In letter to legislative leaders, bipartisan coalition says $300 million more needed to help state meet zero emission vehicle goals.
SACRAMENTO, Calif.--(BUSINESS WIRE)--#ClimateAction--A bipartisan coalition of nearly 20 lawmakers today called on Senate President pro Tem Toni Atkins (D-San Diego) and Assembly Speaker Anthony Rendon (D-Lakewood) to increase funding for hydrogen by $300 million in the state budget and set aside 20 percent of the state’s Clean Transportation Program funding to bolster hydrogen fueling infrastructure in California.
“For all communities to truly participate in this exciting transition, hydrogen fueling infrastructure will be critical,” wrote the legislators. “Both zero emission vehicle technologies are essential to meet the needs of all consumers and assure public acceptance. These recommendations will provide the support and signal needed for private sector investments to enable California’s zero emission vehicle future.”
Signing the letter were Senators Bob Archuleta (D-Pico Rivera), Anna Caballero (D-Salinas), Bill Dodd (D-Napa), Lena Gonzalez (D-Long Beach), Ben Hueso (D-San Diego), Melissa Hurtado (D-Sanger), Josh Newman (D-Fullerton), and Scott Wilk (R-Santa Clarita) as well as Assemblymembers Cecilia Aguiar-Curry (D-Winters), Jim Cooper (D-Elk Grove), Jordan Cunningham (R-San Luis Obispo), Tom Daly (D-Anaheim), Vince Fong (R-Kern County), Chad Mayes (I-La Quinta), Adrin Nazarian (D-North Hollywood), Patrick O’Donnell (D-Long Beach), Sharon Quirk-Silva (D-Fullerton), James Ramos (D-Highland), and Robert Rivas (D-Hollister).
In addition, Assemblymember Jim Frazier (D-Fairfield), also penned his own letter urging increased state support for hydrogen infrastructure
“Intended to support Executive Order N-79-20 related to zero emission vehicles, the 2021-2022 revised budget proposal provides $500M in general fund dollars for near-term investments in fueling infrastructure,” wrote the legislators. “We respectfully request $300M be made available to bring the light-duty hydrogen market to a point of self-sufficiency, as illustrated by the Air Resources Board.
“The 2021-2022 revised budget proposal also calls for the reauthorization of the Clean Transportation Program. Outside of the broadly-available Low Carbon Fuel Standard Program, the Clean Transportation Program is the only program directly supporting hydrogen fueling infrastructure. Therefore, we request the reauthorization maintain the existing 20% set-aside for hydrogen while shifting focus to the heavy-duty fueling market, including transit agencies.”
Steven Maviglio, 916-607-8340
NEW YORK--(BUSINESS WIRE)--Piedmont Lithium Inc., (“Piedmont” or the “Company”) (NASDAQ: PLL; ASX: PLL), a clean energy company focused on the integrated production of lithium hydroxide to support the U.S. electric vehicle supply chain, today announced the election of two new Non-Executive Directors to its Board, Mr. Claude Demby and Ms. Susan Jones, along with the retirements of long-serving Directors Anastasios Arima and Levi Mochkin. “We are extremely fortunate to have individuals with the leadership and operating experience of Claude and Susan join our Board. Their relevant executive and governance backgrounds will play a key role in helping guide our organization as the demand for electric vehicles and lithium hydroxide rapidly increases in the United States and around the world,” said Piedmont Board Chairman, Jeff Armstrong.
Mr. Demby, currently President of Cree LED, a Smart Global Holdings, Inc. company, brings exceptional governance experience through his current service as Chair of the Governance and Nominating Committee and Director on the board of Brown Capital Management Mutual Fund Trust and prior service as Director on the board of the Federal Reserve Bank of Richmond - Charlotte branch, including Chairman from 2012 to 2017. He also has a strong record of community service through his founding and running of Valour Academy Schools, Inc., in Raleigh, NC, and serving as an advisory board member of Duke Raleigh Hospital.
Mr. Demby has extensive executive and operational leadership experience, having served as CEO and Director of the Noël Group, a $250 million manufacturer of synthetic foam materials, and President and COO of L&L Products, after beginning his career in engineering roles with Procter & Gamble and GE Plastics. “Claude’s work leading the LED Products business at Cree, developing technologies and services that have a broad environmental, social and governance impact, will be extremely valuable to Piedmont given our focus on serving the electric vehicle market, which will play a critical role in helping reduce the world’s carbon footprint,” said Mr. Armstrong. Mr. Demby received an MBA from Rensselaer Polytechnic Institute and a Bachelor of Chemical Engineering from the University of Delaware.
Ms. Jones spent 15 years of her career at Nutrien Ltd., a multibillion-dollar global mining and agricultural enterprise. Her most recent role prior to retirement in 2019 was serving as Executive Vice President and CEO – Potash, the world’s largest underground soft-rock miner. Ms. Jones has a wealth of board experience, having advised the boards of both Agrium and Nutrien, both NYSE publicly traded companies, as an executive, and currently serving on the board of TC Energy, a $50 billion market cap NYSE company, and Arc Resources. She has also served on the Boards of Gibson Energy and Canpotex.
Ms. Jones brings valuable legal experience combined with operating responsibilities over the course of her career with roles ranging from Chief Legal Officer to Managing Director of European Operations, and several other critical leadership positions. “Susan’s experience leading a global, vertically integrated, commodity company, combined with her extensive background in a variety of operational roles at Nutrien, will be an asset to Piedmont Lithium as we look to expand our business in the future,” added Mr. Armstrong. Ms. Jones received her JD from the University of Ottawa (Canada) and a BA in Political Science from the University of Victoria (Canada).
Piedmont CEO Keith Phillips commented, “As we welcome Susan and Claude, it is difficult to express how much we will miss and appreciate the vision and contributions that Taso and Levi brought to our organization to help us get to this point as a company. Mr. Arima is a visionary entrepreneur and was a co-founder of Piedmont Lithium, having identified both the economic and national security advantages of operating on the Carolina Tin-Spodumene Belt versus remote global locations. Taso is also the founder and CEO of Hyperion Metals, and is stepping back from the Piedmont board to dedicate all of his time to leading that new critical minerals venture. Mr. Mochkin has been a Board member and the Mochkin family trust has been Piedmont’s largest individual shareholder since the Company’s inception; his entrepreneurial guidance and wisdom together with being an unrelenting advocate of our story resonated with institutional and individual investors worldwide. We would not be where we are without them.”
About Piedmont:
Piedmont is developing a world-class integrated lithium business in the United States, enabling the transition to a net zero world and the creation of a clean energy economy in America. Our location in the renowned Carolina Tin Spodumene Belt of North Carolina, positions us to be one of the world’s lowest cost producers of lithium hydroxide and the most strategically located to serve the fast-growing U.S. electric vehicle supply chain. The unique geographic proximity of our resources, production operations and prospective customers, places Piedmont on the path to be the most sustainable producer of lithium hydroxide in the world and allow Piedmont to play a pivotal role in supporting America’s move to the electrification of transportation and energy storage. Additional information is available at www.piedmontlithium.com.
Keith Phillips
President & CEO
T: +1 973 809 0505
E: This email address is being protected from spambots. You need JavaScript enabled to view it.
Brian Risinger
VP - Investor Relations and Corporate Communications
T: +1 704 910 9688
E: This email address is being protected from spambots. You need JavaScript enabled to view it.
IRVING, Texas--(BUSINESS WIRE)--ExxonMobil today updated preliminary results for the election of directors at its annual meeting of shareholders held on May 26, 2021. Based on estimates by the company’s proxy solicitor, shareholders are expected to elect nine ExxonMobil nominees and three Engine No. 1 nominees.
“We look forward to working with all of our directors to build on the progress we’ve made to grow long-term shareholder value and succeed in a lower-carbon future,” said Darren Woods, chairman and chief executive officer of Exxon Mobil Corporation. “We thank all shareholders for their engagement and participation, and their ongoing support for our company.”
Based on the preliminary results, re-elected ExxonMobil directors are expected to be Woods, Michael Angelakis, Susan Avery, Angela Braly, Ursula Burns, Kenneth Frazier, Joseph Hooley, Douglas Oberhelman and Jeffrey Ubben. Engine No. 1 nominees expected to be elected are Gregory Goff, Kaisa Hietala and Alexander Karsner.
The preliminary results, which were filed as a Form 8-K with the U.S. Securities and Exchange Commission, are subject to certification by the independent inspector of election, who has sole ability to validate the election. The final certification of results will be filed with the SEC and available on ExxonMobil’s investor website.
About ExxonMobil
ExxonMobil, one of the largest publicly traded international energy companies, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is one of the largest refiners and marketers of petroleum products, and its chemical company is one of the largest in the world. To learn more, visit exxonmobil.com and the Energy Factor.
Follow us on Twitter and LinkedIn.
