The upcoming Glasgow climate conference in November culminates energy transition’s rise as a defining global issue and sets the stage for what comes next—the challenges of turning climate ambitions into climate action for the United States and world leaders alike
WASHINGTON--(BUSINESS WIRE)--The global focus on energy transition—coupled with the international embrace “net zero carbon” goals—is shaping the “New Map” of energy and geopolitics, especially in light of a global pandemic and rising U.S.-China tensions, says Daniel Yergin, IHS Markit Vice Chairman and author of The New Map: Energy, Climate and the Clash of Nations, now available in paperback from Penguin Press with a new epilogue that embodies Biden administration policies and an appendix on the South China Sea.
When world leaders, including U.S. President Joe Biden, convene at the UN Climate Change Conference of the Parties (COP 26) in Glasgow this November they will usher in the “next phase” on that map, one defined by the task of turning climate ambitions into practical action.
“Geophysical maps change very slowly. But political, technical and economic maps can change quickly, revealing new topographies that present multiple challenges and need to be traversed with care and thought,” Yergin writes in the new epilogue. “We are on such terrain today.”
In The New Map, Yergin, author of The Quest and The Prize (for which he received the Pulitzer Prize) surveys an energy world being reshaped by myriad forces—from the remarkable change in the energy position of the United States, to geopolitical tension with China and Russia, to the reappearance of the electric car and the growing global role of renewables—amid the added disruption of the COVID-19 pandemic.
The book chronicles the rise of energy transition as a potent global issue and, in the new epilogue, one of President Biden’s most ambitious goals—reducing U.S. emissions by 50 percent by 2030, decarbonizing electricity by 2035 and achieving net zero carbon for the entire United States by 2050—representing an enormous change of direction for the United States.
Yergin points to the inherent tensions in the Biden administration. It is seeking to make “climate” a major criterion in every policy—from infrastructure to financial regulation—and pressuring the oil and gas industry in a way that could lead to increased oil imports. Yet Biden himself, in contrast to his major Democratic rivals, pledged not to “ban fracking” and, when he was a U.S. Senator, warned against dependence on foreign oil.
By the spring of 2021, more than 70% of the world’s total CO2 emissions—and 80% of world GDP—were under the net zero umbrella, Yergin writes.
“The very fact that so many nations have voluntarily embraced something so fundamental and so challenging as carbon neutrality is remarkable. What makes it even more remarkable is that much of this was done during COVID-19 time, when lockdowns became ubiquitous and economic activity, suppressed,” writes Yergin.
“Alignment with Paris”—the 2015 Paris climate agreement—has become a clarion call outside of government as well, Yergin observes. Financial firms, representing many tens of trillions of dollars of assets, have added “climate risk” to the criteria by which they make investment and lending decisions. More than 30 central banks have elevated “climate” into their mandates. “Climate disclosure”—aiming to demonstrate how company strategies align with the Paris goal—has become a requirement of company reporting.
Now the world is moving from the “after Paris” era to a new and challenging “post-Glasgow” phase, posing tough questions that will be on the global agenda for years, Yergin says.
“By now the ‘What’ has become clear in terms of energy transition—net zero carbon,” he writes. “But what remains uncertain is the ‘How.’ How to get all the way to carbon neutrality in a global economy that currently relies on fossil fuels for 80 percent of its energy.”
In many ways the acceleration of energy transition overshadowed several remarkable events across the energy spectrum during a tumultuous year, Yergin writes. Among them:
The situation is rendered more complex by a new era of great power competition and strategic rivalry—particularly between China and the United States, Yergin writes. The Biden administration has proved to be even more forward-leaning on this than Trump’s—seeking to mobilize the European Union and the Quad (the security dialogue among the United States, India, Japan and Australia) in Asia in the increasingly-tense stand-off.
“Here is where the geopolitical and energy maps overlap,” he writes. “The great power rivalry will create challenges for the world economy, including intensified competition for resources and additional pressures on what will become the increasingly stressed supply chains for net zero carbon.”
A new global “North/South” divide is also emerging, creating new tensions between developed and developing countries, he writes. “Energy transition certainly means something very different to a developing country such as India, where hundreds of millions of impoverished people do not have access to commercial energy, than to Germany or the Netherlands,” he adds.
All this adds up to a new era in the relationship between energy and nations—one marked by the emergence of climate change as one of the defining features of the New Map.
“The drive for net zero carbon in a matter of just a few decades will mean remaking the global economy—and doing so in a remarkably short time. It will require huge investment, bring dislocations, add to financial burdens on governments and impose heavy costs on some parts of the economy,” Yergin writes. “At the same time, it will create major new economic opportunities, open new frontiers for technology and innovation and stimulate entrepreneurship and creativity. While it will present new avenues for cooperation, it will also create risks for conflict.”
Follow Daniel Yergin on Twitter: @DanielYergin; LinkedIn: www.linkedin.com/in/daniel-yergin
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Praise for The New Map:
“Mandatory reading for President-elect Joe Biden’s incoming team.” — Admiral James Stavridis
“A master class on how the world works.” — NPR
“Supremely readable—no mean feat among geostrategy tomes.” — Wall Street Journal
“At a time when solid facts and reasoned arguments are in retreat, Daniel Yergin rides to the rescue. (★★★★ out of four) Yergin provides an engaging survey course on the lifeblood of modern civilization — where the world has been and where it is likely headed.”— USA Today
“A tour de force of geopolitical understanding.” – Washington Post
As Daniel Yergin writes in The New Map, which I highly recommend to you, climate change will have enormous impact on how energy….and in strategies and investment, in technology and infrastructure, and in relations between countries.” – Hon. Scott Morrison, Prime Minister of Australia
“Brisk and authoritative, an impressive combination.” — The Economist
“Admirable, well-researched, highly readable examination of all the changes that have turned the rock-solid certainties of the past into today’s dangerous combustibility.” — Foreign Policy
About IHS Markit (www.ihsmarkit.com)
IHS Markit (NYSE: INFO) is a world leader in critical information, analytics and solutions for the major industries and markets that drive economies worldwide. The company delivers next-generation information, analytics and solutions to customers in business, finance and government, improving their operational efficiency and providing deep insights that lead to well-informed, confident decisions. IHS Markit has more than 50,000 business and government customers, including 80 percent of the Fortune Global 500 and the world’s leading financial institutions. Headquartered in London, IHS Markit is committed to sustainable, profitable growth.
IHS Markit is a registered trademark of IHS Markit Ltd. and/or its affiliates. All other company and product names may be trademarks of their respective owners © 2021 IHS Markit Ltd. All rights reserved.
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HOUSTON & REDWOOD CITY, Calif.--(BUSINESS WIRE)--Baker Hughes (NYSE: BKR) and C3 AI (NYSE:AI) today announced the successful deployment of the BHC3 Production Optimization enterprise AI application at MEG Energy, an Alberta, Canada-based energy company, to improve operational efficiency, productivity, and to better visualize risk across the company’s upstream production operations.
MEG Energy leverages innovative technology to reduce energy and water use, along with greenhouse gas intensity, while improving the efficiency and sustainability of thermal oil production. The adoption of BHC3's enterprise AI solutions will accelerate MEG Energy’s use of digital solutions to further improve the efficiency of steam-assisted gravity drainage (SAGD) production.
MEG Energy has worked with energy technology, data science, and AI experts at Baker Hughes and C3 AI to train, develop, and apply machine learning models and analytics using historical and real-time data. The enterprise AI-based BHC3 Production Optimization application monitors moment-to-moment operations, allows seamless integration between engineers and field staff, and creates actionable predictive insights to enhance the daily operational workflow for production engineers and operators, with customized analytics-based alerts and virtual meters providing measurements for emulsion, gas, and vapor across more than 300 thermal production wells.
“BHC3’s advanced enterprise AI-based solutions will further enable the differentiated, proprietary technology we utilize to ensure safe, sustainable production of energy,” said Chief Technology Officer Chi-Tak Yee, MEG Energy. “Enterprise AI has successfully demonstrated it can improve visibility, workflow management, and overall productivity of operations.”
“Enterprise AI software creates new pathways to efficiency and productivity for today’s upstream industry,” said Uwem Ukpong, executive vice president of regions, alliances and enterprise sales at Baker Hughes. “This is an exciting deployment, as BakerHughesC3.ai solutions are now serving MEG Energy’s technology and operational excellence objectives with scaled, domain-specific enterprise AI.”
“Extracting significant economic value from complex production data requires enterprise AI,” said C3 AI Chief Technology Officer Ed Abbo. “The BHC3 Production Optimization application, powered by the underlying capabilities of the BHC3 AI Suite, is tried, tested and proven to deliver predictive intelligence at scale to increase productivity, reduce risk, and help meet the environmental targets that are critical to ensuring future energy and climate security.”
About Baker Hughes:
Baker Hughes (NYSE: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and with operations in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.
About C3.ai, Inc.
C3.ai, Inc. (NYSE:AI) is the Enterprise AI application software company that accelerates digital transformation for organizations globally. C3 AI delivers a family of fully integrated products: C3 AI® Suite, an end-to-end platform for developing, deploying, and operating large-scale AI applications; C3 AI Applications, a portfolio of industry-specific SaaS AI applications; C3 AI CRM, a suite of industry-specific CRM applications designed for AI and machine learning; and C3 AI Ex Machina, a no-code AI solution to apply data science to everyday business problems. The core of the C3 AI offering is an open, model-driven AI architecture that dramatically simplifies data science and application development. Learn more at: www.c3.ai.
