ABERDEEN, Scotland--(BUSINESS WIRE)--SCF Partners (“SCF”) is pleased to announce its investment in Hydrasun Ltd. (“Hydrasun”), a provider of fluid and gas transfer equipment, services, and technology. Bob Drummond, CEO of the company since 2002, and the senior management team will continue to serve in their current roles and will maintain an ownership position in the business.
Hydrasun, headquartered in Aberdeen and with locations in 5 countries, is a global market leader in the provision of integrated fluid transfer, power and control solutions to the oil and gas, industrial, renewables and hydrogen industries. The company, founded in 1976, has developed a skillset through decades of experience in the demanding environment of the offshore oil and gas industry that will also be needed to ensure the safe and reliable supply of emerging energy resources for the Energy Transition.
“SCF is delighted to welcome Bob Drummond and his team into the SCF family,” says Colin Welsh, International Partner at SCF. “Hydrasun is a high quality business that we have admired for a long time and will be an excellent addition to our portfolio.”
Bob Drummond, CEO of Hydrasun, stated, “We are very pleased and excited to partner with SCF, particularly in view of the extent of their previous success and outstanding track record in building truly world class companies. Similarly to Hydrasun, they also have a very clear focus and emphasis on the Energy Transition and the significant opportunities it presents and we are very much looking forward to working with them toward capitalizing on these.
About Hydrasun
Hydrasun is a recognised market leader in the provision of integrated fluid transfer, power and control solution. We are focused on supporting the energy transition through our work in the oil & gas, renewable energy, general industrial and marine industries worldwide. Learn more at www.hydrasun.com.
About SCF Partners
Founded in 1989, SCF Partners (“SCF”) provides equity capital and strategic growth assistance to build leading energy service, equipment, and technology companies that operate throughout the world. SCF has invested in more than 70 platform companies and made in excess of 340 additional acquisitions to develop 17 publicly listed energy service and equipment companies over its history. The firm is headquartered in Houston, Texas and has additional offices in Calgary, Singapore and Aberdeen. Learn more at www.scfpartners.com.
Hugh Sheppard
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(713) 227-7888
SEOUL, South Korea--(BUSINESS WIRE)--#drones--Doosan Mobility Innovation(DMI) is accelerating its plan to enter the European market with the first European dealer, FRP Advanced Technologies Aerospace & Defence, S.L(FRP Tech.).
FRP Tech., is a professional drone sales and service provider, supporting innovative drone solutions and platforms for civil and military sectors. In particular, FRP Tech. plans to provide the optimal solution using DMI hydrogen drone on oil & gas companies and military that requires long endurance.
With a new dealer, DMI will be able to provide product sales and services to European customers.
DMI CEO Lee Doo-soon said, “We are able to enter the European markets that possess high growth potential through collaboration with FRP Tech.” and “The hydrogen drone is highly compatible with Europe’s environmental policies and provides a long endurance solution. It is expected to be used in various fields.”
Additionally, Francisco Requena Paredes, CEO of FRP Tech., said, “DMI’s hydrogen drone can become a game changer in the commercial drone market with its flight time.” and “Hydrogen drones are highly likely to be used in various fields, from wind power plant inspections to public safety.”
Meanwhile, according to Teal Group, the European commercial drone market is expected to reach 760 million USD in 2021, and grow to about 1.8 billion dollar in 2025 as BVLOS flights are partially allowed with the unification of EU regulations.
About Doosan Mobility Innovation
Doosan Mobility Innovation creates the world's first commercialized hydrogen fuel cell system for drones, which have 2-hours of flight time four times than battery drones. With long endurance, DMI’s hydrogen drones are utilized in various industrial fields including utility inspection, delivery, environmental monitoring, and public safety. Based on this green technology, DMI successfully launched its products in USA, China and Korea in 2019 and will expand its business globally.
About FRP Advanced Technologies Aerospace & Defence, S.L
FRP is a consulting and engineering company that integrates for its clients Unmanned Aerial Systems (UAS) technology in the core of their business in order to add know-how in an eco-sustainable vision that introduces hydrogen as a fuel helping to eliminate the carbon footprint. FRP supports the clients for incorporating aerial platforms with specific ad-hoc engineering, payload integration and AI solutions providing innovation for civilian and military sectors.
Doosan Mobility Innovation
Name: Jiwon Yeo
Phone Number: +82-10-2960-0532
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A record 24.7 GW of solar projects were acquired in Q2 2021
AUSTIN, Texas--(BUSINESS WIRE)--Mercom Capital Group, a global clean energy communications and consulting firm, released its report on funding and merger and acquisition (M&A) activity for the solar sector in the second quarter (Q2) and the first half (1H) of 2021.
Total corporate funding (including venture capital (VC) funding, public market, and debt financing) in 1H of 2021 came to $13.5 billion compared to $4.6 billion in 1H 2020, a 193% year-over-year (YoY) increase.
"Funding was up across the board in the first half of 2021 compared to last year, which was severely affected by the pandemic. Corporate M&A activity was up significantly with solar developers expanding their pipelines, oil and gas companies diversifying into renewables, and funds buying up renewable assets. Solar project acquisitions reached a record high in Q2," said Raj Prabhu, CEO of Mercom Capital Group. "The transition from fossil fuels to renewables and ESG investing trends made an impact on financing as well as M&A activity."
Get the report: http://bit.ly/MercomSolarQ22021
CHART: Solar Corporate Funding 1H 2017 – 1H 2021
In 1H 2021, VC funding was 680% higher, with $1.6 billion raised in 26 deals compared to $210 million in 14 deals 1H 2020. The increase in VC funding activity resulted from some large transactions, including Loanpal's $800 million deal in the first quarter of 2021.
CHART: Solar Top VC Funded Companies in 1H 2021
A total of 85 VC investors participated in solar funding in 1H 2021.
Solar public market financing in 1H 2021 was 386% higher, with $3.7 billion raised in 13 deals compared to $758 million raised in six deals in 1H 2020. Shoals Technologies Group's $2.2 billion IPO was a big part of the increase in public market financing activity in 1H 2021.
Announced debt financing activity in 1H 2021 ($8.2 billion in 32 deals) was 125% higher compared to the first half of 2020, when $3.7 billion went into 17 deals. Spurred by low interest rates, a record $2 billion was raised through seven securitization deals in 1H 2021. Cumulatively, over $9 billion has been raised through securitization deals since 2013.
In 1H 2021 there were 54 solar corporate M&A transactions compared to 25 in 1H 2020.
CHART: Solar Top Disclosed M&A Transactions in 1H 2021
There were 34 solar corporate M&A transactions in Q2 2021 compared to 20 in Q1 2021 and 13 transactions in Q2 2020.
CHART: Solar Project Acquirer Mix (%) 1H 2021
Solar project acquisitions in 1H 2021 reached 39.3 GW compared to 14.7 GW in 1H 2020.
Project acquisition activity was at a record high in Q2 2021, with over 24 GW of solar projects acquired compared to 14.6 GW in Q1 2021.
CHART: Solar Project Acquisition Q2 2020 - Q2 2021 (By GW)
There were 376 companies and investors covered in this report. It is 96 pages in length and contains 83 charts, graphs, and tables.
To learn more about the report, visit: http://bit.ly/MercomSolarQ22021
About Mercom Capital Group
Mercom Capital Group is a global communications and consulting firm focused on clean energy. Mercom produces funding and market intelligence reports covering Solar and Battery Storage/Smart Grid/Efficiency. Mercom advises cleantech companies on new market entry, custom market intelligence and strategic decision-making. https://www.mercomcapital.com
Wendy Prabhu, Mercom Capital Group
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1-512-215-4452
OSLO, Norway--(BUSINESS WIRE)--Turbulent Flux, a Software-as-a-Service flow simulation company, today announced a collaboration with Wintershall Dea to provide critical real-time well rate insights that help optimize operations of oil and gas producing assets. The collaboration plays to the commitment of both parties to unleash value from scalable and sustainable technology innovations within the industry.
As Europe’s leading independent gas and oil company, Wintershall Dea is dedicated to a frontrunning position within the digital transition, and has joined forces with innovative teams to provide the next generation tools and services facilitating this.
“We are excited to team up with Turbulent Flux on our digital transformation journey. Turbulent Flux compliments our portfolio of powerful and scalable real-time tools that help us optimize our oil and gas production lines,” says Peter Dabrowski, Project Manager Digitalization at Wintershall Dea.