Cautionary Statement
The estimated preliminary vote results set forth in this press release are forward-looking statements. These estimates have been prepared by our proxy solicitor based on their work performed in connection with the annual meeting. These results are preliminary estimates only and are subject to change based on the certification of the voting results by the independent inspector of elections. See ExxonMobil’s Current Report on Form 8-K dated June 2, 2021, for additional information regarding determination of these preliminary voting estimates and factors still to be determined that could affect the final votes as certified by the inspector of election.
Media Relations
972-940-6007
New commercial microgrid financing delivers clean, reliable energy with no capital outlay
RICHMOND, Calif.--(BUSINESS WIRE)--Blue Planet Energy unlocks the economic and environmental benefits of clean energy and intelligent battery storage for California business owners with its new zero-money-down financing for solar-plus-storage microgrids. These microgrid systems combine the cost savings of on-site solar energy generation with Blue Planet Energy’s reliable, safe Blue Ion LX battery solution. The systems enable business owners to power essential equipment even when the utility grid is down. Blue Planet Energy is a pioneer in solar-plus-storage microgrids, with a track record of hundreds of commercial customers who have enhanced resilience, lowered energy costs and reduced their carbon footprint in California and beyond.
“For too long, California’s business owners have borne the burden of power outages beyond their control – disruptions that erode revenues and deny communities access to critical goods and services when they’re needed most,” said Chris Johnson, CEO of Blue Planet Energy. “Our unique financing offering democratizes the immediate and long-term benefits of solar-plus-storage microgrids. We allow essential businesses to operate on their own terms and to benefit from ongoing clean energy savings.”
With this first-of-its-kind Hybrid Power Purchase Agreement (hPPA) financing model, Blue Planet Energy eliminates the upfront cost barrier to solar-plus-storage microgrid adoption. Business owners pay only for electricity usage generated by a new solar array and a fixed rate for the added benefits and services delivered by the battery storage system. All operations and maintenance is covered for the lifetime of the agreement.
To learn more about Blue Planet Energy’s solar-plus-storage microgrid hPPA for California businesses, visit: blueplanetenergy.com/business/wildfire-season.
About Blue Planet Energy
Blue Planet Energy is making the promise of grid independence a reality. With our scalable Blue Ion energy platform, we enable safe, resilient, clean energy to be delivered through distributed, smart energy storage and microgrids. Our energy storage systems are used by both businesses and homeowners to provide energy security and independence from the utility grid while driving the increased use of renewable power generation. To learn more about our technology or join our top-notch dealer network, visit blueplanetenergy.com.
Christine Bennett
Blue Planet Energy
This email address is being protected from spambots. You need JavaScript enabled to view it.
Despite pandemic challenges, company continued important work related to clean energy, diversity, equity and inclusion goals
ROSEMEAD, Calif.--(BUSINESS WIRE)--Edison International has published its Sustainability Report for 2020, detailing progress toward meeting long-term sustainability goals, successes and challenges faced in executing its clean energy strategy, its commitment and approach to advancing diversity, equity and inclusion and other disclosures and metrics of interest to investors, regulators, customers and other stakeholders. The company has also published its Sustainable Financing Framework, outlining its commitment to sustainability and its intention to continue aligning capital-raising activities with sustainability principles.
“Our framework underscores the strong link between our strategy and financing activities,” said Pedro J. Pizarro, president and CEO of Edison International. “The broad spectrum of financing tools enabled by the framework are part of our effort to keep costs affordable for customers while achieving our sustainability goals, including reducing the greenhouse gas emissions that contribute to climate change.”
Edison International’s framework is aligned with the International Capital Market Association’s Green Bond Principles 2018 and Social Bond Principles 2020 and has received a second-party opinion from Vigeo Eiris. The financings will generate proceeds to finance new or to refinance existing projects in four environmental categories (renewable energy, clean transportation, energy efficiency and carbon reduction, or climate change adaptation) or one social category (socioeconomic advancement and empowerment).
The company’s 2020 Sustainability Report describes its commitment to addressing the impacts of climate change and, in particular, outlines Southern California Edison’s continued work to deliver 100% carbon-free power in terms of retail sales by 2045 and to accelerate the electrification of the economy to most affordably meet California’s ambitious economywide net-zero goal. Read more about the report on Energized by Edison.
Among other accomplishments in 2020, Edison International’s primary subsidiary, SCE, procured 1,360 megawatts of energy storage and installed 1,442 new vehicle charging ports through its Charge Ready program. SCE maintained the lowest system average rate among California’s investor-owned utilities, and its rates have grown less than Los Angeles area inflation for the past 30 years.
Addressing climate change involves everyone — utilities and energy users, including large companies. Edison Energy, the company’s nonregulated competitive business, partners with leading commercial, institutional and industrial clients, including 15 of the Fortune 50, to help them navigate and manage three of the biggest challenges of today: cost, carbon and the increasingly complex choices in energy. Edison Energy advised clients on 2.2 gigawatts of renewable energy agreements in 2020.
“We continue to adapt our business to the changing climate and its impacts as we invest in the electric grid that is critical to resiliency and meeting California’s carbon-free power objectives,” said Pizarro. “Further, our commitment to diversity, equity and inclusion reflects the rich diversity of the areas we serve. We believe our ability to lead the transformation of the electric power industry toward a clean energy future relies on the diversity of our team and a society that enables all people to thrive.”
About Edison International
Edison International (NYSE: EIX) is one of the nation’s largest electric utility holding companies, providing clean and reliable energy and energy services through its independent companies. Headquartered in Rosemead, California, Edison International is the parent company of Southern California Edison Company, a utility that delivers electricity to 15 million people across Southern, Central and Coastal California. Edison International is also the parent company of Edison Energy, a global energy advisory company delivering comprehensive, data-driven energy solutions to commercial and industrial users to meet their cost, sustainability and risk goals.
Media Contact: Jeff Monford, (626) 302-2255
HOUSTON--(BUSINESS WIRE)--Sunnova Energy International Inc. (“Sunnova”) (NYSE: NOVA), one of the leading U.S. residential solar and storage service providers, has expanded its lease service offerings, for solar + Tesla and Generac storage systems, to nine new markets. Illinois, Maryland, New Mexico, Pennsylvania, South Carolina, Texas, Florida, New York and Rhode Island homeowners, will now have the flexibility to choose between our new lease or existing loan offerings, when selecting a solar + storage system to power their home. Additionally, twenty-two new states will now have access to Enphase batteries through our loan program.
“We’re here to ensure our customers have access to energy services and financing options that make the most sense for their unique situations and that ultimately help them achieve energy independence,” said Michael Grasso, Chief Marketing and Growth Officer at Sunnova. “We also want to empower Sunnova’s local dealers to help families find the best energy options for their individual needs, and these expansions help us realize that goal.”
As families continue to spend more time at home and increasingly experience power outages as we enter hurricane and wildfire seasons, the demand for reliable and resilient energy will continue to grow. In 2020, Sunnova’s dealers installed three times the number of battery systems compared to 2019, and more than doubled the number in Q1 of 2021, compared to the same quarter last year. “Sunnova’s goal is to consistently anticipate our customers’ needs and diversify and innovate our offerings accordingly,” said Grasso.
This lease expansion is an addition to Sunnova’s wide suite of offerings and will provide customers with:
Batteries are essential for storing the excess energy produced by a solar system and providing that stored energy for use during a power outage. Intelligent software automatically manages the battery system when the centralized grid goes down and seamlessly provides reliable back-up power to the essential appliances in your home. Decentralized and decarbonized solar + storage solutions not only provide homeowners with resiliency but can also help homeowners lower utility bills, while helping the respective states reach their clean energy targets.
The Enphase battery retrofit will allow customers with an existing home solar system to easily add energy storage. The retrofit will take the form of a new loan offering including 25-year coverage with Sunnova Protect®, also encompassing monitoring system production, repairs and replacements.
Learn about Sunnova’s current solar + storage promotions.
About Sunnova
Sunnova Energy International Inc. (NYSE: NOVA) is a leading residential solar and energy storage service provider with customers across the U.S. and its territories. Sunnova’s goal is to be the source of clean, affordable and reliable energy with a simple mission: to power energy independence so that homeowners have the freedom to live life uninterrupted®.
Disclaimers
No assurances can be given that the solar system or the battery will always work. You should never rely upon either of these to power life support or other medical devices.
The amount of power available from the battery during a power outage is limited, depending on the loads connected, customer usage and battery configuration (i.e., batteries in certain areas may be set up to provide you with the best economic benefit, which may affect the amount of back-up power available). Solar systems and/or batteries may require repairs after weather events and such repairs may be delayed due to forces outside of our control. No assurances can be given that the solar system or the battery will always work. You should never rely upon either of these to power life support or other medical devices. To see how long your battery will last during an outage, go to https://www.sunnova.com/batteryduration/.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Sunnova’s future financial or operating performance. In some cases, you can identify forward looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates,” “going to,” "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these words or other similar terms or expressions that concern Sunnova’s expectations, strategy, priorities, plans or intentions. Forward-looking statements in this release include, but are not limited to, statements regarding our expansion into new markets, our goals, the demand for reliable, resilient energy and energy storage, the ultimate ability to achieve energy independence, increased power outages, the ability of states to reach clean energy targets, and other statements regarding the future. Sunnova’s expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks regarding our ability to implement our business plan, the impact of COVID-19, our ability to successfully integrate the SunStreet Energy Group, LLC acquisition, our competition, fluctuations in the solar and home-building markets, our ability to attract and retain dealers and customers and our dealer and strategic partner relationships. The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in Sunnova’s filings with the Securities and Exchange Commission, including Sunnova’s annual report on Form 10-K for the year ended December 31, 2020. The forward-looking statements in this release are based on information available to Sunnova as of the date hereof, and Sunnova disclaims any obligation to update any forward-looking statements, except as required by law.
