AUSTIN, Texas--(BUSINESS WIRE)--Fluence by OSRAM (Fluence), a leading global provider of energy-efficient LED lighting solutions for commercial cannabis and food production, launched its intercanopy lighting solution, VYNE. The company’s newest luminaire is equipped with multiple spectral options to enable growers to balance light efficacy with crop quality and yield.

Intercanopy lighting can be an effective strategy for high-density vine crops such as tomatoes and cucumbers. Fluence’s VYNE solution is ideal for greenhouse environments in combination with supplemental top lighting. With VYNE, photosynthetically active radiation reaches leaves lower in the canopy, improving photosynthesis and ultimately increasing plant yield. Cultivators can also leverage VYNE in greenhouses with lower ceilings where top light installation is limited.

“We know every cultivation environment is different, requiring customized lighting strategies that meet each grower’s needs,” said David Cohen, CEO of Fluence. “VYNE provides growers yet another option to optimize lighting within their facilities. Our highly efficient intercanopy lighting solution enables growers to explore new strategies to penetrate crop canopies, maximize available light and improve production and quality at the same time.”

VYNE is available in two standard spectra, offering market-leading efficacies under Fluence’s PhysioSpec™ BROAD R6 and DUAL R9B spectra. VYNE’s photosynthetic photon flux (PPF) ranges from 240 µmol/s to 300 µmol/s depending on fixture length. Up to 40 fixtures can be easily daisy-chained together with Wieland RST 20i3 connectors to create long rows on a single power drop.

The launch of Fluence’s intercanopy lighting solution follows the completion of extensive research in collaboration with Wageningen University and Research in the Netherlands as well as multiple grower trials. Fluence will review results from its collaborative trials during a webinar on March 17, 2022, entitled “Intercanopy Lighting Research: Impact of Light Distribution on Tomatoes and Cucumbers.” To register for the webinar, click here.

For more information on Fluence and its portfolio of LED solutions, visit www.fluence.science.

About Fluence by OSRAM

Fluence Bioengineering, Inc., a wholly-owned subsidiary of OSRAM, 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 based in Austin, Texas, with its EMEA headquarters in Rotterdam, Netherlands. For more information about Fluence, visit https://fluence.science.

For Fluence,
Emma Chase
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C: 512-917-4319

Projects to supply clean, reliable energy to Arizona Public Service Company for 20 years

DALLAS--(BUSINESS WIRE)--Leeward Renewable Energy, LLC (“Leeward”) today announced that it has successfully completed construction of its two Aragonne projects, which included repowering of its existing Aragonne Wind project (Aragonne Repower) and the construction of the new Aragonne Mesa Wind project (Aragonne Mesa).

Located in Guadalupe County, New Mexico the projects will provide 200 megawatts (“MW”) of wind power generation over a 20-year period to Arizona Public Service Company (“APS”) under a previously announced agreement, with the capacity to generate up to 235 MW of renewable energy. This agreement builds on Leeward’s long-term operating success with APS and further supports APS’s clean energy goals.

“Adding more renewable energy to our resource mix is integral to APS’s Clean Energy Commitment. We are striving to serve customers with 100% clean and carbon-free power by 2050 and partnerships like this to strengthen our already diverse portfolio are key to achieving that goal and securing a brighter future for Arizona,” said Justin Joiner, APS Vice President of Resource Management.

Collectively, the new projects are comprised of 86 advanced GE wind turbines capable of generating more than three times the amount of power produced by the legacy Aragonne Wind project while using 60 percent less land. Additionally, as part of Leeward’s commitment to environmental stewardship and to further enhance sustainability, 100 percent of the blades from the decommissioned Aragonne Wind turbines were recycled or reused, as were a majority of the other materials removed from service. Construction financing and tax equity commitments secured for the projects were provided by Wells Fargo and Santander.

Andrew Flanagan, Chief Development Officer at Leeward commented, “This announcement is an important milestone for Leeward as it showcases our ability to deliver high value renewable energy facilities through innovation, long-term trusted relationships and by positively impacting the communities we serve. We are pleased to be extending our long-standing partnership with APS and the trusted relationships we have built with Guadalupe County community for another 20 years.”

About Leeward Renewable Energy, LLC

Leeward Renewable Energy is a leading renewable energy company that owns and operates a portfolio of 22 renewable energy facilities across nine states totaling approximately 2,000 megawatts of generating capacity. Leeward is actively developing and contracting new wind, solar, and energy storage projects in energy markets across the U.S., with 1.9 gigawatts contracted and 17 gigawatts under development spanning over 100 projects. Leeward is a portfolio company of OMERS Infrastructure, an investment arm of OMERS, one of Canada’s largest defined benefit pension plans with C$114 billion in net assets (as at June 30, 2021). For more information, visit www.leewardenergy.com.

Kelly Kimberly
Sard Verbinnen & Co.
713.822.7538
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Value of award expected to exceed $500 million across the project portfolio

Partnership provides Stem exclusive rights to 100 standalone energy storage projects in Texas

SAN FRANCISCO & RALEIGH, N.C.--(BUSINESS WIRE)--Stem, Inc. (“Stem” or “the Company”) (NYSE: STEM), a global leader in artificial intelligence (AI)-driven energy storage software and services, today announced the Company has been selected to provide smart energy storage solutions in Texas to Available Power (“AP”), a developer that designs, develops, and deploys distributed energy resources and microgrid systems for commercial and industrial real estate.

This strategic partnership gives Stem exclusive rights to provide its proprietary Athena^® smart energy storage software to energy storage systems at 100 front-of-the-meter (FTM) sites throughout the state of Texas. The project portfolio is expected to have a value of more than $500 million and will be completed in phases, beginning with deployment of the first 20 systems by early 2023. Together, Stem and AP will be providing the state grid, operating under the Electric Reliability Council of Texas (ERCOT), with an additional one gigawatt (GW), or two gigawatt-hours (GWh), of flexible electric power for 20 years.

ERCOT is responsible for delivering 90 percent of the state's electric power to more than 25 million people throughout Texas. The market for energy storage in ERCOT is expected to grow more than 10 GWh over the next five years as renewable energy adoption increases and the state prioritizes grid resilience.

AP will be facilitating the entire scope of work on the projects, from development of the energy storage sites, to marketing and selling the assets as they reach operation. Stem will provide the battery storage hardware at each site, incorporate Athena Bidder^TM to optimize the bidding and dispatch of the systems (based on real-time market dynamics), and organize the portfolio of energy storage sites into a single, integrated energy intelligence platform. The full scope of Stem’s software and services also includes revenue modeling, battery hardware consulting, and development support to successfully complete these projects.

John Carrington, Chief Executive Officer of Stem, commented, “This partnership with Available Power showcases Stem’s ability to support developers across the project lifecycle and enable best-in-class management of large portfolios of energy storage projects. Our market-leading Athena^® software, advanced Bidder^TM application, system operating knowledge, and ability to rapidly deploy projects will help Available Power quickly go to market and generate exceptional value.”

Daniel Gregory, Chief Executive Officer of AP, added, “We chose to partner with Stem for their unparalleled energy expertise and supply chain strength to support our range of needs from revenue optimization and cost savings to navigating energy markets. Their Athena^® software brings us the unique ability to drive substantial operational value in our growing energy storage portfolio, and we look forward to working on these projects together.”

About Stem

Stem (NYSE: STEM) provides solutions that address the challenges of today’s dynamic energy market. By combining advanced energy storage solutions with Athena^®, a world-class AI-powered analytics platform, Stem enables customers and partners to optimize energy use by automatically switching between battery power, onsite generation, and grid power. Stem’s solutions help enterprise customers benefit from a clean, adaptive energy infrastructure and achieve a wide variety of goals, including expense reduction, resilience, sustainability, environmental and corporate responsibility, and innovation. Stem also offers full support for solar partners interested in adding storage to standalone, community or commercial solar projects – both behind and in front of the meter. With the acquisition of AlsoEnergy, Stem is now a leader in the solar asset management space, bringing project developers, asset owners, and commercial customers an integrated solution for solar and energy storage management and optimization. For more information, visit www.stem.com.

About Available Power

Available Power provides an integrated solution to monetize underutilized real estate by leasing the land and hosting reliable distributed energy systems to serve as a local resource to the wholesale power market. AP’s highly qualified team of utility experts, professional engineers, and project managers evaluate individual sites within the context of the grid and tailor an end-to-end energy system designed to maximize productivity and returns at each location or as part of a larger portfolio. From site identification to system implementation, AP and its partners manage the entire scope of work and are responsible for sourcing project capital, securing permits and grid interconnections, procuring equipment and smart technology, supervising site construction and installation, as well as operating and maintaining the assets to ensure optimal performance and value over the long-term. For more information, visit: https://www.available-power.com/.

