ORANGE, Conn.--(BUSINESS WIRE)--AVANGRID, Inc. (NYSE: AGR), a leading sustainable energy company, today announced that its joint venture offshore wind project, Vineyard Wind 1, has become the first commercial-scale offshore wind project in the United States to reach financial close. The project has closed on an aggregate of approximately $2.3 billion of construction and term loan financing with nine global lending banks.
“Today’s milestone demonstrates the financial community’s confidence in Vineyard Wind 1 and AVANGRID’s sustainability strategy, and more broadly, the U.S. offshore wind industry,” said Dennis V. Arriola, CEO of AVANGRID. “We are proud to pioneer this new industry and demonstrate that offshore wind can be a sound investment, while creating jobs, combating climate change and powering the economies of our coastal communities.”
Financial close enables the 800 megawatt (MW) project to commence construction this fall in order to begin delivering clean electricity to Massachusetts in 2023.
In May, the U.S. Bureau of Ocean Energy Management issued a favorable Record of Decision (ROD), the major federal permit required for construction. Since receiving the ROD, the project has successfully received all necessary permits and entered into a Project Labor Agreement (PLA) with the Massachusetts Building Trades for construction. The PLA will support fair, family-supporting wages and workplace protections for the workers building Vineyard Wind 1.
Located 15 miles off the coast of Martha’s Vineyard, Vineyard Wind 1 is expected to provide enough electricity to power more than 400,000 homes in the Commonwealth of Massachusetts, create 3,600 Full Time Equivalent (FTE) job years, reduce electricity rates by approximately $1.4 billion over the first 20 years of operation and reduce carbon emissions by more than 1.6 million metric tons per year.
Avangrid Renewables, a subsidiary of AVANGRID, is a leading developer of onshore wind and solar and is pioneering the development of offshore wind in the U.S. In addition to Vineyard Wind 1, Avangrid Renewables is a partner on Park City Wind, an 804 MW project that will serve the state of Connecticut, as well as on additional lease areas off the coast of Massachusetts and Rhode Island to deliver up to 3,500 MW. In the mid-Atlantic, Avangrid Renewables is also developing Kitty Hawk Offshore Wind that has the potential to deliver 2,500 MW of clean energy into Virginia and North Carolina.
About AVANGRID: AVANGRID, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $39 billion in assets and operations in 24 U.S. states, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs approximately 7,000 people and has been recognized by Forbes and Just Capital as one of the 2021 JUST 100 companies – a list of America’s best corporate citizens – and was ranked number one within the utility sector for its commitment to the environment and the communities it serves. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2021 for the third consecutive year by the Ethisphere Institute. For more information, visit www.avangrid.com.
About Avangrid Renewables: Avangrid Renewables, LLC is a subsidiary of AVANGRID, Inc. and part of the IBERDROLA Group. It is a leading renewable energy company in the United States, owning and operating a portfolio of renewable energy generation facilities. IBERDROLA, S.A., is an energy pioneer with the largest renewable asset base of any company in the world. Avangrid Renewables is headquartered in Portland, Oregon. For more information, visit www.avangridrenewables.com.
Forward Looking Statements
Certain statements in this release may relate to our future business and financial performance and future events or developments involving us and our subsidiaries that are not purely historical and may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of forward-looking terms such as “may,” “will,” “should,” “would,” “could,” “can,” “expect(s),” “believe(s),” “anticipate(s),” “intend(s),” “plan(s),” “estimate(s),” “project(s),” “assume(s),” “guide(s),” “target(s),” “forecast(s),” “are (is) confident that” and “seek(s)” or the negative of such terms or other variations on such terms or comparable terminology. Such forward-looking statements include, but are not limited to, statements about our plans, objectives and intentions, outlooks or expectations for earnings, revenues, expenses or other future financial or business performance, strategies or expectations, or the impact of legal or regulatory matters on business, results of operations or financial condition of the business and other statements that are not historical facts. Such statements are based upon the current reasonable beliefs, expectations, and assumptions of our management and are subject to significant risks and uncertainties that could cause actual outcomes and results to differ materially. Important factors are discussed and should be reviewed in our Form 10-K and other subsequent filings with the SEC. Specifically, forward-looking statements include, without limitation: the future financial performance, anticipated liquidity and capital expenditures; actions or inactions of local, state or federal regulatory agencies; the ability to recruit and retain a highly qualified and diverse workforce in the competitive labor market; changes in amount, timing, success and ability to complete capital projects; litigation or administrative proceedings, the outcome or settlement of which could adversely affect our business, financial condition, timing or success of development projects, and reputation; adverse developments in general market, business, economic, labor, regulatory and political conditions including, without limitation, the impacts of inflation, deflation, and changing prices and labor costs; the impacts of climate change, fluctuations in weather patterns and extreme weather events; technological developments; the impact of extraordinary external events, such as any cyber breaches or other incidents, grid disturbances, acts of war or terrorism, civil or social unrest, natural disasters, pandemic health events or other similar occurrences; the impact of any change to applicable laws and regulations affecting the ownership and operations of renewable energy generation facilities, respectively, including, without limitation, those relating to the environment and climate change, taxes, price controls, regulatory approval and permitting; the COVID-19 pandemic, its impact on business and economic conditions and the pace of recovery from the pandemic; the implementation of changes in accounting standards; adverse publicity or other reputational harm; and other presently unknown unforeseen factors.
Should one or more of these risks or uncertainties materialize, or should any of the underlying assumptions prove incorrect, actual results may vary in material respects from those expressed or implied by these forward-looking statements. You should not place undue reliance on these forward-looking statements. We do not undertake any obligation to update or revise any forward-looking statements to reflect events or circumstances after the date of this report, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Other risk factors are detailed from time to time in our reports filed with the SEC, and we encourage you to consult such disclosures.
Media Contact:
Susan Millerick
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LAGOS, Nigeria--(BUSINESS WIRE)--As part of its drive to address Africa’s vulnerability to climate risk, Africa Finance Corporation (AFC) has created an independent asset management arm, AFC Capital Partners, with a debut offering: the Infrastructure Climate Resilient Fund (ICRF).
AFC Capital Partners plans to raise US$500m in the next twelve months and US$2 billion over the next three years. The ICRF will act as a direct investor and a co-investment fund to enhance the quality of African ports, roads, bridges, rail, telecommunications, clean energy, and logistics in the face of rising temperatures and sea levels due to climate change.
“AFC Capital Partners will enhance our firepower in driving integrated infrastructure solutions that are core to Africa’s development in the post-Covid era,” said Samaila Zubairu, President and CEO of Africa Finance Corporation. “The Infrastructure Climate Resilient Fund will enable us to support climate adaptation as well as projects that reduce carbon emissions and catalyse our continent to build back better, with more climate-resilient and sustainable infrastructure. And we are delighted to welcome Ayaan Zeinab Adams as CEO of AFC Capital Partners. She brings a wealth of experience to AFC and will enable investors to access meaningful exposure in Africa’s infrastructure market.”
As the former leader of the private sector arm of the Green Climate Fund under the UN Framework Convention on Climate Change, as well as a former CIO and Senior Manager of the World Bank Group’s IFC, Ayaan brings 27 years of experience in climate response and investment to her new role.
The continent that has contributed the least to climate change is the most exposed because of housing, transport, industrial, and energy structures ill equipped to survive storms, floods, droughts, wildfires, and other hazards from extreme weather patterns. According to the UN Office for Disaster Risk Reduction, without urgent intervention, the cost of structural damage caused by natural disasters will increase to US$415 billion a year by 2030 from between US$250-300 billion now. Damage to rail tracks, roads, bridges, seaports, and power grids will add to an infrastructure deficit currently at US$130–170 billion per year. The UN Conference on Trade and Development estimated that a total of US$2.3 trillion worth of infrastructure is needed across Africa.
AFC Capital Partners forms a core part of the Corporation’s five-year strategy, as set out in 2018 to expand its suite of pragmatic and innovative funding solutions by mobilising capital to drive the development of infrastructure that is resilient to the impact of climate change.
“Significant financing is urgently required to build physical infrastructure that will survive the forces of climate change,” said Ayaan. “The good news is that much of this investment is compatible with competitive returns for investors through leveraging the expertise, relationships, and blended finance models that have been tried and assessed for many years by Africa Finance Corporation.”
Ayaan played a key role in building the mandate of the Green Climate Fund Private Sector Facility and rapidly scaled its portfolio within three years to US$2.1 billion invested across Africa, Asia-Pacific, Latin America, and the Caribbean. She previously also served as UK-based CDC Group’s Managing Director of Africa Funds.
The mandate of AFC Capital Partners is aligned to AFC’s in offering attractive investment opportunities to the global development finance and commercial investor community seeking long-term returns through structures that protect African built infrastructure from climate risks. The newly created fund, incorporated in Mauritius, will employ traditional project finance and private equity structures, supported by a blend of concessional finance, grants and “soft equity.”
“Our objective is to stay true to AFC’s track record, competency and investor interest without compromising on the ability to provide timely exits and a seamless entry by new investors on an arm’s length basis,” said Ayaan.
