Companies to Focus on Decarbonization to Support Clean Energy Transition
IRVING, Texas--(BUSINESS WIRE)--Fluor Corporation (NYSE: FLR) announced today that it has signed a memorandum of understanding (MOU) with Bulgarian Energy Holding EAD for the consideration of new nuclear units in Bulgaria. Bulgarian Energy Holding is comprised of a group of companies engaged in the electricity generation, supply and transmission, natural gas transmission, supply and storage and coal mining market in Bulgaria.
“This new agreement exemplifies Fluor’s strategy to deliver decarbonization solutions in support of the world’s clean energy transition journey,” said Jim Breuer, group president of Fluor’s Energy Solutions segment. “Fluor has unparalleled experience in the nuclear industry. Coupled with its investment and demonstrated project capabilities with NuScale Power’s unique small modular reactor technology, Fluor is positioned as a leader in this global imperative.”
Fluor and Bulgarian Energy Holding have agreed to cooperate in evaluating potential program management services, front-end engineering, evaluation of the existing coal-fired fleet for potential nuclear small modular reactor re-purposement projects, and the assessment of the Bulgarian supply chain and other related services.
“The necessity of implementing safe and reliable clean energy power at Kozloduy is well understood in Bulgaria and eastern Europe,” said Valentin Nikolov, chief executive officer, Bulgarian Energy Holding. “Fluor is a leading engineering, procurement, construction and project management services company in the energy transition space. Coupled with NuScale’s small modular nuclear reactor technology, we can achieve European and Bulgarian policy goals in a more diversified power market, improve the security of energy supply and add sufficient value for the national gross domestic product.”
Fluor has been serving the nuclear industry for more than 70 years including the design and construction support of more than 25 nuclear plants, plus nearly 100 million hours of nuclear operations and maintenance work.
About Fluor Corporation
Fluor Corporation (NYSE: FLR) is building a better world by applying world-class expertise to solve its clients’ greatest challenges. Fluor’s 44,000 employees provide professional and technical solutions that deliver safe, well-executed, capital-efficient projects to clients around the world. Fluor had revenue of $14.2 billion in 2020 and is ranked 196 among the Fortune 500 companies. With headquarters in Irving, Texas, Fluor has been providing engineering, procurement and construction services for more than 100 years. For more information, please visit www.fluor.com or follow Fluor on Twitter, LinkedIn, Facebook and YouTube.
About NuScale Power
NuScale Power has developed a new modular light water reactor nuclear power plant to supply energy for electrical generation, district heating, desalination, hydrogen production and other process heat applications. This groundbreaking small modular reactor (SMR) design features a fully factory-fabricated NuScale Power Module™ capable of generating 77 megawatts of electricity using a safer, smaller and scalable version of pressurized water reactor technology. NuScale's scalable design—power plants that can house up to four, six, or 12 individual power modules—offers the benefits of carbon-free energy and reduces the financial commitments associated with gigawatt-sized nuclear facilities. The majority investor in NuScale is Fluor Corporation, a global engineering, procurement, and construction company with a 70-year history in commercial nuclear power.
NuScale is headquartered in Portland, Oregon, and has offices in Corvallis, Oregon; Rockville, Maryland; Charlotte, North Carolina; Richland, Washington; and London, UK. Follow us on Twitter: @NuScale_Power, Facebook: NuScale Power, LLC, LinkedIn: NuScale-Power, and Instagram: nuscale_power. Visit NuScale Power's website.
Brian Mershon
Media Relations
469.398.7621
Jason Landkamer
Investor Relations
469.398.7222
HALIFAX, Nova Scotia--(BUSINESS WIRE)--Emera Incorporated (“Emera”) today announced the commencement of an exchange offer (the “Exchange Offer”) for USD $750 million aggregate principal amount of outstanding senior unsecured notes (the “Old Notes”) by its wholly owned indirect subsidiary, Emera US Finance LP (the “Issuer”).
On June 4, 2021, the Issuer completed the issuance of the Old Notes to “qualified institutional buyers” under Rule 144A of the United States Securities Act of 1933, as amended (the “Securities Act”), to non-U.S. persons under Regulation S of the Securities Act and on a private placement basis in Canada. The Old Notes are guaranteed by Emera and Emera US Holdings Inc., a wholly owned direct and indirect subsidiary Emera.
The Old U.S. Notes are as follows:
In connection with the initial issuance of the Old Notes, the Issuer entered into a registration rights agreement with the initial purchasers of the Old Notes in which it undertook to offer to exchange the Old Notes for new notes registered under the Securities Act (the “New Notes”).
Pursuant to an effective registration statement on Form F-10/Form S-4 filed with the United States Securities and Exchange Commission (the “SEC”), holders of the Old Notes will be able to exchange the Old Notes for New Notes in an equal principal amount. The terms of the New Notes to be issued in the Exchange Offer are identical in all material respects to the terms of the Old Notes except that the New Notes have been registered under the Securities Act and will not bear any legend restricting transfer. The registration rights and additional interest provisions relating to the Old Notes do not apply to the New Notes.
On October 28, 2021, the Issuer commenced the Exchange Offer pursuant to a registration statement that has been declared effective by the SEC. Expiration of the Exchange Offer is expected to occur at 11:59 p.m., New York City time on November 26, 2021 (unless otherwise terminated or extended), with settlement of the Exchange Offer occurring shortly thereafter.
The terms of the Exchange Offer are set forth in a prospectus dated October 28, 2021. Tenders of Old Notes must be made before the Exchange Offer expires and may be withdrawn any time prior to expiration of the Exchange Offer. Documents related to the Exchange Offer, including the prospectus and the associated letter of transmittal, have been filed with the SEC and may be obtained from the exchange agent, D.F. King & Co., Inc., 48 Wall Street - 22nd Floor, New York, New York 10005, attention: Michael Horthman; banks and brokers call collect: (212) 269-5550, all others call toll-free (877) 732-3617.
This announcement is neither an offer to buy nor a solicitation of an offer to sell any of the Issuer or Emera’s securities. The Exchange Offer is being made only pursuant to the Exchange Offer documents which have been filed with the SEC including the prospectus and letter of transmittal that are being distributed to holders of the Old Notes.
Forward Looking Information
This news release contains forward-looking information within the meaning of applicable securities laws. By its nature, forward-looking information requires Emera to make assumptions and is subject to inherent risks and uncertainties. These statements reflect Emera management’s current beliefs and are based on information currently available to Emera management. There is a risk that predictions, forecasts, conclusions and projections that constitute forward-looking information will not prove to be accurate, that Emera’s assumptions may not be correct and that actual results may differ materially from such forward-looking information. Additional detailed information about these assumptions, risks and uncertainties is included in Emera’s securities regulatory filings, including under the heading “Business Risks and Risk Management” in Emera’s annual Management’s Discussion and Analysis, and under the heading “Principal Risks and Uncertainties” in the notes to Emera’s annual and interim financial statements, which can be found on SEDAR at www.sedar.com.
About Emera
Emera Inc. is a geographically diverse energy and services company headquartered in Halifax, Nova Scotia, with approximately $31 billion in assets and 2020 revenues of more than $5.5 billion. The company primarily invests in regulated electricity generation and electricity and gas transmission and distribution with a strategic focus on transformation from high carbon to low carbon energy sources. Emera has investments in Canada, the United States and in four Caribbean countries. Emera’s common and preferred shares are listed on the Toronto Stock Exchange and trade respectively under the symbol EMA, EMA.PR.A, EMA.PR.B, EMA.PR.C, EMA.PR.E, EMA.PR.F, EMA.PR.H, EMA.PR.J and EMA.PR.L. Depositary receipts representing common shares of Emera are listed on the Barbados Stock Exchange under the symbol EMABDR and on The Bahamas International Securities Exchange under the symbol EMAB. Additional information can be accessed at www.emera.com or at www.sedar.com.
Source: Emera Inc.
Emera Inc.
Investor Relations
Dave Bezanson VP, Investor Relations & Pensions
902-474-2126
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Media
902-222-2683
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TORONTO--(BUSINESS WIRE)--$LGO #VRFB--Largo Resources Ltd. ("Largo" or the "Company") (TSX: LGO) (NASDAQ: LGO) will release its third quarter 2021 financial results on Wednesday, November 10, 2021, after the close of market trading. Additionally, the Company will host a webcast and conference call to discuss its third quarter 2021 operating and financial results on Thursday, November 11 at 9:00 a.m. ET.
Details of the webcast and conference call are listed below:
Date: |
Thursday, November 11, 2021 |
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Time: |
9:00 a.m. ET |
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Webcast Registration Link: |
https://produceredition.webcasts.com/starthere.jsp?ei=1510027&tp_key=8437e02a6 |
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Dial-in Number: |
Local / International: +1 (647) 792-1241 |
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North American Toll Free: +1 (866) 269-4261 |
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Conference ID: |
6358846 |
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Replay Number: |
Local / International: + 1 (647) 436-0148 |
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North American Toll Free: +1 (888) 203-1112 |
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Replay Passcode: 6358846 |
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Website: |
To view press releases or any additional financial information, please visit the Investor Relations section of the Largo Resources website at: www.largoresources.com/English/investor-resources |
About Largo
Largo is a Canadian-based company that has historically been solely committed to the production and supply of high-quality vanadium products. The Company believes that the development and sale of vanadium-based electrical energy storage systems to support the planet's on-going transition to renewable energy presents both an attractive economic opportunity for the use of the Company's vanadium products and an opportunity to enhance the Company's sustainability. Consequently, the Company is in the process of vertically integrating its highly efficient vanadium production operations with its vanadium-based energy storage technology to create a unique competitive advantage in the rapidly growing long duration energy storage market. The Company is confident that using its VPURETM and VPURE+TM products, which are sourced from one of the world's highest-grade vanadium deposits at the Company's Maracás Menchen Mine in Brazil, in its VCHARGE± vanadium redox flow battery technology results in a competitive and practical long duration energy storage product.
Largo’s common shares trade on the Nasdaq Stock Market and on the Toronto Stock Exchange under the symbol "LGO". For more information on the Company, please visit www.largoresources.com.
Investor Relations:
Alex Guthrie
Senior Manager, External Relations
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Tel: +1 416-861-9797
Combination redefines the yacht ownership experience, enabling IGY to deliver more impactful and integrated yacht services
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Island Global Yachting (“IGY”) has acquired a controlling interest in Fairport Yacht Support (“Fairport”), an industry leading yacht management company providing an array of essential asset management services for yacht owners. The combination of IGY and Fairport creates the only full-service solution for superyacht owners worldwide.
