Brookville Smart Energy Bus Depot supports the sustainability, electrification, and climate resilience goals of Montgomery County, Maryland
SILVER SPRING, Md.--(BUSINESS WIRE)--AlphaStruxure, a leader in Energy as a Service (EaaS) solutions, today announced it will begin construction on the Brookville Smart Energy Bus Depot, an integrated microgrid and electric bus charging infrastructure project in Montgomery County, Maryland. The Brookville Smart Energy Bus Depot will be built and operational by mid 2022, supporting 44 electric buses within Ride On Montgomery County’s public transit fleet by 2023.
Montgomery County leveraged its progressive energy purchasing regulations to create a public-private partnership with AlphaStruxure, which was announced in May 2021. AlphaStruxure, a joint venture of Schneider Electric and the Carlyle Global Infrastructure Opportunity Fund, will design, build, finance, own and operate the project, providing a holistic solution for large-scale fleet electrification. The microgrid and charging infrastructure will be delivered at no upfront cost to the County through an EaaS contract, a long-term agreement ensuring predictable operating expenses and guaranteed performance for sustainability, resilience, and reliability.
“Decarbonizing the transportation sector is critical to mitigating climate change, making fleet electrification an utmost priority for local governments and transit agencies. But the transition to zero-emission fleets is not without its challenges,” said Juan Macias, CEO of AlphaStruxure. “With AlphaStruxure, fleet owners and operators have a trusted partner in realizing their electrification, sustainability and resilience goals with The Carlyle Group's comprehensive financial capabilities and Schneider Electric's leading distributed energy and digital automation technology.”
Montgomery County is committed to sustainability leadership and improving resilience to climate change, after experiencing extreme weather events and extended power outages in the recent past. Statewide, Maryland is working towards a 50 percent zero-emission bus fleet by 2030. The Brookville Smart Energy Bus Depot is aligned with the County’s priorities to reduce emissions from public transportation while enhancing the resilience of the community and infrastructure assets.
“The Brookville Smart Energy Bus Depot project falls in line with our ambitious climate action plan to reduce all carbon emissions by 2035,” said County Executive Marc Elrich. “This bus depot is one component of many County projects that is making a difference for our environment such as converting our fleets to electric and reducing harmful emissions. This infrastructure project will improve the County’s resilience and we are proud to be at the forefront amongst local governments when it comes to projects like this.”
The 5.6 MW microgrid includes distributed energy generation, energy storage and over 2 MW of charging capacity. AlphaStruxure will implement a strategy to transition the onsite gas generation to carbon neutral sources in the near future, allowing the microgrid to run on 100 percent renewable energy in alignment with the County’s goal to reach net-zero emissions by 2035. Transitioning 44 buses from diesel to electric, powered by on-site clean energy microgrid, will reduce lifetime emissions by 62 percent, equivalent to 155,000 tons of greenhouse gases.
The Brookville Smart Energy Bus Depot improves the County’s climate resilience, ensuring uninterrupted transit bus services during emergencies, even in the event of multi-day utility grid outages. The microgrid’s lithium-ion battery system will also participate in a Demand Response program with Potomac Electric Power Company (Pepco), which will support regional grid performance and optimization for greater energy resilience overall.
The Depot will ensure a ready supply of sustainable, resilient and cost-effective power for Montgomery County’s new electric bus fleet. By charging from its own power supply, the County will avoid utility demand charges and won’t have to set bus charging schedules around the utility’s time-of-use rates. The project ensures operational flexibility, providing the County with full control over dispatch and bus routing.
With the Biden administration’s investments in zero-emission transport and aggressive goal to slash GHG emissions 50% below 2005 levels by 2030, the Brookville Smart Energy Bus Depot provides a national model for municipalities and private fleet owners to efficiently deploy the charging infrastructure and distributed energy resources that this transition requires.
Beyond microgrid fleet electrification projects, AlphaStruxure partners with energy-intensive and energy-sensitive clients spanning commercial, industrial, government, and critical infrastructure sectors to deliver custom EaaS solutions. Delivering specified outcomes for sustainability, resilience, reliability, and cost-predictability, AlphaStruxure’s EaaS microgrid solutions often integrate additional energy-related technologies including electrical and mechanical upgrades, electrification technologies, charging infrastructure and other advanced systems.
About AlphaStruxure
AlphaStruxure delivers customized Energy as a Service solutions that transform sustainability, resilience and reliability into a strategic advantage. Serving energy-intensive private and public sector organizations, AlphaStruxure brings together technical, financial and contractual innovation to meet customers’ current and future energy needs without capital expenditure. AlphaStruxure’s mission is to be the trusted partner in energy transformation, combining Schneider Electric’s industry-leading smart energy management and automation technologies with The Carlyle Group’s comprehensive structuring and financing capabilities. For more information, visit www.AlphaStruxure.com
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Investment Solutions. With $246 billion of assets under management as of December 31, 2020, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. The Carlyle Group employs 1,825 people in 29 offices across five continents. Further information is available at www.carlyle.com. Follow The Carlyle Group on Twitter @OneCarlyle.
About Schneider Electric
Schneider’s purpose is to empower all to make the most of our energy and resources, bridging progress and sustainability for all. We call this Life Is On. Our mission is to be your digital partner for Sustainability and Efficiency. We drive digital transformation by integrating world-leading process and energy technologies, end-point to cloud connecting products, controls, software and services, across the entire lifecycle, enabling integrated company management, for homes, buildings, data centers, infrastructure and industries. We are the most local of global companies. We are advocates of open standards and partnership ecosystems that are passionate about our shared Meaningful Purpose, Inclusive and Empowered values. www.se.com.
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NEW YORK--(BUSINESS WIRE)--New Fortress Energy Inc. (NASDAQ: NFE) (“NFE”) announced today that it has executed definitive commercial terms with a subsidiary of Norsk Hydro ASA (“Hydro”) to supply natural gas to the Alunorte Alumina Refinery in Pará, Brazil for a term of 15 years.
“We are excited to partner with Hydro to transition the Alunorte refinery to a cleaner fuel and to support Hydro’s global sustainability and environmental commitment,” said Wes Edens, Chairman and CEO of New Fortress Energy. “This is a great example of how our LNG terminals can accelerate the energy transition in Brazil.”
Hydro is converting the calcination process and part of the steam generation at the Alunorte Alumina Refinery from fuel oil to natural gas. This initiative is part of Hydro's climate strategy and its global commitment to reduce its greenhouse gas emissions by 30% by 2030. The fuel switch will reduce the refinery’s annual CO2 emissions by 600,000 tonnes.
“Alunorte is among the most energy efficient alumina refineries in the world. The fuel switch to LNG is another step to improve our operations, driving sustainability and industry best practices to lower environmental impact,” said John Thuestad, Executive Vice President for Hydro’s Bauxite & Alumina business area.
NFE expects to supply Hydro with 29.5 TBtu of natural gas annually (equivalent to approximately 1 million gallons of LNG per day) to the refinery from NFE’s Barcarena LNG receiving and regasification terminal located in the state of Pará, Brazil.
The availability of natural gas is important for the industrial development in the Pará region and enables the replacement of more carbon-intensive fuels to reduce environmental impact. The Alunorte refinery will be an important gas consumer in Pará and therefore an enabler for establishing LNG supply in the Pará state.
“Access to LNG will enable a more sustainable operation for Hydro and also give access to natural gas for other industries and consumers in the state of Pará. This is part of our commitment to support local development,” said Thuestad.
NFE’s Barcarena terminal is anticipated to be completed and ready to supply natural gas in early Q1 of 2022 and the Alunorte refinery is expected to complete the conversion to natural gas by Q1 of 2023.
The agreement is subject to the execution of definitive agreements, final build decision, and approval by Hydro.
About New Fortress Energy
New Fortress Energy is a global energy infrastructure company founded to help accelerate the world’s transition to clean energy. The company funds, builds and operates natural gas infrastructure and logistics to rapidly deliver fully integrated, turnkey energy solutions that enable economic growth, enhance environmental stewardship and transform local industries and communities.
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This communication contains forward-looking statements. All statements contained in this communication other than historical information are forward-looking statements that involve known and unknown risks and relate to future events, our future financial performance or our projected business results. You can identify these forward-looking statements by the use of forward-looking words such as “expects,” “may,” “will,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative version of those words or other comparable words. Forward looking statements include: the supply of natural gas to the refinery including the location from where we will supply and the expected annual quantities and delivery dates; the date we anticipate the terminal to be completed and ready to supply natural gas; the date the refinery is expected to complete the conversion to natural gas; the expected impact on Brazil’s energy market and on the refinery’s annual emissions; and the refinery will be an important gas consumer and an enabler for establishing LNG supply in the Pará state.
These forward-looking statements represent the Company’s expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of the Company’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: risks related to the approval and execution of a definitive sales and purchase agreement; the development, construction or commissioning schedule of our LNG terminal or the conversion of the refinery may be longer than we expect; the funding of the project may not be possible on the terms we expect; we will be unable to operationalize our plans for the rights and key permits to develop the terminal; and that we will not be able to provide natural gas to customers as we currently expect. These factors are not necessarily all of the important factors that could cause actual results to differ materially from those expressed in any of NFE’s forward-looking statements. Other known or unpredictable factors could also have material adverse effects on future results.
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DUBLIN--(BUSINESS WIRE)--The "Ship and Boat Building and Repairing Global Market Report 2021: COVID-19 Impact and Recovery to 2030" report has been added to ResearchAndMarkets.com's offering.
The global ship and boat building and repairing market is expected to grow from $219. 23 billion in 2020 to $234. 41 billion in 2021 at a compound annual growth rate (CAGR) of 6. 9%. The market is expected to reach $282. 75 billion in 2025 at a CAGR of 5%
Major companies in the ship and boat building and repairing market include Daewoo Shipbuilding & Marine Engineering Co Ltd; Hyundai Heavy Industries; Mitsubishi Heavy Industries; Samsung Heavy Industries and General Dynamics.
The ship and boat building and repairing market consists of sales of ships and boats and ship and boat building and repairing services and related services by entities (organizations, sole traders and partnerships) that operate shipyards. Shipyards are fixed facilities with drydocks and fabrication equipment capable of building a ship, defined as watercraft typically suitable or intended for other than personal or recreational use.
The activities of shipyards include the construction of ships, their repair, conversion and alteration, the production of prefabricated ship and barge sections, and specialized services, such as ship scaling. The ship and boat building and repairing market is segmented into ship building and repairing and boat building and repairing.
Asia Pacific was the largest region in the global ship and boat building and repairing market, accounting for 49% of the market in 2020. North America was the second largest region accounting for 21% of the global ship and boat building and repairing market. Africa was the smallest region in the global ship and boat building and repairing market.
Shipbuilding companies around the world are increasingly using green shipbuilding technologies to comply with environmental rules and regulations. Technologies being used for shipbuilding include ships with no ballast systems that block organisms entering the ship and eliminate the need for sterilization equipment, sulphur scrubber systems, waste heat recovery systems, speed nozzles, exhaust gas recirculation systems, advanced rudder and propeller systems, fuel and solar cell propulsion systems and use of LNG fuels for propulsion and auxiliary engines. Ships built using these technologies have significant energy savings and low carbon emissions.
For instance, Peace Boat, a Japanese non-profit NGO has entered into an agreement with a Finnish shipbuilding company Arctech Helsinki Shipyard for the construction of Ecoship, the world's greenest cruise vessel. Dean Shipyards Group is also coordinating a green LeanShips project aimed at creating less polluting vessels.
Transportation manufacturers depend heavily on supply of parts and components from different countries across the globe. As many governments restricted the movement of goods across countries, manufacturers had to halt production due to lack of parts and components.