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Aiming to deliver sustainable solutions for end-of-life plastic, advancing the circular economy
LONDON & SAN FRANCISCO--(BUSINESS WIRE)--bp, an international oil company transitioning into an integrated energy company, and Brightmark, a global waste solutions company with a mission to reimagine waste, have signed a Memorandum of Understanding (MOU) to jointly evaluate opportunities for development of the next generation of plastic waste renewal plants in Germany, the Netherlands, and Belgium.
The MOU brings together bp’s extensive knowledge and trading experience in refining, and petrochemical markets, with Brightmark’s proprietary advanced recycling technology. The companies will evaluate opportunities for projects that convert end-of-life waste plastics otherwise destined for incineration, landfill, or export, into valuable petrochemical feedstocks for plastics and other industrial applications.
Brightmark’s proprietary plastics renewal process recycles plastic waste that has reached the end of its useful life. This includes items not currently recyclable using conventional mechanical processes (types 3-7), such as plastic film, flexible packaging, styrofoam, plastic beverage cups, car seats and children’s toys. Each prospective plastics renewal plant could divert up to 400,000 tonnes a year (kt/yr) of waste plastic from disposal to create sustainable products and potentially create 100+ full-time jobs supporting the circular economy.
“Bringing our plastics renewal solution to Europe is a key next step in delivering on our mission to Reimagine Waste and create a circular economy globally,” said Bob Powell, Founder and Chief Executive Officer of Brightmark. “bp has been a terrific partner with Brightmark and we’re looking forward to expanding on our combined initiatives to scale our environmentally and economically sustainable circular solutions in Europe.”
Carol Howle, executive vice president trading and shipping, bp said, “Promoting circularity and unlocking new sources of value are part of our sustainability frame. We are excited to extend our work with the team at Brightmark as we seek to develop new sustainable products and supply chains. Their innovative technology complements our refining and trading businesses while providing opportunities for a more sustainable future, enabling materials to be kept in use for longer.”
Brightmark and bp are closely aligned in their approach to the circular economy. bp aims to unlock new sources of value through circularity as set out in its Sustainability Report 2020. Through its plastics renewal projects, Brightmark’s goal over the next five years is to divert 8.4 million tonnes of plastic from landfills and the natural environment and use plastic to produce the feedstock necessary to remake plastics, creating a truly circular solution.
As a first step, Brightmark and bp intend to work together to develop plans that could lead to the construction of an initial European plant.
This new MOU is a further development of the relationship between Brightmark and bp. bp is the offtaker for Brightmark’s landmark 100kt/yr plastics renewal plant in Ashley, Indiana USA, which is currently undergoing final commissioning. In addition, Brightmark recently announced plans for the world’s largest plastics conversion plant in Macon, Georgia USA with a 400kt/yr capacity.
ABOUT BRIGHTMARK
Brightmark is a global waste solutions company with a mission to reimagine waste. The company takes a holistic, closed loop, circular economy approach to tackling the planet’s most pressing environmental challenges with imagination and optimism for the future. Through the deployment of disruptive, breakthrough waste-to-energy solutions focused on circular plastics renewal and renewable natural gas (organic waste-to-fuel), Brightmark enables programs specifically tailored to environmental needs in order to build scalable project solutions that have a positive impact on the world and communities in which its stakeholders live and work. The Macon project will utilize patented Brightmark majority-owned RES Polyflow technology. For more information, visit www.brightmark.com.
ABOUT bp
bp’s purpose is to reimagine energy for people and our planet. It has set out an ambition to be a net zero company by 2050, or sooner and help the world get to net zero, and a strategy to achieve this. Among its aims is unlocking new sources of value through circularity. bp wants to keep materials in use for longer and value them throughout their life cycle, by using resources responsibly and embracing circular principles in design, operations, and decommissioning. It aims to work with partners and its joint ventures to create opportunities.
For more information visit bp.com.
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The SHARROW PROPELLER™ design, which increases efficiency 9-15 percent, now has 36 patents
DETROIT--(BUSINESS WIRE)--With a new patent granted in New Zealand, Sharrow Engineering now has a total of 36 patents to protect embodiments of the unique SHARROW PROPELLER™.
“This is a landmark moment for Sharrow Engineering that we have been working toward for over 10 years,” said Greg Sharrow, founder, and CEO of Sharrow Engineering. “I’m proud of the work that our dedicated legal and engineering teams have achieved.”
Patents have been granted in the following jurisdictions:
The SHARROW PROPELLER™ has garnered widespread attention for its innovative, new design that offers some of the largest improvements in fuel efficiency and performance that the boating industry has ever seen. Sharrow Engineering won the coveted Innovation Awards at the 2020 Miami International Boat Show.
Consumer excitement over the new SHARROW PROPELLER™ is rooted in the fact that the design offers a host of performance improvements including higher speed per rpm, better handling, reduced vibrations, and a stronger propeller in general, and that it is 9-15% more efficient than the industry-leading propeller designs.
To learn more about Sharrow Engineering and its innovative products, you can go to www.sharrowengineering.com
About Sharrow | www.sharrowmarine.com
Sharrow Engineering LLC - a nautical and aeronautical engineering company dedicated to the research and development of revolutionary high-performance propulsion technologies for the maritime and aeronautical industries. Sharrow Engineering is the parent company for Sharrow Marine LLC and Sharrow Commercial Marine LLC. Company offices are headquartered in Detroit, with additional offices in Philadelphia, PA. Sharrow Engineering LLC has assembled a team of the world’s top aeronautical, nautical, aerospace, and mechanical engineers to assist with the company’s core mission to reinvent the methodologies and technologies used for propulsion in the 21st century.
Maren Sharrow, Director of Marketing and PR, (O) +1 (313) 251-4220
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LEVERKUSEN, Germany & EMERYVILLE, Calif.--(BUSINESS WIRE)--Leaps by Bayer, the impact investment arm of Bayer AG, today announced that it has co-led a USD 15 million Series A investment round in agriculture and biotechnology innovator, Andes, with Cavallo Ventures. Other new investors Builders VC, Germin8, Accelr8 and Wilson Sonsini participated, alongside existing investors KdT Ventures and Endurance.
Through its novel seed treatment technology, called ‘Microprime’, Andes is reducing the need for synthetic fertilizers. The California-based company has developed a process for seamlessly integrating seeds with a unique library of microbes that colonize the seed’s root structure. This kick-starts a process known as biological nitrogen fixation, enabling the crop to draw down nitrogen from the air instead of relying on synthetic nitrogen fertilizers.
By developing self-sustaining Microprime seeds, Andes reduces the need for synthetic fertilizers, which require huge amounts of energy to produce and account for 3%, or 1.5 gigatons, of global greenhouse emissions. In enabling microbes to ride along with the seeds as they get planted, Andes’ Microprime technology provides a highly scalable solution that saves growers time and money.
The first generation of Microprime treated corn seeds will provide the equivalent of 30 to 50 lbs/acre of nitrogen through biological nitrogen fixation. The company is creating second generation microbes that target doubling the amount of nitrogen provided by the Microprime seeds.
Andes is also developing microbial strains for nature-based permanent carbon capture solutions to sequester and store CO2 from the atmosphere into the soil. This initially focuses on capturing carbon via microbial-powered corn crops. If deployed successfully at scale, it could capture gigaton-levels of carbon from corn and other crops. With the world’s total annual greenhouse gas emissions estimated to be 50 gigatons, nature-based carbon capture could make a sizeable contribution to global decarbonisation.
Agriculture currently consumes 50% of habitable land and 70% of the earth’s fresh water. Andes and Leaps by Bayer are committed to better using these resources through more efficient and sustainable agricultural practices.
Dr. Jürgen Eckhardt, Head of Leaps by Bayer said: “We invest in paradigm-shifting advances that can radically reduce the environmental impact of agriculture. Andes is an exceptional example of that: using novel seed technology to reduce the use of synthetic fertilizers and developing the next generation of agricultural carbon capture solutions. It’s exciting that our funding will help the Andes team scale its current offering and explore the possibilities of truly world-changing technologies like carbon capture.”
“We are well past the need for sustainable products and practices. We can only avoid an irreparable climate disaster through solutions that are highly scalable and reliable,” Gonzalo Fuenzalida, Andes CEO, explained. “At Andes we are seamlessly integrating the power of microbes within seeds to dramatically cut the need for synthetic fertilizers. This investment will allow us to expand on this success, as well as expand our technology to utilize the millions of acres of agricultural land to capture and store carbon emissions.”
Andes will use part of the funds to scale its self-sustaining, nitrogen-fixing seeds across the U.S. market and expand into South America. The balance of funding will be invested to advance further research and development into Andes’ complementary nature-based permanent carbon capture technology.
About Bayer and Leaps by Bayer
Bayer is a global enterprise with core competencies in the life science fields of health care and nutrition. Its products and services are designed to help people and planet thrive by supporting efforts to master the major challenges presented by a growing and aging global population. Bayer is committed to drive sustainable development and generate a positive impact with its businesses. At the same time, the Group aims to increase its earning power and create value through innovation and growth. The Bayer brand stands for trust, reliability and quality throughout the world. In fiscal 2020, the Group employed around 100,000 people and had sales of 41.4 billion euros. R&D expenses before special items amounted to 4.9 billion euros. For more information, go to www.bayer.com.