“Access to quality flow rate predictions and live insights into fluids is the basis for effective production optimization. We are excited to collaborate with a digital frontrunner as Wintershall Dea in solving together the industry’s operational challenges and to enhance our collaboration on the development of user-centric software solutions going forward,” says Gjermund Weisz, COO at Turbulent Flux.
Turbulent Flux’s real-time, cloud-native software solutions are based on a unique hybrid modeling approach, combining predictive capabilities of physical models with machine learning models that assist and self-adjust over time. This assures an unprecedented level of accuracy and accessibility in the market. The portfolio of its proprietary software products ranges from virtual flow metering and pipeline monitoring, to advisers assessing flow instabilities and depositions.
About Wintershall Dea
Wintershall Dea is Europe’s leading independent natural gas and oil company with more than 120 years of experience as an operator and project partner along the entire E&P value chain. The company with German roots and headquarters in Kassel and Hamburg explores for and produces gas and oil in 13 countries worldwide in an efficient and responsible manner. With activities in Europe, Russia, Latin America and the MENA region (Middle East & North Africa), Wintershall Dea has a global upstream portfolio and, with its participation in natural gas transport, is also active in the midstream business.
Wintershall Dea was formed from the merger of Wintershall Holding GmbH and DEA Deutsche Erdoel AG, in 2019. Today, the company employs around 2,500 people worldwide from over 60 nations.
About Turbulent Flux
Turbulent Flux provides real-time simulation software for flow insights for the oil & gas industry. Simulations undertaken are based on a hybrid model combining the predictive capabilities of physical models with the speed and self-correcting abilities of data analytics. We are a trusted software provider to clients around the world.
Gjermund Weisz
COO, Turbulent Flux
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+47 99 60 83 01
Peter Dabrowski
Project Manager Digitalization, Wintershall Dea
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LYMINGTON, United Kingdom--(BUSINESS WIRE)--#ICPC--The International Cable Protection Committee (ICPC) is pleased to announce the launch of Government Best Practices for Protecting and Promoting Resilience of Submarine Telecommunications Cables to assist governments in developing laws, policies, and practices to foster the development and protection of submarine telecommunications cables, the infrastructure of the Internet. The Best Practices are now available in both English and Spanish on the public section of ICPC’s web site.
The Best Practices first set forth a set of general principles to guide governments in cable protection and resilience, including the need to focus on statistically significant risks of cable damage, and the use of regulatory frameworks to enhance geographic diversity, promote the rule of law; and promote speedy infrastructure deployment and repair. The Best Practices then identify cable damage risks and other regulatory challenges—ranging from fishing and anchoring risks to spatial separation from other marine activities to cabotage—and make specific recommendations for governmental practices to reduce risk, promote connectivity, and improve regulation.
‘As the world’s preeminent cable protection organisation, ICPC has long promoted government best practices in workshops and consultations, but it had never codified its own thinking on these issues in a public document,’ said Kent Bressie, ICPC’s International Cable Law Adviser and the principal author of the Best Practices. ‘Now, when governments seek industry views on cable protection and resilience, we can share ICPC’s views in a practical and accessible guide.’
As with ICPC’s Recommendations, the Best Practices will be updated periodically to address emerging issues in industry and in the marine environment. They may be supplemented by annexes addressing particular issues in detail, such as with fish aggregation devices, for which ICPC’s FAD Working Group is developing more detailed best practices.
Forthcoming Webinar. To assist ICPC Members in understanding the Best Practices and how they might be used in discussions with governments, ICPC will host a forthcoming webinar.
About the ICPC. The ICPC is the world’s premier submarine cable protection organisation. It was formed in 1958 to promote the protection of submarine cables against human-made and natural hazards. It provides a forum for the exchange of technical, legal, and environmental information about submarine cables and engages with stakeholders and governments globally to promote submarine cable protection. The ICPC has over 170 Members from over 60 nations, including cable operators, owners, manufacturers, industry service providers, as well as governments. For further information about the ICPC, see www.iscpc.org and www.linkedin.com/company/icpc-ltd/.
ICPC Contacts:
Ryan Wopschall, ICPC General Manager
+1 541 306 549
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Kent Bressie, ICPC International Cable Law Adviser
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DUBLIN--(BUSINESS WIRE)--The "Solar Microinverter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026" report has been added to ResearchAndMarkets.com's offering.
The global solar microinverter market exhibited strong growth during 2015-2020. Looking forward, the global solar microinverter market to grow at a CAGR of around 14% during 2021-2026.
A solar microinverter is an electronic equipment which is used in photovoltaic (PV) cells for changing the waveform of the current. The inverter usually functions in a parallel circuit and is used for changing direct current (DC) into alternating current (AC). The PV cell system consists of several single solar panels, each comprising a microinverter.
The device can separate power output from each panel and convert it into grid voltage. In comparison to conventional string converters, they have various advantages including the ability to maintain a consistent flow of power despite shading of panels, immense design flexibility, the capability to maximize power from solar panels through the Maximum Power Point Tracking (MPPT) technology and reduced risk of fire.
The market is driven by the increasing deployment of solar microgrids, along with the rising energy demand across both the commercial and industrial sectors. The increase in residential solar rooftop installations is also acting as another major growth-inducing factor.
Additionally, the increasing utilization of Building-Integrated Photovoltaics (BIPV) is also augmenting the growth of the market. The BIPV is the integration of PV power generators into the building envelope materials that act as an ancillary or principal source of electrical power. Microinverters assist in maintaining the ambient temperatures while protecting the building against various fire hazards.
Moreover, factors including growing product demand owing to its remote monitoring capabilities, increasing research and development (R&D) activities and the implementation of government initiatives to promote the use of renewable energy is further driving the growth of the market.
Competitive Landscape:
The report has also analysed the competitive landscape of the market with some of the key players being
Key Topics Covered:
1 Preface
2 Scope and Methodology
3 Executive Summary
4 Introduction
5 Global Solar Microinverter Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
6 SWOT Analysis
7 Value Chain Analysis
8 Porter's Five Forces Analysis
9 Market Breakup by Connectivity
9.1 Standalone
9.2 On-Grid
10 Market Breakup by Component
10.1 Hardware
10.2 Software
11 Market Breakup by Communication Channel
11.1 Wired
11.2 Wireless
12 Market Breakup by Type
12.1 Single Phase
12.2 Three Phase
13 Market Breakup by Application
13.1 Residential
13.2 Commercial
14 Market Breakup by Region
15 Price Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Key Players
16.3 Profiles of Key Players
For more information about this report visit https://www.researchandmarkets.com/r/f3dmqq
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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Largest Solar Project in New Jersey Generates Clean Energy and Provides Environmental Uplift with Native Grasses and Wildflowers
SAN DIEGO--(BUSINESS WIRE)--EDF Renewables North America (EDFR) and the Renewable Power business within Goldman Sachs Asset Management (Goldman Sachs) today announced the commercial operation of the Toms River Solar Project, delivering 28.9 megawatts (MW) of clean renewable energy. The project, built on BASF Corporation’s (BASF) property by EDFR in coordination with PVOne and Goldman Sachs, is New Jersey’s largest solar project and the largest solar project built on a Superfund site in the U.S.
The solar array uses a pre-cast ballasted system on approximately 120 acres of the BASF site located on Oak Ridge Parkway in Toms River, NJ, and includes a 27.4 MW grid-connected system and an adjacent 1.5 MW net-metered solar system.
Additionally, EDFR has designed a 5 MW Community Solar project, also to be built on the BASF site, which will provide lower-cost electricity to area residents, with more than half of its output committed to low- and moderate-income subscribers. The Community Solar project is still in the approval process.
The overall project will generate enough clean energy to meet the needs of 5,250 New Jersey homes. This is equivalent to avoiding more than 30,000 metric tons of CO2 emissions annually, which equates to the greenhouse gas emissions associated with driving 6,400 cars for one year.
“We are very excited about the Toms River Solar Project, which successfully reuses brownfield land to develop clean, renewable energy,” said Mark Patterson, Vice President of Environment, Health and Safety at BASF. “This sustainable project highlights BASF’s connections to our communities and the environment by supporting an overall reduction of CO2 emissions while also expanding the site’s native grassland habitat for pollinators and migratory birds.”
The solar array was built with rigorous attention to the environment, with specific considerations made to improve the threatened Grasshopper Sparrow habitat and protect the Northern Pine Snake. Existing paved areas in the footprint of the project were removed and will be replaced with native meadow mix grasses and wildflowers. Additionally, Rutgers University will conduct a 5-year monitoring program to study the ecological uplift of the project.