Also, sales of new automobiles decreased significantly due to decline in consumer demand as many countries impose lockdowns. The outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the ship and boat building and repairing market will recover from the shock across the forecast period as it is a 'black swan' event and not related to ongoing or fundamental weaknesses in the market or the global economy. ?
Economic Growth in Emerging Markets-The ship and boat building and repairing market is aided by stable economic growth forecasted in many developed and developing countries. The International Monetary Fund (IMF) predicts that the global GDP growth will be 3. 3% in 2020 and 3. 4% in 2021. Recovering commodity prices, after a significant decline in the historic period is further expected to aid the market growth.
Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. Stable economic growth is expected to increase investments in the end user markets, thereby driving the market during forecast period.
Key Topics Covered:
1. Executive Summary
2. Report Structure
3. Ship and Boat Building and Repairing Market Characteristics
3.1. Market Definition
3.2. Key Segmentations
4. Ship and Boat Building and Repairing Market Product Analysis
4.1. Leading Products/ Services
4.2. Key Features and Differentiators
4.3. Development Products
5. Ship and Boat Building and Repairing Market Supply Chain
5.1. Supply Chain
5.2. Distribution
5.3. End Customers
6. Ship and Boat Building and Repairing Market Customer Information
6.1. Customer Preferences
6.2. End Use Market Size and Growth
7. Ship and Boat Building and Repairing Market Trends and Strategies
8. Impact of COVID-19 on Ship and Boat Building and Repairing
9. Ship and Boat Building and Repairing Market Size and Growth
9.1. Market Size
9.2. Historic Market Growth, Value ($ Billion)
9.2.1. Drivers of the Market
9.2.2. Restraints on the Market
9.3. Forecast Market Growth, Value ($ Billion)
9.3.1. Drivers of the Market
9.3.2. Restraints on the Market
10. Ship and Boat Building and Repairing Market Regional Analysis
10.1. Global Ship and Boat Building and Repairing Market, 2020, by Region, Value ($ Billion)
10.2. Global Ship and Boat Building and Repairing Market, 2015-2020, 2020-2025F, 2030F, Historic and Forecast, by Region
10.3. Global Ship and Boat Building and Repairing Market, Growth and Market Share Comparison, by Region
11. Ship and Boat Building and Repairing Market Segmentation
11.1. Global Ship and Boat Building and Repairing Market, Segmentation by Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
12. Ship and Boat Building and Repairing Market Segments
12.1. Global Ship Building and Repairing Market, Segmentation by Type, 2015-2020, 2020-2025F, 2030F, Value ($ Billion) - Ship Building; Ship Repairing
12.2. Global Boat Building and Repairing Market, Segmentation by Type, 2015-2020, 2020-2025F, 2030F, Value ($ Billion) - Boat Building; Boat Repairing
13. Ship and Boat Building and Repairing Market Metrics
13.1. Ship and Boat Building and Repairing Market Size, Percentage of GDP, 2015-2025, Global
13.2. Per Capita Average Ship and Boat Building and Repairing Market Expenditure, 2015-2025, Global
Companies Mentioned
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SAN RAMON, Calif. & SARASOTA SPRINGS, N.Y. & HOUSTON--(BUSINESS WIRE)--Chevron U.S.A. Inc., a subsidiary of Chevron Corporation (NYSE: CVX), announced today the signing of definitive agreements to form a joint venture with Mercuria Energy Trading (Mercuria), one of the world’s largest integrated energy and commodities companies, to own and operate American Natural Gas LLC (ANG) and its network of 60 compressed natural gas (CNG) stations across the United States.
Chevron is building a large-scale, vertically integrated renewable natural gas business in the United States. Through its partnerships with Brightmark and California Bioenergy, Chevron is developing projects to produce renewable natural gas from dairy digesters across the country. The creation of this joint venture will allow Chevron to rapidly grow its renewable natural gas value chain, complementing its previously announced plan to open more than 30 Chevron-branded CNG stations by 2025.
“Chevron is committed to producing a tenfold increase in renewable natural gas volumes by 2025 compared to 2020 as part of our higher returns, lower carbon strategy,” said Andy Walz, Chevron’s president of Americas Fuels & Lubricants. “This acquisition will advance our renewable natural gas business in support of customers who want to reduce their carbon footprint.”
“Mercuria is pleased to partner with Chevron and ANG founder Andrew West in growing ANG’s fueling network and continuing to provide a best-in-class decarbonization solution to the medium- and heavy-duty vehicle market,” said Chief Investment Officer Brian A. Falik. “Chevron’s excellent reputation of customer service, and their like-minded commitment to investment in the energy transition, make them the perfect partner to expand the ANG footprint.”
The transaction is subject to customary closing conditions.
About Chevron
Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to achieving a more prosperous and sustainable world. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. To advance a lower-carbon future, we are focused on cost efficiently lowering our carbon intensity, increasing renewables and offsets in support of our business, and investing in low-carbon technologies that enable commercial solutions. More information about Chevron is available at www.chevron.com.
About Mercuria
Founded in 2004, Mercuria is one of the largest independent energy and commodity groups in the world. As an integrated group, Mercuria is present all along the commodity value chain with activities forming a balanced combination of trading flows, strategic assets and structuring solutions. With more than USD 100 billion in turnover, Mercuria has become one of the most active players in the energy and renewables markets. Over the next five years, the company will direct half of its investment towards the energy transition. For more information, visit www.mercuria.com.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This news release contains forward-looking statements relating to Chevron’s operations that are based on management's current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “advances,” “commits,” “drives,” “aims,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for our products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and actions; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic and political conditions; changing refining, marketing and chemicals margins; the company’s ability to realize anticipated cost savings, expenditure reductions and efficiencies associated with enterprise transformation initiatives; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; technological developments; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates, particularly during extended periods of low prices for crude oil and natural gas during the COVID-19 pandemic; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce greenhouse gas emissions; the potential liability resulting from pending or future litigation; the company's ability to achieve the anticipated benefits from the acquisition of Noble Energy, Inc.; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; material reductions in corporate liquidity and access to debt markets; the receipt of required Board authorizations to pay future dividends; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 18 through 23 of the company's 2020 Annual Report on Form 10-K and in other subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements.
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Program pays homeowners to participate in Swell’s Distributed Power Plant while accelerating the state’s move to 100% renewable energy
HONOLULU--(BUSINESS WIRE)--Swell Energy Inc. is now enrolling 6,000 O‘ahu, Hawai‘i Island, and Maui solar and energy storage customers in its Home Battery Rewards program with Hawaiian Electric, offering significant incentives for existing and new energy storage systems powered by rooftop solar.
Incentive payments are based on system characteristics and the fixed monthly payment will apply to the customer’s monthly electric bill. If the incentive exceeds a customer’s minimum bill, participants will receive a check from Hawaiian Electric each month. For example, customers with between 1-3 Tesla Powerwalls can earn between $1,500-$11,700 over the life of the five-year program. There is no limit to the number of batteries a customer can enroll.
The program, approved by the Public Utilities Commission, will provide a total of 80 megawatts (MW) of grid services supplied from storage among all participants, which is equivalent to approximately 4,000 residential systems on O‘ahu, 1,500 systems on Hawai‘i Island and 500 systems on Maui. Enrollment is on a first-come basis on each island and customers start receiving value from the program soon after they enroll.
“Existing and new solar-plus-storage customers can now get more value from their home energy system with advanced grid service programs like Home Battery Rewards,” said Yoh Kawanami, Director-Customer Energy Resources Operations at Hawaiian Electric. “We are at a turning point in Hawaii for advancing the capabilities of all residential solar and batteries already deployed and being installed in the future. By harnessing the collective power in our homes, we enable a more affordable and resilient Hawaii that also helps us meet our 100% renewable energy goals by 2045 or sooner,” he said.
In conjunction with homeowners in the Home Battery Rewards program, Swell Energy aggregates participating batteries to perform grid services such as:
In the event of a power outage, home batteries enrolled in the program only provide electricity to the customer’s home and the homeowner is in full control of their solar energy and battery. By offering clean, dispatchable and distributed energy resources, Hawaiian Electric expects the Home Battery Rewards program to help the state of Hawaii reach its renewable energy goals and is encouraging customers to apply today.
“Swell’s Home Battery Rewards program with Hawaiian Electric unlocks the potential for home batteries to bolster the local grid in Hawaii and bring even more renewable energy onto the islands. The program is available to a broad set of residential customers, including those who already have an eligible battery system, as well as those seeking to install a new system,” said Suleman Khan, CEO of Swell Energy. “Swell is launching the first phase of this program in partnership with RevoluSun on O‘ahu and Rising Sun Solar on Maui and Hawai‘i Island. We look forward to expanding our local network of Home Battery Rewards partners soon in an effort to make this program accessible to as many homes in Hawaii as possible.”
Customers can opt-out of the Home Battery Rewards program at any time. There is no penalty and customers will not be required to repay any funds received while in the program.
To sign up, visit: https://swellenergy.com/hi/.
About Swell Energy Inc.
Swell Energy is an energy and smart grid solutions provider that is uniting property owners, businesses, industry partners and utilities behind the shared goal of achieving reliable, cost-effective, clean and flexible energy. Swell Energy delivers simple and secure energy solutions and sophisticated grid service programs that are customizable to serve the needs of these diverse stakeholders. Swell Energy provides electricity consumers with financing and educational resources, and installs solar-powered battery systems with its regional partners using top technologies. This approach creates a critical mass of dynamic, clean energy resources for a virtual smart grid that delivers grid-balancing services within utility markets across the United States. Learn more at www.swellenergy.com.
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HAMILTON, Bermuda--(BUSINESS WIRE)--Valaris Limited (NYSE: VAL) ("Valaris" or the "Company") today announced that interim President and Chief Executive Officer Anton Dibowitz will present at the Pareto Securities Energy virtual conference on Wednesday, September 15, 2021, beginning at 8:50 a.m. CDT (9:50 a.m. EDT and 3:50 p.m CET). Investor materials to be used during the conference will be available on Valaris’ website at www.valaris.com. A recording of the presentation will be available in the "Investors – Events & Presentations" section of the Company’s website www.valaris.com on Thursday, September 16, 2021 for 30 days.
About Valaris
Valaris Limited (NYSE: VAL) is the industry leader in offshore drilling services across all water depths and geographies. Operating a high-quality rig fleet of ultra-deepwater drillships, versatile semisubmersibles and modern shallow-water jackups, Valaris has experience operating in nearly every major offshore basin. Valaris maintains an unwavering commitment to safety, operational excellence, and customer satisfaction, with a focus on technology and innovation. Valaris Limited is a Bermuda exempted company (Bermuda No. 56245). To learn more, visit our website at www.valaris.com.
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FRAMINGHAM, Mass.--(BUSINESS WIRE)--#cleanenergy--Ameresco, Inc. (NYSE:AMRC), a leading cleantech integrator specializing in energy efficiency and renewable energy, today announced that members of its management team will attend the following investor conferences:
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.
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LOS ANGELES--(BUSINESS WIRE)--Faraday Future Intelligent Electric Inc. (“FF”) (NASDAQ: FFIE), a California-based global shared intelligent mobility ecosystem company, today announced that the annual 919 Futurist Day will be an all-day co-creation festival at the FF HQ in Los Angeles, Calif. on September 19th. Participants at the event consist of FF employees and their friends and family members, charity project participants, investors, media, paid reservation holders, and potential users who actively participate in FF co-creation projects.
“We’re incredibly excited to be hosting this annual FF event where all the participants will be able to experience the FF culture, co-creation projects, and the FF 91,” said Global CEO Carsten Breitfeld. “From cars, technology, and user-focused activities to FF 91 delivery related updates throughout the day, this 919 day is an exciting annual event for our company.”