Ends
About AFC Capital Partners
AFC Capital Partners is a 100% owned subsidiary of Africa Finance Corporation, with a Board and Executive Committee independent of the Corporation. Its collective investment vehicles are guided by specific investment themes that mobilize third party funds for financing of infrastructure. AFC Capital Partners seeks to leverage the scale and breadth of Africa Finance Corporation’s experience across the investment lifecycle to enhance value-add for investors and offer unique access to impactful co-investment opportunities
About AFC:
AFC was established in 2007 to catalyse private sector-led infrastructure investment across Africa. It is the second highest investment grade rated multilateral financial institution in Africa. AFC’s approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development and risk capital to address Africa’s infrastructure development needs and drive sustainable economic growth. AFC invests in high-quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications. The Corporation has invested over US$8.7 billion in projects in 35 countries across Africa since inception.
Media enquiries:
Marlynie Moodley
SVP Communications
Africa Finance Corporation
Mobile : +27(0) 82 564 2457
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The company joins Business Ambition for 1.5°C and the Science Based Target Initiative (SBTi)
SÃO PAULO--(BUSINESS WIRE)--Suzano, the world's leading eucalyptus pulp and paper producer and a global benchmark in the manufacture of bioproducts developed from eucalyptus, has joined the ‘Business Ambition for 1.5°C’ campaign and the ‘Science Based Target Initiative’ (SBTi), a movement that seeks to promote the reduction of greenhouse gas emissions and resulting transition to a low-carbon economy. By joining these initiatives, Suzano is also taking part in the United Nations-supported “Race to Zero” campaign, which rallies for a zero carbon recovery.
“It is fantastic to see Suzano joining the Race to Zero Campaign. They have shown true leadership in understanding how the forestry sector can contribute to our global effort of combatting climate change. We are proud to have Suzano as a partner that will engage with other companies and governments to achieve our unified 1.5C target,” says Gonzalo Muñoz, COP26 High-Level Climate Champion.
Suzano has already made voluntary commitments to reduce its emissions and expand its efforts to remove greenhouse gases from the atmosphere, which make up the “Commitments to Renew Life”, a set of 14 long-term public goals established by Suzano.
In addition to these, Suzano will establish goals aligned with the SBTI’s 1.5°C emission reduction target scenarios within the next two years, as stipulated by the initiative, covering both their own emissions and value chain emissions.
The company will also engage with other actors in supporting SBTi to promote the improvement of methodologies related to the planted forest, pulp and paper sector.
“We are developing new products from planted trees that can replace materials derived from fossil fuel sources and our efforts are already contributing directly to the capture of carbon from the atmosphere. But we want to go further. By joining the Business Ambition for 1.5°C campaign, the SBTi and the 'Race to Zero' campaigns, we will work to bring together more actors, whether from the private sector or the public sphere, to discuss and agree how we can move towards a low carbon economy,” says Walter Schalka, CEO of Suzano.
Suzano is committed to further expanding its ambitions and the speed of its decarbonization journey. To this end, Suzano will continue to invest in various initiatives such as product innovation, reductions in fossil fuel consumption, and renewable energy.
Suzano
André Magnabosco
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Hawthorn Advisors
Lorna Cobbett / Zinka MacHale
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SAN FRANCISCO--(BUSINESS WIRE)--Volta Inc. (“Volta”), an industry leader in commerce-centric electric vehicle (“EV”) charging networks, announced today that it has further extended its market penetration with the installation of new charging stations at Giant Food in Virginia. The exact address of these charging stations is 10653 Braddock Rd, Fairfax, Virginia 22032.
Founded on the premise that the electrification of mobility is likely to be a transformational shift, Volta builds and operates a nationwide EV charging network that has among the best utilization per station in the EV charging industry for the United States. Centered around capturing new spending habits expected to result from the shift to electric vehicles, Volta seeks to transform the fueling industry by building open-network charging stations in locations where drivers already spend their time and money, including grocery stores, pharmacies and other retail locations.
The new charging stations at Giant Food further Volta’s mission to build convenient, simple and delightful charging infrastructure that is seamlessly incorporated into a driver’s everyday experience.
About Volta
Volta Inc. (NYSE: VLTA) is an industry leader in commerce-centric EV charging networks. Volta’s vision is to build EV charging networks that capitalize on and catalyze the shift from combustion-powered miles to electric miles by placing stations where consumers live, work, shop and play. By leveraging a data-driven understanding of driver behavior to deliver EV charging solutions that fit seamlessly into drivers’ daily routines, Volta’s goal is to benefit consumers, brands and real-estate locations while helping to build the infrastructure of the future. As part of Volta’s unique EV charging offering, its stations allow it to enhance its site hosts’ and strategic partners’ core commercial interests, creating a new means for them to benefit from the transformative shift to electric mobility. To learn more, visit www.voltacharging.com.
Sabrina Strauss
Goodman Media International, Inc.
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The MISO Central solar development asset is the third project transaction between Galehead and EDF Renewables.
BOSTON--(BUSINESS WIRE)--Galehead Development, an independent Boston-based energy development platform, recently closed on the sale of a 270 megawatt (MWdc) solar development project in the MISO Central region to EDF Renewables (EDFR). EDF Renewables is a leading independent power producer and service provider with 35 years of expertise in renewable energy. When completed the solar project will serve increasing demand from MISO utilities for low-cost energy resources and growing commitments to renewables by corporations throughout the region.
The transaction marks the third renewable development asset sale between Galehead and EDFR. In total, Galehead has delivered a 520 MWdc pipeline to EDFR spanning the MISO and PJM energy markets and targeting commercial operations beginning between 2023-2024. Each acquisition has paired Galehead’s market strategies and greenfield development scope with EDFR’s power marketing capabilities and capacity for long-term project ownership. Galehead executed on its market strategies by siting projects with its proprietary LandCommand™ software, assembling and achieving site control, conducting feasibility studies and surveys, and securing cost-effective interconnection positions. Following the acquisitions, EDFR will manage all remaining downstream development scope through commercial operations.
“We are thrilled to build on our track record of successful project sales to EDF Renewables. We look forward to supporting their continued development of the projects and the addition of a half-gigawatt of new renewable resources to the grid by 2025 through this relationship,” said Galehead CEO Matt Marino.
About Galehead:
Galehead Development is a technology, greenfield development, and asset management platform for Impact Infrastructure investments. Since 2016 Galehead has originated and developed a 8 GWdc pipeline of renewable projects either sold to or presently under joint development with third-party IPPs, including 5 GW in MISO and 2 GW in PJM. The company is based in Boston, MA and has 28 full-time employees. Learn more at www.galeheaddev.com.
Patrick Martin, COO
617-681-4SUN
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Partnership integrates project44 analytics into Google Cloud’s new Supply Chain Twin solution to improve transportation efficiency and inventory management for world’s most progressive supply chains
CHICAGO--(BUSINESS WIRE)--project44, the leader in real-time supply chain visibility and a Google Premier Visibility Provider, today announced a new partnership with Google Cloud to provide customers with better, real-time visibility into their supply chains. Under this partnership, project44 will be the first strategic partner for real-time transportation visibility to integrate its capabilities into Google Cloud’s Supply Chain Twin solution to provide joint customers with a view into the supply chain network, including data across all modes, existing integrations at scale, and strong relationships with other partners included in the offering.
“We’re excited to team up with project44 as the first strategic partner for real-time visibility in Google Cloud’s Supply Chain Twin solution. project44’s broad visibility network, workflow automation and predictive analytics enable collaboration across all facets of the supply chain,” said Hans Thalbauer, managing director, global supply chain and logistics industry solutions for Google Cloud. “project44’s incredible expertise in transportation provides customers with the technology needed to greatly improve insight into shipments and orders across their supply chain.”
Google Cloud supply chain solutions, particularly the Supply Chain Twin, deliver end-to-end visibility by bringing together data from various business systems such as enterprise resource planning (ERP), transportation management systems (TMS), and warehouse management systems (WMS), as well as data from the operational systems of the customer and those of their partners. The increased transportation visibility and reporting provided by project44 will provide customers with visibility into data relating to shipments once they have left suppliers, as well as when inventory is moving between warehouses and manufacturing plants, and into customers’ hands.
The project44 Platform currently supports more than 680 global shippers and logistics service providers, providing visibility into a network of more than 113,500 multimodal carrier integrations and 2.6M assets – the largest carrier network available in a single platform today.
“It’s incredibly validating to be selected as the first strategic visibility partner for Google Cloud and its new Supply Chain Twin solution,” said Jett McCandless, CEO and founder of project44. “Taking an integrated, data-first approach to solving the world’s most complex supply chain challenges will have significant benefits for customers who rely on accurate, real-time data to deliver outstanding experiences for their own customers.”
A Partnership for Growth
project44 is the fastest growing SaaS platform for real-time, end-to-end transportation visibility. Integrating with Google Cloud’s Supply Chain Twin is the latest step in project44’s aggressive plans which focus on organic growth, strategic acquisitions and partnerships, and geographic expansion. Having project44 data on Google Cloud’s BigQuery builds on their shared vision of highly available access to data and data-led decision making to improve operations as both customer expectations and supply chain disruptions keep rising.
Named as a Leader in the 2021 Gartner Magic Quadrant for Real-time Transportation Visibility, project44 continues to invest in platform, ecosystem and data science capabilities that deliver the most complete end-to-end supply chain visibility. The company announced record growth in Q2, including enterprise net dollar retention of 129% and 123% year-over-year growth in ARR. Already the largest visibility platform company as measured by ARR, customer count, and carriers, project44’s ARR in Q2 was more than the sum of the next top six visibility companies combined for the same quarter.
For more information on the Google Cloud Supply Chain Twin powered by project44, click here.
