NEW YORK--(BUSINESS WIRE)--Ironclad Energy Partners LLC (“Ironclad”), an affiliate of Stonepeak Infrastructure Partners (“Stonepeak”), has agreed to sell 100% of its indirect equity interests in RED-Rochester, LLC (“RED”) and associated affiliates to SDCL Energy Efficiency Income Trust plc (“SEEIT”) for $260 million enterprise value, subject to customary closing adjustments.
As one of the United States’ largest district energy systems, RED exclusively serves 100+ commercial and industrial customers within the Eastman Business Park (“EBP” or the “Park”) in Rochester, New York. RED’s asset base has continuously served the 1,200-acre EBP and its customers with reliable and competitively priced utilities for over a century. Today, RED serves customers with its highly efficient and environmentally friendly tri-generation plant, delivering 16 separate utility services, including steam, chilled water, and electricity, in support of its customers and the 5,500 employees that work within the Park.
Upon acquisition in 2016, Stonepeak and Ironclad committed ~$80mm of additional capital to execute on the conversion of RED’s coal-fired central plant to modern natural gas boilers. The brownfield project was delivered in 18 months, on time and on budget and without any disruption to customers. Following the completion of the natural gas conversion, Stonepeak and Ironclad committed additional capital to further modernize RED’s facilities, completing over 40 efficiency projects during the four-year ownership period, and identifying another 100+ such projects for future execution. Stonepeak and Ironclad’s efforts within the Park were well-received by stakeholders, drawing recognition and support from local and state entities such as the New York State Energy & Research Development Agency and Rochester Gas & Electric. Through executed and identified projects, RED is expected to reduce CO2 emissions within the Park by the equivalent of an 880MW photovoltaic solar installation and will reduce SO2 and NOx emissions by ~99% and ~60%, respectively. SDCL expects to continue these modernization and efficiency efforts under its ownership, which are expected to continue delivering both increased profitability and emissions savings via fuel usage reduction.
The transaction is expected to close in Q2 2021, following receipt of customary regulatory approvals.
Luke Taylor, Senior Managing Director at Stonepeak said, “As a New York-based asset manager, Stonepeak is pleased to have had the opportunity to support a successful transition of the RED assets and to meaningfully contribute to the ongoing revitalization of the Finger Lakes region of New York. We are confident that the new owners will continue our efforts to drive environmentally-conscious growth within the Eastman Business Park.”
John Prunkl, Chief Executive Officer at Ironclad added, “Ironclad is thankful for the support of RED’s employees, customers, and all other stakeholders within the Park as we successfully transitioned the assets from coal to natural gas, executed over 40 efficiency projects, meaningfully reduced CO2 emissions, and commercially, technically, and financially positioned the utility and the Park for growth. Ironclad will work closely with SEEIT to ensure a successful transition of the business and we look forward to RED and EBP’s continued success.”
Jonathan Maxwell, founding partner and Chief Executive Officer of SDCL, the manager for SEEIT, said, “SEEIT is acquiring an operational and established district energy system that provides a range of essential and efficient energy services and utilities to a diversified customer base on one of the largest business parks in the United States of America. We expect the project to make positive contributions to SEEIT’s earnings and cash flow. At the same time, the project offers the potential for growth over the medium to long term through the addition of new customers and the implementation of accretive energy efficiency measures.”
Scotiabank acted as the exclusive financial advisor to Stonepeak and Ironclad, and Macquarie Capital acted as financial advisor to SDCL.
Mayer Brown LLP served as legal counsel for the selling parties. Wilson Sonsini Goodrich & Rosati was legal counsel to SDCL.
ABOUT STONEPEAK
Stonepeak Infrastructure Partners (www.stonepeakpartners.com) is an infrastructure-focused private equity firm headquartered in New York with $31.3 billion of assets under management (as of September 30, 2020). Stonepeak invests in long-lived, hard-asset businesses and projects that provide essential services to customers, and seeks to actively partner with high-quality management teams, facilitate operational improvements, and provide capital for growth initiatives.
ABOUT IRONCLAD ENERGY PARTNERS
Ironclad Energy Partners is a joint venture between Stonepeak and industry veterans John Prunkl and Christopher Fanella. Ironclad was founded in early 2016 with the express intent of acquiring and adding value operationally, commercially, technically and financially in middle-market energy facilities. Formerly CEO and CCO of Primary Energy Recycling Corporation, a TSX traded company, the Ironclad principals have acquired, owned, partnered, operated, and/or constructed projects in the U.S. and around the world totaling more than 11,000 MW of capacity.
ABOUT SEEIT
SDCL Energy Efficiency Income Trust plc is the first UK listed company of its kind to invest exclusively in the energy efficiency sector. Its projects are primarily located in the UK, Europe and North America and include, inter alia, a portfolio of cogeneration assets in Spain, a portfolio of recycled energy and cogeneration projects in the United States, a regulated gas distribution network in Sweden and, most recently, a portfolio of commercial and industrial solar and storage projects in the United States.
SEEIT’s investment manager is Sustainable Development Capital LLP. Established in 2007, SDCL, with a proven track record of developing and investing in energy efficiency and decentralised energy generation projects.
Sard Verbinnen & Co
Ben Spicehandler / Julie Rudnick
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More than 300 Shippers and Supporters File Letters with the Surface Transportation Board in Support of CP-KCS Combination
CP and KCS Thank Customers for their Support of the Economic and Strategic Benefits of the Combination
CALGARY, Alberta & KANSAS CITY, Mo.--(BUSINESS WIRE)--Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) ("CP") and Kansas City Southern (NYSE: KSU) ("KCS") today announced that 45 customers, ports, transloads and other stakeholders have filed statements with the Surface Transportation Board (“STB”) bringing the total to more than 300 supporting the planned creation of the first U.S.-Mexico-Canada rail network. The additional support comes from stakeholders large and small across the supply chain, including SSAB, Domtar, Farmers Cooperative of Hanska, Port of New Orleans, and E.J.R. Reload.
Similar to the customers and supporters that filed statements and letters with the STB on April 1, 2021, the new supporters stated they expect the combination would, among other benefits, invigorate transportation competition, expand access to existing and growing markets, and provide new service offerings that would improve transit times and reliability. Many of the supporters also requested the STB to review the transaction as swiftly as possible so the systems could be integrated, and the end-to-end benefits of this combination can be realized for the benefit of all stakeholders.
CP and KCS thank the shippers, railroads, economic development authorities, ports and other supporters that have filed letters to the STB in support of the combination. The CP-KCS combination is expected to provide an enhanced competitive alternative to existing rail service providers and is expected to result in improved service and efficiency to customers of all sizes. When combined, the CP-KCS network would remain the smallest of six U.S. Class 1 railroads by revenue.
CP is seeking approval from the STB for the combination, which also remains subject to the approvals of CP and KCS shareholders and other customary closing conditions. The STB review is expected to be completed by the middle of 2022.
For more information on the transaction and the benefits it is expected to bring to the full range of stakeholders, visit www.FutureForFreight.com.
Forward Looking Statements and Information
This news release includes certain forward-looking statements and forward-looking information (collectively, FLI) to provide CP and KCS shareholders and potential investors with information about CP, KCS and their respective subsidiaries and affiliates, including each company’s management’s respective assessment of CP, KCS and their respective subsidiaries’ future plans and operations, which FLI may not be appropriate for other purposes. FLI is typically identified by words such as “anticipate”, “expect”, “project”, “estimate”, “forecast”, “plan”, “intend”, “target”, “believe”, “likely” and similar words suggesting future outcomes or statements regarding an outlook. All statements other than statements of historical fact may be FLI. In particular, this news release contains FLI pertaining to, but not limited to, information with respect to the following: the transaction; the combined company’s scale; financial growth; future business prospects and performance; future shareholder returns; cash flows and enhanced margins; synergies; leadership and governance structure; and office and headquarter locations.
