HOUSTON--(BUSINESS WIRE)--Tellurian Inc. (Tellurian or the Company) (Nasdaq: TELL) today announced that it has priced an underwritten public offering of $50 million aggregate principal amount of 8.25% senior notes due 2028. The Company has granted the underwriters a 30-day option to purchase an additional $7.5 million aggregate principal amount of senior notes in connection with the offering. The Company intends to use the net proceeds from this offering for general corporate purposes, including the potential acquisition of upstream assets. The offering is expected to close on or about August 31, 2021, subject to satisfaction of customary closing conditions.
B. Riley Securities, Inc., Ladenburg Thalmann & Co. Inc. and William Blair & Company, L.L.C. are acting as joint book-running managers for the offering. Aegis Capital Corp., Alexander Capital L.P., Boenning & Scattergood, Inc., Newbridge Securities Corporation, Revere Securities LLC and Wedbush Securities Inc. are acting as co-managers for the offering.
The offering is being made pursuant to an effective shelf registration statement of the Company previously filed with the Securities and Exchange Commission (the SEC). The offering may be made only by means of a prospectus supplement and the accompanying prospectus. Copies of the preliminary prospectus supplement for the offering and the accompanying prospectus may be obtained by sending a request to B. Riley Securities, Inc., Attention: Prospectus Department, 1300 North 17th Street, Suite 1300, Arlington, Virginia 22209; Telephone: (703) 312-9580, or by emailing This email address is being protected from spambots. You need JavaScript enabled to view it..
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any state or jurisdiction in which such offer, solicitation or sale of these securities would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Tellurian Inc.
Tellurian is developing a portfolio of natural gas production, LNG marketing and trading, and infrastructure that includes an ~ 27.6 mtpa LNG export facility and an associated pipeline. Tellurian is based in Houston, Texas, and its common stock is listed on the Nasdaq Capital Market under the symbol “TELL.”
CAUTIONARY INFORMATION ABOUT FORWARD-LOOKING STATEMENTS
Statements in this press release related to the Company’s public offering of senior notes and all other statements other than statements of historical fact are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to a number of risks and uncertainties that may cause actual results to differ materially from the forward-looking statements. Tellurian urges you to carefully review and consider the cautionary statements made in this press release, the registration statement, the “Risk Factors” section of the preliminary prospectus supplement for the offering and of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, and other filings with the SEC for further information on risks and uncertainties that could affect the Company’s business, financial condition and results of operations. The Company cautions you not to place undue reliance on forward-looking statements, which speak only as of the date made. Tellurian undertakes no obligation to update any forward-looking statements in order to reflect any event or circumstance occurring after the date of this press release or currently unknown facts or conditions or the occurrence of unanticipated events. All forward-looking statements are qualified in their entirety by this cautionary statement.
Media:
Joi Lecznar
EVP Public and Government Affairs
Phone +1.832.962.4044
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Investors:
Matt Phillips
Vice President, Investor Relations
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ABERDEEN, Scotland--(BUSINESS WIRE)--
Financial Highlights
For the three months ended June 30, 2021, KNOT Offshore Partners LP (“KNOT Offshore Partners” or the “Partnership”):
Other Partnership Highlights and Events
__________________
(1) EBITDA, Adjusted EBITDA and distributable cash flow are non-GAAP financial measures used by management and external users of the Partnership’s financial statements. Please see Appendix A for definitions of EBITDA, Adjusted EBITDA and distributable cash flow and a reconciliation to net income, the most directly comparable GAAP financial measure.
(2) Distribution coverage ratio is equal to distributable cash flow divided by distributions declared for the period presented.
Gary Chapman, Chief Executive Officer and Chief Financial Officer of KNOT Offshore Partners LP, commented, “Our strong fleet utilization throughout the second quarter once again generated the consistent cashflows underlying a well-covered distribution. In agreeing commercial terms for a contract for the Windsor Knutsen and completing a multi-vessel refinancing that extends maturities from 2021 to 2026, we have improved our forward visibility and made important progress in addressing near-term challenges and securing distribution coverage. Despite the COVID-related uncertainty in global energy markets, we continue to have constructive customer discussions regarding additional contract coverage in the coming years alongside the oil majors’ established capex schedules, and we are benefitting in the interim from the rolling charter that we have secured with Knutsen NYK for the Bodil Knutsen. In the medium term, we remain confident that the fundamentals and long-term orientation of both existing shuttle tanker-serviced fields and those currently under development in both Brazil and the North Sea represent attractive growth opportunities that are projected to outpace shuttle tanker supply growth in this concentrated, high barrier-to-entry market.”
Financial Results Overview
Total revenues were $70.9 million for the three months ended June 30, 2021 (the “second quarter”), compared to $71.5 million for the three months ended March 31, 2021 (the “first quarter”). The decrease was mainly related to reduced loss of hire recoveries from the Windsor Knutsen in connection with repairs to her main engine block in the first quarter of 2021 and reduced revenues from the Bodil Knutsen as she began operating under a new rolling time charter contract with Knutsen Shuttle Tankers Pool AS. The decrease in revenue was offset in part by increased earnings from the Tove Knutsen, which was off-hire in the first quarter due to a leakage from its controllable pitch propeller and one extra operational day in the second quarter compared to the first quarter.
Vessel operating expenses for the second quarter of 2021 were $17.4 million, a decrease of $1.2 million from $18.6 million in the first quarter of 2021. The decrease is mainly due to reduced operating costs for the Bodil Knutsen due to bunker consumption and the scheduled drydocking in the first quarter The decrease was partially offset by one extra operational day in the second quarter compared to the first quarter.
Depreciation was $23.8 million for the second quarter, an increase of $0.1 million from $23.7 million in the first quarter. The increase is related to the Bodil Knutsen, which has increased monthly depreciation costs as a result of the ballast water treatment installation work carried out on the vessel in the second quarter.
A non-cash write-down in respect of the Windsor Knutsen of $29.4 million was recognized in the second quarter. In accordance with US GAAP, the Partnership’s fleet is regularly assessed for impairment as events or changes in circumstances may indicate that a vessel’s net carrying value exceeds the net undiscounted cash flows expected to be generated over its remaining useful life, and in such situation the carrying amount of the vessel is reduced to its estimated fair value. This exercise in the second quarter resulted in a write-down in respect of the Windsor Knutsen principally as a result of the vessel’s high carrying value which in turn arose due to the cost of both the purchase and the conversion of the vessel to a shuttle tanker from a conventional tanker. There are no other similar converted vessels in the Partnership’s fleet.
General and administrative expenses decreased $0.1 million from $1.6 million in the first quarter to $1.5 million in the second quarter. The decrease primarily reflects the effect of additional activity in connection with the year-end accounts in the first quarter.
As a result, operating loss for the second quarter was $1.2 million, compared to operating income of $27.6 million in the first quarter.
Interest expense for the second quarter was $6.8 million, a decrease of $0.6 million from $7.4 million for the first quarter. The decrease was mainly due to lower amortization costs for the Raquel Knutsen in connection with the sale and leaseback transaction where in the first quarter certain amortization costs related to the vessel’s previous financing were expensed and a lower LIBOR rate on average for the whole fleet. This was partially offset by increased interest expense for the Raquel Knutsen under the sale and leaseback transaction as a result of which both the financial obligation and interest rate increased and by there being one more interest day in the second quarter compared to the first quarter.
Realized and unrealized loss on derivative instruments was $2.3 million in the second quarter, compared to a gain of $8.0 million in the first quarter. The unrealized non-cash element of the mark-to-market loss was $0.2 million for the second quarter of 2021, compared to a gain of $11.9 million for the first quarter of 2021. All of the unrealized loss for the second quarter of 2021 is related to a mark-to-market loss on interest rate swaps.
As a result, net loss for the second quarter of 2021 was $10.9 million compared to a net income of $28.1 million for the first quarter of 2021.
Net income for the second quarter of 2021 decreased by $32.6 million to a loss of $10.9 million from a net income of $21.7 million for the three months ended June 30, 2020. Operating income for the second quarter decreased by $34.6 million to an operating loss of $1.2 million, compared to operating income of $33.4 million in the second quarter of 2020, mainly due to an impairment of the Windsor Knutsen, increased operating expenses and lower utilization of the fleet due to drydock and repairs. This was partially offset by the inclusion of the Tove Knutsen in results of operations from December 31, 2020. Total finance expenses for the second quarter decreased by $2.2 million to $9.5 million, compared to finance expenses of $11.7 million for the second quarter of 2020. The decrease in finance expenses was mainly due to lower average interest costs due to a decrease in the US LIBOR rate and higher unrealized gain on derivative instruments. This was partially offset by increased interest expenses for the Raquel Knutsen in connection with the sale and leaseback transaction as a result of which both the financial obligation and interest rate increased.
Distributable cash flow was $24.0 million for the second quarter of 2021, compared to $21.7 million for the first quarter of 2021. The increase in distributable cash flow was mainly due to lower operating costs for the fleet and lower interest costs in the second quarter due to the refinancing of the Raquel Knutsen and decreased realized losses on derivative instruments. This was offset by decreased contribution from the Bodil Knutsen, which started a new contract with a lower daily charter rate in the second quarter. The distribution declared for the second quarter was $0.52 per common unit, equivalent to an annualized distribution of $2.08.