About project44
project44 is the world’s leading advanced visibility platform for shippers and logistics service providers. project44 connects, automates and provides visibility into key transportation processes to accelerate insights and shorten the time it takes to turn those insights into actions. Leveraging the power of the project44 cloud-based platform, organizations increase operational efficiencies, reduce costs, improve shipping performance, and deliver an exceptional experience to their customers. Connected to thousands of carriers worldwide and having comprehensive coverage for all ELD and telematics devices on the market, project44 supports all transportation modes and shipping types, including Air, Parcel, Final-Mile, Less-than-Truckload, Volume Less-than-Truckload, Groupage, Truckload, Rail, Intermodal, and Ocean. In 2021, project44 was named a Leader among Real-Time Transportation Visibility Providers in Gartner’s Magic Quadrant. To learn more, visit project44.com.
Rebecca Selby
Corporate Marketing
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LOS ANGELES--(BUSINESS WIRE)--LPC Ventures, the venture capital arm of national real estate firm Lincoln Property Company, today announced it has joined the Series C funding round for Measurabl, the world’s most widely adopted ESG data management company for commercial real estate. The investment is part of the company’s $50 million funding round designed to support the company’s growth.
The commitment marks another strategic investment by LPC Ventures in an innovative startup, designed to provide tenants with direct access to the latest innovations in property management operations. LPC Ventures invests in cutting-edge technology that benefits clients and partners, expanding innovation initiatives at properties that Lincoln Property Company develops and manages.
“LPC is excited to continue to support Measurabl as the leading ESG data analytics company and continue to put our efforts behind strengthening our clients’ and our own ESG efforts,” said David Binswanger, Senior Executive Vice President of LPC.
Measurabl, the industry-standard platform for measuring, managing, and disclosing real estate ESG performance, serves subscribers across 80 countries and 11 billion square feet of owned and corporate-occupied real estate. The latest round of funding will allow the company to invest in new product lines including data, professional services, and enhancing its platform to address ESG regulation, decarbonization, climate and transition risk, and capital markets activities.
“LPC advocated for and integrated ESG into its real estate platform early and aggressively,” said Matt Ellis, Measurabl’s Founder and CEO. “As a result, we were highly aligned on Measurabl’s vision out of the gate. The fact that Measurabl was already deployed to a number of LPC-managed properties made growing our relationship on the investment side an obvious next step. I look forward to working with LPC to advance ESG best practices and drive action in our industry.”
Lincoln Property Company, one of the largest and most diversified real estate companies in the United States, serves a growing client base in all major markets nationwide, as well as in Europe and Mexico. The company is committed to achieving success in ESG at every level of the organization, in recognition that its decisions have long-term impacts on building occupants and communities in which LPC operates.
“This investment represents an alignment of our corporate ethos and market forecast,” said Abbey Ehman, Head of Sustainability for LPC West. “We are committed to measuring, tracking, and improving our performance on ESG benchmarks, and believe Measurabl is the perfect tool to better calibrate our processes. Transparency in data will be crucial to meaningful climate action, and we expect Measurabl to continue to gain market share and bring more solutions to the market.”
A 2021 survey of commercial real estate professionals conducted by Measurabl found that 81 percent of real estate leaders believe ESG is crucial for driving important business decisions. However, only 63% of those leaders are “moderately-to-significantly confident” they are able to gather ESG data required to make informed business decisions, according to the survey.
The latest round of funding brings Measurabl’s total capital raised to $85 million. It was led by Energy Impact Partners, a top investor in scale-stage energy transformation and decarbonization technologies.
LPC Ventures joined other participants including Starwood Capital, real estate services companies Colliers, and Cushman & Wakefield as well as repeat investors S&P Global, Sway Ventures, Salesforce Ventures, Constellation Technology Ventures and Building Ventures.
LPC Ventures offers a full range of technology services for clients with complex innovation goals. The division includes an investment arm, capital formation group, real estate advisory, and strategy teams, focusing on areas including data platforms, healthcare, innovative operating business models, and sustainability software. Its portfolio features more than a dozen innovative companies.
About Lincoln Property Company
Lincoln Property Company, founded in 1965 by its chairman Mack Pogue, is a privately-owned real estate firm involved in real estate investment, development, property management and leasing worldwide. Lincoln has offices in all major markets of the U.S. and throughout Europe. Lincoln’s cumulative development efforts have produced over 143 million square feet of commercial space and over 216,000 multifamily residential units. Lincoln Property Company is one of the largest office owner and managers in the United States. Access www.lpcwest.com for more information.
About Measurabl
Measurabl is the world’s most widely adopted ESG software for commercial real estate. More than 11 billion square feet of commercial property valued in excess of USD $1 trillion across 80 countries use Measurabl to measure, manage, and report environmental, social, and governance performance. ESG data is used to exceed tenant expectations, comply with government regulation, and access capital markets. Learn more at http://www.measurabl.com.
Matt McKinney
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Customers can earn above-industry average savings rates while leveraging their deposits to fight climate change.
BERKELEY, Calif.--(BUSINESS WIRE)--#banking--Atmos Financial, a climate fintech company leveraging bank deposits to finance the clean energy transition, launched a groundbreaking checking account today that empowers customers to use their cash deposits to reverse global warming.
Bank deposits are among the largest source of capital for loans — some $17 trillion in the U.S. alone. Yet most banks — even those pledging to take climate action — do not distinguish whether their loans are worsening the planet’s climate crisis.
Atmos Financial is upending this approach: The digital bank guarantees that all of its customers’ deposits only go toward those projects that are achieving measurable, climate-positive impacts. In short, Atmos Financial is uniquely empowering individuals to take direct, meaningful action on climate change.
Joining Atmos Financial takes less than two minutes. And while climate action is too often associated with sacrifice — or, conversely, high costs — Atmos Financial has purpose-built its products to ensure consumers do well by doing good, from industry-leading savings rates to competitive cash-back offers and its no-minimum checking account.
The full suite of climate-positive financial products, including those available through the Atmos Financial mobile app, includes:
“Banks, and the loans they fund with consumers’ deposits, finance our buildings, our cities, our infrastructure — and all of this has a carbon impact. And because banks are the ones who decide who gets funding and who doesn’t, they have among the largest carbon impacts of any sector,” said Atmos co-founder Peter Hellwig. “By launching our checking accounts and debit cards, Atmos is arming millions of Americans with the power to take immediate, direct action on climate change.”
With deposits insured through the FDIC-insured Evolve Bank & Trust, Atmos’ lineup of consumer banking products guarantees that its customers’ deposits are used exclusively to reduce collective emissions by funding clean energy, electrification or regenerative agriculture. Returns from these loans will then be used to offer its above-industry average savings rates — as well as additional cash back on purchases from sustainable brands and a fee-free donation platform to climate-focused nonprofits.
“Every dollar that we divert away from extractive industries like fossil fuels and toward clean energy is critical to achieving our mission of financing the rapid transition to a clean economy for all,” said Atmos co-founder Ravi Mikkelsen.
Atmos is now accepting applications for their checking account, alongside savings and debit products. Sign up for a new, climate-positive checking account in less than two minutes at JoinAtmos.com.
About Atmos Financial
Atmos Financial is a climate fintech bank leveraging deposits to finance the equitable transition to a regenerative economy. Launched in January 2021 in Berkeley, Calif., with a high-yielding, online savings account, Atmos offers FDIC-insured financial products for consumers that exclusively invest in clean energy, regenerative agriculture, and energy transition projects.
Jennifer Fletcher
Silverline Communications
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609-468-2373
Engineering Design Synthesis leader OmniQuest™ to empower KTON global battery safety test, verification, and certification initiative
NOVI, Mich. -- at The Battery Show--(BUSINESS WIRE)--#Automotive--OmniQuest™ and KTON announce their partnership to streamline the global mobility industry transition from internal combustion engine to battery electric vehicles (BEV) and plug-in hybrid electric vehicles (PHEV) through a global standard of battery safety testing.
“You can feel the momentum building for BEV and PHEV offerings,” said Mr. Fred Lee, CEO KTON. “We have a once-in-a-lifetime opportunity to get out ahead of the BEV and PHEV juggernaut to define and deploy global standards for battery safety testing. OmniQuest™ partnership adds to our esteemed roster of KTON partners,” Lee said.
On top of 3 million in 2020, in March 2021, International Energy Agency projected 145 million electric cars, buses, vans, and heavy trucks on roads by 2030 (a 47% CAGR) and up to 230 million (a 54% CAGR) with governments ramping up efforts to meet international energy and climate goals. This massive growth fueled by battery technology substituting for petroleum products lacks the century-long knowledge and experience combined with standards enjoyed by diesel fuel and gasoline.
"Electric vehicle growth rate is on track to exceed historical new technology adoptions and coincides with the transition to 5G, itself the fastest-growing wireless mobile technology in history,” said Stewart Skomra, CEO OmniQuest. “These dynamics share a foundation of battery technology for which there is no global safety testing standard nor independent verification and certifying entity. Through the KTON partnership, we will work to bring lessons learned from global computing and communications to bear for the benefit of the electric vehicle industry,” Skomra said.
“KTON has assembled an all-star roster of battery development and battery safety testing technology and is diligently recruiting new team members to build an unparalleled team turning the vision of global battery safety testing into reality,” continued Fred Lee. “OmniQuest brings the longest and deepest history in engineering design synthesis through numerical optimization to our team along with extensive history in information technology standards that will serve our efforts well,” Lee concluded.