Cautionary Statement regarding Forward-Looking Statements

This press release, as well as other statements we make, contain “forward-looking statements” within the meaning of the federal securities laws, which include any statements that are not historical facts. Such statements often contain words such as “expect,” “may,” “can,” “believe,” “predict,” “plan,” “potential,” “projected,” “projections,” “forecast,” “estimate,” “intend,” “anticipate,” “ambition,” “goal,” “target,” “think,” “should,” “could,” “would,” “will,” “hope,” “see,” “likely,” and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain, such as expanding our operations in Texas, the success of the Stem-Available Power partnership; the rate of renewable energy adoption in Texas; the reduction of greenhouse gas (GHG) emissions; the integration and optimization of energy resources; the business strategies of Stem and those of its customers; the global commitment to decarbonization; Stem’s ability to secure new customers, or to retain current customers, and further penetrate existing markets or expand into new markets; Stem’s ability to mitigate supply chain risk and otherwise to manage supply chains and distribution channels; the continuing severity, magnitude and duration of the COVID-19 pandemic, and our future results of operations. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon assumptions and estimates that, while considered reasonable by Stem and its management, depend upon inherently uncertain factors and risks that may cause actual results to differ materially from current expectations, including the expansion of our operations in Texas, the risk that the State of Texas does not adopt renewable energy as quickly as expected, or to the extent expected, the risk that the Stem-Available Power partnership is not as successful as anticipated, our inability to achieve our financial and performance targets and other forecasts and expectations; our inability to realize anticipated revenues from our long-term contracts; our inability to grow and manage profitably; risks relating to the development and performance of our energy storage systems and software-enabled services; our inability to help reduce GHG emissions; our inability to seamlessly integrate and optimize energy resources; the risk that the global commitment to decarbonization may not materialize as we predict, or even if it does, that we might not be able to benefit therefrom; our inability to win new contracts with customers that we are pursuing, or to retain or upgrade current customers, further penetrate existing markets or expand into new markets; our inability to secure sufficient inventory from our suppliers to meet customer demand, and provide us with contracted quantities of equipment; supply chain failures or interruptions; manufacturing or delivery delays; disruptions in sales, production, service or other business activities; our inability to attract and retain qualified personnel; the risk that our business, financial condition and results of operations may be adversely affected by other political, economic, business and competitive factors; and other risks and uncertainties set forth in the section entitled “Risk Factors” in the registration statement on Form S-1 filed with the SEC on July 19, 2021, and our most recent Forms 10-K, 10-Q, and 8-K filed with or furnished to the SEC. If one or more of these or other risks or uncertainties materialize (or the consequences of any such development changes), or should our underlying assumptions prove incorrect, actual outcomes may vary materially from those reflected in our forward-looking statements. Statements in this press release are made as of the date of this release, and Stem disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.

Stem Investor Contacts
Ted Durbin, Stem
Marc Silverberg, ICR
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Stem Media Contact
Cory Ziskind, ICR
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Available Power Media Contact
Benjamin W. Gregory
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HOUSTON--(BUSINESS WIRE)--Hess Midstream LP (NYSE: HESM) (“Hess Midstream”) announced today that representatives of Hess Midstream will meet with investors at the Credit Suisse Annual Energy Summit on February 28, 2022 and at the Morgan Stanley Energy & Power Conference on March 2, 2022.

A presentation has been posted in the “Investors” section of the Hess Midstream website at www.hessmidstream.com.

About Hess Midstream

Hess Midstream is a fee-based, growth-oriented, midstream company that owns, operates, develops and acquires a diverse set of midstream assets to provide services to Hess and third-party customers. Hess Midstream owns oil, gas and produced water handling assets that are primarily located in the Bakken and Three Forks Shale plays in the Williston Basin area of North Dakota. More information is available at www.hessmidstream.com.

Forward Looking Statements

This press release may include forward-looking statements within the meaning of the federal securities laws. Generally, the words “anticipate,” “estimate,” “expect,” “forecast,” “guidance,” “could,” “may,” “should,” “believe,” “intend,” “project,” “plan,” “predict,” “will” and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results and current projections or expectations. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the filings made by Hess Midstream with the U.S. Securities and Exchange Commission, which are available to the public. Hess Midstream undertakes no obligation to, and does not intend to, update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.

Investor:
Jennifer Gordon
(212) 536-8244

Media:
Robert Young
(713) 496-6076

LAFAYETTE, La.--(BUSINESS WIRE)--Slant Energy II, LLC (“Slant II”), a newly formed upstream oil and gas exploration and production company, announced today it has secured a $90 million commitment from Dallas-based private equity firm, Pearl Energy Investments (“Pearl”). Headquartered in Lafayette, Louisiana, Slant II will pursue acquisition and development opportunities focused primarily in the Permian Basin, North Texas, and East Texas.

Slant II was co-founded by Stewart Stover and Jeff Etienne. Prior to Slant II, Stewart, Jeff, and existing Slant I management have demonstrated a successful track record acquiring, optimizing, and developing upstream assets in various onshore basins.

“We are very appreciative of the ongoing support from Pearl. We have had a great partnership and view this additional commitment as an opportunity to continue to execute our business plan,” said Slant II Chief Executive Officer Stewart Stover.

Billy Quinn, Managing Partner of Pearl, said, “The Slant team has proven their ability to create value in multiple operating regions and through dynamic market conditions. Pearl is excited to support Slant II as the team capitalizes on areas of historic success.”

Advisors

Kirkland & Ellis LLP served as legal advisor to Slant II and Sidley Austin LLP served as legal advisor to Pearl in connection with the formation of Slant II.

About Slant II

Slant II is a Lafayette-based upstream oil and gas company focused on acquiring and developing assets in select onshore basins. For additional information, please visit www.slantenergy.com.

About Pearl Energy Investments

Pearl Energy Investments is a Dallas, Texas-based investment firm with $1.2 billion of committed capital under management. Pearl focuses on partnering with best-in-class management teams to invest in the lower-to-middle market North American energy and sustainability sectors. The firm typically targets opportunities requiring $25 million to $150 million of equity capital. For additional information, please visit www.pearl-energy.com.

Media Contact
Meredith Hargrove Howard
Redbird Communications Group
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LITTLE RIVER, S.C.--(BUSINESS WIRE)--#oilandgas--PCT LTD (OTCPK: PCTL). In early February, at INTERTEK LABS, PCT studied Oklahoma & Grassy Creek Crude With Super Catholyte & Nanogas N2 Infused Super Catholyte. Gary J. Grieco, CEO of PCT, stated, “After our initial tests in December ,we saw significant increases in oil cut and now with our N2 infused Super Catholyte we are continuing to see increases such as 49.85% in our oil cuts, especially in the OK oil samples.” Gary continued with, “What we are demonstrating in wells with significant down hole production zone damage, coupled with mud like low gravity oil, is an extremely cost effective and environmentally friendly production enhancing oil recovery system.”

For the 14 day field study (7 days in Oklahoma and 7 days in Grassy Creek), a total of ten tests were run: two Spontaneous Imbibition tests at ambient temperature and eight Spontaneous Imbibition tests at a temperature of 120F. Each plug sample was saturated, using a vacuum or capillary force, with two crude oil to conduct this study.

The findings from these studies run in Grassy Creek, were equal to the field study results conducted back in December 2021 at a slight increase from 14.40% to 15.66%. When assessing the results in Oklahoma, they were much more significant with an increased oil recovery of 49.85%. This is also a reflection of the 34 gravity oil in Oklahoma as opposed to the 15 gravity oil in Grassy Creek.

Due to the significant and successful results found in Oklahoma utilizing the new generator, PCT will initiate a final comprehensive field study. It will be conducted for a full week, in mid-March, upon transfer of the new-gen Catholyte generator from Oklahoma to Grassy Creek “If we can see good results in Grassy Creek with their heavily damaged wells and heavy crude, then our oil recovery system can work anywhere” said Gary Grieco. This generator produces our proprietary catholyte at an increase of 300% in parts per million (ppm) and a 500% increase in volume of catholyte produced.

“The results are so compelling that we are in discussion with multiple energy companies to start initiating paid test wells that, in turn, will bring revenue to PCT second quarter,” Grieco emphasized.

About PCT LTD.:

PCT LTD ("PCTL") focuses its business on acquiring, developing, and providing sustainable, environmentally safe disinfecting, cleaning, and tracking technologies. The company acquires and holds rights to innovative products and technologies, which are commercialized through its wholly owned operating subsidiary, Paradigm Convergence Technologies Corporation (PCT Corp). Currently trading on OTC: PINK, "PCTL" has applied for listing its common stock to the OTC QB market. The Company established entry into its target markets with commercially viable products in the United States and now looks forward to gaining market share in the U.S. and U.K.

ADDITIONAL NEWS AND CORPORATE UPDATES:

PCTL would like to warn its stockholders and potential investors that material corporate information regarding sales, areas of business and other corporate updates will only be made through press releases or filings with the SEC and through Twitter (PCTL@PCTL_). PCTL does not utilize social media, chatrooms, or other online sources to disclose material information. The public should only rely on official press releases, Tweets from the Company’s official Twitter account, and corporate filings for accurate and up to date information regarding PCTL.

Forward-Looking Statements:

This press release contains "forward-looking statements" as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21B of the Securities Exchange Act of 1934, as amended. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements."

Such statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties, which could cause actual results or events to differ materially from those presently anticipated. Such statements involve risks and uncertainties, including but not limited to: PCTL's ability to raise sufficient funds to satisfy its working capital requirements; the ability of PCTL to execute its business plan; the anticipated results of business contracts with regard to revenue; and any other effects resulting from the information disclosed above; risks and effects of legal and administrative proceedings and government regulation; future financial and operational results; competition; general economic conditions; and the ability to manage and continue growth. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. Important factors that could cause actual results to differ materially from the forward-looking statements PCTL makes in this press release include market conditions and those set forth in reports or documents it files from time to time with the SEC. PCTL undertakes no obligation to revise or update such statements to reflect current events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

www.pctl.com

LinkedIn: https://www.linkedin.com/in/paradigm-convergence-technologies-b52571224/
Twitter: https://twitter.com/PCTL_

Investor Relations:
Craig Fischer
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786-375-0556

WASHINGTON--(BUSINESS WIRE)--#GOMEnergy--Consumer Energy Alliance (CEA), the leading energy and environmental advocate for families and businesses, on Thursday launched the “Open the Gulf” campaign to help counter surging prices at the pump and rampant inflation by focusing attention on the current ban on new federal oil and gas leases in the Gulf of Mexico and other policies that restrict access to U.S. energy.