FF Futurist value chain co-creation and sharing is the core concept of FF user operations. Through deep participation in FF's entire value chain business including product design, research, development, manufacturing, supply chain, marketing communication, sales, service and operation, users create value and share value together with FF.
FF offers an unparalleled experience through an interactive exchange between users and the FF products. The 919 event brings that idea to life, with activities from Cars & Coffee to letting kids co-create with FF’s top designers and engineers. The FF executive team will update 919 visitors on the latest developments at FF, especially highlighting positive progress on the FF 91 production and delivery targets.
FF is also partnering with the non-profit organization The Purist Group to support a joint FF Toy Drive which benefits underprivileged and less fortunate children and families in Southern California communities and gives kids an early Christmas. 919 participants are encouraged to bring an unwrapped toy to the 919-event valued at $25 or more. All items will be donated to local charities through The Purist Group. As a global company born and rooted in Southern California, Faraday Future and The Purist Group are united in supporting the local communities and families.
Faraday Future’s recent SPAC transaction through which the company’s shares were listed on NASDAQ (ticker symbol: FFIE) raised capital to finance the release of the company’s ultimate intelligent techluxury flagship vehicle, the FF 91. The FF 91 Futurist Alliance Edition and FF 91 Futurist models represent the next generation of intelligent techluxury EVs. They are high-performance EVs, all-in-one all ability cars, and ultimate robotic vehicles that allow users to experience the third internet living space. The models also encompass extreme technology, an ultimate user experience and a complete ecosystem.
Both models have an industry-leading 1050 horsepower, a 130kWh battery pack with immersive liquid cooling technology and 0-60 mph performance in 2.4 seconds. In addition, both employ tri-motor torque vectoring and rear wheels independently driven and controlled by dual rear motors. Both models are also equipped with the industry's only super access point for internet connection at “light speed”, video streaming on the passenger information display, a rear intelligent internet system, an in-car video conferencing system, intelligent seamless entry, FFID face recognition, multi-touch eyes-free control, and zero gravity rear seats with the industry’s largest seating angle of 150 degrees.
Users can reserve an FF 91 Futurist model now via the FF intelligent APP or FF.com at: https://www.ff.com/us/reserve.
Download the new FF intelligent APP at: https://apps.apple.com/us/app/id1454187098 or https://play.google.com/store/apps/details?id=com.faradayfuture.online.
ABOUT FARADAY FUTURE
Established in May 2014, FF is a global shared intelligent mobility ecosystem company, headquartered in Los Angeles, California. Since its inception, FF has implemented numerous innovations relating to its products, technology, business model, profit model, user ecosystem, and governance structure. On July 22, 2021, FF was listed on NASDAQ with the new company name “Faraday Future Intelligent Electric Inc.”, and the ticker symbols “FFIE” for its Class A common stock and “FFIEW” for its warrants. FF aims to perpetually improve the way people move by creating a forward-thinking mobility ecosystem that integrates clean energy, AI, the Internet and new usership models. With the ultimate intelligent techluxury brand positioning, FF’s first flagship product FF 91 Futurist is equipped with unbeatable product power. It is not just a high-performance EV, an all-ability car, and an ultimate robotic vehicle, but also the third internet living space.
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NO OFFER OR SOLICITATION
This communication shall neither constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
FORWARD LOOKING STATEMENTS
This press release includes “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside FF’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: FF’s ability to execute on its plans to develop and market its vehicles and the timing of these development programs; FF’s estimates of the size of the markets for its vehicles; the rate and degree of market acceptance of FF’s vehicles; the success of other competing manufacturers; the performance and security of FF’s vehicles; potential litigation involving FF; the result of future financing efforts and general economic and market conditions impacting demand for FF’s products. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the preliminary registration statement on Form S-1 filed by Faraday Future Intelligent Electric Inc. with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and FF does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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ROCKVILLE, Md.--(BUSINESS WIRE)--The Board of Directors of Argan, Inc. (NYSE: AGX) (“Argan” or the “Company”) today declared a regular quarterly cash dividend in the amount of $0.25 per share of common stock, payable October 29, 2021 to stockholders of record at the close of business on October 21, 2021.
About Argan, Inc.
Argan’s primary business is providing a full range of services to the power industry, including the renewable energy sector. Argan’s service offerings focus on the engineering, procurement and construction of natural gas-fired power plants and renewable energy facilities, along with related commissioning, operations management, maintenance, project development and consulting services, through its Gemma Power Systems and Atlantic Projects Company operations. Argan also owns The Roberts Company, which is a fully integrated fabrication, construction and industrial plant services company, and SMC Infrastructure Solutions, which provides telecommunications infrastructure services.
Company Contact:
Rainer Bosselmann
301.315.0027
Investor Relations Contact:
David Watson
301.315.0027
All Logitech products and operations will be carbon neutral in 2021
LAUSANNE, Switzerland & NEWARK, Calif.--(BUSINESS WIRE)--#CarbonNeutral--Logitech International (SIX: LOGN) (Nasdaq: LOGI) announced today that it is adopting a climate positive approach, addressing its carbon footprint across the entire value chain (Scope 1, 2, and 3) to achieve carbon neutrality this year and setting the company on a path to net zero by 2030, and beyond that, climate positive. The world needs faster climate action to combat climate change and its impacts. Therefore, Logitech is accelerating its previous commitments in support of the Paris Agreement and RE100 and is committing to remove more carbon than the company creates, shifting to renewable energy sources and investing in restoration programs.
“Climate change is one of the biggest challenges of our generation. Yet reduction of the net carbon output levels caused by human action isn’t happening fast enough – we need to do more now to help shape a climate positive future,” states Bracken Darrell, CEO of Logitech. “We are accelerating our climate strategy to be carbon neutral this year, across all of Logitech activities and products. We will be net zero by 2030 with an ultimate goal to become climate positive. We’re going beyond what countries have committed to in the Paris Agreement and we’re doing it 20 years earlier because it’s work that cannot wait.”
Accelerating action towards the 2050 goals of the Paris Agreement and the UN Framework Convention on Climate Change demands an expanded climate action strategy. In order for Logitech to adopt the more ambitious goal of net zero by 2030 and climate positive thereafter, the company is taking action with science-based targets that support a Reduce - Renew - Restore strategy with specific programs focused on minimizing energy-intensive products and activities across the company’s product portfolio, operations, value chain and product lifecycle.
Reduce, Renew, Restore Strategy
Reduce: Logitech’s commitment to Design for Sustainability is reinforced throughout all stages of the design and engineering process to reduce a product's potential carbon footprint with innovation in materials, energy efficiency, packaging, production processes, circularity and more - essentially eliminating carbon impact before it arises. The intention is also to revise and update existing products and processes to reduce the impact of existing activities year-on-year. Many Logitech products have already switched to using post consumer recycled plastics and recyclable packaging among other lower carbon options.
Renew: Utilizing renewable electricity is an integral component to Logitech’s energy strategy. Where absolute energy demand cannot be reduced, it will be transitioned to renewable energy sources such as Solar and Wind. Logitech uses a science-based approach in conjunction with life-cycle analysis capability to determine the company's direct carbon emissions (Scope 1 & 2) and indirect value chain emissions (Scope 3). Work is already underway with suppliers and other stakeholders to transition Logitech’s footprint to renewable electricity via direct access to renewable utilities, on-site generation, and purchase of energy attribute certificates (EACs).
Restore: Adopting a climate positive approach involves a commitment to balance the full scope of emissions (Scope 1, 2, and 3). Over the next nine years, Logitech will progressively increase investments in third-party certified, nature-based, renewables and social projects to avoid carbon emissions, as well as remove carbon out of the air. With climate impacts becoming apparent, Logitech recognizes the urgent need to invest in and support forestry conservation, renewable energy infrastructure, new carbon sinks and climate-impacted communities. This year, Logitech is expanding its restoration investments through a multi-year carbon sequestration project in Fangcheng County, Henan Province, China - planting over 40 million trees. Logitech will eliminate more than 1 million tCO2 year-on-year, with our Reduce-Renew-Restore strategy in 2021 alone. Logitech plans to progressively increase investment in projects that capture and remove carbon, to rectify the damage caused over the last century and restore natural environments.
“We have reaffirmed our commitment to climate action and accelerated our program to reach the 1.5oC goal in support of the Paris Agreement 20 years earlier than anticipated,” states Prakash Arunkundrum, Head of Global Operations and Sustainability. “Science-based reduction targets are driving our momentum and we recognize that business as usual must fundamentally change, to adapt to the changing environment around us. Driving innovation in materials, measurement tools, and technical design processes, as well as collaborating across industries, helps us along our path towards reducing carbon emissions and accelerating towards a decarbonized economy.”
Logitech has the ambition to positively impact sustainability in the consumer electronics industry and is proactively taking an innovative approach to environmental and social sustainability. In addition to the company’s climate positive approach, Logitech is the first consumer electronics company to commit to providing detailed carbon impact labeling on product packaging across the entire portfolio. Learn more about all of Logitech’s sustainability initiatives in the 2021 Sustainability report or on the website.
About Logitech
Logitech helps all people pursue their passions by designing experiences so everyone can create, achieve, and enjoy more. Logitech designs and creates products that bring people together through computing, gaming, video, streaming and creating, and music. Brands of Logitech include Logitech, Logitech G, ASTRO Gaming, Streamlabs, Blue Microphones, Ultimate Ears and Jaybird. Founded in 1981, and headquartered in Lausanne, Switzerland, Logitech International is a Swiss public company listed on the SIX Swiss Exchange (LOGN) and on the Nasdaq Global Select Market (LOGI). Find Logitech at www.logitech.com, the company blog or @Logitech.
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Marie Perriard
Head of Sustainability Communications - USA
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NEW YORK & SANTIAGO, Chile--(BUSINESS WIRE)--EnfraGen, LLC ("EnfraGen"), a developer, owner, and operator of specialized sustainable and renewable power and grid stability assets in Latin America owned by Glenfarne Group, LLC ("Glenfarne") and leading global private markets firm Partners Group, on behalf of its clients, is pleased to announce the growth and strengthening of its executive team for the Prime Energia Chile business. Mr. Rodrigo Cienfuegos Pinto, who currently serves as Chief Executive Officer, has been appointed to the new position of President, effective from September 15, 2021, with Mr. Jose Arosa replacing Mr. Cienfuegos as Chief Executive Officer while also serving in a dual role as EnfraGen’s Executive Vice President, Commercialization. Mr. Arosa will report to EnfraGen’s President, Bryan Murphy.
Mr. Cienfuegos was Prime Energia Chile’s first employee in 2014 having played a leading role in Prime’s efforts to acquire, develop, build, and operate the grid stability plants that are vital to Chile’s power grid. Over the last seven years, Mr. Cienfuegos has overseen the dramatic growth of the Prime Energia Chile business from 0 megawatts to over 1000 megawatts including projects under development and construction. This intensive growth includes more than a dozen solar plants and nine grid stability plants.
As President of Prime Energia Chile, Mr. Cienfuegos will serve as a senior advisor to the company’s leadership team.
Mr. Cienfuegos said, “It has been an honor to serve as CEO of Prime Energia Chile working with Glenfarne, Partners Group, and the EnfraGen and Prime Energia Chile teams to start and grow a new business that has become a vital part of the Chile’s energy infrastructure. I am excited for Prime’s future and am glad to continue being part of the Prime Energia Chile team as the business grows.”