Together with Fairport, IGY’s suite of services includes yacht financial administration, crew management, operations and technical oversight, safety, security and regulatory compliance services, insurance administration, and health and wellness solutions, in addition to global dockage, fuel and concierge services. Fairport will remain under the leadership of Graeme Lord, who founded Fairport in 2011 and will continue to be a significant shareholder.
“The IGY team is thrilled to be working with Fairport to deliver a significantly expanded scope of services that enhance the yacht ownership experience,” stated Tom Mukamal, IGY’s CEO. “We are impressed by Fairport’s deep and longstanding client relationships with so many of the world’s top superyachts,” remarked Evan Wien, IGY’s Vice President of Corporate Development. “Fairport’s mission is to make yacht ownership safe, easy and fun, which aligns perfectly with our objective to provide the best possible marina experience across our 22 destinations worldwide,” added Mr. Wien.
The union enables IGY to deliver more impactful and integrated yacht services. “Together we are redefining the yacht ownership experience,” said Mr. Lord. “By aligning with IGY we are able to support our superyacht clients with worldwide touchpoints across IGY’s five-star service level marina network and provide preferential access to dockage, fuel and concierge services, as well as several innovative benefits we are working on together. Our goal is to be the one-stop shop serving owners to enjoy their yacht to the fullest.”
In the coming months, IGY is launching IGY TRIDENT, a first-of-its kind, next generation membership designed to materially improve the experience of superyacht ownership. TRIDENT members enjoy a wide range of highly exclusive benefits covering global dockage, fuel bunkering, yacht management, crew placement and training, insurance, health and wellness, private aviation, and lifestyle events and experiences. To learn more about IGY TRIDENT, please visit igytrident.com.
Kay Mellinger
+1-954-510-3307 / This email address is being protected from spambots. You need JavaScript enabled to view it.
EAST AURORA, N.Y.--(BUSINESS WIRE)--Moog Inc. (NYSE: MOG.A and MOG.B) will release its fourth quarter and year-end earnings for the period ended October 2, 2021 on Friday, November 5, 2021. In conjunction with this release, Moog will host a conference call beginning at 10:00 a.m. ET, which will be simultaneously broadcast live over the Internet. John Scannell, Chairman and CEO, and Jennifer Walter, CFO, will host the call.
Listeners can access the conference call live or in replay mode on the Internet at http://www.moog.com/investors/communications/. Please allow 15 minutes prior to the call to visit the site to download and install any necessary audio software.
Supplemental data will be available on the website approximately 90 minutes prior to the call and will be archived for 45 days.
Moog Inc. is a worldwide designer, manufacturer, and integrator of precision control components and systems. Moog’s high-performance systems control military and commercial aircraft, satellites and space vehicles, launch vehicles, missiles, automated industrial machinery, wind energy, marine and medical equipment. Additional information about the Company can be found at www.moog.com.
Press Information
Ann Marie Luhr
716-687-4225
- Provides Visible Funding to Fuel Growing Development Pipeline -
NEW YORK--(BUSINESS WIRE)--On October 27th, 2021, SG Blocks, Inc. (NASDAQ: SGBX) ("SG Blocks" or the "Company"), a leading designer, innovator and fabricator of modular structures, closed on the issuance of approximately 3.16 million shares of common stock (or common stock equivalents in lieu thereof in the form of pre-funded warrants) together with warrants to purchase up to approximately 1.9 million shares of common stock, for total gross proceeds of approximately $11.55 million. Each share of common stock and accompanying common warrant were sold together at a combined offering price of $3.65, and each common stock equivalent and accompanying common warrant were sold together at a combined offering price of $3.649. The common stock equivalents will be immediately exercisable at a nominal exercise price of $0.001 and will expire when exercised in full. The common warrants will have an exercise price of $4.80 per share, will be exercisable upon issuance and will expire five years from the date of an issuance.
Use of proceeds will be for working capital as existing projects advance.
Paul Galvin, Chairman and Chief Executive Officer of SG Blocks, commented, “We believe this capital raise was a momentous step for our Company, providing a definitive path forward as we work to roll-out our growing list of projects. We were extremely pleased with the execution, at a 50% premium to our last share issuance, supported by an investment bank with significant real estate experience. We also welcome a world class institutional investor as a new shareholder.”
Mr. Galvin continued, “Given the pipeline of activity we have underway, we believe it was extremely important to ensure we had sufficient capital to meet our co-investment priorities. Having invested approximately $8 million in our pipeline over the past year, this incremental capital provides us with visible funding, as well as should provide optionality with regard to anticipated growing supply chain disruptions and delays. 2021 has already been a record revenue year for SG Blocks. As we look to 2022 and beyond, however, we believe we are at the mere beginning of the opportunity we have to deliver innovative solutions with our world class structures in a variety of applications, from the commercial sector, to healthcare, residential, and other technological functions.”
SG Blocks current pipeline of announced projects includes:
About SG Blocks, Inc.
SG Blocks, Inc. is a premier innovator in advancing and promoting the use of code-engineered cargo shipping containers for safe and sustainable construction. The firm offers a product that exceeds many standard building code requirements, and also supports developers, architects, builders and owners in achieving greener construction, faster execution, and stronger buildings of higher value. Each project starts with GreenSteel™, the structural core and shell of an SG Blocks building, and then is customized to client specifications. For more information, visit www.sgblocks.com.
Safe Harbor Statement
Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. These forward-looking statements are based upon current estimates and assumptions and include statements regarding the incremental capital providing the Company with optionality with regard to growing supply chain disruptions and delays, the Company being at the beginning of the opportunity to deliver innovative solutions with world class structures in a variety of applications, from the commercial sector, to healthcare, residential, and other technological functions, the Company’s plans to construct the Lago Vista project, the Company commencing the Lago Vista development work in the second quarter of 2022 with an anticipated completion date in the fourth quarter of 2022, the Company capturing approximately $25 million in manufacturing revenue over the life of the Lago Vista project, the Company’s minority interest in the sale of the units being no less than approximately $5.0 million as units are sold; the Company’s plans to construct the Norman Berry Village project, the Company completing the Norman Berry Village project at a cost of approximately $15 million – $20 million, the Company’s plans to construct the Monticello Mews project, the Company completing the Monticello Mews project in the third quarter of 2023 , the Company earning a preferred payment upon completion of the Monticello Mews project, the Company’s plans to develop the Cumberland Inlet project, the Company’s gross potential manufacturing revenues from the Cumberland Inlet project totaling approximately $180 million, the Company commencing site work for the Cumberland Inlet project in the fourth quarter of 2021 with initial deliveries of modular units in third quarter of 2022. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are subject to various risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the Company’s ability to apply the incremental capital received to mitigate supply chain disruptions and delays, the Company’s ability to commence and complete development work on its various projects and receive the anticipated benefits, the Company’s ability to expand within various verticals as planned, the Company’s ability to position itself for future profitability, the Company’s ability to maintain compliance with the Nasdaq listing requirements, and the other factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 and its subsequent filings with the SEC, including subsequent periodic reports on Forms 10-Q and 8-K. The information in this release is provided only as of the date of this release, and we undertake no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.
Investors:
Stephen Swett
(203) 682-8377
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COLUMBUS, Ind.--(BUSINESS WIRE)--Cummins Inc. (NYSE: CMI) Chairman and CEO Tom Linebarger, which announced the company’s support on October 1 for the climate change provisions of the reconciliation bill, today said he is pleased with the progress on both the Infrastructure, Investment and Jobs Act and the Build Back Better Act framework, and encourages Congress to pass the legislation quickly. Linebarger issued the following statement:
“We are pleased with the progress that’s been made on the Infrastructure, Investment and Jobs Act and the Build Back Better Act and encourage Congress to quickly pass the legislation, which contains important provisions to combat climate change. Passage of the infrastructure bill, and movement on the Build Back Better climate provisions ahead of the UN Climate Conference that begins next week would send a strong signal to global political and business leaders that the U.S. is committed to being part of a concerted effort to combat climate change, which is an existential threat facing us all.
The path to a decarbonized and sustainable future requires the engagement of everyone including government, businesses of all sizes, as well as communities and individuals.
The decarbonization investments in both bills are critical to accelerating the adoption of innovations that can reduce emissions across the United States and set us on a path to a more sustainable future. We encourage Congress to act quickly and pass both pieces of legislation.”
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 57,825 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. See how Cummins is powering a world that’s always on by accessing news releases and more information at https://www.cummins.com/always-on.
Jon Mills, Cummins Inc.
317-658-4540
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Utility-scale installation of Bloom Energy Servers commences with opportunity to reduce town’s dependence on heating oil and aligns with the State of Connecticut’s clean energy goals
COLCHESTER, Conn. & SAN JOSE, Calif.--(BUSINESS WIRE)--The Town of Colchester, Connecticut and Bloom Energy, a leading energy company, today announced the deployment of 10 megawatts of highly efficient fuel cells to help meet the clean energy needs of the community. The Bloom Energy Servers will cut community carbon emissions by 3,850 tons per year and reduce smog-forming pollution and particulate matter by over 99 percent in comparison to current displaced grid alternatives.
Bloom Energy’s fuel flexible, solid oxide fuel cell technology produces electricity from natural gas, biogas, or hydrogen through an electrochemical process, without combustion, at one of the highest efficiencies of any power solution available in the world today.
This project aligns with the State of Connecticut’s efforts to increase clean and renewable energy sources. The Bloom Energy installation in Colchester was selected as part of Connecticut Department of Energy and Environmental Protection’s (DEEP) Clean Energy Request for Proposals. In addition to fuel cell adoption, other selected projects included offshore wind and anaerobic digestion.
Colchester, with its beautiful natural resources and plentiful outdoor activities, is a fitting home for a clean energy project, especially as the town has been named a “Community Wildlife Habitat” by the National Wildlife Federation. With the introduction of more clean and renewable energy technologies to the community, Colchester will have the ability to reduce dependence on heating oil, and thereby reduce its carbon footprint.
“We are environmental stewards of this land and of our planet,” said Mary Bylone, first selectman of the Town of Colchester. “Implementing clean energy solutions, such as Bloom Energy Servers, aligns with our dedication to our land, wildlife, and the future generations of our community.”
“We are focused on helping communities reduce emissions, build energy resilience, and meet their sustainability goals, through our distributed, always-on, non-combustion process of generating clean electricity,” said Kris Kim, vice president of global commercial operations, Bloom Energy. "We are proud to support the town of Colchester and the state of Connecticut in the pursuit of a clean energy future that will drive positive environmental impact and support the health of local citizens.”