Media Contact
Alina Eprimian
Media Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
Investor & Analyst Contact
Rodney McMahan
Vice President, Investor Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
281.971.3323
Cleantech and corporate structuring expert brings key experience to facilitate company’s growth
BURLINGTON, Vt.--(BUSINESS WIRE)--iSun, Inc. (Nasdaq: ISUN) (“ISUN” or the “Company”), a leading solar energy and clean mobility infrastructure company with 50 years of construction experience in solar, electrical and data services, announced today that Andy Matthy, Managing Partner at Cipactil, will replace Daniel Dus on the company’s Independent Board of Directors effective June 2nd. Andy is a long-time industry expert, renewable energy industry executive recruiter and corporate financer who has focused his career on supporting the rapid growth of companies in the sector for almost a decade.
Jeffrey Peck, iSun’s Chief Executive Officer, commented, “Andy brings important experience with high-growth companies, and a history of accessing both talent and capital in the renewable energy industry at a key time in iSun’s growth trajectory. Having helped build companies in solar, energy storage and e-mobility from scratch, and during times of rapid expansion, Andy has had a unique perspective in how to structure effective organizations in our core business areas. We look forward to Andy’s contributions to our Board as we continue to execute on the growth of iSun.”
Mr. Matthy previously served as Vice President at Hobbs & Towne, one of the first executive search firms to ever focus on cleantech. In this role he placed senior executives in many of the leading industry platforms, often building entire teams to facilitate new market entry. Starting his career off at Iron Mountain, Andy has almost twenty years of building teams for leading finance and renewable energy firms, advising on strategy, compensation, capital structuring and more.
Andy commented, “We are seeing unprecedented growth in cleantech firms across the spectrum, and access to high quality human resources and right-fit corporate partnerships are increasingly important to facilitate this ongoing expansion. iSun is uniquely positioned to benefit from these growing markets following its SPAC acquisition in 2019 and given its almost 50-year history of executing extremely complex projects. I’m very excited about the next few years, for the market broadly, and iSun especially.”
ABOUT iSun
Headquartered in Williston, VT, iSun, Inc. (NASDAQ: ISUN) is a business rooted in values that align people, purpose, innovation, and sustainability. Ranked by Solar Power World as one of the leading commercial solar contractors in the United States, iSun provides solar energy and clean mobility infrastructure to customers for projects from smart solar mobile phone and electric vehicle charging, to large utility renewable energy solutions. Since entering the renewable energy market in 2012, iSun has installed over 400 megawatts of rooftop, ground mount and EV carport solar systems (equal to power required for 76,000 homes). We continue to focus on profitable growth opportunities. For more information, visit www.isunenergy.com.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about (i) iSun’s plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts; and (ii) other statements identified by words such as “expects” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “targets,” “projects,” or words of similar meaning generally intended to identify forward-looking statements. These forward-looking statements are based upon the current beliefs and expectations of the respective management of iSun and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of iSun. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from the anticipated results discussed in these forward-looking statements because of possible uncertainties.
Michael D'Amato
IR: This email address is being protected from spambots. You need JavaScript enabled to view it.
DENVER--(BUSINESS WIRE)--Guzman Energy, a wholesale power provider based in Colorado, has hired Steve Beuning as Senior Advisor, Market Design and Integration. In this newly created role, Beuning will work with Guzman Energy customers to help them achieve their energy goals.
“Guzman Energy and our customers will benefit greatly from Steve’s experience in wholesale energy markets,” said Christopher Miller, president of Guzman Energy. “Customers are looking to us for reliable, economical power, as well as good advice as renewable energy sources take on more powerful roles in energy portfolios. I can’t think of a better advisor than Steve Beuning as customers embrace better energy solutions.”
Most recently, Beuning was vice president, power supply and programs at Holy Cross Energy. In addition, Beuning spent 34 years at Xcel Energy where he directed market operations and amassed experience in wholesale electric market design; renewable energy integration; transmission system open access; generation interconnection; congestion management and congestion hedging.
“Guzman Energy is an innovative company bringing new models to the electricity industry,” said Beuning. “I am excited to join the Guzman Energy team helping communities to mobilize their renewable energy transitions and make them as efficient as possible.”
Beuning served on the inaugural board of the California Independent System Operator’s Energy Imbalance Market and served seven years on the board of the Energy Systems Integration Group. He has also served on the NERC Engineering and Standards Committees. Beuning earned a Bachelor of Science in Electrical Engineering from University of Minnesota-Twin Cities and a Master of Business Administration from Colorado State University.
About Guzman Energy
Guzman Energy is a wholesale power provider dedicated to communities in search of affordable and reliable energy. We partner with cooperatives, municipalities, companies and tribes across North America to customize energy portfolios that make economic and environmental sense for today and tomorrow. Together, we are lighting the way forward.
Jill Petersen, Fitzgerald Petersen for Guzman Energy
This email address is being protected from spambots. You need JavaScript enabled to view it.
206-683-5225
NEW YORK--(BUSINESS WIRE)--Property Solutions Acquisition Corp. (the “Company”) announced that the close of business on Friday, June 4, 2021, has been set as the record date for the determination of stockholders eligible to receive the proxy and vote at the special meeting to be held to consider and approve the previously announced merger with FF Intelligent Mobility Global Holdings Ltd., an exempted company with limited liability incorporated under the laws of the Cayman Islands (“FF”).
On January 27, 2021, FF and the Company announced a definitive agreement for a business combination that would result in FF becoming a publicly listed company.
A proxy statement, once final, will be mailed together with a proxy card to the Company’s stockholders. The final proxy statement will include the date, time and location of the annual meeting.
About Faraday Future
Established in May 2014, Faraday Future (FF) is a global shared intelligent mobility ecosystem company, headquartered in Los Angeles, California. FF's vision is to create a shared intelligent mobility ecosystem that empowers everyone to move, connect, breathe, and live freely. FF aims to perpetually improve the way people move by creating a forward-thinking mobility ecosystem that integrates clean energy, AI, the Internet and new usership models. With the FF 91, FF has envisioned a vehicle that redefines transportation, mobility, and connectivity, creating a true “third Internet living space,” complementing users’ home and smartphone Internet experience.
Follow Faraday Future:
https://twitter.com/FaradayFuture
https://www.facebook.com/faradayfuture/
https://www.instagram.com/faradayfuture/
www.linkedin.com/company/faradayfuture
About Property Solutions Acquisition Corp.
Property Solutions Acquisition Corp. is a special purpose acquisition company formed for the purpose of effecting a merger, stock purchase or similar business combination with one or more differentiated businesses. The company is managed by Co-CEO’s Jordan Vogel and Aaron Feldman.
Property Solutions I is a $230 million SPAC formed in July 2020 and is traded on the NASDAQ under the ticker symbol “PSAC”.
Important Information and Where to Find It
This press release relates to a proposed transaction between PSAC and FF. PSAC has filed with the Securities and Exchange Commission (“SEC”) a registration statement on Form S-4 that includes a proxy statement and prospectus of PSAC and a consent solicitation statement with respect to FF. The proxy statement/consent solicitation statement/prospectus will be mailed to stockholders of PSAC as of a record date to be established for voting on the proposed business combination. PSAC also will file other relevant documents from time to time regarding the proposed transaction with the SEC. INVESTORS AND SECURITY HOLDERS OF PSAC ARE URGED TO READ THE PROXY STATEMENT, PROSPECTUS AND OTHER RELEVANT DOCUMENTS THAT WILL BE FILED BY PSAC FROM TIME TO TIME WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders will be able to obtain free copies of the proxy statement/consent solicitation statement/prospectus and other documents containing important information about PSAC and FF once such documents are filed with the SEC, through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by PSAC when and if available, can also be obtained free of charge by directing a written request to Property Solutions Acquisition Corp., 654 Madison Avenue, Suite 1009, New York, New York 10065.
Participants in the Solicitation
PSAC and FF and their respective directors and executive officers, under SEC rules, may be deemed to be participants in the solicitation of proxies of PSAC’s stockholders in connection with the proposed transaction. Investors and security holders may obtain more detailed information regarding the names and interests in the proposed transaction of PSAC’s directors and officers in PSAC’s filings with the SEC, including PSAC’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, which was filed with the SEC on March 31, 2021. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to PSAC’s stockholders in connection with the proposed business combination will be set forth in the proxy statement/consent solicitation statement/prospectus for the proposed business combination when available. Additional information regarding the interests of participants in the solicitation of proxies in connection with the proposed business combination is included in the proxy statement/consent solicitation statement/prospectus relating to the proposed business combination.
