DALLAS--(BUSINESS WIRE)--#DairyDigester--MBL Bioenergy, LLC (“MBL Bioenergy”) announced today that it has entered into definitive agreements to develop several clusters of dairy farm digester projects to produce renewable natural gas (“RNG”) from multiple farms in South Dakota. MBL Bioenergy is a joint venture funded by UGI Energy Services, LLC (“UGIES”) as well as subsidiaries of California Bioenergy LLC (“CalBio”) and Sevana Bioenergy, LLC (“Sevana Bioenergy”). UGIES is a subsidiary of UGI Corporation (NYSE: UGI).
MBL Bioenergy combines the experience and expertise of UGIES and two premier dairy digester project development companies, California Bioenergy and Sevana Bioenergy. The clusters of projects are expected to produce 650 million cubic feet of RNG annually when complete and on-line by the end of calendar year 2024. The RNG will be delivered to the local natural gas pipelines serving the regional distribution system. In totality, the projects will represent over $100 million investment in RNG by MBL Bioenergy, with funding by UGIES on a per project basis. UGIES, through its wholly-owned subsidiary, GHI Energy, will be the exclusive marketer for MBL Bioenergy.
“We are pleased with this agreement as it advances our strategy to position UGI as a leading provider of sustainable energy solutions,” said Robert F. Beard, Executive Vice President, Natural Gas. “In addition to substantially reducing greenhouse gas emissions, using dairy RNG as a vehicle fuel provides significant air quality benefits. We look forward to making additional investments in this area as we advance the use of RNG as an environmentally responsible and clean energy solution.”
“This partnership with UGI is another positive step forward in expanding our carbon negative renewable natural gas business,” said N. Ross Buckenham, CEO of CalBio. “Our dairy methane capture and refining projects are delivering significant environmental benefits, improving economics for dairy farm partners and supplying a clean burning diesel replacement fuel. Through our subsidiary, Midwest Bioenergy LLC, this joint venture with UGI, a new, powerful and committed strategic partner, anchors our dairy RNG expansion into the Midwest.”
“Sevana is excited to build upon its existing relationship with UGI to produce renewable fuel for UGI customers. This is another example of Sevana’s team of biogas experts deploying state-of-the-art renewable energy technology to create strong and value-adding partnerships in agricultural communities,” said John McKinney, President of Sevana. “We believe that these dairy digester projects will demonstrate how multiple farms can participate in community projects that benefit the local economy, environment, and stakeholders in South Dakota.”
About UGI Corporation
UGI Corporation is a distributor and marketer of energy products and services. Through subsidiaries, UGI operates natural gas and electric utilities in Pennsylvania, natural gas utilities in West Virginia, distributes LPG both domestically (through AmeriGas) and internationally (through UGI International), manages midstream energy assets in Pennsylvania, Ohio, and West Virginia and electric generation assets in Pennsylvania, and engages in energy marketing, including renewable natural gas in the Mid-Atlantic region of the United States, California, and the District of Columbia and internationally in France, Belgium, the Netherlands and the UK.
Comprehensive information about UGI Corporation is available on the Internet at https://www.ugicorp.com.
About CalBio
CalBio is a leading developer of dairy digesters for generating renewable vehicle fuel and electricity. Founded in 2006, CalBio works closely with the California Air Resources Board, California Department of Food and Agriculture, the California Public Utility Commission, the California Energy Commission, USDA and the dairy industry to develop projects to help the dairy industry achieve its methane reduction goals, protect local air and water quality, create local jobs and generate a new revenue stream. CalBio is currently operating and/or developing over 100 dairy digester projects in California and now through its affiliates: Midwest Bio, Northwest Bio, and Southwest Bio, is developing projects across the country. For more information call CalBio or visit: www.calbioenergy.com.
About Sevana
Sevana Bioenergy develops, designs, owns and operates large-scale anaerobic digestion projects which produce renewable natural gas and organic based soil amendments. Using state-of-the-art technology, engineering, and design, we are advancing the future of biogas energy production in the United States. Biogas projects reduce waste, increase the use of renewable energy and reduce long-term greenhouse gas emissions. Our mission is to be a market leader in accelerating the production of renewable natural gas derived from anaerobic digestion facilities in North America. With an experienced team of national and international experts, we build value-add partnerships in agricultural communities by creating new markets for existing agricultural businesses. Our goal is to ensure that communities benefit and thrive through these partnerships while building renewable solutions to local waste and energy challenges. More information is available at www.sevanabioenergy.com.
UGI Investor Relations
610-337-1000
Tameka Morris, ext. 6297
Arnab Mukherjee, ext. 7498
AKRON, Ohio--(BUSINESS WIRE)--$BW #cleanenergy--Babcock & Wilcox Enterprises, Inc. ("B&W" or the "Company") (NYSE: BW) announced today that it has signed a definitive agreement to acquire a majority ownership stake in Illinois-based solar energy contractor Fosler Construction Company Inc. (“Fosler Construction”), significantly enhancing its capabilities in solar energy. The transaction is expected to close at the end of September 2021, subject to customary closing conditions.
Fosler Construction will be part of B&W’s Renewable segment and will continue to be led by its Chief Executive Officer Paul Fosler, who will retain a minority ownership in the company.
Fosler Construction provides commercial, industrial and utility-scale solar services and owns two community solar projects in Illinois being developed under the Illinois Solar for All program. Founded in 1998 and employing approximately 120 people, it recently ranked in the top 10 percent of Inc. 5000’s listing of the nation’s fastest-growing private companies. The company has a track record of successfully completing solar projects profitably with union labor and aligning its model with a growing number of renewable project incentives in the U.S. The company is positioned to capitalize on the high-growth solar market in the U.S., with a near-term pipeline of more than 1 gigawatt of solar capacity.
“This transaction aligns with B&W’s aggressive growth and expansion of our clean and renewable energy businesses,” said Kenneth Young, B&W Chairman and Chief Executive Officer. “Fosler Construction is an established leader in the commercial and utility solar business, and we’re excited about the many opportunities we see to work together to capitalize on a North American solar market that is expected to have a high rate of growth over the next five years.”
“B&W’s strong presence in the energy industry will provide the synergies and scale to support Fosler Construction’s growth, including sales and operational support, and the resources of a larger parent company. Fosler Construction’s expertise in the growing solar market, combined with B&W’s access to its existing customer relationships and resources to support larger projects, will allow us to aggressively pursue our ongoing renewable energy expansion and diversification. We’re thrilled to welcome the Fosler Construction employees to the B&W family,” Young said.
Fosler Construction CEO Paul Fosler said, “Fosler Construction has more than 20 years of construction experience and a dedication to supporting the growth of clean energy in the U.S. We’re proud of the work we’ve done and the great team of employees at Fosler who will continue to be a critical part of our success going forward. We believe this transaction will help propel our growth to take advantage of the significant solar installation pipeline we have on the near-term horizon, and we’re excited to join with B&W, which has more than 150 years of experience in energy and environmental technologies and a strong, highly experienced leadership team.”
About Babcock & Wilcox
Headquartered in Akron, Ohio, Babcock & Wilcox 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 Fosler Construction
With more than 100 operational solar installations across the state of Illinois and active projects in New York, Virginia and Maryland, Fosler Construction is an experienced industry leader, committed to provide forward-thinking solar solutions with union labor, outstanding service, and the highest quality construction available in the solar industry. Fosler is headquartered in Illinois with a satellite office in NY.