COVID-19
The outbreak of the coronavirus (“COVID-19”) continues to negatively affect global economic activity, including the demand for oil and oil shipping, which may materially impact the Partnership’s operations and the operations of its customers and suppliers, although progress in vaccinations and some signs of global economic recovery continue to cautiously increase optimism.
The Partnership’s focus continues to be on ensuring the health and safety of its employees while providing safe and reliable operations for its customers.
The Partnership’s finances and operations have remained materially unaffected by the COVID-19 outbreak to date, although costs related to crew, crew transportation and logistics have all increased as countries have each introduced different quarantine rules and travel restrictions. Other than 17 days of off-hire incurred as a result of a COVID-19 outbreak on the Vigdis Knutsen which was quickly contained with no serious ill-health caused to any persons affected, the Partnership has not had any material service interruptions on its time-chartered vessels as a result of COVID-19.
However, the potential impact on the Partnership’s business, financial condition and results of operations remains uncertain although large scale distribution of vaccines seems likely to mitigate some of these uncertainties into the future. It remains too early to definitively judge the speed, scale and overall effect of vaccination efforts.
The closure of, or restricted access to, ports and terminals and passenger air travel in regions affected by the virus may lead to further operational impacts that could result in higher costs. It is possible that a further outbreak onboard a time-chartered vessel could prevent the Partnership from meeting its obligations under a charter, resulting in an off-hire claim and loss of revenue. Any outbreak of COVID-19 on board one of the Partnership’s time-chartered vessels or that affects any of the Partnership’s main suppliers could cause an inability to replace critical supplies or parts, maintain adequate crewing or fulfill the Partnership’s obligations under its time charter contracts, which in turn could result in off-hire or claims for the impacted period.
Announced delays in new capital expenditure by many oil majors in 2020 have had a negative impact on the demand for shuttle tankers and, given the uncertainty around the continuation of the COVID-19 situation, this dampened demand could persist. This has affected the timing and number of new, offshore projects and overall oil production profiles in the short-term, which has impacted the demand and pricing for shuttle tankers. If this situation persists the Partnership may be unable to re-charter its vessels at attractive rates in the future, particularly for vessels that are coming off charter in the next one to two years. Notwithstanding these challenges, the Partnership remains confident in the mid to long term growth opportunities for the shuttle tanker market and that once economic activity begins to move back closer towards pre-COVID-19 levels the Partnership will be well-placed to capture new opportunities, particularly given an absence of speculative vessel ordering in the shuttle tanker sector.
Operational Review
Fleet operated with 96.9% utilization for scheduled operations and 96.6% utilization taking into account the scheduled drydocking of the Bodil Knutsen. Both utilization figures include time during which the Windsor Knutsen earned loss of hire insurance during its period under repair in the second quarter of 2021.
In December 2020, the Windsor Knutsen reported a crack in its main engine block. The Partnership’s hull and machinery insurance has covered the cost of repairs, excepting a $150,000 deductible, and loss of hire insurance provided income at approximately the level earned during the vessel’s prior long-term charter, excepting a 14-day deductible period under the policy. The vessel was repaired and ready for operation in Brazil on June 10, 2021. The vessel has subsequently been idle other than for a short-term voyage for seven days.
As previously announced, the Partnership has agreed to commercial terms for a one-year time charter contract for the Windsor Knutsen (with owner’s option to substitute, and with charterer’s options to extend the charter by one one-year period and then one six-month period) with a major oil company. The charter is expected to commence in September 2021. The signing of this contract remains outstanding pending a number of final details which are expected to be resolved shortly.
In May 2021, the Partnership agreed a new time charter contract for the Bodil Knutsen with a major oil company to commence in the fourth quarter of 2023 or the first quarter of 2024 for a fixed period of either one year or two years, and in either case with options to extend the charter by two further one-year periods.
In May 2021, the Partnership reached an agreement with VOCIC Norway whereby VOCIC Norway would fund loss of hire (at a reduced rate) during, and costs related to, the installation of a VOC recovery plant on the Bodil Knutsen. The work is expected to be carried out in the third or fourth quarter of 2021 and take around one month. This will significantly improve the operational attractiveness of the vessel in the North Sea and Norwegian sectors going forward as well as virtually eliminate the non-methane VOC released into the atmosphere arising from the vessel’s cargo.
During July 2021, the Vigdis Knutsen went off-hire for 17 days due to an outbreak of COVID-19 on board the vessel which was quickly contained with no serious ill-health caused to any persons affected. The vessel went back into operation on July 31, 2021.
On July 19, 2021, the Tordis Knutsen developed a technical fault on its azimuth thruster and the vessel went off-hire. The vessel has now been repaired, and will return to service shortly. Under loss of hire insurance, the Partnership expects to be compensated for the contractual hire rate for the Tordis Knutsen for each day in excess of 14 deductible days during the off-hire period. The Partnership also expects the repair cost to be covered by insurance in excess of a deductible of $150,000.
Financing and Liquidity
As of June 30, 2021, the Partnership had $101.6 million in available liquidity, which consisted of cash and cash equivalents of $51.6 million and $50.0 million of capacity under its existing revolving credit facilities. The revolving credit facilities mature between August 2023 and November 2023. The Partnership’s total interest-bearing obligations outstanding as of June 30, 2021 was $1,003.2 million ($997.7 million net of debt issuance cost). The average margin paid on the Partnership’s outstanding debt during the second quarter of 2021 was approximately 2.04% over LIBOR.
As of June 30, 2021, the Partnership had entered into various interest rate swap agreements for a total notional amount of $472.6 million to hedge against the interest rate risks of its variable rate borrowings. As of June 30, 2021, the Partnership receives interest based on three or six-month LIBOR and pays a weighted average interest rate of 1.87% under its interest rate swap agreements, which have an average maturity of approximately 3.8 years. The Partnership does not apply hedge accounting for derivative instruments, and its financial results are impacted by changes in the market value of such financial instruments.
As of June 30, 2021, the Partnership’s net exposure to floating interest rate fluctuations was approximately $387.4 million based on total interest-bearing contractual obligations of $1,003.2 million, less the Raquel Knutsen sale & leaseback facility of $91.6 million, less interest rate swaps of $472.6 million and less cash and cash equivalents of $51.6 million. The Partnership’s outstanding interest-bearing contractual obligations of $1,003.2 million as of June 30, 2021 are repayable as follows:
(U.S. Dollars in thousands) |
Sale & Leaseback |
Period repayment |
Balloon repayment |
Total |
|||||||
Remainder of 2021 |
$ |
2,433 |
$ |
43,142 |
$ |
70,811 |
$ |
116,386 |
|||
2022 |
|
4,960 |
|
|
70,348 |
|
|
236,509 |
|
|
311,817 |
2023 |
5,177 |
54,672 |
230,906 |
290,755 |
|||||||
2024 |
|
5,418 |
|
|
13,011 |
|
|
123,393 |
|
|
141,822 |
2025 |
5,640 |
3,276 |
65,506 |
74,422 |
|||||||
2026 and thereafter |
|
68,009 |
|
|
— |
|
|
— |
|
|
68,009 |
Total |
$ |
91,637 |
$ |
184,449 |
$ |
727,125 |
$ |
1,003,211 |
|||
Refinancing
On June 30, 2021, the Partnership extended the maturity of its $25 million unsecured revolving credit facility with NTT Finance Corporation. The extended facility matures in August 2023. The commercial terms of the facility are unchanged from the facility entered into in June 2019 with NTT Finance Corporation.
On August 25, 2021 the Partnership’s subsidiaries that own the Tordis Knutsen, the Vigdis Knutsen, the Lena Knutsen, the Anna Knutsen and the Brasil Knutsen, entered into a new $345 million senior secured credit facility in order to refinance their existing term loans. The credit facility is repayable in 20 consecutive quarterly installments, with a balloon payment of $219 million due at maturity in September 2026. The credit facility bears interest at a rate per annum equal to LIBOR plus a margin of 2.05%. The credit facility is guaranteed by the Partnership and secured by mortgages on the vessels. The senior secured credit facilities will refinance the previously existing term loans related to these vessels which were due to mature between November 2021 and July 2022. Closing of the senior secured credit facility is anticipated to occur in September 2021.
Distributions
On August 12, 2021, the Partnership paid a quarterly cash distribution of $0.52 per common unit with respect to the quarter ended June 30, 2021 to all common unitholders of record on July 29, 2021. On August 12, 2021, the Partnership paid a cash distribution to holders of Series A Preferred Units with respect to the quarter ended June 30, 2021 in an aggregate amount equal to $1.7 million.
ATM Program
On August 26, 2021, the Partnership entered into a sales agreement with B. Riley Securities, Inc., as Agent. Under the terms of the ‘at the market’ sales agreement, the Partnership may offer and sell up to $100 million of common units, from time to time, through the Agent. The Partnership intends to use any net proceeds of the sales of offered units for general partnership purposes, which may include, among other things, the repayment of indebtedness or the funding of acquisitions or other capital expenditures.