“With American families struggling with the highest prices at the pump in seven years, inflation at a 40-year high and conflict in Ukraine sending oil prices over $100 a barrel, the solution for a cleaner environment and lower energy prices is in America’s possession,” CEA President David Holt said.

“The social cost of doing nothing about America’s energy crisis will be inflicting more economic harm on American families, parents and small businesses, especially those who can least afford to spend another cent amid higher prices for everything,” Holt said.

“President Biden is clearly not using ‘every tool in the toolbox’ to lower prices, which he could do today by opening the Gulf instead of blaming Russia. Americans should not be asked to sacrifice over the Ukraine conflict when we have a domestic energy ban of our own making, and lifting it would mean lower prices for us and less money for Putin.”

“Development opportunities in the Gulf of Mexico are tangled up in red tape and intentional delays by the Administration, while the legally required federal offshore leasing plan for the next five years is nowhere near started.”

“The Biden Administration’s new freeze on all oil and gas leasing because of a court decision that essentially upholds all current standards is proof we are not using every tool we have. The greatest tool in America’s energy toolbox is maximizing our status as the world’s leading environmentally responsible oil and gas producer to ease the pain.”

“The pervasive sense that the Gulf is closed to new leases – whether by bureaucratic slowdowns or political maneuvers – is hurting America’s energy security, reliability of supply and environment by ensuring that global energy demand is met by oil and natural gas from more carbon-intensive producing nations.”

“Our net-zero future will require solutions that use oil and gas, and the Gulf is the least carbon-intensive offshore source in the world. We must embrace it and our stringent environmental and safety protocols to maintain our world-leading emissions reductions.”

The campaign aims to mobilize CEA’s diverse membership representing every aspect of the U.S. economy to educate the public, elected leaders and stakeholders on the value the Gulf provides. The Gulf is responsible for 15% of U.S. crude and 5% of natural gas production; supports nearly 350,000 jobs; generates over $28 billion of GDP and $5 billion in government revenue.

Holt continued, “We must open the Gulf to new leases for wind, oil and gas to give Americans relief from high prices, to ensure we maintain our environmental progress with all forms of energy and secure our future energy supply. We should not ever have to rely on OPEC+ nations.”

“It’s time to throw out the fiction that we can get rid of oil and gas today. It’s long past time to stop ceding our national advantages to foreign adversaries – and then blaming them for high prices – while saddling families, parents, farmers and small businesses with costly, inflation-fueling policies. It’s time to open the Gulf.”

About Consumer Energy Alliance

Consumer Energy Alliance (CEA) is the leading voice for sensible energy and environmental policies for consumers, bringing together families, farmers, small businesses, distributors, producers, and manufacturers to support America’s environmentally sustainable energy future. With more than 550,000 members nationwide, we are committed to leading the nation’s dialogue around energy, its critical role in the economy, and how it supports the vital supply chains for the families and businesses that depend on them. CEA works daily to encourage communities across the nation to seek sensible, realistic, and environmentally responsible solutions to meet our nation’s energy needs.

Bryson Hull
(202) 657-2855
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Sunstone Credit’s solar financing products customized for businesses further differentiate Cross River’s lending portfolio

Cross River’s Venture Arm, Cross River Digital Ventures, also provided strategic investment to fuel Sunstone Credit’s next stage of growth

FORT LEE, N.J. & BALTIMORE--(BUSINESS WIRE)--Cross River Bank (“Cross River”), a technology driven infrastructure provider that offers embedded financial solutions, and Sunstone Credit, Inc. (“Sunstone”), a technology-enabled solar loan finance platform for small and medium-sized businesses (SMBs), today announced a partnership to further Sunstone’s mission of democratizing access to solar for businesses. This partnership will accelerate the transition to a clean energy future and add a new asset class to Cross River’s lending portfolio. Cross River Digital Ventures has also made a strategic investment in Sunstone.

Sunstone has built a best-in-class technology platform that provides solar developers with affordable, easy-to-understand financing products for their SMB customers looking to go solar. Through the partnership, Cross River will originate Sunstone loans and provide API connectivity to Sunstone’s platform, providing a streamlined, highly scalable solution that delivers an optimal customer experience for both borrowers and developers and supports Sunstone’s growth.

As energy costs rise and climate change discourse becomes increasingly prevalent, growing numbers of SMBs have identified solar as a great way to save money and reduce their carbon footprint. However, the lack of simple commercial solar finance alternatives is currently limiting the SMB solar market’s full growth potential. Through its partnership with Cross River, Sunstone will be able to serve a largely untapped market, and offer its solar lending products to the millions of SMBs nationwide that are projected to go solar in the coming years.

“We are excited to partner with Sunstone to enter a market where there is an opportunity to leverage our technology-based lending platform to provide energy efficient products to commercial borrowers,” said Adam Goller, EVP, Head of Fintech Banking at Cross River. “Their experience, track record of success and product knowledge, combined with our technology and innovative approach to banking will address this high-potential market at the scale that the market has come to expect from Cross River.”

“We are thrilled to partner with Cross River as we embark on this next stage of growth for our company and the SMB solar market,” said Mike D’Andrade, Co-Founder and Chief Risk Officer of Sunstone. “We have always been impressed with Cross River’s forward lean on matters of technology and sustainability, and it has been clear from the beginning that they understand and are just as motivated by our mission to democratize access to solar for businesses, which this partnership will enable us to do. In addition, we are excited that they have chosen to deepen their commitment to our company through the strategic investment made by Cross River Digital Ventures.”

Formally launched in June of 2021, Cross River Digital Ventures serves as a synergistic partner for early-stage startups, building partnerships with the next generation of technology pioneers. To date, Cross River has invested in companies that sit at the intersection of lending, payments, investing and fintech, and are of strategic value to both the Cross River ecosystem and the broader technology industry. Sunstone is a perfect example of a such a company innovating in multiple financial and technology spheres while making a lasting positive impact on the planet.

About Cross River

Cross River provides technology infrastructure powering the future of financial services. Leveraging its proprietary real-time banking core, Cross River delivers innovative and scalable embedded payments, cards, lending and crypto solutions to millions of consumers and businesses. Cross River is backed by leading investors and serves the world’s most essential fintech and technology companies. Together with its partners, Cross River is reshaping global finance and financial inclusion. Member FDIC. Find out more at www.crossriver.com.

About Sunstone

Sunstone Credit is on a mission to democratize access to solar for small and medium sized businesses (SMBs). Sitting at the intersection of climate, finance and technology, Sunstone has built a best-in-class technology platform and partnered with leading financial institutions and a national network of solar developers to provide SMB borrowers access to simple, affordable and easy-to-understand solar loan products with flexible terms and a streamlined application process. When SMB customers go solar using Sunstone’s products, they save money and reduce their carbon footprint, driving a clean, green future for all. Learn more at sunstonecredit.com.

Media
Cross River
Eden Hoffman
Phone: 201-808-7000 x538
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Sunstone
Susan Tanski
Phone: 860-573-7598
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SANTA CLARITA, Calif.--(BUSINESS WIRE)--California Resources Corporation (NYSE: CRC), an independent oil and natural gas company committed to energy transition in the sector, today reported fourth quarter and full year 2021 operational and financial results.

"2021 was a transformative year for CRC. We optimized our portfolio, maintained operational excellence, generated record free cash flow and advanced our Carbon Management Business," said Mac McFarland, President and Chief Executive Officer. "Our strong execution throughout the year and excellent financial results have allowed us to continue to demonstrate our commitment to shareholder returns. I am pleased to announce that the Board has authorized a $100 million, or 40%, increase to our share repurchase program and extended the term through 2022. Operationally, we plan to sustain our oil and gas operations with a four drilling rig program throughout 2022. We expect to exit 2022 with net production of ~58,000 barrels of oil per day, similar to the rate that we exited 2021, even after the divestitures of the remaining Ventura assets and our non-operated Lost Hills working interest. Given this outlook, we expect to generate significant free cash flow¹ in 2022 after fully funding our plans to deploy approximately $85 million into our Carbon Management Business."

Mr. McFarland continued, "CRC continues to see robust interest and incredible need for our Carbon Management Business. In 2022, we continue to target emitter contracts and are filing additional permit applications for our Carbon TerraVault projects. CRC remains focused on safely, responsibly and sustainably meeting California’s energy demand today, and leveraging its position to help decarbonize California in the future.”

