manage third-party product development and obtain critical components and finished products from such suppliers on acceptable terms and of acceptable quality despite ongoing global supply chain challenges, and the impact of our fluctuating demand on the stability of such suppliers; (xviii) our ability to timely, efficiently and cost-effectively transport products from our third-party suppliers by ocean marine and other logistics channels despite global supply chain and logistics disruptions; (xix) the impact of any type of legal inquiry, claim or dispute; (xx) the inflationary or deflationary general economic conditions in the United States and in other markets in which we operate or secure products, which could affect our ability to obtain raw materials, component parts, freight, energy, labor, and sourced finished goods in a timely and cost-effective manner; (xxi) our dependence on military maritime customers and on the levels and timing of government funding available to such customers, as well as the funding resources of our other customers in the public sector and commercial markets; (xxii) business interruptions resulting from geopolitical actions, including war and terrorism, natural disasters, including earthquakes, typhoons, floods and fires, or from health epidemics, or pandemics or other contagious outbreaks; (xxiii) our ability to respond to new lighting and air disinfection technologies and market trends; (xxiv) our ability to fulfill our warranty obligations with safe and reliable products; (xxv) any delays we may encounter in making new products available or fulfilling customer specifications; (xxvi) any flaws or defects in our products or in the manner in which they are used or installed; (xxvii) our ability to protect our intellectual property rights and other confidential information, and manage infringement claims made by others; (xxviii) our compliance with government contracting laws and regulations, through both direct and indirect sale channels, as well as other laws, such as those relating to the environment and health and safety; (xxix) risks inherent in international markets, such as economic and political uncertainty, changing regulatory and tax requirements and currency fluctuations, including tariffs and other potential barriers to international trade; (xxx) our ability to maintain effective internal controls and otherwise comply with our obligations as a public company; and (xxxi) our ability to maintain compliance with the continued listing standards of The Nasdaq Stock Market. For additional factors that could cause our actual results to differ materially from the forward-looking statements, please refer to our most recent annual report on Form 10-K and quarterly reports on Form 10-Q filed with the Securities and Exchange Commission.
Investor Contact:
Brett Maas
(646) 536-7331
BATAVIA, N.Y.--(BUSINESS WIRE)--Graham Corporation (NYSE: GHM), a global leader in the design and manufacture of mission critical fluid, power, heat transfer and vacuum technologies for the defense, space, energy and process industries, announced that it will present the Company’s new strategic plan and review its fourth quarter fiscal year 2022 financial results on Thursday, June 9, 2022.
During the discussion, Daniel J. Thoren, President and CEO and Christopher J. Thome, CFO, will discuss results for the fourth quarter and full year fiscal 2022 and provide details of the Company’s progress to leverage Graham’s diversified business. Graham’s new strategy and near and long-term outlook will also be discussed. The strategic plan and financial results will be released after the close of financial markets on Wednesday, June 8, 2022.
The Company also announced that it has rebranded with a new logo and website to reflect the changes being made at Graham Corporation to reflect the reenergized organization.
Mr. Thoren, commented, “These are exciting times at Graham as we roll out our new strategy, advance critical U.S. Navy projects at both our operations, and reenergize the earnings power in our legacy business. We have developed a new logo to reflect the new organization and launched a website that we believe better captures our future. We look forward to discussing our progress and potential during our webinar.”
The Company noted that preliminary revenue and adjusted EBITDA for fiscal 2022 is in line with guidance provided on February 7, 2022. Guidance for revenue was in the range of $120 million to $125 million and adjusted EBITDA was expected to be a loss of $5 million.
Corporate Strategy and Financial Results Webinar
A question-and-answer session will follow the presentations. Questions may be submitted through the webinar portal or, alternatively, a teleconference number will be provided to ask any questions live at the event.
A webcast replay will be available on the Company’s website at ir.grahamcorp.com, where a transcript will also be posted once available.
ABOUT GRAHAM CORPORATION
Graham is a global leader in the design and manufacture of mission critical fluid, power, heat transfer and vacuum technologies for the defense, space, energy and process industries. The Graham Manufacturing and Barber-Nichols’ global brands are built upon world-renowned engineering expertise in vacuum and heat transfer, cryogenic pumps and turbomachinery technologies, as well as its responsive and flexible service and the unsurpassed quality customers have come to expect from the Company’s products and systems.