Nearly one hundred union workers from Laborers Union Local 172, Iron Workers Local 399, Operators Local 825, and Electrical Local 400 participated in the project’s construction.
“We were pleased to work with a full set of project partners including local subcontractors, local and state officials, community groups, the New Jersey Board of Public Utilities, and professionals at Weston Solutions and Giordano, Halloran, and Ciesla,” said Tom Leyden, Senior Director, EDF Renewables Distributed Solutions.
EDFR co-developed the project with PVOne and served as the Engineering, Procurement and Construction contractor for the project. Goldman Sachs acquired the project from EDFR during the construction phase and plans to manage the asset through its useful life.
“This project is a great example of collaboration between private and public sectors, including the New Jersey Board of Public Utilities, NJ Department of Environmental Protection, and the U.S. Environmental Protection Agency, along with BASF, Goldman Sachs, and EDFR,” said Elliott Shanley, Senior Vice President of PVOne.
Michael Conti, a Vice President within the Renewable Power business at Goldman Sachs Asset Management commented, “Goldman Sachs is deeply committed to accelerating the energy transition. As one of the largest owners of solar power in New Jersey, we are grateful that the State continues to support the development of clean energy, particularly on brownfields, such as this project located on the Toms River Superfund site. It has been a pleasure to work with the EDFR team to make this project, the largest operating solar project in New Jersey, a success. We look forward to future collaboration between our organizations as well as a great future relationship with BASF.”
EDF Renewables North America is a market leading independent power producer and service provider with 35 years of expertise in renewable energy. The Company delivers grid-scale power: wind (onshore and offshore), solar photovoltaic, and storage projects; distributed solutions: solar and storage; and asset optimization: technical, operational, and commercial expertise to maximize performance of generating projects. The Company’s PowerFlex subsidiary offers a full suite of onsite energy solutions for commercial and industrial customers: solar, storage, EV charging, energy management systems, and microgrids. EDF Renewables’ North American portfolio consists of 20 GW of developed projects and 13 GW under service contracts. EDF Renewables North America is a subsidiary of EDF Renouvelables, the dedicated renewable energy affiliate of the EDF Group. For more information visit: www.edf-re.com. Connect with us on LinkedIn, Facebook and Twitter.
About BASF
BASF Corporation, headquartered in Florham Park, New Jersey, is the North American affiliate of BASF SE, Ludwigshafen, Germany. BASF has approximately 17,000 employees in North America and had sales of $18.7 billion in 2020. For more information about BASF’s North American operations, visit www.basf.com/us. At BASF, we create chemistry for a sustainable future. We combine economic success with environmental protection and social responsibility. More than 110,000 employees in the BASF Group contribute to the success of our customers in nearly all sectors and almost every country in the world. Our portfolio is organized into six segments: Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition & Care and Agricultural Solutions. BASF generated sales of €59 billion in 2020. BASF shares are traded on the stock exchange in Frankfurt (BAS) and as American Depositary Receipts (BASFY) in the U.S. Further information at http://www.basf.com
About Goldman Sachs Asset Management Renewable Power
Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs (NYSE: GS), we deliver investment and advisory services for the world’s leading institutions, financial advisors and individuals, drawing from our deeply connected global network and tailored expert insights, across every region and market—overseeing more than $2 trillion in assets under supervision worldwide as of March 31, 2021. Driven by a passion for our clients’ performance, we seek to build long-term relationships based on conviction, sustainable outcomes, and shared success over time. Goldman Sachs Asset Management invests in the full spectrum of alternatives, including private equity, growth equity, private credit, real estate and infrastructure. Established in 2017, the Renewable Power business within Goldman Sachs Asset Management has sponsored more than 800 solar projects across 27 U.S. states that collectively have a capacity of more than 2.3 gigawatts of clean, renewable power. We take a long-term ownership approach to the operations and management of renewable assets with a leading industry expertise across transaction sourcing, financial analysis, power markets and physical asset analysis and operations. Follow us on LinkedIn.
About PVOne
PVOne is solar power project development company engaged in the development of grid-scale solar, commercial net-meter solar, and community solar projects throughout the US. We specialize in the critical, early-stage solar development processes that ultimately lay the foundation for the success of each solar project – from site acquisition and system design to interconnection agreements and government approvals. Further information at www.pvone.com.
Sandi Briner, +1 858-521-3525
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Suppliers must carefully consider their individual business strengths and capabilities in the highly competitive micromobility market
BOULDER, Colo.--(BUSINESS WIRE)--#GuidehouseInsights--A new report from Guidehouse Insights analyzes the growing demand for micromobility products and the resulting business opportunities emerging across the micromobility value chain. Actionable insights and recommendations are provided for micromobility industry players to capitalize on the dynamic and growing market.
Personal micromobility vehicle sales grew at unprecedented levels in 2020 due to increasing consumer demand for low cost, physically distanced, flexible, and clean transport options. Shared micromobility services are experiencing growth from the favorable regulatory environment post-COVID-19 and improved vehicle durability and safety features. Additionally, emerging innovations such as battery swapping are enabling faster market growth and increased business opportunities. According to a new report from Guidehouse Insights, the post-COVID-19 environment and technology advances are increasing demand for micromobility products, and resulting in a variety of business opportunities emerging across the micromobility value chain.
“The opportunity space in micromobility is far broader than just the manufacturing of vehicles and services for distributing them,” says Ryan Citron, senior research analyst with Guidehouse Insights. “Additional revenue potential is available to suppliers across several areas, including developing public charging infrastructure, providing battery swapping equipment and services, and offering solutions for docking, charging, and redistributing vehicles. New mobility as a service (MaaS) platform solutions are also being developed to better integrate shared micromobility with the public transport ecosystem.”
Although the micromobility market is growing quickly and offers numerous revenue opportunities, suppliers must carefully consider their individual business strengths and capabilities to capitalize on the dynamic and growing micromobility market. In the report, actionable recommendations are discussed for automotive OEMs, personal micromobility manufacturers and suppliers, battery swapping and wireless charging providers, as well as micromobility sharing operators.
The report, Capitalizing on Micromobility Value Chain Opportunities, discusses how COVID-19 and technology advances are increasing demand for micromobility products and the resulting business opportunities emerging across the micromobility value chain. The report provides actionable recommendations for micromobility industry players to capitalize on the dynamic and growing 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, Capitalizing on Micromobility Value Chain Opportunities, 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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WHITE PLAINS, N.Y.--(BUSINESS WIRE)--July 13, 2021-- ITT Inc. (NYSE: ITT) will release its second quarter financial results after the close of The New York Stock Exchange on Thursday, August 5, 2021. The earnings release and related materials will be posted at www.itt.com/investors.
The following morning, the company will hold a conference call on Friday, August 6 at 8:30 a.m. Eastern Time to discuss the 2021 second quarter financial results.
To participate on the conference call, please dial +1 (706) 643-7542 approximately ten minutes before the 8:30 a.m. ET start. Please provide ID#: 1362059 to the conference operator. A real-time audio webcast of the presentation can be accessed at www.itt.com/investors.
A replay of the conference call will be available telephonically from two hours after the call concludes until Friday, August 20, 2021, at midnight. The telephone replay is available by calling +1 (800) 585-8367 (ID#: 1362059).
About ITT
ITT is a diversified leading manufacturer of highly engineered critical components and customized technology solutions for the transportation, industrial, and oil and gas markets. Building on its heritage of innovation, ITT partners with its customers to deliver enduring solutions to the key industries that underpin our modern way of life. ITT is headquartered in White Plains, N.Y., with employees in more than 35 countries and sales in approximately 125 countries. For more information, visit www.itt.com.
Mark Macaluso
+1 914-641-2064
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Transaction will create first publicly-traded, hybrid Lithium-Metal battery supplier combining high-energy density with efficient manufacturability at scale
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Upon closing, combined company to trade under symbol “SES”
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Pro forma implied equity value of combined company of approximately $3.6 billion, inclusive of a $300 million earn-out
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Transaction expected to provide SES up to $476 million in gross proceeds to fund expansion plans, including $200 million from fully-committed common stock PIPE at $10.00 per share
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PIPE anchor investors include several leading automakers: General Motors, Hyundai Motor Company, Geely Holding Group, Kia Corporation, and SAIC Motor
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Other PIPE investors include Koch Strategic Platforms, LG Technology Ventures, Foxconn, Vertex Ventures, Fidelity Investments Canada ULC (certain funds), and Franklin Templeton
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Existing SES investors include SK Inc., General Motors, Hyundai Motor Company, Kia Corporation, Temasek, Tianqi Lithium, Vertex Ventures, Applied Materials, and SAIC Motor
BOSTON--(BUSINESS WIRE)--SES Holdings Pte. Ltd. (“SES”), the world leader in the development and manufacturing of high-performance hybrid Lithium-Metal (Li-Metal) rechargeable batteries for electric vehicles (“EVs”), today announced it has entered into a definitive agreement for a business combination with Ivanhoe Capital Acquisition Corp. (“Ivanhoe”) (NYSE: IVAN), a publicly-listed special purpose acquisition company (SPAC).