The fuel cell installation is located at a local substation for targeted local power generation capacity. This deployment in Colchester has been made possible through a long-term purchase agreement with energy providers Eversource and United Illuminating.
About Town of Colchester
The Town of Colchester, Connecticut was founded in 1698 and is located in New London County. To learn more, please visit www.colchesterct.gov
About Bloom Energy
Bloom Energy’s mission is to make clean, reliable energy affordable for everyone in the world. Bloom Energy’s product, the Bloom Energy Server, delivers highly reliable and resilient, always-on electric power that is clean, cost-effective, and ideal for microgrid applications. Bloom Energy’s customers include many Fortune 100 companies and leaders in manufacturing, data centers, healthcare, retail, higher education, utilities, and other industries. For more information, visit www.bloomenergy.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws that involve risks and uncertainties. Words such as “anticipates,” “could,” “expects,” “intends,” “plans,” “projects,” “believes,” “seeks,” “estimates,” “can,” “may,” “will,” “would” and similar expressions identify such forward-looking statements. These statements include, but are not limited to, statements concerning Bloom’s expectations in cutting community carbon emissions and reducing smog-forming pollution and particulate matter in comparison to current displaced grid alternatives; and the ability to reduce dependence on heating oil, and thereby reduce its carbon footprint. These statements should not be taken as guarantees of results and should not be considered an indication of future activity or future performance. Actual events or results may differ materially from those described in this press release due to a number of risks and uncertainties, including those included in the risk factors section of Bloom Energy’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2021 and other risks detailed in Bloom Energy’s SEC filings from time to time. Bloom Energy undertakes no obligation to revise or publicly update any forward-looking statements unless if and as required by law.
Media Relations Contacts
Town of Colchester
860.537.7200
Erica Osian
Bloom Energy
401.714.6883
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Investor Relations Contact
Edward Vallejo
Bloom Energy
267.370.9717
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AKRON, Ohio--(BUSINESS WIRE)--$BW #environmental--Babcock & Wilcox (B&W) (NYSE: BW) announced today that its B&W Environmental segment has been awarded a contract for approximately $30 million to design and supply a full suite of environmental technologies for a U.S. industrial facility.
B&W Environmental will design and supply a spray dry absorber (SDA), dry and wet electrostatic precipitators (ESPs), dry sorbent injection (DSI) system, activated carbon injection (ACI) system, baghouse and caustic scrubbers to control the plant’s emissions, as well as a waste heat boiler, sootblowers and ash handling equipment.
“B&W Environmental’s advanced emissions control technologies can be custom-designed for any size industrial or manufacturing facility,” said Jimmy Morgan, B&W Chief Operating Officer. “Our customers have a responsibility to limit the environmental impact of their operations, and we’re pleased to work closely with them to tailor solutions to these challenges and protect our environment.”
“We see substantial opportunities to continue to grow B&W Environmental’s business with industrial customers and are aggressively pursuing these opportunities in the U.S. and globally,” Morgan said.
B&W Environmental is committed to environmental sustainability, designing, engineering and deploying technologies proven to help preserve natural resources, including carbon capture, cooling systems, ash handling and state-of-the-art emissions control solutions for reducing particulate, mercury, nitrogen oxides, sulfur dioxides and acid gases.
About B&W
Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises, Inc., is a global leader in energy and environmental technologies and services for the power and industrial markets. Follow us on LinkedIn and learn more at www.babcock.com.
About B&W Environmental
Babcock & Wilcox Environmental offers a full suite of best-in-class emissions control products and solutions for utility and industrial steam generation applications around the world. The segment’s broad experience includes systems for ash handling, particulate control, nitrogen oxides and sulfur dioxides removal, chemical looping for carbon control, and mercury control, along with cooling solutions.
Forward-Looking Statements
B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to the receipt of a contract to design and supply a full suite of environmental technologies for a U.S. industrial facility, as well as growth opportunities with industrial customers. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties. For a more complete discussion of these risk factors, see our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. We caution readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and we undertake no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.
Investor Contact:
Megan Wilson
Vice President, Corporate Development & Investor Relations
Babcock & Wilcox
330-860-6802 | 704.625.4944
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Media Contact:
Ryan Cornell
Public Relations
Babcock & Wilcox
330.860.1345
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» Nouveau Monde emerged as the winner of the “Entrepreneur Of The Year” prize at the annual event organized by the Québec Mineral Exploration Association.
» The prize was awarded as recognition of the Company’s momentum in developing its integrated and sustainable “ore-to-battery” value chain.
» Projected to be the largest and most advanced natural graphite operation in North America, Nouveau Monde is actively implementing its business plan in a disciplined and de-risked approach to serve the growing markets of EVs and energy storage.
» This year, Nouveau Monde progressed on its development roadmap by securing the governmental authorization for the Matawinie mining project, launching construction for the commercial mine, building the Phase-1 facility for its proprietary purification technologies for anode material, listing on the NYSE, and raising additional capital to support the delivery of the next project milestones.
MONTRÉAL--(BUSINESS WIRE)--$NMG #EV--Nouveau Monde Graphite Inc.’s (“Nouveau Monde” or the “Company”) (NYSE: NMG, TSXV: NOU) continuous advancement in the past year culminated yesterday with the Entrepreneur of the Year Award presented by the Québec Mineral Exploration Association in recognition of the Company’s sustained corporate growth, from exploration to phase-1 production with a view to full-scale commercial operations of lithium-ion anode material destined to the electric vehicles (“EVs”) and energy storage markets.
Eric Desaulniers, Founder, President, and CEO of Nouveau Monde, welcomed the recognition: “This award is a testament to our sound yet ambitious business strategy. The rebuilding efforts of different economies within post-pandemic dynamics exacerbate the call for local, dependable, and sustainable advanced materials for a decarbonized future. I am thrilled to see that our unwavering focus on delivering a turn-key supply of natural graphite-based anode material is celebrated as a role model for mining and beneficiation businesses. Special thanks go to our employees, communities, business partners, shareholders, and governments for their support along this journey.”
Nouveau Monde’s agile, disciplined, and de-risked approach to developing its fully vertically integrated business model has consolidated its leading position in what is projected to be the largest and most advanced natural graphite operation in North America. As battery manufacturers and carmakers continue to expand their production capacity for the EV sector, the Company is well-positioned to provide a localized and carbon-neutral alternative to Chinese anode material supply.
Leveraging the assets of Québec, a tier-1 mining jurisdiction with exceptional infrastructure and clean hydropower, Nouveau Monde is actively advancing both its graphite extraction and beneficiation projects to scale up production.
Over the past twelve months, Nouveau Monde has secured the Québec governmental authorization for the Matawinie mining project following an extensive environmental review and stakeholder engagement process. Civil works for the commercial facilities were launched in the Q3-2021, while phase-1 operations at the demonstration concentrator continue to support the Company’s marketing and product qualification efforts.
Nouveau Monde also advanced its value-added phase-1 facilities to put into production its proprietary thermochemical ecotechnology for purification and commissioned a state-of-the-art laboratory to further its battery technology research and development. Committed to high ESG standards, the Company has also signed collaboration agreements to work on the full electrification of the Matawinie mining project and the recycling of graphite for reuse as anode battery material.
Drawing from learnings at its phase-1 operations and in R&D labs, Nouveau Monde has refined the engineering plans of its commercial facilities and perfected specifications of its advanced materials to provide high-performance, carbon-neutral and ethical supply to manufacturers of batteries, electric vehicles and energy storage systems.
About Nouveau Monde
Nouveau Monde is striving to become a key contributor to the sustainable energy revolution. The Company is working towards developing a fully integrated source of carbon-neutral battery anode material in Québec, Canada for the growing lithium-ion and fuel cell markets. With low-cost operations and enviable ESG standards, Nouveau Monde aspires to become a strategic supplier to the world’s leading battery and automobile manufacturers, providing high-performing and reliable advanced materials while promoting sustainability and supply chain traceability. www.NMG.com
Subscribe to our news feed: https://NMG.com/investors/#news
Cautionary Note Regarding Forward-Looking Information
All statements, other than statements of historical fact, contained in this press release including, but not limited to those describing the Company’s objective of becoming the largest and most advanced natural graphite operation in North America, the estimated future size of lithium-ion battery production in the Western World, the growth pattern of EV and energy storage markets, and those statements which are discussed under the “About Nouveau Monde” paragraph and elsewhere in the press release which essentially describe the Company’s outlook and objectives, constitute “forward-looking information” or “forward-looking statements” within the meaning of certain securities laws, and are based on expectations, estimates and projections as of the time of this press release. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect. Moreover, these forward-looking statements were based upon various underlying factors and assumptions, including the current technological trends, the business relationship between the Company and its stakeholders, the ability to operate in a safe and effective manner, the timely delivery and installation of the equipment supporting the production, the Company’s business prospects and opportunities and estimates of the operational performance of the equipment, and are not guarantees of future performance.
Forward-looking information and statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking information and statements. Risk factors that could cause actual results or events to differ materially from current expectations include, among others, delays in the scheduled delivery times of the equipment, the ability of the Company to successfully implement its strategic initiatives and whether such strategic initiatives will yield the expected benefits, the availability of financing or financing on favorable terms for the Company, the dependence on commodity prices, the impact of inflation on costs, the risks of obtaining the necessary permits, the operating performance of the Company’s assets and businesses, competitive factors in the graphite mining and production industry, changes in laws and regulations affecting the Company’s businesses, political and social acceptability risk, environmental regulation risk, currency and exchange rate risk, technological developments, the impacts of the global COVID-19 pandemic and the governments’ responses thereto, and general economic conditions, as well as earnings, capital expenditure, cash flow and capital structure risks and general business risks. Unpredictable or unknown factors not discussed in this Cautionary Note could also have material adverse effects on forward-looking statements.
Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management’s expectations and plans relating to the future. The Company disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Further information regarding the Company is available in the SEDAR database (www.sedar.com), and for United States readers on EDGAR (www.sec.gov), and on the Company’s website at: www.NMG.com
Julie Paquet
VP Communications & ESG Strategy
+1-450-757-8905 #140
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BOISE, Idaho--(BUSINESS WIRE)--IDACORP, Inc. (NYSE: IDA) reported third quarter 2021 net income attributable to IDACORP of $97.9 million, or $1.93 per diluted share, compared with $102.0 million, or $2.02 per diluted share, in the third quarter of 2020. For the first nine months of 2021, IDACORP reported net income attributable to IDACORP of $212.8 million, or $4.20 per diluted share, compared with $199.9 million, or $3.95 per diluted share, in the first nine months of 2020.
