IRVING, Texas--(BUSINESS WIRE)--ExxonMobil today announced its ambition to achieve net zero greenhouse gas emissions for operated assets by 2050, backed by a comprehensive approach to develop detailed emission-reduction roadmaps for major facilities and assets.
The net-zero ambition is contained in the company’s Advancing Climate Solutions - 2022 Progress Report, formerly known as the Energy & Carbon Summary. The net-zero aspiration applies to Scope 1 and Scope 2 greenhouse gas emissions and builds on ExxonMobil’s 2030 emission-reduction plans, which include net-zero emissions for Permian Basin operations and ongoing investments in lower-emission solutions in which it has extensive experience, including carbon capture and storage, hydrogen and biofuels.
“ExxonMobil is committed to playing a leading role in the energy transition, and Advancing Climate Solutions articulates our deliberate approach to helping society reach a lower-emissions future,” said Darren Woods, chairman and chief executive officer. “We are developing comprehensive roadmaps to reduce greenhouse gas emissions from our operated assets around the world, and where we are not the operator, we are working with our partners to achieve similar emission-reduction results.”
The report provides details of how ExxonMobil’s business strategy is resilient when tested against a range of Paris-aligned net-zero scenarios, including the United Nations Intergovernmental Panel on Climate Change’s 2018 Special Report and the International Energy Agency’s Net Zero by 2050 scenario.
ExxonMobil’s Outlook for Energy, which is based on current policy and technology trends, continues to be the basis for the company’s business plans and investment decisions. In the Advancing Climate Solutions report, the company outlines how its short- and medium-term business plans are adjustable to developments in policy and technology and how it uses signposts and leading indicators to evaluate the need for any changes in future years.
Sound government policies will accelerate the deployment of key technologies at the pace and scale required to support a net-zero future. ExxonMobil continues to support an explicit price on carbon to establish market incentives and encourage investments in lower-emissions technologies.
ExxonMobil is also committed to helping customers reduce their greenhouse emissions by investing in carbon capture and storage, hydrogen and biofuels. Bio-based feed and plastic waste streams provide further opportunities for lowering greenhouse gas emissions.
“As we invest in these important technologies, we will advocate for well-designed, high-impact policies that can accelerate the deployment of market-based, cost-effective solutions,” said Woods. “We believe our strategy is unique among industry and enables us to succeed across multiple scenarios. We will create shareholder value by adjusting investments between our existing low-cost portfolio and new lower-emission business opportunities to match the pace of the energy transition.”
To help reach net zero for operated assets by 2050, the company has identified more than 150 potential steps and modifications that can be applied to assets in its upstream, downstream and chemical operations.
Initial actions already underway prioritize energy efficiency measures, methane mitigation, equipment upgrades and the elimination of venting and routine flaring. Further high-impact reduction opportunities include power and steam co-generation and electrification of operations, using renewable or lower-emission power. The company expects to finalize detailed roadmaps that address approximately 90% of operations-related greenhouse gas emissions by the end of this year, and the remainder will be completed in 2023.
Initial steps to achieve net zero by 2050 are included in the company’s plans to invest more than $15 billion by 2027 on lower-emission initiatives. Policies further accelerating the development and deployment of lower-emission technologies could provide ExxonMobil with additional investment opportunities.
Advancing Climate Solutions - 2022 Progress Report is available online at exxonmobil.com. The report expands on the company’s 2030 greenhouse gas emission-reduction plans, which are consistent with Paris-aligned pathways, the U.S. and European Union’s Global Methane Pledge and the U.S. Methane Emissions Reduction Action Plan. Compared to emission levels in 2016, the time of the Paris Agreement, the 2030 plans include a 20-30% reduction in corporate-wide greenhouse gas intensity, which includes 40-50% reduction in upstream greenhouse gas intensity, 70-80% reduction in corporate-wide methane intensity, and 60-70% reduction in corporate-wide flaring intensity.
The 2030 emission-reduction plans are expected to achieve World Bank Zero Routine Flaring by 2030 and reduce absolute greenhouse gas emissions by an estimated 30% for the company’s upstream business and 20% for the entire corporation. Similarly, absolute flaring and methane emissions are expected to decrease by 60% and 70%, respectively by 2030.
ExxonMobil has regularly updated emission-reduction plans as technologies and policies have evolved and will continue to do so. When final data is collected and analyzed, the company expects to report it achieved its 2025 emission-reduction plans as of year-end 2021, including a 15-20% reduction in greenhouse gas intensity for its upstream operations, compared to 2016 levels.
ExxonMobil’s strategy is outlined in Advancing Climate Solutions and leverages its advantages in scale, integration, technology and people to build globally competitive businesses that lead industry in earnings and cash flow growth across a broad range of future scenarios.
About ExxonMobil
ExxonMobil, one of the largest publicly traded international energy companies, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is one of the largest refiners and marketers of petroleum products, and its chemical company is one of the largest in the world. To learn more, visit exxonmobil.com, the Energy Factor and Carbon capture and storage | ExxonMobil.
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Cautionary Statement
CAUTIONARY STATEMENT RELEVANT TO FORWARD LOOKING INFORMATION FOR THE PURPOSE OF THE “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
Statements of future aims, ambitions, plans, events or conditions in this press release, including projections, plans to reduce emissions and emissions intensity, sensitivity analyses, expectations, estimates, the development of future technologies, and business plans, are forward-looking statements. Actual future results, including the achievement of ambitions to reach Scope 1 and Scope 2 net zero from operated assets by 2050, to reach Scope 1 and 2 net zero in Upstream Permian Basin operated assets by 2030, to eliminate routine flaring in-line with World Bank Zero Routine Flaring, to reduce methane emissions, to meet its emission reduction, divestment and start-up plans, and associated project plans could vary depending on the ability to execute operational objectives on a timely and successful basis; changes in laws and regulations including international treaties and laws and regulations regarding greenhouse gas emissions and carbon costs; government incentives; trade patterns and the development and enforcement of local, national and regional mandates; unforeseen technical or operational difficulties; the outcome of research efforts and future technology developments, including the ability to scale projects and technologies on a commercially competitive basis; changes in supply and demand and other market factors affecting future prices of oil, gas, petrochemical and future product offerings; changes in the relative energy mix across activities and geographies; changes in regional and global economic growth rates and consumer preferences; the pace of regional and global recovery from the COVID-19 pandemic and actions taken by governments and consumers resulting from the pandemic; changes in population growth, economic development or migration patterns; military build-ups or conflicts; and other factors discussed in this release and in Item 1A. “Risk Factors” in ExxonMobil’s Annual Report on Form 10-K for 2020 and subsequent Quarterly Reports on Forms 10-Q, as well as under the heading “Factors Affecting Future Results” on the Investors page of ExxonMobil’s website at www.exxonmobil.com. We do not undertake to provide any updates or changes to any forward-looking statements in this press release.
The reference to any scenario, including any potential net zero scenario, does not imply ExxonMobil views any particular scenario as likely to occur. In addition, energy demand scenarios require assumptions on a variety of parameters. As such, the outcome of any given scenario using an energy demand model comes with a high degree of uncertainty. Third-party scenarios discussed in this press release reflect the modeling assumptions and outputs of their respective authors, not ExxonMobil, and their use or inclusion herein is not an endorsement by ExxonMobil of their underlying assumptions, likelihood or probability. Any reference to ExxonMobil’s support of a third-party organization within this press release does not constitute or imply an endorsement by ExxonMobil of any or all of the positions or activities of such organization. The term “project” as used in this press release can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports.
Exxon Mobil Corporation has numerous affiliates, many with names that include ExxonMobil, Exxon, Mobil, Esso, and XTO. For convenience and simplicity, those terms and terms such as Corporation, company, our, we, and its are sometimes used as abbreviated references to one or more specific affiliates or affiliate groups. Abbreviated references describing global or regional operational organizations, and global or regional business lines are also sometimes used for convenience and simplicity. Nothing contained herein is intended to override the corporate separateness of affiliated companies. Exxon Mobil Corporation’s aims, ambitions and plans do not guarantee any action or future performance by its affiliates or Exxon Mobil Corporation’s responsibility for those affiliates’ actions and future performance, each affiliate of which manages its own affairs.
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BOSTON--(BUSINESS WIRE)--Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent“ or the “Company”), an innovation-driven leader in the fuel cell and hydrogen technology space, is pleased to announce that - within the framework of its long-lasting collaboration with Globe Telecom, Inc. (Globe) - it is currently upgrading Globe’s rooftop sites in the Philippines with 10kW SereneU fuel cell systems, enabling Globe to reach its ambitious targets for reduced CO2 emissions.
By deploying Advent’s SereneU fuel cells, Globe aims to reduce carbon emissions across its network, consume cleaner fuel in smaller quantities, achieve lower emissions, and maintain energy-efficient heat removal.
Morten Hougaard Sørensen, Senior Vice President, Advent Technologies A/S, said, “We have been working with Globe since the beginning of their transition to greener operations, incorporating the use of fuel cells in their cell sites for both rural and urban areas, as well as their ongoing upgrades for 5G networks.”
Advent’s SereneU fuel cells produce fewer emissions than traditional generator sets, and operate silently, thereby providing a system with a low footprint to surrounding areas and people. Depending on the fuels used, the systems can become close to CO2 neutral, as well as being easier to store and transport. Advent’s SereneU systems also have higher temperature and environmental conditions tolerance, ensuring uninterrupted back-up power and stronger resilience against natural calamities such as typhoons, monsoon rains, and even long dry seasons.