The transaction will create the first publicly-traded hybrid Li-Metal battery company that combines the high energy density of Li-Metal with cost effective manufacturability at scale. The transaction is supported by strategic investors and global automakers that include General Motors (NYSE: GM), Hyundai Motor Company (KS: 005380) and Kia Corporation (KS: 000270), all of which are parties to existing automotive A-sample joint development agreements (“JDA”) with SES, as well as Geely Holding Group (HK: 0175), SAIC Motor (SHA: 600104), LG Technology Ventures, and Foxconn (2354.TW), key global automakers and battery cell manufacturers in Asia, the world’s largest EV market.
Upon completion of the proposed transaction, the combined company will operate under the SES name and be listed on the New York Stock Exchange under the ticker symbol “SES”.
The transaction values the combined company at a pro forma implied equity value of approximately $3.6 billion (inclusive of a $300 million earn-out) with total expected gross proceeds of $476 million (assuming no redemptions by Ivanhoe’s public shareholders). Including expected transaction proceeds and existing cash on SES’s balance sheet, SES is expected to have over $600 million of cash at transaction close, which will help fund the company’s future growth and transition into its commercialization phase in 2025.
Founded in 2012 as a spin-out company of the Massachusetts Institute of Technology, SES operates two battery-prototyping facilities in the U.S. and China. The company’s hybrid Li-Metal battery is expected to enable the next generation of high-range and affordable EVs. The hybrid Li-Metal approach provides the superior energy density of Li-Metal via the proven manufacturing efficiencies of lithium-ion batteries.
SES’s hybrid Li-Metal batteries use a high-energy-density Li-Metal anode, a protective anode coating, a proprietary high-concentration solvent-in-salt liquid electrolyte, and artificial intelligence (“AI”) safety features that allow for greater performance and manufacturing efficiencies than today's all-solid-state Li-Metal batteries. SES entered into its joint development agreement with Hyundai and Kia in May 2021 to develop “A-Sample” Li-Metal batteries for Hyundai’s EVs. This followed the March 2021 announcing of a joint development agreement with General Motors, a supporter of SES since 2015, to deliver a high-performance “A-Sample” Li-Metal EV battery at a new pre-production manufacturing facility in the Boston, Massachusetts area.
“We are excited to announce our partnership with Ivanhoe and Robert Friedland, both to debut as a public company and to build a long-term sustainable battery ecosystem for the auto industry,” said Dr. Qichao Hu, SES Founder and CEO. “SES’s Li-Metal battery performance has been verified by two independent third-party testing facilities, and multiple automakers. Our battery performance is industry-leading under the full range of automotive operating environment and temperature, and is capable of delivering energy density of 400 Wh/kg with fast charge capability up to 80% in less than 15 minutes while meeting cycle life and safety requirements for electric vehicles. Our partnerships with world-class automakers like General Motors, Hyundai and Kia will further accelerate the commercialization of our technology, and position our company to emerge as the leading Li-Metal battery supplier to more global automakers starting in 2025,” added Dr. Hu.
“We are pleased to partner with SES, and have been extremely impressed by its talented team and its superior technical, academic and manufacturing expertise,” said Robert Friedland, Ivanhoe’s Founder, Chairman and Chief Executive Officer. “As part of our diligence, we retained several of the world’s leading battery advisors to assess SES’s approach to Li-Metal batteries as well as commissioning independent third-party testing of the performance of its technology. As a result of our review, we concluded that SES’s approach to Li-Metal batteries has led to it being the most competitive industry player today when measured by performance. This, together with its overall economics and wide-scale commercialization plan with key automakers, means that SES is the only next generation battery technology company that will be successful in commercializing its batteries by the middle of the decade. It provides an incredibly attractive opportunity for the industry and our stakeholders to play a key role in the generation defining electrification revolution now underway.”
Transaction Summary
The business combination values the combined company at an implied $3.6 billion pro forma equity value, inclusive of a $300 million earn-out, at a $10.00 per share price and assuming no redemptions by Ivanhoe's public shareholders and excluding certain sponsor shares that are subject to stock price-based vesting. The combined company is expected to receive up to $476 million of gross proceeds from a combination of a fully committed common stock PIPE (private investment in public equity) offering of $200 million at $10.00 per share, along with the approximately $276 million cash held in Ivanhoe’s trust account assuming no redemptions by Ivanhoe's public shareholders.
All existing SES equity holders will roll all their equity holdings into the combined company. The boards of directors of both SES and Ivanhoe have unanimously approved the proposed business combination, which is expected to be completed in the third or fourth quarter of 2021 subject to, among other things, the approval by Ivanhoe’s shareholders and the satisfaction or waiver of other customary closing conditions. Investors in the PIPE transaction include Koch Strategic Platforms, Hyundai Motor Company, Geely Holding Group, Kia Corporation, General Motors, LG Technology Ventures, Vertex Ventures, Foxconn, SAIC Motor, Fidelity Investments Canada ULC (certain funds), and Franklin Templeton.
Additional information about the proposed transaction, including a copy of the business combination agreement and investor presentation, will be provided in a Current Report on Form 8-K to be filed by Ivanhoe today with the United States Securities and Exchange Commission and available at www.sec.gov as well as online at www.launch.ses.ai/investors/.
Advisors
Goldman Sachs & Co. LLC is serving as exclusive financial advisor, and White & Case LLP is serving as legal advisor to SES. Morgan Stanley & Co. LLC is serving as sole placement agent on the PIPE offering and as exclusive financial advisor to Ivanhoe, and Kirkland & Ellis LLP is serving as legal advisor to Ivanhoe. ICR, LLC is serving as communications advisor for SES.
Webcast and Conference Call Information
SES and Ivanhoe will host a joint investor conference call to discuss the proposed transaction today, July 13, 2021, at 8:30 AM ET. To listen to the conference call via telephone dial 877-451-6152 (U.S.) and 201-389-0879 (international callers/U.S. toll) and enter the conference ID number 13720990. To listen to the webcast, please click here. A telephone replay will be available until July 20, 2021 and can be accessed by dialing 844-512-2921 (domestic toll-free number) or 412-317-6671 (international) and providing the pin number: 13720990.
About SES
SES is the world leader in development and manufacturing of high-performance Li-Metal batteries for automotive and transportation applications. Founded in 2012, SES is an integrated Li-Metal battery manufacturer with strong capabilities in material, cell, module, AI-powered safety algorithms, and recycling. Formerly known as SolidEnergy Systems, SES is headquartered in Singapore and has operations in Boston, Shanghai and Seoul.
About Ivanhoe Capital Acquisition Corp.
Ivanhoe Capital Acquisition Corp. (NYSE: IVAN) is a special purpose acquisition company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Ivanhoe was formed to seek a target in industries related to the paradigm shift away from fossil fuels towards the electrification of industry and society.