“Continued strong customer growth, combined with higher transmission wheeling revenues, led to another solid quarter for IDACORP," said IDACORP President and Chief Executive Officer Lisa Grow. "Irrigation sales arrived earlier than last year, affecting the quarterly comparison. Our results over the first nine months of 2021 have set the course for what we now expect to be IDACORP’s 14th consecutive year of earnings growth.
"The customer and earnings growth also support our recent dividend increase, which has now reached an annualized level of $3.00 per share."
IDACORP tightened its previously reported full-year 2021 earnings guidance upward to the range of $4.80 to $4.90 per diluted share. IDACORP does not expect Idaho Power to utilize any of the additional tax credits available under its Idaho earnings support regulatory mechanism in 2021. The earnings guidance also assumes normal weather conditions and a sustained return to more normal economic conditions following the impacts of COVID-19 over the rest of the year.
Performance Summary
A summary of financial highlights for the periods ended September 30, 2021 and 2020 is as follows (in thousands, except per-share amounts):
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
||||||||||||
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
Net income attributable to IDACORP, Inc. |
|
$ |
97,897 |
|
|
$ |
102,031 |
|
|
$ |
212,752 |
|
|
$ |
199,910 |
|
Average outstanding shares – diluted (000’s) |
|
50,651 |
|
|
50,576 |
|
|
50,617 |
|
|
50,554 |
|
||||
IDACORP, Inc. earnings per diluted share |
|
$ |
1.93 |
|
|
$ |
2.02 |
|
|
$ |
4.20 |
|
|
$ |
3.95 |
|
The table below provides a reconciliation of net income attributable to IDACORP for the three and nine months ended September 30, 2021, from the same periods in 2020 (items are in millions and are before related income tax impact unless otherwise noted).
|
|
Three months ended |
|
Nine months
|
||||||||||||||
Net income attributable to IDACORP, Inc. - September 30, 2020 |
|
|
|
$ |
102.0 |
|
|
|
|
|
$ |
199.9 |
|
|
||||
Increase (decrease) in Idaho Power net income: |
|
|
|
|
|
|
|
|
||||||||||
Customer growth, net of associated power supply costs and power cost adjustment (PCA) mechanisms |
|
5.1 |
|
|
|
|
|
12.6 |
|
|
|
|
||||||
Usage per retail customer, net of associated power supply costs and PCA mechanisms |
|
0.2 |
|
|
|
|
|
20.8 |
|
|
|
|
||||||
Idaho fixed cost adjustment (FCA) revenues |
|
(1.4 |
) |
|
|
|
|
(6.4 |
) |
|
|
|
||||||
Retail revenues per megawatt-hour (MWh), net of associated power supply costs and PCA mechanisms |
|
(3.0 |
) |
|
|
|
|
(9.3 |
) |
|
|
|
||||||
Transmission wheeling-related revenues |
|
4.7 |
|
|
|
|
|
12.8 |
|
|
|
|
||||||
Other operations and maintenance (O&M) expenses |
|
(4.9 |
) |
|
|
|
|
(6.1 |
) |
|
|
|
||||||
Other changes in operating revenues and expenses, net |
|
(0.8 |
) |
|
|
|
|
(1.9 |
) |
|
|
|
||||||
(Decrease) increase in Idaho Power operating income |
|
(0.1 |
) |
|
|
|
|
22.5 |
|
|
|
|
||||||
Non-operating income and expenses |
|
1.3 |
|
|
|
|
|
1.9 |
|
|
|
|
||||||
Income tax expense |
|
(3.4 |
) |
|
|
|
|
(9.1 |
) |
|
|
|
||||||
Total (decrease) increase in Idaho Power net income |
|
|
|
(2.2 |
) |
|
|
|
|
15.3 |
|
|
||||||
Other IDACORP changes (net of tax) |
|
|
|
(1.9 |
) |
|
|
|
|
(2.4 |
) |
|
||||||
Net income attributable to IDACORP, Inc. - September 30, 2021 |
|
|
|
$ |
97.9 |
|
|
|
|
|
$ |
212.8 |
|
|
||||
Net Income - Third Quarter 2021
IDACORP's net income decreased $4.1 million for the third quarter of 2021 compared with the third quarter of 2020 due primarily to lower net income at Idaho Power. At Idaho Power, customer growth increased operating income by $5.1 million in the third quarter of 2021 compared with the third quarter of 2020, as the number of Idaho Power customers grew by over 16,800, or 2.9 percent, during the twelve months ended September 30, 2021. Higher sales volumes on a per-customer basis from residential, commercial, and industrial customers increased operating income, but were mostly offset by a decrease in sales volumes on a per-customer basis from irrigation customers in the third quarter of 2021 compared with the third quarter of 2020. Warmer weather in July followed by milder weather during the rest of the quarter affected residential and irrigation customers differently, on a net basis. When compared with the third quarter of 2020, in the third quarter of 2021 residential customers used more energy per customer for cooling but irrigation customers used less energy per customer for pump irrigation due to weather. Increases in usage per commercial and industrial customers were partially due to a return to more normal economic activity in the third quarter of 2021 compared with the third quarter of 2020, which was affected by negative COVID-19-related business conditions. The slight net increase in sales volumes per customer was more than offset by the FCA mechanism (applicable to residential and small general service customers), which decreased revenues in the third quarter of 2021 by $1.4 million compared with the third quarter of 2020.
The net decrease in retail revenues per MWh, net of associated power supply costs and PCA mechanisms, decreased operating income by $3.0 million during the third quarter of 2021 compared with the third quarter of 2020. Idaho Power decreased annual Idaho customer rates an estimated $3.9 million on January 1, 2021, and decreased annual Oregon customer rates an estimated $0.3 million on November 1, 2020, to reflect full depreciation of all Boardman power plant investments after ceasing coal-fired operations at the Boardman power plant in October 2020. In addition, higher wholesale energy market prices due to a heat wave in the western United States and higher energy usage by Idaho Power customers increased Idaho Power's net power supply expenses in the third quarter of 2021 compared with the third quarter of 2020. The increase in the amount of net power supply expenses that were not deferred through Idaho Power's PCA mechanisms contributed to the negative variance in net retail revenues per MWh between the comparison periods.
Transmission wheeling-related revenues increased $4.7 million during the third quarter of 2021 compared with the third quarter of 2020 as the warmer, drier weather in the western United States combined with two new long-term wheeling agreements increased wheeling volumes. Also, Idaho Power's OATT rates were approximately 10 percent higher in the third quarter of 2021 compared with the third quarter of 2020.
Other O&M expenses were $4.9 million higher in the third quarter of 2021, primarily due to a return to more normal levels of purchased services and maintenance costs compared with the third quarter of 2020, which was affected by the COVID-19 pandemic. In 2020, the response to the COVID-19 pandemic affected the availability and performance of some of Idaho Power's service providers, contractors, and vendors, which resulted in lower other O&M expenses in the third quarter of 2020 compared with the third quarter of 2021. In 2021, while some economic effects of the pandemic continue, much activity has returned to more normal levels.
Income tax expense increased $3.4 million for the third quarter of 2021 compared with the third quarter of 2020, due mostly to plant-related income tax return adjustments, which are generally recorded during the third quarter each year upon completion of the prior year tax return.
At IDACORP Financial Services, Inc. (IFS), a decrease in net income for the third quarter of 2021 compared with the third quarter of 2020 was primarily due to changes in tax basis adjustments between the periods.
Net Income - Year-to-Date 2021
IDACORP's net income increased $12.9 million for the first nine months of 2021 compared with the first nine months of 2020, primarily due to higher net income at Idaho Power. Customer growth increased operating income by $12.6 million in the first nine months of 2021 compared with the first nine months of 2020. An increase in sales volumes on a per-customer basis increased operating income by $20.8 million due primarily to warmer and drier weather that caused residential customers to use more energy for cooling and irrigation customers to use more energy for pump irrigation in the first nine months of 2021 compared with the same period in 2020. To a lesser extent, a return to more normal economic conditions for commercial and industrial customers in the first nine months of 2021 compared with the first nine months of 2020 also increased sales volumes on a per-customer basis, as the first nine months of 2020 was affected by negative COVID-19-related business conditions. The increase in sales volumes per customer was partially offset by the FCA mechanism (applicable to residential and small general service customers), which decreased revenues by $6.4 million.
The net decrease in retail revenues per MWh in the first nine months of 2021 compared with the first nine months of 2020, decreased operating income by $9.3 million primarily due to higher power supply costs. Idaho Power decreased annual Idaho customer rates an estimated $3.9 million on January 1, 2021, and decreased annual Oregon customer rates an estimated $0.3 million on November 1, 2020, to reflect full depreciation of all Boardman power plant investments after ceasing coal-fired operations at the Boardman power plant in October 2020. During the summer of 2021, higher wholesale energy market prices due to a heat wave in the western United States and higher energy usage by Idaho Power customers increased Idaho Power's net power supply expenses. The increase in the amount of net power supply expenses that were not deferred through Idaho Power's PCA mechanisms contributed to the negative variance in net retail revenues per MWh between the comparison periods.
During the first nine months of 2021, transmission wheeling-related revenues increased $12.8 million compared with the first nine months of 2020, as the warmer and drier weather in the western United States, along with two new long-term wheeling agreements which began in April 2021, increased wheeling volumes. Colder winter weather in the southwest United States during the first quarter of 2021 also contributed to increased wheeling volumes in the first nine months of 2021 compared with the first nine months of 2020. In addition, Idaho Power's OATT rates were approximately 10 percent higher in the first nine months of 2021 compared with the first nine months of 2020.
Other O&M expenses were $6.1 million higher in the first nine months of 2021, primarily due to a return to more normal levels of purchased services and maintenance activity compared with the first nine months of 2020, which was affected by the COVID-19 pandemic.
The increase in income tax expense for the first nine months of 2021 compared with the first nine months of 2020 was primarily due to greater 2021 pre-tax income and other plant-related income tax return adjustments.
Based on its estimate of full-year 2021 return on year-end equity in the Idaho jurisdiction, in the first nine months of 2021 Idaho Power recorded no additional accumulated deferred investment tax credits (ADITC) amortization or any provision against revenues for sharing of earnings with customers under the Idaho regulatory settlement stipulation approved in May 2018.