Dr. Vasilis Gregoriou, Advent’s Chairman and Chief Executive Officer, stated, “We see Globe as a highly committed partner, not only to the mission of transitioning to green technologies, but also in establishing their independent organizational know-how and technical expertise to lead projects, install and operate fuel cells. We are happy to be a part of their mission, as the process and results of our collaboration grow stronger and stronger.”
By using fuel cells in its green transition, Globe complies not only with regulations and its own ambitions for best environmental practices but also secures several competitive advantages. In June 2021, Globe became the first and currently only Philippine company listed by the Science-Based Target initiative (SBTi) to commit to Business Ambition for 1.5 degrees Celsius and has officially joined as a participant in the #RacetoZero Campaign.
Globe’s commitment to establishing science-based targets and net-zero emissions by 2050 is in line with the Paris Agreement and #RacetoZero. The Paris Agreement aims to limit global warming to 1.5 degrees Celsius compared to pre-industrial levels. Race to Zero is the UN-backed global campaign rallying non-state stakeholders to take rigorous and immediate action to halve global emissions by 2030 and deliver a healthier, fairer zero-carbon world by 2050.
All of Globe’s initiatives in the green transition reflect its commitment to the United Nations Sustainable Development Goals (SDG), including SDG 12 “Sustainable Consumption and Production”—which is about achieving economic growth and sustainable development by urgently reducing the ecological footprint. It is also about decoupling economic growth from environmental degradation, increasing resource efficiency, and promoting sustainable lifestyles by changing the way people produce and consume goods and resources. Finally, Globe embraces the SDG 13 “Climate Action” to take urgent action to combat climate change and its impact on lives and livelihoods due to climate emergencies.
Globe President and Chief Executive Officer, Ernest Cu, said, “In support of the Race to Zero global campaign, Globe continues to innovate and collaborate with partners to integrate sustainability and champion energy efficiency throughout the entire organization. Our partnership with Advent in implementing renewable energy solutions has led us to achieve great things in our sustainability journey. Through our continued efforts, we will further shift Globe’s energy reliance towards renewable sources and decarbonized operations.”
About Advent Technologies Holdings, Inc.
Advent Technologies Holdings, Inc. is a U.S. corporation that develops, manufactures, and assembles complete fuel cell systems, and the critical components for fuel cells in the renewable energy sector. Advent is headquartered in Boston, Massachusetts, with offices in California, Greece, Denmark, Germany, and the Philippines. With more than 100 patents issued for its fuel cell technology, Advent holds the IP for next-generation HT-PEM that enables various fuels to function at high temperatures and under extreme conditions – offering a flexible “Any Fuel. Anywhere.” option for the automotive, aviation, defense, oil and gas, marine, and power generation sectors. For more information, visit www.advent.energy.
About Globe
Globe is a leading full-service telecommunications company in the Philippines and publicly listed at the PSE with the stock symbol GLO. The company serves the telecommunications and technology needs of consumers and businesses across an entire suite of products and services including mobile, fixed, broadband, data connectivity, internet and managed services. It has major interests in financial technology, digital marketing solutions, venture capital funding for start-ups, and virtual healthcare. In 2019, Globe became a signatory to the United Nations Global Compact, committing to implement universal sustainability principles. Its principals are Ayala Corporation and Singtel, acknowledged industry leaders in the country and in the region. For more information, visit www.globe.com.ph. Follow @enjoyglobe on Facebook, Twitter, Instagram and YouTube.
Cautionary Note Regarding Forward-Looking Statements
This press release includes forward-looking statements. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “expect,” “plan,” “could,” “may,” “will,” “believe,” “estimate,” “forecast,” “goal,” “project,” and other words of similar meaning. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, the Company’s ability to maintain the listing of the Company’s common stock on Nasdaq; future financial performance; public securities’ potential liquidity and trading; impact from the outcome of any known and unknown litigation; ability to forecast and maintain an adequate rate of revenue growth and appropriately plan its expenses; expectations regarding future expenditures; future mix of revenue and effect on gross margins; attraction and retention of qualified directors, officers, employees and key personnel; ability to compete effectively in a competitive industry; ability to protect and enhance Advent’s corporate reputation and brand; expectations concerning its relationships and actions with technology partners and other third parties; impact from future regulatory, judicial and legislative changes to the industry; ability to locate and acquire complementary technologies or services and integrate those into the Company’s business; future arrangements with, or investments in, other entities or associations; and intense competition and competitive pressure from other companies worldwide in the industries in which the Company will operate; and the risks identified under the heading “Risk Factors” in Advent’s Annual Report on Form 10-K/A filed with the Securities and Exchange Commission on May 20, 2021, as well as the other information filed with the SEC. Investors are cautioned not to place considerable reliance on the forward-looking statements contained in this press release. You are encouraged to read Advent’s filings with the SEC, available at www.sec.gov, for a discussion of these and other risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this document, and the Company undertakes no obligation to update or revise any of these statements. Advent’s business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.
Advent Technologies Holdings, Inc.
Elisabeth Maragoula / Chris Kaskavelis
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ATHENS, Greece--(BUSINESS WIRE)--Danaos Corporation (the "Company") (NYSE: DAC), one of the world’s largest independent owners of containerships, announced today that it has entered into new charter arrangements for 11 of its vessels ranging between 2,500 to 10,000 TEU with major liner companies, that significantly improve cash flow visibility and charter coverage. These charters, which have a revenue weighted average contract duration of 4.7 years commence on the expiration of the vessels’ existing charters between February 2022 and April 2023 and extend up to May 2028.
The new charters increase the Company’s contracted revenue backlog by approximately $870 million, or by approximately $700 million in contracted EBITDA. Inclusive of these charters, total contracted operating revenue was $2.8 billion as of December 31, 2021, with a remaining average contracted charter duration of four years, weighted by aggregate contracted charter revenue. Additionally, contract coverage in terms of operating days is now 95% for 2022, 77% for 2023 and 57% for 2024.
The Company has also entered into an agreement to sell two 20-year-old 6,422 TEU vessels for a total consideration of $130 million and are expected to be delivered to their buyer in November 2022. The Company acquired these two vessels as part of the consolidation of Gemini Shipholdings Corporation on July 1, 2021, based on a fair value of $73 million, and expects to book a healthy profit when the sale is completed.
The Company’s CEO, Dr. John Coustas commented:
“We are very pleased to announce the continued improvement of our contracted backlog with multi-year charters for 11 of our vessels and the profitable sale of two older vessels. The combined result is up to $1 billion of contracted revenue accretion and sales proceeds. These transactions significantly improve our liquidity and cash flow visibility for the next several years and further strengthen our balance sheet. We will continue to work to maximize our profitability and secure more accretive transactions with a focus on creating value for our shareholders.”
About Danaos Corporation
Danaos Corporation is one of the largest independent owners of modern, large-size containerships. Our current fleet of 71 containerships aggregating 436,589 TEUs ranks Danaos among the largest containership charter owners in the world based on total TEU capacity. Our fleet is chartered to many of the world's largest liner companies on fixed-rate charters. Our long track record of success is predicated on our efficient and rigorous operational standards and environmental controls. Danaos Corporation's shares trade on the New York Stock Exchange under the symbol "DAC".
Evangelos Chatzis
Chief Financial Officer
Danaos Corporation
Athens, Greece
Tel: +30 210 419 6480
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Iraklis Prokopakis
Senior Vice President & Chief Operating Officer
Danaos Corporation
Athens, Greece
Tel. +30 210 419 6400
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Investor Relations and Financial Media:
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New York
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CAMBRIDGE, Mass.--(BUSINESS WIRE)--#EVs--24M Technologies, Inc. (24M) today announced it has closed its deal with Volkswagen Group (VWAG). Through the strategic partnership VWAG will manufacture next-generation lithium-ion EV batteries using the 24M SemiSolid™ platform for use in VWAG electric vehicles (EVs). VWAG acquired a 25% stake in 24M and will establish a wholly owned subsidiary that will, in cooperation with 24M, develop a SemiSolidTM battery cell production technology for automotive applications.
VWAG invested a three digit millions of U.S. dollars in 24M’s Series F funding round and will make additional investments promoting automotive developments based on the 24M core technology. Additionally, Dr. Steffen Blase, Head of Group Mergers & Acquisitions at Volkswagen AG, will join 24M’s Board of Directors.
“The SemiSolidTM manufacturing platform offers the potential to substantially reduce capital and operating costs,” commented Dr. Blase. “Through our newly established subsidiary and our strategic partnership with 24M, we are focused on bringing the SemiSolidTM platform to automotive applications and believe we can develop cost effective processes to meet the increasing demand for EVs.”
“Through strategic partnerships with energy innovators like GPSC, Kyocera, AXXIVA, Lucas TVS, FREYR, Koch Strategic Platforms and now VWAG, 24M has built an ecosystem to rapidly scale the SemiSolidTM manufacturing platform and develop a better, cleaner energy future,” says 24M President and CEO, Naoki Ota. “Our collaborative partnership with VWAG will help significantly expand the global reach of SemiSolidTM batteries and help fast track electric vehicle adoption.”
About 24M Technologies
24M answers the world’s need for affordable energy storage by enabling a new, more cost-effective solution — SemiSolid™ lithium-ion technology. By re-inventing the design of the battery cell as well as the manufacturing method, 24M solves the critical, decades-old challenge associated with the world’s preferred energy storage chemistry: reducing its high cost while improving its safety, reliability, and performance. Founded and led by some of the battery industry’s foremost inventors, scientists, and entrepreneurs, 24M is headquartered in Cambridge, Mass. For more information, please visit www.24-m.com.