About KTON
KTON LLC brings full-service EV battery testing technology and know-how to the USA by way of business and technology partners in APAC. KTON is headquartered in the Greater Chicago area with an office in Seoul and key technology partners in Korea, China, and Japan. Our strength lies in our many partnerships and our networking reach in automotive in the US, APAC, and Europe.
For more information visit www.KTON.us, email This email address is being protected from spambots. You need JavaScript enabled to view it., or call (847) 219-7200.
About OmniQuest™
OmniQuest is the leading developer and supplier of software to assist engineers in automotive, aerospace, and heavy equipment industries in achieving optimized product designs.
In its fifth decade, privately held OmniQuest has evolved into a premier software company, developing and marketing design optimization tools, professional services, training, and engaging in ongoing advanced research.
For more information visit www.OmniQuest.world, email This email address is being protected from spambots. You need JavaScript enabled to view it., or call (248) 596-1611.
OmniQuest Contact:
Cianna Reider
+1 (719) 473-4611
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KTON Contact:
Seiji Oyasu
847-219-7200
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OVERLAND PARK, Kan.--(BUSINESS WIRE)--TortoiseEcofin, through its family of registered investment advisers, focuses on essential assets and services indispensable to the economy and society, continues its client-first approach with the addition of an experienced new team member dedicated to institutional sales and facilitating relationships.
Mr. Whit Porter joined the firm on September [13], 2021, as a director of institutional sales, where he is responsible for developing and managing relationships across the institutional investor base. Previously, Mr. Porter worked at Merrill Lynch Alternative Investments Group and prior, was a founding member and investment committee member of RBC Asset Management Infrastructure Investment Group. Throughout his career, he held a variety of sales, marketing and investor relations roles at Centerpoint Capital Management, Macquarie Capital, Inc. and State Street Global Advisors. Mr. Porter earned a Bachelor of Arts in political science from the University of Vermont in Burlington, VT and holds Series 7, 24, 63, and 65 licenses. He lives in Boston, MA and is active in coaching youth sports.
Managing Director, Michael McKeigue, commenting on his appointment, said: “Whit’s extensive background in infrastructure related asset management business development as well as his experience in positioning a wide variety of investment structures will provide strong support in connection with clients’ investment needs and developing innovative investment solutions.”
About TortoiseEcofin
TortoiseEcofin focuses on essential assets – those assets and services that are indispensable to the economy and society. We strive to make a positive impact on clients and communities by investing in energy infrastructure and the transition to cleaner energy and by providing capital for social impact projects focused on education and senior housing. TortoiseEcofin brings together strong legacies from Tortoise, with expertise investing across the energy value chain for more than 20 years, and from Ecofin, which unites ecology and finance and has roots back to the early 1990s. To learn more, visit www.TortoiseEcofin.com.
TortoiseEcofin’s family of registered investment advisers includes: Tortoise Capital Advisors, L.L.C., TIS Advisors, Ecofin Advisors, LLC and Ecofin Advisors Limited.
Safe Harbor Statement
This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.
For more information contact Maggie Zastrow at (913) 981-1020 or This email address is being protected from spambots. You need JavaScript enabled to view it.
HOUSTON--(BUSINESS WIRE)--PACIFIC COAST OIL TRUST (OTC Pink–ROYTL) (the “Trust”), a royalty trust formed by Pacific Coast Energy Company LP (“PCEC”), announced today that there will be no cash distribution to the holders of its units of beneficial interest of record on September 24, 2021 based on the Trust’s calculation of net profits generated during July 2021 (the “Current Month”) as provided in the conveyance of net profits interests and overriding royalty interest (the “Conveyance”). If the Trust continues to receive insufficient monthly income from its net profits interests and overriding royalty interest, the Trust is expected to terminate by its terms by the end of 2021. As described further below, based on information from PCEC, the likelihood of distributions to the unitholders in the foreseeable future is extremely remote. The Trust may also be terminated upon the occurrence of other events as described in the Trust’s filings with the SEC. All financial and operational information in this press release has been provided to the Trustee by PCEC.
The Current Month’s distribution calculation for the Developed Properties resulted in operating income of approximately $1.0 million. Revenues from the Developed Properties were approximately $3.0 million, lease operating expenses including property taxes were approximately $1.8 million, and development costs were approximately $0.3 million. The average realized price for the Developed Properties was $70.89 per Boe for the Current Month, as compared to $70.39 per Boe in June 2021. Oil prices generally have continued to rise in recent months, following the sharp decline in the first quarter of 2020, and were higher in the Current Month as compared to July 2020. The cumulative net profits deficit amount for the Developed Properties declined slightly, to approximately $24.8 million in the Current Month versus approximately $25.5 million in the prior month.
The Current Month’s calculation included approximately $84,000 generated from the 7.5% overriding royalty interest on the Remaining Properties from Orcutt Diatomite and Orcutt Field. Average realized prices for the Remaining Properties were $68.20 per Boe in the Current Month, as compared to $67.59 per Boe in June 2021. The cumulative net profits deficit for the Remaining Properties increased by approximately $54,000 and was approximately $2.7 million for the Current Month.
The monthly operating and services fee of approximately $96,000 payable to PCEC and Trust general and administrative expenses of approximately $90,000, together exceeded the payment of approximately $84,000 received from PCEC from the 7.5% overriding royalty interest on the Remaining Properties, creating a shortfall of approximately $102,000.
PCEC has provided the Trust with a $1 million letter of credit to be used by the Trust if its cash on hand (including available cash reserves) is not sufficient to pay ordinary course administrative expenses as they become due. As of March 31, 2021, the letter of credit has been fully drawn down. Further, the trust agreement provides that if the Trust requires more than the $1 million under the letter of credit to pay administrative expenses, PCEC will, upon written request of the Trustee, loan funds to the Trust in such amount as necessary to pay such expenses. Under the trust agreement, the Trust may only use funds provided under the letter of credit or loaned by PCEC or another source to pay the Trust’s current accounts or other obligations to trade creditors in connection with obtaining goods or services or for the payment of other accrued current liabilities arising in the ordinary course of the Trust’s business. As the Trust has fully drawn down the letter of credit, PCEC will be loaning funds to the Trust to pay the expected shortfall of approximately $102,000, which would bring the total amount of outstanding borrowings (including the amount drawn from the letter of credit, which also must be repaid as provided in the trust agreement) from PCEC to approximately $2,734,000, plus interest thereon, related to shortfalls from prior months. Consequently, no further distributions may be made to Trust unitholders until the Trust’s indebtedness created by such amounts drawn or borrowed, including interest thereon, has been paid in full.
Sales Volumes and Prices
The following table displays PCEC’s underlying sales volumes and average prices for the Current Month:
Underlying Properties |
||||
Sales Volumes |
Average Price |
|||
(Boe) |
(Boe/day) |
(per Boe) |
||
Developed Properties (a) |
42,716 |
1,378 |
$70.89 |
|
Remaining Properties (b) |
17,130 |
553 |
$68.20 |
|
(a) Crude oil sales represented 99% of sales volumes |
||||
(b) Crude oil sales represented 100% of sales volumes |
||||
Update on Estimated Asset Retirement Obligations
As previously disclosed, in November 2019, PCEC informed the Trustee that, as permitted by the Conveyance, PCEC intended to begin deducting its estimated asset retirement obligations (“ARO”) associated with the West Pico, Orcutt Hill, Orcutt Hill Diatomite, East Coyote and Sawtelle fields, thereby reducing the amounts payable to the Trust under its Net Profits Interests. ARO is the accounting recognition related to plugging and abandonment obligations that all oil and gas operators face. PCEC engaged an accounting firm, Moss Adams LLP (“Moss Adams”), acting as third-party consultants, to assist PCEC in determining its estimated ARO, and on February 27, 2020, PCEC informed the Trustee that based on the analysis performed by Moss Adams, PCEC’s estimated ARO, as of December 31, 2019, was $45,695,643, which is approximately $10.0 million less than the amount that was originally estimated before Moss Adams completed its analysis, as previously disclosed in the Trust’s Current Report on Form 8‑K filed on November 13, 2019. According to PCEC and its third-party consultants, its estimated ARO, which reflected PCEC’s assessment of current market conditions as of December 31, 2019 and changes in California law, was determined to be approximately $33.2 million for the Developed Properties and approximately $12.5 million for the Remaining Properties, or approximately $26.5 million and approximately $3.1 million net to the Trust, respectively, and PCEC has reflected these amounts beginning with the calculation of the net profits generated during January 2020. The accrual has resulted in a current cumulative net profits deficit of approximately $27.5 million, which must be recouped from proceeds otherwise payable to the Trust from the Trust’s Net Profits Interests. Therefore, until the net profits deficit is eliminated, the only cash proceeds the Trust will receive are pursuant to the 7.5% overriding royalty interest.
PCEC has informed the Trustee that in accordance with generally accepted accounting principles, PCEC will evaluate the ARO on a quarterly basis. As a result of that re-evaluation, the actual ARO incurred in the future may be greater or less than the estimated amounts provided by PCEC. As previously disclosed, PCEC has informed the Trustee that at year-end 2020, and following the end of the first and second quarters of 2021, in light of the accounting guidance under Accounting Standards Codification 410-20-35-3, which requires the recognition of changes in the asset retirement obligation due to the passage of time and revision of the timing or amount of the originally estimated undiscounted cash flows, PCEC re-evaluated the estimated ARO, which resulted in an aggregate increase to the ARO accrual for the Developed Properties by approximately $4.6 million, net to the Trust’s interest, and an aggregate increase to the ARO accrual for the Remaining Properties by approximately $227,000, net to the Trust’s interest.