Primary Highlights

• Reported net income attributable to common stock of $612 million, or $7.37 per diluted share. When adjusted for items analysts typically exclude from estimates including the release of the tax valuation allowance, noncash mark-to-market losses and gains on asset divestitures, the Company’s adjusted net income¹ was $506 million, or $6.10 per diluted share
• Generated net cash provided by operating activities of $660 million, adjusted EBITDAX¹ of $860 million and free cash flow¹ of $466 million in 2021
• Produced approximately 60,000 barrels of oil per day, with total capital expenditures of $194 million in 2021
• Declared a quarterly dividend of $0.17 per share of common stock, totaling $13 million payable on March 16, 2022, to shareholders of record on March 7, 2022, with subsequent quarterly dividends subject to final determination and Board approval
• Repurchased an aggregate 5,023,188 shares for $188 million through February 18, 2022, under the share repurchase program for an average price of $37.29 per share
• In 2022, increased the share repurchase program by $100 million to $350 million in aggregate and extended the term of the program through December 31, 2022. After the repurchases through February 18, 2022, and the $100 million increase, CRC has $162 million available for future repurchases
• Sold non-operated working interest in certain horizons within the Lost Hills field for cash proceeds of $55 million

Fourth Quarter 2021 Highlights

Financial

• Reported net income attributable to common stock of $714 million, or $8.71 per diluted share. When adjusted for items analysts typically exclude from estimates including the release of the tax valuation allowance, noncash mark-to-market losses and gains on asset divestitures, the Company's adjusted net income¹ was $175 million, or $2.13 per diluted share
• Generated net cash provided by operating activities of $204 million, adjusted EBITDAX¹ of $260 million and free cash flow¹ of $138 million
• Closed the quarter with $305 million of cash on hand, an undrawn credit facility and $672 million of liquidity²

Operations

• Produced an average of 97,000 net barrels of oil equivalent (BOE) per day, including 59,000 barrels per day of oil, with quarterly capital expenditures of $66 million
• Operated three drilling rigs in the San Joaquin Basin and one drilling rig in the Los Angeles Basin; drilled 39 wells (35 online in 4Q21)
• Operated 34 maintenance rigs

2022 Production Guidance & Capital Program³

During the first quarter of 2022, CRC's Elk Hills cryogenic gas plant (CGP1) will undergo maintenance that will result in a shut down for approximately six to eight weeks. CGP1 is approaching a 10-year inspection and CRC elected to pursue the plant turnaround in the first quarter to benefit from lower costs of materials and to optimize commodity yields throughout the summer of 2022. As a result of this turnaround, CRC expects a decrease in production of approximately 6,000 BOE per day (56% NGLs) in the first quarter of 2022, returning to pre-turnaround production levels in the second quarter of 2022. CRC also estimates a decrease in total daily production of ~2,000 BOE per day in 2022.

In February 2022, CRC sold its non-operated working interest in certain horizons within the Lost Hills field which had full year 2021 net production of approximately 1,900 barrels of oil per day (100% oil). See Acquisitions and Divestitures for additional information on this transaction.

CRC expects to produce between 90,000 and 93,000 BOE per day³ (~62% oil) in 2022. This range takes into account the full impact of the CGP1 turnaround as well as the Ventura and Lost Hills divestitures.

CRC's 2022 capital program³ targets a range of $330 to $375 million. The program includes $300 to $335 million for oil and gas operations, representing a ~64% increase over 2021 at the midpoint, and $30 to $40 million for carbon management projects. This level of expected spending is consistent with CRC's strategy of investing up to approximately 50% of its operating cash flow back into its exploration and production business.

At this level of spending, CRC expects to maintain oil production from exit to exit despite asset sales. CRC plans to run four drilling rigs in the Mount Poso, Elk Hills, Buena Vista and Wilmington fields, and will focus on high return opportunities and build off of the success of the 2021 drilling program.

Acquisitions and Divestitures

CRC divested the vast majority of its Ventura basin assets in the second half of 2021 and recognized a gain of $120 million during the year ended December 31, 2021. CRC expects to divest its remaining assets in the Ventura basin during the first half of 2022.

In February 2022, CRC sold its 50% non-operated working interest in certain horizons of the Lost Hills field located in the San Joaquin Basin for cash proceeds of $55 million (before transaction costs and purchase price adjustments) which will be used for general corporate purposes. CRC retained an option to capture, transport and store 100% of the carbon emissions from steam generators across the Lost Hills field for future carbon management projects. CRC also retained 100% of the deep rights and related seismic data.

Sustainability Update

In December 2021, CRC was recognized at the Leadership Level ranking for 2021 climate disclosure by CDP for the third year in a row. Once again, CRC received the highest ranking among all U.S. oil and gas companies, tying for first with one other U.S.-based E&P with global operations. Scoring at CDP’s Leadership Level for three years in a row further highlights CRC’s value of ESG leadership in its transparent environmental reporting and disclosure practices as it values being a differentiated and reputable low carbon intensity E&P producer in California.

CRC also continues to prioritize its ESG initiatives and making progress toward its Full-Scope Net Zero goal by 2045. CRC defines Full-Scope Net Zero as achieving permanent storage of captured or removed carbon emissions in a volume equal to all of its scope 1, 2, and 3 emissions by 2045. CRC intends to achieve this goal by targeting investing approximately 25% of its operating cash flows in carbon management projects. These projects include Carbon TerraVault, which is in the early stages of permitting and developing several carbon capture and permanent storage projects in suitable reservoirs. Separately, CRC is evaluating the feasibility of its CalCapture project which utilizes the Elk Hills power plant as the emissions source for CO₂ enhanced oil recovery in its Elk Hills field. The Company is also pursuing multiple front-of-the-meter and behind-the-meter solar projects. CRC remains committed to advancing emissions reducing projects that are aligned with the state of California's 2045 net zero ambitions and puts it ahead of the net zero goals in the Paris Agreement. The Company believes that its Full-Scope Net Zero goal and its cash flow prioritization are a significant ESG differentiator.

During 2022, CRC plans to apply for additional permits to meet the near-term focus of 200 million metric tons of permanent CO₂ storage target for Carbon TerraVault projects. The Company expects to provide additional details about these ongoing permitting efforts and Carbon TerraVault project participants by the end of 2022. Additionally, CRC continues to progress its behind-the-meter solar projects for a total capacity of ~39 megawatts. These solar projects are expected to begin commercial operations sometime in 2023.

Board Enhancement

On December 14, 2021, CRC's Board of Directors elected one new Board member, Alejandra (Ale) Veltmann. Ms. Veltmann will serve as the Chair of the Audit Committee of the Board and qualifies as an independent director and audit committee financial expert.

Ms. Veltmann has over 28 years of experience as a global financial leader of publicly traded entities, private entrepreneurial companies and global accounting firms. Since 2018, she has served as founder, CEO and sole director of ESG Lynk, a leading sustainability reporting company. From 2010 to 2018, she worked in various roles including Vice President and Chief Accounting Officer and Corporate Controller. Prior to that, Ms. Veltmann worked in various capacities at KPMG LLP from 1995 to 2002 and before that at Arthur Andersen LLP from 1992 to 1995. Since 2021, she has served as a director and chair of the Audit Committee for Structural Integrity Associates, a provider of life cycle engineering solutions. Ms. Veltmann has served as a Board member of The University of New Mexico Robert O. Anderson School of Management since 2018, and as an Advisory Council member of the K.B. Hutchison Center for Energy, Law & Business at The University of Texas at Austin since 2019. Please see www.crc.com for more details.

Fresh Start Accounting and Predecessor and Successor Periods

CRC qualified for and adopted fresh start accounting upon its emergence from bankruptcy on October 27, 2020, at which point CRC became a new entity for financial reporting purposes. CRC adopted an accounting convenience date of October 31, 2020, for the application of fresh start accounting. As a result of the application of fresh start accounting and the effects of the implementation of the joint plan of reorganization, the financial statements after October 31, 2020, may not be comparable to the financial statements prior to that date. Accordingly, “black-line” financial statements are presented to distinguish between the Predecessor and Successor companies. References to "Predecessor” refer to the Company for periods ending on or prior to October 31, 2020, and references to “Successor” refer to the Company for periods subsequent to October 31, 2020.

Fourth Quarter 2021 Results

Full Year 2021 Results

Review of Operating and Financial Results

Total daily net production volumes decreased 6% from 103,000 BOE per day for the combined fourth quarter of 2020 to 97,000 BOE per day for the fourth quarter of 2021. Total daily net production volumes decreased 10% from 111,000 BOE per day for the combined year ended December 31, 2020 to 100,000 BOE per day for the same period in 2021. The decrease for both periods was largely a result of natural production declines. CRC suspended its drilling activity in the first quarter of 2020 and temporarily shut-in production in the second quarter of 2020 in response to the economic conditions at that time. CRC increased its capital investment and re-started its drilling program during 2021. PSCs at CRC's Long Beach assets negatively impacted oil production by approximately 3,000 barrels per day in both the quarter and the year ended December 31, 2021, compared to the same prior-year periods. CRC divested the vast majority of its assets in the Ventura basin which resulted in a decrease of 2,000 BOE per day beginning in the fourth quarter of 2021. This decrease was partially offset by improved operational results from CRC's 2021 drilling program and its acquisition of the working interests in certain joint venture wells held by Macquarie Infrastructure and Real Assets Inc. (MIRA) in the third quarter of 2021 which increased oil production by 1,000 barrels per day. See Attachment 3 for further information on production.

Realized oil prices, including the effect of settled hedges, increased by $16.61 per barrel from $44.39 per barrel in the combined fourth quarter of 2020 to $61.00 per barrel in the fourth quarter of 2021. For the year ended December 31, 2021, realized oil prices, including the effect of settled hedges, increased by $12.52 to $56.05 from $43.53 in the same period of 2020. Realized oil prices were higher in the fourth quarter and full year of 2021 compared to the same prior-year periods as oil demand was bolstered by the re-opening of economies and the easing of mobility restrictions related to the COVID-19 pandemic. Prices also increased due to a rise in domestic demand and lower supply caused by reduced investment in the U.S. upstream oil and gas sector as well as supply management by OPEC members. See Attachment 4 for further information on prices.

Adjusted EBITDAX¹ for the fourth quarter of 2021 and for the year ended December 31, 2021, was $260 million and $860 million, respectively. See table below for further information on the Company's net cash provided by operating activities, capital investments and free cash flow¹ during the same periods.

The following table presents key operating data for CRC's oil and gas operations, on a per BOE basis, for the periods presented below. Energy operating costs consist of purchases of natural gas used to generate electricity, purchased electricity and internal costs to generate electricity used in CRC's operations. Non-energy operating costs equal total operating costs less energy and gas processing costs. However, non-energy operating costs include the costs of purchasing natural gas to generate steam for its steamfloods.

