ORLANDO, Fla.--(BUSINESS WIRE)--Qualus Corporation, a leader in power engineering, project management, and technical field services in support of the modernization of the electric power infrastructure and the broader energy transition, announced that it has acquired Tri Sage Consulting, a leading provider of power engineering and project management services for renewable and power system development throughout the western U.S.
“Tri Sage’s resources and deep expertise in power engineering and renewables are highly complementary to Qualus’ full range of service offerings and will contribute to our continued strong growth, as we deliver best-in-class quality service to our clients,” said Dr. Hisham Mahmoud, Chairman and Chief Executive Officer of Qualus. “The cultures and values embraced by Tri Sage and Qualus are highly compatible, and the combination of our two firms will provide significant growth opportunities for our people,” added Dr. Mahmoud.
Tri Sage services complement Qualus’ existing planning and design services for substations and transmission lines and deepens the firm’s resources in renewables and high voltage grid interconnection projects. The combination of Tri Sage with Qualus will also expand Qualus’ client base and western US footprint and geographic reach.
“I am thrilled to have the opportunity to share the incredible talent of the Tri Sage team with one of the leading power engineering and services firms in the nation,” said Karen Schlichting, Founder and President of Tri Sage. “The depth of talent and experience of the Qualus and Tri Sage teams coming together, along with the dynamic employee and customer-focused cultures of both firms will create fantastic opportunities for our people and significant value for our clients,” added Ms. Schlichting.
About Qualus
Qualus is a leading provider of specialized engineering and technical field services. The business plays a vital role in the modernization of the electric power infrastructure, decarbonization of the economy, and the broader energy transition. Our team of highly skilled technical professionals, with a focus on quality and collaboration, provides end-to-end services to clients across the United States. www.qualuscorp.com
About Tri Sage Consulting
Tri Sage is an established power engineering firm that specializes in high voltage grid interconnection design and consulting, supporting renewable power projects throughout the west. With 20 years of proven results, Tri Sage is known for its well-rounded approach to projects, and its diversified team of exceptionally experienced, highly respected professionals.www.trisage.com
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World’s first commercial-scale facility to convert waste gases into sustainable aviation fuel expected to produce 102 million litres per year
LONDON--(BUSINESS WIRE)--Plans for the world’s first commercial-scale factory to transform waste gases into sustainable jet fuel have moved a step closer today. LanzaTech UK Ltd., a subsidiary of LanzaTech NZ, Inc. (“LanzaTech”), an innovative Carbon Capture and Transformation (“CCT”) company, has announced that its DRAGON facility project has received a £25M (~$31M) grant from the UK Department for Transport’s Advanced Fuels Fund Competition. LanzaTech’s Project DRAGON, which stands for Decarbonizing and Reimagining Aviation for the Goal Of Netzero, will convert waste gases into synthetic kerosene for use in sustainable aviation fuel (SAF).
With the funding, Project DRAGON will complete engineering and the project development in collaboration with Fluor Corporation and Technip Energies, required to reach a final investment decision (FID) for the entire waste gas to SAF project. The proposed plant, which will be sited in Port Talbot, South Wales, is expected to produce 102 million litres per year of ATJ Synthetic Paraffinic Kerosene (ATJ-SPK) to be blended with kerosene to make SAF, representing ~1% of annual UK jet fuel demand and making a significant contribution towards the UK Mandate for supplying 10% of total annual jet fuel demand in the U.K. with SAF by 2030.
“We must accelerate deployment of SAF plants in the UK,” said Jennifer Holmgren, CEO of LanzaTech. “We’re excited that Project DRAGON has been recognized for its potential to deliver results and create new jobs while producing the volumes of SAF greatly needed by a sector that has limited options today. I thank the UK Department for Transport for its continued support and for showing leadership in validating new technologies that can have a real impact in the UK and beyond.”
Jonathon Counsell, IAG’s Group Head of Sustainability, said: “Investing in Sustainable aviation fuels (SAF) is one of the best opportunities our industry has to decarbonise. We’re delighted that Project Dragon has received crucial financial support in the UK from the Department for Transport Advanced Fuels Fund.”
“IAG has committed US$865 million in SAF purchases and investments to date, including supporting the first of its kind LanzaJet ethanol-to-jet plant being built in the US. With the right policy support to incentivise further investment, the UK could see many SAF plants built over the next decade, creating 6,500 jobs and saving over three million tonnes of CO2 per year as well as improving the UK’s energy security.”
“Delivering 10% SAF in 2030 requires a UK SAF industry at scale,” said Holly Boyd-Boland, VP Corporate Development at Virgin Atlantic. “Today’s award of the DFT’s Advanced Fuel Fund will take us a step closer to proving the technology works and attracting the private investment needed to finance these plants. Virgin Atlantic and LanzaTech have a long history of collaboration on SAF, and we look forward to continuing our efforts to produce, purchase and fly SAF from the UK.”
“We are delighted to be part of a project that has the potential to transform our local economy – and the entire aviation industry,” said Karen Jones, CEO of Neath Port Talbot Council. “The aviation sector urgently needs solutions and this a great example of how innovation across multiple sectors can support a domestic sustainable aviation industry, right here in Neath Port Talbot.”
The feedstock for the planned facility would be waste gases, including potentially from Tata Steel’s adjacent steelworks in Port Talbot. These would be transformed via LanzaTech’s gas fermentation platform to make ethanol as a feedstock for the ATJ facility. LanzaTech have selected Fluor Corporation, a leading global engineering, procurement, and construction (EPC) firm, to provide Front End Engineering and Design (FEED) services for this part of the project. “With more than 110 years in the industry, Fluor brings world class front-end engineering and EPC firm experience to assist LanzaTech in deploying its technology,” said Jason Kraynek, president, Production & Fuels, Fluor Corporation.
In a second step the ethanol would be turned into SAF using the LanzaJet™ Alcohol-to-Jet (ATJ) process, which incorporates Technip Energies ‘ethanol to ethylene' Hummingbird™ technology. This would be the world’s first commercial scale integration of Gas Fermentation (GF) and ATJ to produce SAF with GHG reductions expected to be greater than 70% relative to conventional jet fuel.
A spokesperson for Tata Steel in the UK said: “Achieving our ambition of making CO2 neutral steel involves looking at all ways to reduce our emissions, or in this case, potentially transforming some of our waste gases into useful products such as jet fuel.”
Bhaskar Patel, Technip Energies - SVP Sustainable Fuels, Chemicals and Circularity stated “We are excited to be partnering with LanzaTech™ through our teams in the UK on this journey to help decarbonise the UK aviation industry. The implementation of T.EN’s Hummingbird™ technology integrated within the LanzaJet™ ATJ process provides a ‘best in class’ technology pathway for conversion of ethanol to SAF”.