Graham routinely posts news and other important information on its website, www.grahamcorp.com, where additional information on Graham Corporation and its businesses can be found.
Safe Harbor Regarding Forward Looking Statements
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as “expects,” “estimates,” “outlook,” “anticipates,” “believes,” “implies”, “could,” “opportunities,” “plans,” ”may,” “will,” “should,” and other similar words. All statements addressing operating performance, events, or developments that Graham Corporation expects or anticipates will occur in the future, including but not limited to, its ability and the timing needed to address challenges in its defense business, including at the Batavia, NY operations, profitability of future projects, the development and impact of better documentation of build processes and pricing models, its ability to meet customers’ delivery expectations, the future impact of low margin defense projects and related cost overruns, expected expansion and growth opportunities within its domestic and international markets, anticipated revenue, adjusted EBITDA, adjusted EBITDA margins, and SG&A expenses, the timing of conversion of backlog to sales, market presence, profit margins, tax rates, foreign sales operations, its ability to improve cost competitiveness and productivity, customer preferences, changes in market conditions in the industries in which it operates, labor constraints, the effect on its business of volatility in commodities prices, including, but not limited to, changes in general economic conditions and customer behavior, forecasts regarding the timing and scope of the economic recovery in its markets, its acquisition and growth strategy and its operations in China, India and other international locations, are forward-looking statements. Because they are forward-looking, they should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties are more fully described in Graham Corporation’s most recent Annual Report filed with the Securities and Exchange Commission, included under the heading entitled “Risk Factors.”
Should one or more of these risks or uncertainties materialize or should any of Graham Corporation’s underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. In addition, undue reliance should not be placed on Graham Corporation’s forward-looking statements. Except as required by law, Graham Corporation disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this news release.
Christopher J. Thome
Vice President - Finance and CFO
Phone: (585) 343-2216
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Deborah K. Pawlowski
Kei Advisors LLC
Phone: (716) 843-3908
RESTON, Va.--(BUSINESS WIRE)--Bowman Consulting Group Ltd. (the “Company” or “Bowman”) (NASDAQ: BWMN), today announced the purchase of Fabre Engineering, Inc. (“Fabre”). Founded in 1981 and headquartered in Pensacola, Florida, Fabre provides comprehensive civil engineering and land surveying to a variety of public and private clients in Florida, Alabama, and Mississippi. Under the leadership of Frank Fabre, the company’s founder, Fabre specializes in water, stormwater and wastewater solutions, airports, land use planning for private developers and municipal agencies, and broad-based geomatics and land surveying services.
“Frank and the extended Fabre team have a long history in the Gulf Coast,” said Gary Bowman, CEO of Bowman. “Our southeast region will no doubt benefit from the addition of Fabre’s skilled workforce and diverse base of clients. We are all excited to welcome Fabre’s team of experienced professionals to Bowman and look forward to the cross-selling, service line augmentation and collaboration opportunities that will result from this acquisition.”
“There’s a significant amount of synergy between Fabre and Bowman,” said Frank Fabre, founder, and President of Fabre. “We are looking forward to joining with an organization that shares our work ethic and commitment to quality. I am confident that we have found the right fit for our people and our clients and I believe that our team will be able to contribute meaningfully to Bowman’s growth along the Gulf Coast and throughout the greater southeast.”
The acquisition, which the Company expects to be immediately accretive, was financed with a combination of cash and seller financing. The Company expects the Fabre acquisition to initially contribute approximately $1.5 million of annualized net service billing.
“Fabre is another exciting acquisition that is aligned with our long-term strategic growth initiative,” said Bruce Labovitz, Bowman’s CFO. “The Fabre acquisition was closed at a favorable multiple relative to our stated range and it meets all objectives for operating metrics. As is our practice, we will provide more detailed information on M&A activities, pipeline, and guidance in connection with our scheduled quarterly communications.”
About Fabre Engineering, Inc.