Forward-Looking Statements
B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to our ability to close on the planned acquisition of Fosler Construction and the timing of such closing, the expected growth of the North American solar market, and the benefits expected to be achieved following the acquisition of Fosler Construction, including our ability to explore new opportunities in the U.S. power sector, propel our growth and take advantage of the solar installation pipeline. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties, including, among other things, our ability to satisfy the conditions to closing and to consummate the planned acquisition of Fosler Construction, the impact of COVID-19 on the Company; the reaction of customers, suppliers and stockholders to the announcement or consummation of the acquisition; risks that the acquisition disrupts current plans and operations of the parties to the transaction; the amount of the costs, fees, expenses and charges related to the acquisition; the capital markets and global economic climate generally; and the other factors specified and set forth under "Risk Factors" in the Company’s periodic reports filed with the Securities and Exchange Commission, including the Company’s most recent annual report on Form 10-K and its quarterly reports on Form 10-Q for the quarters ended March 31, 2021 and June 30, 2021. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. These forward-looking statements are made based upon detailed assumptions and reflect management’s current expectations and beliefs. While the Company believes that these assumptions underlying the forward-looking statements are reasonable, the Company cautions that it is very difficult to predict the impact of known factors, and it is impossible for the Company to anticipate all factors that could affect actual results. 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
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Media Contact:
Ryan Cornell
Public Relations
Babcock & Wilcox
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Acquisition Bolsters Valicor’s Responsible Waste Recycling Services in the Midwest Region
MONROE, Ohio--(BUSINESS WIRE)--Valicor Environmental Services (“Valicor”), North America’s largest provider of non-hazardous wastewater treatment services, today announced it has acquired EnviroSolids, LLC (“EnviroSolids”) and its affiliated companies. The addition of EnviroSolids, a leader in sustainable, non-hazardous waste and recycling services, supplements Valicor’s leading network of responsible wastewater processing facilities in the Midwest.
Located in Dearborn, MI, EnviroSolids is an industry leader in the disposal of non-hazardous waste material, with a proven commitment towards landfill diversion and beneficial reuse. The company operates a Centralized Waste Treatment Plant (“CWT”) and Part 115 Licensed Solid Waste Processing Plant (“SWP”) within a 10-acre campus. EnviroSolids has specialized capabilities in multiple disposal methods, including waste-to-energy, wastewater treatment, solidification and used oil recycling.
“We are pleased to welcome EnviroSolids to our expanding network of treatment facilities,” said Steve Hopper, Chief Executive Officer of Valicor. “The EnviroSolids team brings to Valicor a firm commitment to sustainability-focused waste treatment, disposal and recycling services. Together we will provide a fulsome service offering to our growing base of customers in the Midwest.”
“Valicor continues its strategic expansion across the Midwest,” said Bill Hinton, Senior Advisor of Corporate Development at Valicor. “With the addition of the EnviroSolids business to our leading platform, Valicor strengthens its commitment to environmentally responsible services as we serve both new and existing customers.”
Burt Pierce, Managing Member of EnviroSolids, said, “Our entire team has always been dedicated to providing excellent service and identifying strategic partnerships that can create value for our customers and our people. Our company has grown significantly by collaborating with our customers and the various agencies regulating our facility, and today EnviroSolids is one of the most innovative environmental companies in our market. The acquisition by Valicor is the next logical step in the company’s growth. In knowing Valicor and its leadership as I do, I am confident that EnviroSolids, its people and customers are in good hands for decades to come.”
Valicor is part of the Pritzker Private Capital family of companies. Valicor’s acquisition strategy focuses on acquiring CWT facilities and other providers of environmental services, including solidification, waste-to-energy, product destruction and related services.
Anthony Cardona, Principal at Pritzker Private Capital, commented, “We welcome EnviroSolids to the Valicor and Pritzker Private Capital family. With this acquisition, Valicor supplements its wastewater treatment and solidification capabilities in the Midwest and, most importantly, allows Valicor to better serve its customers. We are pleased to continue to support the Valicor team as they strive to build a nationwide footprint and strengthen the Company’s leading wastewater treatment platform.”
About Valicor
Valicor is the largest provider of non-hazardous wastewater treatment services in North America. Leveraging its extensive fleet of tankers and a network of strategically located centralized wastewater treatment (“CWT”) facilities, the Company transports and processes a diverse set of wastewater streams that result from the manufacture of industrial and consumer goods. The Company’s mission-critical services allow customers to meet federal, state, and local regulations by safely and responsibly disposing of oily water, leachate, soaps, line flush waste, and similar waste streams and it also provides a diverse set of landfill solidification, product destruction, and retail oil services. As an ISO 14001 certified organization, Valicor takes great pride in its environmental compliance process. For more information, visit valicor.com.
About EnviroSolids, LLC
EnviroSolids, LLC is one of largest non-municipal, fully integrated U.S. EPA CERCLA approved liquid and solid waste processing and recycling facilities in the United States. With more than 100 years of combined experience in the industry, EnviroSolids and affiliated companies apply multiple specialized treatment disciplines allowing them to process many of the most challenging waste streams. The company services many industries, including automotive manufacturers and suppliers, chemical manufacturers, landfills, utilities, steel mills, regional and national environmental brokers, Total Waste Managers as well as federal, state and local governments.
One of the company’s most recent technological advances is an integrated system to process waste streams contaminated with PFOS and PFOA. The EnviroSolids systems reduce the presence of these compounds from ongoing waste streams, resulting in cleaner drinking water. For more information, visit esgrouponline.com.
About Pritzker Private Capital
Pritzker Private Capital partners with middle-market companies based in North America with leading positions in the manufactured products, services and healthcare sectors. The firm’s differentiated, long-duration capital base allows for efficient decision-making, broad flexibility with transaction structure and investment horizon, and alignment with all stakeholders. Pritzker Private Capital builds businesses for the long term and is an ideal partner for entrepreneur-and family-owned companies. Pritzker Private Capital is a signatory to the United Nations Principles for Responsible Investment (PRI). For more information, visit PPCPartners.com.
Media:
Dan Scorpio, Abernathy MacGregor
312-640-3111
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HOUSTON--(BUSINESS WIRE)--Phillips 66 Partners (NYSE: PSXP) executive management will host a webcast at 2 p.m. EDT on Friday, Oct. 29, to discuss the partnership’s third-quarter 2021 financial results, which will be released earlier that day, and provide operational updates.
To access the webcast, go to the Events and Presentations section of the Phillips 66 Partners Investors site, https://unitholder.phillips66partners.com/investors. A replay of the webcast will be archived on the Events and Presentations page approximately two hours after the event, and a transcript will be available at a later date.
About Phillips 66 Partners
Headquartered in Houston, Phillips 66 Partners is a master limited partnership formed by Phillips 66 to own, operate, develop and acquire primarily fee-based crude oil, refined petroleum products and natural gas liquids pipelines, terminals and other midstream assets. For more information, visit www.phillips66partners.com.
Jeff Dietert (investors)
832-765-2297
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Shannon Holy (investors)
832-765-2297
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Thaddeus Herrick (media)
855-841-2368
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Leading Northeastern residential and commercial solar installation company to jump start iSun’s East Coast Residential Strategy
BURLINGTON, Vt.--(BUSINESS WIRE)--$isun #cleanenergy--iSun, Inc. (NASDAQ: ISUN) (the “Company”, or “iSun”), a leading solar energy and clean mobility infrastructure company with 50 years of construction experience in solar, electrical and data services, released today an edited transcript from its investor call to discuss the details of its acquisition of SolarCommunities Inc (“SunCommon”).
Highlights
Transaction Conference Call Details
An edited transcript of the conference call, recorded on Thursday, September 9, 2021, at 8:30 AM EDT is available on the Investor Relations section of the iSun website at investors.isunenergy.com, under the Events Calendar. An archived audio replay will also be available through September 23rd, 2021, at 877-481-4010, Conference ID# 42785.
About iSun Inc.
Since 1972, iSun has accelerated the adoption of proven, life-improving innovations in electrification technology. iSun has been the trusted electrical contractor to Fortune 500 companies for decades and has installed clean rooms, fiber optic cables, flight simulators, and over 400 megawatts of solar systems. The Company has provided solar EPC services across residential, commercial & industrial, and utility scale projects and provides solar electric vehicle charging solutions for both grid-tied and battery backed solar EV charging systems. iSun believes that the transition to clean, renewable solar energy is the most important investment to make today and is focused on profitable growth opportunities. Please visit www.isunenergy.com for additional information.
Forward Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of
1995, as amended. Words or phrases such as "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, effective tax rate, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.
The forward-looking statements included in this press release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the risk factors described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.
All forward-looking statements included in this press release are based on information currently available to us, and we assume no obligation to update any forward-looking statement except as may be required by law.