About Volkswagen Group
The Volkswagen Group, with its headquarters in Wolfsburg, is one of the world's leading automobile manufacturers and the largest carmaker in Europe. Ten brands from seven European countries belong to the Group: Volkswagen Passenger Cars, Audi, SEAT, ŠKODA, Bentley, Lamborghini, Porsche, Ducati, Volkswagen Commercial Vehicles, Scania and MAN. The passenger car portfolio ranges from small cars all the way to luxury class vehicles. Ducati offers motorcycles. In the light and heavy commercial vehicles sector, the products range from pick-ups to buses and heavy trucks. Every weekday, 662,600 employees around the globe are involved in vehicle-related services or work in other areas of business. The Volkswagen Group sells its vehicles in 153 countries.
In 2020, the total number of vehicles delivered to customers by the Group globally was 9.31 million (2019: 10.98 million). Group sales revenue in 2020 totaled EUR 222.9 billion (2019: EUR 252.6 billion). Earnings after tax in 2020 amounted to EUR 8.8 billion (2019: EUR 14.0 billion).
24M Technologies, Inc.
Marian Hughes for 24M
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708-421-0083
Pang Tan
VP of Business Development
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Volkswagen Group
Stefan Ernst
Spokesperson Battery
+49 5361 9-960976
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JV to focus on natural gas solutions, which are critical to a zero-emissions future
DALLAS & FORT WORTH, Texas & COLUMBUS, Ind.--(BUSINESS WIRE)--Cummins Inc. (NYSE: CMI) and Rush Enterprises, Inc. (NASDAQ: RUSHA & RUSHB) today announced that they have closed on Cummins’ acquisition of 50% equity interest in Momentum Fuel Technologies from Rush Enterprises.
The joint venture between Rush Enterprises and Cummins will seek to enhance production of near-zero emissions natural gas powertrains by manufacturing Cummins-branded natural gas fuel delivery systems for the commercial vehicle market in North America. The new company combines the strengths of Momentum Fuel Technologies’ compressed natural gas (CNG) fuel delivery systems and Cummins’ powertrain expertise. When powered by renewable natural gas (RNG), using methane collected from organic waste as the primary fuel source, the engines can be credited with a neutral to negative carbon index, resulting in net greenhouse gas (GHG) emissions at or below zero.
“This collaboration shows Cummins’ continued commitment to natural gas powertrains and this partnership will expand and improve the service and support for CNG and RNG customers,” said Srikanth Padmanabhan, President of the Engine Business at Cummins. “The partnership will help us bring to market the highest quality, clean and efficient natural gas products, including the 15-liter natural gas engine we announced in October.”
“Our range of natural gas powertrains, including our 15-liter engine, are important to advancing our path to zero emissions solutions strategy that reduces the greenhouse gas and air quality impacts of its products in a way that is best for our customers and all stakeholders,” Padmanabhan added. “In order to truly achieve a zero-emission economy, we have to help customers transition seamlessly, which requires multiple solutions including natural gas, along with advanced diesel, electrified solutions, hydrogen fuel cell and other technologies.”
“Due to upcoming regulatory requirements, corporate ESG goals and the environmental and economic benefits of RNG vehicles, many customers are seeing the value in these vehicles, which we believe will drive growth for the foreseeable future,” said W.M. “Rusty” Rush, Chairman, Chief Executive Officer and President, Rush Enterprises, Inc. “With this joint venture, we are able to continue to serve CNG and RNG customers throughout the country with both Cummins’ and Rush Truck Centers nationwide network of support locations and portfolio of aftermarket solutions,” he added.
The joint venture will offer aftermarket support through Rush Truck Centers dealerships and Cummins distributors which will be able to service both the engine and the fuel delivery system. The partnership between Cummins and Rush Enterprises will benefit customers by providing them with access to an extensive CNG vehicle parts and service network; both Cummins’ and Rush Enterprises’ respective networks, which together represent over 250 locations in the US and Canada, will be equipped with certified technicians and access to a comprehensive CNG vehicle parts inventory.
About Rush Enterprises, Inc.
Rush Enterprises, Inc. is the premier solutions provider to the commercial vehicle industry. The Company owns and operates Rush Truck Centers, the largest network of commercial vehicle dealerships in North America, with 139 locations in 23 states, including 125 franchised dealership locations. These vehicle centers, strategically located in high traffic areas on or near major highways throughout the United States, represent truck and bus manufacturers, including Peterbilt, International, Hino, Isuzu, Ford, IC Bus and Blue Bird. They offer an integrated approach to meeting customer needs — from sales of new and used vehicles to aftermarket parts, service and body shop operations plus financing, insurance, leasing and rental. Rush Enterprises' operations also provide CNG fuel systems, telematics products and other vehicle technologies, as well as vehicle up-fitting, chrome accessories and tires. For more information, please visit us at www.rushtruckcenters.com, www.rushenterprises.com and www.rushtruckcentersracing.com, on Twitter @rushtruckcenter and Facebook.com/rushtruckcenters.
About Momentum Fuel Technologies.
Momentum Fuel Technologies, headquartered in the Dallas-Fort Worth Metroplex, is the industry’s first complete compressed natural gas (CNG) fuel system solution for Class 6-8 vehicles. Momentum Fuel Technologies launched in 2015 and is a vertically integrated provider of fuel system solutions, featuring state-of-the-art engineering, design and manufacturing processes, complete system installation capabilities and the industry’s most comprehensive sales, service and support network. For more information, please visit www.momentumfueltech.com.
About Cummins Inc.
Cummins Inc., a global power leader, is a corporation of complementary business segments that design, manufacture, distribute and service a broad portfolio of power solutions. The company’s products range from diesel, natural gas, electric and hybrid powertrains and powertrain-related components including filtration, aftertreatment, turbochargers, fuel systems, controls systems, air handling systems, automated transmissions, electric power generation systems, batteries, electrified power systems, hydrogen generation and fuel cell products. Headquartered in Columbus, Indiana (U.S.), since its founding in 1919, Cummins employs approximately 57,800 people committed to powering a more prosperous world through three global corporate responsibility priorities critical to healthy communities: education, environment and equality of opportunity. Cummins serves its customers online, through a network of company-owned and independent distributor locations, and through thousands of dealer locations worldwide and earned about $1.8 billion on sales of $19.8 billion in 2020. Learn more at cummins.com.
Jon Mills
Director, External Communications
317-658-4540
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Appointment of Chief Operating Officer and Chief People Officer solidifies Romeo’s new leadership team
LOS ANGELES--(BUSINESS WIRE)--Romeo Power, Inc. (“Romeo Power” or the “Company”) (NYSE: RMO), an energy technology leader delivering advanced electrification solutions for complex commercial vehicle applications, today announced that it has named Anne Devine as Chief Operating Officer and Rose Rogers as Chief People Officer. In their new executive roles Mses. Devine and Rogers will report directly to Chief Executive Officer Susan Brennan.
As Chief Operating Officer (“COO”), Ms. Devine will be responsible for managing Romeo’s operating and production capabilities, driving operational excellence across the company, improving operating efficiencies, and positioning the Company to scale for increased capacity and growth. Ms. Devine will replace Criswell Choi, who will leave Romeo after a four-week transition period to pursue other opportunities. In her role as Chief People Officer (“CPO”), Ms. Rogers will lead the Company’s Human Resources function where she will be responsible for implementing a comprehensive organizational strategy, leading talent acquisition and management, and for driving strategic development of the Company’s leadership and culture.
Management Commentary
“Over the last several months we have transformed our leadership, and I’m thrilled to add two more high-profile executives to our team here at Romeo Power. Both Anne and Rose bring decades of strong managerial and leadership experience developed at leading institutions, and we look forward to the contributions they will be making in two critical functional areas – operations and talent development,” said Susan Brennan, Chief Executive Officer of Romeo Power. “Their respective experience and expertise will be vitally important to Romeo Power’s strategic development as the Company prepares to foster its next phase of growth in the months and years ahead. I’d also like to thank Criswell Choi for his contributions in helping the company transform its early technology position into a commercial reality and wish him well in his future endeavors.”
Brennan concluded, “Over the last year Romeo Power has strengthened its corporate foundation, worked to increase its value to its customers within the EV technology ecosystem, and enhanced our operations. We are proud to have built a best-in-class executive management team and believe that we have the right combination of leadership and resources in place to successfully execute our growth strategy and capitalize on the opportunities to profitably expand access to green technology and energy solutions.”
About Rose Rogers
Rose Rogers began in her position as CPO on January 5th, 2022. Prior to joining Romeo Power, Ms. Rogers served as the Vice President and Chief Human Resources Officer at Ducommun Incorporated in Santa Ana, California. Ms. Rogers brings over 30 years of diverse human resources experience to the senior leadership team, with proven expertise in steering organizations through both periods of accelerated growth as well as business transformations, global manufacturing, union and non-unionized operations, and aligning a Company’s human resources strategy with its business strategy. Ms. Rogers holds a Bachelors of Arts in Business Administration and Management from California State University, Long Beach.