Outlook
As outlined in the Operational Review, the Partnership’s earnings for the third quarter of 2021 will be affected by 17 days off-hire of the Vigdis Knutsen, a minimum of 14 days off-hire of the Tordis Knutsen and a number of days for the Windsor Knutsen until the expected commencement of the upcoming time charter contract that is expected to commence in September 2021.
The Tordis Knutsen is due for her first planned five-year special survey drydocking in the fourth quarter of 2021, which is expected to be carried out in Europe. The vessel is expected to be off-hire for approximately 50-55 days, including mobilization to and from Europe, and the work is expected to start in the fourth quarter of 2021 and finish in the first quarter of 2022.
In May 2021, the Partnership agreed a new time charter contract with a major oil company for the Bodil Knutsen to commence in the fourth quarter of 2023 or the first quarter of 2024.
Questions should be directed to:
Gary Chapman (+44 7496 170 620)
LIBERTY LAKE, Wash.--(BUSINESS WIRE)--Itron, Inc. (NASDAQ: ITRI), which is innovating the way utilities and cities manage energy and water, announced today that Itron’s Investor Day 2021 will be held virtually only, Tuesday, Oct. 5, 2021 at 9:30 a.m. EDT during its premier customer-focused event, Itron Inspire 2021. Tom Deitrich, Itron’s president and chief executive officer, and Joan Hooper, Itron’s senior vice president and chief financial officer, as well as members of the leadership team, will discuss industry insights and provide updates regarding the company’s long-term operating model, technology roadmap and the current market outlook.
“Following increased and overwhelming concerns about the COVID-19 delta variant and with health and safety in mind for everyone in our industry, we made the decision to host Itron Investor Day virtually,” said Tom Deitrich. “We thank you all for your patience and understanding during this unprecedented time. We look forward to connecting virtually to discuss our company’s strategy and operational focus.”
The live webcast will be accessible on Itron’s Investor Relations website and a replay of the webcast will be available for 30 days following the event. Pre-register for the webcast at https://investors.itron.com/events-presentations.
About Itron
Itron enables utilities and cities to safely, securely and reliably deliver critical infrastructure solutions to communities in more than 100 countries. Our portfolio of smart networks, software, services, meters and sensors helps our customers better manage electricity, gas and water resources for the people they serve. By working with our customers to ensure their success, we help improve the quality of life, ensure the safety and promote the well-being of millions of people around the globe. Itron is dedicated to creating a more resourceful world. Join us: www.itron.com.
Itron® is a registered trademark of Itron, Inc. All third-party trademarks are property of their respective owners and any usage herein does not suggest or imply any relationship between Itron and the third party unless expressly stated.
Itron, Inc.
Kenneth Gianella
Vice President, Investor Relations
669-770-4643
David Means
Director, Investor Relations
737-242-8448
Rebecca Hussey
Manager, Investor Relations
509-891-3574
Execution of an estimated $7.2m in new contracts with long-term partners strengthen iSun’s presence within its core markets.
BURLINGTON, Vt.--(BUSINESS WIRE)--$isun #cleanenergy--iSun, Inc. (NASDAQ: ISUN) (the “Company”, or “iSun”), a leading solar energy and clean mobility infrastructure company with 50-years of construction experience in solar, electrical and data services, today announced that it has been awarded 11 projects for Solar Engineering, Procurement and Construction (“EPC”) services in its home state of Vermont. iSun estimates that the portfolio will have a combined contract value exceeding $7 million.
HIGHLIGHTS:
“We’re always excited to communicate progress towards our three-pronged strategy for growth to our investors,” said Jeffrey Peck, Chairman and Chief Executive Officer of iSun. “We’re particularly proud when such news happens in our own backyard. Again, since first announcing this strategy in late 2019, we’ve maintained that our relationships and reputation within regions where we’re more established will provide springboards for continued growth opportunities. These Vermont contracts are proof of exactly that.”
“Earlier this week, we re-iterated our approach to value creation,” continued Peck. “Now more than ever, large-scale solar project developers are looking for EPC contractors they can trust to get the job done as promised, on-time, and on-budget in this challenging operating environment. These awards reflect how our work over the last 50 years has cultivated such trust, particularly within our home territory. One award in particular is the latest in dozens of such projects we’ve executed for this partner over the course of a decade-long relationship – a remarkable feat, given the relative infancy of our industry.”
“With demand for clean, renewable energy steadily increasing, we expect this trend to continue throughout the balance of 2021 and beyond. iSun is optimally positioned to capitalize on this trend, and stands ready to assist customers both old and new,” concluded Peck.
About iSun Inc.
Since 1972, iSun has accelerated the adoption of proven, life-improving innovations in electrification technology. iSun has been the trusted electrical contractor to Fortune 500 companies for decades and has installed clean rooms, fiber optic cables, flight simulators, and over 400 megawatts of solar systems. The Company has provided solar EPC services across residential, commercial & industrial, and utility scale projects and provides solar electric vehicle charging solutions for both grid-tied and battery backed solar EV charging systems. iSun believes that the transition to clean, renewable solar energy is the most important investment to make today and is focused on profitable growth opportunities. Please visit www.isunenergy.com for additional information.
Forward Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, effective tax rate, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.
The forward-looking statements included in this press release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the risk factors described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.
All forward-looking statements included in this press release are based on information currently available to us, and we assume no obligation to update any forward-looking statement except as may be required by law.
IR Contact:
Tyler Barnes
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802-289-8141
BOULDER, Colo.--(BUSINESS WIRE)--Vision Ridge Partners, an alternative asset manager focused on sustainable real assets, and Havila Holding announced today that they have completed the privatization of Fjord1, the owner and operator of a fleet of Norwegian ferries utilizing low or zero emission propulsion. Going forward, Fjord1 will be jointly owned by Vision Ridge Partners and Havila Holding, an investment company owned by the Sævik family in Norway, with each party holding 50% ownership stakes.
Allianz Global Investors partially financed the acquisition and refinancing of the existing debt by providing approximately NOK 3 billion financing at the holding company level. This bespoke financing platform resulted in a meaningful interest rate reduction to the cost of the previous public bond.
Vision Ridge made its initial investment in Fjord1 in 2019. At that time, Fjord1's existing operational footprint included just a single electric ferry route. In just three years, the firm has become an industry leader in the Norwegian ferry electrification industry, having transitioned 50% of its operating fleet to electric, expanded to 38 routes and completed the largest and most complex newbuild program in its history, culminating in the delivery of 32 electric vessels. As of June 30, 2021, over 70% of the new electric vessels were operating in the water, and by the end of 2021, all 32 are expected to be live and providing transport throughout Norway.
“We are proud of our partnership with Fjord1 and the Sævik family,” said Reuben Munger, Managing Partner of Vision Ridge Partners. “Collectively, we saw an opportunity for the firm to become an industry leader in ‘green’ maritime as Norway forges ahead with its goal of zero emissions in its fjord regions by 2026. The sheer size and complexity of this transaction required a creative financing structure, and we are thrilled to empower future growth and additional fleet transformation at Fjord1.”
Fjord1 is the largest player in Norway’s ferry network, a critical component of the country’s infrastructure, serving approximately 50% of all passengers. The firm leads the sector in profitability, fleet size and sustainable technology.
“The privatization of Fjord1 is a significant milestone for the firm and will ensure that it can continue to grow its leadership position and further increase its sustainability impact in the years to come,” said Vegard Sævik, Chairman of Fjord1. “By partnering with Vision Ridge, we have been able to access their extensive experience at the nexus of new mobility and electrification and position Fjord1 to be at the forefront of the transition to sustainable transportation.”
“We are delighted to have worked with Vision Ridge Partners and Havila Holding to support the rationalization of Fjord1’s ownership structure, and look forward to supporting Fjord1’s position as a key provider of critical Norwegian coastal infrastructure,” commented Jemima Atkins, who led the execution of the investment for Allianz Global Investors’ Infrastructure Debt platform.
About Vision Ridge Partners
Vision Ridge Partners aims to deliver superior financial returns and positive environmental impact through investments in sustainable real assets. Founded by Reuben Munger and joined by partners Justin Goerke and George Polk, Vision Ridge manages approximately $2.5 billion, as of June 30, 2021, across its three funds and associated co-investments. Vision Ridge has offices in Colorado and New York. For more information visit https://vision-ridge.com.