Although we believe that the FLI is reasonable based on the information available today and processes used to prepare it, such statements are not guarantees of future performance and you are cautioned against placing undue reliance on FLI. By its nature, FLI involves a variety of assumptions, which are based upon factors that may be difficult to predict and that may involve known and unknown risks and uncertainties and other factors which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by these FLI, including, but not limited to, the following: the timing and completion of the transaction, including receipt of regulatory and shareholder approvals and the satisfaction of other conditions precedent; interloper risk; the realization of anticipated benefits and synergies of the transaction and the timing thereof; the success of integration plans; the focus of management time and attention on the transaction and other disruptions arising from the transaction; estimated future dividends; financial strength and flexibility; debt and equity market conditions, including the ability to access capital markets on favorable terms or at all; cost of debt and equity capital; the previously announced proposed share split of CP’s issued and outstanding common shares and whether it will receive the requisite shareholder and regulatory approvals; potential changes in the CP share price which may negatively impact the value of consideration offered to KCS shareholders; the ability of management of CP, its subsidiaries and affiliates to execute key priorities, including those in connection with the transaction; general Canadian, U.S., Mexican and global social, economic, political, credit and business conditions; risks associated with agricultural production such as weather conditions and insect populations; the availability and price of energy commodities; the effects of competition and pricing pressures, including competition from other rail carriers, trucking companies and maritime shippers in Canada, the U.S. and México; industry capacity; shifts in market demand; changes in commodity prices; uncertainty surrounding timing and volumes of commodities being shipped; inflation; geopolitical instability; changes in laws, regulations and government policies, including regulation of rates; changes in taxes and tax rates; potential increases in maintenance and operating costs; changes in fuel prices; disruption in fuel supplies; uncertainties of investigations, proceedings or other types of claims and litigation; compliance with environmental regulations; labor disputes; changes in labor costs and labor difficulties; risks and liabilities arising from derailments; transportation of dangerous goods; timing of completion of capital and maintenance projects; currency and interest rate fluctuations; exchange rates; effects of changes in market conditions and discount rates on the financial position of pension plans and investments; trade restrictions or other changes to international trade arrangements; the effects of current and future multinational trade agreements on the level of trade among Canada, the U.S. and México; climate change and the market and regulatory responses to climate change; anticipated in-service dates; success of hedging activities; operational performance and reliability; customer, shareholder, regulatory and other stakeholder approvals and support; regulatory and legislative decisions and actions; the adverse impact of any termination or revocation by the Mexican government of Kansas City Southern de México, S.A. de C.V.’s Concession; public opinion; various events that could disrupt operations, including severe weather, such as droughts, floods, avalanches and earthquakes, and cybersecurity attacks, as well as security threats and governmental response to them, and technological changes; acts of terrorism, war or other acts of violence or crime or risk of such activities; insurance coverage limitations; material adverse changes in economic and industry conditions, including the availability of short and long-term financing; and the pandemic created by the outbreak of COVID-19 and resulting effects on economic conditions, the demand environment for logistics requirements and energy prices, restrictions imposed by public health authorities or governments, fiscal and monetary policy responses by governments and financial institutions, and disruptions to global supply chains.
We caution that the foregoing list of factors is not exhaustive and is made as of the date hereof. Additional information about these and other assumptions, risks and uncertainties can be found in reports and filings by CP and KCS with Canadian and U.S. securities regulators, including any proxy statement, prospectus, material change report, management information circular or registration statement to be filed in connection with the transaction. Due to the interdependencies and correlation of these factors, as well as other factors, the impact of any one assumption, risk or uncertainty on FLI cannot be determined with certainty.
Except to the extent required by law, we assume no obligation to publicly update or revise any FLI, whether as a result of new information, future events or otherwise. All FLI in this news release is expressly qualified in its entirety by these cautionary statements.
Non-GAAP Measures
Although this press release includes forward-looking non-GAAP measures (adjusted diluted EPS, Free cash flow, earnings before interest, tax, depreciation and amortization (EBITDA), and a leverage ratio being adjusted net debt to adjusted earnings before interest, tax, depreciation and amortization (EBITDA)), it is not practicable to reconcile, without unreasonable efforts, these forward-looking measures to the most comparable GAAP measures (diluted EPS, Cash from operations, Net income, and long-term debt to net income ratio, respectively), due to unknown variables and uncertainty related to future results. These unknown variables may include unpredictable transactions of significant value. Please see Note on forward-looking Statements above for further discussion.
About Canadian Pacific
Canadian Pacific is a transcontinental railway in Canada and the United States with direct links to major ports on the west and east coasts. CP provides North American customers a competitive rail service with access to key markets in every corner of the globe. CP is growing with its customers, offering a suite of freight transportation services, logistics solutions and supply chain expertise. Visit cpr.ca to see the rail advantages of CP. CP-IR
About KCS
Headquartered in Kansas City, Mo., Kansas City Southern (KCS) (NYSE: KSU) is a transportation holding company that has railroad investments in the U.S., Mexico and Panama. Its primary U.S. holding is The Kansas City Southern Railway Company, serving the central and south central U.S. Its international holdings include Kansas City Southern de Mexico, S.A. de C.V., serving northeastern and central Mexico and the port cities of Lázaro Cárdenas, Tampico and Veracruz, and a 50 percent interest in Panama Canal Railway Company, providing ocean-to-ocean freight and passenger service along the Panama Canal. KCS’ North American rail holdings and strategic alliances are primary components of a railway network, linking the commercial and industrial centers of the U.S., Mexico and Canada. More information about KCS can be found at www.kcsouthern.com.
ADDITIONAL INFORMATION ABOUT THE TRANSACTION AND WHERE TO FIND IT
CP will file with the U.S. Securities and Exchange Commission (SEC) a registration statement on Form F-4, which will include a proxy statement of KCS that also constitutes a prospectus of CP, and any other documents in connection with the transaction. The definitive proxy statement/prospectus will be sent to the shareholders of KCS. CP will also file a management proxy circular in connection with the transaction with applicable securities regulators in Canada and the management proxy circular will be sent to CP shareholders. INVESTORS AND SHAREHOLDERS OF KCS AND CP ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND MANAGEMENT PROXY CIRCULAR, AS APPLICABLE, AND ANY OTHER DOCUMENTS FILED OR TO BE FILED WITH THE SEC OR APPLICABLE SECURITIES REGULATORS IN CANADA IN CONNECTION WITH THE TRANSACTION WHEN THEY BECOME AVAILABLE, AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT KCS, CP, THE TRANSACTION AND RELATED MATTERS. The registration statement and proxy statement/prospectus and other documents filed by CP and KCS with the SEC, when filed, will be available free of charge at the SEC’s website at www.sec.gov. In addition, investors and shareholders will be able to obtain free copies of the registration statement, proxy statement/prospectus, management proxy circular and other documents which will be filed with the SEC and applicable securities regulators in Canada by CP online at investor.cpr.ca and www.sedar.com, upon written request delivered to CP at 7550 Ogden Dale Road S.E., Calgary, Alberta, T2C 4X9, Attention: Office of the Corporate Secretary, or by calling CP at 1-403-319-7000, and will be able to obtain free copies of the proxy statement/prospectus and other documents filed with the SEC by KCS online at www.investors.kcsouthern.com, upon written request delivered to KCS at 427 West 12th Street, Kansas City, Missouri 64105, Attention: Corporate Secretary, or by calling KCS’s Corporate Secretary’s Office by telephone at 1-888-800-3690 or by email at This email address is being protected from spambots. You need JavaScript enabled to view it..
You may also read and copy any reports, statements and other information filed by KCS and CP with the SEC at the SEC public reference room at 100 F Street N.E., Room 1580, Washington, D.C. 20549. Please call the SEC at 1-800-732-0330 or visit the SEC’s website for further information on its public reference room. This communication shall not 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 such offer, solicitation or sale would be unlawful prior to appropriate registration or qualification under the securities laws of such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.
PARTICIPANTS IN THE SOLICITATION OF PROXIES
This communication is not a solicitation of proxies in connection with the transaction. However, under SEC rules, CP, KCS, and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies in connection with the transaction. Information about CP’s directors and executive officers may be found in its 2021 Management Proxy Circular, dated March 10, 2021, as well as its 2020 Annual Report on Form 10-K filed with the SEC and applicable securities regulators in Canada on February 18, 2021, available on its website at investor.cpr.ca and at www.sedar.com and www.sec.gov. Information about KCS’s directors and executive officers may be found on its website at www.kcsouthern.com and in its 2020 Annual Report on Form 10-K filed with the SEC on January 29, 2021, available at www.investors.kcsouthern.com and www.sec.gov. These documents can be obtained free of charge from the sources indicated above. Additional information regarding the interests of such potential participants in the solicitation of proxies in connection with the transaction will be included in the proxy statement/prospectus and management proxy circular and other relevant materials filed with the SEC and applicable securities regulators in Canada when they become available.