About Anne Devine
Anne Devine began in her role as COO on January 17th, 2022. Prior to joining Romeo Power, Ms. Devine has 25 years of diverse experience in operational and manufacturing management, bringing unique automotive industry experience from tenures with UGN, Navistar Ford Motor Company and others. Ms. Devine holds a Masters of Science in Engineering Management from the University of Michigan and a Bachelor of Science from GMI Engineering & Management Institute.
Forward Looking Statements
Certain statements in this press release may constitute “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements, including, without limitation, express or implied statements concerning the Company’s ability to attract and retain key personnel, the Company’s ability to secure and maintain agreements with cell suppliers and OEMs, the Company’s ability to validate key suppliers, the Company’s expectations regarding its future financial performance, the demand for safe, effective, affordable and sustainable EV products, and the Company’s ability to produce and deliver such products are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Romeo Power’s management’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: Romeo Power’s ability to execute on its plans to develop and market new products and the timing of these development programs; Romeo Power’s estimates of the size of the markets for its products; the rate and degree of market acceptance of Romeo Power’s products; the success of other competing technologies that may become available; Romeo Power’s ability to identify and integrate acquisitions; the performance of Romeo Power’s products and customers; potential litigation involving Romeo Power; demand for battery cells and supply shortages; the potential effects of COVID-19; and general economic and market conditions impacting demand for Romeo Power’s products. You should carefully consider the foregoing factors and the other risks and uncertainties described in the Company’s filings with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from those implied by our forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Romeo Power undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
About Romeo Power, Inc.
Founded in 2016 and headquartered in Los Angeles, California, Romeo Power (NYSE: RMO) is an energy technology leader delivering advanced electrification solutions for complex commercial vehicle applications. The Company’s suite of advanced hardware, combined with its innovative battery management system, delivers the safety, performance, reliability and configurability its customers need to succeed. Romeo Power's 113,000 square-foot manufacturing facility brings its flexible design and development process in-house to pack the most energy dense modules on the market. To keep up with everything Romeo Power, please follow the Company on social @romeopowerinc or visit https://romeopower.com.
For Investors:
Joe Caminiti or Ashley Gruenberg
Alpha IR Group
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312-445-2870
AE’s program provides tuition support, internship opportunities and professional mentoring for students from seven partner universities
DENVER--(BUSINESS WIRE)--Advanced Energy (Nasdaq: AEIS) – a global leader in highly engineered, precision power conversion, measurement and control solutions – today announced the launch of this year’s Advanced Energy STEM Diversity Scholarship Program. The program aims to develop emerging talent and promote greater ethnic, racial and gender diversity in STEM (science, technology, engineering and mathematics). In addition to providing each of the four recipients a $20,000 grant towards tuition cost, benefits include professional mentoring and internship opportunities at AE.
“The technology industry’s success depends on a diverse, innovative and entrepreneurial workforce that reflects the global customers we serve and communities in which we operate,” said Randy Heckman, Chief Technology Officer at Advanced Energy. “Our STEM Diversity Scholarship Program aims to address this need and develop students into workforce-ready professionals. Through the program, we provide these students with academic assistance, mentoring and hands-on internship experience with Advanced Energy.”
The 2022 program is currently accepting applications from undergraduate and post-graduate students enrolled in seven partner universities that excel in education and research supporting precision power technologies: the University of Colorado, Colorado State University, University at Buffalo, Rochester Institute of Technology, University of Minnesota, San Jose State University and California Polytechnic State University at San Luis Obispo. The scholarship application submission deadline is February 11, 2022.
Recipients of the inaugural Advanced Energy STEM Diversity Scholarships in 2021 attend the University of Colorado, Colorado State University and University at Buffalo.
To learn more about the submission and selection process, visit: https://www.advancedenergy.com/stemscholarship
About Advanced Energy
Advanced Energy (Nasdaq: AEIS) is a global leader in the design and manufacturing of highly engineered, precision power conversion, measurement and control solutions for mission-critical applications and processes. AE’s power solutions enable customer innovation in complex applications for a wide range of industries including semiconductor equipment, industrial, manufacturing, telecommunications, data center computing and healthcare. With engineering know-how and responsive service and support around the globe, the company builds collaborative partnerships to meet technology advances, propel growth for its customers and innovate the future of power. Advanced Energy has devoted four decades to perfecting power for its global customers and is headquartered in Denver, Colorado, USA. For more information, visit www.advancedenergy.com.
Advanced Energy | Precision. Power. Performance.
Simon Flatt
Grand Bridges for Advanced Energy Industries, Inc.
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+1 310.529.0321
Water treatment and desalination systems added to defense contractor’s growing list of turnkey marine services
BELOIT, Wis.--(BUSINESS WIRE)--#FMD--Fairbanks Morse Defense (FMD), a portfolio company of Arcline Investment Management (Arcline), has acquired Maxim Watermakers (Maxim), a privately-owned provider of desalination and water treatment technologies for marine defense applications based in Shreveport, La. The company’s water treatments systems, which provide life-sustaining water for crews during ship deployments, position Maxim as an essential addition for FMD to provide turnkey onboard solutions and global technical support that ensure crews are always mission ready.
Click HERE for selected images of Maxim Watermakers equipment.
“What we do is critically important to the safety of our nation and the world, and FMD is firmly committed to being a single-source partner who can deliver turnkey services when and where our customers need us with no time to spare,” said FMD CEO George Whittier. “Maxim has a strong reputation of producing high-quality water treatment systems with a customer-centric approach, which makes it a great addition to our rapidly growing array of best-in-class marine technologies.”
Operating from a 50,000 square foot manufacturing facility in Shreveport, La., Maxim currently delivers two lines of seawater reverse osmosis desalination systems and one brackish water reverse osmosis desalination system. Its heat recovery evaporators utilize waste heat to make high-quality potable water from seawater, brackish water, or contaminated feed water sources. Maxim’s products and services include evaporators, reverse osmosis systems, salinity monitoring equipment, cleaning solutions, engineering, parts fabrication, and technical services.
“Like FMD, Maxim does not take lightly the role that we play in making sure our military marine customers are mission-ready,” said Brian Herbert, Maxim CEO. “Our commitment to quality has already earned us the trust of military leadership and becoming part of FMD further strengthens that trust. As part of the FMD brand, we will be able to deploy our technology and expand to more ship classes more quickly.”
The acquisition of Maxim Watermakers continues to solidify Fairbanks Morse Defense’s position as an integrated defense contractor and turnkey solutions provider to the U.S. Navy and U.S. Coast Guard. In recent months, FMD has completed multiple acquisitions to better serve defense customers, including its acquisitions of Federal Equipment Company (FEC), Hunt Valve Company, Ward Leonard, and Welin Lambie.
About Fairbanks Morse Defense (FMD)
Fairbanks Morse Defense (FMD) builds, maintains, and services the most trusted naval power and propulsion systems on the planet. For more than 100 years, FMD has been a principal supplier of a growing array of leading marine technologies, OEM parts, and turnkey services to the U.S. Navy, U.S. Coast Guard, Military Sealift Command, and Canadian Coast Guard. FMD stands ready to rapidly support the systems that power military fleets without compromising safety or quality. In times of peace and war, the experienced engineers, sailors, and technicians of FMD demonstrate our commitment to supporting the mission and vision of critical global naval operations wherever and whenever needed. FMD is a portfolio company of Arcline Investment Management.
To learn more, visit www.FairbanksMorseDefense.com.
About Maxim Watermakers
Maxim is a leader in desalination technology, offering a series of heat recovery evaporators and seawater reverse osmosis systems. The combination of vacuum enhanced distillation, and waste heat recovery is a proven concept that has been used for over 60 years. Maxim Watermakers provides consultation services and equipment packages that address clean water needs in the most environmentally friendly way.
Fairbanks Morse Media Contact:
Mercom Communications
Michelle Hargis
Tel: 512-215-4452
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HOUSTON--(BUSINESS WIRE)--Texas LNG Brownsville LLC (“Texas LNG”), a controlled subsidiary of Glenfarne Group, LLC (“Glenfarne”) developing a four million tonnes per annum (“MTPA”) liquefied natural gas (“LNG”) export terminal in the Port of Brownsville, South Texas, and Enbridge Inc. (“Enbridge”) (TSX: ENB) (NYSE: ENB), a leading North American energy infrastructure company, have executed a pipeline transportation precedent agreement for the expansion of the Valley Crossing Pipeline (“VCP”) to deliver approximately 720 million cubic feet per day of natural gas to Texas LNG’s export facility for a term of at least 20 years.
VCP consists of a 160-mile 42- and 48-inch diameter pipeline originating at Agua Dulce, a major Texas gas hub, and extending to the Port of Brownsville. A 10-mile lateral will be built to extend the pipeline to Texas LNG’s facility, along with the addition of compression facilities on the existing pipeline.
VCP’s pipeline header at Agua Dulce, a growing gas pricing and transportation hub in South Texas, interconnects with ten major gas pipeline systems providing access to abundant and competitively priced gas from the Permian and other major gas basins with a total receipt capacity of more than seven billion cubic feet per day. The compression facilities at Agua Dulce will use electric motors which can be powered by plentiful Texas renewable energy, thus reducing CO2 emissions.
“Enbridge has been a tremendous supporter of Texas LNG from the project’s inception. We are pleased that we can leverage Enbridge’s leading natural gas pipeline expertise to safely transport responsible natural gas to our ‘green by design’ LNG facility,” said Vivek Chandra, Founder and CEO of Texas LNG LLC.
Langtry Meyer, Founder and COO of Texas LNG LLC commented, “Our pipeline transportation agreement with Enbridge enables Texas LNG to deliver abundant, diverse, reliable, low-cost natural gas supply to our LNG customers around the world.”