About Havila Holding
Havila Holding is a family-owned investment company that is parent to a number of subsidiaries operating in various business sectors. Founded in 1997 and headquartered in Fosnavag, Norway, the company is co-owned by Per Sævik and his children Njål Sævik, Hege Sævik Rabben and Vegard Sævik, who together serve as the company’s board of directors. Havila Holding’s mission is to manage what has been created over generations, refine and create new value, establish rewarding jobs and build communities. https://en.havila.no/
About Fjord1
Fjord1 is the largest ferry company in Norway, offering ferry and passenger boat services to over 16 million passengers annually. Through its growing fleet of innovative and technically-advanced vessels, Fjord1 aims to be the most reliable and attractive supplier of environmentally-friendly ferry and passenger boat services for its customers and partners. The company invests in low-emission and zero-emission technologies, and is driving the electrification of the ferry industry in Norway. https://www.fjord1.no
About Allianz Global Investors
Allianz Global Investors is a leading active asset manager, managing EUR 633 billion in assets for individuals, families and institutions worldwide. By being active and investing for the long term, our goal is to elevate the investment experience for our clients and generate value every step of the way. The Infrastructure Debt platform has invested over EUR 19 billion since 2013 in infrastructure companies across Europe, the United States and Latin America. The platform sources high quality infrastructure debt investments for institutional investors, offering improved access to a diversity of sectors that would otherwise not be available to public investors. https://www.allianzgi.com/
Media:
Caroline Gibson / Maria Jose Gonzalez
Prosek Partners
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+ 44 20 8323 0483
Company Adds World’s Fourth-Largest Automotive Manufacturer Stellantis as its Fourth OEM Partner Platform
Vehicle to Debut at the Advanced Clean Transportation (ACT) Expo Event August 31 – September 1 in Long Beach, CA
BOSTON--(BUSINESS WIRE)--XL Fleet Corp. (NYSE: XL) (“XL Fleet” or the “Company”), a leader in vehicle electrification solutions for commercial and municipal fleets, today announced it is now offering its hybrid electric drive system for Ram 2500 and 3500 heavy duty pickup trucks. The XLH™ system represents the Company’s first electrification product to be available for Ram Commercial, Stellantis’ (NYSE: STLA) line of commercial pickup trucks.
XL Fleet’s newest product represents the fourth OEM platform on which its electrification systems are compatible, which also includes hybrid and plug-in hybrid electric drive solutions for Ford, General Motors and Isuzu fleet vehicles. With the Ram 2500 and 3500 heavy duty pickup models added to its hybrid product line, XL Fleet now electrifies four of the U.S.’s top-selling pickup brands, including Ford F-series, Chevrolet Silverado, Ram and GMC Sierra trucks.
With the addition of Stellantis, the world’s fourth largest automaker, and its popular Ram truck and commercial lineup to its roster of OEM partners, XL Fleet continues to diversify its product portfolio to meet a broader range of vehicles, applications and specifications for its fleet customers. Ram pickups are renowned among fleets for their exceptional towing capability, comfort and luxury design, and can now realize significant fuel economy improvements and CO2 emissions reductions with an XL Hybrid electric drive system installed.
“Adding a global leader like Stellantis to our network of OEM partners represents a great milestone for XL Fleet, and provides another world-class platform to our product portfolio for customers,” said Dimitri Kazarinoff, Chief Executive Officer of XL Fleet. “The Ram Commercial line of pickup trucks generates significant demand in the fleet industry, and this platform opens attractive new opportunities for our current customers and prospects to electrify their fleet. We continue to execute on our strategy of building the broadest and most diverse network of fleet electrification solutions on the market, while helping customers to immediately move forward on meeting their sustainability goals.”
The XLH hybrid electric drive system is now available for select Ram 2500 / 3500 models with the 6.4L V8 engine and a wide range of wheelbases, cab configurations and drivelines. The XLH system features a high-efficiency lithium-ion battery, inverter and electric traction motor, which helps to propel the vehicle forward during acceleration and captures energy through regenerative braking during deceleration.
As with the rest of the XLH hybrid electric upfit applications, the system requires no external power or charging infrastructure to operate, and all OEM factory warranties remain intact. The XLH system includes XL Fleet’s standard 3-year, 75,000-mile warranty, with extended warranty options available. The systems are also currently available on a wide variety of Class 2-6 vehicles from Ford, Chevrolet, GMC, and Isuzu.
XL Fleet will be displaying an XLH hybrid-equipped Ram 2500 in its booth (#1211) during the Advanced Clean Transportation (ACT) Expo event August 31 – September 1 in Long Beach, CA. For more information on XL Fleet’s full suite of electrification solutions, visit www.xlfleet.com or contact This email address is being protected from spambots. You need JavaScript enabled to view it..
About XL Fleet Corp.
XL Fleet is a leading provider of vehicle electrification solutions for commercial and municipal fleets in North America, with more than 150 million miles driven by customers such as The Coca-Cola Company, Verizon, Yale University and the City of Boston. XL Fleet’s hybrid and plug-in hybrid electric drive systems can increase fuel economy up to 25-50 percent and reduce carbon dioxide emissions up to 20-33 percent, decreasing operating costs and meeting sustainability goals while enhancing fleet operations. XL Fleet’s plug-in hybrid electric drive system was named one of TIME magazine's best inventions of 2019. For additional information, please visit www.xlfleet.com.
About Stellantis
Stellantis is one of the world’s leading automakers and a mobility provider, guided by a clear vision: to offer freedom of movement with distinctive, affordable and reliable mobility solutions. In addition to the Group’s rich heritage and broad geographic presence, its greatest strengths lie in its sustainable performance, depth of experience and the wide-ranging talents of employees working around the globe. Stellantis will leverage its broad and iconic brand portfolio, which was founded by visionaries who infused the marques with passion and a competitive spirit that speaks to employees and customers alike. Stellantis aspires to become the greatest, not the biggest while creating added value for all stakeholders as well as the communities in which it operates.
Forward Looking Statements
Certain statements in this press release may constitute “forward-looking statements” within the meaning of the federal securities laws. 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 statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of management and are not predictions of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including but not limited to; the effects of pending and future legislation; the highly competitive nature of the Company’s business and the commercial vehicle electrification market; litigation, complaints, product liability claims and/or adverse publicity; cost increases or shortages in the components or chassis necessary to support the Company’s products and services; the introduction of new technologies; the impact of the COVID-19 pandemic on the Company’s business, results of operations, financial condition, regulatory compliance and customer experience; the potential loss of certain significant customers; privacy and data protection laws, privacy or data breaches, or the loss of data; general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; the inability to convert its sales opportunity pipeline into binding orders; risks related to the rollout of the Company’s business and the timing of expected business milestones, including the ongoing global microchip shortage and limited availability of chassis from vehicle OEMs and our reliance on our suppliers; the effects of competition on the Company’s future business; the availability of capital; and the other risks discussed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K filed on March 31, 2021, as amended and supplemented by the 10-K/A filed May 17, 2021, and other documents that the Company files with the SEC in the future. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements speak only as of the date hereof and the Company specifically disclaims any obligation to update these forward-looking statements.
XL Fleet Media:
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XL Fleet Investor:
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DUBLIN--(BUSINESS WIRE)--The "Oilfield Chemicals - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Oilfield Chemicals Market to Reach $43.9 Billion by 2027
Amid the COVID-19 crisis, the global market for Oilfield Chemicals estimated at US$27.9 Billion in the year 2020, is projected to reach a revised size of US$43.9 Billion by 2027, growing at a CAGR of 6.7% over the analysis period 2020-2027.
Drilling Fluids, one of the segments analyzed in the report, is projected to record a 7.6% CAGR and reach US$17.5 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Stimulation Chemicals segment is readjusted to a revised 7.7% CAGR for the next 7-year period.
The U.S. Market is Estimated at $7.5 Billion, While China is Forecast to Grow at 10.3% CAGR
The Oilfield Chemicals market in the U.S. is estimated at US$7.5 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$9.7 Billion by the year 2027 trailing a CAGR of 10.3% over the analysis period 2020 to 2027.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.6% and 6% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 4.3% CAGR.
Production Chemicals Segment to Record 4.3% CAGR
In the global Production Chemicals segment, USA, Canada, Japan, China and Europe will drive the 3.9% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$2.7 Billion in the year 2020 will reach a projected size of US$3.5 Billion by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$6 Billion by the year 2027, while Latin America will expand at a 5.3% CAGR through the analysis period.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS (Total 147 Featured)
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/mipyno
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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DALLAS--(BUSINESS WIRE)--Primoris Services Corporation (NASDAQ Global Select: PRIM) (“Primoris” or “Company”) today announced two new solar awards with a combined value of over $120 million. The contracts were secured by the Company’s Energy/Renewables Segment.
“These contracts are the realization of two projects we mentioned during our second quarter earnings call that were progressing under limited notices to proceed and are excellent examples as to why we have confidence in the balance of this year as well as into 2022,” said Tom McCormick, President and Chief Executive Officer of Primoris. “We have now executed three contracts in the last week for a combined total of over $220 million that add to our backlog in the Energy/Renewables segment and we have more to come.”
ABOUT PRIMORIS
Primoris is one of the leading providers of specialty contracting and critical infrastructure services operating throughout the United States and Canada. Primoris provides a wide range of specialty construction services, fabrication, maintenance, and engineering services to a diversified and well-tenured blue-chip client base. Additional information on Primoris is available at www.primoriscorp.com.
FORWARD LOOKING STATEMENTS
This press release contains certain forward-looking statements that reflect, when made, the Company’s expectations or beliefs concerning future events that involve risks and uncertainties, including the Company’s future performance. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “anticipates”, “believes”, “could”, “estimates”, “expects”, “intends”, “may”, “plans”, “potential”, “predicts”, “projects”, “should”, “will”, “would” or similar expressions. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, financing plans, competitive position, industry environment, potential growth opportunities, the effects of regulation and the economy, generally. Forward-looking statements inherently involve known and unknown risks, uncertainties, and other factors, which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Actual results may differ materially as a result of a number of factors, including, among other things, the risks described in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2020, and our other filings with the U.S. Securities and Exchange Commission (“SEC”). Such filings are available on the SEC’s website at www.sec.gov. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements. Primoris does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
Brook Wootton, Vice President, Investor Relations
Primoris Services Corporation
214-545-6773, This email address is being protected from spambots. You need JavaScript enabled to view it.