Based on PCEC’s estimate of its ARO attributable to the Net Profits Interest, deductions relating to estimated ARO are likely to eliminate the likelihood of any distributions to Trust unitholders for the foreseeable future, as previously disclosed in the Trust’s Current Report on Form 8-K filed on November 13, 2019.
As previously disclosed, the Trust engaged Martindale Consultants, Inc. (“Martindale”), a provider of analysis and compliance review services to the oil and gas industry, to perform an independent review of the estimated ARO in the Moss Adams report that PCEC provided to the Trustee. The Trustee also has engaged an accounting expert to advise the Trustee regarding the accruals that PCEC has booked relating to its estimated ARO. As disclosed in the Trust’s Current Report on Form 8-K filed on December 29, 2020, Martindale has completed its review of the estimated ARO and on December 21, 2020 provided its analysis and recommendations to the Trustee. Based on Martindale’s recommendations provided in its report to the Trust, as disclosed in the Trust’s Current Report on Form 8-K filed on December 29, 2020, the Trustee requested that PCEC promptly make several adjustments to its calculations and methods of deducting ARO from the proceeds to which the Trust is otherwise entitled pursuant to its Net Profits Interests. PCEC has responded to the Trustee, indicating PCEC’s view that the adjustments would violate applicable contracts and accounting standards, and has therefore declined to make any adjustments to the estimated ARO calculation based on those requests and the recommendations of the Martindale report. The Trustee has concluded that it has taken all action reasonably available to it under the Trust’s governing documents in connection with PCEC’s ARO calculation and therefore has determined not to take further action at this time.
As described in more detail in the Trust’s filings with the SEC, the Trust will terminate if the annual cash proceeds received by the Trust from the Net Profits Interests and 7.5% overriding royalty interest total less than $2.0 million for each of any two consecutive calendar years. PCEC is deducting estimated ARO, thereby reducing the amounts payable to the Trust. Unless significant market changes were to occur, no payments will be made by PCEC to the Trust for the foreseeable future, which would result in the total proceeds received by the Trust to total less than $2.0 million in each of 2020 and 2021.
Production Update
PCEC has informed the Trustee that production has improved from the prior month, while PCEC strategically deploys capital to enhance production. Costs associated with returning wells to service must be recovered before cash flow to the Trust can be created. PCEC has informed the Trustee that unless a substantial number of wells return to production, or oil prices improve significantly or both, any monthly payments that PCEC may make to the Trust may not be sufficient to cover the Trust’s administrative expenses and outstanding debt to PCEC, and therefore the likelihood of distributions to the unitholders in the foreseeable future is extremely remote.
Overview of Trust Structure
Pacific Coast Oil Trust is a Delaware statutory trust formed by PCEC to own interests in certain oil and gas properties in the Santa Maria Basin and the Los Angeles Basin in California (the “Underlying Properties”). The Underlying Properties and the Trust’s net profits, and royalty interests are described in the Trust’s filings with the SEC. As described in the Trust’s filings with the SEC, the amount of any periodic distributions is expected to fluctuate, depending on the proceeds received by the Trust as a result of actual production volumes, oil and gas prices, development expenses, and the amount and timing of the Trust’s administrative expenses, among other factors. For additional information on the Trust, please visit https://royt.q4web.com/home/default.aspx.
Cautionary Statement Regarding Forward-Looking Information
This press release contains statements that are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical facts, are "forward-looking statements" for purposes of these provisions. These forward-looking statements include estimates of future asset retirement obligations, expectations regarding the impact of deductions for such obligations on future distributions to unitholders, estimates of future total distributions to unitholders in 2021, expectations regarding the impact of lower commodity prices on oil and gas reserve estimates, statements regarding the impact of returning shut-in wells to production, expectations regarding PCEC’s ability to loan funds to the Trust, and the amount and date of any anticipated distribution to unitholders. In any case, PCEC’s deductions of its estimated asset retirement obligations will have a material adverse effect on distributions to the unitholders and on the trading price of the Trust units and may result in the termination of the Trust. Any anticipated distribution is based, in part, on the amount of cash received or expected to be received by the Trust from PCEC with respect to the relevant period. Any differences in actual cash receipts by the Trust could affect this distributable amount. The amount of such cash received or expected to be received by the Trust (and its ability to pay distributions) has been and will be significantly and negatively affected by prevailing low commodity prices, which declined significantly during 2020, could decline again and could remain low for an extended period of time in light of the economic effects of the COVID-19 pandemic and actions taken by Russia and the members of the Organization of Petroleum Exporting Countries regarding production levels. Other important factors that could cause actual results to differ materially include expenses related to the operation of the Underlying Properties, including lease operating expenses, expenses of the Trust, and reserves for anticipated future expenses. Statements made in this press release are qualified by the cautionary statements made in this press release. Neither PCEC nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release. An investment in units issued by Pacific Coast Oil Trust is subject to the risks described in the Trust's Annual Report on Form 10-K for the year ended December 31, 2018 filed with the SEC on March 8, 2019, and if applicable, the Trust’s subsequent Quarterly Reports on Form 10-Q. The Trust's Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q are available over the Internet at the SEC's website at http://www.sec.gov.
Pacific Coast Oil Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Sarah Newell
1(512) 236-6555
SAN RAMON, Calif.--(BUSINESS WIRE)--During its Energy Transition Spotlight, Chevron Corporation (NYSE: CVX) announced plans to invest more capital to grow lower carbon energy businesses.
“Chevron intends to be a leader in advancing a lower carbon future,” said Michael Wirth, Chevron’s chairman and CEO. “Our planned actions target sectors of the economy that are harder to abate and leverage our capabilities, assets, and customer relationships.”
Establishes Growth Targets for Lower Carbon Businesses
Building on its strengths, the company set the following 2030 growth targets for new energy businesses:
To achieve this scale, the company expects to invest more than $10 billion between now and 2028, including $2 billion to lower the carbon intensity of Chevron’s operations. This is more than triple the company’s previous guidance of $3 billion.
“Renewable fuels, hydrogen and carbon capture target customers such as airlines, transport companies and industrial producers,” said Jeff Gustavson, president of Chevron New Energies. “These sectors of the economy are not easily electrified, and customers are seeking lower carbon fuels and other solutions to reduce carbon emissions.”
Reaffirms Guidance for High Return Traditional Business While Targeting Faster Growing Lower Carbon Businesses
At a Brent oil price average of $60 per barrel, the company reaffirmed its expectation to earn double-digit return on capital employed by 2025 and generate $25 billion of cash flow, above its dividend and capital spending, over the next five years. The company also reaffirmed its 2028 upstream production greenhouse gas intensity targets, which equate to an expected 35% reduction from 2016 levels.
“With the anticipated strong cash generation of our base business, we expect to grow our dividend, buy back shares and invest in lower carbon businesses,” Wirth concluded. “We believe a strategy that combines a high return, lower carbon traditional business with faster growing, profitable new energy ones positions us to deliver long-term value to our shareholders.”
NOTICE
Chevron’s Energy Transition Spotlight with security analysts will take place on Tuesday, September 14, 2021, at 7:00 a.m. PT. A webcast of the meeting will be available in a listen-only mode to individual investors, media, and other interested parties on Chevron’s website at www.chevron.com under the “Investors” section. Prepared remarks for today’s webcast, additional financial and operating information and other complementary materials will be available prior to the webcast at approximately 3:45 a.m. PT and located under “Events and Presentations” in the “Investors” section on the Chevron website.
As used in this news release, the term “Chevron” and such terms as “the company,” “the corporation,” “our,” “we,” “us” and “its” may refer to Chevron Corporation, one or more of its consolidated subsidiaries, or to all of them taken as a whole. All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, each of which manages its own affairs.
Please visit Chevron’s website and Investor Relations page at www.chevron.com and www.chevron.com/investors, LinkedIn: www.linkedin.com/company/chevron, Twitter: @Chevron, Facebook: www.facebook.com/chevron, and Instagram: www.instagram.com/chevron, where Chevron often discloses important information about the company, its business, and its results of operations.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This news release contains forward-looking statements relating to Chevron’s energy transition plans and operations that are based on management's current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “advances,” “commits,” “drives,” “aims,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential,” “ambitions” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for our products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changes to government policies in the countries in which the company operates; development of large carbon capture and offsets markets; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and actions; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic and political conditions; changing refining, marketing and chemicals margins; the company’s ability to realize anticipated cost savings, expenditure reductions and efficiencies associated with enterprise transformation initiatives; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates, particularly during extended periods of low prices for crude oil and natural gas during the COVID-19 pandemic; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce greenhouse gas emissions; the potential liability resulting from pending or future litigation; the company's ability to achieve the anticipated benefits from the acquisition of Noble Energy, Inc.; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; material reductions in corporate liquidity and access to debt markets; the receipt of required Board authorizations to pay future dividends; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 18 through 23 of the company's 2020 Annual Report on Form 10-K and in subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements.