At IFS, a decrease in net income for the first nine months of 2021 compared with the first nine months of 2020 was primarily due to changes in tax basis adjustments between the periods.
2021 Annual Earnings Guidance and Key Operating and Financial Metrics
IDACORP is tightening its earnings guidance estimate upward for 2021. The 2021 guidance incorporates all of the key operating and financial assumptions listed in the table that follows (in millions, except per share amounts):
|
|
Current(1) |
|
Previous(2) |
IDACORP Earnings Guidance (per share) |
|
$ 4.80 – $4.90 |
|
$ 4.70 – $ 4.90 |
Idaho Power Additional ADITCs |
|
No change |
|
None |
Idaho Power O&M Expense |
|
No change |
|
$ 345 – $ 355 |
Idaho Power Capital Expenditures, Excluding Allowance for Funds Used During Construction |
|
No change |
|
$ 320 – $ 330 |
Idaho Power Hydropower Generation (MWh) |
|
5.4 – 5.7 |
|
5.0 – 6.0 |
(1) As of October 28, 2021.
(2) As of July 29, 2021, the date of filing IDACORP's and Idaho Power's Quarterly Report on Form 10-Q for the quarter ended June 30, 2021.
To date, Idaho Power has not experienced significant disruption to its business operations, critical supply-chain shortages, or major declines in customer usage related to COVID-19. However, if circumstances associated with COVID-19 were to deteriorate more than Idaho Power anticipates in the company’s service area or nationally, or if new vaccine or alternative testing mandates disrupt the supply chain or result in Idaho Power losing skilled or specialized employees or limit Idaho Power’s ability to attract and retain skilled or specialized employees who are unwilling to obtain a vaccine or subject themselves to weekly testing, Idaho Power could experience more substantial impacts, which could affect financial projections and results that are currently contemplated in the guidance range above. More detailed information on Idaho Power’s actions in response to COVID-19, as well as operational and financial risks associated with COVID-19, are described in IDACORP’s and Idaho Power’s Annual Report on Form 10-K filed on February 18, 2021, with the U.S. Securities and Exchange Commission, which is also available for review on IDACORP’s website at www.idacorpinc.com.
More detailed financial information is provided in IDACORP's Quarterly Report on Form 10-Q filed today with the U.S. Securities and Exchange Commission and posted to the IDACORP website at www.idacorpinc.com.
Web Cast / Conference Call
IDACORP will hold an analyst conference call today at 2:30 p.m. Mountain Time (4:30 p.m. Eastern Time). All parties interested in listening may do so through a live webcast on IDACORP's website (www.idacorpinc.com), or by calling (833) 759-1159 for listen-only mode. The passcode for the call is 8774672. The conference call logistics are also posted on IDACORP's website and will be included in IDACORP's earnings news release. Slides will be included during the conference call. To access the slide deck, register for the event just prior to the call at www.idacorpinc.com/investor-relations/earnings-center/default.aspx. A replay of the conference call will be available on the company's website for 12 months and will be available shortly after the call.
Background Information
IDACORP, Inc. (NYSE: IDA), Boise, Idaho-based and formed in 1998, is a holding company comprised of Idaho Power, a regulated electric utility; IDACORP Financial, a holder of affordable housing projects and other real estate investments; and Ida-West Energy, an operator of small hydroelectric generation projects that satisfy the requirements of the Public Utility Regulatory Policies Act of 1978. Idaho Power began operations in 1916 and employs approximately 2,000 people to serve a 24,000-square-mile service area in southern Idaho and eastern Oregon. Idaho Power’s goal of 100% clean energy by 2045 builds on its long history as a clean-energy leader providing reliable service at affordable prices. With 17 low-cost hydropower projects at the core of its diverse energy mix, Idaho Power’s more than 590,000 residential, business, and agricultural customers pay among the nation's lowest prices for electricity. To learn more about IDACORP or Idaho Power, visit www.idacorpinc.com or www.idahopower.com.
Forward-Looking Statements
In addition to the historical information contained in this press release, this press release contains (and oral communications made by IDACORP, Inc. and Idaho Power Company may contain) statements, including, without limitation, earnings guidance and estimated key operating and financial metrics, that relate to future events and expectations and, as such, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, outlook, assumptions, or future events or performance, often, but not always, through the use of words or phrases such as "anticipates," "believes," "continues," "could," "estimates," "expects," "guidance," "intends," "potential," "plans," "predicts," "projects or projected," "targets," or similar expressions, are not statements of historical facts and may be forward-looking. Forward-looking statements are not guarantees of future performance and involve estimates, assumptions, risks, and uncertainties. Actual results, performance, or outcomes may differ materially from the results discussed in the statements. In addition to any assumptions and other factors and matters referred to specifically in connection with such forward-looking statements, factors that could cause actual results or outcomes to differ materially from those contained in forward-looking statements include the following: (a) the effect of decisions by the Idaho and Oregon public utilities commissions and the Federal Energy Regulatory Commission that impact Idaho Power's ability to recover costs and earn a return on investment; (b) changes to or the elimination of Idaho Power's regulatory cost recovery mechanisms; (c) the impacts of the COVID-19 pandemic, including COVID-19 variants and vaccine or alternative testing mandates, on the global and regional economy and on Idaho Power's employees, customers, contractors, and suppliers, including on loads and revenues, uncollectible accounts, transmission revenues, and other aspects of the companies' business; (d) changes in residential, commercial, and industrial growth and demographic patterns within Idaho Power's service area, and their associated impacts on loads and load growth, and the availability of regulatory mechanisms that allow for timely cost recovery through customer rates in the event of those changes; (e) abnormal or severe weather conditions (including conditions and events associated with climate change), wildfires, droughts, earthquakes, and other natural phenomena and natural disasters, which affect customer sales, hydropower generation levels, repair costs, service interruptions, liability for damage caused by utility property, and the availability and cost of fuel for generation plants or purchased power to serve customers; (f) advancement of self-generation, energy storage, energy efficiency, alternative energy sources, and other technologies that may reduce Idaho Power's sale or delivery of electric power or introduction of operational or cyber-security vulnerabilities to the power grid; (g) acts or threats of terrorist incidents, acts of war, social unrest, cyber or physical security attacks, and other malicious acts, the companies' failure to secure data or to comply with privacy laws or regulations and the disruption or damage to the companies' business, operations, financial condition, or reputation that may result from such events; (h) the expense and risks associated with capital expenditures for, and the permitting and construction of, utility infrastructure that Idaho Power may be unable to complete or that may not be deemed prudent by regulators for cost recovery or a return on investment; (i) variable hydrological conditions and over-appropriation of surface and groundwater in the Snake River Basin, which may impact the amount of power generated by Idaho Power's hydropower facilities; (j) the ability of Idaho Power to acquire fuel, power, electrical equipment, and transmission capacity on reasonable terms, particularly in the event of unanticipated or abnormally high power demands, price volatility, lack of physical availability, transportation constraints, disruptions or delays in the supply chain, or a lack of credit; (k) disruptions or outages of Idaho Power's generation or transmission systems or of any interconnected transmission systems which can result in liability for Idaho Power, increase power costs, and reduce revenues; (l) accidents, terrorist acts, fires (either affecting or caused by Idaho Power facilities or infrastructure), explosions, mechanical breakdowns, and other unplanned events that may occur while operating and maintaining assets, which can cause unplanned outages, reduce generating output, damage company assets, operations, or reputation, subject Idaho Power to third-party claims for property damage, personal injury, or loss of life, or result in the imposition of civil, criminal, and regulatory fines and penalties for which Idaho Power may have inadequate insurance coverage; (m) the increased purchased power costs and operational challenges associated with purchasing and integrating intermittent renewable energy sources into Idaho Power's resource portfolio; (n) failure to comply with state and federal laws, regulations, and orders, including new interpretations and enforcement initiatives by regulatory and oversight bodies, which may result in penalties and fines and increase the cost of compliance, and the cost of remediation; (o) changes in tax laws or related regulations or new interpretations of applicable laws by federal, state, or local taxing jurisdictions, and the availability of tax credits, and the tax rates payable by IDACORP shareholders on common stock dividends; (p) adoption of, changes in, and costs of compliance with laws, regulations, and policies relating to the environment, natural resources, and threatened and endangered species, and the ability to recover associated increased costs through rates; (q) the inability to timely obtain and the cost of obtaining and complying with required governmental permits and approvals, licenses, rights-of-way, and siting for transmission and generation projects and hydropower facilities; (r) failure to comply with mandatory reliability and cyber and physical security requirements, which may result in penalties, reputational harm, and operational changes; (s) the impacts of economic conditions, including inflation, interest rates, supply costs, population growth or decline in Idaho Power's service area, changes in customer demand for electricity, revenue from sales of excess power, credit quality of counterparties and suppliers, and the collection of receivables; (t) the ability to obtain debt and equity financing or refinance existing debt when necessary and on favorable terms, which can be affected by factors such as credit ratings, volatility or disruptions in the financial markets, interest rate fluctuations, decisions by the Idaho or Oregon public utility commissions, and the companies' past or projected financial performance; (u) changes in the method for determining the London Interbank Offered Rate (LIBOR) and the potential replacement of LIBOR and the impact on interest rates for IDACORP's and Idaho Power's credit facilities; (v) the ability to enter into financial and physical commodity hedges with creditworthy counterparties to manage price and commodity risk for fuel, power, and transmission, and the failure of any such risk management and hedging strategies to work as intended; (w) changes in actuarial assumptions, changes in interest rates, increasing healthcare costs, and the actual and projected return on plan assets for pension and other post-retirement plans, which can affect future pension and other postretirement plan funding obligations, costs, and liabilities and the companies' cash flows; (x) the assumptions underlying the coal mine reclamation obligations at Bridger Coal Company and related funding and bonding requirements, and the remediation costs associated with planned exits from participation in Idaho Power's co-owned coal plants; (y) the ability to continue to pay dividends and achieve target-payout ratios based on financial performance, and in light of credit rating considerations, contractual covenants and restrictions, and regulatory limitations; (z) Idaho Power's concentration in one industry and one region and the resulting lack of diversification, and the resulting exposure to regional economic conditions and regional legislation and regulation; (aa) employee workforce factors, including the operational and financial costs of unionization or the attempt to unionize all or part of the companies' workforce, the impact of an aging workforce and retirements, the cost and ability to attract and retain skilled workers and third-party vendors, and the ability to adjust the labor cost structure when necessary; and (bb) adoption of or changes in accounting policies and principles, changes in accounting estimates, and new U.