Energy operating costs for the three months ended December 31, 2021, were $5.47 per BOE, which was an increase of $1.08 per BOE or 25% from $4.39 per BOE for the same period of 2020. Energy operating costs for the year ended December 31, 2021, were $5.09 per BOE, which was an increase of $1.14 per BOE or 29% from $3.95 per BOE for the same period of 2020. This increase was primarily a result of higher prices for purchased natural gas, which CRC used to generate electricity for its operations, and for purchased electricity.

Non-energy operating costs for the three months ended December 31, 2021, were $14.57 per BOE, which was an increase of $2.13 per BOE, or 17%, from $12.44 per BOE for the same period of 2020. Non-energy operating costs for the year ended December 31, 2021, were $13.76 per BOE, which was an increase of $2.81 per BOE, or 26%, from $10.95 per BOE for the same period of 2020. This increase was primarily a result of higher downhole maintenance activity in 2021 which was deferred in 2020 as CRC shut-in wells and suspended surface maintenance activity due to the COVID-19 pandemic. Additionally, non-energy operating costs increased in 2021 due to higher prices for natural gas which CRC uses to generate steam for its steamfloods. Partially offsetting these increases were lower labor-related costs from headcount reductions in late 2020 and early 2021 and reduced employee benefits beginning in the second quarter of 2021. Although higher natural gas prices in 2021 increased CRC's operating costs, higher prices have a net positive effect on its operating results due to higher revenue from sales of this commodity which it also produces.

General and administrative (G&A) expenses were $53 million for the fourth quarter of 2021, compared to $59 million in the same prior-year period. The decrease in G&A expenses for the fourth quarter is due to changes to the variable portion of our incentive compensation program from the prior year as well as lower labor-related costs as a result of workforce reductions that occurred in the first quarter of 2021 and employee benefit reductions in the second quarter of 2021. For the year ended December 31, 2021, G&A expenses were $200 million compared to $252 million in the same prior-year period. The decrease in G&A expenses for the year ended December 31, 2021, reflects lower labor-related costs as a result of workforce reductions that occurred in the second half of 2020 and the first quarter of 2021 as well as employee benefit reductions in the second quarter of 2021. The remaining decrease was also due to lower spending across a number of cost categories. The decreases from the fourth quarter and the year ended December 31, 2021, were partially offset by an increase in compensation expense related to equity-settled awards granted to executives and directors in 2021.

Balance Sheet and Liquidity Update

CRC's aggregate commitment under the Revolving Credit Facility was set at $492 million as of December 31, 2021. The borrowing base for the Revolving Credit Facility, currently $1.2 billion, will be redetermined semi-annually each April and October.

As of December 31, 2021, CRC had liquidity of $672 million, which consisted of $305 million in cash and $367 million of available borrowing capacity under its Revolving Credit Facility.

Joanna Park (Investor Relations)
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Richard Venn (Media)
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MISSISSAUGA, Ontario--(BUSINESS WIRE)--#CFO--Silfab Solar, Inc. today announced the appointment of Rob Jessen as Chief Financial Officer effective Feb. 23, 2022. Rob will replace Hanna Ayyad who has been Silfab’s CFO since August 2014.

Silfab has dedicated strategic resources to manage accelerated, sustainable growth and continued expansion of the North American market. Rob brings tremendous experience having been at Ernst & Young for 25 years becoming a Senior Partner and Leader of EY’s Global Energy Sector. He previously served as a CFO and member of various Boards of Directors, and more recently he has contributed his extensive knowledge in a consulting capacity, working closely with the Silfab executive team on financial strategy and organizational structure. With his more than 30 years of consulting and executive management experience, Rob’s focus will continue to be on strengthening the financial and accounting department for future growth and investment opportunities.

“Hanna has been an integral part of the Silfab story and growth over the last decade, having joined the company as one of its very first employees,” said Paolo Maccario, CEO of Silfab. “We want to thank Hanna for his dedication and contributions to Silfab’s success and wish him all the best on his next venture.” Hanna will continue to support and assist the Silfab executive team over the next few months to ensure a smooth and successful transition.

About Silfab Solar, Inc.

Silfab Solar is the North American manufacturing leader in the design and development of ultra-high-efficiency, premium-quality solar panels. Silfab leverages more than 40 years of solar experience and operates out of facilities in Bellingham and Burlington, Washington and Toronto, Canada. All of our locations feature fully automated, ISO certified production lines and utilize just-in-time manufacturing to deliver millions of North American-made top-performing solar panels designed specifically for the North American market. www.silfabsolar.com

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Geoff Atkins
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SAN RAMON, Calif. & HOUSTON--(BUSINESS WIRE)--Chevron U.S.A. Inc. (Chevron), a subsidiary of Chevron Corporation (NYSE: CVX), and Iwatani Corporation of America (ICA), a wholly owned subsidiary company of Iwatani Corporation (TYO: 8088), today announced an agreement to co-develop and construct 30 hydrogen fueling sites in California by 2026.

As part of the agreement, Chevron plans to fund construction of the sites, which are expected to be located at Chevron-branded retail locations across the state. The stations will initially fuel light-duty vehicles while retaining the flexibility to service heavy-duty vehicles over the long term. Iwatani will operate and maintain the hydrogen fueling sites and provide hydrogen supply and transportation logistics services. Chevron plans to supply a portion of the fueling sites with excess hydrogen production capacity at its Richmond Refinery and future hydrogen production from pilot projects in Northern California.

“Chevron believes that hydrogen has the potential to assist in lowering the carbon emissions of the transportation sector and other hard-to-decarbonize industries,” said Andy Walz, president of Americas Fuels & Lubricants for Chevron. “We are excited to work with Iwatani to advance the entire hydrogen transportation value chain from production to consumer purchase in order to help our customers lower their lifecycle transportation carbon intensities.”

“This extensive collaboration between Iwatani and Chevron demonstrates our shared vision and commitment to support the decarbonization of transportation,” said Joseph S. Cappello, chairman and CEO of Iwatani Corporation of America. “Together, Chevron and Iwatani will establish one of the most robust, vertically integrated supply and infrastructure ecosystems in California and is a model that can be replicated to other markets.”

About Chevron

Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to achieving a more prosperous and sustainable world. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We are focused on lowering the carbon intensity in our operations and seeking to grow lower carbon businesses along with our traditional business lines. More information about Chevron is available at www.chevron.com.

About Iwatani

Since 1941, Iwatani has regarded hydrogen as the ultimate clean energy source and has consistently engaged in initiatives to encourage its widespread use. Under the corporate slogan “A world where all enjoy true comfort – this is Iwatani’s desire,” Iwatani strives to solve environmental concerns with the aim of achieving a carbon- free society through the use of hydrogen.

Iwatani is Japan’s only fully integrated supplier of hydrogen and presently supplies its extensive base of light and heavy-duty hydrogen refueling stations and industrial customers via five liquid and ten gaseous hydrogen production plants throughout the country. Leveraging its parent company’s expertise, Iwatani Corporation of America (ICA) has embarked on an ambitious growth program to establish a vertically integrated hydrogen business in the US, which includes hydrogen supply, distribution and logistics services as well as operations & maintenance services to hydrogen refueling station owners. ICA also owns and operates a growing network of Iwatani-branded hydrogen refueling stations in California.

Iwatani Corporation of America has headquarters offices in Houston, Texas and Santa Clara, California.

CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This news release contains forward-looking statements relating to Chevron’s operations and energy transition plans that are based on management's current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “advances,” “commits,” “drives,” “aims,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential,” “ambitions,” “aspires” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for the company’s products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changes to government policies in the countries in which the company operates; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and actions; disruptions in the company’s global supply chain, including supply chain constraints and escalation of the cost of goods and services; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic and political conditions; changing refining, marketing and chemicals margins; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; development of large carbon capture and offset markets; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates, particularly during the COVID-19 pandemic; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce greenhouse gas emissions; the potential liability resulting from pending or future litigation; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; material reductions in corporate liquidity and access to debt markets; the receipt of required Board authorizations to implement capital allocation strategies, including future stock repurchase programs and dividend payments; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 18 through 23 of the company’s 2020 Annual Report on Form 10-K and in subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements.

Chevron
Tyler Kruzich
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Iwatani Corporation of America
Joseph S. Cappello
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M13 leads round, with Toyota Ventures joining as a strategic investor and participation from previous investors

SEATTLE--(BUSINESS WIRE)--Nori, which enables global engagement for mitigating and reversing climate change through carbon removal via its marketplace for carbon removals on Ethereum, announced that it has closed a $7M Series A round led by M13, with Toyota Ventures joining and participation from Placeholder.

“To date, the carbon offset industry has struggled with endemic problems including double claiming of credits,” said Paul Gambill, CEO, Nori. “The immutable nature of the blockchain establishes transparency for credits, providing rewards for carbon removal to its community and establishing significant opportunity for our development team, which will be doubling in 2022 as we hire aggressively.”

Nori focuses on carbon removal rather than emissions reductions or avoidances. Its innovative marketplace provides substantial financial rewards to farmers, who use regenerative farming practices that involve soil carbon sequestration. The 10 farmers in its marketplace have already been paid more than $1M USD for their carbon removal credits. Soil sequestration is the first of Nori’s carbon removal offerings, with additional methodologies coming to market in the future.

Nori solves a pervasive accounting problem in the carbon offset industry by minting their carbon removals on Ethereum as NFTs. The company has already attracted mainstream attention, most recently partnering with Julian Lennon’s White Feather Foundation, which is using a portion of the proceeds from his auction of Beatles iconography, including Paul McCartney’s handwritten notes for Hey Jude, to purchase carbon removal from Nori.