Leaps by Bayer, a unit of Bayer AG, leads impact investments into solutions to some of today’s biggest challenges in health and agriculture. The investment portfolio includes more than 40 companies. They are all working on potentially breakthrough technologies to overcome some specific challenges such as, e.g. Provide sustainable organ & tissue replacement, reducing the environmental impact of agriculture, preventing or curing cancer, and others. For more information, go to leaps.bayer.com.
About Andes
Andes is a biotechnology company founded in Emeryville, CA, in 2018. Andes develops biological solutions that enable positive action for fighting climate change. Andes empowers microbes by engineering them and has developed a process for seamlessly integrating microbes into the agriculture process.
Andes first generation of solutions focus on the agricultural industry. Through its novel microbial seed treatment technology called Microprime, Andes is reducing the need for synthetic fertilizers by enabling the seed to draw down nitrogen from the air. Andes is also developing microbes that thrive in plant roots and can create nature-based permanent carbon capture solutions to sequester and store CO2 from the atmosphere into the soil. Both solutions have the potential to reduce annual CO2 emissions by the gigaton. For more information go to www.andes.bio.
Find more information at www.bayer.com.
Forward-Looking Statements
This release may contain forward-looking statements based on current assumptions and forecasts made by Bayer management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Bayer’s public reports which are available on the Bayer website at www.bayer.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.
Bayer contact for media inquiries:
Alexander Hennig, +49 175 3089736
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Andes contact for media inquiries:
Andes Ag, Inc., +1 628 333 0340
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BOSTON--(BUSINESS WIRE)--4AIR, the first and only rating system focused on comprehensive sustainability in private aviation, today announced that it has launched an interactive map (https://www.4air.aero/saf-map) to show private jet owners and operators where to find Sustainable Aviation Fuel (SAF). Although SAF reduces emissions contributing to climate change, it can be hard to find because of limited distribution and fragmented marketing. 4AIR solves this problem with this map – the first aggregator of where a user of private aircraft can find SAF, regardless of the airport, fixed-base operator (FBO) or fuel provider.
“Sustainable Aviation Fuel is an efficient and effective way to reduce the impact private jets have on climate change,” said Kennedy Ricci, 4AIR’s president. “This is the single best way for aviators to find this climate-beneficial fuel. And, by making it easier to find SAF, we hope to promote its use and expand its availability.”
The map features nearly 20 verified SAF fuel locations with supply points geared towards business aviation. 4AIR excludes locations if they have uplifted SAF only once, maintain supply only for a particular customer or do not have gallons available for purchase to the business aviation community. Each active listing includes a street address, link to the FBO’s website and a contact telephone number for ease in reaching the fuel provider. The map will be updated continuously as new locations are verified or new announcements are made.
Sustainable Aviation Fuel is a “drop-in” fuel, meaning it has a similar chemical composition to fossil fuels, and therefore the same tailpipe emissions, but it can be pumped, stored and used within the existing fuel infrastructure. The hydrocarbons come from more sustainable sources such as used or waste cooking oils, tallow (waste animal fats), waste biomass and municipal solid waste (MSW). This results in a net reduction of emissions when compared to fossil jet fuel on a total life cycle basis. In addition, some emissions of sulfur oxides (SOx), particulate matter (PM) and nitrous oxides (NOx) may be reduced depending on the feedstock for SAF.
As direct uplift locations for SAF proliferate, 4AIR also can facilitate its benefits to private jet users under its program by assisting with SAF uplift documentation tracing to feedstock sustainability, offering accurate CORSIA-based emissions reduction calculations and compile other data necessary for a SAF claim.
“The future of sustainability within private aviation depends on the increasing demand and availability of SAF,” said Scott Cutshall, SVP of Development and Sustainability at Clay Lacy. “We’re excited for 4AIR’s interactive map to make it easier for operators to locate SAF as it rolls out at more and more of their destination FBOs, including Clay Lacy locations.”
The interactive SAF map is the latest example of how 4AIR is simplifying the ability of users of private aviation to make its use more environmentally friendly.
About 4AIR
4AIR is an industry pioneer offering sustainability solutions beyond just simple carbon neutrality. Its industry-first framework seeks to address climate impacts of all types and provides a simplified and verifiable path for private aviation industry participants to achieve meaningful aircraft emissions counteraction and reduction.
The 4AIR framework offers four levels, each with specific, science-based goals, independently verified results and progressively greater impacts on sustainability that make it easy for private aviation users to pursue sustainability through access to carbon markets, use of Sustainable Aviation Fuel, support for new technologies and other strategies.
All carbon credits through 4AIR are quantified and verified through the most respected and international leading bodies that issue and register credits, including the American Carbon Registry, Climate Action Reserve, Verified Carbon Standard (VERRA) and The Gold Standard. Additionally, end-of-year commitment audits are independently verified by third parties. 4AIR also serves the demand signal working groups with the World Economic Forum’s Clean Skies for Tomorrow Coalition.
For more information, visit us at www.4air.aero.
Media Contact:
Sarah Churbuck
The Hubbell Group, Inc.
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Australian Dream will utilize Pattern’s ecommerce acceleration platform to sell globally.
SALT LAKE CITY & CAMPTON, Ky.--(BUSINESS WIRE)--#20yearanniversary--Today, Pattern announced a strategic partnership with Nature’s Health Connection, Inc.—owner of the Australian Dream brand of topical pain relief products—to accelerate the long-term growth of the Australian Dream brand worldwide.
Pattern will assist Nature’s Health Connection in enhancing the Australian Dream brand innovation, including the creation of dedicated, inclusive upskilling and brand enforcement programs for the Australian Dream brand. As part of the partnership, Nature’s Health Connection will also use Pattern’s unique ecommerce acceleration platform to modernize components of its ecommerce infrastructure, fostering the agility, security, cost efficiency, and performance required to support its future business goals.
“Pairing excellent products with Pattern's leading ecommerce acceleration platform is a winning combination," said Pattern Chief Revenue Officer John LeBaron. “We’re excited to work with Nature’s Health Connection to accelerate the growth of the Australian Dream family of products around the world."
“The decision for us to join Pattern was simple,” said Australian Dream Co-Founder, CEO, and President Phillip Maddox. “Pattern shares the same dedication to quality customer service as we do. Partnering with Pattern’s innovative and best-in-class service was key in our decision-making process.”
“The partnership between Pattern and Nature’s Health Connection is the perfect way to commemorate Australian Dream’s twenty-five-year anniversary,” said Australian Dream Co-Founder, EVP, and Vice President of Sales Mike Maddox. “We feel so blessed to be able to work with the Pattern team as they help us expand across the world. We are excited that our uniquely American company will be able to sell its Australian Dream brand in Australia, New Zealand, Canada, The United Kingdom, China, Japan, and elsewhere.”
About Nature’s Health Connection
Nature’s Health Connection offers its Australian Dream pain relief products in CVS, Walmart, Walgreens, Rite Aid, Kroger, Amazon, and many other retailers.
About Pattern
Pattern is the premier partner for global ecommerce acceleration — helping brands command their maximum share of the exploding $6 trillion global ecommerce market. Pattern’s ecommerce acceleration platform leverages proprietary technology and industry experts to help brands attain profitable ecommerce growth on their websites and on hundreds of global marketplaces — including Amazon, Walmart, eBay, Google, Tmall, JD, and MercadoLibre. To learn more, visit pattern.com or email This email address is being protected from spambots. You need JavaScript enabled to view it..
Nature’s Health Connection and Australian Dream:
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Pattern:
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FREMONT, Calif.--(BUSINESS WIRE)--#AdvancedSolarEnergy--Solaria Corporation, a global provider of advanced solar energy products, today announced an addition to its industry-leading solar product line. Solaria’s new PowerXT® 430R-PL (430-Watt) solar panel features high-power density and an optimized form factor – along with unparalleled aesthetics and a 25-year comprehensive warranty. Solaria PowerXT 430R-PL solar panels will be available in March 2022 through leading solar and electrical distributors in North America.
“Our customers asked for new solar panel options, greater power output and higher efficiency – and we listened,” said Solaria CEO Tony Alvarez. “The new PowerXT® 430R-PL solar panel delivers high power with our patented Pure Black™ design and lowest weight per square foot. Additionally, the PowerXT® 430R-PL is optimized for next-generation module level power electronics (MLPE), including Enphase IQ7A and SolarEdge P505. We know our installer partners will appreciate a solar panel that’s easier to handle, transport and deploy. Solaria’s goal has always been to develop a no-compromise panel that offers excellent aesthetics, performance, and reliability. I’m proud of our team for leveraging their decades of experience to develop the finest solar panels available on the market today.”
“Solaria earns our highest recommendation, hands down,” said Jim Gitas, vice president, Your Energy Solutions, a leading solar installer in Northern California. “Solaria has superior panel aesthetics and fundamentally better solar cell architecture. Solaria is one of the very few private U.S.-based solar companies. Discerning homeowners want the best, and our team and our customers alike select Solaria panels above all others. Solaria delivers with solid performance and reliability.”
Designed and engineered in the U.S., Solaria is leading the way in premium solar panels with breakthrough technology and products. Leveraging Solaria’s patented cell design, superior panel architecture, and innovative assembly techniques, Solaria PowerXT panels significantly boost power generation and provide outstanding performance and aesthetics. High power density allows solar installers to maximize power and energy yield on customer roofs, while providing a beautiful architectural finish.