Canadian Pacific
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Kansas City Southern
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C. Doniele Carlson
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Competition in the market is expected to increase as companies look for partners to help meet ambitious carbon targets
BOULDER, Colo.--(BUSINESS WIRE)--#Ameresco--A new Leaderboard report from Guidehouse Insights examines the strategy and execution of 14 energy as a service (EaaS) solutions providers, with Ameresco, Enel X, and ENGIE ranked as the leading market players.
As sustainability becomes a priority due to stakeholder pressure and growing investor requirements to demonstrate alignment with Paris Agreement goals, companies and organizations are turning to EaaS solutions. Leading providers in the industry offer comprehensive technology, services, and financing expertise to help meet these ambitious carbon targets. Click to tweet: According to a new Leaderboard report from @WeAreGHInsights, Ameresco, Enel X, and ENGIE are the leading EaaS providers.
"EaaS solutions that are best positioned to meet the needs of customers focus on sustainability and offer technologies and services to support an organization’s decarbonization efforts,” says Sasha Wedekind, senior research analyst with Guidehouse Insights. “Leaders in this market have developed comprehensive solutions that include a variety of energy efficiency offerings, onsite and offsite energy supply technologies, and services including sustainability advisory and demand response.”
While players in the market are making significant strides in developing and implementing EaaS solutions, expanding into new geographic markets and customer verticals, and developing new business models such as white-labeled EaaS platforms, the market is still nascent. Adoption rates are low and differentiation among different players is high. As a result, few vendors have been directly competing, however, competition is expected to intensify as customers become increasingly aware of EaaS in the coming years.
The report, Guidehouse Insights Leaderboard: Energy as a Service, assesses the competitive landscape for EaaS solutions and how well different companies are positioned to address customer needs at this point in time. This report is intended to help market participants better understand their competitors’ solution offerings, differentiation, and track record in executing EaaS projects. The report includes profiles on 14 EaaS companies and ranks them according to Strategy and Execution scores. In this market, the relative position of different vendors is likely to shift as contenders refine their solution offerings and take on the leaders. An executive summary of the report is available for free download on the Guidehouse Insights website.
About Guidehouse Insights
Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today’s rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.
About Guidehouse
Guidehouse is a leading global provider of consulting services to the public and commercial markets with broad capabilities in management, technology, and risk consulting. We help clients address their toughest challenges and navigate significant regulatory pressures with a focus on transformational change, business resiliency, and technology-driven innovation. Across a range of advisory, consulting, outsourcing, and digital services, we create scalable, innovative solutions that prepare our clients for future growth and success. The company has more than 8,000 professionals in over 50 locations globally. Guidehouse is a Veritas Capital portfolio company, led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets, and agenda-setting issues driving national and global economies. For more information, please visit: www.guidehouse.com.
* The information contained in this press release concerning the report, Guidehouse Insights Leaderboard: Energy as a Service, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.
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DUBLIN--(BUSINESS WIRE)--The "2021 Asia-Pacific Power Rental Market With Covid-19 Impact" report has been added to ResearchAndMarkets.com's offering.
The Asia Pacific Power Generation Rental market research report includes market size, growth rates, vertical end user split, competitive market share data and revenue forecasts from 2020-2027 for the Asia Pacific region with a with COVID-19 impact. The study is a comprehensive analysis including market share splits by fuel type (diesel-based vs. gas-based), generator size (<500 kW, 500kW-1 MW, >1 MW), application (prime, continuous, standby), end user group (mining, utilities, manufacturing, oil & gas, construction, others), and rental provider. Furthermore, profiles of key companies, growth drivers, restraints, challenges, and quotations from industry participants are also included in this analysis of the temporary power opportunity.
The Asia Pacific Power Rental Market is highly competitive and fragmented. The market contains many local companies competing against each other and trying to gain a foothold. The market is projected to experience a steady growth rate during the forecast period (2020-2027). Drivers include increasing demand for power, poor grid infrastructure, and frequent power outages caused by natural disasters.
This study aims to provide a detailed analysis on the Asia Pacific Power Rental Market along with a competitive analysis for the year 2020.
The market numbers included in this report represent revenues generated from the rental of generator sets. The base year for the study is 2020 and the forecast period is from 2020 until 2027.
This study captures the following information on Asia Pacific Power Rental Market:
Key Topics Covered:
I. Research Scope
II. Market Definitions
III. Methodology
IV. Asia Pacific Power Rental Market: Executive Summary
a. Market Growth Trends
b. COVID-19 Impact
c. Opportunities
d. Future Trends
e. Competitive Factors
V. Asia Pacific Power Rental Market: Market Drivers and Impact
VI. Asia Pacific Power Rental Market: Market Restraints and Impact
VII. Asia Pacific Power Rental Market: Market Trends
a. Alternative Fuels
b. Energy Efficiency
c. Technology
d. Carbon Emission
e. Emerging Opportunities
VIII. COVID-19 Impact
a. COVID-19 Impact
b. Impact on Mining
c. Impact on Construction
d. Impact on Automotive Manufacturing
IX. Market Data
a. Revenue Forecast, 2020-2027
b. Market Drivers' Impact, 2020-2027
c. Market Share of Companies by Revenue, Asia Pacific, 2020
d. Market Share by Revenue, End User Industry (Mining, Utilities, Manufacturing,
Oil & Gas, Construction, Others) , Asia Pacific, 2020
e. Market Share by Revenue, by Fuel Type (Diesel-based vs. Gas-based), Asia Pacific, 2020
f. Market Shares by Revenues, by Generator Size (<500 kW, 500 kW-1 MW, > 1MW), Asia Pacific, 2020
g. Market Shares by Revenues, by Application (Prime, Continuous, Standby), Asia Pacific, 2020
X. Company Profiles
XI. About the Analyst
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/6ymuyw
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
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CALGARY, Alberta--(BUSINESS WIRE)--(ARX - TSX, VII - TSX) ARC Resources Ltd. ("ARC" or the "Company") is pleased to announce that it has closed its strategic Montney combination with Seven Generations Energy Ltd. ("Seven Generations") to create the premier Montney producer and leader in responsible energy development (the "Business Combination"). ARC is now Canada’s largest condensate producer, third-largest natural gas producer, and sixth-largest upstream energy company.
As the largest pure-play Montney producer, ARC owns over 1.1 million net acres of Montney land and has a deep inventory of high-return, de-risked core development opportunities with significant commodity and geographic diversity. ARC produces approximately 340,000 barrels of oil equivalent ("boe") per day, comprising approximately 138,000 barrels per day of liquids and approximately 1.2 billion cubic feet ("Bcf") per day of natural gas. The Company’s low cost structure, excellent environmental, social, and governance ("ESG") performance, and superior ability to optimize revenue streams are supported by an extensive network of owned-and-operated infrastructure, with natural gas processing and sales capacity totaling approximately 1.5 Bcf per day. Exercising capital discipline, operating safely and efficiently, maintaining a top-decile balance sheet, and executing an active commodity price risk management program continue to be hallmarks of the organization.
With its compelling ability to generate free funds flow, low debt levels, leading ESG performance, and a sustainable dividend, ARC is a differentiated investment opportunity with significant optionality for future capital allocation, positioned to create significant shareholder value in 2021 and beyond. Immediately following the close of the Business Combination, ARC will be focused on successfully integrating the two companies to become a more efficient business. The Company will be focused on delivering on expected cost savings and synergies of approximately $160 million annually, which includes financing costs that are approximately $50 million lower than they would have been had the Seven Generations senior notes remained outstanding. Free funds flow will initially be directed at strengthening the Company’s financial position. Incremental returns to shareholders and investment in profitable growth at ARC’s highly prospective Attachie asset are expected to be considered when net debt to annualized funds from operations reaches the low end of the Company’s target range of 1.0 to 1.5 times, which, at current forward commodity prices, is expected to occur by year-end 2021. ARC expects to provide formal 2021 guidance for the Company, on a post-Business Combination basis, in early May 2021.