Fabre Engineering, Inc. (“Fabre”) was founded in 1981 by Frank Fabre and has been providing clients with civil and environmental engineering and land surveying services for over thirty years. Fabre’s clients include counties, cities, water and wastewater utilities, land developers, engineers, architects, school districts, the Department of Defense, industries, and other governmental agencies. Fabre’s professional engineering and surveying specialists use expert knowledge and state of the art technology to meet every challenge encountered. Fabre’s solutions are cost-efficient, tested, proven, and sustainable; and delivered with professional and friendly customer service. Fabre does business as Fabre Engineering & Surveying in Florida and Alabama and as Fabre-Tant Engineering & Surveying in Mississippi. Additional information on Fabre, its team, and its projects can be found at fabreinc.com.
About Bowman Consulting Group Ltd.
Headquartered in Reston, Virginia, Bowman is an engineering services firm delivering infrastructure solutions to customers who own, develop, and maintain the built environment. With over 1,400 employees and more than 60 offices throughout the United Sates, Bowman provides a variety of planning, engineering, construction management, commissioning, environmental consulting, geomatics, survey, land procurement and other technical services to customers operating in a diverse set of regulated end markets. Bowman trades on the Nasdaq under the symbol BWMN. For more information, visit www.bowman.com or investors.bowman.com.
Forward-Looking Statements
This press release may contain “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical fact, including statements regarding our future results of operations and financial position, business strategy and plans and objectives for future operations, are forward-looking statements and represent our views as of the date of this press release. The words “anticipate”, “believe”, “continue”, “estimate”, “expect”, “intend”, “may”, “will”, “goal” and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs, These forward-looking statements are subject to several assumptions and risks and uncertainties, many of which involve factors or circumstances that are beyond our control that could affect our financial results. The Company cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained in this news release. Such factors include: (a) changes in demand from the local and state government and private clients that we serve; (b) general economic conditions, nationally and globally, and their effect on the market for our services; (c) competitive pressures and trends in our industry and our ability to successfully compete with our competitors; (d) changes in laws, regulations, or policies; and (e) the “Risk Factors” set forth in the Company’s most recent SEC filings. Considering these risks, uncertainties and assumptions, the future events and trends discussed in this press release may not occur and actual results could differ materially and adversely from those anticipates or implied in any forward-looking statements. Except as required by law, we are under no obligation to update these forward-looking statements after the date of this press release, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.
Investor Relations
Bruce Labovitz
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(703) 787-3403
Megan McGrath
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(310) 622-8248
HAMILTON, Bermuda--(BUSINESS WIRE)--Valaris Limited (NYSE: VAL) ("Valaris" or the "Company") today announced that Christophe Raimbault, Vice President and interim Head of Marketing will take on a new role as Vice President - Sustainability and New Energy. Christophe will continue to serve as Vice President and interim Head of Marketing until Matt Lyne joins Valaris as Senior Vice President and Chief Commercial Officer, which is expected to occur in the third quarter of 2022.
President and Chief Executive Officer, Anton Dibowitz said, “The creation of this new position highlights the Company’s continued strategic focus on sustainable business practices that support our purpose of providing responsible solutions that deliver energy to the world. Christophe’s appointment will drive further momentum behind our commitment to reduce emissions from our operations and partner with our customers to support their ESG efforts, as well as identify and progress opportunities within the new energy arena.”
About Valaris Limited
Valaris Limited (NYSE: VAL) is the industry leader in offshore drilling services across all water depths and geographies. Operating a high-quality rig fleet of ultra-deepwater drillships, versatile semisubmersibles and modern shallow-water jackups, Valaris has experience operating in nearly every major offshore basin. Valaris maintains an unwavering commitment to safety, operational excellence, and customer satisfaction, with a focus on technology and innovation. Valaris Limited is a Bermuda exempted company (Bermuda No. 56245). To learn more, visit our website at www.valaris.com.