About Solaria
Solaria Corporation is a US-based solar PV technology and systems company, with a 20-year history in solar power innovation and product development. Solaria is paving the way for distributed, clean power generation by delivering state-of-the-art engineering and automation to provide superior field performance and unrivaled aesthetics. Solaria is headquartered in California, USA. For more information, please visit www.solaria.com.
Susan DeVico
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+1 415 235-8758
Revenue growth hits 60% outside the Canadian market
CALGARY, Canada--(BUSINESS WIRE)--$BLN #connectedsafety--Blackline Safety Corp. (TSX: BLN), a global leader in connected safety technology with a hardware-enabled software-as-a-service (HeSaaS) business model, announced its eighteenth consecutive quarter of year-over-year quarterly revenue growth, achieving $12.7M total revenue in the fiscal quarter ending July 31, 2021. Product revenue grew 91% from the prior year’s quarter with recurring service revenue up 11% to $7.4M from $6.7M, driven by a 19% increase in software services revenue.
“We are proud to deliver record quarterly revenue growth of $12.7M, while also reaching the $5M product revenue threshold for the first time since the pandemic started,” said Cody Slater, CEO and Chairman at Blackline Safety. “Although this represents strong growth, the quarter was still impacted by delays in major procurement decisions as customers reacted to the uncertainty of the COVID-19 Delta variant.”
“Since the onset of the pandemic five quarters ago, we have seen our overall quarterly revenue grow by 50% globally and 74% excluding the commodity-impacted Canadian market. This demonstrates how Blackline is playing an integral part in keeping workers safe, while contributing to digital transformation efforts. Despite the continued presence of COVID throughout the world, we’ve started to see a return to more normal business operations across our customer base as evidenced by four major contract wins announced at the start of Q4.”
Recent G7 and G7 EXO product sales and strong retention and renewal activity has resulted in service-level increases, which contributed growth of $0.9M in the quarter. This increase was offset by customers who renewed fewer active devices due to workforce reductions of $0.4M and only $0.02M from customers who declined to renew this quarter. Overall, total service revenue was up 11% for the quarter over the prior year quarter with software services revenue up 19%.
Service margin improved to 70%, and although gross margin for the quarter was negatively impacted by global supply chain shortages, causing increased costs of inputs for the Company’s manufactured devices, the Company maintained product gross margin of 13%. Blackline closed the third quarter with a solid working capital position including cash and short-term investments of $33.1M.
The Company continued to build on its strategic acquisition of Wearable Technologies Ltd. (“WTL”), investing $1.9M in the company focused on the product development road map and development of the sales team to accelerate our entry into the construction and light industrial markets.
Despite the challenging operating environment during the global pandemic, Blackline has managed to maintain strong growth and momentum in product adoption and revenue. The continued investments in innovation and sales expansion have positioned Blackline well to fuel our strong growth trajectory as the world navigates through the pandemic.
Third quarter highlights
Post-quarter highlights
Financial highlights
The subsequent values in this release are in thousands, except for percentages and per share data.
|
Quarter Ended July 31 |
Nine-Months Ended July 31 |
||||||||||||||
|
2021 |
2020 |
Change |
2021 |
2020 |
Change |
|
|||||||||
|
$ |
$ |
% |
$ |
$ |
% |
|
|||||||||
Revenue |
12,693 |
9,437 |
35 |
35,046 |
26,827 |
31 |
||||||||||
Gross Margin |
5,859 |
4,961 |
18 |
17,376 |
13,678 |
27 |
||||||||||
Gross Margin Percentage |
46% |
53% |
(7) |
50% |
51% |
(1) |
||||||||||
Net Loss |
(10,257) |
(1,762) |
(482) |
(23,699) |
(6,217) |
(281) |
||||||||||
Net Loss per Share |
(0.19) |
(0.04) |
(414) |
(0.44) |
(0.13) |
(236) |
||||||||||
Adjusted EBITDA |
(4,569) |
1,448 |
(416) |
(6,443) |
3,356 |
(292) |
||||||||||
Adjusted EBITDA per Share |
(0.08) |
0.03 |
(367) |
(0.13) |
0.07 |
(286) |
||||||||||
Key Financial Information
Overall, third quarter revenue was $12,693, an increase of 35% from $9,437 in the comparable quarter of the prior fiscal year.
Service revenue during the third quarter was $7,411, an increase of 11% compared to $6,665 in the same quarter last year. Retention rates of our existing customers across geographic regions and industry sectors remained robust. However, the velocity of growth in service revenue during the third quarter was negatively impacted by COVID-19 and the Delta variant. This has caused delays in deployments by new customers as well as current customers renewing fewer active devices after experiencing workforce reductions.
Blackline’s product revenue was $5,282, an increase of 91% compared to $2,772 in the prior year, as we saw the beginning of a return to more normal procurement processes, particularly in the United States and Europe. Notably, product revenue for the quarter was Blackline’s second highest ever and marking the second consecutive quarter of greater than 115% in European product sales growth. The increase also reflects the Company’s investment in its expanded sales network across North America, Europe and other geographies over the last twelve months. Blackline continued strong sales of its new G7 EXO area gas monitor which contributed $1,766 to sales during the quarter.
Service margin of 70% was a 1% increase quarter-over-quarter due to higher overall service volumes as well as lower carrier costs for the connectivity of the Company’s devices. Product margin was flat at 13% due to increased margin from G7 EXO sales being offset by increased material, supply and freight costs resulting from global supply chain challenges. Overall gross margin percentage for the third quarter was 46%, a 7% decrease to that achieved in the comparable quarter of the prior year driven by a heavier product versus service mix.
Adjusted EBITDA was ($4,569) for the second quarter compared to $1,448 in the comparable quarter of the prior year. The decrease in the Adjusted EBITDA for the quarter was attributable to $998 related to operating costs for the Company's new subsidiary WTL, an increase in general and administrative expenses and selling and marketing expenses, primarily as a result of higher salaries expense from additional new hires and reduced funding of $1,177 from the Canadian Emergency Wage Subsidy. Adjusted EBITDA was also impacted as the Company incurred increased recruiting expenses of $380 in the quarter to support its growth strategy in sales and marketing.
Blackline’s unaudited consolidated interim financial statements and management’s discussion and analysis on financial condition and results of operations for the period ended July 31, 2021 (including the reconciliation of non-GAAP measures) are available at www.sedar.com. All results are reported in Canadian dollars.
About Blackline Safety: Blackline Safety is a global connected safety leader that helps to ensure every worker gets their job done and returns home safely each day. Blackline provides wearable safety technology, personal and area gas monitoring, cloud-connected software and data analytics to meet demanding safety challenges and increase productivity of organizations with coverage in more than 100 countries. Blackline Safety wearables provide a lifeline to tens of thousands of men and women, having reported over 158 billion data-points and initiated over five million emergency responses. Armed with cellular and satellite connectivity, we ensure that help is never too far away. For more information, visit BlacklineSafety.com and connect with us on Facebook, Twitter, LinkedIn and Instagram.
Note Regarding Forward-Looking Statements
This press release contains forward-looking statements and forward-looking information (collectively "forward-looking information") within the meaning of applicable securities laws relating to, among other things, Blackline Safety's expectation to realize potential from its intended investment in organic growth opportunities in 2021, Blackline's intention to expand its product offerings to total workplace connectivity and management's expectation that Blackline will continue to focus on its comprehensive approach to connected devices, live monitoring, consulting and integration services. Blackline provided such forward-looking statements in reliance on certain expectations and assumptions that it believes are reasonable at the time, including expectations and assumptions concerning business prospects and opportunities, customer demands, the availability and cost of financing, labor and services and the impact of increasing competition. Although Blackline believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Blackline can give no assurance that they will prove to be correct. Forward-looking information addresses future events and conditions, which by their very nature involve inherent risks and uncertainties, including the risks discussed in Blackline's Management's Discussion and Analysis. Blackline's actual results, performance or achievement could differ materially from those expressed in, or implied by, the forward-looking information and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits Blackline will derive therefrom. Management has included the above summary of assumptions and risks related to forward-looking information provided in this press release in order to provide readers with a more complete perspective on Blackline's future operations and such information may not be appropriate for other purposes. Readers are cautioned that the foregoing lists of factors are not exhaustive. These forward-looking statements are made as of the date of this press release and Blackline disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
INVESTOR/ANALYST CONTACT
Cody Slater, CEO
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MEDIA CONTACT
Christine Gillies, CMO
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RICHMOND, Va.--(BUSINESS WIRE)--Harris Williams, a global investment bank specializing in M&A advisory services, announces it advised Hunt Valve Company (Hunt Valve), a portfolio company of May River Capital, on its sale to Fairbanks Morse Defense (Fairbanks Morse), a portfolio company of Arcline Investment Management (Arcline). Hunt Valve designs and manufactures complex valves and electromechanical actuators that support critical system functions onboard key U.S. Navy platforms. The transaction was led by Chris Rogers, Doug Kinard, Evan Clark, Mike Rohman and Anya Bahros of the Harris Williams Aerospace, Defense & Government Services (ADG) Group and Giles Tucker of the firm’s Industrials Group.
“In partnership with May River Capital, the Hunt Valve team has achieved impressive growth and solidified the company’s position as a leading flow control solutions provider to U.S. Navy ships and submarines,” said Doug Kinard, a managing director at Harris Williams. “Partnering with Fairbanks Morse, the combined platform is well positioned to serve the U.S. Navy for decades to come as it continues to expand and maintain its fleet.”