Jimmy Samartzis, CEO, LanzaJet said: “Project DRAGON will contribute roughly 10% of the entire UK Mandate for SAF by 2030. That’s significant, and government leadership like this is paving the way for emerging industries like SAF to achieve these ambitious and necessary goals. LanzaJet’s alcohol-to-jet technology paired with LanzaTech’s gas fermentation process is changing how we think about the circular economy across the world and driving decarbonization for aviation. We’re thrilled to be partnering with LanzaTech on this work and we’re grateful for this support from the UK Department for Transport.”
The Department for Transport’s Advanced Fuels Fund (AFF) Competition was established to support the UK advanced fuels sector in development and commercial deployment of innovative fuel production technologies that are capable of significantly reducing near-term UK aviation emissions, strengthening the UK project pipeline, and broadening technology options.
LanzaTech
Headquartered in Skokie, Ill., LanzaTech transforms waste carbon into materials such as sustainable fuels, fabrics, packaging, and other products. Using a variety of waste feedstocks, LanzaTech’s technology platform highlights a future where consumers are not dependent on virgin fossil feedstocks for everything in their daily lives. LanzaTech’s goal is to challenge and change the way the world uses carbon, enabling a new circular carbon economy where carbon is reused rather than wasted, skies and oceans are kept clean, and pollution becomes a thing of the past.
Forward-Looking Statements
This press release includes forward-looking statements regarding LanzaTech based on the beliefs and assumptions of its management. Although LanzaTech believes that its plans, intentions, and expectations reflected in or suggested by these forward-looking statements are reasonable, LanzaTech cannot assure you that it will achieve or realize these plans, intentions, or expectations. Forward-looking statements are inherently subject to risks, uncertainties, and assumptions. You should not put undue reliance on these statements, which speak only as of the date hereof. LanzaTech undertakes no obligations to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise, except as required by law.
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ORANGE, Conn.--(BUSINESS WIRE)--AVANGRID (NYSE: AGR), a leading sustainable energy company and part of the Iberdrola Group, today released the following statement regarding the Bureau of Ocean Energy Management’s (BOEM) Draft Environmental Impact Statement (DEIS) on AVANGRID’s New England Wind Offshore project, consisting of the 1232 Megawatt (MW) Commonwealth Wind and 804 MW Park City Wind projects.
“AVANGRID is grateful to the Bureau of Ocean Energy Management for its comprehensive environmental review of New England Wind – which represents more than 2000 Megawatts of clean, affordable power through the Commonwealth Wind and Park City Wind projects. In total, the projects will power over one million households, reduce emissions by nearly four million tons – equivalent to taking more than 770,000 cars off the road annually. AVANGRID welcomes the Draft Environmental Impact Statement issued by BOEM, and is pleased that the BOEM has identified the environmental impacts and benefits of the project in a clear and consistent manner, which marks a pivotal step toward bringing these projects to the New England region. The release of the DEIS is yet another milestone marking the strong forward momentum of the projects, and as New England confronts both the energy and climate crisis, we recognize the urgent need to continue moving through the federal permitting process and bring this critical power to the grid to help the region meet its collective, ambitious clean energy and climate goals.
“As a leading sustainable energy company strongly committed to the U.S. energy transition, we are heartened by the clear forward momentum behind the projects, and remain focused on delivering these urgent solutions to Massachusetts and Connecticut, creating thousands of jobs, and accelerating the nation’s transition to a better, brighter clean energy future.”
About AVANGRID: AVANGRID, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $40 billion in assets and operations in 24 U.S. states, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs more than 7,000 people and has been recognized by JUST Capital in 2021 and 2022 as one of the JUST 100 companies – a ranking of America’s best corporate citizens. In 2022, AVANGRID ranked second within the utility sector for its commitment to the environment and the communities it serves. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2022 for the fourth consecutive year by the Ethisphere Institute. For more information, visit www.avangrid.com.
About Iberdrola: Iberdrola is one of the world's biggest energy companies and a leader in renewables, spearheading the energy transition to a low carbon economy. The group supplies energy to almost 100 million people in dozens of countries. With a focus on renewable energy, smart networks and smart solutions for customers, Iberdrola’s main markets include Europe (Spain, the United Kingdom, Portugal, France, Germany, Italy and Greece), the United States, Brazil, Mexico and Australia. The company is also present in growth markets such as Japan, Taiwan, Ireland, Sweden and Poland, among others.
With a workforce of nearly 40,000 and assets in excess of €141.7 billion, across the world, Iberdrola helps to support 400,000 jobs across its supply chain, with annual procurement of €12.2 billion. A benchmark in the fight against climate change, Iberdrola has invested more than €130 billion over the past two decades to help build a sustainable energy model, based on sound environmental, social and governance (ESG) principles.
MEDIA:
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--Deb Frodl and Sarah Sclarsic Transition off Board Effective December 31, 2022--
--Chris Hayes Elected as Chair Effective January 1, 2023--
WIXOM, Mich.--(BUSINESS WIRE)--Spruce Power (NYSE: SPRU) (“Spruce” or the “Company”; formerly known as XL Fleet), a leading owner and operator of distributed solar energy assets across the United States, today announced that Debora Frodl will be retiring, and Sarah Sclarsic will be stepping down, from the Company’s board of directors (the “Board”) effective December 31, 2022. Ms. Frodl is retiring after serving as a Company director since May 2018, and as Chair since December 2020. She has also served as chair of the Nomination and Governance Committee and as a member of the Audit Committee. Ms. Sclarsic, who has served on the board since December 2020 as a member of the Audit Committee, is departing to pursue opportunities through a climate technology venture capital firm that she co-founded in 2021.
“Deb has been a highly valued contributor to the Board and has driven the Company’s success,” said Eric Tech, Spruce Power’s chief executive officer. “Her strategic guidance, strong leadership, and high standard of excellence helped pivot our Company’s strategy, and now position Spruce as an emerging leader in rooftop residential solar. We are grateful for her dedication and commitment to the Company and wish her all the best as she embarks upon her next chapter.”
Tech continued, “We appreciate Sarah’s contributions and are confident she will find continued success as an early stage investor in companies that are creating a decarbonized global economy. Through her firm, Voyager Ventures, Sarah is making a difference in the world. We look forward to seeing many successful ventures from her in the years ahead.”
Simultaneous to Ms. Frodl’s retirement and Ms. Sclarsic’s resignation, the board has elected current director Chris Hayes as the new Chair, effective January 1, 2023. Mr. Hayes has served as a director of the Company since May 2018. Chris has more than twenty years’ experience in clean energy and sustainability and is founder and managing partner of Alturus, which invests in sustainable infrastructure projects. “I am enormously excited about Spruce Power becoming a high growth company in the distributed energy resources arena. We are positioned to be a leading provider of solutions to help homeowners create a cleaner and more sustainable future. The Company appreciates all the hard work from the team to transition the Company into a pure play distributed energy platform that maximizes investor value," said Mr. Hayes. “I am particularly grateful for the leadership contributions from Deb and Sarah over the years.”
More information can be found in the Corporate Governance on Spruce Power’s investor relations website at https://investors.sprucepower.com/governance/management/default.aspx.