Cautionary Statements
Statements contained in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include words or phrases such as "anticipate," "believe," "estimate," "expect," "intend," “likely,” "plan," "project," "could," "may," "might," “should,” “will” and similar words. The forward-looking statements contained in this press release are subject to numerous risks, uncertainties and assumptions that may cause actual results to vary materially from those indicated, including the COVID-19 outbreak and global pandemic and the related public health measures implemented by governments worldwide; the cancellation, suspension, renegotiation or termination of drilling contracts and programs, including drilling contracts which grant the customer termination rights if final investment decision (FID) is not received with respect to projects for which the drilling rig is contracted; oil and natural gas price volatility, customer demand for drilling rigs; downtime and other risks associated with offshore rig operations; severe weather or hurricanes; changes in worldwide rig supply, competition and technology; risks inherent to shipyard rig reactivation, upgrade, repair or maintenance; our ability to enter into, and the terms of, future drilling contracts; suitability of rigs for future contracts; governmental regulatory, legislative and permitting requirements affecting drilling operations; our ability to obtain financing, fund capital expenditures and pursue other business opportunities; the effects of our emergence from bankruptcy on the Company's business, relationships, comparability of our financial results and ability to access financing sources; actions taken by regulatory authorities or other third parties, including related to the COVID-19 global pandemic; increased scrutiny of Environmental, Social and Governance (“ESG”) practices and reporting responsibilities; changes in customer strategy; future levels of offshore drilling activity; governmental action, civil unrest and political and economic uncertainties; terrorism, piracy and military action; environmental or other liabilities, risks or losses; debt agreement restrictions that may limit our liquidity and flexibility; failure to satisfy our debt obligations; and cybersecurity risks and threats. In addition to the numerous factors described above, you should also carefully read and consider “Item 1A. Risk Factors” in Part I and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II of our most recent annual report on Form 10-K, as updated in our subsequent quarterly reports on Form 10-Q, which are available on the Securities and Exchange Commission’s website at www.sec.gov or on the Investor Relations section of our website at www.valaris.com. Each forward-looking statement speaks only as of the date of the particular statement and we undertake no obligation to update or revise any forward-looking statements, except as required by law.
Investor & Media Contact:
Tim Richardson
Director - Investor Relations
+1-713-979-4619
KLEEN+ Proven to Reduce Greenhouse Gas Emissions as Much as 78% by Infinitely Recycling Used Oil
NORWELL, Mass.--(BUSINESS WIRE)--In conjunction with World Environment Day, Safety-Kleen, North America’s largest recycler of used oil, unveiled KLEEN+™, a new family of base oil grades aimed at redefining the market and lowering the environmental impact of automotive and industrial lubricants by reducing their carbon footprint.
Fossil fuels and their oil derivatives are a major contributor of greenhouse gas emissions, yet more than 90% of North America’s lubricants are derived from virgin crude oil. Instead of requiring more crude from the ground, Safety-Kleen collects more than 230 million gallons of used oil annually from more than 100,000 customers. Safety-Kleen then converts these used lubricants into a higher quality re-refined product to be sold back into the market. The model is an environmentally beneficial, closed loop process that can continue infinitely.
“With the rollout of KLEEN+, we are communicating to the industry that re-refined base oil enables the best of all worlds – a high-quality base stock that delivers enhanced performance in end products with the additional benefit of being uniquely sustainable,” said Executive Vice President of Safety-Kleen Oil Craig Linington. “The re-refining industry, led by Safety-Kleen, has made impressive technological advancements and product enhancements since the 1980s. Our new brand represents the culmination of nearly four decades of scientific research and investment in our facilities. With KLEEN+, we have arrived to where we are now delivering a premium product that is technologically superior to, and of greater quality than, equivalent base oils derived from crude, and with a vastly smaller carbon footprint.”
Base oil is one of the most processed elements of a barrel of crude and, for that reason, carries a large carbon footprint. A life cycle assessment of the carbon footprint of KLEEN+ recently conducted for Safety-Kleen by Ramboll, an independent engineering consulting firm, concluded that Safety-Kleen’s base oil achieved as much as a 78% reduction in greenhouse gas emissions compared to base oil made via a traditional refining process on a per gallon basis.