Mr. Arosa joins EnfraGen from serving as President and CEO of AES Mexico where he oversaw the operating portfolio in Mexico for AES and was tasked with the growth strategy for EnerAB, a joint venture with Grupo BAL focused in developing clean energy projects. Mr. Arosa joined the AES Corporation in 2008 serving in various leadership roles in business development and mergers and acquisitions in several countries including in Chile. He also led the Mexican entry strategy for Inkia Energy as Country Manager for Mexico and was in charge of the development team for InterGen in the Americas. Mr. Arosa holds a BSc & MSc in Chemical Engineering from Universidad Alfonso X El Sabio and an MBA from the University of Virginia’s Darden School of Business.
“I am honored to be joining EnfraGen and Prime Energia Chile during this exciting time of expansion and growth for the company,” said Arosa. “EnfraGen has quickly become a preeminent company in the Latin American energy infrastructure sector and a leader in furthering the energy transition through providing flexible capacity to support the grid where it operates and competitive energy through its renewables portfolio. I look forward to working with the talented EnfraGen and Prime Energia Chile teams to accomplishing our ambitious objectives.”
EnfraGen President, Bryan Murphy said, “Rodrigo was at the forefront of critical thinking about energy transition in Chile and beyond and the innovative concept for grid stability plants in Chile, later paired with distributed renewable generation, came from him. Prime Energia would not exist today in its current form if it wasn’t for Rodrigo, and we are grateful for his dedication and effort to build our Chilean business. We look forward to his continued support of the business. At the same time, we are pleased that Jose has chosen to join EnfraGen to lead Prime Energia Chile. We look forward to the success we are confident he and the team will achieve under his leadership. Jose’s experience coupled with Rodrigo’s knowledge of the Chilean power market and his network of resources will aid the continued growth of our Chile business.”
About EnfraGen, LLC
EnfraGen is a developer, owner, and operator of grid stability and value-added renewable energy infrastructure businesses across Latin American investment-grade countries. EnfraGen’s grid stability assets supply flexible capacity and energy to local and regional grids in support of renewable power plant intermittent energy production. EnfraGen’s renewable plants are smaller scale, distributed solar photovoltaic and hydroelectric assets that take advantage of unique access points to electrical infrastructure or are located in optimized geographical locations. The business’ mission is to support the transition to zero-carbon emission electric grids.
EnfraGen is jointly controlled by Glenfarne Group, LLC, and global private markets firm Partners Group, on behalf of its clients, and has operational and in-construction assets across its subsidiaries totaling over 1.7GW of installed capacity in operation. The company, including its affiliates and subsidiaries, is supported by a team of approximately 325 professionals. EnfraGen maintains offices and assets in Chile, Panama, Colombia, and the United States.
About Glenfarne Group, LLC
Glenfarne is a privately held energy and infrastructure development and management firm based in New York City and Houston, Texas with offices in Dallas, Texas, Panama City, Panama; Santiago, Chile, and Bogota, Colombia. Glenfarne's seasoned executives, asset managers, and operators develop, acquire, manage, and operate energy and infrastructure assets throughout North and South America and Asia. For more information, please visit www.glenfarnegroup.com.
About Partners Group
Partners Group is a leading global private markets firm. Since 1996, the firm has invested over USD 150 billion in private equity, private real estate, private debt and private infrastructure on behalf of its clients globally. Partners Group seeks to generate strong returns through capitalizing on thematic growth trends and transforming attractive businesses and assets into market leaders. The firm is a committed, responsible investor and aims to create sustainable returns with lasting, positive impact for all its stakeholders. With USD 119 billion in assets under management as of 30 June 2021, Partners Group provides an innovative range of bespoke client solutions to institutional investors, sovereign wealth funds, family offices and private individuals globally. The firm employs more than 1,500 diverse professionals across 20 offices worldwide and has regional headquarters in Baar-Zug, Switzerland; Denver, USA; and Singapore. It has been listed on the SIX Swiss Exchange since 2006 (symbol: PGHN). For more information, please visit www.partnersgroup.com or follow us on LinkedIn or Twitter.
Kris Cole
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project44 partners with telematics providers to offer exclusive solutions and discounts to carriers of all sizes
CHICAGO--(BUSINESS WIRE)--project44, the leader in real-time supply chain visibility, unveiled its new Preferred Telematics Program, accessible to carriers through the project44 website. The industry-first Preferred Telematics Program reduces the cost of purchasing and installing telematics devices on vehicles by delivering discounted fleet management solutions and dedicated sales channels for project44 carriers through the program’s partners. In addition, carriers can take advantage of industry-leading fleet management, driver performance, and workflow automation solutions. The program’s inaugural partners include Astrata, Ruptela, SafeFleet, Webfleet Solutions, and ZF (through its Transics FMS).
According to industry research and project44’s ongoing value engineering initiatives with customers, lack of visibility is costing the industry up to €50/$68 per load in operational effort and administration in the form of inefficiencies – such as the ability to plan and manage exceptions – and is hindering digitalization efforts. Carriers can use these technologies to navigate supply chain disruptions and save upwards of 10% of their operating costs through more efficient utilization of fleets.
“project44 continues to lay the groundwork for the most data-intensive global transportation ecosystem yet,” said Jett McCandless, CEO and founder of project44. “The Preferred Telematics Program opens a new path to digitalize the trucking industry, transforming it into a truly efficient space with visibility software at the core of global road freight tracking.”
Carriers in project44’s network can take advantage of exclusive solutions and discounts offered only by program partners. One such technology solution, project44 One-Click OnboardingTM, accelerates integrations between leading telematics systems and project44’s global supply chain visibility platform via native integration, allowing carriers to get connected in a single click instead of relying on manually generated API keys to establish connections. The innovation cuts carrier integration times from weeks to seconds and expedites time to value for project44 customers.
According to the European Fleet Management Market Report, the installation base of fleet management systems in the European Union is expected to grow at a compound annual growth rate of 14.1 percent, reaching 17.6 million units by 2023, with the penetration rate in non-privately owned commercial vehicles and cars estimated to increase from 17.4 percent in 2018 to 32 percent in 2023.
“Through the Preferred Telematics Program, project44 can get carriers connected and send their customers high-quality data by giving small- and medium-sized fleets access to similar solutions and pricing as large fleets,” said Anjuli Steffen, vice president of global networks at project44. “Telematics vendors are an essential part of the project44 ecosystem, and we are excited to deepen our collaboration with these strategic partners to simplify the data sharing experience for carriers and instantly meet the visibility requirements of leading LSP and shipper customers.”
Trusted Partners
Collectively, the Preferred Telematics Program’s inaugural members provide products and services to more than 15,000 carriers operating over 825,000 assets throughout Europe. All partners in the program have been integrated with project44 for at least 12 months, and were selected based on their existing market reach, newly dedicated onboarding resources, and willingness to build technological or commercial solutions for project44’s network. Additional partners will be considered for the program in 2022.
Taco van der Leij, vice president of Webfleet Solutions Europe said, “We are excited to partner with project44 to offer our transport customers additional value in shipment visibility. The one-click concept provides easy, quick, and secure access for data sharing and management. When using WEBFLEET for data exchange, carriers have complete control over what information they share, when, and how.”
Peter Bal, Business Leader Digital Customer Services EMEA, ZF Commercial Vehicle Control Systems said, “Operators are increasingly turning to digital solutions to enable them to remain competitive in the market as road haulage becomes ever more complex, driven by new regulations, rising cost pressures and an expectation that fleets can deliver ever more quickly, safely, sustainably and reliably. Through our partnership with project44, ZF is enabling transparency across entire logistics flows. This contributes significantly to making the logistics industry leaner, safer and greener in their daily operational activities.”
Claudiu Suma, CEO of SafeFleet said, “In the extremely competitive field of telematics, there is no workaround to excellence other than quality service, a customer-centric approach and a continuous strive for improvement. This has been our guiding principle for over two decades. We are beyond excited to share this vision with project44 and strongly believe that together we can provide unmatched value to the carrier community.”
Andrius Rupšys, founder and CEO of Ruptela said, “We are honored to be amongst the first members of project44’s Preferred Telematics Program and share project44’s vision for enabling carriers of all sizes with the technology to provide shippers and LSPs with the real-time visibility they need. With Ruptela‘s affordable solution and local presence, we ensure carriers get quick and easy onboarding.”
Martijn Koch, Global OEM sales at Astrata said, “We are proud to partner with project44 and enrich their Advanced Visibility Platform with Astrata’s strong foundations and knowledge in geolocation, telematics and fleet management systems. We are also beyond excited to add value to project44’s vision in supply chain visibility with our mobile workflow management application Mission Planner and provide real-time driver feedback for all stakeholders.”
Click here or to learn more about project44’s Preferred Telematics Program or to apply to become a preferred provider.
About project44
project44 is the world’s leading advanced visibility platform for shippers and logistics service providers. project44 connects, automates and provides visibility into key transportation processes to accelerate insights and shorten the time it takes to turn those insights into actions. Leveraging the power of the project44 cloud-based platform, organizations increase operational efficiencies, reduce costs, improve shipping performance, and deliver an exceptional Amazon-like experience to their customers. Connected to thousands of carriers worldwide and having comprehensive coverage for all ELD and telematics devices on the market, project44 supports all transportation modes and shipping types, including Air, Parcel, Final-Mile, Less-than-Truckload, Volume Less-than-Truckload, Groupage, Truckload, Rail, Intermodal, and Ocean. In 2021, project44 was named a Leader among Real-Time Transportation Visibility Providers in Gartner’s Magic Quadrant. To learn more, visit www.project44.com.
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DUBLIN--(BUSINESS WIRE)--The "Europe Wireless Electric Vehicle Charging Market 2020-2030 by Charging Technology, Power Source, Component, Charging Type, Propulsion Type, Vehicle Type, Application, Distribution Channel, and Country: Trend Forecast and Growth Opportunity" report has been added to ResearchAndMarkets.com's offering.
Europe wireless electric vehicle charging market accounted for $4.21 million in 2020 and will grow by 38.9% annually over 2020-2030, owing to the surging sales of electric vehicles due to growing awareness about vehicle emissions and government subsidies, convenience and cost-effectiveness of wireless charging, and high investment by industry players on fast charging infrastructure.
Profound analysis and assessment are generated from premium primary and secondary information sources with inputs derived from industry professionals across the value chain. The report is based on studies on 2017-2019 and provides estimate and forecast from 2020 till 2030 with 2019 as the base year because 2020 is not appropriate for research base due to the outbreak of COVID-19. (Please note: The report will be updated before delivery so that the latest historical year is the base year and the forecast covers at least 5 years over the base year.)
The trend and outlook of Europe market is forecast in optimistic, balanced, and conservative view by taking into account of COVID-19. The balanced (most likely) projection is used to quantify Europe wireless electric vehicle charging market in every aspect of the classification from perspectives of Charging Technology, Power Source, Component, Charging Type, Propulsion Type, Vehicle Type, Application, Distribution Channel, and Country.
The report also covers current competitive scenario and the predicted trend; and profiles key vendors including market leaders and important emerging players.