The Business Combination was structured through a plan of arrangement under the Canada Business Corporations Act, where Seven Generations shareholders received 1.108 common shares of ARC for each class "A" common share of Seven Generations (a "7G Share") held. The 7G Shares are expected to be delisted from the Toronto Stock Exchange on or before April 9, 2021.
Capital Structure
ARC is committed to protecting its strong financial position by maintaining significant financial flexibility. To ensure ample liquidity, ARC has syndicated a $2.0 billion unsecured extendible revolving credit facility with a maturity date of 2024 (the "Credit Facility"). As of April 6, 2021, the Credit Facility has approximately $1.2 billion of available liquidity.
On March 10, 2021, ARC completed the issuance of two tranches of private unsecured notes of $1.0 billion aggregate principal amount with a weighted average interest rate of 2.965% and average term of 7.75 years (the "Notes"). The Notes were assigned a provisional rating of BBB with a stable trend by DBRS Morningstar, assuming the successful completion of the Business Combination. On April 6, 2021, ARC used the proceeds from the Notes, combined with draws on the Credit Facility, to repay and/or defease all of Seven Generations’ outstanding senior notes, including US$114 million aggregate principal amount of Seven Generations’ outstanding 6.875% senior notes due 2023, US$700 million aggregate principal amount of Seven Generations’ outstanding 5.375% senior notes due 2025, and US$378 million aggregate principal amount of Seven Generations’ outstanding 6.750% senior notes due 2023.
As of April 6, 2021, ARC has approximately $2.4 billion of net debt outstanding, excluding capital leases. At current forward commodity prices and with a strong deleveraging plan in place, ARC expects its net debt balance will be reduced to the low end of the Company’s target range of 1.0 to 1.5 times annualized funds from operations by year-end 2021.
With the Company’s refinancing complete and a lower overall cost of capital, ARC expects to immediately realize significant interest savings. Following the Business Combination, financing costs are expected to be approximately $50 million lower than they would have been had the Seven Generations senior notes remained outstanding. ARC is currently one of only three natural gas companies in North America with the ability to issue investment-grade debt and will continue to prioritize conservative debt levels.
ARC has 724 million common shares outstanding as of April 6, 2021.
Governance and Leadership
ARC is committed to maintaining the highest standards of corporate governance and risk management. The Company will benefit from the experience of Hal Kvisle as independent Chair, Marty Proctor as Vice-Chair, and Farhad Ahrabi, David Collyer, Susan Jones, William McAdam, Michael McAllister, Kathleen O’Neill, M. Jacqueline Sheppard, Leontine van Leeuwen-Atkins, and Terry Anderson as directors. ARC will continue to promote diversity and inclusion within the organization by maintaining a minimum of 30 per cent female representation at the Board level and participating in initiatives like the 30% Club and the Bloomberg Gender-Equality Index.
ARC’s leadership team brings together the strengths and talents of both ARC and Seven Generations. The members of the senior leadership team are:
ARC’s executive office will remain headquartered in Calgary, Alberta, with field offices located in Grande Prairie, Alberta, Dawson Creek, British Columbia, and Drayton Valley, Alberta.
Forward-looking Information and Statements
This news release contains certain forward-looking statements and forward-looking information (collectively referred to as "forward-looking information") within the meaning of applicable securities legislation about current expectations about the future, based on certain assumptions made by ARC. Although ARC believes that the expectations represented by such forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Forward-looking information in this news release is identified by words such as "expect", "will", "continue", "target", or similar expressions and includes suggestions of future outcomes, including statements about the characteristics of ARC following the completion of the Business Combination; the timing of issuing formal 2021 guidance for ARC on a post-Business Combination basis; the ability of ARC to generate free funds flow and the anticipated uses thereof; the timing of achieving ARC's target range of net debt to annualized funds from operations; anticipated cost savings and synergies; the anticipated benefits stemming from the leadership and experience of ARC's directors; ARC's intentions to maintain a threshold level of female representation at the Board level; and the locations of ARC's headquarters and field offices.
Readers are cautioned not to place undue reliance on forward-looking information as ARC's actual results may differ materially from those expressed or implied. ARC undertakes no obligation to update or revise any forward-looking information except as required by law. Developing forward-looking information involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to ARC and others that apply to the industry generally. Material factors or assumptions on which the forward-looking information in this news release include: ARC's ability to successfully integrate the business of Seven Generations; access to sufficient capital to pursue any development plans; ARC's ability to issue securities; the impacts the Business Combination may have on the current credit ratings of ARC; forecast commodity prices and other pricing assumptions; forecast production volumes based on business and market conditions; the accuracy of outlooks and projections contained herein; projected capital investment levels, the flexibility of capital spending plans, and associated sources of funding; achievement of further cost reductions and sustainability thereof; applicable royalty regimes, including expected royalty rates; future improvements in availability of product transportation capacity; opportunity for ARC to pay dividends and the approval and declaration of such dividends by the board of directors of ARC; cash flows, cash balances on hand, and access to the Credit Facility being sufficient to fund capital investments; foreign exchange rates; near-term pricing and continued volatility of the market; the ability of ARC's existing pipeline commitments and financial hedge transactions to partially mitigate a portion of ARC's risks against wider price differentials; estimates of quantities of oil, natural gas, and liquids from properties and other sources not currently classified as proved; accounting estimates and judgments; future use and development of technology and associated expected future results; ARC's ability to obtain necessary regulatory approvals; the successful and timely implementation of capital projects or stages thereof; the ability to generate sufficient cash flow to meet current and future obligations; estimated abandonment and reclamation costs, including associated levies and regulations applicable thereto; ARC's ability to obtain and retain qualified staff and equipment in a timely and cost-efficient manner; ARC's ability to carry out transactions on the desired terms and within the expected timelines; forecast inflation and other assumptions inherent in the guidance of ARC; the retention of key properties; the continuance of existing tax, royalty, and regulatory regimes; the accuracy of the estimates of each of ARC's and Seven Generations' reserve volumes; ARC's ability to access and implement all technology necessary to efficiently and effectively operate its assets; the ongoing impact of novel coronavirus COVID-19 ("COVID-19") on commodity prices and the global economy; and other risks and uncertainties described from time to time in the filings made by ARC with securities regulatory authorities.
The forward-looking information in this news release also includes financial outlooks and other related forward-looking information (including production and financial-related metrics) relating to ARC following the completion of the Business Combination, including: the expectations of ARC regarding the impact of the Business Combination on free funds flow, net debt, production, and net debt to annualized funds from operations. Any financial outlook and forward-looking information contained in this news release regarding prospective financial performance or financial position is based on reasonable assumptions about future events, including economic conditions and proposed courses of action based on the assessment by Management of ARC of the relevant information that is currently available. These projections may also be considered to contain future-oriented financial information or a financial outlook. The actual results will likely vary from the amounts set forth herein and such variations may be material. Readers are cautioned that any such financial outlook and forward-looking information contained herein should not be used for purposes other than those for which it is disclosed herein. Such information was made as of the date of this news release and ARC disclaims any intention or obligation to update or revise any such information, whether as a result of new information, future events, or otherwise, unless required pursuant to applicable law.