Deploying cloud enabled private LTE network for windfarm application in Scotland
READING, England--(BUSINESS WIRE)--#OpenRAN--Mavenir, the Network Software Provider building the future of networks with cloud-native software that runs on any cloud and transforms the way the world connects, announces today that UK based wireless telecommunications provider, Vilicom is using the MAVair solution as a critical component in delivering UK’s first off-shore private LTE network for windfarm communications and connectivity.
The MAVair family includes the flexible Open Virtualised RAN (Open vRAN) where the evolved RAN architecture, designed with cloud-native virtualisation techniques, enables the RAN to flex and adapt based on usage and coverage. Mavenir’s Open vRAN platform enables Vilicom to provide reliable, scalable, high throughput solution meeting low latency requirement in a challenging environment. The software application runs on commoditised hardware providing cost effectiveness, high flexibility and agility to network operators, whilst providing one architecture for many different user scenarios.
The Vilicom network provides advanced communications and connectivity to sea vessels and workers operating inside the boundaries of the windfarm off the coast of Scotland. The connectivity also allows workers to be in touch on a regular basis through video calls and emails whilst they are at sea.
The Moray East offshore windfarm project is aimed at generating electricity using renewable energy; it will be able to fulfil approximately 40% of the total electricity demand in Scotland and can power-up to 950,000 homes in the UK.
“Building efficiencies into the construction and operations of a windfarm is a challenge without superfast and reliable connectivity. Vilicom will provide network connectivity to all project operating sea vessels and provides functionality that enables communication not only between workers at sea but also communication back home and for use in leisure time,” states Sean Keating, CEO of Vilicom.
“Mavenir is delighted to partner with Vilicom for this important and equally complex private network system. Private networks are increasingly becoming more prevalent and we look forward to collaborating with Vilicom to develop further such use cases and applications. This project highlights the relevance and importance of advanced communications in a real application scenario,” states Stefano Cantarelli, Chief Marketing Officer of Mavenir.
About Mavenir:
Mavenir is building the future of networks and pioneering advanced technology, focusing on the vision of a single, software-based automated network that runs on any cloud. As the industry's only end-to-end, cloud-native network software provider, Mavenir is focused on transforming the way the world connects, accelerating software network transformation for 250+ Communications Service Providers in over 120 countries, which serve more than 50% of the world’s subscribers. www.mavenir.com
About Vilicom:
Vilicom is at the forefront of designing, installing and managing the global networks that give people in over 20 countries and four continents the freedom to communicate and work from anywhere. Vilicom’s consultancy and system integration services harness wireless technology, data and intelligent analytics across every industry sector to deliver unprecedented productivity and efficiencies. Vilicom works with some of the biggest (and, indeed, the smallest) technology-driven companies in the world, offering insight-led consultancy and advice on everything from vendor selections and technology strategy to mergers, acquisitions and project delivery.
Mavenir PR Contacts:
Mavenir
Emmanuela Spiteri
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Global PR (EMEA)
Kevin Taylor
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Global PR (US)
Casey Bush
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Vilicom PR Contacts:
PR Consultant
Leila Hrycyszyn
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AUSTIN, Texas--(BUSINESS WIRE)--WhiteWater today announced the acquisition of Sendero’s Gateway Pipeline. The 24-inch Gateway Pipeline is connected to WhiteWater’s Agua Blanca pipeline system, The Gateway Pipeline extends approximately 24 miles north from Reeves County into the Carlsbad Area.
WhiteWater’s investment in Agua Blanca is led by First Infrastructure Capital. Inquiries regarding the Agua Blanca pipeline system should be directed to This email address is being protected from spambots. You need JavaScript enabled to view it..
About WhiteWater
WhiteWater is an Austin based infrastructure company founded in 2016. WhiteWater has partnered with multiple private equity funds and direct investors since inception.
For more information about WhiteWater, visit www.whitewatermidstream.com.
About First Infrastructure Capital
First Infrastructure Capital Advisors, LLC is a Houston-based investment firm specializing in greenfield projects and companies operating in the midstream, downstream, electric power, telecommunications, and renewable energy industries. First Infrastructure Capital Advisors, LLC is an SEC-registered investment adviser, which manages funds affiliated with First Infrastructure Capital, L.P. For more information about First Infrastructure Capital, visit www.firstinfracap.com.
WhiteWater
Bryan Willoughby
Director, Business Development
(512) 953-2100
www.whitewatermidstream.com
Key light EV markets include China, India, and other countries in Asia where mature battery swapping deployments for light EVs are focused on the seated e-scooter
BOULDER, Colo.--(BUSINESS WIRE)--#EV--A new Leaderboard report from Guidehouse Insights examines the strategy and execution of 14 leading light electric vehicle (EV) battery swapping suppliers, with Gogoro ranked as the leading market player.
Battery swapping is emerging as a potential breakthrough technology for personal light EV sales. The technology is driven by many advantages compared with conventional refueling and charging technologies. Most importantly, battery swapping can reduce upfront light EV costs and address the major drawback of recharging speeds being much slower than internal combustion engine (ICE) vehicle refueling. According to a new Leaderboard report from Guidehouse Insights, Gogoro is the leading supplier in the light EV battery swapping industry.
“Gogoro has differentiated itself from the competition through its early and compelling vision for light EV battery swapping,” says Ryan Citron, senior research analyst with Guidehouse Insights. “It offers an extensive product portfolio across the battery swapping supply chain, has a strong track record on quality and performance in its product line, and boasts an unmatched partner network highlighted by several of the world’s largest two-wheeler OEMs.”
A solid group of vendors trail this leader in the development of innovative technology solutions and in the steering of significant light EV battery swapping deployments. Other industry players in the market are still growing their sales presence and geographic reach, but are achieving early success in their home markets, playing an important role in the evolution and growth of the global light EV battery swapping market.
The report, Guidehouse Insights Leaderboard: Light EV Battery Swapping Suppliers, examines the strategy and execution of 14 leading light EV battery swapping suppliers. These vendors are rated on 10 criteria: vision; go-to-market strategy; partners; production strategy; geographic reach; market presence; product quality and reliability; product portfolio; pricing; and staying power. Vendors are profiled, rated, and ranked with the goal of providing industry participants with an objective assessment of these companies’ relative strengths and weaknesses in the growing global light EV battery swapping market. An executive summary of the report is available for free download on the Guidehouse Insights website.
About Guidehouse Insights
Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today’s rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.
About Guidehouse
Guidehouse is a leading global provider of consulting services to the public and commercial markets with broad capabilities in management, technology, and risk consulting. We help clients address their toughest challenges and navigate significant regulatory pressures with a focus on transformational change, business resiliency, and technology-driven innovation. Across a range of advisory, consulting, outsourcing, and digital services, we create scalable, innovative solutions that prepare our clients for future growth and success. The company has more than 10,000 professionals in over 50 locations globally. Guidehouse is a Veritas Capital portfolio company, led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets, and agenda-setting issues driving national and global economies. For more information, please visit: www.guidehouse.com.
* The information contained in this press release concerning the report, Guidehouse Insights Leaderboard: Light EV Battery Swapping Suppliers, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.
Lindsay Funicello-Paul
+1.781.270.8456
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AUSTIN, Texas--(BUSINESS WIRE)--Banyan Water, the leading provider of data-driven water conservation software for the built environment, today released its 2021 Banyan Water Analysis Trends and Emerging Risk (W.A.T.E.R.) Report.
Banyan’s report analyzes 2020 data from its portfolio of properties, identifying major enterprise-level water risks jeopardizing large-scale conservation amidst historic droughts. The report also identifies the millions of dollars in hidden costs properties face due to water mismanagement coupled with rising regional water rates.
“Severe droughts threatening water reserves are not just an issue. We’re combating a full crisis,” said Gillan Taddune, CEO of Banyan. “Corporations can no longer put water management on the back burner. Insights from our report underscores the importance of Banyan’s data-first water management system that eliminates costly risks for U.S. enterprises.”
The report explores market data on water usage and climate in the U.S. to reveal:
To access the full report, click here.
About Banyan Water
Founded in 2011, Banyan Water is the leading provider of data-driven water conservation software for the built environment. Using smart devices and real-time monitoring and analytics, Banyan protects Earth’s most precious resource while significantly reducing expenses for clients. Since the company’s inception, Banyan has saved more than 4 billion gallons of water—enough to supply Cape Town, South Africa for a month during the height of its 2018 water crisis—secured the esteemed EPA WaterSense label on select products, and, in 2020, increased customer asset value by $36 million. For more information, visit www.banyanwater.com.