Key Topics Covered:
1 Introduction
1.1 Industry Definition and Research Scope
1.2 Research Methodology
1.3 Executive Summary
2 Market Overview and Dynamics
2.1 Market Size and Forecast
2.2 Major Growth Drivers
2.3 Market Restraints and Challenges
2.4 Emerging Opportunities and Market Trends
2.5 Porter's Fiver Forces Analysis
3 Segmentation of Europe Market by Charging Technology
3.1 Market Overview by Charging Technology
3.2 Magnetic Power Transfer
3.3 Inductive Power Transfer
3.4 Capacitive Power Transfer
4 Segmentation of Europe Market by Power Source
4.1 Market Overview by Power Source
4.2 3 - 11 kW
4.3 12 - 50 kW
4.4 Over 50 kW
5 Segmentation of Europe Market by Component
5.1 Market Overview by Component
5.2 Base Charging Pad
5.3 Power Control Unit
5.4 Vehicle Charging Pad
6 Segmentation of Europe Market by Charging Type
6.1 Market Overview by Charging Type
6.2 Stationary Wireless Charging
6.3 Dynamic Wireless Charging
7 Segmentation of Europe Market by Propulsion Type
7.1 Market Overview by Propulsion Type
7.2 Battery Electric Vehicle (BEV)
7.3 Plug-in Hybrid Electric Vehicle (PHEV)
8 Segmentation of Europe Market by Vehicle Type
8.1 Market Overview by Vehicle Type
8.2 Commercial Vehicles
8.3 Passenger Cars
9 Segmentation of Europe Market by Application
9.1 Market Overview by Application
9.2 Home Use
9.3 Commercial Use
10 Segmentation of Europe Market by Distribution Channel
10.1 Market Overview by Distribution Channel
10.2 OEMs
10.3 Aftermarket
11 European Market 2019-2030 by Country
11.1 Overview of European Market
11.2 Germany
11.3 U.K.
11.4 France
11.5 Spain
11.6 Italy
11.7 Russia
11.8 Rest of European Market
12 Competitive Landscape
12.1 Overview of Key Vendors
12.2 New Product Launch, Partnership, Investment, and M&A
12.3 Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/ei51s1
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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– Rochester Hub and Arizona Spoke Continue to be on Track –
– Li-Cycle will Add a Fourth Spoke in Alabama to Meet Demand; Pace of New Battery Mega-factory Deployment Far Exceeding Expectations –
– Li-Cycle Reports Third Quarter Revenue Increasing 840% Year-Over-Year to $1.7 Million –
– Subsequent to Fiscal Q3 2021, Li-Cycle Successfully Completed its Public Listing in August 2021, Resulting in Net Proceeds of $527 Million –
TORONTO--(BUSINESS WIRE)--Li-Cycle Holdings Corp. (NYSE: LICY) ("Li-Cycle" or the “Company"), an industry leader in lithium-ion battery resource recovery and the leading lithium-ion battery recycler in North America, today announced financial results for its third quarter ended July 31, 2021.
Founded in 2016, Li-Cycle utilizes its patented Spoke & Hub Technologies™ to achieve industry-leading resource recovery rates and produce the critical battery materials underpinning the global growth in electric vehicle (“EV”) proliferation. The imperative for economically and environmentally sustainable resource recycling is growing in lockstep with the exponential growth of battery manufacturing with an average of 5% to 10% of new battery production being rejected/scrapped. Li-Cycle’s two-stage battery recycling model enables customers to benefit from an economically sustainable, safe and environmentally friendly solution for the recycling of all types of lithium-ion materials.
“I am incredibly proud of what the Li-Cycle team has accomplished so far in 2021, continuing our mission to solve the global battery manufacturing scrap and end-of-life lithium-ion battery problem by creating a secondary supply of critical battery materials, while also ensuring a sustainable future for our planet. Since announcing our business combination with Peridot Acquisition Corp. in February, we signed significant commercial agreements with Ultium Cells LLC (the joint venture between General Motors and LG Energy Solution) and Univar Solutions Inc.; we began construction of our Arizona Spoke; and just yesterday, we announced plans to build an incremental fourth Spoke in Alabama. With the funds from our business combination transaction completed in August 2021, we believe that Li-Cycle is primed to capitalize on the significant growth opportunities created by the continuing mobility revolution,” said Ajay Kochhar, President and Chief Executive Officer of Li-Cycle.
Key Fiscal Q3 2021 Highlights
Spoke and Hub Roll-out Plans Responding to Increasing Market Demand
Demand for lithium-ion battery recycling has continued to exceed the Company’s projections and, in order to meet this growing demand, Li-Cycle plans to increase and accelerate its investment in the build-out of the Company’s recycling capacity. In addition to the Arizona Spoke project, Li-Cycle has announced the development of the Alabama Spoke, increasing its North American processing capacity beyond that of previous plans and projections. The Company is confident in its ability to scale the business to at least 100,000 tonnes per year of Spoke processing capacity and 220,000-240,000 tonnes per year of Hub processing capacity by 2025 (measured as tonnes of lithium-ion battery equivalent input per year). The Company expects to provide fiscal year 2022 guidance in conjunction with the reporting of full fiscal year 2021 results.
Commercial highlights
Fourteen additional battery supply customers were onboarded during fiscal Q3 2021, bringing Li-Cycle’s battery supply customer base to a new total of over 70. This demonstrates continued Li-Cycle technical and commercial validation, alongside continued market acceleration. New battery supply customers include the following (as previously announced):
Hub capital project execution highlights
Spoke expansion highlights
Spoke operations highlights – Kingston Spoke and Rochester Spoke
Financial Results for Third Quarter 2021
Revenues grew 840% to $1.7 million, compared to $0.2 million in the prior-year period, driven by increases in recycling services and product sales, primarily as a result of the increase in the quantities of batteries and battery scrap processed at the Rochester Spoke and the continued onboarding of new battery supply customers. Revenues from product sales were approximately $1.6 million, while revenues from recycling services were approximately $0.1 million.
Operating expenses increased to $7.9 million, compared to $1.9 million during the prior-year period driven by increased personnel costs, a ramp-up of operations at the Kingston and Rochester Spokes, increases in raw materials and supplies, increased R&D spending, and non-recurring expenses related to the business combination between Li-Cycle and Peridot Acquisition Corp. completed in August 2021 (the “Business Combination”). The year-over-year changes in R&D expenditures were primarily due to the fact that R&D expenses in 2020 were largely funded by government grants, the amortization of which offset the applicable R&D expense for accounting purposes.
Net loss was approximately $6.9 million, compared to approximately $1.8 million in the prior-year period.
Adjusted EBITDA (loss) was $(5.2) million, compared to $(1.3) million for the prior-year period1.
Cash flows used in operating activities were approximately $5.2 million, compared to $2.2 million during the prior-year period, primarily driven by increased personnel costs, a ramp up of operations at the Kingston Spoke and Rochester Spoke, increases in raw materials, supplies and finished goods, increased R&D spending, and consulting costs relating to the development of the Rochester Hub. Cash, cash equivalents and marketable securities were approximately $2.4 million as of July 31, 2021. Subsequent to quarter end, Li-Cycle completed the Business Combination, resulting in net proceeds of $527 million.
Shares outstanding as of August 31, 2021 were 163,179,553 common shares.
Financial Results for the Nine Months Ended July 31, 2021
Revenues grew approximately 824% to approximately $3.0 million, compared to approximately $0.3 million in the prior-year period, driven by increases in recycling services and product sales, primarily as a result of the increase in the quantities of batteries and battery scrap processed at the Kingston and Rochester Spokes and the continued onboarding of new battery supply customers. Revenues from product sales were approximately $2.7 million, while revenues from recycling services were approximately $0.3 million for the nine-month period ended July 31, 2021.
Operating expenses increased to approximately $20.8 million, compared to approximately $5.0 million during the prior-year period, driven by increased personnel costs, a ramp up of operations at the Kingston and Rochester Spokes, increases in raw materials, supplies and finished goods, increased R&D spending, and non-recurring expenses related to the Business Combination. The year-over-year changes in R&D expenditure were primarily due to the fact that R&D expenses in 2020 were largely funded by government grants, the amortization of which offset the applicable R&D expense for accounting purposes.
Net loss was approximately $21.6 million, compared to approximately $4.8 million in the prior-year period.
Adjusted EBITDA (loss) was approximately $(12.6) million for the first nine months of 2021, compared to approximately $(3.7) million for the prior-year period.
Cash flows used in operating activities were approximately $16.6 million, compared to approximately $7.7 million during the prior-year period, primarily driven by increased personnel costs, a ramp up of operations at the Kingston Spoke and Rochester Spoke, increases in raw materials and supplies, increased R&D spending, and consulting costs relating to the development of the Rochester Hub.
Fiscal Year 2021 Outlook and Previously Disclosed Projections
Li-Cycle’s fiscal year 2021 business outlook is provided as follows:
Li-Cycle included certain projected financial information in the F-4/proxy statement initially filed with the SEC on July 15, 2021 in connection with the Business Combination (as amended, the Proxy/Registration Statement).
As highlighted above, demand for lithium-ion battery recycling has continued to exceed the Company’s projections. In order to meet this growing demand, the Company plans to increase and accelerate investment in the build-out of its recycling capacity, including through the development of the Alabama Spoke, increasing its processing capacity beyond that of previous plans and projections. As a result of such developments, the assumptions underlying the projections included in the Proxy/Registration Statement, including a number regarding capital expenditures and the timing of the roll-out of new facilities, no longer reflect a reasonable basis on which to project Li-Cycle’s future results and therefore such projections should not be relied on as indicative of future results. The Company’s actual results could differ materially relative to the projected financial information contained in the Proxy/Registration Statement. The Company is confident in its ability to scale the business to at least 100,000 tonnes per year of Spoke processing capacity and 220,000-240,000 tonnes per year of Hub processing capacity by 2025 (measured as tonnes of lithium-ion battery equivalent input per year). As noted within this press release, the Company expects to provide fiscal year 2022 guidance in conjunction with the reporting of full fiscal year 2021 results.
Webcast and Conference Call Information
Company management will host a webcast and conference call on September 9, 2021, at 9:00 a.m. Eastern Time, to discuss the Company's financial results.
Interested investors and other parties can listen to a webcast of the live conference call and access the Company’s first quarter update presentation by logging onto the Investor Relations section of the Company's website at https://investors.li-cycle.com/.
The conference call can be accessed live over the phone by dialing 1-877-407-0784 (domestic) or + 1-201-689-8560 (international). A telephonic replay will be available approximately two hours after the call by dialing 1-844-512-2921 (domestic) or +1-412-317-6671 (international). The conference ID for the live call and pin number for the replay is 13722615. The replay will be available until 11:59 p.m. Eastern Time on September 21, 2021.
About Li-Cycle Holdings Corp.
Li-Cycle (NYSE: LICY) is on a mission to leverage its innovative Spoke & Hub Technologies™ to provide a customer-centric, end-of-life solution for lithium-ion batteries, while creating a secondary supply of critical battery materials. Lithium-ion rechargeable batteries are increasingly powering our world in automotive, energy storage, consumer electronics, and other industrial and household applications. The world needs improved technology and supply chain innovations to better manage battery manufacturing waste and end-of-life batteries and to meet the rapidly growing demand for critical and scarce battery-grade raw materials through a closed-loop solution. For more information, visit https://li-cycle.com/.
Non-IFRS Financial Measures
Adjusted EBITDA (loss)
The table below reconciles Adjusted EBITDA (loss) to net profit (loss):
Three months ended |
|
Nine months ended |
||||||
July 31, |
|
July 31, |
||||||
2021 |
|
2020 |
|
2021 |
|
2020 |
||
(U.S. dollar amounts in thousands) |
||||||||
Net loss |
(6,897) |
(1,811) |
(21,591) |
(4,842) |
||||
Depreciation, gross |
698 |
328 |
1,831 |
717 |
||||
Interest expense (income), gross |
428 |
162 |
900 |
307 |
||||
Share-based compensation |
298 |
57 |
1,308 |
220 |
||||
Foreign exchange (gain) loss |
(214) |
(74) |
536 |
(109) |
||||
Fair value loss on restricted share units |
509 |
- |
2,433 |
- |
||||
Forfeited SPAC transaction cost |
- |
- |
2,000 |
- |
||||
Adjusted EBITDA loss |
(5,178) |
(1,338) |
(12,583) |
(3,708) |
||||
Li-Cycle reports its financial results in accordance with the International Financial Reporting Standards (“IFRS”). The Company makes references to certain non-IFRS measures, including Adjusted EBITDA. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing a further understanding of the Company’s results of operations from management’s perspective. Accordingly, they should not be considered in isolation nor as a substitute for the analysis of the Company’s financial information reported under IFRS.