Investor and Analyst Contact
Justin S. Forsberg
Director of Investor Relations & Treasury
Phone: (208) 388-2728
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Media Contact
Jordan Rodriguez
Corporate Communications
Phone: (208) 388-2460
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Acquisitions strengthen position in electrification and battery test
AUSTIN, Texas--(BUSINESS WIRE)--NI (Nasdaq: NATI) today announced the acquisition of NH Research, LLC (NHR), a leader in high power test and measurement applications such as electric vehicles (EV) and batteries. The transaction closed on October 19, 2021. NI is also announcing that it recently entered into a definitive agreement to purchase the EV Systems business of Rosenheim, Germany-based Heinzinger GmbH, a European leader in high-current and high-voltage power systems and this deal is expected to close in Q1 2022.
These acquisitions will expand NI’s portfolio of electrification (EV), battery, and sustainable energy capabilities to provide customers with critical power level signal sensing, capture and analysis. NI, NHR, and Heinzinger serve highly complementary positions in testing components used in the automotive industry to rapidly innovate to electrify vehicles. We believe combining the strength of NI’s flexible EV test platform with these companies’ power conversion and power supply test systems expertise will optimize testing workflows and enable rapid responses to changing test needs, accelerating time to market for a broader range of customers.
The focus of the acquisitions is to accelerate NI’s opportunity in high growth EV applications. Due to the complementary nature of these companies to NI’s priorities of innovation and meeting customer needs, NI expects that there will be minimal cost synergies from these transactions. NI is funding both these transactions through a combination of its existing revolving credit facility and cash on hand. These two transactions will represent 3 percent to 4 percent of NI's total revenue in 2022 and be accretive to earnings per share. Approximately 150 employees will be joining the company.
“We continue to be intentional with investments where we see high potential to accelerate our growth. The addition of expertise and complementary capability from these two leading technology companies will help strengthen and expand our systems offerings to shared customers in the fast-growing area of electrification,” said Eric Starkloff, NI President and CEO. “These companies demonstrate our continued commitment to delivering systems to our customers who are facing a once in a career technology inflection in electrification. We welcome the employees of NHR and Heinzinger as we collectively accelerate our long-term growth ambitions.”
Earnings Call Scheduled for Today
NI Management will share more insight into these acquisitions as part of the Q3 2021 earnings call today at 4:00 p.m. CT at www.ni.com/call or dial (855) 212-2361 and enter confirmation code 1177392.
About NI
At NI, we bring together people, ideas and technology so forward thinkers and creative problem solvers can take on humanity’s biggest challenges. From data and automation to research and validation, we provide the tailored, software-connected systems engineers and enterprises need to Engineer Ambitiously™ every day.
About NH Research
NH Research, Inc. enables electrification by accelerating innovation, validation and functional test of today’s technologies. Backed by over 50 years of experience in power conversion and power supply test systems NHR provides world class test instruments and systems for a wide range of industries. NHR solutions provide performance and safety that engineers and researchers desire to reduce test time and increase energy savings of their test systems.
About Heinzinger
Heinzinger is a leader in developing high-current and high-voltage power units for various industries globally. Their name is synonymous with high-quality and high-precision power supply solutions. Heinzinger's DC power units allow reliable use even under extreme conditions - whether as a single device, a series of them, a standard product or as OEM solutions.
Forward-Looking Statements
This press release contains forward-looking statements, including statements regarding future growth, measured by revenue or earnings per share or otherwise, expected timelines and effects of the completed NH Research and pending Heinzinger transactions, our priorities, focus, plans, portfolio, capabilities, vision and strategic direction, our business position, capital allocation plans, and our outlook. We wish to caution you that such statements are just predictions, that actual events or results may differ materially and could be negatively impacted by numerous factors, including the failure or inability of Heinzinger or NI to meet the closing conditions or to otherwise consummate the transaction, the ability to successfully operate or integrate the NH Research and/or Heinzinger business into NI, the ability to retain and integrate NH Research and/or Heinzinger employees into NI, the ability to realize the expected benefits of the acquisition, changes in customer demands and markets, and any further weakness in the global economy. We refer you to the documents that the company files regularly with the Securities and Exchange Commission, including our annual report on Form 10-K filed on February 23, 2021 and our quarterly report on Form 10-Q filed on August 2, 2021. These documents contain and identify important factors that could cause our actual results to differ materially from those contained in this press release. NI undertakes no obligation to update any forward-looking statement in this press release.
National Instruments, NI, ni.com, and Engineer Ambitiously are trademarks of National Instruments Corporation. Other product and company names listed are trademarks or trade names of their respective companies. (NATI-F)
Marissa Vidaurri
Head of Investor Relations
512-683-5215
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DUBLIN--(BUSINESS WIRE)--The "Global Shipbuilding Market: Size & Forecast with Impact Analysis of COVID-19 (2021-2025)" report has been added to ResearchAndMarkets.com's offering.
The report provides an in depth analysis of the global shipbuilding market by value, by new orders, by order completions, by region, by vessel type, by order gross tonnage (GT) etc.
The report provides a regional analysis of the Shipbuilding market, including the following regions: Asia Pacific, Europe, North America Middle East and Africa. The report also provides a detailed analysis of the COVID-19 impact on the Shipbuilding market.
The report also assesses the key opportunities in the market and outlines the factors that are and will be driving the growth of the industry. Growth of the overall shipbuilding market has also been forecasted for the period 2021-2025, taking into consideration the previous growth patterns, the growth drivers and the current and future trends.
The global shipbuilding market is fragmented with many major market players operating worldwide. The key players of the shipbuilding market are Mitsubishi Heavy Industries (MHI), Hyundai Heavy Industries (HHI), Daewoo Shipbuilding & Marine Engineering (DSME) and Samsung Heavy Industries (SHI) are also profiled with their financial information and respective business strategies.
The COVID-19 pandemic had a negative impact on global shipbuilding market. It negatively affected the market owing to the halt in manufacturing and disrupting supply chains.
Key Topics Covered:
1. Executive Summary
2. Introduction
3. Global Market Analysis
4. Regional Market Analysis
5. Impact of COVID-19
6. Market Dynamics
Growth Drivers
Challenges
Market Trends
7. Competitive Landscape
8. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/oxvz8q
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
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NEW YORK--(BUSINESS WIRE)--With supply chain complications focusing the world’s attention on the shipping industry, Seward & Kissel LLP, known globally as a leading U.S. maritime law firm, today launched a blog dedicated to maritime law and business. The Seward & Kissel Maritime Blog will cover timely legal issues, regulatory developments, and current news affecting the global maritime industry.
Readers can view the blog here and subscribe here.
“Given our long history in the shipping industry and thorough understanding of it, we hope our Maritime Blog will be a valuable read for publicly traded and privately held shipowners, financial institutions, investors, and other industry players,” said Mike Timpone, partner and head of Seward & Kissel’s Transportation Finance Group and contributor to the blog.
Keith Billotti, partner and co-head of Seward & Kissel’s Maritime and Transportation Capital Markets Group and contributor to the blog, commented, “We are very excited to publish the Maritime Blog, which will offer us a meaningful platform to share with you our industry-leading experience and insights on the most cutting-edge transactions and issues in the sector.”
The Seward & Kissel Maritime Blog will cover a variety of topics, including:
Seward & Kissel’s Maritime and Transportation practice has handled many of the world’s biggest and most innovative maritime transactions in the U.S. and around the globe. The group includes more than 40 attorneys who serve as trusted advisors to several of the world’s most prominent shipowners, financial institutions, and other industry participants. Their work covers a broad range of subject matters—including banking and finance, capital markets, mergers and acquisitions, private equity, restructuring and insolvency, tax, litigation, and regulation—allowing Seward & Kissel to provide comprehensive legal service to maritime clients.
Subscribe to the Seward & Kissel Maritime Blog here.
About Seward & Kissel LLP
Seward & Kissel LLP, founded in 1890, is a leading U.S. law firm with offices in New York City and Washington, D.C., with particular expertise in the financial services, investment management, banking, and shipping industries. The firm is well known for its representation of investment advisers and related investment funds, broker-dealers, major commercial banks, institutional investors, and transportation companies (particularly in the shipping area). Its practices primarily focus on corporate, M&A, securities, litigation (including white collar), restructuring/bankruptcy, real estate, regulatory, tax, employment, and ERISA for clients seeking legal expertise in these areas.
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NEW YORK--(BUSINESS WIRE)--Piedmont Lithium Inc., (“Piedmont” or the “Company”) (NASDAQ: PLL; ASX: PLL), a leading developer of lithium hydroxide production to enable the North American electric vehicle supply chain, today announced that Monique Parker has joined the Company as Vice President of Health, Safety, and Environment. Reporting to Chief Operating Officer, David Klanecky, Ms. Parker brings more than a decade of experience managing environmental, health and safety operations for some of the most recognized manufacturers in the United States, such as Albemarle Corporation, Owens Corning, and Unilever. Ms. Parker also acquired several years of experience in other business leadership positions, where she was involved in strategy development, customer relationship management, new product development, operations, logistics and sales, within Albemarle’s Lithium Salts business.
“Monique brings a unique leadership perspective to this role having been involved in multiple business areas beyond health, safety, and environment,” commented Piedmont Lithium President and CEO, Keith Phillips. “When combined with her experience in the lithium space, her holistic view will be extremely important to our organization as we begin to build our integrated operations from the ground up understanding the critical importance of health, safety, and the environment, all of which are fundamental pillars of our operating philosophy.”
Ms. Parker joins Piedmont from Albemarle Corporation where she has held positions ranging from Business Unit HSE Director, Global Quality Director, and Business Process Improvement Director to Senior Global Business and New Product Development Leader. Prior to her time at Albemarle, she held several positions with Owens Corning, including Environmental, Health and Safety Leader where she led environmental and safety programs for multiple sites, executed the company’s environmental permitting process, as well as its programs focused on reducing waste to landfills. Ms. Parker began her career as a Manager of Environmental, Health and Safety with Hexcel Corporation.
Ms. Parker earned her Bachelor of Science in Chemical Engineering from Tennessee Technological University and is credentialed as a Certified Safety Professional (CSP) and an ISO 9001 Lead Auditor.