Pam Olszewski
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(c) 512-662-8551
BRISBANE, Australia--(BUSINESS WIRE)--Tritium, a global developer and manufacturer of direct current (“DC”) fast chargers for electric vehicles (“EVs”), today announced a strategic partnership with Solcon Industries, a dynamic power electronics company with more than 40 years of experience developing and manufacturing industrial electronic systems. With the partnership, Solcon Industries becomes an official channel partner and service provider of Tritium’s range of fast charging technology to help meet the growing demand for EV charging infrastructure in Israel and Palestine.
“The world is transitioning to electric transportation, yet drivers in Israel and Palestinian haven’t had adequate access to efficient, fast electric vehicle charging,” said Solcon Industries Vice President of Sales Izzi Eicher. “The people of this region want to drive electric vehicles, and we’re thrilled to be working with Tritium to make that a reality. With their advanced fast charging technology, we believe we’ll be providing drivers with the confidence that they can recharge quickly, efficiently and reliably every time they see a Tritium charger.”
The partnership comes on the heels of a July 24 Israeli Ministry of Foreign Affairs announcement of the country’s plans to reach zero carbon emissions by 2050, calling for a 96% reduction in greenhouse gas emissions in transportation and an 85% reduction in the electricity sector.
“We’re very pleased to be working with Solcon to supply fast public charging infrastructure to drivers in Israel and Palestine,” said Ravi Vaidya, Tritium Vice President of Sales for APAC & Middle East. “As governments increase their commitments to fighting climate change and reducing carbon emissions, it’s critical that drivers have the confidence to adopt electric transportation. Tritium is proud to support the global transition to e-mobility through reliable, innovative technology that gets drivers back on the road in minutes, not hours.”
As the only liquid cooled, IP65-rated fast charging technology provider, Tritium designs its products in Australia to thrive in a variety of challenging environmental conditions, from extreme heat to sub-zero temperatures. This unique approach allows the company’s products to be better protected against dust and moisture, and to perform reliably with the smallest footprint.
About Tritium
Founded in 2001, Tritium designs and manufactures proprietary hardware and software to create advanced and reliable DC fast chargers for electric vehicles. Tritium's compact and robust chargers are designed to look great on Main Street and thrive in harsh conditions, through technology engineered to be easy to install, own, and use. Tritium is focused on continuous innovation in support of our customers around the world.
As announced on May 26, 2021, Tritium has entered into a definitive agreement for a business combination with Decarbonization Plus Acquisition Corporation II (NASDAQ: DCRN, DCRNW), a publicly traded special purpose acquisition company (SPAC), that would result in Tritium becoming a publicly listed company. Completion of the proposed transaction is subject to customary closing conditions and is expected to occur in the fourth quarter of 2021.
For more information, visit tritiumcharging.com.
About Solcon Industries Ltd
Solcon Industries Ltd (www.solcon.com) is a power electronics company that has designed, developed, and manufactured industrial electronic systems installed in more than 76 countries worldwide.
As a global industry leader in power Electronics and motor control, Solcon provides solutions in the toughest environments across all industries.
Solcon’s field-developed design criteria ensure long-term product reliability and provide future-proof innovative solutions. This approach has allowed the company to serve Global partners for more than 42 years.
Tritium Investors Contact
Caldwell Bailey
ICR, Inc.
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Tritium Media Contact
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ANAHEIM, Calif.--(BUSINESS WIRE)--Willard Marine, Inc. announced that it has signed an agreement with GEM Global Yield LLC SCS ("GGY"), the Luxembourg-based private alternative investment vehicle providing Willard Marine with a Share Subscription Facility of up to $25 Million for when it goes public. Willard Marine will control the timing and maximum number of drawdowns under this facility and has no minimum drawdown obligation.
Willard Marine, Inc. (Willard) has partnered with tech industry leaders in alternative fuel propulsion, autonomous navigation, and renewable materials to develop the next generation of small boats for the military and other critical-use markets.
"GGY’s investment facility strengthens Willard's immediate and long-term financial goals and reinforces its ability to rapidly accelerate our continued growth," said Jordan Angle, second-generation CEO of Willard. “We are excited to build on Willard’s 65-year track record of innovation with the development of green and autonomous small boats, for use in the military, commercial, and leisure markets. The company plans to go public through either a merger with a Special Purpose Acquisition Company (SPAC), reverse merger or direct listing on the NASDAQ."
About Willard Marine, Inc.
Willard builds mission proven boats as tough and worthy as those who depend on them. Law enforcement, military, and commercial mariners around the world place unwavering confidence in their Willard boats and the talented men and women who design, build, and service them. It is always our mission to help mariners complete theirs.
Willard has a proven track record of designing and building some of the safest, most rugged vessels in the world. Since our founding in 1957, Willard has provided more than 1,500 boats to the U.S. Navy, Coast Guard and Marine Corp., as well as allied foreign military, law enforcement agencies, search and rescue organizations and commercial companies. Still based in California, with additional facilities in Virginia Beach, Willard is the sole American manufacturer of SOLAS approved rescue boats. Willard Marine boats are built to meet a variety of standards including USCG, ABYC, and ABS among others, and we are proud to be ISO 9001:2015 certified, which requires that we maintain a strict Quality Management System that consistently yields high-quality boats at reduced costs and more efficient production timelines for our clients.
Willard is proud to say that none of our clients have reported a hull-failure. This is a reflection of our quality engineering and manufacturing processes combined with our exceptional attention to detail found in everything from our orderly electrical wiring to the strategic placement of scupper holes. We stand behind our work and offer a comprehensive warranty, and customers enjoy many decades of safe, reliable performance and low-cost maintenance with a Willard Marine boat!
About the GEM Group
Global Emerging Markets ("GEM") is a $3.4 billion, alternative investment group with offices in Paris, New York and Nassau (Bahamas). GEM manages a diverse set of investment vehicles focused on emerging markets and has completed over 470 transactions in 70 countries. Each investment vehicle has a different degree of operational control, risk-adjusted return, and liquidity profile. The family of funds and investment vehicles provide GEM and its partners with exposure to: Small-Mid Cap Management Buyouts, Private Investments in Public Equities and select venture investments.
For more information: http://www.gemny.com/
Forward Looking Statements
This release may contain "forward-looking" statements, as that term is defined in the Private Securities Litigation Reform Act of 1995 or by the SEC in its rules, regulations, and releases. These forward-looking statements include, among other things, statements of plans, objectives, expectations, or intentions. Forward-looking statements involve risks, uncertainties and assumptions and actual results may differ materially from those expressed in these forward-looking statements.
Jordan Angle
CEO
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Justin Law
Director of Sales
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Willard Marine
1250 N. Grove St.
Anaheim, CA 92806
DALLAS--(BUSINESS WIRE)--Texas Pacific Land Corporation (NYSE: TPL) (the “Company” or “TPL”) today announced the release of its inaugural Environmental, Social, and Governance (“ESG”) disclosure. The disclosure can be found at www.texaspacific.com/esg and provides information related to the Company’s ongoing commitment to its community, its stakeholders, and its ESG objectives. TPL’s disclosure is aligned with leading sustainability frameworks and reporting standards, including the Sustainability Accounting Standards Board (“SASB”) framework and elements of the Global Reporting Initiative’s (“GRI”) framework.
“We are excited to release our inaugural ESG disclosure, which is a reflection of our existing commitments and priorities surrounding sustainability and social responsibility,” said Tyler Glover, TPL’s Chief Executive Officer. “Over the past year, TPL has undertaken a comprehensive ESG assessment and developed an ESG program that will allow the Company to steadily build upon our sustainability objectives. I am proud of our team’s commitment and execution towards the Company’s ESG objectives. TPL is uniquely positioned to provide collaborative opportunities with customers and companies that operate on our land to drive sustainability and to ensure that our industry benefits all stakeholders.”
Key highlights from the report include:
The release of our ESG disclosure reflects our commitment to long-term sustainability practices and is designed to help our stakeholders better understand TPL’s commitment and efforts regarding environmental stewardship, social responsibility, strong corporate governance, and deeply held core values.
About TPL
Texas Pacific Land Corporation is one of the largest landowners in the State of Texas with approximately 880,000 acres of land in West Texas, with the majority of its ownership concentrated in the Permian Basin. The Company is not an oil and gas producer, but its surface and royalty ownership allow revenue generation through the entire value chain of oil and gas development, including through fixed fee payments for use of our land, revenue for sales of materials (caliche) used in the construction of infrastructure, providing sourced water and treated produced water, revenue from our oil and gas royalty interests, and revenues related to saltwater disposal on our land. The Company also generates revenue from pipeline, power line and utility easements, commercial leases and seismic and temporary permits related to a variety of land uses including midstream infrastructure projects and hydrocarbon processing facilities.
Visit TPL at www.texaspacific.com.
Investor Relations
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HOUSTON--(BUSINESS WIRE)--Esperanza Capital Partners (“ECP”) is pleased to announce the formation of its inaugural energy investment platform, founded by Managing Partners David M. Dunwoody, Jr. and William H. Goodwin alongside investment firm Cockrell Interests, LLC (“Cockrell”). ECP will target the acquisition of high-quality energy and infrastructure assets located in the U.S. Gulf of Mexico (“GOM”).