“There is no problem more urgent than what Nori is tackling: carbon removal. We’ve been looking to invest in companies that leverage blockchains to meet real-world needs and are proud to back Nori who is both removing carbon and cleaning up carbon-offset accounting with the Ethereum blockchain,” said M13 Partner Latif Peracha. “Nori’s marketplace is proven; farmers are getting paid for removing carbon with regenerative farming, and corporations, SMBs and NFT companies alike are turning to Nori to verify their efforts to run their businesses sustainably.”

The upcoming launch of Nori’s token, NORI, will solve another problem in the carbon offset industry: establishing the true price of a tonne of carbon dioxide. While developing the NORI token, Nori has already established a dedicated community around carbon removal that connects regenerative farmers, large businesses, crypto-native NFT artists and cryptoenthusiasts, NFT marketplace partners such as Rarible, and anyone hoping to take meaningful climate action.

“At Toyota Ventures, our Climate Fund focuses on investing in early-stage startups that can have real impact on carbon neutrality, while delivering value to its customers,” said Lisa Coca, Climate Fund partner at Toyota Ventures. “Nori is pioneering a much needed step-change in the carbon removal industry by building a transparent marketplace and we’re excited to back the company in its mission to ensure that large-scale carbon reductions come to fruition.”

Nori is a blockchain-backed carbon removal marketplace based in Seattle, Washington. Founded in 2017, Nori is on a mission to reverse climate change by removing billions of tonnes of CO2 from the atmosphere. Currently, Nori sources carbon removal by supporting farmers adopting regenerative agriculture projects that are sequestering CO2 from the atmosphere. In the future, Nori will enable various methods of carbon removal. Nori provides transparency and protects against double counting by minting their carbon removals on the Ethereum blockchain.

Visit nori.com.

Media:
Dave Donohue
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Global leader in real estate innovation and sustainability will also lead investment activity for firm’s forthcoming venture & impact capital vertical

NEW YORK--(BUSINESS WIRE)--Asia Capital Real Estate (ACRE), a global real estate private equity firm, today announced it has hired Linda J. Isaacson to serve as Partner and the firm’s first-ever Head of ESG & Impact. Based in ACRE’s New York City headquarters, Isaacson will oversee and manage all Environmental, Social & Governance (ESG) initiatives, and lead investment strategy for the firm’s forthcoming venture and impact capital vertical.

As Head of ESG & Impact, Isaacson will work to ensure ACRE’s ongoing investment decisions, operational actions, and overall business philosophy reflect the firm’s commitment to environmental justice, economic equality, social initiatives, transparency, and other core principles.

“Since our inception in 2011, ACRE has always pursued investments that would generate returns for our investors, while also making a positive and lasting impact on the environment and the communities where we operate,” said ACRE Founding Partner Les Menkes. “As ESG initiatives take on greater importance to investors and other stakeholders around the globe, the addition of a globally recognized leader in the space such as Linda will be critical as we expand our portfolio and broaden our strategic playbook to include emerging technologies. We are extremely excited to welcome her to our firm as we begin a new era of growth and success in the months and years to come.”

In addition to guiding ACRE’s ESG initiatives across its portfolio, Isaacson will also play a leading role in the firm’s forthcoming venture capital vehicle, guiding investment activity in early-stage companies and technologies aimed at creating social impact and disruption related to the built environment, sustainable communities, climate tech, health tech and other emerging priorities.

“Technology has become increasingly vital to real estate and investment firms across the world as they seek to reduce their carbon footprints, increase access to high-quality housing and diversify the next generation of industry leaders,” said Isaacson. “At ACRE, we are taking a hands-on role in the identification and development of tools with the power to change the course of our world for the better. I look forward to leveraging both my unique knowledge and experience to launch this new strategic initiative and add to our firm’s established and highly successful set of investment strategies.”

Isaacson is a former Senior Managing Director, Global Innovation + Technology for global talent management firm Ferguson Partners. She serves as both an Americas Executive Board Member and a Global Governing Trustee of the Urban Land Institute, and chairs the organization’s Global Exchange Council. She also is a board member for Local Logic and CRETech; an active member of PREA’s Innovation Affinity Group; WX, New York Women Executives in Real Estate; and Chief, a private network of the most influential senior women leaders in the United States. She is a graduate of the University of Miami and holds a master’s degree from Boston University.

Through a series of equity and debt funds, ACRE manages more than $2.9 billion in assets across private real estate investments and loans. The firm specializes in value-add, multifamily opportunities and invests in workforce and affordable housing assets in strategic growth markets. ACRE’s unique approach to managing its diverse portfolio of multifamily properties includes an intentional focus on creating added value for residents that extends beyond the four walls of their homes. By establishing a sense of community among residents through socially impactful investments and sustainable green measures, ACRE effectively improves tenant retention and generates stable, cash-flowing properties.

About Asia Capital Real Estate (ACRE)

Founded in 2011, Asia Capital Real Estate (ACRE) is a global real estate private equity firm managing capital for institutional and family office investors through a series of private equity and debt funds and currently has more than $2.9 billion in assets under management. Since its inception, ACRE’s acquisition, development and lending efforts have spanned 22,000 units across 82 properties in 32 cities. ACRE’s strategies focus on direct real estate equity and credit investments and are concentrated in high growth markets in the United States, with additional properties currently in development in Southeast Asia and the United Kingdom. ACRE manages a global multifamily housing portfolio with offices in Atlanta, New York and Singapore.

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Champaign Williams
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DUBLIN--(BUSINESS WIRE)--The "Global Functional Films Market Size, Trends & Growth Opportunity, By Packaging Type, By Application By Region and Forecast till 2027." report has been added to ResearchAndMarkets.com's offering.

The global functional films market is estimated to reach US$ 37 billion by the end of 2027, in terms of revenue, growing at CAGR of 4.5% during the forecast period (2020 to 2027).

Functional films are polymer sheets which are used to improve the properties of the fragile substrate. They are widely used across solar cells as well as the automotive industry for enhancing the functional properties of the automotive component. These films can be classified into conductive films, adhesive films, optical films, and water-soluble films. In the healthcare industry, functional play vital role in the development of various high-quality medical products. These films are protective, heat and chemical resistant, transparent, durable, and flexible in nature.

Market Drivers

The increase in installation of solar panel is expected to boost the growth of global functional films market over the forecast period. For instance, as per the information provided by the Solstice, the U.S. had 64.2 GW of installed solar- enough to power 12.3 million American homes by the 2018. Solar energy accounts for 1.6 percent of total United States electricity generation. Therefore, the growing solar cell market is projected to accelerate the growth of the functional film market.

Furthermore, according to the World packaging, the world packaging market amounted to US$ 851 billion in the year 2017, an increase of 2.8 percent compared to 2016 at constant prices & it is set to reach US$876 billion in 2018, based on the annual growth of 2.9 Percent. The functional films are widely used in the packaging industry due to their various advantages such as lightweight as compared to other packaging materials, durable, abrasion-resistant, and flexible. Hence, the growing packaging industry is supporting the functional films market growth.

Market Restraints

Fluctuating prices of raw materials to produce functional films are expected to hamper the global functional films market growth. Also, lack of awareness regarding the benefits of functional films across developing & underdeveloped countries is expected to hinder the global functional films market growth during the forecast period.

Key Questions Addressed by the Report

• What are the Key Opportunities in Global Functional Films Market?
• What will be the growth rate from 2020 to 2027?
• Which segment/region will have highest growth?
• What are the factors that will impact/drive the Market?
• What is the competitive Landscape in the Industry?
• What is the role of key players in the value chain?

Market Segmentation

By Product Type

• Conductive
• Optical
• Adhesives
• Water-soluble

By Application

• Flat Panel Display (FPD)
• Electronics & Semiconductors
• Automotive
• Construction
• Energy
• Healthcare & Pharmaceuticals
• Packaging

By Region

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa

Companies Mentioned

• Toray Industries Inc
• 3M
• Nagase & Co. Ltd.
• Eastman Chemical Company
• Tatsuta Electric Wire & Cable Co. Ltd.
• SABIC
• Covestro AG
• Toppan Printing Co. Ltd
• Panasonic Corporation
• Mondi Plc

For more information about this report visit https://www.researchandmarkets.com/r/cjxx7p

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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PASADENA, Calif.--(BUSINESS WIRE)--#NAE--Tetra Tech, Inc. (NASDAQ: TTEK), a leading provider of high-end consulting and engineering services, congratulates Dr. Leslie L. Shoemaker, Tetra Tech President and Chief Sustainability Officer, on her election to the National Academy of Engineering (NAE), among the highest professional distinctions accorded to an engineer. NAE recognized Dr. Shoemaker for developing and applying innovative technology to complex, large-scale watershed management systems and sustainable water programs. The NAE class of 2022 will be formally inducted in October, joining the ranks of just 2,700 NAE members worldwide.

“On behalf of everyone at Tetra Tech, I am pleased to congratulate Dr. Shoemaker on this well-deserved honor in recognition of her ongoing commitment to Leading with Science^®,” said Dan Batrack, Tetra Tech Chairman and CEO. “Through her leadership and technical innovation programs, Dr. Shoemaker helps connect and guide our 21,000 associates around the world to provide innovative, sustainable solutions for our clients to support reliable water supplies, restore the environment, and create resilient infrastructure.”