Forward-looking statements
All statements other than statements of historical facts contained in this press release are “forward-looking statements.” Forward-looking statements can generally be identified by the use of words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “project,” “forecast,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” “target” and other similar expressions that predict or indicate future events or events or trends that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the development and commercialization of SES’s products, the amount of capital and other benefits to be provided by the transaction, estimates and forecasts of other financial and performance metrics, and projections of market opportunity and market share. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of SES's and Ivanhoe's management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from assumptions, and such differences may be material. Many actual events and circumstances are beyond the control of SES and Ivanhoe. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; the inability of the parties to successfully or timely consummate the business combination, including the risk that any required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the business combination or that the approval of the shareholders of SES or Ivanhoe is not obtained; the failure to realize the anticipated benefits of the business combination; risks relating to the uncertainty of the projected financial information with respect to SES; risks related to the development and commercialization of SES's battery technology and the timing and achievement of expected business milestones; the effects of competition on SES's business; the risk that the business combination disrupts current plans and operations of Ivanhoe and SES as a result of the announcement and consummation of the business combination; the ability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and retain its management and key employees; risks relating SES’s history of no revenues and net losses; the risk that SES’s joint development agreements and other strategic alliances could be unsuccessful; risks relating to delays in the design, manufacture, regulatory approval and launch of SES’s battery cells; the risk that SES may not establish supply relationships for necessary components or pay components that are more expensive than anticipated; risks relating to competition and rapid change in the electric vehicle battery market; safety risks posed by certain components of SES’s batteries; risks relating to machinery used in the production of SES’s batteries; risks relating to the willingness of commercial vehicle and specialty vehicle operators and consumers to adopt electric vehicles; risks relating to SES’s intellectual property portfolio; the amount of redemption requests made by Ivanhoe's public shareholders; the ability of Ivanhoe or the combined company to issue equity or equity-linked securities or obtain debt financing in connection with the business combination or in the future and those factors discussed in Ivanhoe's annual report on Form 10-K, filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 31, 2021, under the heading "Risk Factors," and other documents of Ivanhoe filed, or to be filed, with the SEC relating to the business combination. If any of these risks materialize or Ivanhoe's or SES's assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither Ivanhoe nor SES presently know or that Ivanhoe and SES currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Ivanhoe's and SES's expectations, plans or forecasts of future events and views only as of the date of this press release. Ivanhoe and SES anticipate that subsequent events and developments will cause Ivanhoe's and SES's assessments to change. However, while Ivanhoe and SES may elect to update these forward-looking statements at some point in the future, Ivanhoe and SES specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing Ivanhoe's and SES's assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
Additional Information
This press release relates to the proposed business combination between Ivanhoe and SES. This press release does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Ivanhoe intends to file a Registration Statement on Form S-4 with the SEC, which will include a document that serves as a joint prospectus and proxy statement, referred to as a proxy statement/prospectus. A proxy statement/prospectus will be sent to all Ivanhoe shareholders. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom. Ivanhoe will also file other documents regarding the proposed business combination with the SEC. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SECURITY HOLDERS OF IVANHOE ARE URGED TO READ THE REGISTRATION STATEMENT, THE PROXY STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED BUSINESS COMBINATION AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED BUSINESS COMBINATION.
Investors and security holders will be able to obtain free copies of the registration statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC by Ivanhoe through the website maintained by the SEC at www.sec.gov. The documents filed by Ivanhoe with the SEC also may be obtained free of charge upon written request to Ivanhoe Capital Acquisition Corp., 1177 Avenue of the Americas, 5th Floor, New York, New York 10036.
Participants in the Solicitation
Ivanhoe, SES and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from Ivanhoe’s shareholders in connection with the proposed business combination. You can find information about Ivanhoe’s directors and executive officers and their interest in Ivanhoe can be found in Ivanhoe’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, which was filed with the SEC on March 31, 2021. A list of the names of the directors, executive officers, other members of management and employees of Ivanhoe and SES, as well as information regarding their interests in the business combination, will be contained in the Registration Statement on Form S-4 to be filed with the SEC by Ivanhoe. Additional information regarding the interests of such potential participants in the solicitation process may also be included in other relevant documents when they are filed with the SEC. You may obtain free copies of these documents from the sources indicated above.
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RESTON, Va.--(BUSINESS WIRE)--#teambowman--Bowman Consulting Group (the “Company” or “Bowman”) (NASDAQ: BWMN), today announced that it has received a $10 million task order contract award (the “Award”) with the Cook County Department of Transportation and Highways in Illinois (the “County”) relating to the County’s Pavement Preservation and Rehabilitation program (“PPR”). The term of the Award is for three years with two one-year renewal and extension options for the County.
Under the terms of the Award, Bowman will provide construction management services to include engineering and inspection services on a sole-source, task order basis for pre-construction, construction, and post-construction phases of the PPR. The County may expand the Award to include other construction management and engineering related tasks outside the PPR at its discretion. The Company will record backlog associated with the Award as individual task order assignments are issued.
“This meaningful win for our company derives from our extensive transportation and construction management experience and represents the increased demand we are experiencing for infrastructure related projects,” said Gary Bowman, chairman and CEO of Bowman. “We are proud to have been selected for this assignment and look forward to expanding our relationship with Cook County. We expect the revenue associated with the PPR project to ramp up slowly during the remainder of 2021, with the bulk of the spending coming in 2022 and 2023.”
About Bowman Consulting Group Ltd.
Headquartered in Reston, Virginia, Bowman is a professional services firm delivering innovative engineering solutions to customers who own, develop, and maintain the built environment. With 800 employees and more than 30 offices throughout the United Sates, Bowman provides a variety of planning, engineering, construction management, commissioning, environmental consulting, geomatics, survey, land procurement and other technical services to customers operating in a diverse set of regulated end markets. On May 11, 2021, Bowman completed its $51.7 million initial public offering and began trading on the Nasdaq under the symbol BWMN. For more information, visit www.bowman.com.
Investor Relations
Bruce Labovitz
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Megan McGrath
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(310) 622-8248
GREENWICH, Conn. & DALLAS--(BUSINESS WIRE)--Altus Power, Inc. (“Altus Power” or “the Company”), a market-leading clean electrification company, and CBRE Acquisition Holdings, Inc. (NYSE: CBAH) (“CBAH”) today announced a definitive agreement for a business combination that would result in Altus Power becoming a public company listed on the New York Stock Exchange under the new ticker symbol “AMPS”. CBAH is a special-purpose acquisition company sponsored by CBRE Group, Inc. (“CBRE”), the world’s largest commercial real estate services firm.
Headquartered in Greenwich, Connecticut, Altus Power is currently wholly-owned by its management team and Blackstone Credit, and delivers savings and sustainability benefits to its rapidly growing pool of commercial, public sector, and community solar customers. Altus Power serves its customers by offering locally-sited solar generation, energy storage, and EV-charging stations across the U.S. Since its founding in 2009, Altus Power has constructed or acquired more than 200 distributed generation solar facilities totaling more than 265 megawatts from Vermont to Hawaii. The Company expects to end 2021 with a solar asset portfolio of more than 400 megawatts. Altus Power has generated significant EBITDA since 2017.
Transaction Overview
The transaction is anticipated to generate gross proceeds of up to approximately $678 million of cash, assuming no redemptions by CBAH’s public stockholders, which will be used to fund the Company’s growth initiatives and strengthen the combined company’s balance sheet. Proceeds include a $275 million fully-committed common stock PIPE (the “PIPE”), anchored by CBRE Group, Inc. and existing investors, including Altus Power management and Blackstone Credit, as well as new investors, including ValueAct Capital, Liberty Mutual Investments and other leading institutional investors. The pro forma implied equity value of the combined company is $1.58 billion at the $10 per share price in the transaction, and assuming no redemptions by CBAH’s public stockholders.
Demonstrating the deep alignment of CBRE with Altus Power’s business success, CBRE’s sponsor economics are deliberately designed to be tied to the long-term performance of Altus Power. Unlike traditional SPAC incentive structures, CBRE receives no upfront sponsor shares but instead earns its incentive as Altus Power shares appreciate in value over time.
Altus Power’s leadership will remain intact, with Lars Norell and Gregg Felton continuing as Co-Chief Executive Officers of the combined company. Messrs. Norell and Felton will work alongside the Company’s current executive team. The Board of Directors of the combined company will include representation from Altus Power, CBRE, Blackstone Credit and ValueAct Capital, and have a majority of independent directors.
The transaction has been unanimously approved by the board of Altus Power and unanimously approved by the board of CBAH after receiving the unanimous recommendation of its special committee. Completion of the proposed transaction is subject to customary closing conditions, including the approval of CBAH’s stockholders (including approval by CBAH’s stockholders holding a majority of the voting power of the stockholders who are not affiliated with CBRE Group, Inc. or executive officers of CBAH), and is expected to occur in the fourth calendar quarter of 2021.
Management and Sponsor Commentary
“The CBRE partnership we are announcing today, through the proposed combination with CBAH, will allow Altus Power to leverage the strength and reach of the world’s largest real estate services company, along with Blackstone’s exceptional, long-standing sponsorship, further enhancing our ability to serve corporate and public clients with onsite clean energy generation and storage,” said Lars Norell, Co-Chief Executive Officer and Director of Altus Power. “We are very excited about the opportunity to supply real estate investors and occupiers – many of whom will come to us through our relationship with CBRE -- with clean energy savings and sustainability benefits using a data-driven approach to design and build onsite solar generation facilities, energy storage, and EV-charging for vehicles and fleets – while preparing for a networked future that will have these systems work in tandem and across multiple buildings to produce value for commercial, industrial, municipal and community solar customers.”