ECP is focused on assets which provide investors with current cash flow yield and providing creative solutions to current basin incumbents looking for a transition, a strategic or operating partner or a flexible capital provider. Armed with long-duration capital partners, a unique investment structure and a track record of safely building and operating a portfolio of offshore assets, ECP is positioned to pursue the diverse set of opportunities that exist in the offshore energy sector.
“We believe historical under-investment in the GOM provides a unique opportunity for ECP to safely transition assets from larger operators to a focused, seller-aligned investment platform with a clean structure and balance sheet capable of substantial scale,” said ECP Managing Partner William Goodwin.
Prior to ECP, Mr. Dunwoody was Co-founder and President of EnVen Energy Corporation, an independent operator in the GOM, and Mr. Goodwin was a Partner at Millennial Energy Partners, an energy investment firm and direct asset manager. Further, while serving in their prior leadership roles, the principals closed multiple acquisitions of material scale with several oil & gas Supermajors.
“We look forward to combining the operations and investment management expertise of the ECP partnership to create a unique and sustainable investment model in our industry for decades to come,” said ECP Managing Partner David Dunwoody. “Cockrell has deep roots in the investment community and our industry, and we couldn’t imagine a better partner for ECP.”
Cockrell is a Houston-based, family-owned investment firm with 70 years of investment experience in asset classes including private equity, agriculture, real estate, venture capital, public equities, and credit. The Cockrell family is a fifth generation Houston family with almost a century of experience in the oil & gas business including substantial exploration, development, operating, and investment experience offshore in the GOM.
Michael De Voe Piazza and Will Thanheiser from Willkie Farr & Gallagher LLP provided legal counsel to ECP in connection with the formation of ECP. Creighton Smith and Bobbi Ingram of Vinson & Elkins LLP provided legal counsel to Cockrell in connection with its investment in ECP.
About Esperanza Capital Partners
Esperanza Capital Partners is a private investment firm based in Houston, Texas.
David Dunwoody
William Goodwin
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Janavitz to lead global marketing efforts for fast-growing leader of SaaS supply chain software platform company
AUSTIN, Texas--(BUSINESS WIRE)--E2open (NYSE: ETWO), a leading network-based provider of cloud-based, mission-critical, end-to-end supply chain management platform, announced that Kari Janavitz will join the company as chief marketing officer (CMO), effective today. Janavitz will join E2open’s executive leadership team, reporting to CEO Michael Farlekas, and will oversee a marketing function that includes brand, digital marketing, regional and field marketing, digital channels, inside sales, and communications.
A technology and B2B marketing leader focused on driving growth and building value, Janavitz joins E2open from TE Connectivity (NYSE: TEL) where she was the CMO and a member of the company’s senior leadership team. During her eight years at TE, an industrial technology leader in connectors and sensors, she was recognized for building TE’s brand, generating global recognition for the company, launching small-to-medium business initiatives and other key digital and marketing efforts enabling customer and revenue growth.
“Adding a CMO and new investments in marketing are important to E2open’s next phase of growth,” said Michael Farlekas, chief executive officer of E2open. “Kari is known as an innovative and game-changing CMO with a proven track record growing companies and brands. She will be a vital part of our leadership team as we continue to accelerate growth.”
“I have followed E2open for years because of their talented management team and strategic vision to be the preeminent brand synonymous with supply chain software,” said Janavitz, chief marketing officer of E2open. “COVID-19, supplier delivery issues and global warming events have put increasing stress on global supply chains, making E2open’s platform more critical than ever. I look forward to focusing on the company’s growth and building a brand synonymous with supply chain excellence.”
Janavitz joined TE in 2013 as the vice president of brand and was named the enterprise CMO in January 2018. Prior to TE, she led brand, communications, and marketing teams at RedPrairie and Sapient. She also ran her own marketing and communications consulting firm focused on brand-building and marketing for technology companies. She is a graduate of Northwestern University and a passionate advocate for developing future female business leaders.
About E2open
At E2open, we’re creating a more connected, intelligent supply chain. It starts with sensing and responding to real-time demand, supply and delivery constraints. Bringing together data from customers, distribution channels, suppliers, contract manufacturers and logistics partners, our collaborative and agile supply chain platform enables companies to use data in real time, with artificial intelligence and machine learning to drive smarter decisions. All this complex information is delivered in a single view that encompasses your demand, supply, logistics and global trade ecosystems. E2open is changing everything. Demand. Supply. Delivered.™ Visit www.e2open.com.
E2open and the E2open logo are registered trademarks of E2open, LLC or its affiliates. Demand. Supply. Delivered. is a trademark of E2open, LLC. All other trademarks, registered trademarks and service marks are the property of their respective owners.
Sales and Customer Information Contact:
Diane Mitchell | VP, Corporate Marketing | E2open | This email address is being protected from spambots. You need JavaScript enabled to view it. | 512-735-5692
Media Contact:
WE Communications for E2open | This email address is being protected from spambots. You need JavaScript enabled to view it. | 512-527-7029
SAN FRANCISCO--(BUSINESS WIRE)--With utility scams continuing to peak during the current pandemic, it is more important than ever for customers to be vigilant and to know what steps to take to prevent themselves or their families from falling victim.
Throughout the COVID-19 pandemic, scammers have become increasingly deceptive and have increased calls, texts, emails, and in-person tactics. They are contacting electric and gas customers asking for immediate payment to avoid service disconnection. These impostors can be convincing and often target those who are most vulnerable, including senior citizens, those with limited English proficiency and low-income communities. They also aim their scams at small business owners during busy customer service hours.
In fact, there have been more than 2,700 attempted scams reported to PG&E’s customer service line since June 2021 alone, and the most common scam is a demand of immediate payment via a pre-paid debit card to avoid shutoff. Cities with the highest rates of reports are San Francisco (214), Santa Rosa (152), Bakersfield (133) and Fresno (100). Unfortunately, this number only represents reported scams, and there are countless other additional attempts every day seeking to defraud customers.
However, with the right information, customers can learn to detect and report these predatory scams.
“While scammers will frequently target more vulnerable populations, we want to remind all of our customers of the importance of being vigilant, and to provide our customers with the information and tools they need to avoid being the victim of a payment scam,” said Matt Foley, PG&E senior corporate security specialist. “Remember, PG&E will never ask for your financial information over the phone or via email. If you receive a call or email that demands immediate payment, please call our customer service line or visit PGE.com to access your account details.”
As a reminder, PG&E will never contact a customer for the first time within one hour of a service disconnection, and will never ask customers to make payments with a pre-paid debit card, gift card, any form of cryptocurrency, or third-party digital payment mobile applications. Here are some steps customers can take to protect themselves and their families against being victimized:
Register for My Account
Add a Family Member to Your Account
Signs of a potential scam
Customers who suspect that they have been victims of fraud, or who feel threatened during contact with one of these scammers, should contact local law enforcement. The Federal Trade Commission’s website is also a good source of information about how to protect personal information.
For more information about scams, visit www.pge.com and www.utilitiesunited.org.
About PG&E
PG&E, a subsidiary of PG&E Corporation (NYSE:PCG), is a combined natural gas and electric utility serving more than 16 million people across 70,000 square miles in Northern and Central California. For more information, visit pge.com and pge.com/news.
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GREENWICH, Conn.--(BUSINESS WIRE)--Altus Power, Inc. (“Altus Power” or the “Company”) today announced that it has acquired a 79 megawatt (MW) portfolio of solar projects operating across seven US states. The portfolio was acquired from private equity funds managed by True Green Capital Management, LLC. Following the acquisition, Altus Power’s portfolio of operating generation assets now totals over 340 MW. The acquisition follows the announcement of Altus Power’s planned business combination with CBRE Acquisition Holdings, Inc. (NYSE: CBAH), which is expected to result in Altus Power becoming a public company listed on the New York Stock Exchange.
Headquartered in Greenwich, Connecticut, Altus Power is a developer, owner and operator of large-scale roof, ground and carport-based photovoltaic and energy storage systems, as well as electric vehicle charging facilities, serving commercial and industrial, public sector and community solar customers.
The acquired solar portfolio includes sites in Massachusetts, New Jersey, Connecticut, Rhode Island, Vermont, New York and Tennessee. The commercial and industrial projects, which include rooftop, ground-mount and carport solar arrays, deliver clean electricity via long-term contracts to predominantly investment-grade customers, including municipalities, commercial entities, and utilities. The acquisition expands Altus Power’s portfolio of operating projects and diversity of client relationships, many of which are seeking additional electrification solutions, including battery storage as well as EV charging stations.
“We are pleased to add these projects and customer relationships to our growing national portfolio of distributed solar generation assets,” said Gregg Felton, Co-CEO of Altus Power. “With the addition of Tennessee, Altus Power’s operating footprint now spans 17 states. Altus Power is focused on providing customers with reliable and clean electric power at competitive prices under long-term agreements.”
KeyBanc Capital Markets advised True Green Capital Management LLC in connection with this transaction.
About Altus Power
Altus Power, based in Greenwich, Connecticut, is creating a clean electrification ecosystem, serving its commercial, public sector and community solar customers with locally-sited solar generation, energy storage, and EV-charging stations across the U.S. Since its founding in 2009, Altus Power has developed or acquired in excess of 340 megawatts from Vermont to Hawaii. Visit altuspower.com to learn more.