The risk factors and uncertainties that could cause actual results to differ materially from the anticipated results or expectations expressed in this news release, include: the ability of ARC to realize the anticipated benefits of, and synergies from, the Business Combination and the timing thereof; failure to achieve and sustain future cost reductions; the impacts of a changing risk profile and possible subjection to a credit rating review, which may result in a downgrade or negative outlook being assigned to ARC; the ability of ARC to pay dividends and the approval and declaration of such dividends by the board of directors of ARC; potential undisclosed liabilities unidentified during the due diligence process; the interpretation of the Business Combination by tax authorities; the success of business integration; the ability to access or implement some or all of the technology necessary to efficiently and effectively operate the assets and achieve expected future results; volatility of and other assumptions regarding commodity prices; the duration of the market downturn; a resurgence in cases of COVID-19, which has occurred in certain locations, and the possibility of which in other locations remains high and creates ongoing uncertainty that could result in restrictions to contain the virus being re-imposed or imposed on a more strict basis, including restrictions on movement and businesses; the extent to which COVID-19 impacts the global economy and harms commodity prices; the extent to which COVID-19 and fluctuations in commodity prices associated with COVID-19 impacts the business, results of operations, and financial condition, all of which will depend on future developments that are highly uncertain and difficult to predict, including, but not limited to the duration and spread of the pandemic, its severity, the actions taken to contain COVID-19 or treat its impact, and how quickly economic activity normalizes; the success of new COVID-19 workplace policies and the ability of people to return to workplaces; continued liquidity being sufficient to sustain operations through a prolonged market downturn; the effectiveness of risk management programs, including the impact of derivative financial instruments, the success of hedging strategies, and the sufficiency of liquidity positions; product supply and demand; accuracy of share price and market capitalization assumptions; market competition, including from alternative energy sources; risks inherent in marketing operations, including credit risks, exposure to counterparties and partners, including ability and willingness of such parties to satisfy contractual obligations in a timely manner; the ability to maintain desirable net debt ratios; the ability to access various sources of debt and equity capital, generally, and on acceptable terms; the ability to finance growth and sustaining capital expenditures; changes in credit ratings; changes to dividend plans; the ability to utilize tax losses in the future; accuracy of reserves, future production, and future net revenue estimates; the potential for variation in the quality of the Montney formation; unanticipated results from exploration and development activities; accuracy of accounting estimates and judgments; the ability to replace and expand oil and gas reserves; potential requirements under applicable accounting standards for impairment or reversal of estimated recoverable amounts of some or all of assets or goodwill from time to time; the ability to maintain relationships with partners and to successfully manage and operate integrated businesses; reliability of assets including in order to meet production targets; potential disruption or unexpected technical difficulties in developing new products and manufacturing processes; the occurrence of unexpected events such as fires, severe weather conditions, explosions, blow-outs, equipment failures, transportation incidents, and other accidents or similar events; marketing margins; cost escalations, including inflationary pressures on operating expenses, including labour, materials, and increased insurance deductibles or premiums; potential failure of products to achieve or maintain acceptance in the market; risks associated with fossil fuel industry reputation and litigation related thereto; risks associated with technology and equipment, including potential cyberattacks; risks associated with climate change and assumptions relating thereto; the ability to secure adequate and cost effective product transportation including sufficient pipeline or alternate transportation, including to address any gaps caused by constraints in the pipeline system or storage capacity; availability of, and the ability to attract and retain, critical talent; possible failure to obtain and retain qualified staff and equipment in a timely and cost-efficient manner; changes in labour relationships; changes in the regulatory framework in any of the locations in which ARC operates, including changes to the regulatory approval process and land-use designations, royalty, tax, environmental, greenhouse gas, carbon, climate change, and other laws or regulations, or changes to the interpretation of such laws and regulations, as adopted or proposed, the impact thereof and the costs associated with compliance; the expected impact and timing of various accounting pronouncements, rule changes, and standards; changes in general economic, market, and business conditions; the impact of production agreements among Organization of the Petroleum Exporting Countries ("OPEC") and non-OPEC members; political and economic conditions; the occurrence of unexpected events such as pandemics, war, terrorist threats, and the instability resulting therefrom; and risks associated with existing and potential future lawsuits, shareholder proposals, and regulatory actions.
Additional information about assumptions, risk factors, and uncertainties on which the forward-looking information is based and that could cause ARC's actual results to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements are described in the joint management information circular of ARC and Seven Generations dated March 1, 2021 and the documents incorporated by reference therein, which are available on ARC's website at www.arcresources.com, as applicable, and on ARC's SEDAR profile at www.sedar.com and are incorporated by reference herein.
Barrels of Oil Equivalent
Natural gas volumes have been converted to boe on the basis of six thousand cubic feet ("Mcf") to one barrel ("bbl"). Boe may be misleading, particularly if used in isolation. A conversion ratio of 6 Mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil compared with natural gas is significantly different from the energy equivalency conversion ratio of 6:1, utilizing a conversion on a 6:1 basis is not an accurate reflection of value.
Advisory – Credit Ratings
Credit ratings are intended to provide investors with an independent measure of credit quality of an issue of securities. Credit ratings are not recommendations to purchase, hold, or sell securities and do not address the market price or suitability of a specific security for a particular investor. There is no assurance that any rating will remain in effect for any given period of time or that any rating will not be revised or withdrawn entirely by the rating agency in the future if, in its judgment, circumstances so warrant.
About ARC
ARC is the largest pure-play Montney producer and one of Canada’s largest dividend-paying energy companies, featuring low-cost operations and leading ESG characteristics. ARC’s investment-grade credit profile is supported by commodity and geographic diversity and robust risk management practices around all aspects of the business. ARC’s common shares trade on the TSX under the symbol ARX.
For further information about ARC Resources Ltd., please visit ARC’s website at www.arcresources.com.
Investor Relations:
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Telephone: (403) 503-8600
Fax: (403) 509-6427
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Kris Bibby
Senior Vice President and Chief Financial Officer
ARC Resources Ltd.
403-503-8675
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Martha Wilmot
Investor Relations Analyst
ARC Resources Ltd.
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FORT WORTH, Texas--(BUSINESS WIRE)--Lonestar Resources US Inc. (OTCQX: LONE) (together with its subsidiaries, "Lonestar," "our" or the "Company") announced its year-end 2020 reserves. All of the Company’s reserves are located in the Eagle Ford Shale.
Lonestar’s proved reserves as of December 31, 2020 were 70.1 million barrels of oil equivalent (“MMBOE”), which is comprised of 39.1 million barrels of crude oil and condensate, 19.5 million barrels of natural gas liquids (“NGLs”), and 124.1 billion cubic feet (Bcf) of natural gas. By energy content, using a standard 6:1 conversion ratio, Lonestar’s proved reserves are weighted 74% to crude oil, condensate and NGLs. Using the guidelines of the U.S. Securities and Exchange Commission (the “SEC”) for pricing, the PV-10 for Lonestar’s proved reserves was $366.0 million. Please see Table 1 for details.
The tables below summarize Lonestar’s year-end reserves and PV-10 by category as determined by the Company’s independent petroleum engineers, W.D. Von Gonten & Co. Petroleum Engineers. Based on SEC guidelines, for the year ended December 31, 2020, Lonestar’s reserves were estimated using the 12-month average price calculated as the unweighted arithmetic average of the spot price on the first day of each month preceding the 12 months prior to the end of the reporting period. This methodology resulted in an average NYMEX West Texas Intermediate oil price of $39.57 per barrel and an average NYMEX Henry Hub natural gas price of $1.99 per million British Thermal Units (“MMBTU”). These prices equate to a decrease of 29% for crude oil and a decrease of 23% for natural gas from Lonestar’s proved reserves for the year ended December 31, 2019, as compared to an average of oil price of $55.69 per barrel and an average natural gas price of $2.58 per MMBTU used to estimate our 2019 proved reserves.
Based on SEC guidelines, Lonestar’s proved & probable reserves as of December 31, 2020 totaled 86.9 MMBOE, comprised of 45.1 million barrels of crude oil and condensate, 20.2 million barrels of natural gas liquids, and 128.9 billion cubic feet of natural gas. Using SEC guidelines, PV-10 for proved & probable reserves was $377.0 million. Lonestar’s proved & probable reserves included 240 drilling locations which were assigned reserves by the Company’s independent petroleum engineers.
Because the pricing utilized in the SEC methodology is lower than current benchmark market prices for crude oil and natural gas, Lonestar has also calculated the PV-10 of its reserves at a flat pricing deck of $55.00 for the WTI crude oil benchmark and $2.75 for Henry Hub natural gas price benchmark (“$55 Flat Deck”). On this basis, the Company's proved reserves were 82.7 MMBOE and PV-10 was $723.8 million. Based on this price deck, Lonestar’s proved & probable reserves were 113.5 MMBOE, which is comprised of 61.8 million barrels of crude oil and condensate, 25.4 million barrels of NGLs, and 158 billion cubic feet of natural gas. On the $55 Flat Deck, PV-10 for proved & probable reserves was $817.0 million. Please see Table 2 for details.