No Offer or Solicitation
This communication shall neither constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
Forward Looking Statements
This press release includes “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside PSAC’s or FF’s management’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: the inability to complete the transactions contemplated by the proposed business combination; the inability to recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things, the amount of cash available following any redemptions by PSAC stockholders; the ability to meet the Nasdaq’s listing standards following the consummation of the transactions contemplated by the proposed business combination; costs related to the proposed business combination; FF’s ability to execute on its plans to develop and market its vehicles and the timing of these development programs; FF’s estimates of the size of the markets for its vehicles; the rate and degree of market acceptance of FF’s vehicles; the success of other competing manufacturers; the performance and security of FF’s vehicles; potential litigation involving PSAC or FF; the result of future financing efforts and general economic and market conditions impacting demand for FF’s products. Other factors include the possibility that the proposed transaction does not close, including due to the failure to receive required security holder approvals, or the failure of other closing conditions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the registration statement on Form S-4 and proxy statement/consent solicitation statement/prospectus discussed above and other documents filed by PSAC from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and neither PSAC nor FF undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
For Faraday Future
Investors:
This email address is being protected from spambots. You need JavaScript enabled to view it.
Media:
This email address is being protected from spambots. You need JavaScript enabled to view it.
For Property Solutions Acquisition Corp.
Jordan Vogel
This email address is being protected from spambots. You need JavaScript enabled to view it.
WHITE PLAINS, N.Y.--(BUSINESS WIRE)--June 2, 2021-- ITT Inc. (NYSE: ITT) today announced that Chief Executive Officer and President Luca Savi will present at the UBS Global Industrials and Transportation Virtual Conference on Tuesday, June 8, 2021, from 1:00 p.m. – 1:45 p.m. ET.
A real-time audio webcast of the presentation can be accessed at http://www.itt.com/investors, where related materials will be posted prior to the presentation. A replay of the presentation will be available for 30 days.
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
This email address is being protected from spambots. You need JavaScript enabled to view it.
MADISON, Wis.--(BUSINESS WIRE)--#XPRIZE--Infinity Turbine LLC, is introducing its entry into the Elon Musk sponsored XPrize for Carbon Removal with its SeaMerlin Engine.
SeaMerlin is a project from Infinity Turbine LLC which combines decades of innovation into a product which not only focuses on CO2 removal, but First Principles development of a host of technologies wrapped into one concept, the Gas Leverage Turbine.
The SeaMerlin Engine is a water based gas leverage turbine for marine propulsion, seawater distillation, oceanwater CO2 harvesting, and on-demand CO2 to fuels processing. The core technology is hydrodynamic cavitation which can be used for both harvesting CO2 and processing.
Infinity believes that the best intermediary step in CO2 mitigation is to establish a process and market for CO2 to fuels and plastics. This is done with their GTL (gas-to-liquids) on-demand processor system.
Infinity Turbine LLC offers a visionary future for clean and renewable fuels by providing complimentary technologies which work together for greater efficiency.
See: https://seamerlin.com
Company Website: https://infinityturbine.com
GTL Gas to Liquids Module PDF:
https://seamerlin.com/pdf/infinity-turbine-gtl-system.pdf
G. Giese | CEO | Infinity Turbine LLC | This email address is being protected from spambots. You need JavaScript enabled to view it.
CALGARY, Alberta--(BUSINESS WIRE)--#Energyfuture--Calgary-based GuildOne Inc. (GuildOne) is pleased to announce the company’s new engagement with Houston-based energy consortium Blockchain for Energy. The leading global organization for collaborative blockchain development for the Energy industry with participation from industry majors like Chevron, ConocoPhillips, ExxonMobil, Hess, Pioneer Natural Resources and Repsol, Blockchain For Energy will be moving forward with GuildOne on the world’s first implementation of blockchain for Integrated Joint Venture Management (IJVM).
A significant pain point in the Energy industry, Joint Ventures (JV) are common and require complex agreements that result in frequent disputes and high G&A costs, leading to project delays and relationship challenges. The upcoming Blockchain For Energy IJVM pilot will be built using R3’s Corda blockchain platform and GuildOne’s proprietary smart contract technology, ConTracks, to create an end-to-end JV solution.
The IJVM pilot builds on Blockchain For Energy and GuildOne’s successful industry-first Proof of Concept (PoC) blockchain solution for Authorization for Expenditure (AFE) balloting. The pioneering AFE solution was also built using GuildOne’s ConTracks on R3’s Corda blockchain platform, to automate the currently time consuming, manual balloting process and calculate complicated working interest obligations.
With AFE balloting working in synergy with Joint Interest Billing (JIB) functionality this creates the foundational IJVM solution that the industry needs to break down silos and share relevant one source of truth data among internal and external parties. These two blockchain applications represent a powerful step forward towards a more digitalized, streamlined and secure future for the Energy industry. The IJVM pilot will also demonstrate the first energy use case deployed on Blockchain for Energy’s Corda blockchain business network, which will provide a development and governance model for other emerging use cases.
The creation of Blockchain for Energy’s Corda blockchain business network empowers collaboration and enables the ability to reduce costs of blockchain development for the Energy industry. It will provide participating energy companies with access to blockchain nodes for both sandbox development and commercial implementation, allowing the consortium to support blockchain adoption at scale in the global Energy industry.
According to Executive Director Rebecca Hofmann, Blockchain For Energy’s engagement with GuildOne demonstrates how strategic blockchain adoption can optimize processes across the industry.
“I’m proud of the progress we’ve made together on our blockchain applications like AFE balloting, as well as the development of a foundational business network that will support a wide variety of future use cases. Blockchain will be a major part of this project, and our collaboration with GuildOne is helping this technology evolve to replace many outdated, manual processes that limit our industry’s growth and profitability.”
GuildOne’s Director of Research and Development, Mike Gee, said that the Blockchain For Energy collaboration was accelerating the timeline for blockchain adoption in energy. “We are very excited to enable Blockchain For Energy to pilot more use-cases on ConTracks. IJVM is a natural evolution of our pioneering work with AFE balloting and with infrastructure now in place, time-to-market for new use-case functionality will be shorter than ever.”
Cathy Minter, Chief Revenue Officer at R3, commented: “R3 is delighted to be working with Blockchain for Energy and GuildOne on the world’s first blockchain-based Integrated Joint Venture Management pilot. Corda was built with the highest standards of privacy and security in mind and is ideally suited to empower IJVM’s end-to-end joint venture solution.”
GuildOne’s press release regarding the AFE balloting demonstration can be found here.
About GuildOne:
GuildOne has a 25-year track record of success in helping companies navigate complex data management challenges and is now a top global developer of enterprise blockchain applications for use across multiple industries.
About Blockchain for Energy:
Utilizing the benefits of blockchain technology, Blockchain for Energy provides its members with the best in industry solutions. They drive digital transformation by providing members a venue to accelerate the digitalization journey to resolve, reinvent, and transform the industry through collective synergies.
About R3:
R3 is an enterprise software firm that is pioneering digital industry transformation. With a foundation in enterprise blockchain technology, we power solutions that deliver trust across the financial services industry and beyond.
GuildOne:
Pamela Balkwill
+1 403 829 5171
This email address is being protected from spambots. You need JavaScript enabled to view it.
R3:
Nick Murray-Leslie
Chatsworth Communications
+44 (0)207 440 9780
This email address is being protected from spambots. You need JavaScript enabled to view it.
Charley Cooper, R3
+1 917 855 8529
This email address is being protected from spambots. You need JavaScript enabled to view it.
Blockchain for Energy
Martin Juniper
W1 Communications
+1 713.816.4173 / +44 7823 385566
This email address is being protected from spambots. You need JavaScript enabled to view it.
LONDON & HOUSTON--(BUSINESS WIRE)--TechnipFMC (NYSE:FTI) (PARIS:FTI) (ISIN:GB00BDSFG982) today has been awarded its first integrated Engineering, Procurement, Construction and Installation (iEPCI™) contract in Brazil by Karoon Energy (ASX:KAR) for the Patola field development.
The contract covers engineering, procurement, construction and installation of subsea trees, flexible pipes and umbilicals. The project will take place at water depths of 300 meters and will tie back to the existing Baúna Floating Production, Storage and Offloading (FPSO) vessel, Cidade de Itajaí.
TechnipFMC was chosen based on its recognized technical excellence and capability to deliver complete and integrated solutions. The company will leverage its assets and significant local content in Brazil, including its subsea equipment and flexible pipe plants and its logistics base.
Jon Landes, President Subsea at TechnipFMC, commented: “We are very pleased to receive our first iEPCI™ contract in Brazil for the Karoon Patola project. TechnipFMC and Karoon have a relationship based on trust and transparency, with shared principles and values. We are proud to apply our integrated expertise to help Karoon achieve its goals. We look forward to supporting Karoon in this and other developments.”