The third-party study also revealed that every gallon of used oil recycled into re-refined base oil versus a traditional refining process results in the avoidance of 10 kg of carbon dioxide being released. One hundred gallons of KLEEN+ avoids one metric ton of greenhouse gases as compared to traditional refining. Owned by Clean Harbors (NYSE:CLH), North America’s leading environmental services provider, Safety-Kleen operates seven re-refineries located across North America – including the world’s largest in East Chicago, Indiana. Safety-Kleen’s facilities produce approximately 150 million gallons of base oil annually. These plants have re-refined more than 4.1 billion gallons of used oil since their opening enabling that used oil to have a second life as a high-quality lubricant. On an annual basis, Safety-Kleen’s re-refineries avoid an estimated 1.5 million metric tons of greenhouse gases – the equivalent of having 3.7 billion miles driven by gas-powered automobiles.
The re-refining process takes feedstock containing molecules that have already been refined, and enhances them again, creating the superior quality and performance of KLEEN+. By distilling the used oil to take out the impurities and then hydrotreating the remainder, Safety-Kleen’s facilities generate the formation of very narrow and tight hydrocarbon bands within its base oils. The result is that the KLEEN+ brand carries molecular bonds stronger than traditional base oils and with better overall lubricating performance. These base oils are formulated with a chemical structure that’s more resistant to heat or breakdown. Safety-Kleen only requires approximately 1.4 gallons of used oil to produce one gallon of KLEEN+ while refiners typically process 42 gallons of drilled crude oil to produce one gallon of base oil.
“Simply put, KLEEN+ is just better. It’s not only better for the environment, but better for any engine or equipment that requires lubrication,” said Senior Vice President of Safety-Kleen Oil, Dr. Joel Garrett, who holds a doctorate in sustainable chemistry. “KLEEN+ represents the ideal mixture of quality and sustainability. Safety-Kleen has invested hundreds of millions of dollars over many decades in developing the most advanced re-refining engineering technology and facilities – all to ensure the highest quality base oils that also combat climate change by attaining a low carbon profile. Despite the fact we are the largest collector and recycler of waste oil, we recognize both the scarcity and value of our products.”
KLEEN+ boasts a higher viscosity index than traditional base oil along with numerous quality advantages. These include excellent cold temperature properties, lower volatility, little to no impurities or aromatics, excellent color stability, higher oxidation, and more thermal stability.
KLEEN+ can be sold directly to lubricant manufacturers for a variety of applications including engine oils, metalworking products and specialty coating applications, or it can be blended and sold as finished products, including passenger car, heavy duty, hydraulic fluids and other industrial lubricants. Safety-Kleen has been using its re-refined base oil to produce its own line of branded motor oils and lubricants for more than a decade.
Safety-Kleen’s Performance Plus brand of motor oils has been used by NASCAR, NHRA and Monster Jam race teams, the U.S. military, state police departments and car rental agencies. It’s been repeatedly endorsed by racing’s all-time-great Richard Petty who recommends it for its quality through Petty’s Garage.
“The demand for our re-refined base oils has steadily grown over the past decade – as has the quality, due in part to the increased proliferation of synthetics in our feedstock,” said Linington. “We expect that trend to continue going forward, which ensures that all grades of our KLEEN+ base oil will realize continuous improvement in quality year after year. At the same time, the positive environmental impact of our base oil should not be understated. Beyond lubricating success in fleets, motorsports, mission critical operations and passenger cars, our KLEEN+ family of base oils is tangibly protecting the environment through a significant reduction in carbon dioxide production.”
He added, “It’s the most credible ‘green’ solution available in the market today.”
Operating from more than 200 branch locations, Safety-Kleen is ready to deliver KLEEN+ to customers across North America, particularly those that want to improve quality and support their sustainability initiatives.
About Clean Harbors
Clean Harbors (NYSE: CLH) is North America’s leading provider of environmental and industrial services. The Company serves a diverse customer base, including a majority of Fortune 500 companies. Its customer base spans a number of industries, including chemical, energy and manufacturing, as well as numerous government agencies. These customers rely on Clean Harbors to deliver a broad range of services such as end-to-end hazardous waste management, emergency spill response, industrial cleaning and maintenance, and recycling services. Through its Safety-Kleen subsidiary, Clean Harbors also is North America’s largest re-refiner and recycler of used oil and a leading provider of parts washers and environmental services to commercial, industrial and automotive customers. Founded in 1980 and based in Massachusetts, Clean Harbors operates in the United States, Canada, Mexico, Puerto Rico and India. For more information, visit www.cleanharbors.com.