Braden Reddall -- +1 925-842-2209
DENVER--(BUSINESS WIRE)--Today Xcel Energy Executive Chairman Ben Fowke met with President Joe Biden during his visit to the National Renewable Energy Lab in Colorado. Congressional leaders and Colorado Governor Jared Polis were also on hand. Fowke released the following statement after the event:
“We thank President Biden for visiting the National Renewable Energy Lab in Colorado to see first-hand the innovative, collaborative work being done to deliver a clean energy future in our state.
We appreciate that President Biden recognizes the leadership role Xcel Energy is playing in transforming the energy grid as the first major U.S. power provider to announce a vision of providing 100% carbon-free electricity to our customers by 2050.
To reach our carbon goals, and the goals of the nation, it’s going to take the kind of collaboration we see here at NREL, work that is integral to developing the technologies that will give our customers the carbon-free future we envision.
Our industry is eager to work on this clean energy transition, and Xcel Energy is doing so with our employees and communities in mind. Our partnership with our employees and the International Brotherhood of Electrical workers is critical as we continue to move toward clean energy resources.”
Xcel Energy is more than halfway to achieving our goal, having reduced carbon emissions 51% across our electric system. We’re on track to reduce carbon emissions 80% by 2030 with more than 65% of the energy to customers company-wide coming from wind and solar.
While Xcel Energy’s goals rely on renewable energy, the company also needs generating resources that are carbon-free and available 24/7 to ensure customers always receive reliable and affordable service.
The company looks forward to continuing to engage with the President, his Administration and Congress, the Governor and other state leaders to develop the policies needed to help create a clean energy future.
Xcel Energy Media Relations
(303) 294-2300
www.xcelenergy.com
DUBLIN--(BUSINESS WIRE)--The "Refrigerated Transport Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026" report has been added to ResearchAndMarkets.com's offering.
The global refrigerated transport market reached a value of US$ 16.11 Billion in 2020. Looking forward, the publisher expects the market to exhibit moderate growth during 2021-2026.
Companies Mentioned
Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end-use industries. These insights are included in the report as a major market contributor.
Refrigerated transport refers to the temperature-controlled freight shipping vehicles, such as refrigerated trucks and shipping containers. These vehicles are equipped with a built-in cooling system that maintains the desired temperature throughout the transportation process. They are commonly used for transporting products such as fruits, meat, seafood, and dairy, along with non-food products such as pharmaceuticals and flowers. These vehicles aid in maximizing the shelf life of the product, while ensuring year-round availability of seasonal products.
The growing food and beverage industry represent as one of the key factors driving the growth of the market. This, along with the growth of the cold chain industry across the globe, is further contributing to the market growth. Furthermore, owing to the growing health-consciousness among consumers, the demand for frozen variants of various fresh products has increased, along with the growing demand for the service from residential as well as foodservice operators, such as quick-service restaurants (QSRs), hotels and other eateries. Since the food products and raw materials require controlled temperatures during transportation for storage and prevention of spoilage, refrigerated transport has become integral to the distribution process. Additionally, the manufacturing of temperature-sensitive pharmaceutical drugs and expanding trade opportunities across the globe, are also providing a thrust to the market growth. Other factors, such as the implementation of favorable government policies and regulations regarding the production, processing, transportation and quality of products, along with the increasing adoption of marine transport vehicles, owing to their cost-effectiveness, are projected to drive the market further.
Key Topics Covered:
1 Preface
2 Scope and Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Refrigerated Transport Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Mode of Transportation
7 Market Breakup by Technology
8 Market Breakup by Temperature
9 Market Breakup by Application
10 Market Breakup by Region
11 SWOT Analysis
12 Value Chain Analysis
13 Porters Five Forces Analysis
14 Competitive Landscape
14.1 Market Structure
14.2 Key Players
14.3 Profiles of Key Players
For more information about this report visit https://www.researchandmarkets.com/r/9dfxwd
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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HOUSTON--(BUSINESS WIRE)--Tidewater Inc. (NYSE: TDW) (“Tidewater” or the “Company”) announced today that Quintin V. Kneen, President, CEO and Director will present at Pareto Securities’ 28th Energy Virtual Conference on Thursday, September 16, 2021, at 3:40 a.m. Central Time (4:40 a.m. Eastern Time). Upon completion of the presentation, the Company will file a Form 8-K with the SEC that will include a copy of the slides presented, as well as have the presentation available on the Investor Relations section of the Company’s website at investor.tdw.com.
Tidewater owns and operates the largest fleet of offshore support vessels in the industry, with 65 years of experience supporting offshore energy exploration and production activities worldwide. To learn more, visit www.tdw.com.
West P. Gotcher
Vice President Finance & Investor Relations
+1.713.470.5285
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Integrated Services contract to deliver five wells in Eastern Mediterranean through Halliburton Consulting and Project Management
HOUSTON--(BUSINESS WIRE)--Halliburton Company (NYSE: HAL) today announced it was awarded an integrated services contract to execute a three to five well drilling and completions campaign for Energean, an independent E&P company focused on developing resources in the Mediterranean and the North Sea. The work follows a successful four well offshore drilling campaign that Halliburton previously executed in the Karish and Karish North gas fields.
Halliburton will collaborate with Energean to economically and safely deliver exploration, appraisal, and development wells offshore Israel. The contract is for three firm and two optional wells to deliver all services including project management, directional drilling, drill bits, drilling fluids, cementing, solids control, wireline, slickline, completions, production enhancement, and subsea services.
Key technologies deployed include the StrataXaminer™ wireline logging solution that helps operators acquire more accurate well data and better evaluate production potential, the 7 3/8” Dash® electrohydraulic subsea safety system, and iCruise® Intelligent Rotary Steerable System to deliver faster and more accurate wells.
“We are excited to build on our strong relationship with Energean and honored to once again be selected to deliver integrated project management services that maximize the value of their offshore Mediterranean wells,” said Ahmed Kenawi, senior vice president of Europe, Eurasia and Sub-Saharan Africa Region. “This campaign will deliver a fully integrated solution using our Halliburton 4.0 digital platform and drilling technologies to optimize well delivery.”
About Halliburton
Founded in 1919, Halliburton is one of the world's largest providers of products and services to the energy industry. With approximately 40,000 employees, representing 130 nationalities in more than 70 countries, the company helps its customers maximize value throughout the lifecycle of the reservoir – from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production throughout the life of the asset. Visit the company’s website at www.halliburton.com. Connect with Halliburton on Facebook, Twitter, LinkedIn, Instagram and YouTube.
For Investors:
Marina Matselinskaya
Investor Relations
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William Fitzgerald
External Affairs
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NEWCASTLE & HOUSTON--(BUSINESS WIRE)--TechnipFMC plc (NYSE: FTI) (Paris: FTI) (the “Company”) announced today the results as of 5:00 p.m., New York City time, on September 14, 2021 (the “Early Tender Time”) of its previously announced cash tender offer (the “Tender Offer”) to purchase up to $250 million aggregate principal amount (the “Maximum Tender Amount”) of its 6.500% Senior Notes due 2026 (the “Notes”).
As of the Early Tender Time, $164,113,000 aggregate principal amount of the Notes had been validly tendered and not validly withdrawn. These Notes are being accepted by the Company today without proration. Holders of Notes validly tendered at or prior to the Early Tender Time, not validly withdrawn and accepted for purchase in accordance with the terms of the Tender Offer are receiving today, for each $1,000 principal amount of such Notes, the “Total Consideration” of $1,075, which includes an “Early Tender Premium” of $30.00. In addition to the Total Consideration, such Holders are also receiving, in respect of such Notes, accrued and unpaid interest from August 1, 2021 (the last interest payment date for the Notes) to, but not including, today.
Additionally, the Company announced today that the Early Tender Premium of $30.00 shall apply to Notes validly tendered from the date hereof to at or before the Expiration Time. The terms and conditions of the Tender Offer, including the withdrawal deadline, which was 5:00 p.m., New York City time, on September 14, 2021, otherwise remain unchanged and are set forth in an Offer to Purchase (the “Offer to Purchase”), dated August 31, 2021. Accordingly, tendered Notes may no longer be withdrawn.
The Tender Offer will expire at 11:59 p.m., New York City time, on September 28, 2021 (the “Expiration Time”), unless extended or earlier terminated. Holders of Notes validly tendered after the Early Tender Time and at or before the Expiration Time will be eligible to receive $1,075 for each $1,000 principal amount of such Notes. Following this announcement, such amount shall also be referred to as the “Tender Offer Consideration”.
In addition to the Tender Offer Consideration, such Holders will also receive, in respect of such Notes, accrued and unpaid interest from the last interest payment date for the Notes to, but not including, the settlement date for such Notes. Payment for all Notes validly tendered after the Early Tender Time and accepted for purchase will be made promptly after the Expiration Time.
If more than the Maximum Tender Amount of Notes are validly tendered, and Notes are accepted for purchase, the amount of Notes that will be purchased will be prorated as described in the Offer to Purchase. Only Notes validly tendered after the Early Tender Time and at or before the Expiration Time will be subject to possible proration. The Company reserves the right, but is not obligated, to increase the Maximum Tender Amount in its sole discretion. The Company will return any Notes not accepted for purchase promptly after the Expiration Time.
The Company has engaged Citigroup Global Markets Inc. and BofA Securities, Inc. to act as the dealer managers for the Tender Offer. The Information Agent for the Tender Offer is Global Bondholder Services Corporation. Copies of the Offer to Purchase and related offering materials are available by contacting the Information Agent at (866) 470-3700 (toll-free) or (212) 430-3774. Questions regarding the Tender Offer should be directed to Citigroup Global Markets, Inc. at (800) 558-3745 (toll-free) or (212) 723-6106 (collect) and BofA Securities, Inc. at (980) 388-3646 (collect) or This email address is being protected from spambots. You need JavaScript enabled to view it..