About Spruce Power
Spruce Power is a leading owner and operator of distributed solar energy assets across the United States. We provide subscription-based services that make it easy for homeowners and small businesses to own and maintain rooftop solar and battery storage. Our as-a-service model allows consumers to access new technology without making a significant upfront investment or incurring maintenance costs. Our company has more than 51,000 subscribers across the United States. For additional information, please visit www.sprucepower.com.
Forward Looking Statements
Certain statements in this press release may constitute “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of management and are not predictions of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including but not limited to: expectations regarding the growth of the solar industry, home electrification, electric vehicles and distributed energy resources; the ability to successfully integrate the Spruce Power acquisition; the highly competitive nature of the Company’s business and markets; the ability to execute on and consummate business plans in anticipated time frames; litigation, complaints, warranty claims, product liability claims and/or adverse publicity; results of operations, financial condition, regulatory compliance and customer experience; the potential loss of customers; privacy and data protection laws, privacy or data breaches, or the loss of data; general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; risks related to the rollout of the Company’s business and the timing of expected business milestones, including supply chain and labor shortage challenges in the solar panel markets; the effects of competition on the Company’s future business; the availability of capital; and the other risks discussed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K filed on March 31, 2022, subsequent Quarterly Reports on Form 10-Q and other documents that the Company files with the SEC in the future. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements speak only as of the date hereof and the Company specifically disclaims any obligation to update these forward-looking statements.
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Independent study by E3 says accelerated electrification, expanded renewables, and grid investment will be required to support decarbonization
CHICAGO--(BUSINESS WIRE)--National sustainability consulting firm Energy and Environmental Economics, Inc. (E3) today released a study that outlines pathways for Illinois to achieve full, economy-wide decarbonization in Illinois by 2050, consistent with the state’s pledge as part of the U.S. Climate Alliance to pursue the Paris Agreement. The study accounts for the significant progress expected as a result of the state’s Climate and Equitable Jobs Act (CEJA), which aims to decarbonize the power sector and accelerate transportation electrification, as well as the federal Inflation Reduction Act (IRA).
The study found that, while CEJA and the IRA will reduce greenhouse gas (GHG) emissions in Illinois, more action – particularly in the transportation and buildings sectors – will be needed to achieve net-zero carbon emissions by 2050. Decarbonization refers to the process of lowering GHGs produced by fossil fuel combustion, often through the electrification of transportation, buildings and industry. The study was commissioned by ComEd so the company could better understand the impacts of full decarbonization for the 9 million people it serves and the power grid they depend on for clean, reliable and affordable power.
“As the operator of the largest electric grid in Illinois, we have a critical role in enabling the state’s decarbonization goals, and we’re committed to making sure the transition to a clean energy economy is affordable and equitable for all of our customers,” said Gil C. Quiniones, CEO of ComEd. “All paths to decarbonization will require the electric grid to do more. This report helps us and our partners in Illinois understand the options for getting to a net-zero future, and the considerations we must make in order to ensure all customers maintain access to safe, reliable and resilient power as we continue to address the impacts of climate change.”
The independent report was created with input by a technical advisory committee, including: Argonne National Laboratory’s Center for Climate Resilience and Decision Science, the Environmental Law and Policy Center, the Citizens Utility Board (CUB), the City of Chicago, the Environmental Defense Fund (EDF), the National Resources Defense Council (NRDC), the Office of the Attorney General for the State of Illinois, and the Accelerate Group.
With the input of the technical advisory committee, E3 conducted an eight-month independent review that builds upon the policies and initiatives set forth in CEJA and the IRA to determine how the state could achieve full decarbonization of the Illinois economy (net-zero emissions) by 2050. The study took into account local considerations, including projected climate and weather changes, as well as Illinois’ colder climate conditions, which will require energy storage and back up to maintain system reliability.
Researchers tested three scenarios for transitioning to a net-zero economy:
“This study shows in concrete terms where the opportunities lie for Illinois to reach its long-term climate goals in ways that support customers," noted Amber Mahone, a Partner at E3. “We have evaluated deep decarbonization scenarios in many jurisdictions across North America to help inform the climate and clean energy policies that government, regulators, and utilities are making, and we’re seeing the electric sector make huge amounts of progress. In Illinois, CEJA and the IRA will only accelerate that. There’s a lot of work still to be done to decarbonize vehicles and buildings, to reduce emissions from the agricultural and industrial sectors, and to commercialize critical emerging technologies like low-carbon fuels and the negative emissions technologies that will be needed to get to a carbon neutral future.”
Key findings by E3 include:
The study follows recent actions taken by ComEd and partners to better understand what infrastructure improvements will be needed to manage the impacts of climate change and the clean energy transition on customers and the grid. ComEd recently issued a climate adaptation study in partnership with Argonne National Laboratory, which provides insight into climate change and associated weather changes and how they may impact the grid.
The full study is available on E3’s website.
ComEd is a unit of Chicago-based Exelon Corporation (NASDAQ: EXC), a Fortune 200 energy company with approximately 10 million electricity and natural gas customers – the largest number of customers in the U.S. ComEd powers the lives of more than 4 million customers across northern Illinois, or 70 percent of the state’s population. For more information visit ComEd.com, and connect with the company on Facebook, Twitter, Instagram and YouTube.
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Investment extends KKR and SK E&S’ ongoing relationship and advances SK E&S’ efforts as a clean energy solutions provider
SEOUL, South Korea--(BUSINESS WIRE)--KKR, a leading global investment firm, today announced that KKR entered into an agreement with South Korean energy company, SK E&S to acquire SK E&S’ newly issued redeemable convertible preferred shares (“RCPS”).
The transaction marks KKR’s second investment in SK E&S through the purchase of newly issued RCPS, following an initial investment in November 2021, which has been used by SK E&S to accelerate its growth and transformation into a global clean energy solutions provider. According to SK E&S, SK E&S now looks to secure liquidity to de-lever as well as capture post-pandemic opportunities across energy and renewable assets.
Keith Kim, a Managing Director on KKR’s Infrastructure team, said, “We are pleased to extend our collaboration with SK E&S and support its mission-critical diversification into renewable energy solutions both within and outside of Korea. We are also excited to deepen our existing relationship with SK Group, and believe that this transaction is highly aligned with KKR’s broader strategy to create tailored solutions to support the corporate objectives of Korean enterprises.”
Established in 1999, SK E&S is a member of the SK Group, one of South Korea’s largest conglomerates. SK E&S engages in a range of businesses, including upstream interests such as overseas gas field development and downstream instreams such as power generation, district energy, and city gas. SK E&S today looks to advance its goal to accelerate its growth to become a leading global clean energy solution provider by focusing on hydrogen as well as renewable energy and related energy solutions.