“Hunt Valve represents another marquee transaction for Harris Williams in the defense maritime sector, where we continue to see strong investor interest for platforms of scale in what is generally a fragmented supply base,” added Chris Rogers, a managing director at Harris Williams. “Demand tailwinds within this market are very positive, and suppliers that can participate in the U.S. Navy’s fleet expansion and modernization are well positioned for long-term growth.”
Hunt Valve brings decades of fluid power engineering innovations and solutions to a wide range of military and industrial customers. It specializes in severe duty valves and complementary engineered components and system solutions for applications that include primary metals, energy, process and U.S. Navy nuclear-powered vessels, including all submarines and carriers in operation as well as the Virginia Class, Columbia Class and Ford Class.
Headquartered in Chicago, May River Capital is a private equity firm focused on investing in lower-middle market industrial growth companies, including precision manufacturing, engineered products and instrumentation, specialized industrial services, and value-added industrial distribution businesses. The firm is investing out of its second institutional fund of approximately $300 million, which was closed in December 2019.
Fairbanks Morse develops and manufactures heavy-duty, medium-speed reciprocating engines that are used primarily in marine and power generation applications. The company has been the original equipment manufacturer of its engines for more than 120 years and has a large installed base for which it supplies aftermarket parts and services. Fairbanks Morse is the principal supplier of diesel engines to the U.S. Navy, U.S. Coast Guard and Canadian Coast Guard, with all manufacturing conducted in the company's U.S.-based facility in Beloit, Wisconsin, and parts and services delivered through its network of five service centers strategically located in the U.S. and Canada.
Arcline is a growth-oriented private equity firm that seeks to invest in thriving middle market businesses in high value industries. Arcline’s differentiated investment strategy combines deep business model expertise, proactive thematic research, an unrelenting focus on the upside and a collaborative, management-first approach to value creation. The firm's primary sectors of interest include defense, aerospace, critical infrastructure services, industrial and medical technology, life sciences, and specialty materials. Launched in 2019, Arcline currently has $4.3 billion in cumulative capital commitments.
Harris Williams, an investment bank specializing in M&A advisory services, advocates for sellers and buyers of companies worldwide through critical milestones and provides thoughtful advice during the lives of their businesses. By collaborating as one firm across Industry Groups and geographies, the firm helps its clients achieve outcomes that support their objectives and strategically create value. Harris Williams is committed to execution excellence and to building enduring, valued relationships that are based on mutual trust. Harris Williams is a subsidiary of the PNC Financial Services Group, Inc. (NYSE: PNC).
The Harris Williams ADG Group offers strategic advice to a global base of leading aerospace, defense and government services clients. For more information on the ADG Group and other recent transactions, visit the ADG Group’s section of the Harris Williams website.
The Harris Williams Industrials Group has experience across a variety of sectors, including advanced manufacturing; building products; chemicals and specialty materials; industrial technology; and packaging. For more information on the firm’s Industrials Group and other recent transactions, visit the Industrials Group’s section of the Harris Williams website.
Harris Williams LLC is a registered broker-dealer and member of FINRA and SIPC. Harris Williams & Co. Ltd is a private limited company incorporated under English law with its registered office at 8th Floor, 20 Farringdon Street, London EC4A 4AB, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. Corporate Finance Advisors GmbH is registered in the commercial register of the local court of Frankfurt am Main, Germany, under HRB 107540. The registered address is Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany (email address: This email address is being protected from spambots. You need JavaScript enabled to view it.). Geschäftsführer/Directors: Jeffery H. Perkins, Paul Poggi. (VAT No. DE321666994). Harris Williams is a trade name under which Harris Williams LLC, Harris Williams & Co. Ltd and Harris Williams & Co. Corporate Finance Advisors GmbH conduct business.
Julia Moore
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Highlights:
LONDON--(BUSINESS WIRE)--L3Harris Technologies (NYSE:LHX) marked 100 years of support for the United Kingdom’s defence and security needs by signing the Armed Forces Covenant, a significant commitment to members of the armed forces community.
The pledge marks a new dimension of L3Harris’s efforts to protect and advance the UK’s interests at home and around the world through ground-breaking capabilities across all military branches and domains.
The Armed Forces Covenant aims to provide employees who are veterans, reservists or military family members with access to important services and opportunities, such as career development, flexibility in leave for training or deployment, and assistance with education, family well-being, healthcare and other areas. In signing the Covenant during the 2021 Defence and Security Equipment International (DSEI) exhibition, L3Harris pledges to be a ‘forces friendly employer’, welcoming the experience, skills and qualities of UK veterans and reservists to its workforce.
“As we mark 100 years in the UK, we are honoured to support the country’s veterans, reservists and broader military community, both as a ‘forces friendly employer’ and a strong advocate for veterans,” said Christopher E. Kubasik, Vice Chair and Chief Executive Officer, L3Harris. “As the world grapples with an increasingly volatile geopolitical and military landscape, L3Harris will continue to lead the way in developing technologies and capabilities that protect and advance the UK’s defence and security needs as we have for the past century.”
Simultaneously, L3Harris has committed to a £20,000 donation to Combat Stress, the UK’s leading charity to support the mental health of veterans. L3Harris is also making available scholarships of up to £10,000 to support cadets in pilot training.
L3Harris has served military, security and civil customers in the UK since 1921, with the company’s 1,500 employees now based in 14 locations across the country. It works with nearly 2,500 UK suppliers with a supply chain impact of nearly $170 million as of 2020. The company’s recent investments reflect its commitment to develop and advance the UK’s capabilities, including $100 million in a Farnborough facility to modernise tactical radio communications and $100 million in a Crawley facility for aviation training. The company’s global autonomous maritime development work is based in the UK, generating economic impact and technological innovation that supports the UK’s aspiration for leadership in this area.
The U.S. based company is working closely with the UK to help accelerate the transition toward integrated, platform-agnostic programs that leverage data and information for more effective missions. This effort comes as part of the UK’s commitment to build a more modern, technologically advanced defence force, alongside partners and alliances such as NATO and Five Eyes. This includes driving the shift toward digitisation and artificial intelligence that will be crucial to a future of electronic warfare, cyber-warfare and autonomous engagement, as set forth in the UK Integrated Review in spring 2021. The company is also focused on enhanced systems, networks and sensors to gather, manage, analyse and share information and intelligence to predict changing demands and enable better decision making.
The company’s continued growth and investment in the UK aligns with the broader strategy of international expansion. L3Harris plans to grow its global business outside the United States from its current 20 per cent figure.
About L3Harris Technologies
L3Harris Technologies is an agile global aerospace and defense technology innovator, delivering end-to-end solutions that meet customers’ mission-critical needs. The company provides advanced defense and commercial technologies across air, land, sea, space, and cyber domains. L3Harris has approximately $18 billion in annual revenue and 47,000 employees, with customers in more than 100 countries. L3Harris.com.
Forward-Looking Statements
This press release contains forward-looking statements that reflect management's current expectations, assumptions and estimates of future performance and economic conditions. Such statements are made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The company cautions investors that any forward-looking statements are subject to risks and uncertainties that may cause actual results and future trends to differ materially from those matters expressed in or implied by such forward-looking statements. Statements about technologies and capabilities, financial commitments and global business growth are forward-looking and involve risks and uncertainties. L3Harris disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Sara Banda
Media Relations
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+1 321-674-4498
Jim Burke
Media Relations
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+1 321-727-9131
SAN FRANCISCO--(BUSINESS WIRE)--#AR--(Zoomtopia) – RealWear today announced that it is working with Zoom to expand the use of its RealWear assisted reality headset devices to frontline workers globally at ExxonMobil.
Field workers will use RealWear devices that integrate with Zoom for a hands-free experience. The RealWear HMT-1Z1 is the leading commercially available head-mounted Android computer certified for use in operating areas (ATEX Zone 1/C1D1). ExxonMobil has been using the devices since 2017, but began using the devices with Zoom earlier this year for remote expert guidance.
“Using Zoom on RealWear is just the beginning of our utilization plan for assisted reality. Future use cases include self-guided work instructions and real-time IoT data visualization to reduce errors and improve quality,” said Andrew Chrostowski, RealWear’s Chairman and CEO.
“We are pleased to see ExxonMobil’s commitment to remote collaboration, leveraging the power of Zoom to extend their frontlines,” said John Beckmann, Head of Meetings & Webinars at Zoom. “We look forward to continuing to grow our collaboration with RealWear to engage, empower, and elevate frontline workers around the world.”
“There is no substitute for in-person collaboration to support business critical activities, but assisted reality technology helps us collaborate with our teams at the workplace in situations when meeting in person isn’t possible or the best answer,” said Raymond Jones, Vice President of ExxonMobil’s Upstream Integrated Solutions Company. “These technologies will help us innovate and collaborate and transform the way we work on the front line.”
RealWear assisted reality devices are the first in the category to integrate the Zoom Meetings client application. Field workers rely on several built-in features, including noise cancellation, full voice control through simple commands, a monocular display, and a front-facing HD camera to capture photos and share live footage with remote experts.
About RealWear
RealWear® is the world’s leading provider of assisted reality wearable solutions that engage, empower, and elevate the modern frontline industrial worker to perform work tasks more safely, and with increased efficiency and precision. RealWear gives these workers real-time access to information and expertise, while keeping their hands and field of view free for work. Workers use voice-controlled commands – even in high noise environments – to collaborate with remote experts or navigate through workflows.