This press release is not an offer to purchase or a solicitation of an offer to sell any securities. The Tender Offer is being made solely pursuant to the terms of the Offer to Purchase. The Tender Offer is not being made to holders of Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities or other laws of such jurisdiction.
Forward-Looking Statements
This release contains forward-looking statements. The words “expect,” “believe,” “estimated,” and other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. Such forward-looking statements involve significant risks, uncertainties and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. For information regarding known material factors that could cause actual results to differ from projected results, please see our risk factors set forth in our filings with the United States Securities and Exchange Commission, which include our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any of our forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by law.
United Kingdom
The communication of this press release and any other documents or materials relating to the Tender Offer is not being made and such documents and/or materials have not been approved by an authorized person for the purposes of section 21 of the Financial Services and Markets Act 2000 (“FSMA”). Accordingly, such documents and/or materials are not being distributed to, and must not be passed on to, the general public in the United Kingdom. The communication of such documents and/or materials is exempt from the restriction on financial promotions under section 21 of the FSMA on the basis that it is only directed at and may be communicated to (1) those persons who are existing members or creditors of the Company or other persons within Article 43 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, and (2) to any other persons to whom these documents and/or materials may lawfully be communicated.
European Economic Area (EEA)
In any European Economic Area (EEA) Member State (the “Relevant State”), this press release is only addressed to and is only directed at qualified investors in that Relevant State within the meaning of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017, as amended (the “Prospectus Regulation”). Each person in a Relevant State who receives any communication in respect of the Tender Offer contemplated in this press release will be deemed to have represented, warranted and agreed to and with each Dealer Manager and the Company that it is a qualified investor within the meaning of Article 2(e) of the Prospectus Regulation.
About TechnipFMC
TechnipFMC is a leading technology provider to the traditional and new energy industries, delivering fully integrated projects, products, and services.
With our proprietary technologies and comprehensive solutions, we are transforming our clients’ project economics, helping them unlock new possibilities to develop energy resources while reducing carbon intensity and supporting their energy transition ambitions.
Organized in two business segments — Subsea and Surface Technologies — we will continue to advance the industry with our pioneering integrated ecosystems (such as iEPCI™, iFEED™ and iComplete™), technology leadership and digital innovation.
Each of our approximately 20,000 employees is driven by a commitment to our clients’ success, and a culture of strong execution, purposeful innovation, and challenging industry conventions.
TechnipFMC uses its website as a channel of distribution of material company information. To learn more about how we are driving change in the industry, go to www.TechnipFMC.com and follow us on Twitter @TechnipFMC.
Investor relations
Matt Seinsheimer
Vice President, Investor Relations
Tel: +1 281 260 3665
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James Davis
Senior Manager, Investor Relations
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Media relations
Nicola Cameron
Vice President, Corporate Communications
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Catie Tuley
Director, Public Relations
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BRISBANE, Australia--(BUSINESS WIRE)--Tritium Holdings Pty Ltd (“Tritium”), a global developer and manufacturer of direct current (“DC”) fast chargers for electric vehicles (“EVs”), today announced the addition of Edward T. Hightower, Managing Director of Motoring Ventures LLC, to the combined company’s Board of Directors following the closing of its business combination with Decarbonization Plus Acquisition Corporation II (“DCRN”) (NASDAQ: DCRN, DCRNW).
Mr. Hightower is an accomplished global automotive senior executive, entrepreneur, and author. He is currently the Managing Director and leader of Motoring Ventures LLC, an investment, growth, strategy, and operations advisory firm focused on driving value and impact in automotive and manufacturing businesses around the world. Mr. Hightower previously led General Motors’ $15 billion global crossovers business as the Executive Chief Engineer and Vehicle Line Executive. In this role, he had profit and loss responsibility, and led cross-functional teams in the United States, China, and South Korea. He has also served in engineering, marketing, strategy, and executive roles at BMW and Ford.
“We are honored to have such a pillar of the automotive business community on our Board,” commented Robert Tichio, Partner and Managing Director at Riverstone Holdings and Chairman of the Board of DCRN. “Edward’s keen insights into the global automotive industry developed from years of top-tier experience will prove invaluable to our Board and Tritium’s shareholders. His vision for sustainable transportation aligns with Tritium’s mission, and we are excited to welcome him.”
Mr. Hightower serves on the Boards of Directors of Temple Steel and HEVO Power, and is an advisor to Kiira Motors. He also serves on not-for-profit boards including the University of Michigan Ross School of Business Advisory Board, and the executive board of the Michigan Council of the Boy Scouts of America. Additionally, Mr. Hightower authored the book Motoring Africa: Sustainable Automotive Industrialization. Building Entrepreneurs, Creating Jobs, and Driving the World’s Next Economic Miracle, published in 2018. Mr. Hightower earned a Bachelor of Science degree in General Engineering from the University of Illinois at Urbana-Champaign and an MBA from the University of Michigan Ross School of Business.
“As we continue to populate our Board of Directors, we are seeking experienced leaders of the very highest caliber, and we are lucky to count Edward among that number,” said Jane Hunter, Chief Executive Officer of Tritium. “Edward’s invaluable automotive and manufacturing sector experience will prove extremely helpful as Tritium continues its growth as a public company.”
“I’m extremely excited to join the Board of such an exciting and dynamic company,” commented Mr. Hightower. “It is clear that the future of the automotive industry lies in electric vehicles, and I am pleased to further advocate for this future by working with Tritium’s management and my fellow Board members to best support the company and its shareholders.”
About Tritium
Founded in 2001, Tritium designs and manufactures proprietary hardware and software to create advanced and reliable DC fast chargers for electric vehicles. Tritium’s compact and robust chargers are designed to look great on Main Street and thrive in harsh conditions, through technology engineered to be easy to install, own, and use. Tritium is focused on continuous innovation in support of our customers around the world.
As announced on May 26, 2021, Tritium has entered into a definitive agreement for a business combination with Decarbonization Plus Acquisition Corporation II (NASDAQ: DCRN, DCRNW), a publicly traded special purpose acquisition company (SPAC), that would result in Tritium becoming a publicly listed company. Completion of the proposed transaction is subject to customary closing conditions and is expected to occur in the fourth quarter of 2021.
For more information, visit tritiumcharging.com
About Decarbonization Plus Acquisition Corporation II
Decarbonization Plus Acquisition Corporation II is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with a target whose principal effort is developing and advancing a platform that decarbonizes the most carbon-intensive sectors. These include the energy and agriculture, industrials, transportation and commercial and residential sectors. DCRN is sponsored by an affiliate of Riverstone Holdings LLC and represents a further expansion of Riverstone’s 15-year franchise in low-carbon investments, having established industry leading, scaled companies with more than US$5 billion of equity invested in renewables.
No Offer or Solicitation
This document does not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed transaction. This document also does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor will there be any sale of securities in any states or jurisdictions in which such offer, solicitation, or sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities will be made except by means of a prospectus meeting the requirements of section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.
Forward Looking Statements
Certain statements made in this document are “forward-looking statements” with respect to the proposed transaction between DCRN, Tritium and Tritium DCFC Limited, an Australian public company limited by shares (“NewCo”), and including statements regarding the benefits of the transaction, the anticipated timing of the transaction, the services offered by Tritium and the markets in which it operates, and NewCo’s projected future results. These forward-looking statements generally are identified by the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “targets”, “may,” “will,” “should,” “would,” “will be,” “will continue,” “will likely result,” “future,” “propose,” “strategy,” “opportunity” and variations of these words or similar expressions (or the negative versions of such words or expressions) that predict or indicate future events or trends or are not statements of historical matters are intended to identify forward-looking statements. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, guarantees, assurances, predictions or definitive statements of fact or probability regarding future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside NewCo’s, Tritium’s or DCRN’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include the inability to complete the business combination in a timely manner or at all (including due to the failure to receive required shareholder approvals, or the failure of other closing conditions such as the satisfaction of the minimum trust account amount following redemptions by DCRN’s public stockholders, the waiver or expiration of a Tritium shareholder’s right to acquire Tritium under the shareholder’s deed in relation to Tritium and the receipt of certain governmental and regulatory approvals), which may adversely affect the price of DCRN’s securities; the inability of the business combination to be completed by DCRN’s business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by DCRN; the occurrence of any event, change or other circumstance that could give rise to the termination of the transaction; the inability to recognize the anticipated benefits of the proposed business combination; the inability to obtain or maintain the listing of NewCo’s shares on a national exchange following the proposed business combination; costs related to the proposed business combination; the risk that the proposed business combination disrupts current plans and operations, business relationships or business generally as a result of the announcement and consummation of the proposed business combination; NewCo’s ability to manage growth; NewCo’s ability to execute its business plan and meet its projections; potential disruption in NewCo’s employee retention as a result of the transaction; potential litigation, governmental or regulatory proceedings, investigations or inquiries involving NewCo, Tritium or DCRN, including in relation to the transaction; changes in applicable laws or regulations and general economic and market conditions impacting demand for Tritium’s or NewCo’s products and services; and other risks and uncertainties indicated from time to time in the proxy statement/prospectus relating to the proposed business combination, including those under “Risk Factors” therein, and in DCRN’s other filings with the SEC. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statement, and NewCo and DCRN assume no obligation and do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Neither NewCo nor DCRN gives any assurance that either NewCo or DCRN will achieve its expectations.