Dr. Shoemaker joined Tetra Tech in 1991 and pioneered the Company’s development of advanced analytics through watershed modeling systems and optimization of sustainable nature-based solutions. These modeling systems served as the foundation of the Tetra Tech Delta technologies that have been applied to more than 10,000 watersheds across the United States. Further, she received the prestigious INFORMS Franz Edelman Award for research and analytics in water system optimization.

She was appointed president of Tetra Tech in 2019 and has served as Chief Sustainability Officer for more than a decade, guiding the Company’s efforts to make climate-positive impacts on the lives of one billion people worldwide.

About the National Academy of Engineering

Founded in 1964, the U.S. National Academy of Engineering is a private, independent, nonprofit institution that provides engineering leadership in service to the nation. Its mission is to advance the well-being of the nation by promoting a vibrant engineering profession and by marshalling the expertise and insights of eminent engineers to provide independent advice to the federal government on matters involving engineering and technology.

About Tetra Tech

Tetra Tech is a leading provider of high-end consulting and engineering services for projects worldwide. With 21,000 associates working together, Tetra Tech provides clear solutions to complex problems in water, environment, sustainable infrastructure, renewable energy, and international development. We are Leading with Science^® to provide sustainable and resilient solutions for our clients. For more information about Tetra Tech, please visit tetratech.com or follow us on LinkedIn, Twitter, and Facebook.

Any statements made in this release that are not based on historical fact are forward-looking statements. Any forward-looking statements made in this release represent management’s best judgment as to what may occur in the future. However, Tetra Tech’s actual outcome and results are not guaranteed and are subject to certain risks, uncertainties and assumptions ("Future Factors"), and may differ materially from what is expressed. For a description of Future Factors that could cause actual results to differ materially from such forward-looking statements, see the discussion under the section "Risk Factors" included in the Company’s Form 10-K and Form 10-Q filings with the Securities and Exchange Commission.

Jim Wu, Investor Relations
Charlie MacPherson, Media & Public Relations
(626) 470-2844

ANN ARBOR, Mich.--(BUSINESS WIRE)--The Coretec Group, Inc., (OTCQB: CRTG), a developer of engineered silicon and 3D volumetric displays, has opened a new wet laboratory and hired a research scientist.

The new lab is located in the same building as the company’s corporate offices in Ann Arbor, Michigan. The Coretec Group plans to use the lab to develop cyclohexasilane (CHS), create silicon quantum dots, and create silicon-anode active materials for lithium-ion batteries. The lab design includes a fume hood and glove box, which is necessary to handle pyrophoric materials such as silane gases and certain hydrides.

The Coretec Group is engineering silicon to achieve advancements in a variety of applications including nanotechnology, solid-state lighting, microelectronics and battery technology. The Coretec Group is particularly interested in the potential for engineered silicon to improve the performance of lithium-ion batteries.

The company believes the next step in improving the performance of lithium-ion batteries is replacing traditional graphite anodes with specially engineered silicon anodes. The company plans to use its new lab to conduct further research and development toward this advancement as well as its proprietary silicon anode.

The company has hired research scientist Nathanael Downes to lead work in the lab. Downes holds a Ph.D. in Inorganic Chemistry from the University of Michigan with Dr. Stephen Maldonado as his advisor. At the University of Michigan, he studied electrodeposition of silicon thin films and has expertise in silicon chemistry. His solid background in inorganic synthetic chemistry, combined with his innovative nature makes his skill set well-aligned with Coretec’s current focus.

“Opening our own lab is a major step toward demonstrating the benefits of our engineered silicon by producing the materials ourselves,” said CEO Matthew Kappers. “Nathanael is a perfect addition to our brilliant team of scientists. He brings hard-to-find, relevant lab experience and a great energy to the team. We look forward to his developments in the lab.”

About The Coretec Group

The Coretec Group, Inc. is developing a portfolio of engineered silicon to improve energy-focused verticals, including electric vehicle and consumer batteries, solid-state lighting (LEDs), and semiconductors, as well as 3D volumetric displays and printable electronics. The Coretec Group serves the global technology markets in energy, electronics, semiconductor, solar, health, environment, and security.

For more information, please visit thecoretecgroup.com. Follow The Coretec Group on Twitter and LinkedIn.

Forward-Looking Statements

The statements in this press release that relate to The Coretec Group’s expectations with regard to the future impact on the Company’s results from operations are forward-looking statements, and may involve risks and uncertainties, some of which are beyond our control. Such risks and uncertainties are described in greater detail in our filings with the U.S. Securities and Exchange Commission. Since the information in this press release may contain statements that involve risk and uncertainties and are subject to change at any time, the Company’s actual results may differ materially from expected results. We make no commitment to disclose any subsequent revisions to forward-looking statements. This release does not constitute an offer to sell or a solicitation of offers to buy any securities of any entity.

Corporate Contact
The Coretec Group, Inc.
Lindsay McCarthy
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+1 (866) 916-0833

HOUSTON--(BUSINESS WIRE)--Senior executives and founders of eight companies selected as 2022 Energy Innovation Pioneers will present at CERAWeek by IHS Markit—the world’s preeminent energy conference—March 7-11 in Houston.

The Energy Innovation Pioneers program, held annually at CERAWeek, identifies the most innovative new technologies and business models across the energy spectrum based on judging criteria that includes creativity, feasibility of plan, scalability of technology and leadership. The program is now in its 17th year.

This year’s honorees represent the diverse supply of innovation enabling the transition towards a lower-emissions future, ranging from those that are working to enable zero-carbon energy systems (such as enhanced geothermal, electrical grid modernization, fusion energy and hydrogen production) as well those working to decarbonize the existing system (carbon capture, energy recovery, flare gas recovery and residential cooling).

The 2022 class of Energy Innovation Pioneers includes:

• Anax Power – Michael Longo, co-founder and head of business development
• Carbon America – Brent Lewis, CFO and co-founder
• Commonwealth Fusion Systems – Bob Mumgaard, co-founder and CEO
• Emvolon – Emmanuel Kasseris, CEO
• Fervo Energy – Tim Latimer, CEO
• Transaera – Sorin Grama, co-founder and CEO
• TS Conductor – Jason Huang, CEO
• SAFCell – Dr. Calum Chisholm, CEO

During CERAWeek 2022, the Energy Innovation Pioneers will participate in Agora Studios sessions exploring the role startups and their innovations are playing to advance decarbonization of the global energy system:

• Wednesday, March 9 – 9:30‒10:10 am CST: Scaling the Mountain: Accelerating development of zero-carbon energy systems for deep decarbonization
  
  
• Thursday, March 10 – 8:30‒9:10 am CST: Play the Hand You’re Dealt: Accelerating decarbonization in existing energy systems

CERAWeek and Innovation Agora delegates are also invited to attend Agora Pod sessions where each Pioneer will provide an interactive presentation about their company and technology. These presentations are concurrent with the main conference agenda.

“Transitioning the global economy to a lower emissions energy system will require innovations not just in technology, but also in how they are brought to market and scaled,” said Carolyn Seto, director, technology and innovation practice, IHS Markit and Energy Innovation Pioneer chair. “Through their vision and perseverance, the solutions developed by this year’s class of Pioneers are setting the pace and the path towards a low carbon future.”

“We are pleased to honor the 17th class of Energy Innovation Pioneers at CERAWeek by IHS Markit,” said Daniel Yergin, vice chairman, IHS Markit and CERAWeek conference chair. “The theme of this year’s CERAWeek, ‘Pace of Change’ speaks to overcoming the challenges and seizing the opportunities of reducing emissions while supplying the needs of a growing global economy. These eight companies and entrepreneurs embody the next wave of innovation that will set the pace in shaping that energy future.”

“The Energy Innovation Pioneers program is an essential part of CERAWeek, just as innovation and technology are at the center of energy industry,” said James Rosenfield, senior vice president, IHS Markit and co-chairman of CERAWeek. “We are pleased to honor this year’s class of pioneers that are blazing new trails of innovation across the global energy landscape.”

CERAWeek 2022: Pace of Change: Energy, Climate and Innovation will examine the challenges and opportunities of reducing emissions while supplying the needs of a growing global economy in the era of energy transition. The conference is returning to Houston for its 40th annual gathering after being hosted as an all-virtual event in 2021.

Produced by IHS Markit (NYSE: INFO), a world leader in critical information, analytics and solutions, the CERAWeek 2022 conference program will explore key themes related to More Energy, Lower Emissions; Geopolitics and Energy Markets; Workforce of the Future; Competitive Landscape and the Energy Transition; Supply Chains; and Financing the Energy Future.

The CERAWeek Innovation Agora serves as the center of technology and innovation programming at the event. Featuring a community of thought leaders, technologists, start-ups, investors, academics, energy companies and government officials, the Innovation Agora will showcase transformational technology platforms in the energy space ranging from digitalization, AI, analytics and connectivity, robotics, blockchain, additive manufacturing, mobility and decarbonization. Newly added for 2022 will be dedicated “Agora Hubs” focused on hydrogen and carbon management.

Visit www.ceraweek.com for a complete list of speakers and the most up-to-date program information (subject to change).

Registration Information

CERAWeek by IHS Markit 2022 will be held March 7-11 at the Hilton Americas—Houston. Further information and delegate registration is available at www.ceraweek.com.

Media Accreditation

Media registration is now open. Members of the media interested in covering CERAWeek 2022 are required to apply for accreditation. Applications are subject to approval and can be submitted at the following link: https://ceraweek.com/about/press.html

About IHS Markit (www.ihsmarkit.com)

IHS Markit (NYSE: INFO) is a world leader in critical information, analytics and solutions for the major industries and markets that drive economies worldwide. The company delivers next-generation information, analytics and solutions to customers in business, finance and government, improving their operational efficiency and providing deep insights that lead to well-informed, confident decisions. IHS Markit has more than 50,000 business and government customers, including 80 percent of the Fortune Global 500 and the world’s leading financial institutions. Headquartered in London, IHS Markit is committed to sustainable, profitable growth.