Lonestar’s Chief Executive Officer, Frank D. Bracken, III, commented, “the PV-10 of Lonestar’s proved reserves at a $55 Flat Deck is $723.8 million, which I believe implies a substantial asset value to the Company. I think equally important is that the PV-10 of our Proved Developed Producing reserves alone based on the $55 Flat Deck is $358.0 million, which is substantially higher than our long-term debt at March 31, 2021, which stands at $260.0 million.”
Table 1: Reserves and PV-10 @ SEC Pricing
(As of December 31, 2020)
Crude Oil |
NGLs |
Natural Gas |
Total |
PV-10 |
||||||
December 31,2020 |
(MMBbls) |
(MMBbls) |
(Bcf) |
(MMBoe) |
($MM) |
|||||
Proved Developed Producing |
14.3 |
7.2 |
45.9 |
29.1 |
$222.0 |
|||||
Proved Developed Non-Producing |
0.2 |
0.1 |
1.1 |
0.6 |
$0.7 |
|||||
Proved Developed |
14.5 |
7.3 |
47.1 |
29.7 |
$222.7 |
|||||
Proved Undeveloped |
24.6 |
12.1 |
77.0 |
49.5 |
$143.2 |
|||||
Total Proved |
39.1 |
19.5 |
124.1 |
79.2 |
$366.0 |
|||||
Probable Undeveloped |
6.1 |
0.8 |
4.8 |
7.6 |
$11.0 |
|||||
Total Proved & Probable |
45.1 |
20.2 |
128.9 |
86.9 |
$377.0 |
Table 2: Proved Reserves and PV-10 @ $55.00 oil/$2.75 gas flat pricing
(As of December 31, 2020)
Crude Oil |
NGLs |
Natural Gas |
Total |
PV-10 |
||||||
December 31,2020 |
(MMBbls) |
(MMBbls) |
(Bcf) |
(MMBoe) |
($MM) |
|||||
Proved Developed Producing |
15.2 |
7.5 |
47.6 |
30.6 |
$358.0 |
|||||
Proved Developed Non-Producing |
0.2 |
0.2 |
1.2 |
0.6 |
$2.9 |
|||||
Proved Developed |
15.4 |
7.6 |
48.8 |
31.2 |
$360.9 |
|||||
Proved Undeveloped |
25.6 |
12.6 |
79.7 |
51.5 |
$362.9 |
|||||
Total Proved |
41.0 |
20.3 |
128.4 |
82.7 |
$723.8 |
|||||
Probable Undeveloped |
20.8 |
5.1 |
29.6 |
30.8 |
$93.2 |
|||||
Total Proved & Probable |
61.8 |
25.4 |
158.0 |
113.5 |
$817.0 |
About Lonestar
Lonestar is an independent oil and natural gas company based in Fort Worth, Texas, focused on the development, production and acquisition of unconventional oil, natural gas liquids and natural gas properties in the Eagle Ford Shale in Texas.
Cautionary Note Regarding Forward Looking Statements
Disclosures in this press release contain certain forward-looking statements within the meaning of the federal securities laws. Statements that do not relate strictly to historical or current facts are forward-looking. These statements contain words such as “possible,” “if,” “will,” “expect” and “assuming” and involve risks and uncertainties including, among others that our business plans may change as circumstances warrant and securities of the Company may not ultimately be offered to the public because of general market conditions or other factors. Accordingly, readers should not place undue reliance on forward-looking statements as a prediction of actual results. For more information concerning factors that could cause actual results to differ materially from those conveyed in the forward-looking statements, please refer to the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission (the “SEC”) on March 31, 2021 and any subsequently filed quarterly reports on Form 10-Q. Any forward-looking statements in this press release are made as of the date of this press release and the Company undertakes no obligation to update or revise such forward-looking statements to reflect events or circumstances that occur, or of which the Company becomes aware, after the date hereof, unless required by law.
Chase Booth, 817-921-1889
Independent study verifies that FreeWire’s new battery-integrated charging technology enables utilities and site hosts to rapidly and cost-effectively deploy fast chargers to meet EV demand
SAN LEANDRO, Calif.--(BUSINESS WIRE)--FreeWire Technologies, a leader in electric vehicle (EV) charging and power solutions, today announced that an independent study conducted by the Electric Power Research Institute (EPRI) validated the functionality and economic advantages of its next-generation EV charging product, Boost Charger™.
In November 2020, EPRI conducted a laboratory evaluation of Boost Charger to verify FreeWire’s two main stated economic advantages over traditional DC fast chargers:
1) Lower cost of installation due to reduced infrastructure requirements
2) Lower cost of operation due to peak-shaving and load shifting capabilities
According to the study conducted as part of EPRI’s Incubatenergy Labs Challenge, the FreeWire Boost Charger enables ultrafast charging while only requiring low voltage input, saving tens of thousands on installation costs and almost $30,000 a year on energy fees and demand charges.
“The single biggest challenge to scaling ultrafast charging is infrastructure limitations – extremely high power is required for fast charging at scale, but enhancing the electric grid in places where drivers will need to charge is prohibitively expensive and complicated,” said Arcady Sosinov, Founder and Chief Executive Officer of FreeWire. “We have developed a novel solution with Boost Charger that addresses these barriers by delivering high power everywhere without expensive and burdensome grid upgrades.”
EPRI estimates an annual $29,180 energy cost savings to the site host over the life of the unit as well as reduced installation costs. These outcomes verify that Boost Charger enables utilities and site hosts to rapidly, and cost-effectively deploy fast chargers to meet growing EV demand.
“EPRI’s report verifies that our technology works as designed, saving our customers tens of thousands of dollars per year, while lowering barriers of adoption to enable rapid expansion of critical charging infrastructure to drive EV growth,” said Sosinov.
The full report can be viewed by EPRI members at the following link: EPRI. The report is also available upon request at This email address is being protected from spambots. You need JavaScript enabled to view it..
FreeWire’s Boost Charger is a powerful battery-integrated electric vehicle charger that delivers high power while significantly reducing demand charges. Easy to connect with existing infrastructure, it can be set up without costly construction or extensive permitting. Boost Charger enables ultrafast charging using the same infrastructure as Level 2 chargers at up to a 40% lower cost of installation versus other fast chargers. With its integrated storage and ultrafast charging speeds, Boost Charger is ready for current and next generation EVs.
FreeWire has deployed over 200 battery-integrated chargers with Fortune 100 companies, commercial customers, fleets, retail locations, and gas stations. In December 2020, FreeWire and bp pulse, one of the UK’s leading providers of EV charging infrastructure, announced an exclusive MOU for bp pulse to deploy Boost Charger in its operations across the UK. FreeWire and ampm, a bp subsidiary and convenience store chain with over 1,000 locations, have already deployed multiple public charging stations in the U.S.
In January 2021, FreeWire announced a $50 million Series C funding round, led by Riverstone Holdings, with participation from current shareholders bp ventures, Energy Innovation Capital, and Blue Bear Capital. This financing will enable FreeWire to accelerate international market expansion of Boost Charger and expand production capacity to meet unprecedented customer demand.
About FreeWire Technologies
FreeWire's turnkey power solutions deliver energy whenever and wherever it's needed for reliable electrification beyond the grid. With scalable clean power that moves to meet demand, FreeWire customers can tackle new applications and deploy new business models without the complexity of upgrading traditional energy infrastructure. Learn more at www.freewiretech.com
About EPRI
The Electric Power Research Institute, Inc. (EPRI, www.epri.com) conducts research and development relating to the generation, delivery and use of electricity for the benefit of the public. An independent, nonprofit organization, EPRI brings together its scientists and engineers as well as experts from academia and industry to help address challenges in electricity, including reliability, efficiency, affordability, health, safety and the environment. EPRI members represent 90% of the electricity generated and delivered in the United States with international participation extending to 40 countries. EPRI's principal offices and laboratories are located in Palo Alto, Calif.; Charlotte, N.C.; Knoxville, Tenn.; Dallas, Texas; Lenox, Mass.; and Washington, D.C.
Cory Ziskind
ICR
646-277-1232
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LENOIR, N.C.--(BUSINESS WIRE)--#ChangeInPower--Blue Ridge Energy, a member-owned electric cooperative serving northwest North Carolina, has selected Oriden LLC to develop a utility-scale solar project as part of its Brighter Future initiative. This project will provide a local generation source and allow Blue Ridge Energy to work towards their low cost, low carbon future with two significant carbon reduction targets: to achieve 50 percent reduction in carbon emissions from 2005 levels by 2030 and to achieve net zero carbon emissions by 2050.