Forward-Looking Statements
Certain statements contained in this communication may be considered “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1993, as amended, Section 21 of the Securities Exchange Act of 1934, as amended, and applicable Canadian securities laws. Forward-looking statements may generally be identified by the use of words such as “will”, “continue”, “anticipate”, “expect”, “would”, “could”, “plan”, “future” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. Forward-looking statements in this press release include but are not limited to Li-Cycle’s ability to capitalize on growth opportunities, Li-Cycle’s ability to scale the business to at least 100,000 tonnes per year of Spoke processing capacity and 220,000-240,000 tonnes per year of Hub processing capacity by 2025; the expected recycling capacity of the Arizona Spoke and the Alabama Spoke and the development of a second processing line at the Alabama Spoke, the expected date of the commencement of operations for the first and second processing lines at the Arizona Spoke and the first processing line at the Alabama Spoke; continued increasing ramp-up at the Kingston Spoke and Rochester Spoke during H2 2021; and procurement of the Rochester Hub mechanical equipment during fiscal 2021. These statements are based on various assumptions, whether or not identified in this communication, which Li-Cycle believe are reasonable in the circumstances. There can be no assurance that such estimates or assumptions will prove to be correct and, as a result, actual results or events may differ materially from expectations expressed in or implied by the forward-looking statements.
These forward-looking statements are provided for the purpose of assisting readers in understanding certain key elements of Li-Cycle’s current objectives, goals, targets, strategic priorities, expectations and plans, and in obtaining a better understanding of Li-Cycle’s business and anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes and is not intended to serve as, and must not be relied on, by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability.
Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Li-Cycle, and are not guarantees of future performance. Li-Cycle believes that these risks and uncertainties include, but are not limited to, the following: Li-Cycle’s inability to economically and efficiently source, recover and recycle lithium-ion batteries and lithium-ion battery manufacturing scrap, as well as third party black mass, and to meet the market demand for an environmentally sound, closed-loop solution for manufacturing waste and end-of-life lithium-ion batteries; Li-Cycle’s inability to successfully implement its global growth strategy, on a timely basis or at all; Li-Cycle’s inability to manage future global growth effectively; Li-Cycle’s inability to develop the Rochester Hub, Arizona Spoke, Alabama Spoke and other future projects in a timely manner or on budget or that those projects will not meet expectations with respect to their productivity or the specifications of their end products; Li-Cycle’s failure to materially increase recycling capacity and efficiency; Li-Cycle may engage in strategic transactions, including acquisitions, that could disrupt its business, cause dilution to its shareholders, reduce its financial resources, result in incurrence of debt, or prove not to be successful; one or more of Li-Cycle’s current or future facilities becoming inoperative, capacity constrained or if its operations are disrupted; additional funds required to meet Li-Cycle’s capital requirements in the future not being available to Li-Cycle on commercially reasonable terms or at all when it needs them; Li-Cycle expects to incur significant expenses and may not achieve or sustain profitability; problems with the handling of lithium-ion battery cells that result in less usage of lithium-ion batteries or affect Li-Cycle’s operations; Li-Cycle’s inability to maintain and increase feedstock supply commitments as well as securing new customers and off-take agreements; a decline in the adoption rate of EVs, or a decline in the support by governments for “green” energy technologies; decreases in benchmark prices for the metals contained in Li-Cycle’s products; changes in the volume or composition of feedstock materials processed at Li-Cycle’s facilities; the development of an alternative chemical make-up of lithium-ion batteries or battery alternatives; Li-Cycle’s revenues for the Rochester Hub are derived significantly from a single customer; Li-Cycle’s insurance may not cover all liabilities and damages; Li-Cycle’s heavy reliance on the experience and expertise of its management; Li-Cycle’s reliance on third-party consultants for its regulatory compliance; Li-Cycle’s inability to complete its recycling processes as quickly as customers may require; Li-Cycle’s inability to compete successfully; increases in income tax rates, changes in income tax laws or disagreements with tax authorities; significant variance in Li-Cycle’s operating and financial results from period to period due to fluctuations in its operating costs and other factors; fluctuations in foreign currency exchange rates which could result in declines in reported sales and net earnings; unfavourable economic conditions, such as consequences of the global COVID-19 pandemic; natural disasters, unusually adverse weather, epidemic or pandemic outbreaks, boycotts and geo-political events; failure to protect Li-Cycle’s intellectual property; Li-Cycle may be subject to intellectual property rights claims by third parties; Li-Cycle’s failure to effectively remediate the material weaknesses in its internal control over financial reporting that it has identified or if it fails to develop and maintain a proper and effective internal control over financial reporting. These and other risks and uncertainties related to Li-Cycle’s business are described in greater detail in the section entitled "Risk Factors" in its final prospectus dated August 10, 2021 filed with the Ontario Securities Commission in Canada and the Form 20-F filed with the SEC. Because of these risks, uncertainties and assumptions, readers should not place undue reliance on these forward-looking statements. Actual results could differ materially from those contained in any forward-looking statement.
Li-Cycle Corp. |
||||
Condensed consolidated interim statements of financial position |
||||
As at July 31, 2021 and October 31, 2020 |
||||
(Unaudited - expressed in U.S. dollars) |
||||
|
|
|||
July 31, 2021 |
October 31, 2020 |
|||
$ |
$ |
|||
Assets |
||||
Current assets |
||||
| Cash | 2,350,722 |
663,557 |
||
| Accounts receivable | 3,255,981 |
890,229 |
||
| Prepayments and deposits | 7,911,436 |
963,951 |
||
| Inventory | 1,502,921 |
179,994 |
||
15,021,060 |
2,697,731 |
|||
Non-current assets |
||||
| Plant and equipment | 18,113,712 |
5,602,580 |
||
| Right of use assets | 16,277,652 |
3,859,088 |
||
34,391,364 |
9,461,668 |
|||
49,412,424 |
12,159,399 |
|||
Liabilities |
||||
Current liabilities |
||||
| Accounts payable and accrued liabilities | 15,778,982 |
4,364,372 |
||
| Restricted share units | 3,259,010 |
171,849 |
||
| Lease liabilities | 1,190,086 |
591,355 |
||
| Loans payable | 1,688,853 |
1,468,668 |
||
21,916,931 |
6,596,244 |
|||
Non-current liabilities |
||||
| Lease liabilities | 15,044,408 |
3,021,815 |
||
| Loans payable | 9,776,681 |
779,210 |
||
| Restoration provisions | 332,420 |
321,400 |
||
25,153,509 |
4,122,425 |
|||
47,070,440 |
10,718,669 |
|||
Shareholders' equity |
||||
Share capital |
37,805,879 |
15,441,600 |
||
Contributed surplus |
952,441 |
824,683 |
||
Accumulated deficit |
(36,119,724) |
(14,528,941) |
||
Accumulated other comprehensive loss |
(296,612) |
(296,612) |
||
2,341,984 |
1,440,730 |
|||
49,412,424 |
12,159,399 |
|||
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DEERFIELD, Ill.--(BUSINESS WIRE)--CF Industries Holdings, Inc. (NYSE: CF), a leading global manufacturer of hydrogen and nitrogen products, today announced that it has begun restarting its ammonia plants at the Donaldsonville Complex in Louisiana. Start-up of product upgrade plants (urea, nitric acid, urea ammonium nitrate) will follow. CF Industries had safely shut down all production units at the facility on Saturday, August 28, 2021, as part of its contingency plans for Hurricane Ida.
Shipping will proceed on an as available basis. CF Industries will communicate directly with customers regarding impacts caused by Hurricane Ida.
About CF Industries Holdings, Inc.
At CF Industries, our mission is to provide clean energy to feed and fuel the world sustainably. With our employees focused on safe and reliable operations, environmental stewardship, and disciplined capital and corporate management, we are on a path to decarbonize our ammonia production network – the world’s largest – to enable green and blue hydrogen and nitrogen products for energy, fertilizer, emissions abatement and other industrial activities. Our nine manufacturing complexes in the United States, Canada, and the United Kingdom, an unparalleled storage, transportation and distribution network in North America, and logistics capabilities enabling a global reach underpin our strategy to leverage our unique capabilities to accelerate the world’s transition to clean energy. CF Industries routinely posts investor announcements and additional information on the company’s website at www.cfindustries.com and encourages those interested in the company to check there frequently.
Media
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INDIANAPOLIS & WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--#CrexaCapital--Novus Capital Corporation II (NYSE: NXU, NXU.U, NXU WS) (“Novus”), a U.S. publicly-traded special purpose acquisition company, and Energy Vault, Inc., the company creating gravity-based, grid-scale energy storage solutions with its proprietary technology, today announced that they have entered into a definitive agreement for a business combination. Upon closing of the transaction, the combined company will be named Energy Vault Holdings, Inc. and is expected to be listed on the NYSE under the ticker symbols “GWHR” and “GWHR WS,” respectively. The combined company will be led by successful entrepreneur Robert Piconi as Chairman and Chief Executive Officer.
Company Highlights
Clear Market Need for Energy Vault: Demand for clean energy is growing globally, with renewables expected to become 90% of total energy generation by 2050, according to a recent IRENA report. To support this transition, grid-scale energy storage capacity will need to increase tenfold in the next ten years, with over $270 billion of investment expected over that timeframe. While demand is expected to continue to grow, current storage solutions are insufficient; pumped hydro - which is approximately 90% of the current global storage capacity market - and chemical batteries, both face significant challenges with scalability, levelized economics, safety and environmental risks.
Major Energy Storage Breakthrough: Energy Vault has developed a gravity energy storage platform that is designed to be cost-efficient, reliable, safe to operate and environmentally sustainable in order to outperform alternatives and be well-positioned to meet market demand. It is inspired by pumped hydro plants that rely on the power of gravity to store and discharge energy, combined with Energy Vault’s own material science and software innovations: it has replaced water with custom-made composite blocks, made with locally sourced soil or waste material, which are lifted and lowered to store and release energy on-demand. This proprietary system is orchestrated by Energy Vault’s AI-enabled software platform that incorporates advanced computer control and machine vision. The end result is a resilient supply of power and storage capacity with a system designed to have greater operational flexibility for both short and long duration storage, high round-trip-efficiency, lower capital and operating expenses, and an overall higher asset efficiency than competitors given the lack of degradation in the storage medium over time.
Rapidly expanding, global blue-chip engagements: Over the last two years, Energy Vault has worked closely with large, global utilities and independent power producers to optimize its energy storage technology platform, ensuring additional flexibility and addressing both higher power and flexible duration needs. After successfully connecting its first commercial scale, 5 MW energy storage system to Switzerland’s national grid in 2020, Energy Vault completed comprehensive operating due diligence with some of the largest utilities and independent power producers in the world, with a specific focus on ancillary service performance, system round trip efficiency, and continuous power dispatching protocols. All of these core and proven technology elements were incorporated into its latest design of a modular, flexible, higher power and compact product architecture, the new EVx™ platform, which was announced earlier this year with Saudi Aramco. The EVx™ is forecasted to have a 35 year technical life, 80-85% round-trip efficiency and flexibility to address the need for both higher power and shorter duration storage applications while seamlessly supporting longer duration needs, in both cases at low levelized costs. As the system does not require HVAC to operate, or have limitations on operating temperature ranges, it is designed to operate efficiently in more extreme weather environments such as deserts with high ambient temperatures.