Media:
Keith Ferguson
Director of Communications
Clean Harbors, Inc.
781.264.8587
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Jim Buckley
SVP, Corporate Communications
Clean Harbors, Inc.
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Customer:
Joel Garrett
Senior Vice President of Safety-Kleen Oil
Clean Harbors, Inc.
781.792.5000
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NEW YORK--(BUSINESS WIRE)--OceanTech Acquisitions I Corp. (“OceanTech” or the “Company”) (Nasdaq: OTECU), a special purpose acquisition company, today announced that it has caused to be deposited $1,548,900 into the Company’s Trust account for its public stockholders, representing $0.15 per public share, allowing the Company to extend the period of time it has to consummate its initial business combination by six months from June 2, 2022 to December 2, 2022 (the “Extension”). The Extension is permitted under the Company’s governing documents.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering and the anticipated use of the net proceeds. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and preliminary prospectus for the Company’s offering filed with the SEC. Copies of these documents are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Investor Relations
Lena Cati
The Equity Group, Inc.
(212) 836-9611
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DUBLIN--(BUSINESS WIRE)--The "Boat Building Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.
The global boat building market is expected to grow from $29.91 billion in 2021 to $32.6 billion in 2022 at a compound annual growth rate (CAGR) of 9%. The market is expected to grow to $44.18 billion in 2026 at a compound annual growth rate (CAGR) of 7.9%.
Major players in the boat building market are Armstrong Marine USA Inc., Brunswick Corporation (BC), Survitec Group, Ancasta International Boat Sales Ltd, Metal Shark, Gulf Craft LLC, Dakota Creek Industries Inc., and Main Iron Works.
The boat building market consists of sales of boats and related services by entities (organizations, sole traders, and partnerships) that operate shipyards or boatyards. Shipyards and boatyards are fixed facilities with drydocks and fabrication equipment capable of building boats, including dinghies, hovercrafts, motorboats, rowboats, yachts, sailboats, and inflatable rubber boats. Only goods and services are traded between entities or sold to end consumers.
The main types of boat building are recreational boats, commercial boats, military boats, other types. Recreational boats refer to the boats that are used for recreational purposes. The various propulsions include motorboats, sailboats. It is used in various applications such as private use, commercial use, military use.
North America was the largest region in the boat building market in 2021. Asia Pacific was the second largest market in boat building market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, Africa.
The increasing demand for recreational boats is anticipated to boost the demand for the boat-building market. Recreational boating is a popular leisure activity across the globe. Many people participate in recreational boating activities such as water skiing, fishing, and travel.
According to the National Marine Manufacturers Association (NMMA) representing recreational boat, marine accessories, and engine manufacturers, the USA recreational boating industry saw a seventh consecutive year of growth with the retail unit sales of new powerboats of about 280,000 units, and the sales grew by approximately 3% to 4% in 2019. Therefore, the surge in recreational boating is likely to contribute to the demand for boat building.
Environmental concerns associated with the usage of certain materials such as exotic woods, plastics, and resins during boat manufacturing are expected to limit the growth of the boat building market. Exotic woods from forests, plastics, and resins manufactured from petroleum have a significant environmental impact.
There are many environmental issues associated with boat building due to hazardous chemicals used in boat building, exhaust emissions from boat engines, evaporative emissions from fuel systems, and styrene emissions. According to the United States Environmental Protection Agency, boat manufacturing has been identified as a major source of hazardous air pollution. Furthermore, global issues such as energy usage and minimizing the carbon footprint is major challenge for players operating in the boat building market.
The development of autonomous boats is gaining popularity in the boat building market. Top companies in the market are developing technologically advanced autonomous boats to maintain their position in a competitive business environment.
For instance, in August 2020, Ocious Technology Ltd., an Australian public listed company, provided Australia with autonomous boats to watch out for refugees at sea. The company was awarded $5.5 billion by the Australian government's Department of Defense for the development of autonomous unmanned surface vessels.