Blue Ridge Energy’s CEO, Doug Johnson, said, “To meet our sustainability goals while upholding our commitments to reliability and affordability, we are focusing our efforts on areas that make the electric grid more flexible, efficient, resilient, and capable of supporting new energy solutions and the vitality of our communities. We look forward to implementing Oriden’s custom-designed large-scale solar solution, which we have named Brighter Future Solar, to help meet our goals.”
The Brighter Future Solar project will provide substantial additional carbon-free electricity to Blue Ridge Energy. The utility-scale solar photovoltaic (PV) project will cover 50 to 55 acres in southern Caldwell County and will provide 11 megawatts of power — enough for 1,600 homes. By comparison, Blue Ridge Energy’s five existing community solar gardens cover about four acres combined and produce enough power for 75 homes.
Scheduled to come online this year, the Brighter Future Solar project will generate and send 19,000 megawatt hours of carbon-free electricity into the grid annually. Blue Ridge Energy will purchase the full output of the project through a 25-year fully bundled Power Purchase Agreement. This will help control wholesale power costs to keep rates stable for cooperative members. In the future, the project can help the cooperative provide alternative rate options to benefit the membership and help manage peak power demands for electricity.
Three companies are supporting the Brighter Future Solar project:
Michael Berlin, Director of Energy Development at Oriden, said, “Blue Ridge Energy’s investment in solar shows great leadership and ensures its members’ energy generation needs are met sustainably and affordably. Oriden appreciates Blue Ridge Energy’s partnership and will execute with a focus on exceptional quality as it brings northwestern North Carolina a Change in Power.”
About Oriden LLC
Located in Pittsburgh, Oriden develops, constructs, finances, owns and operates renewable energy projects throughout the United States. As local governments, public institutions and corporations prioritize cleaner sources for their energy needs, they want a developer with the ingenuity, the agility and the speed of a start-up — a fearless pioneer. But they also want to mitigate risk with a proven veteran that has the financial strength and experience to develop, commercialize, operate and own a highly complex project. Oriden is venture funded and backed by Mitsubishi Power Americas, Inc., which has more than a century of experience manufacturing, servicing and providing power and energy solutions globally. For more information, visit the Oriden website and the Mitsubishi Power Americas website.
About Blue Ridge Energy
Blue Ridge Energy is a member-owned electric cooperative serving some 77,000 members in northwest North Carolina. The cooperative is committed to powering a Brighter Future for its members and communities by adding sustainable, renewable energy, using innovative technology for a reliable, resilient power grid and enriching the lives of the people it serves. For more information, visit BlueRidgeEnergy.com.
Christa Reichhardt
Mitsubishi Power
+1 407-484-5599
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Renee Whitener
Blue Ridge Energy
+1 828-759-8913
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Leader in ESG Data Measurement Space to Support Sustainability Frameworks Technology Consortium Creating Collaborative Open Standards for Footprint-Related Data
HOUSTON--(BUSINESS WIRE)--#ESG--Today, Data Gumbo, provider of GumboNet™ – the massively interconnected industrial smart contract network secured and powered by blockchain – announced that it has joined The Open Group Open Footprint™ Forum, the vendor-neutral technology consortium. It will work alongside Forum Members, such as Shell, Microsoft Corporation, IBM, Amazon Web Services, Deloitte Consulting, LLP, among others, to create open standards for environmental footprint-related data, including emissions and consumptions across water, land and energy for industrial supply chains.
As the provider of GumboNet™ ESG – the automated and transparent sustainability measurement solution that ties an organization’s operational data to ESG standards reporting – Data Gumbo is well positioned to apply its knowledge in commercial smart contracts to auditable, timely reporting of environmental performance data. Already utilizing the Sustainability Accounting Standards Board (SASB) standards, the company intends to expand integrations with the Open Footprint Forum standards, once finalized, as well as building out capabilities to support additional framework bodies.
“As a leader in the ESG data measurement space, joining the Open Footprint Forum is a logical step toward collaborating with other major players to build open standards that tap the power of data to reduce carbon footprints around the world,” said Andrew Bruce, CEO and Founder, Data Gumbo. “We look forward to working as a Member of the Forum to co-develop standards and methods and provide our data expertise to achieve progress in the ESG realm, ultimately helping organizations manage their carbon footprints.”
Data Gumbo’s proficiency within the space stems from its automated ESG measurement solution, GumboNet ESG. The need for companies to reduce their carbon footprint across their supply chain and satisfy key stakeholders is forcing them to examine the quality, quantity and timeliness of their data. Yet without clear metrics or standards to measure against, the reporting progress can be convoluted, resource intensive and lacking in repeatability. GumboNet ESG uses the same footprint-related data to automate sustainability measurements for invoicing and payments in blockchain-powered and secured smart contracts. This functionality can feed into framework guidelines, including the outputs of the Open Footprint Forum.
“We warmly welcome Data Gumbo to the Open Footprint Forum,” said Steve Nunn, President and CEO, The Open Group. “With its deep knowledge of the ESG measurement landscape, we’re excited for the contribution it will bring to the Forum as our members work together to create a reference architecture and open source solution for overseeing footprint-related data across industries. The expertise Data Gumbo will provide will also be crucial for aligning with existing sustainability and reporting bodies to deliver better standards adoption across the board.”
About Data Gumbo
Data Gumbo is a Houston-headquartered technology company that provides GumboNet™ — a massively interconnected industrial smart contract network secured and powered by blockchain. With integrated real-time capabilities that automate and execute smart contracts, GumboNet reduces contract leakage, frees up working capital, enables real-time cash and financial management and delivers provenance with unprecedented speed, accuracy, visibility and transparency. Data Gumbo also provides GumboNet™ ESG, the automated and accurate sustainability measurement solution that ties a company’s operational data to environmental, social and governance (ESG) standards reporting for industrial supply chains.
To date, Data Gumbo has received equity funding with Saudi Aramco Energy Ventures, the venture subsidiary of Saudi Aramco, and Equinor Technology Ventures, the venture subsidiary of Equinor, Norway’s leading energy operator. With offices in Stavanger, Norway, and London, UK, the growing company was recognized as the Disruptive Innovator in the Forbes Energy Awards 2020 and named to CB Insights Blockchain 50, among other awards last year. For more information, visit www.datagumbo.com or follow on LinkedIn, Twitter and Facebook.
About The Open Group
The Open Group is a global consortium that enables the achievement of business objectives through technology standards. Our diverse membership of more than 800 organizations includes customers, systems and solutions suppliers, tool vendors, integrators, academic, and consultants across multiple industries. Learn more here.
Gina Manassero
Data Gumbo
VP of Communications
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BOSTON--(BUSINESS WIRE)--#LifeIsOn--Schneider Electric Solar, an industry leader of solar technology and energy management, announced that their XW Pro solar hybrid inverter is now eligible for California’s energy storage rebates. Customers can install the XW Pro at low cost through the Self-Generation Incentive Program (SGIP), which provides rebates to support homeowners and communities in acquiring affordable energy storage in California.
Depending on their eligibility, SGIP recipients can receive up to $1000 per kilowatt-hour for their qualifying energy resources. California homeowners and installers who want to apply for the SGIP rebates can now use the XW Pro and experience reliable and secure energy in their homes. The XW Pro offers the most reliable operation of backup power and off-grid loads with a high overload power rating (1.75x).
“At Schneider Electric, we value the accessibility of efficient energy solutions for a sustainable future,” said Bernhard Kiechl, VP of Marketing, Research & Development, Schneider Electric Solar. “We’re delighted that the XW Pro can now be funded through SGIP, and more end users can experience its energy reliability and security for an optimized and resilient solution to power their homes. Homeowners in California can save more money, not only on the installation but also on their electric bills.”
Compatible with Insight Energy Management
Connect the XW Pro to Insight Energy Management, a simple yet powerful platform to manage your energy systems. With InsightHome or InsightFacility and the Insight Mobile app, customers can monitor, report, and control their system performance right on their mobile device. Its advanced cybersecurity provides top protection and security of all sensitive data. With the Insight Energy Management platform, installers can take advantage of multi-site management and remote firmware upgrades from anywhere at any time.