“Enbridge is committed to the development and advancement of the Valley Crossing Pipeline as it serves Texas LNG and helps the facility meet global LNG demand,” said Bill Yardley, Enbridge’s Executive Vice President and President, Gas Transmission and Midstream. “We welcome the opportunity to expand our pipeline solutions in support of LNG efforts.”
Glenfarne is a developer, owner, and operator of energy transition infrastructure, and through its controlled subsidiaries, is the managing member and majority owner of Texas LNG.
Glenfarne’s founder and CEO Brendan Duval said, “The execution of this agreement is the next of several important milestones Texas LNG will achieve as the facility moves toward a final investment decision. Our agreement with Enbridge helps us accomplish our strategy of delivering LNG to our own gas-consuming projects around the world and to third party customers. We thank Enbridge for their partnership.”
The agreement is subject to routine conditions precedent and other industry standard provisions.
Texas LNG's other strengths include efficient modular construction design, transparent competitive pricing structure, and lower-carbon "green" LNG resulting from usage of more efficient electrical drive motors rather than gas-fired engines to drive the liquefaction compressors. The realistically sized four MTPA capacity of the facility fills an essential niche from LNG customers seeking smaller contracted volumes to diversify their gas supply portfolio. Texas LNG expects to achieve the final investment decision in 2022 and commercial operations in 2026.
White & Case acted as legal advisor for Texas LNG, and Vinson & Elkins represented Enbridge.
About Texas LNG
Texas LNG Brownsville LLC is a Houston-based LNG export company focused on creating value and minimizing risk for all stakeholders, including the local community, investors, and customers.
The Texas LNG export facility will be constructed in South Texas on a 625-acre site strategically located on the Port of Brownsville’s deepwater ship channel near plentiful natural gas supply and pipelines. The FERC- and DOE-permitted facility will enable the export of 4 MTPA of LNG to established and emerging markets worldwide.
Through its controlled subsidiaries, Glenfarne is the majority owner of Texas LNG Brownsville LLC. Samsung Engineering Co., Ltd. is a minority equity owner in and strategic partner to Texas LNG LLC (a minority equity owner of Texas LNG Brownsville LLC).
Additional information about the Texas LNG Project may be found on its website at www.txlng.com.
About Glenfarne Group, LLC
Glenfarne is a privately held energy and infrastructure development and management firm based in New York City and Houston, Texas with offices in Dallas, Texas; Panama City, Panama; Santiago, Chile; Bogota, Colombia; Florianopolis, Brazil; Seoul, South Korea; and Ho Chi Minh City, Vietnam. Glenfarne’s seasoned executives, asset managers, and operators develop, acquire, manage, and operate energy infrastructure assets throughout North and South America and Asia. For more information, please visit www.GlenfarneGroup.com.
About Enbridge Inc.
Enbridge Inc. is a leading North American energy infrastructure company. We safely and reliably deliver the energy people need and want to fuel quality of life. Our core businesses include Liquids Pipelines, which transports approximately 25 percent of the crude oil produced in North America; Gas Transmission and Midstream, which transports approximately 20 percent of the natural gas consumed in the U.S.; Gas Distribution and Storage, which serves approximately 3.8 million retail customers in Ontario and Quebec; and Renewable Power Generation, which owns approximately 1,766 megawatts (net) in renewable power generation capacity in North America and Europe. The Company's common shares trade on the Toronto and New York stock exchanges under the symbol ENB. For more information, visit www.enbridge.com.
Cautionary Statement:
The information and materials in this document are provided for informational purposes only and are subject to addition, deletion and modification without notice at the sole discretion of Texas LNG LLC and Texas LNG Brownsville LLC, and are not warranted or guaranteed to be correct, complete or up-to-date. The information and materials could include technical inaccuracies, other errors and are provided "As Is" without any representation or warranties of any kind. Texas LNG LLC and Texas LNG Brownsville LLC will neither accept or assume any liability, direct, indirect or consequential, of any kind arising from the use of information and materials contained in this document or linked website. This document is not to be considered or to be constituted as investment advice or as any type of offer, invitation, solicitation or recommendation in relation to the purchase or sale of any type of financial instruments or security in any jurisdiction.
Any forward-looking statements contained in the information and materials in this document are only predictions and are subject to risks, uncertainties and assumptions, many of which are outside the control of Texas LNG LLC or Texas LNG Brownsville LLC or its officers or representatives. These risks, uncertainties and assumptions include commodity prices, currency fluctuations, economic and financial market conditions in various countries and regions, environmental risks and legislative, fiscal or regulatory developments, political risks, project delay or advancement, approvals and cost estimates. Actual values, results or events may be materially different to those expressed or implied in this document. Given these uncertainties, readers are cautioned not to place reliance on forward-looking statements.
Readers are strongly advised to complete their own investigations to the accuracy and completeness of the contents of this or any other communication or document, written or oral, provided by or referred to by Texas LNG LLC or Texas LNG Brownsville LLC or its officers or representatives.
Kris Cole
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DUBLIN--(BUSINESS WIRE)--Rubicon Capital Advisors (“Rubicon”), one of the world’s leading investment banking firms focused on the broader infrastructure, energy and digital sectors, is pleased to announce the opening of a new office in Santiago de Chile. The opening of the Chilean office, which represents Rubicon’s third in the region, supports the firm’s continued global growth and investment in Latin America, which Rubicon considers a key growth market for the firm.
Andres Onetto, who recently joined from Scotiabank, will head the firm’s investment banking and principal investment activities in Chile, Argentina, Paraguay and Uruguay in close cooperation with the firms offices in Mexico and Colombia. Felipe Caro will also join the company from Scotiabank as a Senior Analyst. Rubicon intends to make additional hires over the coming months.
“I am delighted to join the Rubicon team at this particularly exciting time. The opening of the Chile office will allow clients unparalleled access to the Southern Cone together with on-the-ground experience, contacts, and market expertise. Rubicon’s Colombia and Mexico offices are already leaders in the region and with the addition of an office in Chile, we hope to soon become the number one financial advisor within the broader infrastructure, energy and digital sectors across Latin America”, commented Andres Onetto, Managing Director.
Chile’s infrastructure market has attracted world-class investors, ranging from international and local construction companies and infrastructure operators to private equity and pension funds. Recently, the Chilean government announced its 2022 infrastructure plan, which includes infrastructure tenders worth approximately US$4.7bn, which will play an important part in Chile’s economic recovery from the pandemic.
Commenting on the expansion, Jesus Gonzalez Torrijos, Partner at Rubicon stated; “This is an exciting time for us. Thanks to a stable regulatory framework and supportive business environment, Chile possesses one of the most developed transport and energy infrastructure networks in Latin America. Our investment into Chile makes complete sense as we continue to widen our networks, grow our team and provide our clients with “on the ground” expertise. We are delighted to welcome Andres and Felipe to the Rubicon team.”
The opening of the new Chile office marks Rubicon’s seventh office globally, with the firm also having in addition to Mexico City and Bogotá a presence in New York, Dublin, Madrid and Seoul. Rubicon’s objective is to build an elite team that can offer the highest quality service to its clients combined with unrivalled international reach. Over the next few months, Rubicon will be seeking to hire further outstanding talent within the digital, infrastructure, and renewables sectors across its global office network.
About Rubicon Capital Advisors
Rubicon is one of the world’s leading investment banking firm’s focused solely on the infrastructure, energy, digital & utilities sectors. With offices in Europe, the Americas and Asia, the firm has a truly global reach. Since its inception in 2011, Rubicon has closed on the sale, acquisition or refinancing of well over 100 essential infrastructure, energy, digital & utilities assets located across Europe, North America, Latin America and Asia with a combined enterprise value in excess of US$85 billion. The firm is regulated by the Central Bank of Ireland and its U.S. affiliate is a member of FINRA and SIPC and registered as a broker-dealer with the SEC. Learn more about the firm at: www.rubiconcapitaladvisors.com and by following Rubicon Capital Advisors on LinkedIn.
For additional media inquiries, contact:
Nicola Fitzpatrick
T: +353 1 906 0633
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LONG BEACH, Calif.--(BUSINESS WIRE)--The West Coast MTO Agreement (WCMTOA) today reminded port users that the Traffic Mitigation Fee (TMF) at the Ports of Los Angeles and Long Beach will return to its pre-December rate on February 1, 2022.
On November 10, WCMTOA announced that the TMF would be temporarily adjusted to $78.23 per TEU between December 1 and January 31, and would be charged only on weekdays during the daytime shift. The temporary change in TMF levels and rules was intended to create a financial incentive to move more containers during off-peak hours by charging a TMF only during peak hours.
At the start of February, the TMF will revert to $34.21 per TEU (twenty-foot equivalent unit) or $68.42 for all other sizes of container for non-exempt international container moves through the terminals at the ports, and will again be payable throughout all hours of terminal operation.
WCMTOA worked with the Port Envoy to the Biden-Harris Administration Supply Chain Disruptions Task Force, as well as the Executive Directors of the Ports of Los Angeles and Long Beach, in an effort to address challenges with links in the supply chain. The temporary change was put into place as the goods movement community entered the final holiday push in December followed by the January period leading up to Lunar New Year.
Over the course of the seven weeks since the TMF’s temporary adjustment was implemented, and with outreach to the entire supply chain and all of its users, the proportion of gate activity during the day shift versus the night shift did not change from where it has been averaging since 2018.