About Piedmont Lithium
Piedmont Lithium is developing a world-class, multi-asset, integrated lithium business focused on enabling the transition to a net zero world and the creation of a clean energy economy in North America. The centerpiece of our operations, located in the renowned Carolina Tin Spodumene Belt of North Carolina, when combined with equally strategic and in-demand mineral resources, and production assets in Quebec, and Ghana, positions us to be one of the largest, lowest cost, most sustainable producers of battery-grade lithium hydroxide in the world. We will also be strategically located to best serve the fast-growing North American electric vehicle supply chain. The unique geology, geography and proximity of our resources, production operations and customer base, will allow us to deliver valuable continuity of supply of a high-quality, sustainably produced lithium hydroxide from spodumene concentrate, preferred by most EV manufacturers. Our planned diversified operations should enable us to play a pivotal role in supporting America’s move toward decarbonization and the electrification of transportation and energy storage. As a member of organizations like the International Responsible Mining Association, and the Zero Emissions Transportation Association, we are committed to protecting and preserving our planet for future generations, and to making economic and social contributions to the communities we serve. For more information, www.piedmontlithium.com.
Keith Phillips
President & CEO
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Brian Risinger
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Storage facility would be one of the largest of its kind worldwide, paving the way for more zero-emissions power generation and a more stable and resilient grid.
FREDERICTON, New Brunswick & CAMBRIDGE, Mass.--(BUSINESS WIRE)--#LDES--Malta Inc., a leading developer of innovative pumped heat energy storage technology, and NB Power, the largest utility in the Maritimes, are pleased to announce that they signed a term sheet and are working toward establishing an Energy Storage Benefits Agreement to advance the first long-duration energy storage facility in the province’s history. While still in the planning and development stage, the facility is targeted to be in-service in 2024.
This initiative demonstrates NB Power’s leadership role in helping New Brunswick transition to a low-carbon economy. A sustainable energy solution, Malta’s energy storage facility will help achieve emissions reductions, improve grid stabilization, increase the grid’s capacity for the integration of renewables, and bring good jobs to the province. Upon its completion, the 1,000MWh facility would be one of the largest energy storage systems of its kind in the world, and lead to the creation of an estimated 225 new jobs during construction, and up to 15 during operation.
“This is a very exciting initiative for NB Power as we make greater strides towards decarbonization and adding more flexibility to our generation assets,” said Keith Cronkhite, President and CEO of NB Power. “This innovative new technology aligns well with our goal to transform the electricity system in New Brunswick to bring customers greater value and services. It will be an important addition to our grid as we find solutions to increase beyond our current 80 per cent carbon-free electricity for New Brunswickers.”
The Malta system is an innovative long-duration energy storage system that can store power when it is generated and discharge the power when it is needed. This prepares New Brunswick for a future with a diverse resource mix inclusive of more renewable generation, electric vehicles, and greater electrification of homes and businesses, which will make the communities served by NB Power healthier and more resilient.
“We are proud to be partnering with NB Power to provide sustainable and affordable energy while supporting Canada’s equitable transition to a carbon-free future and economy,” said Ramya Swaminathan, CEO, Malta Inc. “It is a win for sustainable technologies, a win for the transition to a net-zero future, and a win for New Brunswick customers.”
An additional benefit of the plant is that it will produce a large quantity of high-quality heat as a byproduct that can be used in a number of commercial, industrial, and district energy operations, with the potential to reduce greenhouse gas emissions and drive further economic growth.
The companies will be consulting and engaging with several partners and stakeholder groups throughout the province. Construction and long-term operation of the Malta system would rely on tradespeople and contractors sourced directly from New Brunswick and Atlantic Canada, creating economic benefits in the region and training workers to participate in a new, innovative, and growing part of the industry.
“I am proud to see New Brunswick become a hub for energy storage as we move towards a more stable, resilient and flexible power grid,” said Arlene Dunn, minister responsible for Opportunities NB. “I am pleased to see the hard work and collaboration pay off for our province."
About Malta Inc.
Malta represents the future of energy storage. With its grid-scale solutions that can store energy up to 50x longer than typical battery technology, Malta is enabling renewable energy to be used more efficiently and effectively, enhancing grid reliability and resilience, and expediting the transition to a clean energy future. Incubated at X, the Moonshot Factory (formerly Google [X]), the company is backed by energy industry leaders Alfal Laval, Proman, and Chevron Technology Ventures, as well as investors Breakthrough Energy Ventures and Piva Capital. Malta is based in Cambridge, Massachusetts. For more information visit www.maltainc.com.
About NB Power
For over 100 years, NB Power has been a part of the fabric of New Brunswick, Canada. The provincial electric utility has one of the most diverse generation fleets in North America, with approximately 80 per cent non-emitting generation. Over 2,600 energy experts provide reliable, safe and sustainable energy for over 400,000 direct and indirect customers every day. Using a customer-centric approach, NB Power is committed to developing sustainable energy for future generations of New Brunswickers. Part of this commitment includes investments in energy efficiency programs, energy solutions, renewable energy sources and smart grid technology.
About Opportunities NB
As a Crown corporation, Opportunities New Brunswick (ONB) is the focal point for all of New Brunswick’s economic development activities. Client-focused, proactive, professional and accountable, ONB is the single point of contact for local and foreign businesses looking to grow, expand or locate.
ONB is accelerating growth by attracting global business, strengthening exports, and empowering local companies and entrepreneurs. With provincial, federal, and community partners, ONB is transforming New Brunswick into an entrepreneurial hub and a global destination for growth-focused enterprises.
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Matt Burke
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JENBACH, Austria--(BUSINESS WIRE)--INNIO announced today that it has signed on to the Science Based Targets initiative (SBTi) to set science-based emissions reduction targets in line with 1.5°C emissions scenarios, criteria and recommendations. This commitment builds on INNIO’s leading position as a shaper of the energy transition. In addition, INNIO is proud to join the Race to Zero, a global campaign established by the United Nations Framework Convention on Climate Change (UNFCCC) to bring together global leadership for a healthy, resilient, and zero-carbon future.
INNIO is a leading provider of renewable gas, natural gas, and hydrogen-based solutions and services for power generation and gas compression at or near the point of use. With its Jenbacher and Waukesha engines, INNIO contributes to the energy supply of communities, industry and the public.
“At INNIO, we are relentlessly addressing the threat of climate change by developing carbon reduction actions across our businesses and aligning with external impactful policies that support delivering net-zero emissions,” said Dr. Olaf Berlien, president and CEO of INNIO. “The Science Based Target initiative is an essential part of our commitment to reduce carbon emissions.”
INNIO’s bold sustainability ambitions include that its engines be ready to be powered by 100% climate-neutral gases by 2025 and that 100% of its material inputs be recycled, renewable or reclaimed.
INNIO also is committed to the reduction of greenhouse gases within its value chain and therefore has pledged to lower these emissions at its production and office sites by 50% by 2030. In addition, INNIO suppliers will commit to achieving the same target in the same timeframe, and distributors will be encouraged to follow suit. INNIO used 2020 as the baseline for setting targets and ambitions.
INNIO has taken bold steps to ensure that its sustainability journey is a collaborative process involving all parts of its Jenbacher and Waukesha organizations, from employees to communities to customers to suppliers. Most recently, INNIO published its inaugural Sustainability Report, “Together for a Sustainable Future”; joined the United Nations Global Compact, the world’s largest corporate sustainability initiative; and received a Silver Medal rating from EcoVadis, placing INNIO Jenbacher in the top 17% of its peers working toward sustainability.
More detailed information regarding INNIO’s path to a sustainable future can be found at www.innio.com/en/company/sustainability.
About INNIO
INNIO is a leading provider of renewable gas, natural gas, and hydrogen-rich solutions and services for power generation and gas compression at or near the point of use. With our Jenbacher and Waukesha gas engines, INNIO helps to provide communities, industry and the public access to sustainable, reliable and economical power ranging from 200 kW to 10 MW. We also provide life-cycle support and digital solutions to the more than 53,000 delivered gas engines globally, through our service network in more than 100 countries. We deliver innovative technology driven by decarbonization, decentralization, and digitalization to help lead the way to a greener future. Headquartered in Jenbach, Austria, the business also has primary operations in Welland, Ontario, Canada, and Waukesha, Wisconsin, U.S. For more information, visit the company's website at www.innio.com. Follow INNIO on Twitter and LinkedIn.
Susanne Reichelt
INNIO
+43 664 80833 2382
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Study to develop commercial-scale carbon capture project that separates 95% of total CO2 emissions at an industrial facility
CHAMPAIGN-URBANA, Ill. & CHICAGO--(BUSINESS WIRE)--On October 6, 2021, the United States Department of Energy’s National Energy Technology Laboratory (DOE-NETL) selected the University of Illinois for $4 million in federal funding, in addition to cost share contributions by LafargeHolcim and Air Liquide, for research and development to support the Front-End Engineering Design (FEED) study. This commercial-scale carbon-capture study, based in Ste. Genevieve, Missouri, is a partnership of the University of Illinois’ Prairie Research Institute, LafargeHolcim in the US and Air Liquide Engineering & Construction.
The University of Illinois is a leader in developing and managing carbon capture, utilization and storage (CCUS) projects. The objective of this project is to deliver a FEED study for a carbon capture retrofit that can separate up to 95% of CO2 emissions at the plant. The captured CO2 will be pipeline ready for geological storage. Analysis of the project socio-economic impact will also be part of the study.
“While we have partnered with energy-generation facilities on many of our carbon management projects, carbon from industrial sources is also a key piece of the puzzle,” said the Prairie Research Institute’s Kevin OBrien, the project’s principal investigator. “It’s exciting to collaborate with LafargeHolcim in the U.S. to explore the application of this carbon capture technology at a commercial scale, in a way that has the potential for significant impact.”
“We recognize that in our industry, the ability to decarbonize is the real game changer. This project selected by U.S. DOE is another significant step in advancing large-scale CCUS technology in our industry, something we are very excited about at LafargeHolcim,” said Derick Dreyer, Head of Cement Industrial Performance, North America. “This partnership, the second of this nature in the U.S., is a powerful example of how collaboration across industry, the public sector and academia can advance carbon capture, utilization and storage projects that are the critical steps to accelerating the transition to a net-zero future.”
The design will employ Air Liquide’s CrycocapTM FG system at the Holcim Ste. Genevieve cement plant, part of LafargeHolcim US, which features the largest single kiln in the world. The Cryocap FG system combines the Pressure Swing Adsorption (PSA) capabilities with cryogenic refrigeration technologies to achieve high CO2 capture rates with high CO2 purity rates.
“Air Liquide Engineering & Construction brings to the project, its unique, industry leading experience in CO2 capture and liquefaction technologies as well as operational experience to support the decarbonization of this sector,” stated David Maloney, Group Vice President and Chairman of Air Liquide Engineering & Construction. “We are committed to supporting our customers and making a difference by developing solutions to help them reduce CO2 emissions.”