IR Contact:
Tyler Barnes
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802-289-8141
DALLAS--(BUSINESS WIRE)--Pioneer Natural Resources Company (NYSE: PXD) (“Pioneer” or “the Company”) today announced the publication of its 2021 Sustainability Report, highlighting the Company’s focus and significant progress on environmental, social and governance (ESG) programs. The comprehensive report highlights the Company’s Net Zero ambition by 2050 and enhanced emissions reduction targets for greenhouse gas (GHG) and methane. In addition, the report details the Company’s 2020 performance, including enhanced disclosures on air emissions, water management practices, diversity, equity and inclusion, board governance and community engagement.
Highlights from Pioneer’s 2021 Sustainability Report include:
CEO Scott D. Sheffield stated, “Our board of directors, management team and employees are committed to ensuring Pioneer remains an ESG leader. We are dedicated to reducing our emissions intensities, being proactive and transparent in our engagement with stakeholders and the communities in which we operate and ensuring our governance policies and performance metrics align with our ESG goals. These efforts, in conjunction with Pioneer’s low breakeven costs, low-emissions intensity, strong balance sheet and highly-skilled and diverse workforce, position the Company for continued long-term success.”
Chairman of the Board, J. Kenneth Thompson, stated “In addition to the information included in the Sustainability Report, Pioneer will publish its first Climate Risk Report later this year. Pioneer’s goals and strategies will further strengthen our ESG leadership and allow us to provide reliable and affordable, low-emissions intensity, oil and gas to the world. Pioneer’s best-in-class assets and people, coupled with our commitment to environmental stewardship, position the Company to remain a sustainable supplier of the world’s energy needs for decades to come.”
Additional information on Pioneer’s strategy and performance on ESG and HSE initiatives can be found in the Sustainability Report that is accessible on the Company’s website listed above. This year’s report references the following reporting standards, terminology and performance metrics: TCFD, Global Reporting Initiative (GRI), International Petroleum Industry Environmental Conservation Association (IPIECA), Carbon Disclosure Standards Board (CDSB), Sustainability Accounting Standards Board (SASB) for oil and gas exploration and production standards and the United Nations Sustainable Development Goals (SDGs).
Pioneer is a large independent oil and gas exploration and production company, headquartered in Dallas, Texas, with operations in the United States. For more information, visit Pioneer’s website at www.pxd.com.
Cautionary Statement Regarding Forward-Looking Information
Except for historical information contained herein, the statements in this news release as well as Pioneer’s 2021 Sustainability Report are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements and the business prospects of Pioneer are subject to a number of risks and uncertainties that may cause Pioneer’s actual results in future periods to differ materially from the forward-looking statements. These risks and uncertainties include, among other things, volatility of commodity prices; product supply and demand; the impact of a widespread outbreak of an illness, such as the COVID-19 pandemic, on global and U.S. economic activity; the ability to obtain environmental and other permits and the timing thereof; the effect of future regulatory or legislative actions on Pioneer or the industry in which it operates; the ability to obtain approvals from third parties and negotiate agreements with third parties on mutually acceptable terms; litigation; the costs and results of drilling and operations; availability of equipment, services, resources and personnel; access to and availability of transportation, processing, fractionation, refining, storage and export facilities; Pioneer's ability to implement its business plans; access to and cost of capital; the Company’s ability to achieve its emissions reduction, flaring and other ESG goals; the assumptions underlying forecasts; sources of funding; tax rates; quality of technical data; environmental and weather risks, including the possible impacts of climate change; cybersecurity risks; and acts of war or terrorism. These and other risks are described in Pioneer's Annual Report on Form 10-K for the year ended December 31, 2020, Quarterly Reports on Form 10-Q filed thereafter and other filings with the United States Securities and Exchange Commission. In addition, the Company may be subject to currently unforeseen risks that may have a materially adverse effect on it. Accordingly, no assurances can be given that the actual events and results will not be materially different than the anticipated results described in the forward-looking statements. Pioneer undertakes no duty to publicly update these statements except as required by law.
Pioneer Natural Resources Company Contacts:
Investors
Neal Shah - 972-969-3900
Tom Fitter - 972-969-1821
Greg Wright – 972-969-1770
Media and Public Affairs
Tadd Owens - 972-969-5760
Well Management Company Deploys Blockchain-Backed Smart Contract Network, GumboNet, to Deliver Trust and Transparency Between Counterparties
STAVANGER, Norway & HOUSTON--(BUSINESS WIRE)--#blockchain--Data Gumbo, provider of GumboNet™ — the massively interconnected industrial smart contract network secured and powered by blockchain, today announced that Well Expertise, the well management company providing plug and abandonment (P&A), exploration, appraisal and development planning, in addition to operational support, software, environmental and other sustainable resources, has adopted GumboNet™. As the first well management company to globally deploy smart contracts across its well portfolio for frame agreements and well contracts with Wellesley Petroleum, Well Expertise will leverage GumboNet to improve workflow processes, automate invoicing and payments between the two parties, and aid in real-time operational cost control.
“Well Expertise selected GumboNet because of the network’s ability to monitor operations, consumptions and spend,” said Morten Laget, Business Development Manager, Well Expertise. “We are showing our commitment to stepping into the digital future by leveraging blockchain-backed smart contracts to improve and automate manual processes and unlock carbon footprint data to help achieve our sustainability goals. Smart contracts deliver the trust and transparency necessary to realize true value by streamlining operations, and making more informed strategic decisions with counterparties.”
Longstanding invoicing and billing challenges exacerbate counterparty friction and lead to outstanding days sales outstanding (DSO). On average, DSOs in Europe hover around 35 days with other locations upward of 200. A lack of supply chain transparency and payment processes based on estimates and accruals instead of exact, real-time data further exacerbates invoicing and payment issues.
“Wellesley Petroleum is pleased to utilize smart contracts to digitize and improve our business model,” said Callum Smyth, Operations Manager, Wellesley Petroleum. “With Well Expertise leading the innovation charge, we are excited to leverage GumboNet to capture value and deliver efficiencies to both parties.”
With GumboNet, smart contracts offer a better approach to commercial relationships — one that streamlines operations and decreases informational and transactional friction. By providing a single immutable record of truth, GumboNet synchronizes data across parties for complete transparency to free up working capital, reduce contract leakage, enable real-time cash and financial management and capture provenance.
“GumboNet has been adopted by large global companies, but also by smaller operators and their suppliers to realize savings and transparency in their value chain,” said Ove Sandve, Norway Country Manager, Data Gumbo. “We are excited about this opportunity to leverage blockchain and add value for Well Expertise and Wellesley Petroleum as they undertake next steps on their smart contract journey.”
About Well Expertise
Well Expertise is headquartered in Randaberg, Norway. Well Expertise is a one-stop shop Well Management company and can tailor-make project specific deliverables for all disciplines for your next Exploration, Appraisal, Development or Decom Project. Well Expertise specialists are involved in several different fields with Drilling, QHSE Services, Marine, Logistics, Software, Contracts and Consultancy Services. For more information, visit https://wellexpertise.com.
About Data Gumbo
Data Gumbo is a Houston-headquartered technology company that provides GumboNet™ — a massively interconnected industrial smart contract network secured and powered by blockchain. With integrated real-time capabilities that automate and execute smart contracts, GumboNet reduces contract leakage, frees up working capital, enables real-time cash and financial management and delivers provenance with unprecedented speed, accuracy, visibility and transparency. Data Gumbo also provides GumboNet™ ESG, the automated and accurate sustainability measurement solution that ties a company’s operational data to environmental, social and governance (ESG) standards reporting for industrial supply chains.
To date, Data Gumbo has received equity funding with Saudi Aramco Energy Ventures, the venture subsidiary of Saudi Aramco; Equinor Ventures, the venture subsidiary of Equinor, Norway’s leading energy operator; and with L37, a hybrid venture capital and private equity company. With offices in Stavanger, Norway, and London, UK, the growing company was recognized as the Disruptive Innovator in the Forbes Energy Awards 2020 and named to CB Insights Blockchain 50, among other awards last year. For more information, visit www.datagumbo.com or follow the company on LinkedIn, Twitter and Facebook.