IHS Markit is a registered trademark of IHS Markit Ltd. and/or its affiliates. All other company and product names may be trademarks of their respective owners © 2022 IHS Markit Ltd. All rights reserved.

Jeff Marn
IHS Markit
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Press Team
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FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--#API--The Digital Innovation Group (“DIG”), a GA Telesis, LLC company, announces Fraudblock™, the first Fraud Protection Application Programming Interface (API) service of its kind for U.S.-based enterprises, now available in the Amazon Web Services (AWS) Marketplace™. AWS comprises over 200 products servicing over 310,000 global customers for computing, cloud storage, networking, database, analytics, and more, now with FraudBlock™ as the first Fraud Protection API available to enterprise businesses. Banks, financial institutions, high-volume payment gateways, and FinTech companies will benefit the most from the seamless integration and easy access for activating FraudBlock.

“Our FraudBlock API truly is an industry breakthrough. We’ve solved the critical ‘first mile’ by providing the highest level of accuracy possible in fraud detection and prevention before it happens," said Jason Bennick, CEO of Blockrails and President of DIG Holdings. "Using emerging technologies, DIG utilizes artificial intelligence to root out, identify and flag fake identities, accounts, and potential fraud,” commented Bennick.

FraudBlock™ is the foundational service and core engine of the larger Blockrails™ platform, a cloud-based Deal Management as a Service (DMaaS) solution maintained by Blockrails LLC. The FraudBlock™ technology also supports ClearPay™ within Blockrails, a fraud-free earnest money deposit payment tool specially designed for real estate transactions.

Blockrails CTO and DIG Head of Technology, Darryl Maraj, added, “The FraudBlock™ Fraud Protection API service has been designed with data accuracy, quality, and latency in mind. As a result, it offers measurable speed, scale, and cost benefits to our clients. These benefits help by replacing costly manual employee processes and procedures, reducing organizational risks, and protecting customers."

FraudBlock’s current usage channel and client partnerships span across the United States, United Kingdom, Europe and include Fortune 500 companies and mid-level enterprises, helping detect and prevent fraud for over $10 million in commercial payments in 2021. Additionally, FraudBlock™ can be found in the AWS Marketplace at www.aws.amazon.com/marketplace by typing “FraudBlock” or “Blockrails” in the marketplace search bar.

About GA Telesis

GA Telesis is the leading provider of integrated services in the commercial aviation industry. Through the GA Telesis Ecosystem™, the Company is distinctly positioned, across six continents, to leverage its resources to create innovative solutions for its customers. Consisting of global operations encompassing Component Solutions, Leasing/Financing, Logistics Solutions, and MRO Services business units for landing gear, component/composite, and turbine engine repair, as well as digital solutions, the GA Telesis Ecosystem™ provides an unparalleled resource to airlines. The Company’s core business is its mission to ensure “Customer Success,” built from a reputation for unsurpassed excellence and integrity.

For further information, please contact Cathy Moabery at This email address is being protected from spambots. You need JavaScript enabled to view it..

About DIG

The Digital Innovation Group (DIG Holdings, LLC) is a GA Telesis™, LLC company. DIG is a creative think tank and execution team that innovates business solutions using emerging technologies. Through the vision of a secure and connected world powered by ingenuity and democratized technology, DIG makes transformational technology accessible for every business. DIG is developing and introducing a series of innovative and related business solutions helping drive transformational change in removing friction and improving business speed and viability.

For further information, please contact Jason Bennick at This email address is being protected from spambots. You need JavaScript enabled to view it..

Cathy Moabery
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Jason Bennick
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DALLAS--(BUSINESS WIRE)--Aspen Power Partners (“Aspen”), a distributed generation platform with the dual mission of accelerating and democratizing decarbonization, today announced with its latest financing round it has raised $120 million of capital from providers including Ultra Capital, Redball Power, and a global Swiss asset manager, as well as family offices and high net worth individuals. Aspen was incubated at Energy Impact Partners, a leading global investor in the transition to a sustainable future.

Aspen originates its own projects and partners with local developers on their portfolios to accelerate the deployment of solar and storage assets across the U.S. “We are proud of the expert team we have assembled over the past year, which was purpose-built to deliver developers and customers with the best possible outcome at any stage in the project lifecycle. We look forward to innovating with our key stakeholders as we develop and finance distributed generation solar, storage, and electric vehicle charging projects during this critical climate decade,” said Jorge E. Vargas, Managing Partner at Aspen Power Partners.

Currently active in the community solar, multifamily, and commercial and industrial rooftop markets, Aspen is pioneering new frontiers with its partners—expanding access to clean distributed energy for consumers and businesses across all income levels and hard-to-reach property types. The firm has entered into agreements to develop or acquire 48 community and distributed solar projects totaling over 200 megawatts (MW) across California, Maine, Maryland, New York and Pennsylvania.

“We have had a front-row seat to the formation and growth of the world-class team at Aspen Power Partners over the past couple of years and are excited to see them tackle one of the fastest growing segments of the energy transition market” said Sameer Reddy, Managing Partner at Energy Impact Partners.

At the end of 2021, the Biden administration set an ambitious target of powering 5 million American homes with community solar projects by 2025. This growth requires nearly a 700% increase in current capacity. On a state level, Governor Kathy Hochul of New York announced a framework for the state to achieve at least 10 gigawatts of distributed solar by 2030. Aspen will help achieve these and other federal and state targets by embracing sound environmental, social, and governance (ESG) practices and providing consumers of all income levels with access to clean energy.

“We are thrilled to partner with the Aspen team as they execute on their mission and vision. Our focus is to sponsor platforms like Aspen with flexible equity capital and serve as a financing partner to support their platform’s growth and expansion. We look forward to collaborating with Aspen further as they execute on their gigawatt pipeline and serve a vital role in the energy transition,” said Kristian Hanelt, Managing Director at Ultra Capital.

Aspen was founded by David Berv, Scott Delaney, Dan Gulick, Jackson Lehr and Jorge Vargas with expertise across the development, construction, project finance and asset management disciplines. Collectively, the team has financed over $1 billion worth of renewable energy projects and has decades of experience across all stages of project development and ownership.

For more information about Aspen Power Partners, please visit aspenpower.com.

ABOUT ASPEN POWER PARTNERS

Aspen Power Partners (Aspen) is a distributed generation platform with the dual mission of accelerating and democratizing decarbonization. The firm develops and finances community, multifamily, and other distributed solar and storage installations enabling consumers of all income levels to access clean renewable energy. The Aspen team is made up of seasoned professionals across the development, construction, project finance and asset management industry. Aspen is headquartered in Dallas, TX with locations throughout the U.S. For more information, please visit aspenpower.com.

MEDIA
Alex Autry
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Silverline Communications

HOUSTON--(BUSINESS WIRE)--Max Midstream Texas, LLC (“Max Midstream”), a Houston-based energy company and subsidiary of Max Energy Industrial Holdings US, LLC, has collaborated with Macquarie Group’s Commodities and Global Markets (“Macquarie”) division to offset its direct greenhouse gas emissions. Macquarie retired the carbon offsets on behalf of Max Midstream at the Verra registry. The retirement is sufficient to offset the emissions from all construction activities since Max Midstream’s inception and all emissions associated with crude logistics at Max Midstream’s pipeline and terminal operations for the following three years based on projected through-put¹.

“Max Midstream is entirely committed to environmental sustainability and its relevance in the energy transition,” said Jon Novitsky, CEO of Max Midstream. “This agreement with Macquarie and our first retirement of offsets is just one of the first steps in our ESG journey. Offsetting is a practical step we could execute immediately as we build to our other planned activities, and we appreciate Macquarie’s expertise and guidance.”

Max Midstream is committing to making its terminal operations 100% carbon-neutral. It has designed and invested in a combination of operational efficiency improvements and tank designs to reduce emissions associated with the movement and storage of hydrocarbons.

The arrangement agreed with Macquarie also enables Max Midstream to provide carbon offsetting and lifecycle carbon accounting services to its customers, thus allowing its crude buyers to offtake ‘carbon-neutral’ or ‘carbon offset’ crude from Max Midstream’s Seahawk Terminal. The offsets will be provided by contractually bundling crude with voluntary carbon offsets supplied and retired by Macquarie from projects as desired by Max Midstream’s customers.

About Max Energy

Max Energy is creating a modern and evolved Energy Asset and Trading Company. Throughout its development, it will instill innovation, forward-thinking, and new solutions for its markets and customers. As the world’s energy needs and requirements are rapidly changing, Max Energy is prepared to offer value-driven solutions for today and the future. Through its subsidiary Max Midstream, it operates a carbon neutral export terminal at the Port of Calhoun, Texas and linking pipeline on the US Gulf Coast. For further information about Max Energy and Max Midstream, visit https://www.maxmidstream.com.

About Macquarie Group

Macquarie’s Commodities and Global Markets group offers capital and financing, risk management, market access, physical execution and logistics solutions as part of Macquarie Group Limited, a diversified financial group providing clients with asset management and finance, banking, advisory and risk and capital solutions across debt, equity and commodities. Founded in 1969, Macquarie employs over 17,000 people globally in 33 markets. As of 30 September 2021, Macquarie had assets under management of $US532.8 billion. For further information, visit www.macquarie.com.

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¹ For hydrocarbons through Max Midstream’s Edna and Seahawk Facilities (Scope 1 & 2 only)

Kasey S. Pipes
817-542-3870