Important Information for Investors and Securityholders
Forward-Looking Statement
This release contains "forward-looking statements" as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. The words “believe”, “estimated” and other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. Such forward-looking statements involve significant risks, uncertainties and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. For information regarding known material factors that could cause actual results to differ from projected results, please see our risk factors set forth in our filings with the United States Securities and Exchange Commission, which include our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any of our forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by law.
About TechnipFMC
TechnipFMC is a leading technology provider to the traditional and new energy industries, delivering fully integrated projects, products, and services.
With our proprietary technologies and comprehensive solutions, we are transforming our clients’ project economics, helping them unlock new possibilities to develop energy resources while reducing carbon intensity and supporting their energy transition ambitions.
Organized in two business segments — Subsea and Surface Technologies — we will continue to advance the industry with our pioneering integrated ecosystems (such as iEPCI™, iFEED™ and iComplete™), technology leadership and digital innovation.
Each of our approximately 20,000 employees is driven by a commitment to our clients’ success, and a culture of strong execution, purposeful innovation, and challenging industry conventions.
TechnipFMC uses its website as a channel of distribution of material company information. To learn more about how we are driving change in the industry, go to www.TechnipFMC.com and follow us on Twitter @TechnipFMC.
Investor relations
Matt Seinsheimer
Vice President Investor Relations
+1 281 260 3665
This email address is being protected from spambots. You need JavaScript enabled to view it.
James Davis
Senior Manager Investor Relations
+1 281 260 3665
This email address is being protected from spambots. You need JavaScript enabled to view it.
Media relations
Nicola Cameron
Vice President Corporate Communications
+44 1383 742297
This email address is being protected from spambots. You need JavaScript enabled to view it.
Brooke Robertson
Public Relations Director
+1 281 591 4108
This email address is being protected from spambots. You need JavaScript enabled to view it.
Advanced capabilities increase efficiency for quality control and process monitoring across a variety of industries
COPIAGUE, N.Y.--(BUSINESS WIRE)--Mark-10 introduces the Series F family of force testers for quality control and process monitoring in fabrication and assembly operations. The Series F family integrates IntelliMESUR software for machine control, force measurement, and data acquisition in a single clean graphical user interface. This brings another level of efficiency into recurrent testing, allowing users to define and store test sequences for both routine and unique tasks, store all measurements, and perform standard and specialized data analysis.
Mark-10 force and torque measuring instruments have long enjoyed a reputation for precision engineering and reliable operation in challenging environments. The new degree of operational simplicity in Series F force testers offers decreased test times for both routine and unique procedures to validate medical device manufacturing, measure packaging performance, confirm plastics formulation, check automotive module consistency, and verify aerospace component fabrication.
For example, medical syringe manufacturers must verify the syringe plunger force is within limits. The requirements vary with syringe geometry, so the test parameters must be adjusted for each different design. The Series F allows the full test procedure to be stored for each distinct geometry, and also allows the measured results to be correlated with syringe configuration, the plastic composition of the components, or any other elements that could influence syringe performance.
The same ease of operation and powerful data analysis can be applied to such applications as automobile seatbelt retraction force testing, package opening force verification for medication or consumer goods, and tension and compression measurements for plastic or metal test coupons for aerospace applications.
Mark Fridman, President of Mark-10, notes that the new Series F + IntelliMESUR allows more complex test sequences to be performed, without introducing more complexity for operators. “It’s more configurable, but is also easy to use. We anticipate our customers will see significant reductions in test time and cost, while having data analysis capabilities that bring added value to test operations.”
More information on the Series F + IntelliMESUR family is available at https://mark-10.com/seriesf/.
About Mark-10
Mark-10 has been engineering force and torque measurement solutions since 1979. In 1990 the company began marketing its own highly engineered products, earning a reputation for reliability and quality. As a private company, Mark-10 provides outstanding customer service, with all members of the engineering and manufacturing team committed to customer success and available for direct customer consultation. All company operations take place at the Copiague, NY, headquarters.
Media Inquiries to:
James Liolin
Lion Associates
(914) 670-0138
This email address is being protected from spambots. You need JavaScript enabled to view it.
Technical Contact:
Mark Fridman
President, Mark-10
This email address is being protected from spambots. You need JavaScript enabled to view it.
888-MARK-TEN / 631-842-9200 x13
BOSTON & PARIS--(BUSINESS WIRE)--Berkshire Hathaway Specialty Insurance (BHSI) today announced that it has launched a full line of marine insurance products in France and appointed Muriel Birre Julvécourt as Head of Marine. The new marine offerings include: Inland Marine, Ocean Cargo, Stock & Transit, Project Cargo, Freight Forwarders Liability, Ports & Terminals, and Subsea Insurance.
“We are very excited to further round out our offerings for customers and brokers in France with marine insurance, backed by BHSI’s financial stability, long-view underwriting, and CLAIMS IS OUR PRODUCT® philosophy,” said François-Xavier d’Huart, Country Manager, France. “Muriel is well known in the local marketplace and we are excited to have her deep technical expertise and excellent leadership capabilities leading our entry into this new line.”
Muriel comes to BHSI with more than 25 years of marine underwriting experience. She was most recently Head of Marine at RSA Group. Before that, she held various management roles in Marine at Groupama Transport. She was a member of the Marine Committee of the French Federation for Insurance Companies (FFA) for nearly 10 years, and holds a master’s degree in Insurance Law from the University of Paris Panthéon Assas.
Muriel is based in BHSI’s office in Paris and can be reached at This email address is being protected from spambots. You need JavaScript enabled to view it. or at +33 1 72 10 68 03.
In Europe, Berkshire Hathaway Specialty Insurance (BHSI) trades under Berkshire Hathaway European Insurance DAC (BHEI) and Berkshire Hathaway International Insurance Limited (BHIIL). BHEI, is an Irish domiciled Designated Activity Company, Registration Number 636883 and Registered Office at One Grant’s Row, Dublin D02 HX96. BHEI is an affiliate of Berkshire Hathaway Specialty Insurance Company (BHSIC), a Nebraska USA domiciled corporation, which provides commercial property, casualty, healthcare professional liability, executive and professional lines, transactional liability, surety, marine, travel, programs, accident and health, medical stop loss, homeowners, and multinational insurance, and BHEI is a subsidiary of Berkshire Hathaway International Insurance Limited (BHIIL), an incorporated England and Wales limited liability company, Registration Number 3230337 and Registered Office at 8 Fenchurch Place, 4th Floor, London EC3M 4AJ, United Kingdom. BHSIC, BHIIL and BHEI are part of Berkshire Hathaway's National Indemnity group of insurance companies, which hold financial strength ratings of A++ from AM Best and AA+ from Standard & Poor's. Based in Boston, BHSI has offices in Atlanta, Boston, Chicago, Houston, Indianapolis, Irvine, Los Angeles, New York, San Francisco, San Ramon, Seattle, Stevens Point, Adelaide, Auckland, Brisbane, Cologne, Dubai, Dublin, Hong Kong, Kuala Lumpur, London, Macau, Madrid, Manchester, Melbourne, Munich, Paris, Perth, Singapore, Sydney and Toronto.
MEDIA CONTACT
JoAnn Lee / +1 617.936.2937
Two premier US natural gas basins, one leading natural gas company
SPRING, Texas--(BUSINESS WIRE)--Southwestern Energy Company (NYSE: SWN) (the “Company” or “Southwestern”) today announced that it has entered into a definitive merger agreement with Haynesville producer Indigo Natural Resources, LLC (“Indigo”) under which it will acquire Indigo for approximately $2.7 billion. The transaction is expected to close early in the fourth quarter of 2021, subject to customary closing conditions. Transaction highlights include:
“Today we are proud to announce another accretive transaction that will benefit the Company’s shareholders for years to come. This acquisition enhances Southwestern’s position as a leading natural gas producer and aligns with our disciplined strategy to generate free cash flow, enhance our balance sheet, optimize performance and build scale. Indigo has done a terrific job building its business, and its balance sheet strength, low cost structure and high-quality acreage position in the core of the Haynesville play accelerates the delivery of our strategic goals,” said Bill Way, Southwestern Energy President and Chief Executive Officer.
Way continued, “Our footprint now extends across the two premier natural gas basins in the country and includes top-tier dry gas and liquids rich inventory. The value of this high-quality inventory is further enhanced by our diverse transportation portfolio providing access to premium markets in the Gulf Coast and within Appalachia. Southwestern Energy’s unique combination of a strong balance sheet, high-quality assets and resilient vertically integrated business is positioned to deliver long-term value creation.”
Indigo is one of the largest private US natural gas producers, with core dry gas assets across the stacked pay Haynesville and Bossier zones in northern Louisiana. Its high-margin assets are located in close proximity to the growing demand in the Gulf Coast LNG corridor. Indigo currently produces 1.0 Bcf per day net and expects to produce approximately 1.1 Bcf per day net upon closing. As of March 31, 2021, and adjusted for the recent sale of its non-core Cotton Valley assets, Indigo had $631 million of net debt and a leverage ratio of 1.1 times.