Gina Manassero
Data Gumbo
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Transaction Creates Industry Leading Renewable Natural Gas Platform
Class A Common Stock to Trade on the NYSE Under the Ticker “LFG” Effective September 16, 2021
CANONSBURG, Pa.--(BUSINESS WIRE)--Archaea Energy Inc. (“Archaea” or “the Company”), formerly known as Rice Acquisition Corp. (“RAC”), announced today that it has completed its previously announced business combination with Aria Energy LLC (“Aria”) and Archaea Energy LLC (“Archaea Energy”), creating the industry leading renewable natural gas (“RNG”) platform.
Concurrent with the completion of the business combination, RAC has changed its name to Archaea Energy Inc. Commencing at the open of trading on September 16, 2021, Archaea’s Class A common stock and warrants are expected to begin trading on the New York Stock Exchange (“NYSE”) under the symbols “LFG” and “LFG WS,” respectively.
The transaction was unanimously approved by RAC’s Board of Directors and was approved at a special meeting (the “Special Meeting”) of RAC’s stockholders on September 9, 2021. More than 99% of the votes cast on the business combination proposal at the Special Meeting were in favor of approving the business combination. RAC’s stockholders also voted to approve all other proposals presented at the Special Meeting.
“We are excited to complete our business combination, which enables us to continue rapidly developing our robust inventory of highly economic, low-risk RNG projects,” said Nick Stork, Archaea’s Chief Executive Officer. “I would like to thank each member of the Archaea and Aria teams for their diligent efforts in getting us to this point, and I am excited about the dedication we will continue to bring to reach our next phase of growth as the only scale producer of renewable natural gas.”
“While significant work has brought us here, in many ways today is also day one for Archaea. We are on a mission to break through the status quo and create a new paradigm in RNG development by integrating our team’s expertise with an innovative, technology-driven approach to project development and a differentiated commercial strategy de-risked by long-term contracts. We are laser-focused on delivering on our strategic objectives, creating value for our stakeholders, and enabling our partners to reduce their respective carbon footprints and achieve their sustainability goals.”
The business combination was primarily funded by approximately $237 million of cash from RAC’s cash-in-trust, $220 million in proceeds from corporate level debt, and $300 million from the previously announced private investment in public equity (“PIPE). The Company also entered into $133 million of project financing in early 2021 related to Project Assai, a high-Btu RNG facility under construction near Scranton, Pennsylvania, which is expected to be completed in 1Q 2022.
The Company will use the remaining proceeds to fund its growth strategy, which includes upgrading Aria’s legacy RNG projects, converting existing landfill gas-to-electric projects to RNG projects, and developing its substantial backlog of greenfield RNG project opportunities. Archaea management and the Rice family have transferred 100% of their Archaea Energy equity into equity of the Company.
Archaea Energy LLC’s senior management team will continue to lead the Company, including Nick Stork, Richard Walton (President), Eric Javidi (Chief Financial Officer), Lindsay Ellis (General Counsel and Corporate Secretary), Brian McCarthy (Chief Investment Officer), Derek Kramer (Chief Technology Officer), Chad Bellah (Chief Accounting Officer), and Ted Yowonske (Chief Development Officer).
The Company’s Board of Directors will be comprised of seven directors, six of whom are “independent directors” as defined in the NYSE listing standards and applicable U.S. Securities and Exchange Commission (“SEC”) rules. The directors will be J. Kyle Derham, Dr. Kathryn Jackson, Joseph Malchow, Scott Parkes, Daniel Joseph Rice, IV, Nick Stork, and James Torgerson.
A more detailed description of the transaction can be found in the definitive proxy statement filed by RAC with the SEC on August 12, 2021.
Advisors
Moelis & Company LLC acted as advisor to the RAC Special Committee, which was composed of independent directors of RAC and formed to negotiate the business combination. Richards, Layton and Finger PA served as legal counsel to the RAC Special Committee. Kirkland & Ellis LLP served as legal counsel to RAC. Pillsbury Winthrop Shaw Pittman LLP served as legal counsel to Archaea Energy LLC. Barclays acted as financial advisor to Aria Energy LLC. Orrick served as legal counsel to Aria Energy LLC. Citi and Jefferies LLC acted as lead placement agents and Roth Capital Partners LLC acted as co-placement agent on the PIPE.
About Archaea
Archaea Energy Inc. is one of the largest RNG producers in the U.S., with an industry leading RNG platform and expertise in developing, constructing, and operating RNG facilities to capture waste emissions and convert them into low carbon fuel. Archaea’s innovative, technology-driven approach is backed by significant gas processing expertise, enabling Archaea to deliver RNG projects that are expected to have higher uptime and efficiency, and lower development costs and time to market, than industry averages. Archaea partners with landfill and farm owners to help them transform their long-lived feedstock sources into RNG and convert their facilities into renewable energy centers. Archaea’s differentiated commercial strategy is focused on long-term contracts that provide commercial partners a reliable, non-intermittent, sustainable decarbonizing solution to displace fossil fuels in high-carbon emission processes and industries.
Additional information is available at www.archaeaenergy.com/.
About RAC
Rice Acquisition Corp. is led by former executives of Rice Energy and EQT, the largest natural gas producer in the U.S. RAC intends to leverage its expertise building industry-leading energy production companies to develop the world’s clean energy supply.
Forward Looking Statements
The information included herein and in any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may be identified by the use of words such as “may,” “might,” “will,” “would,” “could,” “should,” “forecast,” “intend,” “seek,” “target,” “anticipate,” “believe,” “expect,” “estimate,” “plan,” “outlook,” and “project” and other similar expressions, although not all forward looking statements contain such identifying words. All statements other than historical facts are forward looking statements. Such statements include, but are not limited to, statements concerning market conditions and trends, earnings, performance, strategies, prospects and other aspects of the business of the Company. Forward looking statements are based on current expectations, estimates, projections, targets, opinions and/or beliefs of the Company, and such statements involve known and unknown risks, uncertainties and other factors.
The risks and uncertainties that could cause those actual results to differ materially from those expressed or implied by these forward looking statements include, but are not limited to: (a) the ability to recognize the anticipated benefits of the business combination and any transactions contemplated thereby, which may be affected by, among other things, competition, the ability of the Company to grow and manage growth profitably and retain its management and key employees; (b) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; (c) the Company’s ability to develop and operate new projects; (d) the reduction or elimination of government economic incentives to the renewable energy market; (e) delays in acquisition, financing, construction and development of new projects; (f) the length of development cycles for new projects, including the design and construction processes for the Company’s projects; (g) the Company’s ability to identify suitable locations for new projects; (h) the Company’s dependence on landfill operators; (i) existing regulations and changes to regulations and policies that effect the Company’s operations; (j) decline in public acceptance and support of renewable energy development and projects; (k) demand for renewable energy not being sustained; (l) impacts of climate change, changing weather patterns and conditions, and natural disasters; (m) the ability to secure necessary governmental and regulatory approvals; and (n) other risks and uncertainties indicated in the definitive proxy statement filed by RAC, including those under "Risk Factors" therein, and other documents filed or to be filed with the SEC by the Company.
The foregoing list of factors is not exclusive. You should not place undue reliance upon any forward looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to update or revise the forward looking statements set forth herein, whether as a result of new information, future events or otherwise, except as may be required by law.
Investors
Megan Light
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Katarina Matic
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In Mobil 1 ‘Behind The Drive’ Campaign, Custom Shoes and One-on-One Experiences Are Just Some of Many Prizes To Reward Fans During Offseason
SPRING, Texas--(BUSINESS WIRE)--For the latest phase of the Mobil 1 Behind the Drive campaign, a unique offseason NBA content series and sweepstakes to reward fans with unique gifts and experiences, prominent sneaker artist Dan "Mache" Gamache created custom, hand-painted sneakers inspired by the Mobil 1™ brand. These extremely rare kicks are now available as Behind the Drive prizes.
In an exclusive video, NBA All-Stars and Mobil 1 partners Julius Randle and Karl-Anthony Towns unbox the custom sneakers, with Mache describing the making-of process and going behind the scenes on his design motivation. Full video is viewable here.