Gregg Felton, Co-Chief Executive Officer and Director of Altus Power, added “Our more than decade-long track record of designing, constructing, owning, and operating solar generation assets, our unique access to investment grade funding, along with our prospective public company balance sheet and the incredible partnership with CBRE, combine to make Altus Power the ideal provider of solar generation and storage assets across the country. With sponsorship and support from both CBRE and Blackstone, Altus Power will be the undisputed leader in clean electrification.”
“This transaction will deliver the financial and strategic resources to accelerate Altus Power’s growth plan and drive long-term shareholder value creation,” Bill Concannon, Chief Executive Officer of CBAH said. “CBRE is excited to help Altus Power bring its clean energy solutions and expertise to support our clients in reducing their carbon footprint and meeting their other sustainability goals. This is an increasingly urgent imperative for real estate occupiers and investors alike.”
“We are proud of the long-standing partnership with Altus Power and look forward to participating in their future growth,” said Rob Horn, Co-Head of Energy Investing at Blackstone Credit. “Altus Power has established itself as a market leader and is already helping Blackstone deploy solar across our own portfolio. This new partnership with CBRE provides a tremendous opportunity to deliver solar and electrification services to more businesses and real estate owners looking to enhance their profitability and meet sustainability objectives.”
Advisors
Citi acted as exclusive financial advisor to Altus Power. Fifth Third Securities acted as capital markets advisor to Altus Power. Morgan Stanley and J.P. Morgan acted as financial advisors to CBAH. Morgan Stanley acted as CBAH’s lead placement agent on the PIPE. Citi and J.P. Morgan acted as CBAH’s placement agents on the PIPE. Simpson Thacher & Bartlett LLP served as legal counsel to CBAH. Ropes & Gray LLP served as legal counsel to Altus Power. Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel to the placement agents. Potter Anderson & Corroon LLP served as legal counsel to the special committee of the CBAH board.
Investor Conference Call Information
Altus Power and CBAH will host a joint investor conference call to discuss the proposed transaction today, July 13, 2021 at 8:30AM ET.
To listen to the prepared remarks via telephone from the U.S., dial 1-877-407-4018 and an operator will assist you. International investors may listen to the call by dialing 1-201-689-8471. A telephone replay will be available by dialing 1-844-512-2921 if in the U.S, and by dialing 1-412-317-6671 from outside the U.S. The PIN for access to the replay is 13721536. The replay will be available through July 27, 2021 at 11:59pm ET.
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 more than 200 distributed generation facilities totaling in excess of 265 megawatts from Vermont to Hawaii. Visit altuspower.com to learn more.
About CBAH
CBAH is a blank-check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The parent of our sponsor, CBRE, is the world’s largest commercial real estate services and investment firm, based on 2020 revenue, with leading market positions in leasing, property sales, occupier outsourcing, property management, valuation, real estate development and investment and other business lines.
Important Information About the Transaction and Where to Find It
CBAH intends to file with the SEC a Registration Statement on Form S-4 (the “Form S-4”), which will include 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, Inc. ("Altus”) 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 on Form S-4 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 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 urge investors, stockholders and other interested persons to read, when available, the Form S-4, including the preliminary proxy statement/prospectus and amendments thereto and the definitive proxy statement/prospectus and documents incorporated by reference therein, as well as other documents filed with the SEC in connection with the Business Combination, as these materials will contain important information about Altus, CBAH and the Business Combination. Information regarding CBAH’s directors and officers and a description of their interests in CBAH is contained in CBAH’s annual report on Form 10-K for the fiscal year ended December 31, 2020. Additional information regarding the participants in the proxy solicitation, including Altus’s directors and officers, and a description of their direct and indirect interests, by security holdings or otherwise, will be included in the Registration Statement on Form S-4 and the definitive proxy statement/prospectus for the Business Combination when available. Each of these documents is, or will be, available at the SEC’s website or by directing a request to CBAH as described above under “Additional Information About the Transaction and Where to Find It.”
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’s future prospects, developments and business strategies. In particular, such forward-looking statements include statements concerning the timing of the Business Combination, the business plans, objectives, expectations and intentions of CBAH once the Business Combination and the other transactions contemplated thereby (the “Transactions”) and change of name are complete (“New Altus”), and Altus’s estimated and future results of operations, business strategies, competitive position, industry environment and potential growth opportunities. These statements are based on CBAH’s or Altus’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’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 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’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 and New Altus may be adversely affected by other economic, business, regulatory and/or competitive factors; (10) the impact of COVID-19 on Altus’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, 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 CBAH’s most recent annual report on Form 10-K, subsequently filed quarterly reports on Form 10-Q and current reports on Form 8-K, which are available, free of charge, at the SEC’s website at www.sec.gov, and will also be provided in the Registration Statement on Form S-4 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 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, the Transactions or other matters and attributable to CBAH and Altus or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above.
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 Transactions 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.
Altus Power Contacts
For Media:
Cory Ziskind
ICR, Inc.
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For Investors:
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ICR, Inc.
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CBRE Acquisition Holdings Contacts
Cash Smith
CBRE Acquisition Holdings, Inc.
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Steven Iaco
CBRE Corporate Communications
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ABERDEEN, Scotland--(BUSINESS WIRE)--KNOT Offshore Partners LP (NYSE:KNOP) (“The Partnership”)
Distribution
The Partnership announced today that its Board of Directors has declared a quarterly cash distribution with respect to the quarter ended June 30, 2021, of $0.52 per unit.
This corresponds to $2.08 per outstanding unit on an annualized basis.
This cash distribution will be paid on August 12, 2021 to all unitholders of record as of the close of business on July 29, 2021.
About KNOT Offshore Partners LP
KNOT Offshore Partners LP owns, operates and acquires shuttle tankers under long-term charters in the offshore oil production regions of the North Sea and Brazil. KNOT Offshore Partners LP is structured as a publicly traded master limited partnership. KNOT Offshore Partners LP’s common units’ trade on the New York Stock Exchange under the symbol “KNOP”.
Forward looking statements
This press release includes statements that may constitute forward-looking statements. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management’s control. Factors that can affect future results are discussed in the Annual Report on Form 20-F filed by the Partnership with SEC. The Partnership undertakes no obligation to update or revise any forward-looking statement to reflect new information or events.
KNOT Offshore Partners LP
Gary Chapman
Chief Executive Officer and Chief Financial Officer
Tel: +44 7496 170 620
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AI-powered disaggregation, digital innovation and personalization technology noted as company’s core strengths
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--A new IDC MarketScape report from International Data Corporation (IDC) has recognized Bidgely as a “Leader” in digital customer engagement solutions for utilities worldwide. The IDC MarketScape: Worldwide Digital Customer Engagement Solutions for Utilities 2021 Vendor Assessment (IDC # US46149620, June 2021), which evaluated 10 solution providers, credits Bidgely’s success in enabling utilities to achieve both highly personalized customer engagement as well as operational objectives. Bidgely is one of only three to be positioned in the “Leaders” Category.
"With the aim of becoming trusted energy advisors, energy retailers around the world are actively seeking to engage their customers by providing personalized, meaningful and valuable experiences. For such a niche market, a rather large group of solution providers are playing the field of digital customer engagement, each carving out its space with unique combinations of functionalities and market plays," said Gaia Gallotti, associate research director, IDC Energy Insights. "Utilities will need to dig deep to understand their customers' major pain points and what is most important to them to prioritize their digital customer engagement investments, as there is a breadth of functionalities for descriptive, diagnostic, predictive, prescriptive and ecosystem engagement."
Designed to aid utilities in implementing current and future digital customer engagement strategies, this IDC MarketScape analyzed vendors’ capabilities, strategies and comparative success in the marketplace as well as evaluated potential product evolution. The IDC MarketScape highlighted Bidgely’s strength in delivering personalized engagement tools, including Home Energy Reports (HERs), high bill alerts, bill projection estimates, rate plan analysis, behavioral savings recommendations and more. Also, the advantages of its technology approach were noted, which can be embedded as preconfigured plug-ins into utilities’ existing workflows or a standalone software-as-a-service solution.