Outlook
Southwestern Energy expects to invest at maintenance capital levels again in 2022, with activity across all of its operating areas. On the acquired acreage, the Company expects to run a 4 rig program in 2022, placing 30 to 40 wells to sales. With a maintenance capital program, the Company projects 14 years of economic inventory at current strip prices across its assets in Appalachia and Haynesville.
Preliminary 2022 estimates for certain key metrics of the newly combined enterprise are shown below. Estimates are based on $2.75 NYMEX and $58 WTI.
Preliminary 2022 Estimates |
|
SWN |
|
SWN + Indigo |
|
Increase (Decrease) (1) |
|
|
|
|
|
|
|
EBITDA (non-GAAP) ($ in billions) |
|
$1.3 |
|
$2.0 |
|
54% |
Net cash flow (non-GAAP) ($ in billions) |
|
$1.2 |
|
$1.9 |
|
58% |
Capital investment ($ in billions) |
|
$0.9 |
|
$1.4 |
|
56% |
Free cash flow (non-GAAP) ($ in billions) |
|
$0.24 |
|
$0.47 |
|
96% |
Net debt to EBITDA (non-GAAP) |
|
2.1x |
|
1.7x |
|
(0.4x) |
E&P margin ($ per Mcfe) (2) |
|
$1.15 |
|
$1.30 |
|
12% |
Net Production (Bcfe/day) |
|
3.0 |
|
4.1 |
|
37% |
(1) |
Change represents SWN+Indigo as compared to SWN. |
(2) |
E&P Margin defined as weighted average realized price less lease operating expenses, general and administrative expenses and taxes other than income. |
Synergies are expected to be approximately $20 million in G&A reductions with further operational and financial cost savings anticipated. There are opportunities for additional value creation by leveraging the Company’s core competencies for large scale, operated natural gas development, including its vertically integrated business, reservoir and base decline optimization, and use of innovation and data analytics. The Company’s increased scale provides the opportunity for credit upgrades and cost of capital reductions, which would deliver additional accretion to financial performance.
Transaction and Timing
The total consideration of $2.7 billion will be comprised of $400 million in cash, approximately $1.6 billion in SWN common stock and $700 million of assumed 5.375% senior notes due 2029.
The stock consideration consists of approximately 339 million shares of Southwestern Energy common stock, calculated utilizing the 30-day volume-weighted average price as of May 28, 2021, of $4.72. No Indigo shareholder will receive more than 10% of Southwestern Energy’s pro forma outstanding shares in connection with this transaction.
The transaction was unanimously approved by each of Southwestern Energy’s and Indigo’s board of directors. The transaction is expected to close early in the fourth quarter of 2021, subject to regulatory approvals, customary closing conditions and the approval by Southwestern Energy’s shareholders.
Advisors
Goldman Sachs & Co. LLC served as the exclusive financial advisor to Southwestern and Skadden, Arps, Slate, Meagher & Flom LLP serve as legal advisor. Credit Suisse Securities (USA) LLC served as the exclusive financial advisor to Indigo and Kirkland & Ellis LLP served as legal advisor.
Conference Call
Southwestern Energy will host a conference call today, June 2, 2021, at 10:00 a.m. Central to discuss this transaction. To participate, dial US toll-free 877-883-0383, or international 412-902-6506 and enter access code 0998867. A live webcast will also be available at ir.swn.com.
About Southwestern Energy
Southwestern Energy Company is an independent energy company engaged in natural gas, natural gas liquids and oil exploitation, development, production and marketing.
About Indigo Natural Resource
Indigo Natural Resources LLC is one of the largest natural gas producers in the Haynesville Shale and the third largest private natural gas producer in the U.S. Indigo is an experienced operator, focused in northern Louisiana with direct access to Gulf Coast markets and associated industrial and LNG demand growth. Indigo is headquartered in Houston, Texas. For more information, please visit the Company’s website at www.ndgo.com.
Forward-Looking Statements
Certain statements and information in this news release may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act, as amended. The words “believe,” “expect,” “anticipate,” “plan,” "predict," “intend,” "seek," “foresee,” “should,” “would,” “could,” “attempt,” “appears,” “forecast,” “outlook,” “estimate,” “project,” “potential,” “may,” “will,” “likely,” “guidance,” “goal,” “model,” “target,” “budget” and other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. Statements may be forward looking even in the absence of these particular words. Examples of forward-looking statements include, but are not limited to, statements regarding the proposed acquisition of Indigo Natural Resources LLC (the “Proposed Transaction”), expected synergies and other benefits from and costs in connection with the Proposed Transaction, estimated financial metrics giving effect to the Proposed Transaction, our financial position, business strategy, production, reserve growth and other plans and objectives for our future operations, and generation of free cash flow. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. The forward-looking statements contained in this document are largely based on our expectations for the future, which reflect certain estimates and assumptions made by our management. These estimates and assumptions reflect our best judgment based on currently known market conditions, operating trends, and other factors. Although we believe such estimates and assumptions to be reasonable, they are inherently uncertain and involve a number of risks and uncertainties that are beyond our control. As such, management’s assumptions about future events may prove to be inaccurate. For a more detailed description of the risks and uncertainties involved, see “Risk Factors” in our most recently filed Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other SEC filings. We do not intend to publicly update or revise any forward-looking statements as a result of new information, future events, changes in circumstances, or otherwise. These cautionary statements qualify all forward-looking statements attributable to us, or persons acting on our behalf. Management cautions you that the forward-looking statements contained herein are not guarantees of future performance, and we cannot assure you that such statements will be realized or that the events and circumstances they describe will occur. Factors that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements herein include, but are not limited to: the timing and extent of changes in market conditions and prices for natural gas, oil and natural gas liquids (“NGLs”), including regional basis differentials and the impact of reduced demand for our production and products in which our production is a component due to governmental and societal actions taken in response to COVID-19 or other public health crises and any related company or governmental policies and actions to protect the health and safety of individuals or governmental policies or actions to maintain the functioning of national or global economies and markets; our ability to fund our planned capital investments; a change in our credit rating, an increase in interest rates and any adverse impacts from the discontinuation of the London Interbank Offered Rate; the extent to which lower commodity prices impact our ability to service or refinance our existing debt; the impact of volatility in the financial markets or other global economic factors; difficulties in appropriately allocating capital and resources among our strategic opportunities; the timing and extent of our success in discovering, developing, producing and estimating reserves; our ability to maintain leases that may expire if production is not established or profitably maintained; our ability to realize the expected benefits from recent acquisitions or the Proposed Transaction; costs in connection with the Proposed Transaction; the consummation of or failure to consummate the Proposed Transaction and the timing thereof; costs in connection with the Proposed Transaction; integration of operations and results subsequent to the Proposed Transaction; our ability to transport our production to the most favorable markets or at all; the impact of government regulation, including changes in law, the ability to obtain and maintain permits, any increase in severance or similar taxes, and legislation or regulation relating to hydraulic fracturing, climate and over-the-counter derivatives; the impact of the adverse outcome of any material litigation against us or judicial decisions that affect us or our industry generally; the effects of weather; increased competition; the financial impact of accounting regulations and critical accounting policies; the comparative cost of alternative fuels; credit risk relating to the risk of loss as a result of non-performance by our counterparties; and any other factors listed in the reports we have filed and may file with the SEC that are incorporated by reference herein. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.
Use of Non-GAAP Information
This news release contains non-GAAP financial measures, such as net cash flow, free cash flow, net debt and adjusted EBITDA, including certain key statistics and estimates. We report our financial results in accordance with accounting principles generally accepted in the United States of America (“GAAP”). However, management believes certain non-GAAP performance measures may provide users of this financial information additional meaningful comparisons between current results and the results of our peers and of prior periods. Please see the Appendix for definitions of the non-GAAP financial measures that are based on reconcilable historical information.
Additional Information and Where To Find It
This news release is being made in respect of the proposed acquisition (the “Proposed Transaction”) of Indigo Natural Resources LLC ("Indigo") by Southwestern Energy Company ("SWN”). The issuance of the stock consideration for the Proposed Transaction will be submitted to the shareholders of SWN for their approval. In connection with the proposed transaction, SWN will file with the U.S. Securities and Exchange Commission (the "SEC") a proxy statement (the "proxy statement"). INVESTORS AND SHAREHOLDERS OF SWN ARE URGED TO CAREFULLY READ THE PROXY STATEMENT, AND OTHER RELEVANT DOCUMENTS TO BE FILED WITH THE SEC BY SWN, IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT SWN, INDIGO, THE PROPOSED TRANSACTION AND RELATED MATTERS. The definitive proxy statement and other relevant materials (when they become available) and any other documents filed by SWN with the SEC may be obtained free of charge at the SEC’s website, at www.sec.gov or through SWN’s website at www.swn.com. These documents may also be obtained free of charge from SWN by requesting them by mail at Investor Relations, 10000 Energy Drive, Spring, Texas 77389, or by telephone at (832) 796-7906.