“We took a truly inspired approach to these custom shoes, channeling the Mobil 1 brand and its history,” said Mache. “There are many ties to Mobil 1 - from the Pegasus, to the silver paint scheme tying into the iconic Mobil 1 bottles, to the checkered flag pattern connecting to the brand’s racing heritage. We even mixed a single drop of Mobil 1 motor oil into the paint for each shoe, so every time someone wears them, they’ll be powered by Mobil 1. With only four pairs in existence, there’s honestly nothing like them out there.”
Earlier this offseason, Randle, Towns and the Mobil 1 brand announced a partnership for the Behind the Drive sweeps, featuring a content series, revolving weekly prizing and a grand prize bundle. Through this effort, fans have been given exclusive access to these stars, as the athletes reveal what fuels everything from their on-court philosophy to their coveted sneaker collections. Videos are available for viewing at this playlist, as well as shared across social channels for Mobil 1, Bleacher Report, the NBA, Towns and Randle.
“This offseason, getting the chance to show everybody what drives me on and off the court has been a really rewarding experience, and I’m excited to share even more before the season starts,” said Randle.
“I got a pair of custom kicks by Mache that are an amazing addition to my collection,” said Towns. “I know fans are not going to want to miss out on the chance to win such a limited edition shoe.”
Behind the Drive is the latest collaboration between the Mobil 1 brand and the NBA, a partnership that has provided unique experiences and engagement opportunities for basketball fans since 2016.
“With the Behind the Drive campaign, we wanted dig into what it means to be the Official Motor Oil of the NBA,” said Bryce Huschka, North America Consumer Marketing Manager for ExxonMobil. “Mobil 1 synthetic is this incredible but unseen ingredient driving the performance of your car, and that got us thinking about other unseen factors at play in the high-performance space of the NBA. In talking to KAT and Julius about their time in the league and basketball culture more broadly, they each showcase that connection in their own unique ways, and we are excited to bring fans a new dimension to their stories.”
There is more in store for Behind the Drive with updates and new prizes to be announced throughout the offseason. For the latest information and updates on the Behind the Drive sweepstakes, visit gobehindthedrive.com.
About Mobil 1
Mobil 1™ motor oil is the world's leading brand of synthetic motor oil. Our advanced technology allows Mobil 1 motor oils to meet or exceed some of the industry’s toughest standards and to provide exceptional protection under even extreme driving conditions. Mobil 1 motor oil is designed to help protect critical engine parts, maximize engine performance, and extend engine life. For more information, visit us online at www.mobil1.us or and follow @Mobil1 on Facebook, Instagram and Twitter.
Bobby Ceresia, Weber Shandwick, 314-552-6780
LAKE MARY, Fla.--(BUSINESS WIRE)--#BESS--Paul F. Browning, President and Chief Executive Officer (CEO) of Mitsubishi Power Americas, Inc., will have an expanded role effective October 1, 2021. He has been named Mitsubishi Power’s CEO of Energy Transition & Power in the Americas; Chairman of the Board, Europe, Middle East and Africa (EMEA) Region; and Deputy Head of Energy Transition & Power Headquarters in Japan. The new roles will involve Browning in global expansion of the energy transition.
With Mitsubishi Heavy Industries’ recent creation of the Energy Transition & Power business unit, the company is expanding its mandate beyond traditional power generation to include the ongoing energy transition. This includes hydrogen, battery energy storage, renewable power and artificial intelligence.
Browning said, “Expanding my power generation role in the Americas to include the energy transition is a recognition of the growth our team has achieved in hydrogen, battery energy storage, renewable power and artificial intelligence. During the past year, I’ve been working with our management team in Europe, Africa and the Middle East to put a new business structure and EMEA organization in place, and recruit incoming CEO Javier Cavada. We plan to expand our existing businesses and lead the energy transition in the region. Working together with our customers, partners and colleagues around the world, we are creating a Change in Power.”
About Mitsubishi Power Americas, Inc.
Mitsubishi Power Americas, Inc. (Mitsubishi Power) headquartered in Lake Mary, Florida, employs more than 2,300 power generation, energy storage, and digital solutions experts and professionals. Our employees are focused on empowering customers to affordably and reliably combat climate change while also advancing human prosperity throughout North, Central, and South America. Mitsubishi Power’s power generation solutions include gas, steam, and aero-derivative turbines; power trains and power islands; geothermal systems; PV solar project development; environmental controls; and services. Energy storage solutions include green hydrogen, battery energy storage systems, and services. Mitsubishi Power also offers intelligent solutions that use artificial intelligence to enable autonomous operation of power plants. Mitsubishi Power, Ltd. is a wholly owned subsidiary of Mitsubishi Heavy Industries, Ltd. (MHI). Headquartered in Tokyo, Japan, MHI is one of the world’s leading heavy machinery manufacturers with engineering and manufacturing businesses spanning energy, infrastructure, transport, aerospace, and defense. For more information, visit the Mitsubishi Power Americas website and follow us on LinkedIn.
Communications Contact
Christa Reichhardt
+1 407-484-5599
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PHILADELPHIA--(BUSINESS WIRE)--Doral Renewables LLC (Doral LLC), a developer and operator of clean energy generation assets, welcomes Evan Speece as Chief Financial Officer (CFO).
Evan has deep energy finance and transactional experience, having most recently served as VP of Finance & Head of Capital Markets at Clearway Energy, Inc. Over his 7 years at Clearway, Evan led or co-led over $20 billion of financing and M&A efforts, including work across various corporate, tax equity and project finance capital markets, and covering the solar, wind, natural gas, and district energy sectors. He also has significant expertise in tax, accounting, financial reporting, treasury and risk management within the renewable generation industry. Mr. Speece earned a BS in Finance and Accounting from Boston College and an MBA in Energy Finance from Duke University's Fuqua School of Business.
“Mr. Speece’s experience leading enterprise growth will help guide Doral Renewables LLC’s financial strategy. Doral LLC has several gigawatts of projects in its pipeline, representing billions of dollars in capital needs and potential long-term operating cash flow. Mr. Speece will guide financial execution of the project platform to the most competitive position in the market.” – Nick Cohen, President & CEO.
Mr. Speece will oversee all financial activities of the firm. In June, Doral Renewables LLC closed on a $355 million transaction with Migdal Insurance as an investor partner. In October, the first 400 MWac phase of the $1.5 billion dollar Mammoth Solar project will be celebrated with a ribbon cutting ceremony.
Doral Renewables LLC (Doral LLC)
The Company combines the advanced engineering, development and operating experience of Doral Group with a team of US-based renewable energy & battery storage project developers, leveraging extensive experience throughout the U.S. The Doral LLC management team has over 100 years in combined experience with transactional histories and deep relationships with infrastructure funds, investment banks, tax equity investors and energy industry experts.
Doral LLC has initiated over three gigawatts of renewables projects in the US, primarily in the Mid-Atlantic and Midwest regions, and continues to add utility scale projects to its portfolio every year.
Doral Group
Doral Group is a publicly traded company on the Tel Aviv Stock Exchange in Israel (DORL) and is a global renewable energy leader, holding hundreds of long-term revenue generating renewable energy assets. Doral Group is also emerging as a worldwide leader in the field of solar + storage solutions, following its win of Israel’s biggest solar + storage tenders to build approximately 800MW(DC) + 1,500MW of storage facilities in Israel.
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Maya Ziv-Wolf
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DEERFIELD, Ill.--(BUSINESS WIRE)--CF Industries Holdings, Inc. (NYSE: CF), a leading global manufacturer of hydrogen and nitrogen products, today announced that it is halting operations at both its Billingham and Ince, UK, manufacturing complexes due to high natural gas prices. The Company does not have an estimate for when production will resume at the facilities.
About CF Industries Holdings, Inc.
At CF Industries, our mission is to provide clean energy to feed and fuel the world sustainably. With our employees focused on safe and reliable operations, environmental stewardship, and disciplined capital and corporate management, we are on a path to decarbonize our ammonia production network – the world’s largest – to enable green and blue hydrogen and nitrogen products for energy, fertilizer, emissions abatement and other industrial activities. Our nine manufacturing complexes in the United States, Canada, and the United Kingdom, an unparalleled storage, transportation and distribution network in North America, and logistics capabilities enabling a global reach underpin our strategy to leverage our unique capabilities to accelerate the world’s transition to clean energy. CF Industries routinely posts investor announcements and additional information on the company’s website at www.cfindustries.com and encourages those interested in the company to check there frequently.