Under the original PierPass OffPeak Program established in 2005 to mitigate severe traffic congestion around the ports, incentive pricing (charging a TMF for weekday, daytime container moves) was used to enable and drive traffic to new night shifts. OffPeak was modified in 2018 to address supply chain requests that the program mitigate traffic with appointment systems instead of incentive pricing. The change also sought to eliminate the problematic truck bunching that occurred between shifts with the previous program.
Containers exempt from the TMF include empty containers, domestic and transshipment cargo, and import cargo or export cargo that transits the Alameda Corridor in a container and is subject to a fee imposed by the Alameda Corridor Transportation Authority. Empty chassis and bobtail trucks are also exempt.
PierPass is a not-for-profit company created by marine terminal operators at the Port of Los Angeles and Port of Long Beach to address multi-terminal issues such as congestion, air quality and security. The West Coast Marine Terminal Operator Agreement (WCMTOA) is filed with the Federal Maritime Commission, and comprises the 12 international MTOs serving the Los Angeles and Long Beach ports.
For more information, please see www.pierpass.org.
PierPass Customer Service Number: 877-863-3310
Paul Sherer
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ROCKVILLE, Md.--(BUSINESS WIRE)--#CarrollCounty--A new community solar array will increase energy access and bring economic benefits, job creation, tax revenue and other tangible benefits to Carroll County, Maryland residents. Standard Solar, Inc., a national leader in the acquisition, development, ownership and operation of commercial and community solar assets, acquired the 2.9 megawatt (MW) Klees Mill community solar project from developer partners Ogos Energy LLC and Earth and Air Technologies.
This most recent project marks a total of about 10 MW acquired and being implemented in Carroll County with these developer partners.
“Approximately 5% of Maryland’s electricity is produced by solar,” said John Finnerty, Director of Business Development, Standard Solar. “The new community solar farm at Klees Mill in Carroll County brings the state closer to meeting its goal of having 50% of its energy come from renewable sources by 2030, with a minimum of 14.5% from solar power.”
In addition to providing subscribers with cost savings, the solar farm will help mitigate climate change and offset CO2 emissions and power about 400 homes electricity annually.
“By paving the way for solar, Carroll County officials are leading the way in transforming our nation’s energy supply,” continued Finnerty.
The Klees Mill Community Solar project is a 2.9 MW ground-mount solar array in Sykesville, Md., featuring 7,344 solar modules. It is expected to produce 4,458,000 kilowatt-hours of solar energy annually, which is equivalent to offsetting the greenhouse gas emissions from 687 passenger vehicles driven for one year and the CO2 emissions of 355,000 gallons of gasoline consumed annually.
Standard Solar owns and operates more than 220+ MW of community solar projects around the United States.
About Standard Solar
Standard Solar is powering the nation’s energy transformation – channeling its project development capabilities, financial strength and technical expertise to deliver the benefits of solar, as well as solar + storage, to businesses, institutions, farms, governments, communities and utilities. Building on 17 years of sustainable growth and in-house and tax equity investment capital, Standard Solar is a national leader in the development, funding and long-term ownership and operation of commercial and community solar assets. Recognized as an established financial partner with immediate, deep resources, the company owns and operates more than 280 megawatts of solar across the United States. Standard Solar is based in Rockville, Md. Learn more at standardsolar.com, LinkedIn and Twitter: @StandardSolar.
For project acquisition and development inquiries, contact John Finnerty, Director of Project Development, 240-479-1519, This email address is being protected from spambots. You need JavaScript enabled to view it. and on LinkedIn.
PR:
Leah Wilkinson
Wilkinson + Associates
703-907-0010
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New plan expands on successful Peoples line protection programs
PITTSBURGH--(BUSINESS WIRE)--Starting today, Peoples is offering its residential customers a new repair service program to help them save money and time when their water heater needs to be repaired. This new feature builds on Peoples’ gas, water and sewer line protection programs that have been in place since 1996. To enable this new program, Peoples has joined forces with HomeServe, the leading provider of home emergency repair service programs.
“Customers have really appreciated the line protection programs we’ve had in place over the years; in fact, participation has been growing by over 20% per year. Many new customers enroll in multiple protection programs,” commented Vivian Sabatini, Manager, Sales Residential at Peoples. “We’re pleased to build on that success and introduce another valuable service plan available through our new partner HomeServe.”
Peoples’ customers now can enroll in a service plan option covering their water heater. HomeServe’s Water Heater Plans range from $6.99 to $13.99 per month, depending on the plan features homeowners select – a repair only plan or a replacement plan that includes repair. Like the current Peoples service programs, customers who enroll in this new water heater repair program will be able to conveniently pay for the coverage directly on their Peoples utility bill. The program is completely optional, and the coverage can be canceled at any time.
“Homeownership can be a challenge and when something goes wrong, the cost of repairs can easily exceed any ‘rainy day’ funds homeowners have set aside,” commented HomeServe CEO Tom Rusin. “Peoples’ partnership with HomeServe means its customers can have a little more peace of mind knowing if a repair is needed, they can count on the best local, licensed contractors to come help.”
Customers can expect information about the program to arrive in the mail in the coming days, which will explain how to enroll in the service program. Customers can also call 1-866-215-1610 to learn more.
About HomeServe USA
HomeServe USA Corp. (HomeServe) is a customer-focused company that enables utilities and municipalities to educate, protect and advocate for their customers who are faced with home repair emergencies. Serving more than 4.8 million customers across the US and Canada and working through over 1,100 leading municipal and utility partners, HomeServe protects homeowners against the expense and inconvenience of plumbing, electrical, HVAC and other home repair emergencies.
Through its network of skilled locally based technicians, HomeServe makes a repair or install in a customer’s home every 34 seconds. HomeServe is also a leading provider of residential Energy Efficiency Solutions. Over the past twelve months, HomeServe has installed almost $100 million dollars’ worth of residential HVAC efficiency upgrades.
HomeServe has an exceptional customer satisfaction rating, is accredited with an A+ grade from the Better Business Bureau and is endorsed by the National League of Cities. For more information about HomeServe, a certified Great Place to Work and Stevie Awards winner for Sales and Service, please go to www.homeserve.com. Connect with HomeServe on Facebook and Twitter @HomeServeUSA and on LinkedIn @HomeServe-USA. For news and information follow on Twitter @HomeServeUSNews.
MEDIA:
Barry Kukovich
Peoples Gas
1-877-325-3477
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Myles Meehan
HomeServe
(203) 356-4546
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HOUSTON--(BUSINESS WIRE)--Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood”) announced several promotions within Crestwood’s senior management team, effective immediately.
Robert Halpin has been promoted to President and Chief Financial Officer, reporting directly to Robert G. Phillips, Founder, Chairman and Chief Executive Officer. Mr. Halpin has been with the Crestwood organization since 2012 and in his time with the company has played an integral role in the development and execution of Crestwood’s corporate and financial strategy. In his new role, Mr. Halpin will be responsible for leading all of Crestwood’s commercial, operations, engineering and project management, sustainability and financial activities. Previously, Mr. Halpin has served as Executive Vice President and Chief Financial Officer since 2015, Vice President, Finance from January 2013 until April 2015 and Vice President, Business Development from January 2012 to January 2013. Before joining Crestwood, Mr. Halpin worked in finance at First Reserve and Barclays Capital.
Diaco Aviki has been promoted to Executive Vice President and Chief Operating Officer, reporting directly to Mr. Halpin. In his new role, Mr. Aviki will be responsible for overseeing Crestwood’s commercial, business development, field operations, engineering and project management functions which primarily support Crestwood’s gathering and processing business. Mr. Aviki has been with the Crestwood organization since 2017, previously having served as Senior Vice President of Business Development and Commercial Operations, and has played a critical role in the growth and commercial success of Crestwood’s assets in the Williston, Delaware and Powder River basins. Prior to joining Crestwood, Mr. Aviki had an extensive career in the upstream and midstream sectors with ExxonMobil and BHP Billiton.
Joanne Howard has been promoted to Senior Vice President of Sustainability and Corporate Communications, reporting directly to Mr. Halpin. Ms. Howard has been with Crestwood since 2018, previously having served as Vice President of Sustainability and Corporate Communications, and has led Crestwood’s sustainability initiatives helping the company establish a leadership position in ESG performance across the midstream sector. Among several recent awards, Crestwood’s ESG Program was recognized by Institutional Investor in the 2022 Team rankings as a Best ESG Program for Small Cap – Energy and by Hart Energy as an Energy ESG Top Performer in the midstream sector. In her continuing role, Ms. Howard will be responsible for Crestwood’s industry-wide efforts to advance sustainability across the energy value chain, external reporting of Crestwood’s ESG performance and initiatives, expanding sustainability across Crestwood’s portfolio and leading the company’s corporate communications and social investment programs.
“With the buy-in of the General Partner from First Reserve in March, the sale of Stagecoach Gas Services in July, and the announcement of the upcoming merger with Oasis Midstream in October, Crestwood completed one of our most strategic and transformative years in 2021. I could not be prouder of how well the partnership is positioned as we kick off another new year in 2022,” stated Robert G. Phillips, Founder, Chairman and Chief Executive Officer. “We have an incredible management team and dedicated work force at Crestwood, and I am very excited to announce these well-earned executive promotions which both rewards significant contributions to Crestwood’s success and further aligns our commercial, operations and finance functions going forward. With the recently expanded and independent board of directors, the pending merger with Oasis Midstream, and the new management operating structure under Robert and Diaco’s leadership, I’m quite optimistic about Crestwood’s ability to continue driving sustainable value for our investors for the long-term future.”