Additional Information about the Business Combination and Where to Find It
In connection with the proposed business combination, DCRN and NewCo, which will be the going-forward public company, intend to file a registration statement on Form F-4 (the “Registration Statement”) with the SEC, which will include a proxy statement/prospectus, and certain other related documents, to be used at the meeting of stockholders to approve the proposed business combination. INVESTORS AND SECURITY HOLDERS OF DCRN ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS, ANY AMENDMENTS THERETO AND OTHER RELEVANT DOCUMENTS THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT TRITIUM, DCRN, NEWCO AND THE BUSINESS COMBINATION. The proxy statement/prospectus will be mailed to shareholders of DCRN as of a record date to be established for voting on the proposed business combination. Investors and security holders will also be able to obtain copies of the Registration Statement and other documents containing important information about each of the companies once such documents are filed with the SEC, without charge, at the SEC’s web site at www.sec.gov.
Participants in Solicitation
DCRN and its directors and executive officers may be deemed participants in the solicitation of proxies from DCRN’s stockholders with respect to the proposed business combination. A list of the names of those directors and executive officers and a description of their interests in DCRN is contained in DCRN’s filings with the SEC, including DCRN’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, which was filed with the SEC on March 31, 2021, and is available free of charge at the SEC’s web site at www.sec.gov. Additional information regarding the interests of such participants will be set forth in the Registration Statement for the proposed business combination when available. NewCo and Tritium and their respective directors and executive officers may also be deemed to be participants in the solicitation of proxies from the shareholders of DCRN in connection with the proposed business combination. A list of the names of such directors and executive officers and information regarding their interests in the business combination will be contained in the Registration Statement for the proposed business combination when available.
For Investors
Caldwell Bailey
ICR, Inc.
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For Media
Dan McDermott
ICR, Inc.
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ORTONA, Italy--(BUSINESS WIRE)--Regulatory News:
Ontex [Euronext: ONTEX] today broke ground for a large solar installation at the site of its factory in Ortona, Abruzzo region, Italy. The new solar installation will produce 11.6 GWh of electricity per year, equivalent to the yearly consumption of more than 3,500 households.
Ontex’s factories in Italy and eight other European countries run on 100% electricity from renewable sources. The company is installing solar power installations in Europe and the Americas to produce more energy on-site.
Annick De Poorter, Ontex’s Executive Vice President for R&D and Sustainability, said: “As demand for sustainably produced electricity is expected to increase, we prefer to have direct access to electricity that is produced on-site in a sustainable way. We can now produce more than a quarter of the electricity we need to manufacture essential hygiene goods at our factory in Italy. This is another step towards our goal to have carbon neutral operations by 2030. We will reach this goal through on-site renewable energy production, energy savings, purchasing energy from renewable sources, and carbon offsets via reforestation projects.”
The solar system was developed and financed by the company Menapy, who also installed Ontex’s solar power in Eeklo, Belgium and Segovia, Spain. Federico Dotto, country manager, Menapy Italia srl, said: “This project marks an important milestone for Menapy in the Italian market. It crystallizes our long-term experience in industrial rooftop and solar projects in Europe and it confirms that our ‘Solar as a Service’ can bring important added value to high-consuming industries in Italy. Ontex has clear and ambitious goals in sustainability and saving on energy costs, and with this project we help them achieve both, without the investment.”
Construction is expected to take around 6 months. Construction is scheduled to end during the first months of 2022, allowing for the production of personal hygiene products with solar power from the spring of 2022.
Antimo Bovenzi, Ontex Ortona plant manager said: “Having access to our own green electricity is great. It makes us less dependent on price fluctuations of the green electricity market. It will also top off the peaks of our electricity demand, providing homeowners and businesses around our factory with a more robust power grid.“
Since 2017, 100% of Ontex’s European factories run on electricity from renewable sources, or 75 % percent of Ontex’s manufacturing plants worldwide. Ontex plants purchase renewable electricity via Energy Attribute Certificates (EAC’s) and some also produce their own energy. Large rooftop solar capacity is installed at Ontex plants in Eeklo, Belgium and Segovia, Spain.
About Ontex
Ontex is a leading international provider of personal hygiene solutions, with expertise in baby care, feminine care and adult care. Ontex’s innovative products are distributed in more than 110 countries through Ontex brands such as BBTips, BioBaby, Pompom, Bigfral, CanBebe, CanPed, iD and Serenity, as well as leading retailer brands.
Employing some 10,000 people all over the world, Ontex has a presence in 21 countries, with its headquarters in Aalst, Belgium. Ontex is listed on Euronext Brussels and is part of the Bel Mid®. To keep up with the latest news, visit ontex.com or follow Ontex on LinkedIn, Facebook, Instagram and YouTube.
About Menapy
Menapy develops, finances and operates on-site corporate solar power solutions using roofs, ground and parking (PV carports). We serve high-consuming multinational companies all over Europe , with offices in Belgium, France, Spain and Italy. As impact investors, the company creates optimized flexibility and quality by staying independent from installers or component manufacturers.
www.menapy.com, LinkedIn, YouTube
ONTEX PRESS ENQUIRIES
Maarten Verbanck
+32492724267
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Ufficio stampa Ontex Serenity:
Stefania Bambini Alessandra Greco
+39 02 22198652 +39 388 8275139 +390222198652
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MENAPY PRESS ENQUIRIES
Tom Pollyn
Managing Partner
+32 477 062 247
Federico Dotto
Country Manager Menapy Italia,
+39 377 3994 457
ONTEX INVESTOR ENQUIRIES
Philip Ludwig
+32 53 333 730
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Funding to reinforce company leadership position in electrification, decarbonization innovations
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Bidgely today announced the closing of a $26M round of strategic financing to bolster its utility electrification and decarbonization innovations deployed around the world. Led by Moore Strategic Ventures (MSV), the round is joined by Accurant International, an investment venture of Bahman Hoveida, co-founder and ex-CEO of Open Systems International. The oversubscribed round also included existing investors, such as Future Energy Ventures, Georgian and Constellation Technology Ventures.
“The investment in Bidgely supports MSV’s strong track record of advancing the energy transition,” said James McIntyre, senior managing director and COO of Moore Strategic Ventures. “Bidgely and its suite of solutions are uniquely positioned to empower utility customers while increasing their focus on the climate and reducing environmental and economic waste.”
Bidgely, a pioneer of disaggregation, holds 17 patents for its technology, including EV disaggregation techniques. Bidgely partners with nearly 40 global utilities and energy retailers to glean valuable customer energy insights using data from smart meters already installed in the home. As the only SaaS company in the energy market that purely uses smart meter (AMI) data to provide visibility into which homes have EVs and when they are charging, Bidgely is actively aiding the adoption of EVs with time-of-use (TOU) rates and load shifting strategies. This requires no dependency on Department of Motor Vehicles (DMV) or opt-in methods of data collection for EV ownership.
“The integration of distributed energy resources, or DERs, will continue to be critical in the next decade for effective distribution grid management as decarbonization efforts intensify worldwide,” said Hoveida. “In absence of direct DER metering, Bidgely’s energy disaggregation technology can accurately identify DERs, such as EVs, rooftop solar and batteries, behind the utility meter to provide critical data with the highest accuracy to Advanced Distribution Management Systems. Accurate renewables and load data, including accurate forecasts, are essential for effective and predictable operation of the distribution grid.”
Bidgely CEO Abhay Gupta commented, “Adding new strategic and experienced investors to our roster renews our mission to be the clean energy accelerator for utilities. Our recent recognitions are underscored by this new capital, such as being an Inc. 5000 award recipient; our industry leadership in the HEM market and Smart Meter Analytics space, as recognized by Guidehouse Insights; and our CX space leadership, recognized by IDC. This collectively illustrates our strong position to bring forward electrification and decarbonization progress at scale.”
Bidgely will be using the new funding to continue innovating around decarbonization and beneficial electrification solutions for both utilities and their customers. This includes next-generation digital customer engagement and home energy reports (HERs) as well as grid load management and load research advancements. The company will also continue integration strategies with partners like Salesforce, Itron and more.
Bidgely raised its last $27M Series C round in 2018. The company has now raised a total of $77 million in funding.
About Bidgely
Bidgely is an AI-powered SaaS Company accelerating a clean energy future by enabling energy companies and consumers to make data-driven energy-related decisions. Powered by our unique patented technology, Bidgely's UtilityAI™ Platform transforms multiple dimensions of customer data - such as energy consumption, demographic, and interactions - into deeply accurate and actionable consumer energy insights. We leverage these insights to empower each customer with personalized recommendations, tailored to their individual personality and lifestyle, usage attributes, behavioral patterns, purchase propensity, and beyond. From a Distributed Energy Resources (DER) and Grid Edge perspective, whether it is smart thermostats to EV chargers, solar PVs to TOU rate designs and tariffs; UtilityAI™ energy analytics provides deep visibility into generation, consumption for better peak load shaping and grid planning, and delivers targeted recommendations for new value-added products and services. With roots in Silicon Valley, Bidgely has over 17 energy patents, $75M+ in funding, retains 30+ data scientists, and brings a passion for AI to utilities serving residential and commercial customers around the world. For more information, please visit www.bidgely.com or the Bidgely blog at bidgely.com/blog.
Christine Bennett
Bidgely
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