In addition to completion of the FEED Study, the scope of work includes a business case outlining the potential business model for commercial scalability, as well as analyses on environmental justice, economic revitalization and jobs creation.
About LafargeHolcim
LafargeHolcim is the global leader in building materials and solutions and active in four business segments: Cement, Aggregates, Ready-Mix Concrete and Solutions & Products. Its ambition is to lead the industry in reducing carbon emissions and shifting towards low-carbon construction. With the strongest R&D organization in the industry, the company seeks to constantly introduce and promote high-quality and sustainable building materials and solutions to its customers worldwide - whether individual homebuilders or developers of major infrastructure projects. In the United States, LafargeHolcim companies include close to 350 sites in 43 states and employ 7,000 people. Our customers rely on us to help them design and build better communities with innovative solutions that deliver structural integrity and eco-efficiency.
About Prairie Research Institute
The University of Illinois' Prairie Research Institute applies scientific expertise in geology, ecology and biodiversity, archaeology, water, weather and climate, pollution prevention, hazardous waste management, and sustainable energy to benefit the people, economy, and environment of Illinois. www.prairie.illinois.edu/.
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ANN ARBOR, Mich.--(BUSINESS WIRE)--#EVs--Service costs for electric cars and light trucks fall to 30% lower than their gasoline-powered counterparts at three years on the road, according to the Deepview™ True Cost Second Owner Study (SOS) published today by predictive analytics and data company We Predict.
Deepview True Cost SOS measures actual money spent by owners and manufacturers of 2018-model-year vehicles during their first three years on the road. The study reveals which brands and models across 24 segments – including electric vehicles (EVs) – have the lowest average service costs at three years on the road. Deepview True Cost service costs are based on the total money spent by manufacturers and vehicle owners on repairs, maintenance, service campaigns, diagnostics, software updates, recalls, and warranty on factory-installed options.
“The data bears out what many hoped would be true,” We Predict Founder and CEO James Davies said. “While EV service costs are higher than their gas counterparts early in ownership, the cumulative service costs for EVs fall over time to 30% less than gas vehicles at three years on the road – primarily due to lower maintenance costs.”
EVs have fewer mechanical parts than gasoline vehicles, contributing to 22% lower repair costs. The primary difference in cost, however, is maintenance. The average spent on maintenance per EV in the first three years is $77, significantly lower than the $228 average for gas vehicles.
“Consumers have high expectations for EVs in terms of cost of ownership,” said Renee Stephens, vice president of North American operations for We Predict. “While costs early in the ownership period are higher for EVs, they eventually become more economical – for both the owner and the manufacturer. Over time, less EV maintenance offsets the higher year-one costs for diagnosis, repair and campaigns.”
Vehicles Becoming More Costly to Service
Deepview True Cost data highlights trends that are seemingly at odds. Vehicle service costs are increasing even as industrywide vehicle quality continues to improve.
Deepview True Cost SOS reveals service costs for 2018-model-year vehicles average $731 in the first three years of service. That’s an 11% jump from 2016-model-year vehicles’ first three years on the road. The cost increase is seen across repairs (+4%), maintenance (+11%) and campaigns (+35%).
The increase is more pronounced among premium vehicles, where 2018-model-year vehicles recorded an 18% cost hike (since the 2016 model year) to $1,513 per vehicle. Non-premium vehicles recorded average service costs of $573 – a 4% increase – in the same period.
“New technologies and options tend to enter the market in premium vehicles, which means they are more costly to repair or replace,” Stephens said. “As the technologies and options move into non-premium segments, we anticipate service costs will increase for those vehicles, as well.”
The study finds that manufacturers are incurring slightly more of the burden for overall service expenses for 2018 vehicles, paying an average of $364 per vehicle, 11% more than they paid for 2016 vehicles. Meanwhile owners are spending an average of $309, just $1 more than what owners of 2016 vehicles paid during the first three years of ownership. The increased cost to manufacturers is due in large part to labor charges, which have increased to $199 per 2018 vehicle from $168 for 2016 vehicles. Campaign costs to manufacturers have also increased, rising to $105 per vehicle from $84.
“While manufacturers’ average service costs per vehicle may seem relatively small, cumulatively they add up very quickly when you consider the volume of vehicles sold per brand,” Davies said. “Having an industrywide view of the market and being able to anticipate problems, and intervene quickly, can help automakers avoid millions of dollars in repairs. Those savings can then be applied elsewhere in the company.”
Award-Winning Brands and Models
Hyundai Corporation’s Kia and Hyundai brands rank first and second among non-premium brands for the lowest average actual service and warranty costs per vehicle in the first 36 months on the road at $369 and $381, respectively. Dodge ranks third at $420.
Among premium brands, Acura models have the lowest service and warranty costs with an average of $600. Lincoln models are second at $879, followed by Genesis at $1,181.
Nissan Motor Corp. leads all automotive manufacturers with six vehicles at the top of their respective segments for the lowest service and warranty costs. Nissan’s six segment leaders are: Infiniti Q70 (midsize premium car); Infiniti QX80 (large premium SUV): Nissan 370Z (compact premium sporty car); Nissan Armada (large SUV); Nissan Frontier (midsize pickup); and Nissan NV (commercial vehicle).
Stellantis has five segment-leading vehicles: Chrysler 300 (large car); Dodge Challenger (midsize sporty car); Dodge Grand Caravan (midsize van); Dodge Journey (midsize SUV); and Ram 1500 (large pickup).
General Motors Corp. and Hyundai Motor Corp. each have four segment-leading vehicles. GM vehicles that lead their segments: Cadillac CT6 (large premium car); Chevrolet Corvette (midsize premium sporty car); Chevrolet Silverado 2500 HD (large HD pickup); and Chevrolet Spark (small car). Hyundai’s highest-ranked models: Kia Forte (compact car); Kia Optima (midsize car); Kia Soul (compact MPV); and Kia Sportage (compact SUV).
Honda North America and Ford Motor Co. each have two vehicles that rank highest in their respective segments. Honda’s highest-ranked vehicles are the Acura RDX (compact premium SUV) and Honda Clarity (electric vehicle), while Ford’s segment leaders are the Lincoln MKX (midsize premium SUV) and Lincoln MKZ (compact premium car).
The Mazda MX5 (compact sporty car) also topped its segment.
Actual service costs per vehicle for the first three years on the road range broadly from $202 to $5,012.
The study includes more than 13 million vehicles across 400 models, with results based on 65 million service or repair orders that totaled more than $7.7 billion in parts and $9.5 billion in labor costs. Included in the calculations are maintenance, unplanned repairs, warranty and recalls, service campaigns, diagnostics, software updates, and warranty on factory-installed options. Items such as gas, local and state inspections, seasonal tire changes, and insurance are not included.
We Predict released its first study, the Deepview™ True Cost Report, in May 2021. The initial study examined similar costs among 2021-model-year vehicles at three months in service.
About We Predict
Formed in 2009, We Predict uses machine learning and unique predictive methodologies to assist global blue-chip customers in anticipating and accelerating decisions on product, on market, as well as on financial performance. Our top-notch data scientists, mathematicians, computer scientists, and industry experts work together with our clients to explore and gain new insights into where your business is headed, creating the opportunity to course-correct with confidence. Using our service, clients gain insights into huge amounts of data at the touch of a button so they can take action – fast. Some guess, we know. www.wepredict.com
John Tews
The Millerschin Group
(248) 326-8317
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BUFFALO, New York--(BUSINESS WIRE)--Viridi Parente, Inc., a developer of safe lithium-ion technology that is deployed into applications historically dominated by fossil fuel energy sources, was named a finalist in the 23rd annual S&P Global Platts Global Energy Awards for the Commercial Technology of the Year category.
S&P Global Platts, the leading global provider of energy and commodities information and spot market benchmarks, recognized Viridi Parente's Green Machine technology, a quiet, fully renewable mobile energy solution to products in construction equipment, waste disposal, last-mile delivery, and other portable industrial markets. Green Machine is the first commercially proven clean equipment technology addressing the heavy construction equipment industry. In addition to being a greener, quieter option for jobsites, Green Machine equipment outperforms its fossil-fuel-powered counterparts in every metric.
"As the first battery power system made available to the construction market, Green Machine is a pioneer in this industry sector and continues to set the industry standard for quality, safety, reliability, and performance," said Jon M. Williams, chairman and CEO of Viridi Parente, Inc. "This nomination is a testament to the years of research and field testing that has gone into this groundbreaking technology, and we appreciate S&P Global Platts' recognition of our Green Machine platform."
The Commercial Technology of the Year award recognizes companies that have applied new technology to pursue efficiency, business advantage, impact, and profit and have successfully navigated these technologies from concept to commercialization. Companies must have a commercially applied innovation that shows the significance of their technology in relation to emissions reduction, practicality, reliability, and overall commercial success.
S&P Global Platts Global Energy Awards recognizes achievements in innovation, leadership, and company performance in 22 categories spanning the entire energy complex. The winners will be announced during a Gala in New York City on December 9, 2021. To view the complete list of Award categories and finalists, as well as more information on the Awards and upcoming ceremony, visit the website: www.globalenergyawards.com.
About Viridi Parente
Viridi Parente (Viridi) is a disruptive energy company in Buffalo, New York, that is changing the way we use energy, improving systems, communities, and lives. Viridi deploys safe battery technology into applications that have been historically dominated by fossil fuel energy sources. Its innovative architecture is constructed from materials used for aerospace and military applications and is the only design in the market that can be safely installed and operated in nearly any environment or location. Through its subsidiary, Green Machine Equipment, Viridi is bringing quiet, fully renewable mobile energy solutions to products in construction equipment, waste disposal, last-mile delivery, and other portable industrial markets. Through its subsidiary, Volta Energy Products, Viridi brings stationary, point-of-use storage technology that is safe, locatable, and reliable to industrial, medical, commercial, municipal, and residential building applications. Learn more at: www.viridiparente.com.
About S&P Global Platts
At S&P Global Platts, we provide the insights; you make better-informed trading and business decisions with confidence. We're the leading independent provider of information and benchmark prices for the commodities and energy markets. Customers in over 150 countries look to our expertise in news, pricing, and analytics to deliver greater transparency and efficiency to markets. S&P Global Platts coverage includes oil and gas, power, petrochemicals, metals, agriculture, and shipping. S&P Global Platts is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for companies, governments, and individuals to make decisions with confidence. For more information, visit http://spglobal.com/platts.
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Wendy Prabhu
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