About Crestwood Equity Partners LP
Houston, Texas, based Crestwood Equity Partners LP (NYSE: CEQP) is a master limited partnership that owns and operates midstream businesses in multiple shale resource plays across the United States. Crestwood is engaged in the gathering, processing, treating, compression, storage and transportation of natural gas; storage, transportation, terminalling and marketing of NGLs; gathering, storage, terminalling and marketing of crude oil; and gathering and disposal of produced water. Visit Crestwood Equity Partners LP at www.crestwoodlp.com; and to learn more about Crestwood’s sustainability efforts, please visit https://esg.crestwoodlp.com.
Forward Looking Statements
This press release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal securities law. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management’s control. These risks and assumptions are described in Crestwood’s annual reports on Form 10-K and other reports that are available from the United States Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management’s view only as of the date made. We undertake no obligation to update any forward-looking statement, except as otherwise required by law.
Crestwood Equity Partners LP
Investor Relations Contact
Rhianna Disch, 713-380-3006
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Director, Investor Relations
Sustainability and Media Contact
Joanne Howard, 832-519-2211
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Senior Vice President, Sustainability and Corporate Communications
LOS ANGELES--(BUSINESS WIRE)--Faraday Future Intelligent Electric Inc. (“FF”) (NASDAQ: FFIE), a California-based global shared intelligent electric mobility ecosystem company, recently welcomed newly elected Hanford Mayor Diane Sharp to its production facility in the Central Valley of California to share current and future progress updates leading into the launch of the FF 91 in summer 2022. Sharp was hosted by John Lehn, Director of Government Affairs at FF.
“Hosting Mayor Diane Sharp at our facility was a great honor, especially with the launch of the FF 91 this summer,” said Matt Tall, Vice President of Manufacturing at Faraday Future. “We are working to make the city of Hanford proud to have FF here and look forward to welcoming our city officials back to our plant on a regular basis.”
During the tour of the plant, Sharp received an introductory walk-through of the plant and learned of details surrounding upcoming milestones in the manufacturing process for the ultimate intelligent techluxury FF 91 EV. The Hanford facility will use cutting-edge technology and the ability to personalize the vehicle, setting FF apart from traditional OEM mass production.
“It is great to see so many people at Faraday Future’s Hanford plant working to bring the plant to full production,” said Mayor Sharp. “Faraday Future is an exciting company. I am thrilled with the investment that is being made in our community, and am honored to have been invited to tour their very impressive facility.”
The FF 91 Futurist Alliance Edition and FF 91 Futurist models represent the next generation of intelligent techluxury EVs. They are high-performance EVs, all-in-one all-ability cars, and ultimate robotic vehicles that allow users to experience a third internet living space beyond their home and office. The models encompass extreme technology, an ultimate user experience and a complete ecosystem. Users can reserve an FF 91 Futurist model now via the FF intelligent APP or FF.com at: https://www.ff.com/us/reserve
ABOUT FARADAY FUTURE
Established in May 2014, Faraday Future is a global shared intelligent mobility ecosystem company, headquartered in Los Angeles, California. Since its inception, Faraday Future has implemented numerous innovations relating to its products, technology, business model, profit model, user ecosystem, and governance structure. On July 22, 2021, Faraday Future was listed on NASDAQ with the new company name “Faraday Future Intelligent Electric Inc.”, and the ticker symbols “FFIE” for its Class A common stock and “FFIEW” for its warrants. The “I” in FFIE stands for Intelligent and Internet and the “E” stands for Ecosystem and Electric. FF is not just an EV company, but also an internet and technology company, an AI product company, a software company, and a user ecosystem company. Faraday Future aims to perpetually improve the way people move by creating a forward-thinking mobility ecosystem that integrates clean energy, AI, the Internet and new usership models. With the ultimate intelligent techluxury brand positioning, Faraday Future’s first flagship product FF 91 Futurist is equipped with exceptional product power. It is not just a high-performance EV, an all-ability car, and an ultimate robotic vehicle, but also the third internet living space.
FOLLOW FARADAY FUTURE:
https://www.ff.com/
http://appdownload.ff.com
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www.linkedin.com/company/faradayfuture
NO OFFER OR SOLICITATION
This communication shall neither constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
FORWARD LOOKING STATEMENTS
This press release includes “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Faraday Future’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include the outcome of the Special Committee review; Faraday Future’s ability to regain compliance with the Nasdaq continued listing standards; Faraday Future’s ability to execute on its plans to develop and market its vehicles and the timing of these development programs; Faraday Future’s estimates of the size of the markets for its vehicles and costs to bring its vehicles to market; the rate and degree of market acceptance of Faraday Future’s vehicles; the success of other competing manufacturers; the performance and security of Faraday Future’s vehicles; potential litigation involving Faraday Future; the result of future financing efforts and general economic and market conditions impacting demand for Faraday Future’s products. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the preliminary registration statement on Form S-1 recently filed by Faraday Future and other documents filed by Faraday Future from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Faraday Future does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
For Faraday Future
Mark Connelly
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John Schilling
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BOSTON--(BUSINESS WIRE)--Today GE (NYSE: GE) announced the appointment of Scott Reese as Chief Executive Officer of GE Digital effective February 22, 2022. Reese succeeds Patrick Byrne who will continue at GE as Chief Executive Officer for the onshore wind business at GE Renewable Energy.
Reese joins GE from Autodesk (NASDAQ: ADSK) where he is executive vice president, product development and manufacturing solutions. He joined Autodesk in 2003 with the acquisition of VIA Development Corporation and has spent nearly two decades leading product and go-to-market initiatives across a wide range of industries, while driving aggressive growth with next-generation solutions for manufacturing. Reese also established Autodesk's cloud platform, products, operations, and cyber security practices.
Chief Executive Officer of GE’s global energy business portfolio, Scott Strazik said, “GE Digital is a critical part of the new energy company planned to spin off from GE in 2024. I am thrilled to have Scott Reese join this mission with his track record of transforming software businesses and driving growth. His deep software industry experience makes him the ideal fit to partner with our customers and the GE Digital team to accelerate the energy transition.”
Reese said, “I’m honored to take on this role and lead GE Digital’s mission to accelerate digital transformations and drive decarbonization efforts with our customers around the world. With global scale and leading technology, GE Digital’s growth potential is significant. I couldn’t be more excited to work with the talented team at GE Digital and the new energy company to make that grand vision a meaningful reality.”
Reese also serves on the board of The National Action Council for Minorities in Engineering, Inc. (NACME) and Model N, Inc. (NYSE: MODN), a leader in cloud-revenue management solutions.
Byrne said, “It’s been my great privilege to build and work alongside the team at GE Digital. I’m so proud of the work we do in partnership with our customers across the world, accelerating the digital transformation of their operations. Scott Reese is stepping in to lead a passionate team at the forefront of the energy transition and I look forward to seeing GE Digital’s impact for years to come.”
About GE:
GE (NYSE:GE) rises to the challenge of building a world that works. For more than 125 years, GE has invented the future of industry, and today the company’s dedicated team, leading technology, and global reach and capabilities help the world work more efficiently, reliably, and safely. GE’s people are diverse and dedicated, operating with the highest level of integrity and focus to fulfill GE’s mission and deliver for its customers.
Media:
Neenu Sharma
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VALLEY FORGE, Pa.--(BUSINESS WIRE)--#AARating--In December 2021, UGI Corporation (NYSE: UGI) received a rating of AA in the MSCI environmental, social and governance (ESG) Ratings assessment. The upgrade to AA rating positions UGI among the leading companies worldwide for action across ESG matters and reflects UGI’s robust governance practices and improved GHG mitigation strategies.
MSCI ESG Research provides in-depth research, ratings and analysis of the ESG-related business practices of thousands of companies worldwide. MSCI research is designed to provide critical insights that can help institutional investors identify risks and opportunities that traditional investment research may overlook. Learn more about the MSCI ESG rating here.
Roger Perreault, President and Chief Executive Officer of UGI, said, “We have been working diligently to enhance and expand our ESG programs and activities over the past several years and are pleased that this is recognized in the MSCI rating upgrade. UGI is focused on providing its stakeholders with enhanced disclosure to better evaluate our progress on key ESG initiatives and to executing a broad spectrum of ESG actions that will have a positive impact on the families, businesses and communities we serve. We plan to issue our fourth ESG report in our fiscal third quarter and welcome dialogue around these topics.”
About UGI Corporation
UGI Corporation is a distributor and marketer of energy products and services. Through subsidiaries, UGI operates natural gas and electric utilities in Pennsylvania, natural gas utilities in West Virginia, distributes LPG both domestically (through AmeriGas) and internationally (through UGI International), manages midstream energy assets in Pennsylvania, Ohio, and West Virginia and electric generation assets in Pennsylvania, and engages in energy marketing, including renewable natural gas, in the Mid-Atlantic region of the United States and California, and internationally in France, Belgium, the Netherlands and the UK.
Comprehensive information about UGI Corporation is available on the Internet at https://www.ugicorp.com.