“This recognition as an IDC MarketScape leader is a testament to the power of Bidgely’s advancements in digital customer engagement and global leadership,” said Abhay Gupta, CEO of Bidgely. “As consumers continue to become more invested in reducing both energy consumption and their carbon footprints, utilities have the opportunity to personalize their customer engagement strategies and transform themselves into a guide on the path to net-zero for every home.”
This recognition follows Bidgely’s inclusion as a “Leader” in Guidehouse Insight’s Leaderboard for Home Energy Management and the company’s strong debut on Guidehouse Insight’s Leaderboard for Smart Meter Analytics.
To access an excerpt of the IDC MarketScape report, visit: go.bidgely.com/IDC-Marketscape-CX-Leaderboard-2021.
About IDC MarketScape
IDC MarketScape vendor assessment model is designed to provide an overview of the competitive fitness of ICT (information and communications technology) suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of IT and telecommunications vendors can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective vendors.
About Bidgely
Bidgely is an AI-powered SaaS Company accelerating a clean energy future by enabling energy companies and consumers to make data-driven energy-related decisions. Powered by our unique patented technology, Bidgely's UtilityAI™ Platform transforms multiple dimensions of customer data - such as energy consumption, demographic, and interactions - into deeply accurate and actionable consumer energy insights. We leverage these insights to empower each customer with personalized recommendations, tailored to their individual personality and lifestyle, usage attributes, behavioral patterns, purchase propensity, and beyond. From a Distributed Energy Resources (DER) and Grid Edge perspective, whether it is smart thermostats to EV chargers, solar PVs to TOU rate designs and tariffs; UtilityAI™ energy analytics provides deep visibility into generation, consumption for better peak load shaping and grid planning, and delivers targeted recommendations for new value-added products and services. With roots in Silicon Valley, Bidgely has over 17 energy patents, $50M+ in funding, retains 30+ data scientists, and brings a passion for AI to utilities serving residential and commercial customers around the world. For more information, please visit www.bidgely.com or the Bidgely blog at bidgely.com/blog.
Christine Bennett
Bidgely
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EWING, N.J.--(BUSINESS WIRE)--$OLED #OLED--Universal Display Corporation (Nasdaq: OLED), enabling energy-efficient displays and lighting with its UniversalPHOLED® technology and materials, today announced its results for the second quarter, ended June 30, 2021, will be released on Thursday, August 5, 2021 after market close. At that time, a copy of the financial results release will be available on the Company’s website at https://oled.com/.
In conjunction with this release, Universal Display will host a conference call on Thursday, August 5, 2021 at 5:00 p.m. Eastern Time. The live webcast of the conference call can be accessed under the events page of the Company's Investor Relations website at ir.oled.com. Those wishing to participate in the live call should dial 1-877-524-8416 (toll-free) or 1-412-902-1028. Please dial in 5-10 minutes prior to the scheduled conference call time. An online archive of the webcast will be available within two hours of the conclusion of the call.
About Universal Display Corporation
Universal Display Corporation (Nasdaq: OLED) is a leader in the research, development and commercialization of organic light emitting diode (OLED) technologies and materials for use in display and solid-state lighting applications. Founded in 1994 and with subsidiaries and offices around the world, the Company currently owns, exclusively licenses or has the sole right to sublicense more than 5,000 patents issued and pending worldwide. Universal Display licenses its proprietary technologies, including its breakthrough high-efficiency UniversalPHOLED® phosphorescent OLED technology that can enable the development of energy-efficient and eco-friendly displays and solid-state lighting. The Company also develops and offers high-quality, state-of-the-art UniversalPHOLED materials that are recognized as key ingredients in the fabrication of OLEDs with peak performance. In addition, Universal Display delivers innovative and customized solutions to its clients and partners through technology transfer, collaborative technology development and on-site training. To learn more about Universal Display Corporation, please visit https://oled.com/.
Universal Display Corporation and the Universal Display Corporation logo are trademarks or registered trademarks of Universal Display Corporation. All other company, brand or product names may be trademarks or registered trademarks.
All statements in this document that are not historical, such as those relating to the Company’s technologies and potential applications of those technologies, the Company’s expected results and future declaration of dividends, as well as the growth of the OLED market and the Company’s opportunities in that market, are forward-looking financial statements within the meaning of the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on any forward-looking statements in this document, as they reflect Universal Display Corporation’s current views with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated. These risks and uncertainties are discussed in greater detail in Universal Display Corporation’s periodic reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, including, in particular, the section entitled “Risk Factors” in Universal Display Corporation’s Annual Report on Form 10-K for the year ended December 31, 2020. Universal Display Corporation disclaims any obligation to update any forward-looking statement contained in this document.
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(OLED-C)
Universal Display:
Darice Liu
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DENVER--(BUSINESS WIRE)--PERENfra LLC (“PERENfra”), an industry-leading water infrastructure company, today announced that Gary J. Brauchle has been added to the Board of Directors and will be joining the PERENfra management team as President. This leadership addition will be instrumental in supporting the PERENfra and DIF partnership announced earlier this year. Brauchle will be based in Austin, Texas, and with a growing presence in Texas, PERENfra plans to open an office in Austin.
“Gary has extensive experience in large infrastructure transactions and in building high-growth organizations,” said Jeff Nelson, Founder and CEO of PERENfra. “I have looked to him for guidance over the years, and I couldn’t be more excited to formalize his involvement with PERENfra. I know his leadership and valuable perspective will help guide us through our next stage of growth.”
Gary J. Brauchle was most recently the Executive Vice President and Chief Financial Officer of Tallgrass Energy (previously listed on the New York Stock Exchange as “TGE”) where he built a high-performing Finance department that was instrumental in Tallgrass’s multi-year growth and outstanding shareholder returns. Prior to Tallgrass, he served as Vice President and Chief Accounting Officer at McDermott International, Inc., a global engineering and construction company and also as Corporate Controller previous to that. Gary is a Certified Public Accountant in Texas and is a graduate of Texas A&M University, where he received a Master of Science in Accounting and a Bachelor of Business Administration in Accounting.
“I am excited to work with Jeff, DIF and the PERENfra team to build a water infrastructure organization that values safety, sustainability and stakeholder returns,” Brauchle said. “PERENfra is committed to being a responsible partner to the communities in which we operate, an initiative that I will fully support. Water infrastructure opportunities are plentiful today, and we believe that the need for water will become even more critical as economic growth continues in the Untied States and abroad.”
About PERENfra:
PERENfra is a United States based infrastructure company focused on operational and development opportunities in the water sector across various geographies. PERENfra takes a long-term approach to owning and operating essential assets and our team has a reputation of providing efficiency and certainty for our clients and partners. PERENfra currently owns and operates assets providing municipal water supply and environmental conservation.
PERENfra:
Amy Ochello
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NEW YORK--(BUSINESS WIRE)--New Fortress Energy Inc. (NASDAQ:NFE) (the "Company") announced today that management will host an investor update conference call on Wednesday, July 21, 2021 at 11:00 A.M. Eastern Time. A copy of materials that management will reference will be posted to the Investor Relations section of New Fortress Energy’s website, www.newfortressenergy.com.
All interested parties are welcome to participate on the live call. The conference call may be accessed by dialing (866) 953-0778 (from within the U.S.) or (630) 652-5853 (from outside of the U.S.) fifteen minutes prior to the scheduled start of the call; please reference “NFE Investor Update Call."
A simultaneous webcast of the conference call will be available to the public on a listen-only basis at www.newfortressenergy.com. Please allow extra time prior to the call to visit the site and download the necessary software required to listen to the internet broadcast.
A replay of the conference call will be available after 2:00 P.M. on Wednesday, July 21, 2021 through 11:00 P.M. on Wednesday, July 28, 2021 at (855) 859-2056 (from within the U.S.) or (404) 537-3406 (from outside of the U.S.), Passcode: 6787857.
About New Fortress Energy Inc.
New Fortress Energy Inc. (NASDAQ: NFE) is a global energy infrastructure company founded to help accelerate the world’s transition to clean energy. The company funds, builds and operates natural gas infrastructure and logistics to rapidly deliver fully integrated, turnkey energy solutions that enable economic growth, enhance environmental stewardship and transform local industries and communities.
IR:
Joshua Kane
(516) 268-7455
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Media:
Jake Suski
(516) 268-7403
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Technologies advance digital transformation for efficient access to E&P applications and to automate work processes
HOUSTON--(BUSINESS WIRE)--Halliburton Company (NYSE: HAL) today announced that it is expanding its digital collaboration with Aker BP, a Norwegian oil and gas exploration and production company, by deploying digital twins to automate work processes and accelerate decision-making. These cloud services operate in iEnergy, Halliburton’s hybrid cloud environment to manage exploration and production applications.