In the near term, Energy Vault has a strong pipeline of customer engagements and letters of intent for its new platform, including eight executed agreements and letters of intent totaling more than 1,200 MW hours of storage, with additional projects under negotiation for multi-GW hours of energy storage expected to begin deployment in the next 12-24 months. The combined company currently expects to start generating recognized revenue in 2022 and in the intermediate to longer term, positive impacts on its operating results from volume deployments, further technology integration and economies of scale.
Accelerating the clean energy transition while eliminating environmental liabilities: Energy Vault is addressing the issue of waste from existing energy generation assets by utilizing a circular economic approach to the supply chain that is built on recyclability and environmental sustainability. The company’s technology is capable of recycling waste materials - such as coal combustion residuals and glass fibers from decommissioned wind turbine blades as previously posted jointly with Enel Green Power - that would otherwise end up in a landfill. By utilizing advanced material science in collaboration with CEMEX’s material science lab, Energy Vault can sequester these waste materials within the composite blocks of its gravity-based energy storage systems. Energy Vault’s pipeline of customers includes many that are also trying to address the problem of sustainable disposal and/or beneficial re-use of coal combustion residuals, which is the largest industrial waste stream generated in the U.S. every year. Finally, the supply chain and construction of these systems are primarily localized, inclusive the on-site block fabrication, which de-risks the overall material supply and minimizes green house gas (GHG) emissions from the transportation sector, thereby reducing Energy Vault’s carbon footprint while maximizing the positive impact to local economies and new job creation.
Management Commentary
Robert Piconi, CEO & Co-Founder of Energy Vault stated: “Energy Vault’s technology is designed to provide a cost-efficient, flexible and sustainable energy storage solution to meet the immediate needs of utilities, power producers and large industrial energy consumers that must solve the problem of power intermittency that is inherent with wind and solar energy generation. We developed our energy storage solution to get to market quickly given the urgent and global imperative to accelerate the decarbonization of the energy sector. Through the deployment of our transformative technology, which can store clean energy for grid-scale deployments while uniquely utilizing waste materials for beneficial reuse in the process, Energy Vault is re-defining the role that energy storage companies can and should play within a circular economic framework. We are excited to announce our business combination with Novus and look forward to becoming a public company given our recent advances in commercial scale technology validation and rapid customer adoption, which require additional capital to meet the global, multi-continent demand. As we focus now on the execution and deployment phase of the technology, we are thrilled to partner with the team at Novus who fully supports our mission of decarbonization and brings a deep experience set in new technology market development on a global scale.”
Robert Laikin, CEO of Novus added: “Energy Vault is bringing an entirely new energy storage solution to the energy market and will lower the costs for utility companies and power producers that are transitioning to renewables but who need to maintain consistent energy supply to deliver dispatchable power. Their unique approach to addressing the need for dispatchable power delivery through their creation of transformative technologies while reusing waste materials in their process, sets them apart from any other player in the market, and makes them an obvious choice as a partner. We are thrilled to be joining Rob and his team at such a pivotal moment for the company and have every confidence in their ability to capture the rapidly growing energy storage opportunity. Since our IPO in early 2021, we looked at over 100 companies and we found a fantastic company, with a public company ready management team addressing a massive global market need that is underserved with existing solutions today. In our view, Energy Vault is the only grid-scale pure ESG energy storage company that exists in the market today.”
Bill Gross, CEO and Chairman of Idealab Studio, and Co-Founder of Energy Vault commented: “We founded Idealab 25 years ago to find technological solutions to the world’s biggest challenges, and then build companies with great leadership and talent to drive those solutions to market. One of the biggest challenges the world faces today is cost-effective, large-scale energy storage, and Energy Vault is the gravity-storage breakthrough to achieve that. I look forward to supporting Rob and his team as they take this technology globally as a public company.”
Transaction Overview
The transaction values the combined company at an implied pro-forma enterprise value of $1.1 billion. Pursuant to the proposed business combination, the combined company is expected to receive up to $388 million in gross cash proceeds from a combination of cash from a $100 million committed stock PIPE and $288 million in cash held in Novus’ trust account, assuming no public stockholders exercise their redemption rights at closing.
Net cash from the transaction is intended to be used to fund growth of the combined company and global deployment of Energy Vault’s breakthrough technologies. This is in addition to a recent private Series C financing of approximately $100 million, which was led by Prime Movers Lab, with participation from SoftBank Vision Fund 1, Saudi Aramco Energy Ventures, Helena, Idealab X, Pickering Energy Partners through its Energy Equity Opportunity Fund, SailingStone Global Energy Transition, A.T. Gekko, Crexa Capital Advisors LLC, Green Storage Solutions Venture I LLC, and Gordon Crawford.
The PIPE is anchored by institutional investors including funds and accounts managed by Adage Capital Partners LP, Pickering Energy Partners, Sailingstone Capital Energy Transition Strategy Fund, SoftBank Investment Advisers, Cemex Ventures (NYSE: CX), Palantir Technologies Inc., (NYSE: PLTR) and other investors. Affiliates and associates of Novus Capital also participated in the PIPE investment. Current Energy Vault stockholders will become the majority owners of the combined company at closing. All existing stockholders and investors will continue to hold their equity ownership, including Idealab, Cemex Ventures, Neotribe, SoftBank Vision Fund 1, Helena, Saudi Aramco Energy Ventures as well as all previously announced Series C investors.
The boards of directors of both Energy Vault and Novus have unanimously approved the proposed transaction. The closing is subject to the approval of Energy Vault’s stockholders, Novus’ stockholders and other customary closing conditions, including Novus’ registration statement being declared effective by the Securities and Exchange Commission (the “SEC”) and the expiration of the HSR Act waiting period. It is currently anticipated that the transaction will be completed, assuming satisfaction or waiver of such closing conditions, in the first quarter of 2022.
Additional information about the proposed transaction, including a copy of the business combination agreement will be filed by Novus in a Current Report on Form 8-K to be filed by Novus with the SEC and available at www.sec.gov.
Advisors
Goldman Sachs served as the lead placement agent along with Cowen and Guggenheim Securities, LLC in the PIPE transaction. Guggenheim Securities, LLC, Goldman Sachs and Stifel served as financial advisors to Energy Vault. Cowen is serving as lead capital markets advisor and sole financial advisor to Novus. Gunderson Dettmer Stough Villeneuve Franklin & Hachigian LLP is serving as legal advisor to Energy Vault. BlankRome LLP is serving as legal advisor to Novus. ICR is serving as investor relations advisor for Energy Vault. Milltown Partners LLP is serving as strategic communications advisor for Energy Vault.
Investor Conference Call Information
Energy Vault and Novus Capital will host a joint investor conference call to discuss the proposed transaction on Thursday, September 9, 2021 starting at 8:30 a.m. ET. Interested parties may listen to the prepared remarks call via telephone by dialing 1-877-407-0792, or 1-201-689-8263 for international callers, and providing the conference ID: 13723042. To listen to the webcast, please click here. A telephone replay will be available for approximately 14 days. The replay can be accessed by dialing 1-844-512-2921 (domestic toll-free number) or 1-412-317-6671 (international) and providing the pin number: 13723042.
About Energy Vault
Energy Vault is the creator of sustainable energy storage products that are transforming the world’s approach to utility-scale energy storage for grid resiliency. Applying conventional physics fundamentals of gravity and potential energy, the system combines advanced material science and proprietary, machine-vision AI software that autonomously orchestrates the charging and discharging of electricity using ultra low cost composite bricks and innovative mechanical crane systems. Utilizing 100 percent eco-friendly materials with the ability to integrate waste materials for beneficial re-use at unprecedented economics, Energy Vault is accelerating the shift to a circular economy and a fully renewable world.
In June 2020, Energy Vault was named a Technology Pioneer by the World Economic Forum. The company was created at Idealab Studio, the leading technology incubator founded by Bill Gross.
About Novus Capital Corporation II
Novus Capital raised $287.5 million in February 2021 and its securities are listed on the NYSE under the ticker symbols “NYSE: NXU, NXU.U, NXU WS.” Novus Capital is a blank check company organized for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization, or other similar business combination with one or more businesses or entities. Novus Capital is led by Robert J. Laikin, Jeff Foster, Hersch Klaff, Larry Paulson, Heather Goodman, Ron Sznaider and Vince Donargo, who have significant hands-on experience helping high-tech companies optimize their existing and new growth initiatives by exploiting insights from rich data assets and intellectual property that already exist within most high-tech companies.
Forward Looking Statements
Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of financial and performance metrics, projections of market opportunity, expectations and timing related to the rollout of Energy Vault’s business and timing of deployments, customer growth and other business milestones, potential benefits of the proposed business combination and PIPE investment (the “Proposed Transactions”), and expectations related to the timing of the Proposed Transactions.
These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Energy Vault’s and Novus’ management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by an investor as, a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Energy Vault and Novus.
These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political, and legal conditions; the inability of the parties to successfully or timely consummate the Proposed Transactions, including the risk that any regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the Proposed Transactions or that the approval of the stockholders of Novus or Energy Vault is not obtained; failure to realize the anticipated benefits of the Proposed Transactions; risks relating to the uncertainty of the projected financial information with respect to Energy Vault; risks related to the rollout of Energy Vault’s business and the timing of expected business milestones; demand for renewable energy; ability to commercialize and sell its solution; ability to negotiate definitive contractual arrangements with potential customers; the impact of competitive technologies; ability to obtain sufficient supply of materials; the impact of Covid-19; global economic conditions; ability to meet installation schedules; the effects of competition on Energy Vault’s future business; the amount of redemption requests made by Novus’ public shareholders; and those factors discussed in Novus’ Annual Report on Form 10-K for the fiscal year ended December 31, 2020 under the heading “Risk Factors,” and the Current Report on Form 8-K filed on September 9, 2021 and other documents of Novus filed, or to be filed, with the SEC.
Important Information and Where to Find It
This communication is being made in respect of the proposed merger transaction involving Novus and Energy Vault. Novus intends to file a registration statement on Form S-4 with the SEC, which will include a proxy statement/prospectus of Novus, and certain related documents, to be used at the meeting of stockholders to approve the proposed business combination and related matters. Investors and security holders of Novus are urged to read the proxy statement/prospectus, and any amendments thereto and other relevant documents that will be filed with the SEC, carefully and in their entirety when they become available because they will contain important information about Energy Vault, Novus and the business combination. The definitive proxy statement will be mailed to stockholders of Novus as of a record date to be established for voting on the proposed business combination. Investors and security holders will also be able to obtain copies of the registration statement and other documents containing important information about each of the companies once such documents are filed with the SEC, without charge, at the SEC’s web site at www.sec.gov. The information contained on, or that may be accessed through, the websites referenced in this press release is not incorporated by reference into, and is not a part of, this press release.
Participants in the Solicitation
Novus and its directors and executive officers may be deemed participants in the solicitation of proxies of Novus’ shareholders in connection with the proposed business combination. Energy Vault and its executive officers and directors may also be deemed participants in such solicitation. Security holders may obtain more detailed information regarding the names, affiliations and interests of certain of Novus’ executive officers and directors in the solicitation by reading Novus’ Annual Report on Form 10-K for the fiscal year ended December 31, 2020, and the proxy statement/prospectus and other relevant materials filed with the SEC in connection with the business combination when they become available. Information concerning the interests of Novus’ participants in the solicitation, which may, in some cases, be different than those of their stockholders generally, will be set forth in the proxy statement/prospectus relating to the business combination when it becomes available.
No Offer or Solicitation
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of any securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such other jurisdiction.