KKR makes its investment from its Asia Pacific infrastructure strategy, which looks to support infrastructure assets and businesses with growth potential across developed and developing Asian markets, including South Korea, India, Philippines, Japan, Australia, New Zealand and China. The investment in SK E&S also marks KKR’s latest investment in South Korea and the renewables sector. Since 2011, KKR has deployed over US$15 billion in equity globally to invest in renewable assets, such as solar and wind, which have an operational power generation capacity of 23 GW, as of December 31, 2021. In Asia Pacific, KKR sees renewables as core to its infrastructure strategy and seeks to invest behind the significant opportunities across the region.
The transaction also marks KKR’s latest investment in South Korea, and builds on its track record as an active investor across asset classes including infrastructure, private equity, real estate and credit.
About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.
KKR Media
Anita Davis
+852 3602 7335
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The Signature (for KKR Korea)
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NEW YORK--(BUSINESS WIRE)--Hess Corporation (NYSE:HES) has been recognized for climate change stewardship in CDP’s Climate Change Scores for 2022. Hess has earned Leadership status for 14 consecutive years from CDP, an international nonprofit organization that runs a global environmental disclosure system. This year, Hess is one of only two U.S. oil and gas producers to achieve Leadership status, scoring well above both the oil & gas extraction and production sector average and the overall North American regional average.
CDP scores are based on a company’s climate related governance, disclosure practices and management of risks. Ratings for the complete list of companies from around the world can be found at https://www.cdp.net/en/scores.
In addition, the Transition Pathway Initiative (TPI) released its 2022 assessment scores in October on the progress of approximately 600 companies in transitioning to a low carbon economy and supporting efforts to mitigate climate change in line with the Task Force on Climate-related Financial Disclosures (TCFD) recommendations. In TPI’s 2022 report, Hess has achieved Level 4 status, which is the highest level awarded to companies that demonstrably manage climate related risks and opportunities from a governance, operational and strategic perspective.
“We are proud to be recognized for our industry leadership in climate related performance, disclosure and risk management,” said Alex Sagebien, Vice President, Environmental, Health and Safety.
For more information about sustainability at Hess, including annual Sustainability Reports, please visit www.hess.com/sustainability.
Hess Corporation is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas. More information on Hess Corporation is available at www.hess.com.
Investor Contact:
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The European Commission selects Energy Dome, in the most competitive European funding scheme, as a game changer in the energy transition
MILAN--(BUSINESS WIRE)--Energy Dome, the company behind the CO2 Battery, a disruptive long-duration energy storage solution, today announced it has been awarded €17.5 million in funding from the European Innovation Council (EIC), the largest amount made available by the program.
The EIC Accelerator is Europe’s flagship funding program to identify, fund and scale-up breakthrough innovations in strategic areas, including energy storage. The investment will be made through the EIC Fund, a unique entity owned by the European Commission to make grants and direct equity investments in companies with promising cleantech solutions.
Energy Dome was selected through a highly competitive process from more than 1000 companies that submitted a full application.
“This strategic support by the European Commission will enable Energy Dome to accelerate the scale up of our business and the deployment of CO2 Batteries across global markets,” said Claudio Spadacini, Founder and CEO of Energy Dome.
Long-duration energy storage is the missing link to a fully decarbonized energy market, as it increases grid flexibility and enables the safe and efficient integration of renewables into global electrical grids. Currently, there is a significant technological gap in the market, for which the CO2 Battery is the perfect solution, by providing high-efficiency energy storage at a competitive cost and using readily available, off-the-shelf components that make this technology available to customers globally.
The EIC Fund joins other strategic investors, including Barclays, 360 Capital, CDP Venture Capital SGR and Novum Capital Partners, that have invested a total of $25 million in Energy Dome, fueling the Company’s growth in its mission to make the energy transition happen.
About Energy Dome
Energy Dome is revolutionizing energy storage and enabling grid decarbonization by making solar and wind power dispatchable 24/7. The company invented and developed the CO2 Battery, a Long-Duration Energy Storage system that makes Long Duration Energy Storage viable globally, today. The properties of carbon dioxide allow the system to store energy efficiently and cost-effectively, with a modular and site-independent footprint. CO2 Batteries use readily available, off-the-shelf components from reliable and existing supply chains, providing a pathway to store massive amounts of intermittent renewable energy and accelerate the energy transition. For more information, please visit www.energydome.com.
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METAIRIE, La.--(BUSINESS WIRE)--Biloxi Marsh Lands Corporation has posted its unaudited results for the third quarter of 2022 and first nine months of 2022 on the Company’s website. Unaudited quarterly financial results may be viewed by clicking on the Press Release tab.
The Company recommends that investors and all interested parties visit its website www.biloximarshlandscorp.com to view historical press releases, historical financial statements, and other relevant information. All inquiries should be made through the Contact Mailbox on the Company’s website: http://www.biloximarshlandscorp.com/contact/.
Biloxi Marsh Lands Corporation
April Echevarria: 504-837-4337
PARIS--(BUSINESS WIRE)--Technip Energies (PARIS:TE) (ISIN:NL0014559478) has been awarded a contract(1) for the supply of proprietary cracking furnaces for the 2,000 kta(2) ethane cracker for the Golden Triangle Polymers project, a joint venture between Chevron Phillips Chemical (CPChem) and QatarEnergy, along the Gulf Coast in Orange, Texas.
This latest award is in line with our early engagement strategy with CPChem and QatarEnergy, which resulted in the selection of our proprietary ethylene technology and includes the successful completion of the ethylene license and Process Design Package (PDP).
The modularized cracking furnaces will feature seven of the largest capacity furnaces that Technip Energies has ever designed. The cracker is designed using modern emissions reduction technology and processes that result in lower greenhouse gas emissions than similar facilities in the United States and Europe.
Bhaskar Patel, SVP Sustainable Fuels, Chemicals and Circularity of Technip Energies, commented: “We are very pleased that CPChem and QatarEnergy selected our cracker technology and design for this mega-cracker project. Utilizing our extensive experience with ethylene cracker design and our latest advancements to reduce emissions will contribute to their efforts to help enable a lower carbon future. We thank CPChem for its continued confidence in T.EN’s cracking technology, having previously incorporated the technology at other facilities.”
(1) This contract award is representing over €250 million of revenue for Technip Energies.
(2) kta: kilotons per annum.
To know more about Ethylene: Technip Energies is a world leader in the ethylene industry with about 50 percent of the licensing market share. We have unique experience in the design, construction and modernization of the largest ethylene plants using proprietary technologies.
For more information, please go to https://www.technipenergies.com/markets/ethylene.
About Technip Energies
Technip Energies is a leading Engineering & Technology company for the energy transition, with leadership positions in Liquefied Natural Gas (LNG), hydrogen and ethylene as well as growing market positions in blue and green hydrogen, sustainable chemistry and CO2 management. The company benefits from its robust project delivery model supported by extensive technology, products and services offering.
Operating in 34 countries, our 15,000 people are fully committed to bringing our client’s innovative projects to life, breaking boundaries to accelerate the energy transition for a better tomorrow.
Technip Energies is listed on Euronext Paris with American depositary receipts (“ADRs”) traded over-the-counter in the United States. For further information: www.technipenergies.com.