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Impact Venture Capital led funding round to fuel development of application-defined composable infrastructure market through accelerated sales and marketing efforts
Leader in Next-Generation Architecture for Artificial Intelligence and High-Performance Computing Expands Position and Democratization of Supercomputing
SAN DIEGO--(BUSINESS WIRE)--#Composability--GigaIO, the creator of next-generation data center rack-scale architecture for artificial intelligence (AI) and high-performance computing (HPC) solutions, today announced the completion of a Series B round of funding totaling $14.7 million. Impact Venture Capital led the funding round, which was oversubscribed by 50% and included participation from Mark IV Capital, Lagomaj Capital, SK Hynix, and Four Palms Ventures.
GigaIO has fundamentally changed the HPC and AI landscape by creating the world’s only enterprise-class, universal composable fabric―an open standards solution with limitless flexibility, cloudlike agility, and an added layer of security. This enables faster time to achieve results as workloads run as if they were using components inside one server but harness the power of many nodes, all communicating within one seamless universal fabric.
Through the new funding, GigaIO will aggressively expand its market and channel development by recruiting more partners and expanding channel programs. GigaIO will devote more resources to customer development and partner development programs – aimed at accelerating sales and marketing efforts.
GigaIO's Universal Composable Fabric, FabreXtm, orchestrates workloads by configuring any HPC and AI resource on the fly and integrating networking, storage, memory, and specialized accelerators into a single-system cluster fabric. By increasing the flexibility and agility of HPC and AI environments, GigaIO's solution significantly reduces costs through increased utilization and minimized server requirements, saving on cooling, power, and footprint. GigaIO is disrupting the HPC and AI space by democratizing access to expensive specialized resources such as accelerators by sharing them across users and workloads, and by making it simple to implement for IT managers.
“We have a tremendous technology and a development team with incredible expertise gained through years of working on some of the highest performing interconnects at companies such as Cray, Sun Microsystems, Cisco, Emulex, and QLogic,” said Alan Benjamin, President and CEO of GigaIO. “Today, by completing this funding round, we are better positioned to get the technology into the hands of more customers and channel partners and to increase traction among commercial and other customers.”
Benjamin continues, “Due to the pandemic, hardware testing has been difficult. Since the start of the year however, we’ve been able to get equipment into facilities and the results have been fantastic for us,” he said. “Our customers are thrilled with the results and impressed by what they can do with the technology, and to be blunt, they’re amazed that we’re getting results that the industry has been striving to achieve for more than a decade. With strong demand for a universal composable fabric, we’ve seen tremendous support from the investment community. The oversubscription provides a solid runway for future investments,” said Benjamin.
PCIe Gen 4, a high-speed serial computer expansion bus standard that moves data at high bandwidth and low latency between multiple components, is the technology computers, data centers, and the wireless industry rely on to enable the next generation of mobile and desktop applications. The same technology will also enable the efficient use of accelerators, including moving data out of storage and into accelerators more quickly. With PCIe Gen 5 and CXL, GigaIO will be able to extend to make use of pools of memory to create a shareable, commonplace composable element.
Jack Crawford, Founding General Partner at Impact Venture Capital, adds, " We are excited to lead this funding round, including a co-investment from SK Hynix, and believe that GigaIO’s game-changing technology and team will continue to revolutionize the way that organizations manage data." “We believe that the company is a catalyst for the next generation of data and storage performance and represents an ideal artificial intelligence startup that we seek to partner with and invest in."
“Our further investment in GigaIO is rooted in our confidence that the power of HPC and AI can solve critical challenges at every level," said Felix Williams, Founder and Managing Director of Lagomaj Capital. “The GigaIO team is working to enable the next generation of computational infrastructure, and we are proud to call them partners."
"We are thrilled to partner with Alan and the entire GigaIO team on their journey to establish a new model for data center infrastructure," said Michael Beaudoin, Director of Private Equities at Mark IV Capital. “By leveraging the power of a universal composable fabric, GigaIO is delivering a powerful solution, making HPC and AI more accessible to its customers.”
GigaIO was incorporated in 2012 by Joey Maitra, then employed elsewhere, but was mostly an idea on a napkin until Alan Benjamin joined the company in 2017 and raised the first seed round of investment, followed by a Series A round in 2018 led by Mark IV Capital. The first product line was launched in 2019, and the company is now taking on the democratizing of HPC and AI through its universal fabric interconnect, FabreXTM.
For more information about GigaIO, visit https://gigaio.com/.
About GigaIO
Headquartered in Carlsbad, California, GigaIO democratizes AI and HPC architectures by delivering the elasticity of the cloud at a fraction of the TCO (Total Cost of Ownership). With its universal dynamic infrastructure fabric, FabreX™, and its innovative open architecture using industry-standard PCI Express/soon CXL technology, GigaIO breaks the constraints of the server box, liberating resources to shorten time to results. Data centers can scale up or scale out the performance of their systems, enabling their existing investment to flex as workloads and business change over time. For more information, contact This email address is being protected from spambots. You need JavaScript enabled to view it. or visit www.gigaio.com. Follow GigaIO on Twitter and LinkedIn.
Jill King
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760-487-8395
Nine international and U.S.-based banks, including Santander CIB, committed approximately $2.3 billion of debt to finance the construction and operation of the project
BOSTON--(BUSINESS WIRE)--Santander Bank, N.A. (“Santander Bank” or “Santander”) today announced that its Corporate & Investment Banking division (“Santander CIB”) has acted as financial advisor, joint lead arranger, administrative agent and green loan coordinator for the financing of Vineyard Wind 1, the first large-scale offshore wind farm in the United States. Santander is one of nine international and U.S.-based banks raising approximately $2.3 billion of senior debt to finance the construction of the project.
Vineyard Wind is a joint venture between Avangrid Renewables, a subsidiary of AVANGRID, Inc. (NYSE: AGR), part of the Iberdrola Group, and Copenhagen Infrastructure Partners (CIP). Vineyard Wind 1 is an 800 MW project located 15 miles off the coast of Martha’s Vineyard and will be the first large-scale offshore wind project in the United States. The project is expected to generate electricity for more than 400,000 homes and businesses in the Commonwealth of Massachusetts, save ratepayers $1.4 billion over the first 20 years of operation and is expected to reduce carbon emissions by more than 1.6 million tons per year.
Onshore construction for Vineyard Wind 1 will begin this year, with first power from Vineyard Wind 1 expected to be delivered to the grid in 2023.
“Santander is extremely proud of our advisory capabilities in renewable energy, in particular offshore wind, and appreciate the opportunity to advise Avangrid and CIP in this landmark transaction that is so critical to Massachusetts and U.S. climate goals,” said Marco Antonio Achón, Head of Santander Corporate & Investment Banking U.S.
“Santander is very proud to have advised in the financing of the first large-scale offshore wind project in the U.S.,” said Pablo Urgoiti, Head of Global Debt Financing U.S. for Santander CIB. “Renewable financing is a cornerstone of our product offering and we are glad that our cumulative global experience in offshore wind has been there to support this process.”
Santander CIB has become a leader in renewable energy finance and advice owing to its efforts to seek solutions in environment, social and corporate governance (ESG) and other areas to help customers transition toward more sustainable models and a less polluting economy. Santander is committed to leading the way in environmentally responsible financing and advisement for projects that add value to society while helping fight climate change and pollution, and protecting natural resources.
Santander CIB is a global division that supports corporate and institutional clients, offering tailored services and value-added wholesale products suited to their complexity and sophistication. Our coverage model combines local knowledge with global expertise of industry sectors of our clients. For more information, please visit https://www.santandercib.com/.