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DALLAS--(BUSINESS WIRE)--Flowserve Corporation, (NYSE: FLS) ("Flowserve" or the "Company"), a leading provider of flow control products and services for the global infrastructure markets, today announced the pricing of a public offering of $500 million of its 2.800% senior notes due 2032. The offering is expected to close on September 23, 2021, subject to customary conditions.
The notes will be general senior unsecured obligations of the Company and will rank equally in right of payment with the Company's existing and future senior unsecured indebtedness. Interest will be paid semi-annually on January 15 and July 15 of each year, beginning on January 15, 2022. The Company intends to use the net proceeds from the sale of the notes to fund the redemption of its 3.500% Senior Notes due September 2022 and its 4.000% Senior Notes due November 2023.
BofA Securities, Inc., J.P. Morgan Securities LLC and Mizuho Securities USA LLC are acting as the joint book-running managers for the offering. Copies of the prospectus supplement and accompanying base prospectus for the offering may be obtained by contacting: BofA Securities, Inc. at 200 North College Street, 3rd Floor, Charlotte, NC 28255, Attn: Prospectus Department, Email: This email address is being protected from spambots. You need JavaScript enabled to view it., Toll-Free: 1-800-294-1322; J.P. Morgan Securities LLC at: 383 Madison Avenue, New York, NY 10179, Attn: Investment Grade Syndicate Desk-3rd Floor or by calling collect at (212) 834-4533; or Mizuho Securities USA LLC at: 1271 Avenue of the Americas, New York, NY 10020, Attn: Debt Capital Markets or by calling (866) 271-7403. An electronic copy of the prospectus supplement and accompanying base prospectus for the offering may also be obtained at www.sec.gov.
The notes were offered and will be sold pursuant to an effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission, and only by means of a prospectus supplement and accompanying base prospectus. This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Flowserve: Flowserve Corp. is one of the world’s leading providers of fluid motion and control products and services. Operating in more than 55 countries, the company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services. More information about the Company can be obtained by visiting the company’s website at www.flowserve.com.
Safe Harbor Statement: This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as, "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.
The forward-looking statements included in this news release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the following: the impact of the global outbreak of COVID-19 on our business and operations; a portion of our bookings may not lead to completed sales, and our ability to convert bookings into revenues at acceptable profit margins; changes in global economic conditions and the potential for unexpected cancellations or delays of customer orders in our reported backlog; our dependence on our customers’ ability to make required capital investment and maintenance expenditures; if we are not able to successfully execute and realize the expected financial benefits from our strategic transformation and realignment initiatives, our business could be adversely affected; risks associated with cost overruns on fixed-fee projects and in taking customer orders for large complex custom engineered products; the substantial dependence of our sales on the success of the oil and gas, chemical, power generation and water management industries; the adverse impact of volatile raw materials prices on our products and operating margins; economic, political and other risks associated with our international operations, including military actions, trade embargoes, epidemics or pandemics or changes to tariffs or trade agreements that could affect customer markets, particularly North African, Russian and Middle Eastern markets and global oil and gas producers, and non-compliance with U.S. export/re-export control, foreign corrupt practice laws, economic sanctions and import laws and regulations; increased aging and slower collection of receivables, particularly in Latin America and other emerging markets; our exposure to fluctuations in foreign currency exchange rates, including in hyperinflationary countries such as Venezuela and Argentina; our furnishing of products and services to nuclear power plant facilities and other critical processes; potential adverse consequences resulting from litigation to which we are a party, such as litigation involving asbestos-containing material claims; expectations regarding acquisitions and the integration of acquired businesses; our relative geographical profitability and its impact on our utilization of deferred tax assets, including foreign tax credits; the potential adverse impact of an impairment in the carrying value of goodwill or other intangible assets; our dependence upon third-party suppliers whose failure to perform timely could adversely affect our business operations; the highly competitive nature of the markets in which we operate; environmental compliance costs and liabilities; potential work stoppages and other labor matters; access to public and private sources of debt financing; our inability to protect our intellectual property in the U.S., as well as in foreign countries; obligations under our defined benefit pension plans; our internal control over financial reporting may not prevent or detect misstatements because of its inherent limitations, including the possibility of human error, the circumvention or overriding of controls, or fraud; the recording of increased deferred tax asset valuation allowances in the future or the impact of tax law changes on such deferred tax assets could affect our operating results; our information technology infrastructure could be subject to service interruptions, data corruption, cyber-based attacks or network security breaches, which could disrupt our business operations and result in the loss of critical and confidential information; ineffective internal controls could impact the accuracy and timely reporting of our business and financial results; and other factors described from time to time in our filings with the Securities and Exchange Commission.
All forward-looking statements included in this news release are based on information available to us on the date hereof, and we assume no obligation to update any forward-looking statement.
Investor Contacts:
Jay Roueche, Vice President, Investor Relations & Treasurer, (972) 443-6560
Mike Mullin, Director, Investor Relations, (972) 443-6636
Media Contact:
Lars Rosene, Vice President, Corporate Communications & Public Affairs, (972) 443-6644
Increase near top of stated annual growth range of 6 to 10 percent
WALL, N.J.--(BUSINESS WIRE)--The board of directors of New Jersey Resources (NYSE: NJR) unanimously approved a 9 percent increase in the quarterly dividend rate to $.3625 per share from $.3325 per share. The new quarterly rate will be effective with the dividend payable October 1, 2021 to shareowners of record on September 20, 2021. This dividend replaces the previously announced dividend of $.3325 per share approved on July 14, 2021 for shareowners of record on September 20, 2021.
The new annual dividend rate will be $1.45 per share. NJR has paid quarterly dividends continuously since its inception in 1952, and this marks the 28th dividend increase over the last 26 years.
“Today’s action by our board of directors reflects our continued commitment to provide value for shareowners,” said Steve Westhoven, President and CEO of New Jersey Resources. “The larger increase in our dividend this year reflects NJR’s strong results and our confidence in our strategic outlook,” Westhoven said.
About New Jersey Resources
New Jersey Resources (NYSE: NJR) is a Fortune 1000 company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR is composed of five primary businesses:
NJR and its nearly 1,200 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve® and initiatives such as The SAVEGREEN Project® and The Sunlight Advantage®. For more information about NJR: www.njresources.com.
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NJR
Media Contact:
Michael Kinney
732-938-1031
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Investor Contact:
Dennis Puma
732-938-1229
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DUBLIN--(BUSINESS WIRE)--The "US DoD Ground- and Maritime-based Radar Growth Opportunities" report has been added to ResearchAndMarkets.com's offering.
This report focuses only on US Department of Defense (DoD) ground- and maritime-based radars. Representative programs, contracts, and market participants are included to form an overview picture of DoD spending on this technology.
An analysis of research, development, test, and evaluation (RDT&E); procurement; operations and maintenance (O&M); and a variety of services is included, along with contract activity for the 2020 calendar year. Spending consists of Army, Navy/Marine Corps, Air Force/Space Force, and Joint Service plans.
The base year for financial spending is 2020, and the market forecast is from 2021 to 2026. Ground- and maritime-based radar spending for the fiscal year 2022 DoD budget request is the foundation of this research. The 2022 DoD request is the first budget submission by the Biden administration and may encounter opposition from both sides of the political aisle.
The new research outlines the defense departments, agencies, and industry partners that offer the best opportunities for companies that want to participate in the market.
The research includes market trends and future concepts that shed light on some spending numbers and the importance of participating in certain projects and programs.
It assists in understanding the government's focus and the services it will likely require. Insights are provided on current and anticipated program spending and industry leaders, which will help firms identify growth opportunities and formulate go-to-market strategies.
Key Topics Covered:
1. Strategic Imperatives
2. What You Need To Know First
3. Growth Opportunity Analysis
4. Growth Opportunity Analysis: Programs and Contracts
5. Growth Opportunity Universe
6. Conclusions
7. Next Steps
For more information about this report visit https://www.researchandmarkets.com/r/omdsfo
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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Backed by Clearlake Capital, Unifrax’s new proprietary battery technology provides promising results with real-world application testing
BUFFALO, N.Y.--(BUSINESS WIRE)--Unifrax, a leading manufacturer of high-performance specialty materials will feature their latest innovation, SiFAB™ Silicon Fiber Anode Battery Technology, at next week’s Battery Show in Novi, Michigan. Unifrax launched SiFAB earlier this year, and will feature the new silicon fiber technology during a technical presentation and exhibit during this year’s The Battery Show and Electric & Hybrid Vehicle Technology Expo at Suburban Collection Showplace, September 14-16.
Bruce Zoitos, senior scientist and manager, materials research, Unifrax, will present data obtained following advanced testing of SiFAB, which has demonstrated promising performance in multiple battery systems. SiFAB, uniquely structured for high-capacity performance, enables significantly higher energy density in lithium-ion battery systems and has successfully been tested with incremental Si loadings of greater than 40 percent. Zoitos will present these findings during a technical session on Wednesday, September 15 at 2:30 p.m. in the Crystal Room.
“Lithium-ion batteries are playing a pivotal role in our everyday life,” said Zoitos. "Along with greater energy density, SiFAB will provide faster charges and longer battery life for applications including electric vehicles, portable electronics, power tools, energy grid storage, and aerospace. With SiFAB, our recent testing shows our technology can provide a drop-in solution that can be incorporated as early as 2022, enabling better and longer-performing applications.”
The data, collected in part by Wildcat Discovery Technologies, and the Battery Innovation Center, support SiFAB’s promising performance with significantly higher capacity and fast charging capability in various electrode formulations.
According to advanced testing performed in 2021, SiFAB has demonstrated:
“After working with reputable battery labs and partners to test SiFAB, we’re excited to share SiFAB testing results at The Battery Show next week,” said Chad Cannan, senior vice president of research and development, Unifrax. “Our data shows SiFAB delivers strong performance in realistic cell conditions and real-world applications. With SiFAB’s promising performance, and Unifrax’s ability to scale up manufacturing with our first SiFAB manufacturing line being built at our Indiana manufacturing site now, our plan is on track for producing tens of metric tons in early 2022 with hundreds of metric tons capacity planned for 2023, making SiFAB a reality for customers,” said Cannan.
In addition to the SiFAB technical session with Bruce Zoitos, Unifrax will be available at booth #1431 during the 2021 Battery Show September 14-16, to discuss SiFAB technology with interested attendees.
To learn more about SiFAB, and to request a sample, visit www.sifab.com.
About Unifrax
Unifrax develops and manufactures high-performance specialty materials used in advanced applications, including high-temperature industrial insulation, electric vehicles, energy storage, filtration and fire protection, among many others. Unifrax products are designed with the ultimate goal of saving energy, reducing pollution and improving safety for people, buildings and equipment by delivering on our commitment to our customers of greener, cleaner, safer solutions for their application challenges. Unifrax has 37 manufacturing facilities operating in 12 countries and employs 2,700+ employees globally. More information is available at www.unifrax.com. For updates, follow us on Twitter, LinkedIn and Facebook.
About Clearlake
Clearlake Capital Group, L.P. is a leading investment firm founded in 2006 operating integrated businesses across private equity, credit and other related strategies. With a sector-focused approach, the firm seeks to partner with experienced management teams by providing patient, long-term capital to dynamic businesses that can benefit from Clearlake’s operational improvement approach, O.P.S.® The firm’s core target sectors are industrials, technology and consumer. Clearlake currently has approximately $39 billion of assets under management, and its senior investment principals have led or co-led over 300 investments. The firm has offices in Santa Monica and Dallas. More information is available at www.clearlake.com and on Twitter @ClearlakeCap.
Media:
For Unifrax:
Deborah L. Myers
Global Marketing Communication Director
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716.812.48020
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