Important Information for Investors and Securityholders
Forward-Looking Statement
This release contains “forward-looking statements” as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements usually relate to future events and anticipated revenues, earnings, cash flows or other aspects of Technip Energies’ operations or operating results. Forward-looking statements are often identified by the words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” “may,” “estimate,” “outlook,” and similar expressions, including the negative thereof. The absence of these words, however, does not mean that the statements are not forward-looking. These forward-looking statements are based on Technip Energies’ current expectations, beliefs and assumptions concerning future developments and business conditions and their potential effect on Technip Energies. While Technip Energies believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting Technip Energies will be those that Technip Energies anticipates.
All of Technip Energies’ forward-looking statements involve risks and uncertainties (some of which are significant or beyond Technip Energies’ control) and assumptions that could cause actual results to differ materially from Technip Energies’ historical experience and Technip Energies’ present expectations or projections. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those set forth in the forward-looking statements. For information regarding known material factors that could cause actual results to differ from projected results, please see Technip Energies’ risk factors set forth in Technip Energies’ filings with the U.S. Securities and Exchange Commission, which include amendment no. 4 to Technip Energies’ registration statement on Form F-1 filed on February 11, 2021.
Forward-looking statements involve inherent risks and uncertainties and speak only as of the date they are made. Technip Energies undertakes no duty to and will not necessarily update any of the forward-looking statements in light of new information or future events, except to the extent required by applicable law.
Investor relations
Phil Lindsay
Vice-President Investor Relations
+44 20 7585 5051
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Media relations
Stella Fumey
Director Press Relations & Digital Communications
+33 (1) 85 67 40 95
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Jason Hyonne
Press Relations & Social Media Lead
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LONG BEACH, Calif.--(BUSINESS WIRE)--California Resources Corporation (NYSE: CRC) announced today that the Company’s executives will be participating in the following in-person events in January 2023:
CRC’s presentation materials will be available the day of the event on the Earnings and Presentations page in the Investor Relations section on www.crc.com.
About California Resources Corporation (CRC)
California Resources Corporation (CRC) is an independent oil and natural gas company committed to energy transition in the sector. CRC has some of the lowest carbon intensity production in the US and CRC is focused on maximizing the value of our land, mineral and technical resources for decarbonization by developing CCS and other emissions reducing projects. For more information about CRC, please visit www.crc.com.
Joanna Park
Investor Relations
818-661-3731
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Richard Venn
Media
818-661-6014
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The company has reached 20% fleet electrification, prioritizes placing new fully electric trucks in the most polluted areas
SAN DIEGO--(BUSINESS WIRE)--To advance its own and California’s goals to reach net zero emissions by 2045, San Diego Gas & Electric (SDG&E) has electrified more than 20% of its over-the-road fleet and is on track to reach 100% electrification of its passenger cars, pickup trucks and sport utility vehicles by 2030. This puts SDG&E well on its way to achieve its goal of operating a fully zero-emissions fleet by 2035, ahead of state mandates.
The latest additions to SDG&E’s fleet include eight fully electric, Ford F-150 Lightning trucks and a zero-emissions hydrogen fuel cell car. SDG&E’s fleet also consists of plug-in and non-plug-in hybrids and vehicles with idle mitigation technologies.
“Our service trucks are out in our community daily, doing everything from routine appliance checks to equipment repairs, to keep energy flowing safely and reliably to our customers,” said SDG&E Vice President of Operations Support Jennifer Jett. “Our goal is for our fleet vehicles to leave no trace of pollution behind.“
SDG&E is aggressively decarbonizing its fleet because transportation accounts for about 40% of California’s greenhouse gas emissions, making it the state’s single largest source of pollution. Additionally, transportation-related emissions heavily impact low-income communities located near busy roadways and industrial facilities.
In response, SDG&E has developed a new analytical tool called the Community Impact Platform to prioritize vehicle replacements in neighborhoods hit hardest by air pollution and climate change. The innovative technology overlays more than 80 million data points from its fleet’s daily trips with socioeconomic metrics to create a heat map of emissions in the region’s most vulnerable communities. Using advanced analytics, the platform can present various scenarios for replacing vehicles to reduce emissions and improve air quality. For example, half of the company’s eight recently acquired Ford Lightning trucks have been deployed to the Metro District, which covers homes and businesses adjacent to regional transportation hubs like the airport, port and downtown. In addition to upgrading its fleet, SDG&E also tracks operating data to reduce idling and improve vehicle safety, and continuously reviews new technologies.
SDG&E is also working to transform transportation beyond its own fleet. To date, it has installed more than 3,400 charging ports and is building thousands more to support medium- and heavy-duty vehicles and equipment. Under its Power Your Drive for Fleets program, SDG&E enables fleet owners and operators to switch to electric by connecting them with resources, charging rates and financial incentives to design and install the charging infrastructure needed to reduce costs, eliminate emissions and simplify vehicle maintenance.
SDG&E is an innovative San Diego-based energy company that provides clean, safe and reliable energy to better the lives of the people it serves in San Diego and southern Orange counties. The company is committed to creating a sustainable future by providing its electricity from renewable sources; modernizing energy infrastructure; accelerating the adoption of electric vehicles; supporting numerous non-profit partners; and, investing in innovative technologies to ensure the reliable operation of the region’s infrastructure for generations to come. SDG&E is a subsidiary of Sempra (NYSE: SRE). For more information, visit SDGEnews.com or connect with SDG&E on Twitter (@SDGE), Instagram (@SDGE) and Facebook.
Helen Gao
877-866-2066
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Twitter: @sdge
METAIRIE, La.--(BUSINESS WIRE)--The Board of Directors of Biloxi Marsh Lands Corporation has declared a dividend of $.10 per outstanding share of common stock payable on Thursday, January 12, 2023 to shareholders of record as of the close of business on Friday, December 30, 2022.
Biloxi Marsh Lands Corporation
April Echevarria: 504-837-4337
HO CHI MINH CITY, Vietnam--(BUSINESS WIRE)--#SEKOLogistics--SEKO Logistics (SEKO), a leading global logistics provider, today announced the opening of the new headquarters of SEKO Vietnam in Ho Chi Minh City along with facilities and staff in key markets across the country. This marks SEKO’s first official presence in Vietnam’s largest city and comes as SEKO looks to prioritize investments in the region following Vietnam’s strong economic growth in recent years. SEKO recently expanded into Vietnam via the acquisition of Bansard in 2021, and these additional investments in 2022 are in response to the significant growth and demand for transportation and logistics services in this growing strategic market.
In addition to the new office in Ho Chi Minh City, SEKO manages logistics services across the country via two additional strategically-important locations – Vietnam’s capital Hanoi and the coastal city of Da Nang. From this network, SEKO offers its clients a market-leading logistics network incorporating:
“This new office represents our long-term investment in a country where the high availability of suppliers and proficient manufacturing is driving international orders and growth. With the Vietnamese government’s intention to increase the country’s logistics capacity over the next decade, this is the right time to make this commitment not only for our growth, but for the success of our clients, as well,” said Anthony Barnes, President – Asia Pacific at SEKO Logistics.