Santander Bank, N.A. is one of the country’s largest retail and commercial banks with $89.5 billion in assets. With its corporate offices in Boston, the Bank’s approximately 9,200 employees and more than 2 million customers are principally located in Massachusetts, New Hampshire, Connecticut, Rhode Island, New York, New Jersey, Pennsylvania and Delaware. The Bank is a wholly-owned subsidiary of Madrid-based Banco Santander, S.A. (NYSE: SAN) - one of the most respected banking groups in the world with 150 million customers in the U.S., Europe, and Latin America. It is overseen by Santander Holdings USA, Inc., Banco Santander’s intermediate holding company in the U.S. For more information on Santander Bank, please visit www.santanderbank.com.
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Nancy Orlando
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Singleton Schreiber McKenzie & Scott Representing Victims Of Second-Largest Wildfire in California History
SAN FRANCISCO--(BUSINESS WIRE)--#Dixie--Leading fire litigation firm Singleton Schreiber McKenzie & Scott has filed two lawsuits on behalf of nearly 200 plaintiffs alleging PG&E caused the Dixie Fire, a massive disaster that has quickly become the second-largest wildfire in California history.
The complaints allege that the Dixie Fire was sparked on July 13, 2021 following several blown fuses and PG&E equipment malfunctions off Highway 70 in Northern California, in Feather River Canyon. A power outage in the area was reported by PG&E’s outage system at 7 a.m. that day, but a PG&E troubleman did not arrive to the scene until after 4 p.m. In the complaint, SSMS attorney Gerald Singleton says PG&E has admitted its equipment malfunctions may have started the Dixie Fire, and subsequently the company announced a $15 billion plan to underground 10,000 miles of power lines to reduce wildfire risk in California.
The plaintiffs in the case filed today say they believe the Dixie Fire was caused by a Douglas Fir tree leaning into PG&E’s high voltage distribution line, which the blown fuses were designed to protect. They allege that the fire happened because PG&E’s infrastructure was constructed to pass electricity through exposed power lines in vegetated areas, and because the company negligently failed to maintain and operate its electrical equipment and keep appropriate clearance between that equipment and the surrounding vegetation.
The filing follows a federal court hearing on September 13 in San Francisco in which U.S. District Judge William Alsup, who is overseeing PG&E’s criminal probation, questioned the PG&E troubleman who responded to the initial outage call. In the hearing, Judge Alsup asked the technician why he didn’t shut off power to the line while investigating the outage. Judge Alsup also told PG&E attorneys that the company “is a convicted felon that poses a safety hazard to the state of California.”
“It’s clear that PG&E started this fire. The best thing they can do is to acknowledge that fact and make the survivors whole,” SSMS attorney Gerald Singleton, who is spearheading the litigation, said. “We’re committed to helping our clients get the resources they need to rebuild their homes and their lives, and we look forward to advancing these cases and serving as their advocate in court.”
The complaint includes causes of action for inverse condemnation, trespass, nuisance, negligence, and violations of Health and Safety Code section 13007 and Public Utilities Code section 2106. The plaintiffs in the case are homeowners, renters, and business owners. The case is not a class action; instead, the plaintiffs have elected to join their individual lawsuits in a single action.
The relief sought includes damages for repair, depreciation and replacement costs for real and property, loss of use, lost wages, medical expenses, evacuation expenses, among other general damages, as well as punitive damages and attorneys’ fees.
The plaintiffs are represented by Gerald Singleton, J. Ross Peabody, and Tommy Vu of Singleton Schreiber McKenzie & Scott. With more than 100 employees and offices throughout California, Singleton and his team have represented more than 10,000 victims of utility fires and has recovered approximately $1 billion in settlements and verdicts for its clients. The firm currently represents thousands of victims of the 2020 Mountain View and Zogg Fires, the 2019 Kincade Fire, the 2018 Woolsey and Camp Fires, the 2017 Thomas and North Bay Fires, and the 2015 Butte Fire.
The SSMS team hosts weekly virtual town halls for individuals affected by wildfires and will hold a virtual event for those affected by the Dixie Fire on September 14 at 5:30 p.m. Pacific. For more information and to register, please visit SSMSJustice.com.
Fassbinder, et al. v. PG&E – Shasta Sup Court No. 198186
Holly Amaya
(619) 573-7224
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Both Truck Powertrain Solutions Help Meet Global Emissions Standards
BLOOMFIELD, Conn. & SAN JOSE, Calif.--(BUSINESS WIRE)--#CDA--Jacobs Vehicle Systems and Tula Technology have signed a cooperation agreement to accelerate the development of Jacobs Cylinder Deactivation® (CDA®) valve actuation technology in conjunction with Tula’s Dynamic Skip Fire (DSF®) control algorithms. The agreement builds on two years of research and development collaboration between the two companies to reduce nitrous oxide (NOX) and carbon dioxide (CO2) emissions from medium and heavy-duty vehicles, helping to meet ever-tightening environmental regulations.
“Jacobs Vehicle Systems and Tula Technology are both great companies with great technologies, and we’ve been even more effective working together,” said John Fuerst, senior vice president of technology and innovation at Tula. “This agreement will advance our capabilities to produce better CDA products and dDSF controls.”
Independent laboratory testing has demonstrated that Jacobs CDA hardware and Tula’s dDSF achieve greater emission reductions when combined. Low-load cycle performance was estimated with a well-calibrated powertrain simulation tool to accurately capture the low-load system operation and emissions. This system showed as much as a 5% decrease in CO2 and a 74% reduction in NOX emissions compared to the baseline technology.
“While CDA and dDSF are available to commercial powertrain manufacturers as separate systems, our experience indicates that integrating the two technologies delivers much greater benefit to today’s medium- and heavy-duty engines,” said Steve Ernest, vice president of engineering and business development at Jacobs Vehicle Systems. “We have been working with Tula for several years, and this formal agreement solidifies our relationship as we demonstrate the benefits of using CDA and dDSF in tandem. Our efforts will provide the marketplace with sought-after solutions to meet increasingly challenging emissions standards. The synergies created through multiple development projects will offer customers the best possible outcomes for reducing NOX and CO2 simultaneously.”
The agreement will allow technical development to expand the operating range at which emissions reductions can be achieved when the two technologies are combined. Jacobs and Tula also will explore opportunities for reduced NOX and CO2 emissions in off-road vehicles and equip a Class 8 demonstrator truck with both Jacobs’ CDA and Tula’s diesel DSF technologies for customers to experience firsthand.
About Jacobs Vehicle Systems
Jacobs Vehicle Systems is headquartered in Bloomfield, Conn., where it has a 25,000 square meter design, testing, and manufacturing facility, with support sites in Europe, Japan, and India as well as manufacturing facilities in Suzhou, China, and Brno, Czech Republic. Jake Brake® products are used by heavy and medium-duty diesel engine manufacturers globally. Registered to the ISO 14001 and IATF16949 standards, Jacobs Vehicle Systems is a leading producer of vehicle retarding and valve actuation technologies and can be found at jakebrake.com.
About Tula Technology, Inc.
Silicon Valley-based Tula Technology provides innovative award-winning software controls to optimize propulsion efficiency and emissions across the mobility spectrum, including gasoline-powered, diesel, alternative fuel, hybrid, and electric vehicles. Tula’s culture of innovation has resulted in breakthrough technology and a robust global patent portfolio of more than 378 patents issued and pending. Tula Technology is a privately held company backed by Sequoia Capital, Sigma Partners, Khosla Ventures, GM Ventures, BorgWarner and Franklin Templeton. More information is available at www.tulatech.com.
Jacobs Vehicle Systems
Mike O’Neill
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Tula Technology, Inc.
Ram Subramanian
Principal Marketing Strategist
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PG&E Teams Up with Placer Hills Fire Department for Simulation Drill—Part of National Preparedness Month Public Education Efforts
SAN FRANCISCO--(BUSINESS WIRE)--Are you ready for the next emergency?
As part of its public education efforts during National Preparedness Month in September, Pacific Gas and Electric Company (PG&E) teamed up with the Placer Hills Fire Department to put one local family to the test.
In a video released today on PG&E’s Safety Action Center website, the Sierra foothills family is put through a simulated wildfire evacuation to demonstrate how being prepared can help bring calm to the chaos.
“You think you’re ready, but are you? It’s scary,” said Michelle Childers of Foresthill, who participated in the disaster readiness drill with her husband Justin and their two children.