Participants in the Solicitation
SWN and its directors, executive officers and certain other members of management and employees may be deemed to be participants in the solicitation of proxies from SWN’s shareholders with respect to the approval of the issuance of shares of SWN common stock in the Proposed Transaction. Information regarding the ownership of SWN's stock and other securities by SWN's directors and executive officers is included in SEC filings on Forms 3, 4, and 5, which can be found through SWN's website (www.swn.com) or through the SEC's website at www.sec.gov. Information can also be found in SWN's other SEC filings, including the company's Annual Report on Form 10-K for the fiscal year ended 2020 filed with the SEC on March 1, 2021, and its definitive proxy statement for the 2021 annual meeting of shareholders filed with the SEC on April 8, 2021. More detailed and updated information regarding the identity of potential participants, and their direct or indirect interests, by security holdings or otherwise, will be set forth in the proxy statement and other materials to be filed with the SEC in connection with the Proposed Transaction. Shareholders should read the proxy statement carefully when it becomes available before making any voting or other decisions.
Use of Projections
The financial, operational, industry and market projections, estimates and targets in this news release are forward-looking statements that are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond SWN's and Indigo's control. The assumptions and estimates underlying the projected, expected or target results are inherently uncertain and are subject to a wide variety of significant business, economic, regulatory and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the financial, operational, industry and market projections, estimates and targets, including assumptions, risks and uncertainties described in "Forward-looking Statements" above.
Explanation of Non-GAAP Financial Measures
The Company reports its financial results in accordance with accounting principles generally accepted in the United States of America (“GAAP”). However, management believes certain non-GAAP performance measures may provide financial statement users with additional meaningful comparisons between current results, the results of its peers and of prior periods.
Non-GAAP financial measures the Company may present from time to time are net debt, net cash flow, free cash flow and EBITDA, which excludes certain charges or amounts. Net debt is defined as short-term debt plus long-term debt less cash and cash equivalents. EBITDA is defined as net income (loss) plus interest, income tax expense (benefit), depreciation, depletion and amortization, expenses associated with the restructuring charges, impairments, legal settlements and gains (losses) on unsettled derivatives less gains (losses) on sale of assets and gains on early extinguishment of debt over the prior 12 month period. Net cash flow is defined as cash flow from operating activities before changes in operating assets and liabilities. Free cash flow is defined as net cash flow less accrual based capital expenditures, and estimated free cash flow for future periods is based on strip pricing as of April 30, 2021. The Company has included information concerning Net debt / EBITDA because it is used by certain investors as a measure of the ability of a company to service or incur indebtedness and because it is a financial measure commonly used in the energy industry. Net debt / EBITDA should not be considered in isolation or as a substitute for net income, net cash provided by operating activities or other income or cash flow data prepared in accordance with generally accepted accounting principles or as a measure of the Company’s profitability or liquidity. Net debt / EBITDA, as defined above, may not be comparable to similarly titled measures of other companies. Management presents these measures because (i) they are consistent with the manner in which the Company’s position and performance are measured relative to the position and performance of its peers, (ii) these measures are more comparable to earnings estimates provided by securities analysts, and (iii) charges or amounts excluded cannot be reasonably estimated and guidance provided by the Company excludes information regarding these types of items. These adjusted amounts are not a measure of financial performance under GAAP.
The Company does not provide a reconciliation to estimated free cash flow because the Company does not provide the GAAP financial measures of net income or loss or net cash provided by operating activities on a forward-looking basis because it is unable to predict, without unreasonable effort, certain components thereof including, but not limited to capital expenditures, production and realized prices for production. These items are inherently uncertain and depend on various factors, many of which are beyond its control. As such, any associated estimate and its impact on GAAP performance and cash flow measures could vary materially based on a variety of acceptable management assumptions.
Investor Contacts
Brittany Raiford
Director, Investor Relations
(832) 796-7906
This email address is being protected from spambots. You need JavaScript enabled to view it.
Bernadette Butler
Investor Relations Advisor
(832) 796-6079
This email address is being protected from spambots. You need JavaScript enabled to view it.
DUBLIN--(BUSINESS WIRE)--The "Submarine Cable Systems - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Amid the COVID-19 crisis, the global market for Submarine Cable Systems estimated at US$12.6 Billion in the year 2020, is projected to reach a revised size of US$24 Billion by 2027, growing at a CAGR of 9.7% over the period 2020-2027.
Power Cables, one of the segments analyzed in the report, is projected to record 9.1% CAGR and reach US$14.7 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Communication Cables segment is readjusted to a revised 10.6% CAGR for the next 7-year period.
The U.S. Market is Estimated at $3.7 Billion, While China is Forecast to Grow at 9.1% CAGR
The Submarine Cable Systems market in the U.S. is estimated at US$3.7 Billion in the year 2020. China, the world's second largest economy, is forecast to reach a projected market size of US$4.2 Billion by the year 2027 trailing a CAGR of 9.1% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 8.8% and 8% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 7.9% CAGR.
Select Competitors (Total 36 Featured):
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/gktwn2
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
BOCA RATON, Fla.--(BUSINESS WIRE)--Sun Capital Partners, Inc. (“Sun Capital”), a leading private investment firm focused on defensible businesses in growing markets with tangible performance improvement opportunities, today announced that its affiliate has completed the acquisition of Century Distribution Systems (“Century” or “the Company”), a global digital logistics provider offering supply chain management and freight forwarding services. Terms of the private transaction were not disclosed.
Founded in 1969, Century leverages its proprietary technology platform to perform mission critical supply chain services, including SKU-level purchase order management, document management and compliance services, vendor and carrier management, visibility management and consolidated shipment optimization of less-than-containerload freight. Century partners with its customers to solve challenging logistics requirements and offers solutions that enable shippers to exercise greater control over increasingly complex supply chains while optimizing customers’ freight and logistics spend.
“Century fits nicely in our sweet spot, as a defensible business that provides a critical service to retailers and manufacturers, and it aligns well with our operational focus and extensive experience with corporate carve-outs,” said Marc Leder, Co-Chief Executive Officer of Sun Capital. “The Company’s long track record of reliable execution, knowledge of industry dynamics and customs, strong infrastructure and blue-chip client base are all great strategic advantages.”
The $84 billion global ocean freight forwarding market expanded by 3% annually from 2010 through 2020 and is projected to accelerate to 4% through 2024, driven largely by growth in worldwide e-commerce. Century’s origin supply chain management service provides a critical link in this growing market.
“We look forward to leveraging our operational and corporate carve-out expertise to drive performance across the organization in a number of key areas,” added Jordan Wadsworth, Managing Director, Sun Capital. “We also see an opportunity to take advantage of strategic add-on acquisitions that can broaden Century’s existing capabilities.”
Sun Capital is an experienced buyer of corporate carve-outs, completing more than 60 carve-out transactions with leading companies and creating successful standalone businesses including Aclara, Unico Technologies Group, Critical Flow Solutions, Elix Polymers, and WesCom Signal & Rescue.
About Sun Capital Partners, Inc.
Sun Capital Partners, Inc. is a global private equity firm focused on partnering with outstanding management teams to accelerate value creation. Since 1995, Sun Capital has invested in more than 420 companies worldwide with revenues in excess of $50 billion across a broad range of industries and transaction structures. The Firm has built a reputation as a trusted partner, recognized for its operational experience. Sun Capital focuses on defensible businesses in growing markets with tangible performance improvement opportunities in the Business Services, Consumer, Healthcare, Industrial, and Technology sectors. The Firm has offices in Boca Raton, Los Angeles and New York, and an affiliate with offices in London. For more information, please visit www.suncappart.com
Matthew Conroy
Stanton
646-502-3563
This email address is being protected from spambots. You need JavaScript enabled to view it.
Colorado-based electric cooperative to install 15MWh battery storage system focused on providing sustainability, savings, and resilience
MILLBRAE, Calif.--(BUSINESS WIRE)--#AMRC--Stem, Inc. (“Stem” or “the Company”) (NYSE: STEM), a global leader in artificial intelligence (AI)-driven clean energy storage services, today announced the Company will provide smart energy storage services to Ameresco, Inc. (NYSE: AMRC), a leading cleantech integrator and renewable energy asset developer, owner, and operator, for a battery storage project with Holy Cross Energy (HCE), an electric cooperative serving Garfield, Pitkin, and Eagle Counties in Western Colorado.
In April 2021, Ameresco announced a five megawatt (MW) solar PV project with 15 megawatt hours (MWh) of battery energy storage for HCE, which utilizes land leased from Colorado Mountain College at its Spring Valley Campus. With Stem’s system design support, Ameresco will build, operate, and maintain the campus facilities while simultaneously helping HCE meet its “100x30” goal of sourcing 100% of electricity used to serve members’ load with renewable resources by 2030. Additionally, this project is expected to reduce annual greenhouse gas emissions by an estimated 6,853 metric tons of carbon dioxide equivalent.
Colorado Mountain College, as a whole, is also expected to move closer to its goal to be carbon neutral by 2050, as the college will receive renewable energy credits from HCE that will offset electrical usage at its Spring Valley, Aspen, and Edwards campuses. Stem’s AthenaTM smart energy software will enable HCE to dispatch the battery into system peaks to minimize costs and maximize efficiency during peak times.