Despite the global pandemic, Vietnam’s GDP is on target to grow 8% by year-end, driven by the country’s positive response to managing coronavirus, which increased its attractiveness to the global business community. Foreign trade is expected to surpass a record $780 billion, and foreign direct investment continues to rise after reaching $31 billion in 2021. Vietnamese manufacturers in the garments and textiles, machinery and equipment, and spare parts industries were especially quick to react to the ‘new normal’ and ensured stable production, which helped many key industries grow by more than 10% last year. Already in the world’s top 20 economies in international trade, Vietnam also expects to see export growth forecasting at about 9.5% by the end of 2022.
With Vietnam’s rising manufacturing output, attractive labor costs and strong economic growth, SEKO is already seeing growth in its share of fashion, apparel, footwear, high-tech and automotive exports to Europe, North America and Japan.
To learn more about SEKO’s operations in Vietnam, and how you SEKO can help you deliver goods worldwide, visit www.sekologistics.com.
About SEKO Logistics
Built on nearly 50 years of logistics expertise, SEKO Logistics is the no-nonsense global end-to-end logistics partner – from factory to consumer. SEKO delivers sustainable client-first service, expert reliability and technology driven shipping solutions that turn customers’ supply chains into a competitive advantage. With over 150 offices in more than 40 countries, SEKO helps you move at the speed of global commerce. Learn more at www.sekologistics.com.
SEKO Vietnam Media Contact:
Jasmine Wall
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+852 6486 5899
SEKO Global Media Contact:
Frances Fyten
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(+1) 651-274-5708
HOUSTON--(BUSINESS WIRE)--WM (NYSE: WM) announced that it will release fourth quarter and full-year 2022 financial results before the opening of the market on Wednesday, Feb. 1, 2023. Following the release, WM will host its investor conference call at 10 a.m. ET.
Listeners can access a live audio webcast of the conference call by visiting investors.wm.com and selecting “Events & Presentations” from the website menu. A replay of the audio webcast will be available at the same location following the conclusion of the call.
Participants who will be dialing in for the conference call should register to obtain their dial in and passcode details. Participants may pre-register at any time, including up to and after the call start time.
The Company participates in investor presentations and conferences throughout the year. Interested parties can find a schedule of these conferences at investors.wm.com by selecting "Events & Presentations."
ABOUT WM
WM (WM.com) is North America's largest comprehensive waste management environmental solutions provider. Previously known as Waste Management and based in Houston, Texas, WM is driven by commitments to put people first and achieve success with integrity. The company, through its subsidiaries, provides collection, recycling and disposal services to millions of residential, commercial, industrial and municipal customers throughout the U.S. and Canada. With innovative infrastructure and capabilities in recycling, organics and renewable energy, WM provides environmental solutions to and collaborates with its customers in helping them achieve their sustainability goals. WM has the largest disposal network and collection fleet in North America, is the largest recycler of post-consumer materials and is the leader in beneficial reuse of landfill gas, with a growing network of renewable natural gas plants and the most gas-to-electricity plants in North America. WM's fleet includes nearly 11,000 natural gas trucks – the largest heavy-duty natural gas truck fleet of its kind in North America – where more than half are fueled by renewable natural gas. To learn more about WM and the company's sustainability progress and solutions, visit Sustainability.WM.com.
Waste Management
Website:
www.wm.com
Analysts:
Ed Egl
713.265.1656
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Media
Toni Werner
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DUBLIN--(BUSINESS WIRE)--The "Growth Opportunities in Anaerobic Membrane Bioreactors, Biogas Purification and Carbon Capture & Mineralization" report has been added to ResearchAndMarkets.com's offering.
This edition of the Industrial Bioprocessing TOE features information on the use of anaerobic membrane bioreactors for high contaminant removal and biogas production from industrial wastewater.
The TOE covers innovations based on the use of mechanically assisted chemical exfoliation technology for embedding the captured carbon to form concrete additives used in the construction industry.
The other focal point of the TOE is the use of mineral carbonation technologies to permanently sequester captured carbon dioxide in building materials. The TOE additionally provides insights on the utilization of cost effective and scalable cell culture media for the production of non-animal based meat products.
The TOE also provides latest innovations in the production of bio-fuels from mixed food waste, animal waste and non-edible wastes, the generation of algal based bio-products using a patented magnetic harvesting technology, use of gene editing techniques to enhance herbicide resistance in crops and the use of blockchain based carbon credit platforms to provide eco-friendly farm management solutions.
The Industrial Bioprocessing TOE provides intelligence on technologies, processes and strategic insights of industries involving bioprocessing, including innovations in the development and production of chemicals, pharmaceuticals, nutraceuticals, alternative fuels, chemical feedstocks, food and beverages, and consumer products.
Companies Mentioned
Key Topics Covered:
For more information about this report visit https://www.researchandmarkets.com/r/3e3hyw
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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OMAHA, Neb.--(BUSINESS WIRE)--Green Plains Inc. (NASDAQ:GPRE), Tallgrass and Osaka Gas USA, a wholly owned subsidiary of Japan-based Osaka Gas, today announced the commencement of a joint feasibility study to evaluate the production of up to 200,000 tons per year of synthetic methane in the U.S. Midwest.
The project partners aim to produce synthetic methane from low-carbon hydrogen and biogenic carbon dioxide (CO2) captured from ethanol biorefineries owned and operated by Green Plains. The joint study, which is scheduled to be complete in mid-2023, will focus on the production of low-carbon hydrogen that incorporates the capture and permanent sequestration of at least 95% of the fossil-based CO2, coupled with the methanation of low-carbon hydrogen with biogenic CO2 from fermentation.
“This is an important step in our decarbonization efforts across our platform, further demonstrating the crucial role our assets can play in the future of clean energy production using proven technologies,” said Todd Becker, Green Plains President and CEO. “Our conversion of biogenic CO2 to low-carbon fuels can add significant value for our stakeholders while helping to meet ambitious climate goals around the planet. This innovative collaboration with Osaka Gas USA and Tallgrass builds on our vision of producing clean energy while reducing carbon emissions for our partners in Japan by utilizing our asset base in place today.”
Concurrent to the joint study, Osaka Gas USA will examine strategies to liquefy synthetic methane at Freeport LNG and transport it to Japan, where it would be used for city gas applications such as industrial burners, home heating and cooking. Unlike other decarbonized gaseous energy carriers, synthetic natural gas can be transported and distributed using existing natural gas infrastructure. The project is in line with the Japanese government's goal to replace 90% of Japan’s city gas volumes with e-methane by 2050.