About CBRE Acquisition Holdings, Inc.
CBRE Acquisition Holdings, Inc. (“CBAH”) is a blank-check company formed solely for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. CBAH is sponsored by CBRE Acquisition Sponsor, LLC, which is a subsidiary of CBRE Group, Inc.
No Offer or Solicitation
This communication is not a proxy statement or solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the planned business combination between Altus Power and CBAH (the “Business Combination”) and the other transactions contemplated by the business combination agreement entered into by Altus Power and CBAH (the “Business Combination Agreement”) and 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.
Important Information About the Business Combination and Where to Find It
CBAH has filed with the U.S. Securities and Exchange Commission (“SEC”) a Registration Statement on Form S-4 (the “Registration Statement”), which includes a preliminary proxy statement/prospectus in connection with the proposed Business Combination and will mail a definitive proxy statement/prospectus and other relevant documents to its stockholders. CBAH’s stockholders and other interested persons are advised to read, when available, the preliminary proxy statement/prospectus, and amendments thereto, and the definitive proxy statement/prospectus in connection with CBAH’s solicitation of proxies for its stockholders’ meeting to be held to approve the Business Combination because the proxy statement/prospectus will contain important information about CBAH, Altus Power and the Business Combination. The definitive proxy statement/prospectus will be mailed to stockholders of CBAH as of a record date to be established for voting on the Business Combination. Stockholders will also be able to obtain copies of the Registration Statement and the proxy statement/prospectus, without charge, once available, at the SEC’s website at www.sec.gov or by directing a request to CBRE Acquisition Holdings, Inc., 2100 McKinney Avenue, Suite 1250, Dallas, TX 75201.
Participants in the Solicitation
CBAH, Altus Power and certain of their respective directors and officers may be deemed participants in the solicitation of proxies of CBAH’s stockholders with respect to the approval of the Business Combination. CBAH and Altus Power urge investors, stockholders and other interested persons to read the Registration Statement, including the preliminary proxy statement/prospectus and amendments thereto and the definitive proxy statement/prospectus and exhibits thereto, as well as other documents filed with the SEC in connection with the Business Combination, as these materials will contain important information about Altus Power, CBAH and the Business Combination. Information regarding CBAH’s directors and officers and a description of their interests in CBAH is contained in the Registration Statement.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “anticipate”, “believe”, “could”, “continue”, “expect”, “estimate”, “may”, “plan”, “outlook”, “future” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements, which involve risks and uncertainties, relate to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable and may also relate to CBAH’s and Altus Power’s future prospects, developments and business strategies. In particular, such forward-looking statements include statements concerning the completion of the Business Combination and Altus’s estimated and future results of operations, business strategies, competitive position, industry environment and potential growth opportunities after the Business Combination. These statements are based on CBAH’s or Altus Power’s management’s current expectations and beliefs, as well as a number of assumptions concerning future events.
Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside CBAH’s or Altus Power’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. These risks, uncertainties, assumptions and other important factors include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the Business Combination Agreement; (2) the inability to complete the Transactions due to the failure to obtain approval of the stockholders of CBAH or Altus Power or other conditions to closing in the Business Combination Agreement; (3) the ability of New Altus to meet NYSE’s listing standards (or the standards of any other securities exchange on which securities of the public entity are listed) following the Business Combination; (4) the inability to complete the private placement of common stock of CBAH to certain institutional accredited investors; (5) the risk that the announcement and consummation of the Transactions disrupts Altus Power’s current plans and operations; (6) the ability to recognize the anticipated benefits of the Transactions, which may be affected by, among other things, competition, the ability of New Altus to grow and manage growth profitably, maintain relationships with customers, business partners, suppliers and agents and retain its management and key employees; (7) costs related to the Transactions; (8) changes in applicable laws or regulations and delays in obtaining, adverse conditions contained in, or the inability to obtain necessary regulatory approvals required to complete the Transactions; (9) the possibility that Altus Power and New Altus may be adversely affected by other economic, business, regulatory and/or competitive factors; (10) the impact of COVID-19 on Altus Power’s and New Altus’s business and/or the ability of the parties to complete the Transactions; (11) the outcome of any legal proceedings that may be instituted against CBAH, Altus Power, New Altus or any of their respective directors or officers, following the announcement of the Transactions; and (12) the failure to realize anticipated pro forma results and underlying assumptions, including with respect to estimated stockholder redemptions and purchase price and other adjustments.
Additional factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found in the Registration Statement and CBAH’s proxy statement/prospectus when available. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and CBAH and Altus Power undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, changes in expectations, future events or otherwise.
This communication is not intended to be all-inclusive or to contain all the information that a person may desire in considering an investment in CBAH and is not intended to form the basis of an investment decision in CBAH. All subsequent written and oral forward-looking statements concerning CBAH and Altus Power, the Transactions or other matters and attributable to CBAH and Altus Power or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above.
Altus Power
For Media:
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ICR, Inc.
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For Investors:
Caldwell Bailey
ICR, Inc.
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Clovis, Red Bluff Among Districts Adopting Electric Buses through PG&E’s EV Fleet Program
SAN FRANCISCO--(BUSINESS WIRE)--The wheels on the bus still go ’round and ’round, but in several communities in Northern and Central California, they’ll soon be powered by clean electricity. Pacific Gas and Electric Company (PG&E) is helping school districts in its service area as they transition to electric buses, supporting cleaner air, lower maintenance costs and quieter rides. Through its EV Fleet program, PG&E is working with over 30 school districts adopting about 350 electric buses.
Clovis, Red Bluff on the Road to Electric
For Clovis Unified School District in the Central Valley and Red Bluff Joint Union High School District in the North Valley, PG&E helped build the electrical infrastructure necessary to power electric buses and provided rebates for the school districts to purchase the EV chargers. Over the next few years, the school districts are installing the EV chargers and incorporating electric school buses into their fleets—11 in Clovis and 10 in Red Bluff.
“Clovis Unified School District is excited to partner with PG&E through the EV Fleet program that assists our efforts to reduce greenhouse-gas emissions in our district,” said Sheryl Boe, Transportation Director with Clovis Unified School District.
“We were able to put our inaugural fleet of electric buses into service just recently, transporting students to and from summer school,” Boe said. “We are excited to see them on the streets, knowing that they are helping the environment. We are committed to doing our part in California and look forward to providing cleaner air for our students and community.”
“One of the challenges associated with fleet electrification is infrastructure planning and installation. In the early stages of this project, EV Fleet assisted with site evaluation and provided valuable information with respect to infrastructure funding, rate plans, and future expansion of electrification. Partnering with PG&E to install the electric bus charging infrastructure alleviated much of the initial concern associated with the project,” said Zach Pierce, Director of Transportation with Red Bluff Joint Union High School District.
Pierce added, “The Red Bluff High School District Transportation Department is thankful for PG&E’s assistance with the planning and installation of EV charging infrastructure.”
Helping Organizations Transition to Clean, Electric Fleets
Increasing EV adoption is a critical component to making California’s clean air future a reality as transportation is the single largest source of greenhouse-gas emissions in California, contributing 41%. The electricity fueling EVs in California comes from one of the cleanest energy mixes in the country – more than 85 percent of the electricity PG&E delivers to customers is from greenhouse gas-free resources.
“Expanding the use of electric vehicles is essential for California to achieve its bold climate and clean-air goals. PG&E is thrilled to support the critical task of electrifying fleet vehicles, and we will continue to be an active partner in helping make EVs an option for our customers, including school districts. Reducing vehicle emissions is good for our students, the state and the environment,” said Laurie Giammona, PG&E Senior Vice President of Customer Care.
PG&E’s EV Fleet program helps customers with medium-duty, heavy-duty and off-road fleets begin to transition their fleet vehicles to clean electricity to save money, eliminate tailpipe emissions and simplify maintenance.
Through the EV Fleet program, PG&E is currently working on over 65 customer projects supporting approximately 1,100 electric fleet vehicles. The program aims to install electrical infrastructure at 700 sites by 2024 to support the adoption of 6,500 medium- and heavy-duty electric vehicles, including school buses.
Through the EV Fleet program, PG&E helps build the electrical infrastructure for customers’ medium- to heavy-duty EVs. PG&E comprehensively assists customers across all facets of EV charging including available incentives and rebates, site design and permitting, construction and activation, and infrastructure maintenance and upgrades.
In addition to the EV Fleet program, PG&E supports EV adoption for fleet vehicles through special rates and tools, including the Business EV Rate and EV Fleet Savings Calculator. For customers with fleets that are making the transition to electric, an essential step in the process is understanding the costs and potential cost savings when deploying EVs.
PG&E encourages customers to reach out early in their process of considering fleet electrification. Customers can submit an interest form and speak to an EV Fleet specialist by visiting pge.com/evfleet.
About PG&E
PG&E, a subsidiary of PG&E Corporation (NYSE:PCG), is a combined natural gas and electric utility serving more than 16 million people across 70,000 square miles in Northern and Central California. For more information, visit pge.com and pge.com/news.
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