In May 2019, Hike Metal, a Canada-based boat builder, collaborated with Sea Machine Robotics, a US-based autonomous technology company engaged in building autonomous and navigation systems for the commercial boating and marine industry, to develop an unmanned search-and-rescue (SAR) boat.
In April 2020, Century Boats, an American boat building company, acquired Vanquish Boats, a US-based dayboat manufacturer for an undisclosed amount. The acquisition is expected to expand Century Boats' dealership, distribution network, and service network.
The existing models of Vanquish will be reintroduced as Century Coronado, which will add to Century Boats' existing product portfolio. Vanquish Boat is a builder of a dual console, cuddy, premium center console, and runabout dayboats.
Key Topics Covered:
1. Executive Summary
2. Boat Building Market Characteristics
3. Boat Building Market Trends And Strategies
4. Impact Of COVID-19 On Boat Building
5. Boat Building Market Size And Growth
5.1. Global Boat Building Historic Market, 2016-2021, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Boat Building Forecast Market, 2021-2026F, 2031F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Boat Building Market Segmentation
6.1. Global Boat Building Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
6.2. Global Boat Building Market, Segmentation By Propulsion, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
6.3. Global Boat Building Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
7. Boat Building Market Regional And Country Analysis
7.1. Global Boat Building Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
7.2. Global Boat Building Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/kw762x
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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GALESBURG, Mich.--(BUSINESS WIRE)--#dieselengine--Power management company Eaton today announced its eMobility business has introduced a 48-volt programmable power electronics control unit for electrically heated catalysts that can be used by commercial vehicle manufacturers to meet tightening global emissions regulations. Rapidly warming up the exhaust aftertreatment catalyst, and keeping it warm during low engine load operation, is essential for optimal performance to reduce harmful nitrogen oxide (NOx) exhaust emissions.
“Commercial vehicle manufacturers face new challenges generating and controlling this level of electrical power for a single vehicle accessory,” said Tom Stoltz, chief engineer, 48-volt Systems, Eaton’s eMobility business. “Our control unit helps them overcome these challenges and enables electrical integration in meeting future ultralow nitrogen oxide emissions regulations.”
The air-cooled electric catalyst heater controller is part of Eaton’s broader 48-volt electrical system portfolio, which contains several technologies that allow manufacturers to integrate 48-volt architectures in next-generation vehicles. Eaton’s family of electric heater power electronics controllers are being developed for solutions between 2 kW and 15 kW of power and operate with up to 99% peak efficiency. The controller is designed to receive power commands from the aftertreatment system, provide soft-start and soft-stop capabilities for assisting in maintaining system voltage control, and diagnostic feedback of the heater element.
“The aftertreatment catalyst heater controller contains all the necessary power electronics to smoothly deliver power to the heater and ensure the vehicle electrical system remains stable during heater operation,” Stoltz said.
This technology comes at a time when vehicle manufacturers are facing tightening emissions standards around the globe. In Europe, the next stage of emissions standards, known as Euro VII for heavy-duty diesel trucks, is targeted for introduction as early as 2026. In the U.S., the California Air Resources Board and U.S. Environmental Protection Agency are introducing more stringent regulations in 2024 and 2027. Collectively, the new regulations are designed to reduce tailpipe NOx limits by up to 90%, thus accelerating the need for global engine manufacturers to employ additional emission-reducing strategies such as electric catalyst heating.
Eaton is an intelligent power management company dedicated to improving the quality of life and protecting the environment for people everywhere. We are guided by our commitment to do business right, to operate sustainably and to help our customers manage power ─ today and well into the future. By capitalizing on the global growth trends of electrification and digitalization, we’re accelerating the planet’s transition to renewable energy, helping to solve the world’s most urgent power management challenges, and doing what’s best for our stakeholders and all of society.
Founded in 1911, Eaton has been listed on the NYSE for nearly a century. We reported revenues of $19.6 billion in 2021 and serve customers in more than 170 countries. For more information, visit www.eaton.com. Follow us on Twitter and LinkedIn.
Thomas Nellenbach
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