Investor Relations
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Tameka Morris, ext. 6297
Arnab Mukherjee, ext. 7498
Highest rated utility ranks 11th overall, leads industry in job creation, employee benefits, financial management, community investment, health and safety, DEI initiatives
CHICAGO--(BUSINESS WIRE)--For the fifth consecutive year, Exelon has made the list of America’s Most JUST Companies by JUST Capital. The annual JUST 100 ranks the issues that matter most to the American public, including creating jobs in the U.S.; paying a fair, living wage; prioritizing accountability to all stakeholders; protecting worker health and safety; providing benefits; cultivating a diverse and inclusive workplace; producing sustainable products; and protecting customer privacy. Exelon ranked No. 11 of 954 companies on the overall 2022 list, moving up from No. 88 in 2021 and placing first among 38 companies in the Utilities industry.
“We are proud to be recognized for our efforts to create a more equitable economy for all of the communities we serve, prioritize the health and safety of our employees and customers and lead in the fight against climate change,” said Chris Crane, president and CEO, Exelon. “We are committed to providing a cleaner, brighter, more reliable, innovative and affordable energy future for our more than 10 million customers.”
Exelon tied for overall first place for local job creation, transparent charitable giving and transparent customer communication. Within the Utilities industry, Exelon scored first in the following categories:
Exelon also scored near the top in customer service, climate commitments, board independence, diversity, equity and inclusion and climate mitigation/carbon reduction.
The rankings also highlighted Exelon’s achievements in creating 30,000 jobs in five years and advancing gender pay parity.
For more information about Exelon’s efforts as a just company, click here.
About Exelon
Exelon Corporation (Nasdaq: EXC) is a Fortune 100 energy company with the largest number of electricity and natural gas customers in the U.S. Exelon does business in 48 states, the District of Columbia and Canada and had 2020 revenue of $33 billion. Exelon serves approximately 10 million customers in Delaware, the District of Columbia, Illinois, Maryland, New Jersey and Pennsylvania through its Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO and Pepco subsidiaries. Exelon is one of the largest competitive U.S. power generators, with more than 32,400 megawatts of nuclear, gas, wind, solar and hydroelectric generating capacity comprising one of the nation’s cleanest and lowest-cost power generation fleets. The company’s Constellation business unit provides energy products and services to approximately 2 million residential, public sector and business customers, including three fourths of the Fortune 100. Follow Exelon on Twitter @Exelon.
Elizabeth Keating
Exelon Corporate Communications
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WALTHAM, Mass.--(BUSINESS WIRE)--Global Partners LP (NYSE: GLP) (the “Partnership”) announced today that the Board of Directors (the “Board”) of its general partner, Global GP LLC, has declared a cash distribution of $0.609375 per unit ($2.4375 per unit on an annualized basis) on the Partnership’s Series A preferred units for the period from November 15, 2021 through February 14, 2022. This distribution will be payable on February 15, 2022 to holders of record as of the opening of business on February 1, 2022.
The Board also declared a cash distribution of $0.59375 per unit ($2.375 per unit on an annualized basis) on the Partnership’s Series B preferred units for the period from November 15, 2021 through February 14, 2022. This distribution will be payable on February 15, 2022 to holders of record as of the opening of business on February 1, 2022.
Non-U.S. Withholding Information
This press release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100%) of GLP’s distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, GLP’s distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate.
About Global Partners LP
With approximately 1,600 locations primarily in the Northeast, Global Partners is one of the region’s largest independent owners, suppliers and operators of gasoline stations and convenience stores. Global also owns, controls or has access to one of the largest terminal networks in New England and New York, through which it distributes gasoline, distillates, residual oil and renewable fuels to wholesalers, retailers and commercial customers. In addition, Global engages in the transportation of petroleum products and renewable fuels by rail from the mid-continental U.S. and Canada. Global, a master limited partnership, trades on the New York Stock Exchange under the ticker symbol “GLP.” For additional information, visit www.globalp.com.
Forward-looking Statements
Certain statements and information in this press release may constitute “forward-looking statements.” The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could” or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on Global’s current expectations and beliefs concerning future developments and their potential effect on the Partnership. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting the Partnership will be those that it anticipates. Forward-looking statements involve significant risks and uncertainties (some of which are beyond the Partnership’s control) including, without limitation, the impact and duration of the COVID-19 pandemic, uncertainty around the timing of an economic recovery in the United States which will impact the demand for the products we sell and the services that we provide, uncertainty around the impact of the COVID-19 pandemic to our counterparties and our customers and their corresponding ability to perform their obligations and/or utilize the products we sell and/or services we provide, uncertainty around the impact and duration of federal, state and municipal regulations related to the COVID-19 pandemic, and assumptions that could cause actual results to differ materially from the Partnership’s historical experience and present expectations or projections.
For additional information regarding known material factors that could cause actual results to differ from the Partnership’s projected results, please see Global’s filings with the SEC, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Global undertakes no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.
Gregory B. Hanson
Chief Financial Officer
Global Partners LP
(781) 894-8800
Sean T. Geary
Acting General Counsel, Secretary and
Vice President – Mergers & Acquisitions
Global Partners LP
(781) 894-8800
FORT WORTH, Texas--(BUSINESS WIRE)--Clearfork Midstream LLC (“Clearfork”) today announced it has secured a capital commitment from EnCap Flatrock Midstream (“EFM”) and has entered into a definitive agreement to purchase Azure Midstream Energy, LLC (“Azure Midstream”). The transaction is subject to standard regulatory approvals and is expected to close during the first quarter of 2022. Based in Fort Worth, Clearfork is a growth-oriented midstream company that was formed in 2020 to provide comprehensive midstream solutions for oil and gas producers in basins across North America, with a specific emphasis on unconventional natural gas production in the Haynesville/Bossier Shale formation in North Louisiana and East Texas.
Clearfork is led by Chief Executive Officer Kipper Overstreet and a team of industry veterans including Chief Operating Officer George Grau Jr., Chief Commercial Officer Corey Lothamer and Executive Vice President Kevin Venturini. Together, they have more than 75 years of collective experience in the energy industry. Prior to forming Clearfork, Mr. Overstreet served from 2013 to 2020 in roles of increasing responsibility at Azure Midstream, most recently as vice president of corporate development and gas supply from 2017 to 2020.
“Over the past few years, we have developed strong relationships with key members of the EFM team,” Clearfork CEO Kipper Overstreet said. “The firm’s unparalleled reputation is well deserved. They have the financial strength we need and understand midstream better than anyone in the venture capital business. They aligned with us on the acquisition of Azure Midstream and Azure’s growth potential. We are very pleased to be part of the EFM family of companies.”
“The management team possesses certain characteristics including strong leadership; the ability to attract and retain talent; a strong reputation and track record; and a compelling business plan, all of which we highly prioritize when backing a team,” said EFM Managing Director Zach Kayem, a member of the Clearfork board of directors. “We have known members of management for better than half of a decade and are excited to pursue this significant midstream opportunity in East Texas and North Louisiana.”
Azure Midstream Acquisition
Azure Midstream’s natural gas gathering and treating platform spans the core areas of the Haynesville Shale formation and includes more than 500 miles of pipeline and 1.2 billion cubic feet per day of treating capacity across systems in North Louisiana and East Texas. Azure Midstream has nine downstream interconnects offering access to major market hubs, including Henry Hub, Houston Ship Channel/Katy, Carthage, Columbia Gulf Mainline, Perryville and Agua Dulce (via TETCO and NGPL). The Haynesville natural gas play is well positioned with proximity to large end-use markets and the growing U.S. Gulf Coast LNG export complex. Clearfork’s management believes natural gas is an essential component of energy supply and CO2 reduction targets in the U.S. and internationally, and the Haynesville Shale will continue to represent a reliable and long-term source of natural gas supply to the world. Clearfork plans to invest additional capital following the acquisition to optimize the efficiency of Azure Midstream’s systems in support of existing customers and to pursue additional acreage dedications, throughput volumes, and regional infrastructure.
Advisers
Latham & Watkins LLP served as legal adviser to EnCap Flatrock Midstream on the equity commitment with Partner James M. Garrett in the lead role. Vinson & Elkins LLP served as legal adviser to Clearfork on both the equity commitment and the acquisition of Azure Midstream. Partner Matthew Falcone led the firm’s legal team. Donovan Ventures served as financial adviser to Clearfork regarding the Azure acquisition. Jefferies was financial adviser and Porter Hedges LLP was legal adviser to Azure.
About Clearfork Midstream, LLC
Formed in 2020 and based in Fort Worth, Clearfork is a growth-oriented midstream company that provides midstream solutions for oil and gas producers in basins across North America. The company’s vision is to build long-term, mutually beneficial relationships with producers by offering reliable midstream services and a collaborative approach that maximizes the value of production. Services include natural gas gathering, processing, treating, dehydration and compression; natural gas liquids stabilization, handling, fractionation, storage and transportation; crude oil gathering, storage and transportation; and produced water handling and disposal. Clearfork is backed by a $400 million equity commitment from EnCap Flatrock Midstream. For more information, please visit www.clearforkmidstream.com.
About EnCap Flatrock Midstream
EnCap Flatrock Midstream provides value-added growth capital to proven management teams focused on midstream infrastructure opportunities across North America. The firm was formed in 2008 by a partnership between EnCap Investments L.P. and Flatrock Energy Advisors, LLC. Based in San Antonio with offices in Oklahoma City and Houston, the firm manages investment commitments of nearly $9 billion from a broad group of prestigious institutional investors. EnCap Flatrock Midstream is currently making commitments to management teams from EFM Fund IV, a $3.25 billion fund. For more information, please visit https://www.efmidstream.com/.
Casey Nikoloric, Managing Principal
TEN|10 Group
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