RealWear offers the only assisted reality wearable solutions fully supported by the world’s leading video conferencing applications. RealWear is compatible with worker PPE, purpose-built for industry and enterprise, and features the only “full shift” battery in its category. RealWear is field proven with world-class customers, including ExxonMobil, Goodyear, Mars, Colgate-Palmolive, and BMW, who use it to improve workplace safety while delivering unprecedented ROI.
RealWear is headquartered in Vancouver, Washington in the United States, with local offices in the United Kingdom, Singapore, Germany, Australia, the Netherlands, and Japan, along with a new customer experience center in Dubai. RealWear’s number one position was further strengthened with triple (3X) year-over-year growth in 2020. The company has shipped wearable devices to more than 3,000 unique enterprise customers worldwide in a range of industries, including Energy, Manufacturing, Food & Beverage, Automotive, and Telecommunications.
For more information, visit www.realwear.com.
About Zoom
Zoom is for you. We help you express ideas, connect to others, and build toward a future limited only by your imagination. Our frictionless communications platform is the only one that started with video as its foundation, and we have set the standard for innovation ever since. That is why we are an intuitive, scalable, and secure choice for individuals, small businesses, and large enterprises alike. Founded in 2011, Zoom is publicly traded (NASDAQ:ZM) and headquartered in San Jose, California. Visit zoom.com and follow @zoom.
Aaron Cohen
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415-819-7791
HALIFAX, Nova Scotia--(BUSINESS WIRE)--Scott Balfour, President and Chief Executive Officer of Emera Inc. (TSX: EMA) announces that T.J. Szelistowski will retire as President of Peoples Gas and Helen Wesley, current Chief Operating Officer, will be appointed the next President effective Dec. 1.
“During T.J.’s time as President of Peoples Gas, he has developed an exceptional leadership team focused on driving growth, strong safety performance and outstanding customer service at the utility,” says Balfour. “Helen is a strong energy leader who will build on the momentum and work with the team to advance Peoples Gas’ strategy and continue to deliver for customers in Florida.”
Szelistowski has over 42 years’ experience with Emera’s Florida operations. He has held various leadership roles at both Tampa Electric and Peoples Gas. As President of Peoples Gas since 2016, Szelistowski has led the team responsible for the safe and reliable delivery of natural gas to more than 425,000 customers across Florida.
“Over my career with this organization, I’ve been fortunate to work with so many talented people committed to safety, customer experience and growth,” says Szelistowski. “I’m incredibly proud of what the team at Peoples Gas has accomplished for our customers and community.”
Helen Wesley joined Peoples Gas as Chief Operating Officer in 2020. She currently oversees Engineering and Operations, Marketing and Sales, and Business Development. Over the past year, she has also been deeply involved in developing the next phase of the utility’s growth strategy, focused on residential and commercial customers and investing in emerging energy solutions that continue to position Peoples Gas to play a role in the clean energy transition. Wesley is a senior energy leader with deep corporate experience in the electricity, upstream and downstream oil, and gas and chemicals industries in Canada, the U.S. and internationally.
“It’s an exciting time at Peoples Gas and I’m thrilled to continue to work with our strong team to deliver on our mission to make life better for our communities by delivering safe, resilient, clean, affordable natural gas energy solutions,” says Wesley.
Szelistowski and Wesley will continue to work closely together on a smooth transition. Leadership changes take effect on Dec. 1, 2021.
Peoples Gas System, Florida's largest natural gas distribution utility, serves more than 425,000 customers across the state. Peoples Gas is a subsidiary of Emera Inc., a geographically diverse energy and services company headquartered in Halifax, Nova Scotia, Canada.
About Emera
Emera Inc. is a geographically diverse energy and services company headquartered in Halifax, Nova Scotia, with approximately $31 billion in assets and 2020 revenues of more than $5.5 billion. The company primarily invests in regulated electricity generation and electricity and gas transmission and distribution with a strategic focus on transformation from high carbon to low carbon energy sources. Emera has investments in Canada, the United States and in four Caribbean countries. Emera’s common and preferred shares are listed on the Toronto Stock Exchange and trade respectively under the symbol EMA, EMA.PR.A, EMA.PR.B, EMA.PR.C, EMA.PR.E, EMA.PR.F, EMA.PR.H and EMA.PR.J. Depositary receipts representing common shares of Emera are listed on the Barbados Stock Exchange under the symbol EMABDR and on The Bahamas International Securities Exchange under the symbol EMAB. Additional Information can be accessed at www.emera.com or at www.sedar.com.
Media:
Dina Seely
(902) 478-0080
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New smart metering infrastructure will save Mesquite in operation costs and lost revenue
FRAMINGHAM, Mass. & MESQUITE, Texas--(BUSINESS WIRE)--#ami--Ameresco, Inc. (NYSE: AMRC), a leading cleantech integrator specializing in energy efficiency and renewable energy, today announced that it has been selected by the City of Mesquite, Texas to install a comprehensive smart metering infrastructure improvement project for its residential and commercial water utility customers.
The project will include the installation of solid-state water meters and an advanced metering infrastructure (AMI) system to allow for wireless reading of water usage data to replace the current manual reading of meters. Ameresco will replace more than 42,000 water meters and 41,000 meter boxes citywide. At the end of the first year, the city is expected to accrue operational savings.
By implementing an AMI system, Mesquite will be able to more accurately capture metered water consumption and more effectively manage future rate increases. The new automated meter reading by an AMI system will reduce estimated meter reading and meter accessibility issues and minimize billing errors across the city. Additionally, the installation of this new system will enable the city staff to provide greater customer service for its water utility customers by providing access to water usage data through a new customer web portal where customers can visit their historical utility consumption data.
“We are thrilled at all the advancements taking place in our community, which will provide our water utility customers with a greater level of transparency into their water consumption levels and reduce our operational costs. Ameresco has an impressive track record of implementing advanced metering technologies and smart city solutions, and that made them the ideal partner for this project,” said City Manager Cliff Keheley.
“Implementing a new and improved water metering system is a strong step forward for the City of Mesquite as it continues to make efforts for a more sustainable future,” said Ameresco vice president, Bob Georgeoff. “We are delighted to have been selected to lead this project to replace and upgrade the city’s existing infrastructure. Over time, together we will help Mesquite capture water usage data and reduce maintenance costs that can be reinvested back into the community.”
The project is expected to be completed in the next two years.
To learn more about the energy efficiency solutions offered by Ameresco, visit www.ameresco.com/energy-efficiency/. For more information on the City of Mesquite’s project, visit www.cityofmesquite.com/MeterProject.
About Ameresco, Inc.
Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading cleantech integrator and renewable energy asset developer, owner and operator. Our comprehensive portfolio includes energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions delivered to clients throughout North America and the United Kingdom. Ameresco’s sustainability services in support of clients’ pursuit of Net Zero include upgrades to a facility’s energy infrastructure and the development, construction, and operation of distributed energy resources. Ameresco has successfully completed energy saving, environmentally responsible projects with Federal, state and local governments, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco has more than 1,000 employees providing local expertise in the United States, Canada, and the United Kingdom. For more information, visit www.ameresco.com.
The announcement of a customer’s entry into a project contract is not necessarily indicative of the timing or amount of revenue from such contract, of the company’s overall revenue for any particular period or of trends in the company’s overall total project backlog. This project was included in our previously reported contracted backlog as of June 30, 2021.
Ameresco: Leila Dillon, 508-661-2264, This email address is being protected from spambots. You need JavaScript enabled to view it.
—Former FERC Chairman and Former Executives from Major Corporations Tapped to Further Advance Industrial Decarbonization, On-Site Wind, and the C&I Power Grid of the Future—
FINDLAY, Ohio--(BUSINESS WIRE)--#boardleadership--One Energy, an industrial power company that serves large C&I customers including Whirlpool Corporation, Marathon Petroleum, and LafargeHolcim in the U.S., today announced the formation of its Board of Directors.
The Board is comprised of energy and manufacturing experts who will bring proven experience and leadership to guide One Energy’s strategic direction and growth as it helps large C&I customers realize the benefits of industrial decarbonization and the efficiencies of on-site power grids. The Board is comprised of former Chairman of the Federal Energy Regulatory Commission (FERC) Jon Wellinghoff; retired Marathon Petroleum Corporation CFO Don Templin; retired Cooper Tire & Rubber Company Vice President of Treasury & Tax Tom Lause; and Advanced Power CEO Thomas Spang.
“One Energy has reached a milestone in its history where we need a Board of Directors that is ready to help advance the customer-centric power grid of the future,” said Jereme Kent, CEO of One Energy. “As industrial and commercial companies embrace large on-site renewables and rethink the design of current and future factories, we stand ready to help. One Energy enables industrial companies to take control of how their facilities are powered, leverage the efficiencies that behind-the-meter solutions offer, and to integrate the distributed energy resources of today and tomorrow. The leadership, experience and guidance that Jon, Don, Tom, and Thomas bring to the table are indispensable and key to our continued growth as we scale to meet growing customer demand.”
Wellinghoff has more than 40 years of leadership experience in federal, state and local energy policy, regulation, and market development. He served as Chairman of the FERC for nearly five years and served as Commissioner for more than seven years.