“Osaka Gas USA is excited to participate in this study with Tallgrass and Green Plains as this marks another promising methanation project in the United States, which will greatly accelerate our goal to become carbon neutral by 2050,” said Sunao Okamoto, Osaka Gas USA President and CEO. “This valuable opportunity will enable us to foster long-lasting relationships with strategic partners who share similar decarbonization commitments while continuing to gain momentum in expanding our existing carbon neutral business in the U.S.”
“Japan’s decarbonization objectives are important to progressing the global fight against climate change” said Alison Nelson, Vice President Business Development for Tallgrass. “We are proud to be joining Osaka Gas USA and Green Plains in this endeavor and to further establish the U.S. as a global leader in clean energy production.”
Cautionary Note Concerning Forward-Looking Statements
Disclosures in this news release contain forward-looking statements. All statements, other than statements of historical fact, included in this press release that address activities, events or developments that management expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include the focus of the feasibility study and the expected size and benefits of the synthetic methane production project under development. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Tallgrass, Green Plains and Osaka Gas USA, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements, and other important factors that could cause actual results to differ materially from those projected, including those set forth in reports and financial statements made available by Tallgrass, Green Plains and Osaka Gas USA. Any forward-looking statement applies only as of the date on which such statement is made, and Tallgrass, Green Plains and Osaka Gas USA, do not intend to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.
About Green Plains Inc.
Green Plains Inc. (NASDAQ:GPRE) is a leading biorefining company focused on the development and utilization of fermentation, agricultural and biological technologies in the processing of annually renewable crops into sustainable value-added ingredients. This includes the production of cleaner low-carbon biofuels, renewable feedstocks for advanced biofuels and high-purity alcohols for use in cleaners and disinfectants. Green Plains is an innovative producer of Ultra-High Protein and novel ingredients for animal and aquaculture diets to help satisfy a growing global appetite for sustainable protein. The Company also owns a 48.8% limited partner interest and a 2.0% general partner interest in Green Plains Partners LP. For more information, visit www.gpreinc.com.
About Tallgrass
Tallgrass is a leading energy infrastructure company focused on safely, reliably and sustainably delivering the energy and services that fuel homes and businesses and enable quality of life. We are committed to being at the forefront of efforts to decarbonize our world. An investor group led by Blackstone Infrastructure Partners, which includes Enagás SA, GIC, NPS and USS, owns the outstanding equity interests in Tallgrass. Learn more at Tallgrass.com.
About Osaka Gas USA
Osaka Gas USA is a wholly owned subsidiary of Osaka Gas Co., Ltd., one of the largest energy utility companies in Japan, focusing on its four core businesses of power generation, shale gas development, natural gas liquefaction at Freeport LNG, and future energy development/innovation. Osaka Gas USA strives to contribute to achieving a low carbon/carbon neutral society by developing renewables and methanation as well as natural gas-related business. For more information, please visit https://www.osakagasusa.com/.
Green Plains Inc. Contacts
Investors: Phil Boggs | Executive Vice President, Investor Relations | 402.884.8700 | This email address is being protected from spambots. You need JavaScript enabled to view it.
Media: Lisa Gibson | Communications Manager | 402.952.4971 | This email address is being protected from spambots. You need JavaScript enabled to view it.
Tallgrass Media Inquiries
Steven Davidson | Vice President | 817.988.4284 | This email address is being protected from spambots. You need JavaScript enabled to view it.
DUBLIN--(BUSINESS WIRE)--The "Waste to Energy Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global waste to energy market reached a value of US$ 38.87 Billion in 2021. Looking forward, the market is set to reach a value of US$ 56.49 Billion by 2027, exhibiting a CAGR of 6.43% during 2021-2027
Waste to energy (WSE) refers to the process of converting non-recyclable waste materials into usable heat, fuel, or electricity through processes, such as combustion, gasification, devolatilization, anaerobic digestion, and landfill gas recovery. It relies on different systems or technologies for producing electricity by burning unprocessed municipal solid waste in an incinerator with a boiler and a generator.
At present, it is considered a critical component of the waste management system as WSE helps mitigate climate change, reduce greenhouse gases (GHG), and minimize environmental impact and health damages.
Waste to Energy Market Trends:
At present, landfill waste represents a global environmental concern as it causes fires or explosions, contaminates soil and water, and leads to climate change, toxins, leachate, and GHG emissions.
This, in confluence with the increasing industrial waste generation every year, represents one of the key factors driving the need for WSE technologies as a sustainable alternative to landfills for waste disposal. These technologies also assist in avoiding methane from landfills, recovering metals for recycling, and offsetting emissions from fossil fuel electrical production.
Apart from this, rapid industrialization, rising population, growing urbanization, and the economic expansion of developing countries are resulting in accelerating rates of municipal solid waste (MSW) production.
As a result, governing agencies of numerous countries are undertaking several steps and incorporating WSE technologies to manage the accumulation of MSW and generate energy from its combustion for residential and commercial uses.
Furthermore, the launch of new technologies like hydrothermal carbonization (HTC), which fast-tracks the slow process of geothermal conversion of wet waste with an acid catalyst at high pressure, is anticipated to create a favorable market outlook.
Key Questions Answered in This Report:
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being
Key Market Segmentation:
Breakup by Technology:
Breakup by Waste Type:
Breakup by Region:
For more information about this report visit https://www.researchandmarkets.com/r/hq6z0n
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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TORONTO--(BUSINESS WIRE)--Superior Plus Corp. (“Superior”) (TSX:SPB) today announced that it has entered into an agreement to sell the $125 million unsecured promissory note received as part of the purchase price from the sale of the Specialty Chemicals business in 2021 (the “Note”) to ERCO Worldwide LP (an affiliate of Birch Hill Equity Partners), the purchaser of the Speciality Chemicals business, for proceeds of $128 million.
The Note matures on October 9, 2026 and bears interest at a rate of 6% compounded annually, which interest accrues and is paid on maturity. As of September 30, 2022, the Note had accrued interest of $10.9 million. The Note also has an earn-out adjustment feature based on the business results of the Specialty Chemicals business for the three years following closing of the transaction. As part of the sale of the Note, the parties have agreed that there will not be any adjustments made to the purchase price for the Specialty Chemicals business.
Superior expects to use the proceeds from the sale of the Note to repay indebtedness under Superior’s revolving credit facility (the “Revolver”). Pro forma the sale of the Note, Superior’s Total Net Debt to Adjusted EBITDA Leverage Ratio is expected to be 4.1x based on Superior’s Total Net Debt to Adjusted EBITDA Leverage Ratio at September 30, 2022.
Beth Summers, Executive Vice-President and Chief Financial Officer, stated, “The sale of the Note provides us with more liquidity and accelerates our debt repayment. We now expect to be within our targeted leverage range of 3.5x to 4.0x in 2023 after the sale of the Note.”
The sale of the Note is expected to close in the first quarter of 2023.
About the Corporation
Superior is a leading North American distributor and marketer of propane and distillates and related products and services, servicing approximately 890,000 customer locations in the U.S. and Canada.