PG&E is urging all of the customers and communities it serves to assess how prepared your family, home and community are for a natural disaster or other emergency, and to take action to be ready.
In addition to the new video, PG&E’s Safety Action Center puts valuable resources at your fingertips. You can:
‘This Was Eye-Opening’
For the Childers family, firefighters gave them just 10 minutes to get what they would need, as is often the case in a real evacuation, and leave their home.
“My first instinct was birth certificates, passports, IDs, keys, wallets, because those are the things we’re going to need immediately (if evacuated) to get a hotel, to rebuild. My second initial response was mementos, pictures,” said Justin.
“I’ve never experienced this, I know what I was thinking, but I paused,” said an emotional Michelle, describing the first seconds after the knock at the door. “I got a couple of changes of clothes for each of us, got some snacks that I know the kids would eat, and some mementos.”
While the family did not have go-bags ready during the drill, they grabbed essentials: important documents, changes of clothes and some food.
“I thought they did a really good job,” said Battalion Chief Matt Slusher with the Placer Hills Fire Department. “They worked well together. But what if one of you was not home at the time of an evacuation. What would you prioritize? For example the kids, if you had to be away for 72 hours, their homework, the things that are important to them because their lives are going to be turned upside down, how do you maintain a level of normalcy.”
“I was motionless,” said Michelle, who is an elementary school teacher. “You need to have a go-bag, container with food and water for 72 hours. This was eye-opening.”
“We really appreciate the Childers family and the Placer Hills Fire Department participating in this life-like emergency drill. It’s a great reminder for all of us to plan what we would do in any kind of natural disaster or other emergency, and also to practice how we would respond. It’s muscle memory. You have to practice it to perfect it,” said Joe Wilson, PG&E’s Vice President, North Valley & Sierra Region.
How Customers Can Prepare
Here are some simple guidelines to prepare for an emergency.
About PG&E
Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is a combined natural gas and electric utility serving more than 16 million people across 70,000 square miles in Northern and Central California. For more information, visit www.pge.com/ and http://www.pge.com/about/newsroom/.
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CAIRO--(BUSINESS WIRE)--The Government of Egypt will next month implement a new trade facilitation technology which will improve processing time and reduce costs for all exporters to the country.
The new process – the Advance Cargo Information (ACI) system – is a block-chain based technology that will help fully automate the customs process for all goods entering Egypt. Using electronic data, the new system will identify goods before they are shipped, enabling goods to be checked and cleared before they reach Egyptian ports.
The ACI system, which has been undergoing pilot tests since 1 April 2019, will be implemented at all Egypt’s ports on 1 October 2021. Already, 16,000 companies importing goods into Egypt have registered on the new ACI system.
Egypt has embarked on ambitious plans to transform its trade infrastructure, including the modernisation of its entire customs management system. In April 2019, the Government launched the National Single Window for Foreign Trade Facilitation (Nafeza), a single digital trade portal for all import, export and transit operations, linking up all Egypt’s ports.
Nafeza is recognised and supported by a range of international institutions, including the World Customs Organization (WCO).
Egypt’s transformation programme has also led to the establishment of high-tech logistics centres across Egypt, ensuring that port facilities are used to transit goods rather than store them.
Independent evaluation of Nafeza shows that customs processing times have already improved by 55%. The Government plans to reduce customs clearance time to less than one day.
Egypt is Africa’s second largest importer, responsible for total imports in 2019 valued at USD 78.6 billion (World Bank-WITS). The country is the largest importer of wheat and asphalt in the world (FAO/OEC).
H.E. Dr. Mohamed Maait, Egypt’s Minister of Finance, says: “The implementation of the Advance Cargo Information system is a crucial step in our plans to transform Egypt’s trade infrastructure. This new technology will make it much easier for companies all over the world to trade with Egypt, helping to deliver the Government’s plan to create the most advanced logistics hub in the region.”
Mr. Jan Noether, the Chief Executive Officer of the German Chamber of Commerce (AHK) in Egypt, says: “This new trade facilitation technology will make it simpler, easier and cheaper for all companies exporting goods to Egypt. It shows that Egypt is not only open for business, but serious about maximising its location at the cross-roads of the world to become one of the world’s great trading economies.”
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HOUSTON--(BUSINESS WIRE)--Phillips 66 (NYSE: PSX) executive management will host a webcast at noon EDT on Friday, Oct. 29, to discuss the company’s third-quarter 2021 financial results, which will be released earlier that day, and provide an update on strategic initiatives.
To access the webcast, go to the Events and Presentations section of the Phillips 66 Investors site, https://www.phillips66.com/investors. A replay of the webcast will be archived on the Events and Presentations page approximately two hours after the event, and a transcript will be available at a later date.
About Phillips 66
Phillips 66 is a diversified energy manufacturing and logistics company. With a portfolio of Midstream, Chemicals, Refining, and Marketing and Specialties businesses, the company processes, transports, stores and markets fuels and products globally. Phillips 66 Partners, the company’s master limited partnership, is integral to the portfolio. Headquartered in Houston, the company has 14,000 employees committed to safety and operating excellence. Phillips 66 had $57 billion of assets as of June 30, 2021. For more information, visit www.phillips66.com or follow us on Twitter @Phillips66Co.
Jeff Dietert (investors)
832-765-2297
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Shannon Holy (investors)
832-765-2297
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Thaddeus Herrick (media)
855-841-2368
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LONDON--(BUSINESS WIRE)--#BESS--Javier Cavada has been appointed President and Chief Executive Officer of Europe, the Middle East and Africa (EMEA), Mitsubishi Power, effective January 3, 2022. Mr. Cavada will lead the Mitsubishi Power business to expand its presence in the region, accelerate decarbonization and provide total solutions that empower its customers to affordably and reliably combat climate change.
Mr. Cavada joins Mitsubishi Power with more than 20 years of global experience in the energy industry and will help expand the company’s presence in the EMEA region. Since 2018, he has been President and CEO of Highview Power, headquartered in London. Prior to that, he spent 17 years with Wärtsilä Corporation serving as President of the energy division and member of the executive board, leading the transformation into renewables integration including energy storage.
Paul Browning, Chairman of the Board, EMEA, Mitsubishi Power, said, “Appointing Javier to President and CEO of the EMEA region is another step in delivering on our mission to create a future that works for people and the planet by developing innovative power generation technology and solutions to enable energy decarbonization and deliver reliable power everywhere. He is a dynamic leader who will continue to expand our presence in EMEA. Under Javier’s leadership, we will create a Change in Power.”
Committed to decarbonizing EMEA’s power industry, Mitsubishi Power provides total solutions including hydrogen capable advanced class gas turbines, battery energy storage for short duration storage and hydrogen for long duration storage. The company is expanding its service and waste-to-energy offerings to enable growth in the region.
About Mitsubishi Power in Europe, the Middle East and Africa
Mitsubishi Power is a leading provider and innovator of technology and solutions for the energy sector with a presence in Europe, the Middle East and Africa (EMEA) since 1908 through its predecessor companies. Today, there are more than 1,000 employees across the EMEA region, with centers of excellence in Germany, the United Kingdom, Saudi Arabia and the United Arab Emirates in addition to customer support capabilities in countries across the region. Mitsubishi Power designs, manufactures and maintains equipment and systems that drive decarbonization and ensure reliable power delivery. Among its solutions are a wide range of gas turbines, including hydrogen-fuelled gas turbines and solid-oxide fuel cells (SOFCs), and an experienced services business with an extensive reach across the entire region. Committed to providing exemplary service and working with customers, Mitsubishi Power's TOMONI intelligent solutions leverage advanced analytics, adaptive control technology, artificial intelligence and machine learning to make power plants smarter, reduce emissions, increase flexibility and support decarbonization. Mitsubishi Power is a wholly owned subsidiary of Mitsubishi Heavy Industries, Ltd., which has engineering and manufacturing businesses spanning energy, infrastructure, transport, aerospace and defence.
For more information, please visit: https://power.mhi.com/regions/emea/
Claudia Wedemann
Mitsubishi Power Europe GmbH
Tel.: +49 203 8038 1368
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