Aker BP is leveraging Digital Well Program®, a DecisionSpace® 365 cloud application, built on an open architecture to provide integrated well planning and design to increase collaboration and connectivity across drilling activities. It enables well planning and design to become a live process where field development scenarios are continuously updated and compared to a digital twin to deliver safe, cost-effective, and productive wells.
“At Aker BP Drilling and Wells, our ambition is to be first or best. With the implementation of Digital Well Program on iEnergy, we deliver on both ambitions and are proud to be the first E&P company to put this platform into use,” said Senior Vice President Drilling and Wells Tommy Sigmundstad for Aker BP. “Our current deployment already consists of more than 100 micro services, several to external third-party systems. In the platform, data can flow seamlessly through the established well construction design workflow, and we have seen significant workflow improvement only a few months into deployment.”
“Handling multiple designs simultaneously is not a challenge anymore. We are currently working to implement automation and simulation microservices in the platform, and I am confident that we through iEnergy will increase efficiency and create substantial value in the future,” added Sigmundstad.
“We are excited to deliver Digital Well Program and its transformative capabilities as a cloud service to Aker BP and their extended ecosystem to create an unparalleled experience for a well construction digital twin,” said Nagaraj Srinivasan, senior vice president of Landmark, Halliburton Digital Solutions and Consulting. “Consistent with Halliburton’s digital strategy, our secure cloud environment, machine learning algorithms, and data science expertise will help Aker BP maximize their asset value.”
About Halliburton
Founded in 1919, Halliburton is one of the world's largest providers of products and services to the energy industry. With approximately 40,000 employees, representing 130 nationalities in more than 70 countries, the company helps its customers maximize value throughout the lifecycle of the reservoir – from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production throughout the life of the asset. Visit the company’s website at www.halliburton.com. Connect with Halliburton on Facebook, Twitter, LinkedIn, Instagram and YouTube.
For Investors:
Abu Zeya
Investor Relations
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281-871-2688
For News Media:
William Fitzgerald
External Affairs
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281-871-2601
COLUMBUS, Ind.--(BUSINESS WIRE)--The Board of Directors of Cummins Inc. (NYSE: CMI) today approved an increase in the company's quarterly cash dividend on common stock of 7 percent to 1.45 dollars per share from 1.35 dollars per share. The dividend is payable on September 2, 2021, to shareholders of record on August 20, 2021.
“This marks our 12th consecutive year of increasing our dividend, demonstrating a consistent trend of returning capital to shareholders while continuing to invest in our future,” said Tom Linebarger, Chairman and CEO, Cummins Inc.
About Cummins Inc.
Cummins Inc., a global power leader, is a corporation of complementary business segments that design, manufacture, distribute and service a broad portfolio of power solutions. The company’s products range from diesel, natural gas, electric and hybrid powertrains and powertrain-related components including filtration, aftertreatment, turbochargers, fuel systems, controls systems, air handling systems, automated transmissions, electric power generation systems, batteries, electrified power systems, hydrogen generation and fuel cell products. Headquartered in Columbus, Indiana (U.S.), since its founding in 1919, Cummins employs approximately 57,825 people committed to powering a more prosperous world through three global corporate responsibility priorities critical to healthy communities: education, environment and equality of opportunity. Cummins serves its customers online, through a network of company-owned and independent distributor locations, and through thousands of dealer locations worldwide and earned about $1.8 billion on sales of $19.8 billion in 2020. To learn more about Cummins visit cummins.com.
Forward-looking disclosure statement
Information provided in this release that is not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our forecasts, guidance, preliminary results, expectations, hopes, beliefs and intentions on strategies regarding the future. These forward-looking statements include, without limitation, statements relating to our plans and expectations for our revenues and EBITDA. Our actual future results could differ materially from those projected in such forward-looking statements because of a number of factors, including, but not limited to: any adverse results of our internal review into our emissions certification process and compliance with emission standards; increased scrutiny from regulatory agencies, as well as unpredictability in the adoption, implementation and enforcement of emission standards around the world; policy changes in international trade; the U.K.'s exit from the European Union; changes in taxation; global legal and ethical compliance costs and risks; increasingly stringent environmental laws and regulations; future bans or limitations on the use of diesel-powered products; supply shortages and supplier financial risk, particularly from any of our single-sourced suppliers, including suppliers that may be impacted by the COVID-19 pandemic; market slowdown due to the impacts from the COVID-19 pandemic, other public health crises, epidemics or pandemics; impacts to manufacturing and supply chain abilities from an extended shutdown or disruption of our operations due to the COVID-19 pandemic; aligning our capacity and production with our demand, including impacts of COVID-19; large truck manufacturers and original equipment manufacturers customers discontinuing outsourcing their engine supply needs or experiencing financial distress, particularly related to the COVID-19 pandemic, bankruptcy or change in control; a slowdown in infrastructure development and/or depressed commodity prices; failure to realize expected results from our investment in Eaton Cummins Automated Transmission Technologies joint venture; the actions of, and income from, joint ventures and other investees that we do not directly control; product recalls; the development of new technologies that reduce demand for our current products and services; lower than expected acceptance of new or existing products or services; variability in material and commodity costs; product liability claims; our sales mix of products; protection and validity of our patent and other intellectual property rights; disruptions in global credit and financial markets as the result of the COVID-19 pandemic; labor relations or work stoppages; reliance on our executive leadership team and other key personnel; climate change and global warming; our plan to reposition our portfolio of product offerings through exploration of strategic acquisitions and divestitures and related uncertainties of entering such transactions; exposure to potential security breaches or other disruptions to our information technology systems and data security; political, economic and other risks from operations in numerous countries; competitor activity; increasing competition, including increased global competition among our customers in emerging markets; foreign currency exchange rate changes; the performance of our pension plan assets and volatility of discount rates, particularly those related to the sustained slowdown of the global economy due to the COVID-19 pandemic; the price and availability of energy; the outcome of pending and future litigation and governmental proceedings; continued availability of financing, financial instruments and financial resources in the amounts, at the times and on the terms required to support our future business; and other risks detailed from time to time in our SEC filings, including particularly in the Risk Factors section of our 2020 Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect our performance may be found in our filings with the SEC, which are available at http://www.sec.gov or at http://www.cummins.com in the Investor Relations section of our website.
Jon Mills
Director, External Communications
317-658-4540
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WASHINGTON--(BUSINESS WIRE)--Two leading electricity policy experts today released a white paper that analyzes the mounting challenges the nation’s regional transmission organizations face in a time of rapid grid transformation and cautions against relying solely on RTOs as a mechanism to achieve energy and climate goals.
“Lawmakers and regulators need to candidly acknowledge the industry trends and policy mandates that are working at cross-purposes with the nation’s RTOs,” said co-author Tony Clark, a former member of the Federal Energy Regulatory Commission and now a senior adviser at Wilkinson Barker Knauer LLP. “This white paper examines whether the RTO model is well suited to handle demands that undermine the RTO paradigm itself. We conclude that, increasingly, it is not,” Clark said.
“The timing of this white paper is propitious given pending federal legislation that would mandate RTO membership nationwide,” said co-author Vincent Duane, a principal at Copper Monarch and a former senior vice president with PJM Interconnection. “If political leaders fail to come to terms with the cracks in the foundations in the RTOs, simply expanding them nationwide will not just be a policy failure, it risks climate progress and pro-consumer outcomes.”
According to the white paper, RTOs are struggling under the weight of electricity industry changes that have occurred since the RTOs were designed more than two decades ago. Especially troublesome are issues related to price formation which, under the RTO model, are misaligned with many of the public policies that seek to advance grid decarbonization.
“An RTO characterized by degraded price signals, supply that doesn’t respond to price, extensive sources of revenue from outside the market, and largely unavoidable socialized charges isn’t much of a “market” at all,” Clark said.
“These trends are chipping away at the foundation of the RTO model itself and call into question the commodification of electricity which is the principle underpinning how RTO markets buy, sell and deliver electricity. It is hard to see how minor tweaks will fix it and sweeping it under the rug isn’t a viable long-term option,” added Duane.
“It strikes us as a bad, perhaps even dangerous idea, to rule out all other regimes (both existing and potential new or hybrid models) to instead insist on pursuing all efforts to decarbonize the electricity grid through a universally imposed RTO model,” the white paper concluded.
Rachael Payton
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571-383-6215
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