For further information about Superior, please visit Superior’s website at: www.superiorplus.com or contact: Beth Summers, Executive Vice President and Chief Financial Officer, Tel: (416) 340-6015, or Rob Dorran, Vice President, Capital Markets, Tel: (416) 340-6003, E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it., Toll-Free: 1-866-490-PLUS (7587).
Forward-Looking Information
This news release contains certain forward-looking information and statements based on Superior’s current expectations, estimates, projections and assumptions in light of its experience and perception of historical trends. In this news release, such forward-looking information and statements can be identified by terminology such as “will”, "expects", "annualized", and similar expressions.
In particular, this news release contains forward-looking statements and information relating to expected use of proceeds from the sale of the Note, expected Total Net Debt to Adjusted EBITDA Leverage Ratio and expectations related to the targeted leverage range of 3.5x to 4.0x in 2023. These forward-looking statements are being made by Superior based on certain assumptions that Superior has made in respect thereof as at the date of this news release regarding, among other things: the closing of the sale of the Note within expected timelines and according to agreed upon terms, the success of Superior’s operations; prevailing commodity prices, margins, volumes and exchange rates; that Superior’s future results of operations will be consistent with past performance and management expectations in relation thereto; the continued availability of capital at attractive prices to fund future capital requirements; and future operating costs . These forward-looking statements are not guarantees of future performance and are subject to several known and unknown risks and uncertainties, including, but not limited to: non-performance of agreements in accordance with their terms; the impact of competitive entities and pricing; reliance on key industry partners and agreements; actions by governmental or regulatory authorities including changes in tax laws and treatment, or increased environmental regulation; adverse general economic and market conditions in Canada, North America and elsewhere; fluctuations in operating results; labour and material shortages; and certain other risks detailed from time to time in Superior’s public disclosure documents including, among other things, those detailed under the heading "Risk Factors" in Superior’s management's discussion and analysis and annual information form for the year ended December 31, 2021, which can be found at www.sedar.com.
Accordingly, readers are cautioned that events or circumstances could cause results to differ materially from those predicted, forecasted or projected. Such forward-looking statements are expressly qualified by the above statements. Superior does not undertake any obligation to publicly update or revise any forward looking statements or information contained herein, except as required by applicable laws.
Superior Plus Corp. 401-200 Wellington Street West Tel: 416-345-8050 Toll Free: 866-490-PLUS
Toronto, Ontario M5V 3C7 Fax: 416-340-6030 Web: www.superiorplus.com
BETHESDA, Md.--(BUSINESS WIRE)--Enviva Inc. (NYSE: EVA) (“Enviva,” “our,” “we,” or the “Company”) today announced the signing of a new 10-year take-or-pay off-take fuel supply contract with an existing European customer, extendable for up to five years. Enviva expects to supply 800,000 metric tons of industrial-grade wood pellets per year, with deliveries expected to commence during 2027, subject to certain conditions precedent.
“We are pleased to announce a sizeable contract today with one of our power generation customers in Europe. The magnitude of market opportunities with high-quality counterparties across a range of use cases, from renewable energy generation to displacement of fossil fuel-based carbon in hard-to-abate industries, continues to drive a strong pace of contracting for us,” said Thomas Meth, President and Chief Executive Officer. “Deliveries under this new contract are expected to begin in about four years, which underscores how serious our European counterparties are in shoring up renewable energy feedstock from secure, sustainable, and trusted sources. We have built solid, long-standing relationships with our customers, who understand our ESG-based business and value the quality, dependability, and sustainability of the products we’re delivering worldwide.”
Terms and conditions related to this new contract reflect the strong pricing environment for woody biomass and are generally in line with other recently executed long-term contracts. Enviva’s contracting environment continues to demonstrate the favorable pricing dynamic of a structurally short market with limited large-scale alternatives for renewable baseload, and dispatchable, power and heat generation, and even fewer substitutes for hard-to-abate sectors.
Enviva’s total weighted-average remaining term of take-or-pay off-take contracts is approximately 14 years, with a total contracted revenue backlog of now over $23 billion. This contracted revenue backlog is complemented by a customer sales pipeline exceeding $50 billion, which includes contracts in various stages of negotiation.
About Enviva
Enviva is the world’s largest producer of industrial wood pellets, a renewable and sustainable energy source produced by aggregating a natural resource, wood fiber, and processing it into a transportable form, wood pellets. Enviva owns and operates ten plants with a combined production capacity of approximately 6.2 million metric tons per year in Virginia, North Carolina, South Carolina, Georgia, Florida, and Mississippi, and is constructing its 11th plant in Epes, Alabama. Enviva sells most of its wood pellets through long-term, take-or-pay off-take contracts with creditworthy customers in the United Kingdom, the European Union, and Japan, helping to accelerate the energy transition and to decarbonize hard-to-abate sectors like steel, cement, lime, chemicals, and aviation fuels. Enviva exports its wood pellets to global markets through its deep-water marine terminals at the Port of Chesapeake, Virginia, the Port of Wilmington, North Carolina, and the Port of Pascagoula, Mississippi, and from third-party deep-water marine terminals in Savannah, Georgia, Mobile, Alabama, and Panama City, Florida.
Cautionary Note Concerning Forward-Looking Statements
The information included herein and in any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included herein, including those regarding the anticipated deliveries and terms under this contract and Enviva’s strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans, and objectives of management are forward-looking statements. When used herein, including any oral statements made in connection herewith, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of such terms, and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Enviva disclaims any duty to revise or update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof. Enviva cautions you that these forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Enviva. These risks include, but are not limited to: the volume and quality of products that we are able to produce or source and sell, which could be adversely affected by, among other things, operating or technical difficulties at our wood pellet production plants or deep-water marine terminals; the prices at which we are able to sell our products; the creditworthiness of our contract counterparties; the amount of low-cost wood fiber that we are able to procure and process, which could be adversely affected by, among other things, disruptions in supply or operating or financial difficulties suffered by our suppliers; changes in domestic and foreign laws and regulations (or the interpretation thereof) related to renewable or low-carbon energy, the forestry products industry, the international shipping industry, or power, heat, or combined heat and power generators; changes in leadership plans and strategies; overall domestic and global political and economic conditions; and other factors, as described in Enviva’s filings with the Securities and Exchange Commission (the “SEC”), including the detailed factors discussed under the heading “Risk Factors” in Enviva’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, as supplemented in the Company’s Quarterly Reports on Form 10-Q for the fiscal quarters ended March 31, June 30, and September 30, 2022.
Should one or more of the risks or uncertainties described herein and in any oral statements made in connection therewith occur, or should underlying assumptions prove incorrect, actual results and plans could different materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact Enviva’s expectations and projections can be found in Enviva’s periodic filings with the SEC. Enviva’s SEC filings are available publicly on the SEC’s website at www.sec.gov.
To learn more about Enviva please visit our website at www.envivabiomass.com. Follow Enviva on social media @Enviva.
INVESTOR CONTACT:
Kate Walsh
Vice President, Investor Relations
+1 240-482-3856
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