"One Energy is one of the most innovative and groundbreaking energy companies I have ever encountered,” said Wellinghoff. “It is exciting to have the opportunity to participate in the future of One Energy."
Templin served in a number of roles at Marathon Petroleum Corporation over the course of a decade, including as: CFO; Executive Vice President, Supply, Transportation and Marketing; and President, Refining, Marketing and Supply.
“Jereme and his team have built a special company,” said Templin. “I am excited to be part of One Energy, and to provide business partners who are serious about reducing their carbon footprint with a unique opportunity to do so.”
Lause spent more than 35 years at Cooper Tire & Rubber Company in several finance and operations roles. He is currently Vice President of Business Affairs and CFO, Treasurer at the University of Findlay.
“Coming from a background with a large manufacturer competing in a global market, I know how critical it is for C&I businesses to have predictable, competitive energy pricing,” said Lause. “Serving as a director for One Energy allows me to share my financial and manufacturing experience. But more importantly, it allows me to support a company that will fundamentally improve energy markets to the benefit of businesses, while at the same time decarbonizing manufacturing.”
Spang is CEO of Advanced Power, a world-class developer and manager of independent power generation and related infrastructure projects. He has more than 25 years of experience in the development, financing, investment and management of electric generating facilities.
“I am excited to join the Board of One Energy, the leader in the industrial decarbonization revolution,” said Spang. “With my experience as a leader in the power industry, I will provide advice, insights, and support to Jereme as he rapidly grows One Energy through Wind for Industry, Managed High Voltage, and other unique energy solutions for industrial energy customers.”
About One Energy
One Energy is an industrial power company that helps large energy users build modern, tailored, on-site power grids for their facilities. In doing so, the company is decarbonizing manufacturing, enabling customer control, and building the customer-centric power grid of the future. As a vertically integrated enterprise, One Energy provides physical solutions including Wind for Industry® and ManagedHV™, as well as analytics and commercial offerings to enable end users to fully customize their energy experience. Everyday items are being produced cleaner and more sustainably thanks to One Energy’s Wind for Industry® projects – from dishwashers, sliced turkey products, and soda cans, to cement and renewable diesel.
Founded in 2009, One Energy is the largest installer and owner of behind-the-meter wind energy in the United States. Learn more about the customer-centric power grid of the future at www.oneenergy.com.
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SAN DIEGO & NEW YORK--(BUSINESS WIRE)--EDF Renewables North America (EDFR) and MEAG, acting in its capacity as Munich Re’s global asset manager, today announced a strategic investment whereby a subsidiary of Munich Re will acquire a 50% stake in two renewable energy projects in California.
The Maverick 6 Solar-plus-Storage Project is 131 MWdc coupled with a 50 MW/200 MWh battery energy storage system. The Maverick 7 Solar Project has a capacity of 179 MWdc. The projects, which utilize horizontal single-axis tracking technology, are located adjacent to one another in Riverside County on federal lands within a Solar Energy Zone and Development Focus Area, managed by the U.S. Bureau of Land Management (BLM). Both projects are in construction with operations to commence in December 2021.
“We are very pleased to announce this strategic partnership with MEAG, who shares EDF Renewables’ long-term investment focus and commitment to decarbonization,” commented Nate McMurry, Vice President, Divestiture & Portfolio Strategy for EDF Renewables. “Securing the volume of capital investment required to successfully address climate change is one of the 21st century’s critical challenges; partnerships between developers of high-quality renewable energy projects and major institutional investors like MEAG are an important avenue to accelerate the growth of clean energy.”
Holger Kerzel, Member of MEAG’s Management Board, said, “This project fulfills our high expectations for sustainable investments. By further expanding our renewable energy portfolio in the US we are helping to prevent climate-damaging emissions. We are very pleased about this transaction and are looking forward to a successful partnership with EDF Renewables.“
The projects combined will generate enough clean energy to meet the consumption of 116,500 average California homes1. This is equivalent to avoiding more than 527,000 metric tons of CO2 emissions annually2.
The transaction, expected to close in the first quarter of 2022, is subject to customary regulatory approvals. Macquarie Capital acted as exclusive financial advisors.
EDF Renewables, one of the largest renewable energy developers in North America, is committing to providing solutions to meet California’s carbon-reduction goals. With 35 years of experience and 20 gigawatts of wind, solar, and storage projects developed, EDF Renewables provides integrated energy solutions from grid-scale power to electric vehicle charging.
MEAG, acting on behalf of Munich Re, has more than one gigawatt of wind and solar assets under management in Europe and in the US, and is planning to substantially increase its investments into the US renewable energy space over the next years, leveraging on Munich Re’s in-house engineering expertise and MEAG’s local presence in the US.
1 According to U.S. Energy Information Administration (EIA) 2019 Residential Electricity Sales and U.S. Census Data and typical transmission assumptions.
2 According to U.S. EPA Greenhouse Gas Equivalencies calculations and typical transmission assumptions.
EDF Renewables North America is a market leading independent power producer and service provider with 35 years of expertise in renewable energy. The Company delivers grid-scale power: wind (onshore and offshore), solar photovoltaic, and storage projects; distributed solutions: solar and storage; and asset optimization: technical, operational, and commercial expertise to maximize performance of generating projects. The Company’s PowerFlex subsidiary offers a full suite of onsite energy solutions for commercial and industrial customers: solar, storage, EV charging, energy management systems, and microgrids. EDF Renewables’ North American portfolio consists of 20 GW of developed projects and 13 GW under service contracts. EDF Renewables North America is a subsidiary of EDF Renouvelables, the dedicated renewable energy affiliate of the EDF Group. For more information visit: www.edf-re.com. Connect with us on LinkedIn, Facebook and Twitter.
About MEAG
MEAG manages the assets of Munich Re and ERGO. It has representations in Europe, Asia and North America and offers its extensive know-how to institutional and private customers. MEAG currently manages assets to the value of around € 334 billion, around € 67 billion of which in its business with institutional investors and private customers.
MEAG invests in alternative assets in North America on behalf of Munich Re group and other non-US institutional investors. MEAG’s most recent infrastructure investments in the US comprise a solar farm in California and various regulated US water assets in 2020, as well as New York’s Astoria Energy Partners and Long Beach Container Terminal in 2019.
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HOUSTON & REDWOOD CITY, Calif.--(BUSINESS WIRE)--Baker Hughes (NYSE: BKR) and C3 AI (NYSE:AI) today announced the successful deployment of the BHC3 Production Optimization enterprise AI application at MEG Energy, an Alberta, Canada-based energy company, to improve operational efficiency, productivity, and to better visualize risk across the company’s upstream production operations.
MEG Energy leverages innovative technology to reduce energy and water use, along with greenhouse gas intensity, while improving the efficiency and sustainability of thermal oil production. The adoption of BHC3's enterprise AI solutions will accelerate MEG Energy’s use of digital solutions to further improve the efficiency of steam-assisted gravity drainage (SAGD) production.
MEG Energy has worked with energy technology, data science, and AI experts at Baker Hughes and C3 AI to train, develop, and apply machine learning models and analytics using historical and real-time data. The enterprise AI-based BHC3 Production Optimization application monitors moment-to-moment operations, allows seamless integration between engineers and field staff, and creates actionable predictive insights to enhance the daily operational workflow for production engineers and operators, with customized analytics-based alerts and virtual meters providing measurements for emulsion, gas, and vapor across more than 300 thermal production wells.
“BHC3’s advanced enterprise AI-based solutions will further enable the differentiated, proprietary technology we utilize to ensure safe, sustainable production of energy,” said Chief Technology Officer Chi-Tak Yee, MEG Energy. “Enterprise AI has successfully demonstrated it can improve visibility, workflow management, and overall productivity of operations.”
“Enterprise AI software creates new pathways to efficiency and productivity for today’s upstream industry,” said Uwem Ukpong, executive vice president of regions, alliances and enterprise sales at Baker Hughes. “This is an exciting deployment, as BakerHughesC3.ai solutions are now serving MEG Energy’s technology and operational excellence objectives with scaled, domain-specific enterprise AI.”
“Extracting significant economic value from complex production data requires enterprise AI,” said C3 AI Chief Technology Officer Ed Abbo. “The BHC3 Production Optimization application, powered by the underlying capabilities of the BHC3 AI Suite, is tried, tested and proven to deliver predictive intelligence at scale to increase productivity, reduce risk, and help meet the environmental targets that are critical to ensuring future energy and climate security.”
About Baker Hughes:
Baker Hughes (NYSE: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and with operations in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.
About C3.ai, Inc.
C3.ai, Inc. (NYSE:AI) is the Enterprise AI application software company that accelerates digital transformation for organizations globally. C3 AI delivers a family of fully integrated products: C3 AI® Suite, an end-to-end platform for developing, deploying, and operating large-scale AI applications; C3 AI Applications, a portfolio of industry-specific SaaS AI applications; C3 AI CRM, a suite of industry-specific CRM applications designed for AI and machine learning; and C3 AI Ex Machina, a no-code AI solution to apply data science to everyday business problems. The core of the C3 AI offering is an open, model-driven AI architecture that dramatically simplifies data science and application development. Learn more at: www.c3.ai
C3 AI Public Relations
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CINCINNATI--(BUSINESS WIRE)--Procter & Gamble (NYSE:PG) is announcing a comprehensive plan to accelerate action related to climate change. P&G has also set a new ambition to achieve net zero greenhouse gas (GHG) emissions across its operations and supply chain, from raw material to retailer, by 2040 as well as interim 2030 goals to make meaningful progress this decade.