As a certified partner in Stem’s Partner Program, Ameresco will leverage Stem’s smart energy storage solution, which includes the Company’s Athena platform built to seamlessly integrate and optimize energy resources. Stem’s strategic position between distributed energy resources (DERs), the utility, and grid control systems results in renewable optimization and system efficiency.
John Carrington, Chief Executive Officer of Stem, commented, “As more electric cooperatives explore the addition of solar and storage to their systems, Ameresco and Stem offer a unique combination of capabilities to deliver value and enhance project returns. Stem provides turnkey solar plus storage solutions that drive consistent electricity delivery in both front of meter and behind the meter installations, while our AthenaTM system empowers partners and asset owners to monitor performance of their systems to achieve desired energy targets. We look forward to further growing our collaboration with Ameresco in electric cooperative markets and beyond.”
“One of the rewarding things about working in this industry is finding and utilizing solutions that are the best fit for our customers,” said Louis Maltezos, Executive Vice President of Ameresco. “Stem’s support in system design enables us to deliver an innovative solution, customized for Holy Cross Energy and Colorado Mountain College, that will significantly benefit the communities they serve today and over the long-term.”
Cautionary Statement regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the federal securities laws — that is, statements about the future, not about past events. Such statements often contain words such as “expect,” “may,” “believe,” “plan,” “estimate,” “intend,” “anticipate,” “should,” “could,” “will,” “see,” “likely,” and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain, such as statements about reduction of greenhouse gas (“GHG”) emissions; the seamless integration and optimization of energy resources; performance targets and other forecasts or expectations regarding, or dependent on, Stem’s business outlook; the business strategies of Stem and those of its customers; the global commitment to decarbonization; and future results of operations. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon assumptions and estimates that, while considered reasonable by us and our management, depend upon inherently uncertain factors and risks that may cause actual results to differ materially from current expectations, including our inability to help reduce GHG emissions; our inability to seamlessly integrate and optimize energy resources; our inability to achieve our financial and performance targets and other forecasts and expectations; our inability to recognize the anticipated benefits of our recent business combination with Star Peak Energy Transition Corp. (“Star Peak”); our ability to grow and manage growth profitably; risks relating to the development and performance of our energy storage systems and software-enabled services; the risk that the global commitment to decarbonization may not materialize as we predict, or even if it does, that we might not be able to benefit therefrom; our inability to secure sufficient inventory from our suppliers to meet customer demand; provide us with contracted quantities of equipment; the risk that our business, financial condition and results of operations may be adversely affected by other political, economic, business and competitive factors; and other risks and uncertainties set forth in the section entitled “Risk Factors” in the definitive proxy statement relating to the business combination filed by Star Peak on March 30, 2021 and other documents we file with the SEC in the future. If one or more of these or other risks or uncertainties materialize (or the consequences of any such development changes), or should our underlying assumptions prove incorrect, actual outcomes may vary materially from those reflected in our forward-looking statements. The forward-looking statements speak only as of the date of this press release, and Stem disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.
About Stem, Inc.
Stem provides solutions that address the challenges of today’s dynamic energy market. By combining advanced energy storage solutions with Athena™, a world-class AI-powered analytics platform, Stem enables customers and partners to optimize energy use by automatically switching between battery power, onsite generation and grid power. Stem’s solutions help enterprise customers benefit from a clean, adaptive energy infrastructure and achieve a wide variety of goals, including expense reduction, resilience, sustainability, environmental and corporate responsibility and innovation. Stem also offers full support for solar partners interested in adding storage to standalone, community or commercial solar projects – both behind and in front of the meter. For more information, visit www.stem.com.
Source: Stem, Inc.
Investor Contacts – Stem
Ted Durbin, Stem, Inc.
Marc Silverberg, ICR, Inc.
This email address is being protected from spambots. You need JavaScript enabled to view it.
Media Contact – Stem
Cory Ziskind, ICR, Inc.
This email address is being protected from spambots. You need JavaScript enabled to view it.
Companies Will Also Focus on Deployment of Energy Vault’s Transformative, New EVx Energy Storage Technology Within Aramco
LUGANO, Switzerland & DHAHRAN, Saudi Arabia--(BUSINESS WIRE)--#Aramco--Energy Vault, the creator of renewable energy storage products that are transforming the world’s approach to utility-scale energy storage for grid resiliency, today announced new investment from Saudi Aramco Energy Ventures (SAEV), the strategic technology venturing program of global integrated energy and chemicals company Aramco (TADAWUL: SAUDI ARAMCO). Energy Vault will use the funds to accelerate global deployment of its technology, which is designed to enable intermittent renewable energy generation to be stored at GW-hour scale both economically and sustainably, to deliver dispatchable power on demand. The amount of the investment was not disclosed.
Energy Vault’s breakthrough technology was inspired by pumped hydro plants that rely on the power of gravity and the movement of water to store and discharge electricity. The company’s solution is based on the same well-understood fundamentals of physics and mechanical engineering used in those plants, but replaces water with custom-made composite blocks through an innovative use of local, low-cost materials and sophisticated material science. The blocks are combined with Energy Vault’s proprietary system design and machine vision, AI-enabled software to operate a specially designed crane which uses proprietary technology to autonomously orchestrate the lifting and lowering of the blocks, thus storing the potential energy at height and then discharging electricity as the blocks are lowered and generating electricity. Importantly, the blocks are made from locally sourced soil, sand or waste materials, including outputs of fossil fuel production, such as coal combustion residuals, and end of life energy components, such as wind blades. Energy Vault's first 5MW / 35MWh commercial scale system achieved mechanical completion in July 2020, concurrent with its connection to the Swiss national utility grid. The system has since been utilized by Energy Vault customers around the world for direct application testing and ancillary services protocols.
Over the last two years, Energy Vault has worked closely with the largest utility and energy companies in the world to further optimize its energy storage technology platform to be more flexible and address both higher power and variable duration needs. The result is the EVx product platform that sets a new industry benchmark in energy storage economics.
The new platform is a natural evolution of the company’s proven technology, leveraging all current performance attributes of zero degradation in storage medium, high round-trip efficiency, long technical life, a sustainable supply chain, and composite bricks. EVx introduces a highly scalable and modular architecture that can be built out in 10MWh increments that can scale to multi-GW-hour storage capacity. In addition, EVx offers full flexibility in terms of duration because energy and power are decoupled, allowing deployments for both high power/shorter duration needs (2-6 hours) in addition to longer duration storage applications (6-12 hours+). Importantly, the new platform is 40 percent lower in height and utilizes the same composite block weights that can be made from waste and remediation material for beneficial re-use, such as coal combustion residuals (coal ash), fiberglass from de-commissioned wind turbine blades and waste tailings from mining processes. The result is unprecedented economics that are significantly lower than any other energy storage technology on a Levelized Cost of Storage basis.
Energy Vault’s energy storage system is ideal for companies in many industrial verticals that have 24/7 power needs and are making a transition to clean energy. Other regional examples include desalination plants, which require around the clock industrial power to reliably and economically deliver clean drinking water.
“Our mission at SAEV is to invest in companies developing technologies with strategic importance to Aramco. Energy Vault’s innovative energy storage technology has unique environmental and economic benefits. We are excited to help Energy Vault further accelerate the global deployment of its technology,” said Mahdi Aladel, CEO of Aramco Ventures.
“Energy Vault has made rapid and meaningful progress over the last 12-18 months as we completed the first commercial scale deployment of our technology and we are pleased to have SAEV’s support as a strategic partner,” said Robert Piconi, CEO and Co-Founder, Energy Vault.
About Saudi Aramco Energy Ventures
Saudi Aramco Energy Ventures LLC (SAEV) is the corporate venturing subsidiary of Saudi Aramco, the world’s leading fully integrated energy and chemical enterprise. Headquartered in Dhahran with offices in North America, Europe and Asia, SAEV’s mission is to invest globally in start-up and high growth companies with technologies of strategic importance to its parent company Aramco. Saev.com
About Energy Vault
Energy Vault is the creator of renewable energy storage products that are transforming the world’s approach to utility-scale energy storage for grid resiliency. Applying conventional physics fundamentals of gravity and potential energy, the system combines an innovative crane design that lifts specially designed, massive composite blocks with a proprietary, cloud-based software platform which orchestrates the storage and discharge of electricity. Utilizing 100 percent eco-friendly materials at unprecedented economics, Energy Vault is accelerating the shift to a fully renewable world.
For more information about Energy Vault, please visit energyvault.com and @EnergyVaultInc
Energy Vault Media Contact:
Harry Alexander
This email address is being protected from spambots. You need JavaScript enabled to view it.
+1.805.457.4382
Offshore Source keeps you updated with relevant information concerning the Offshore Energy Sector.
Any views or opinions represented on this website belong solely to the author and do not represent those of the people, institutions or organizations that Offshore Source or collaborators may or may not have been associated with in a professional or personal capacity, unless explicitly stated.