The climate crisis affects every home and family, everywhere in the world. The majority of consumers globally now want brands they buy to help them live a more environmentally conscious lifestyle and the latest science has made it clear that urgent, decisive action must be taken to avoid the worst impacts of climate change.
“We are fully committed to use P&G’s innovation and ingenuity to unlock new solutions to address climate change,” said David S. Taylor, Chairman, P&G President and Chief Executive Officer. “The task ahead of us is urgent, difficult and much bigger than any single company or country. P&G is tackling these challenges head-on by reducing our footprint and leveraging our scale to foster unprecedented collaboration across our value chain.”
P&G’s actions on climate began over a decade ago, and we know there is more work to do. Our science-based plan to net zero will prioritize cutting most of our emissions across our operations and supply chain, from raw material to retailer. For residual emissions in these categories that cannot be eliminated, we will use natural or technical solutions that remove and store carbon.
Our 2030 goals to pace our progress toward net zero were submitted to The Science Based Targets initiative (SBTi):
We have joined the UN’s Race to Zero and the Business Ambition for 1.5°C campaigns and are also sharing our new Climate Transition Action Plan, which outlines a comprehensive approach to accelerating climate action and the key challenges ahead. More perspective is available here. We will continue to communicate our successes and setbacks along the way so others can learn with us and advance collective progress.
“While no one has all of the answers on how to bring a net zero future into focus, we will not let uncertainty hold us back,” said Virginie Helias, P&G Chief Sustainability Officer. “To achieve these goals, we will leverage existing solutions and seek transformative new ones that are not available in the marketplace today. This will require partnership across the private, nonprofit, and public sectors and involve every aspect of our business, from the very beginning of our products’ lifecycle to the very end.”
Acting with Urgency to Reduce Emissions
Our top priority is to significantly reduce GHG emissions as quickly as possible with solutions that exist today.
Tackling Challenges by Inventing New Solutions
We know there are some operational emissions we cannot eliminate yet and our teams are working hard to develop the next generation of low-carbon technologies and materials. Our efforts in this area include:
Creating a Decarbonized Future Through Transformative Collaboration
We are going beyond our net zero ambition and doing more to make a collective impact - partnering with consumers to reduce GHG emissions from the use phase of products, creating alliances for carbon-efficient homes, and advocating for policy solutions to decarbonize energy infrastructure. Our efforts here include:
“Caring for our consumers and our planet is core to all of us at P&G,” Taylor added. “There is no action too small, and no vision too big, as we all work together to preserve our shared home for generations to come.”
For more detailed information about P&G’s commitments and progress, please see P&G’s Climate Transition Action Plan and blog. To learn more about P&G’s ESG efforts, visit the ESG website or read the 2020 Citizenship Report.
About Procter & Gamble
P&G serves consumers around the world with one of the strongest portfolios of trusted, quality, leadership brands, including Always®, Ambi Pur®, Ariel®, Bounty®, Charmin®, Crest®, Dawn®, Downy®, Fairy®, Febreze®, Gain®, Gillette®, Head & Shoulders®, Lenor®, Olay®, Oral-B®, Pampers®, Pantene®, SK-II®, Tide®, Vicks®, and Whisper®. The P&G community includes operations in approximately 70 countries worldwide. Please visit http://www.pg.com for the latest news and information about P&G and its brands. For other P&G news, visit us at www.pg.com/news.
Forward-Looking Statements
Certain statements in this release, including statements relating to our climate and related ESG targets, estimates, projections, goals, commitments, and expected results, and the assumptions upon which those statements are based, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements generally are identified by the words “believe” “project” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” “goal," “target,” “objective,” and similar expressions. Forward-looking statements speak only as of the date they are made and are based on current expectations and assumptions, which are subject to risks and uncertainties that may cause results and outcomes to differ materially from those expressed or implied in the forward-looking statements. Some of these uncertainties are summarized in the section of our Climate Transition Action Plan titled, “Sources of Uncertainty.” For additional information concerning factors that could cause actual results and events to differ materially from those projected herein, please refer to our most recent 10-K, 10-Q and 8-K reports. We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events, or otherwise, except to the extent required by law.
1 Our Scope 3 2030 goals, submitted to SBTi, are as follows:
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Enhanced Quality Control, Safety and Reliability across Romeo Power’s Battery Value Chain
LOS ANGELES & LOVELAND, Colo.--(BUSINESS WIRE)--Romeo Power, Inc. (“Romeo Power”) (NYSE: RMO), an energy technology leader delivering advanced electrification solutions for complex commercial vehicle applications, and Dynexus Technology, a leader in battery sensing solutions and data-driven battery intelligence, today announced a collaboration to integrate Dynexus Technology’s actionable battery performance and health sensors into Romeo Power’s battery ecosystem.
The technology developed by Dynexus will initially be utilized for incoming cell quality control and end-of-line verification, as well as module and pack diagnostics and prognostics, enabling multiple opportunities to reduce total cost of ownership for Romeo Power’s customers.
“As part of our holistic approach, we’re committed to being first movers in progressing battery safety and performance technology and features,” said AK Srouji, CTO of Romeo Power. “Dynexus generates critical data that can accelerate the qualification process of cells and batteries, including cell screening and matching, further improving quality control, safety and reliability of our battery systems. We look forward to collaborating with Dynexus to advance the electrification of commercial vehicles.”
Dynexus’s award winning and patented Inline Rapid Impedance Spectroscopy (iRIS®) sensors generate near real-time, rich, frequency-based battery data that provide information about the state of the battery physico-chemistry. Traditional measurement methods treat the battery as a blackbox. The Dynexus sensor “looks” inside the battery and generates a “fingerprint” or signature that uniquely describes a battery’s health, degradation, and therefore safety.
Romeo Power will integrate iRIS into its proven battery systems, providing a new class of battery data that, until now, was only available for research purposes and was not practical as a commercial sensor or tool. This cutting-edge technology enables measurements that typically take 30 minutes, to be reduced to 10 seconds or less. As a result, this game changing technology provides significant commercial application opportunities for Romeo Power’s advanced electrification solutions.
Dynexus Technology’s iRIS system has been validated in Romeo Power’s in-house testing lab and demonstrates superior accuracy and repeatability. The iRIS system also has high voltage capability and enables measurements under dynamic battery conditions. In addition to screening and quality control applications, Romeo Power intends to implement iRIS inside its next-generation battery systems and is expected to start road testing in 2022. This integration is also additive to Romeo Power's sustainability efforts as it may enhance reuse and battery second life assessment.
“We are excited to work with an energy technology leader like Romeo Power as we enable advanced diagnostics and prognostics for lithium-ion batteries,” said David Sorum, CEO of Dynexus Technology. “Integrating our in-line and on-board battery sensing solutions will not only reduce diagnostic times, but will also maximize performance, safety and the overall lifetime value for end users.”
About Romeo Power
Founded in 2016 and headquartered in Los Angeles, California, Romeo Power (NYSE: RMO) is an energy technology leader delivering advanced electrification solutions for complex commercial vehicle applications. The company’s suite of advanced hardware, combined with its innovative battery management system, delivers the safety, performance, reliability and configurability its customers need to succeed. Romeo Power's 113,000 square-foot manufacturing facility brings its flexible design and development process inhouse to pack the most energy dense modules on the market. To keep up with everything Romeo Power, please follow the company on social media @romeopowerinc or visit romeopower.com.
About Dynexus Technology
Founded in 2015 and headquartered in Loveland, Colorado, Dynexus Technology is a leader in data-driven battery intelligence sensors. With the goal of creating a safer and smarter electrified world, Dynexus Technology is on a mission to provide efficient and accurate in-line battery data for advanced diagnostic and prognostic solutions. Our vision is to optimize the value of electrified platforms, and ensure they perform safely and predictably throughout their lifecycles. For more information, please visit www.dynexustech.com.
Notice Regarding Forward Looking Statements
Certain statements in this press release may constitute “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. For a discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Romeo Power in general, see the risk disclosures in Romeo Power’s Annual Report on Form 10-K for the year ended December 31, 2020 and in other filings made with the SEC by Romeo Power. Forward-looking statements speak only as of the date they are made and Romeo Power undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Romeo Power
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NEW YORK--(BUSINESS WIRE)--On April 7, 2021, Terra Energy and Resource Technologies Inc. announced that it had entered into a binding letter of Intent for a prospective merger with Purestone US Inc. On July 9, 2021, the Letter of Intent was amended by agreement of both parties to be non-binding.
Effective September 11, 2021, Terra and Purestone mutually terminated the Letter of Intent. Terra’s decision to terminate resulted from inability of Purestone to satisfy the closing conditions set forth in the amended Letter of Intent.
Terra will continue to look for other merger or acquisition opportunities.
Safe Harbor for Forward-looking Statements
This press release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the safe harbor created by those sections. There are many factors that could cause the Company's expectations and beliefs about its operations, services, plans, projects, and contracts, and its plans or proposals to acquire interests in, or participate in, exploration activities or properties, to fail to materialize, including, but not limited to, availability of capital, negotiation and execution of definitive agreements, satisfaction of contractual requirements, unfavorable geologic conditions, the amount of reserves projected or ultimately discovered, and general regional economic conditions.
Terra Energy & Resource Technologies, Inc.
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