About Schneider Electric
Schneider’s purpose is to empower all to make the most of our energy and resources, bridging progress and sustainability for all. We call this Life Is On.
Our mission is to be your digital partner for Sustainability and Efficiency.
We drive digital transformation by integrating world-leading process and energy technologies, end-point to cloud connecting products, controls, software and services, across the entire lifecycle, enabling integrated company management, for homes, buildings, data centers, infrastructure and industries.
We are the most local of global companies. We are advocates of open standards and partnership ecosystems that are passionate about our shared Meaningful Purpose, Inclusive and Empowered values.
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Technology replaces heat with light to power combustion-less, low-emission chemical reactions for cleaner, more cost-efficient production of fuel, fertilizer and plastics
HOUSTON--(BUSINESS WIRE)--Syzygy Plasmonics, a technology company developing the world’s highest performance photocatalyst for the industrial gas, chemical and energy industries, today announced a $23 million Series B financing led by Horizons Ventures with participation from new global investors including Equinor Ventures. Previous seed and Series A investors including The Engine, GOOSE Capital, and Evok Innovations also joined the round. The capital raised will fund product development, hiring and the commercialization of Syzygy’s photocatalytic reactor, which are key steps toward delivering on the company’s mission to reduce emissions using light to replace heat from fossil fuels in chemical manufacturing and production.
Today, the production of chemicals such as plastics, fuels, fertilizers, and hydrogen is primarily reliant on fossil fuel. The heat demand to power the combustion processes for chemical production accounts for 3.6% of global greenhouse gas (GHG) emissions. Syzygy’s photocatalytic technology replaces heat with light to trigger these chemical reactions – a transformation in industrial processing that aims to reduce 1GT of CO2 emissions by 2040.
“With renewable electricity as an energy source, our technology is cleaner, and because of the stability and activity of our photocatalysts, we can drive dozens of possibilities, tuning reactions that produce different chemicals,” said Trevor Best, Syzygy Plasmonics’ co-founder and CEO. “Our initial product will focus on eliminating emissions from hydrogen production, transforming the industrial process involved in making semiconductors, LEDs and metals. Our system will also enable industries that are consumers of hydrogen fuel cells, like fuel cell vehicles.”
Based on photocatalysts invented at Rice University by co-founders and professors Naomi Halas and Peter Nordlander and developed under the leadership of Syzygy’s co-founder and CTO Dr. Suman Khatiwada, Syzygy’s light-powered reactors are modular and scalable, built from lower-cost materials with far milder operating conditions than their traditional counterparts. The elimination of the combustion of fuel, coupled with the ability to operate at low temperatures in a distributed, decentralized manner will enable the shift from high-cost production plants, bringing the production of chemicals closer to the end user and effectively further driving down costs and emissions by eliminating those associated with distribution. Syzygy's first product offering is aimed at hydrogen where the technology has the potential to cut the cost of zero emission hydrogen in half, when compared to other alternatives such as electrolysis.
The technology has attracted interest and support from a roster of international investors and energy partners spanning the U.S., Asia, and Europe. New investors include: Hong Kong-based Horizons Ventures, which funds especially disruptive and technology-focused start-ups; and Equinor Ventures, the corporate venture arm of Norway-based Equinor, an international energy company operating in more than 30 countries.
“The keys to unlock the potential of hydrogen energy lie within production cost reduction and safety enhancements. Syzygy uses a photocatalysis process to produce H2 on premises, therefore mitigating risks of explosion imposed by the transportation of liquid hydrogen while lowering production costs to increase overall energy efficiency. This technology will be applicable to a wide-range of use-cases, enabling a faster path toward zero-emissions,” said Patrick Poon of Horizons Ventures, the new board member of Syzygy.
“We have announced our ambition to become a net-zero energy company by 2050 and in order for society at large to meet its climate goals it will require new solutions and technologies. We are pleased to announce the investment in Syzygy as one potential contributor to help the energy industry reduce emissions as part of our effort to shape the future of energy,” said Gareth Burns, Head of Equinor Ventures.
Syzygy’s team brings together world-class academic, entrepreneurial and chemical and engineering talent from Rice University, University of Houston and Baker Hughes. The company employs 26 and anticipates doubling its workforce over the next 12 months, hiring top-tier mechanical, electrical, and chemical engineering, project and supply chain management talent. Team expansion will help continue to scale Syzygy’s technology to achieve its first full-size, commercial-ready chemical reactors in 2022.
Previously, Syzygy raised nearly $12M and secured Department of Energy ARPA-E and National Science Foundation SBIR Program grants.
ABOUT SYZYGY PLASMONICS
Founded in 2017 based on technology licensed from Rice University, Syzygy is developing a first of its kind photocatalytic reactor to electrify chemical production. When powered with renewable electricity, this platform technology is able to reduce both cost and emissions from many different chemical reactions. Syzygy’s go-to-market focus will be on utilizing different feedstocks to transform the economics of zero emission hydrogen production and help accelerate the energy transition. After market entry with hydrogen, Syzygy plans to expand into other reactions such as CO2 to value, fertilizer, and commodity chemicals.
ABOUT HORIZONS VENTURES
Horizons Ventures, the private investment arm of Mr. Li Ka-shing, is a leading investor in some of the world’s most innovative companies and disruptive technologies, including Facebook, Waze, Spotify, Zoom, Impossible Foods and ZeroAvia.
ABOUT EQUINOR VENTURES
Equinor Ventures is Equinor’s corporate venture capital arm dedicated to investing in ambitious early phase and growth companies. We believe that the innovation, creativity and agility of start-ups can drive change, and transition the energy industry towards a low carbon future.
MEDIA CONTACT
Robbie Pateder
Syzygy Plasmonics
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BOGOTA, Colombia--(BUSINESS WIRE)--GeoPark Limited (“GeoPark” or the “Company”) (NYSE: “GPRK”), an exempted company incorporated under the laws of Bermuda announced today that it commenced a tender offer to purchase for cash (the “Tender Offer”), up to U.S.$255,000,000 aggregate principal amount outstanding (the “Maximum Tender Amount”) of its 6.500% Senior Notes due 2024 (the “Notes”) (CUSIP Nos. 37255B AA7 / G38327 AA3 and ISIN Nos. US37255BAA70 / USG38327AA304) and a solicitation of consents (the “Consent Solicitation”) for proposed amendments to the related indenture (the “Indenture”). The Tender Offer and the Consent Solicitation are being made on the terms and subject to the conditions set forth in the Offer to Purchase and Consent Solicitation Statement dated April 6, 2021 (the “Statement”), and related consent and letter of transmittal. The Tender Offer will expire at 11:59 p.m. New York City time, on May 3, 2021, unless extended or earlier terminated by the Company in its sole discretion, subject to applicable law (the “Expiration Time”).
The purpose of the Tender Offer is to acquire outstanding Notes up to the Maximum Tender Amount, and the purpose of the Consent Solicitation is to obtain Consents (as defined below) to effect the Proposed Amendments (as defined below).
CONSIDERATION
The consideration for the Notes validly tendered (and not validly withdrawn) pursuant to the Statement (the “Tender Offer Consideration”) and accepted for purchase pursuant to the Tender Offer is U.S.$1,000 for each U.S.$1,000 principal amount of the Notes. Subject to the terms and conditions set forth in the Statement, the Company is also offering to pay the Early Tender Payment (as defined below) to each holder of Notes who validly tenders (and does not validly withdraw) its Notes and thereby validly delivers (and does not validly revoke), at or prior to 5:00 p.m., New York City time, on April 19, 2021, unless extended or earlier terminated (such time and date, as the same may be extended or earlier terminated, the “Early Tender Deadline”), its consent to the proposed amendments to the Indenture (the “Proposed Amendments”). We refer to the Tender Offer Consideration plus the Early Tender Payment (as defined below), including the Consent Payment (as defined below), as the “Total Consideration.” We refer to the “Early Tender Payment” as an amount in cash equal to U.S.$50 for each U.S.$1,000 principal amount of Notes tendered, which includes an amount in cash equal to U.S.$2 (the “Consent Payment”) for each U.S.$1,000 principal amount of Notes tendered by such holder of Notes and accepted by the Company for purchase in the Tender Offer. No tenders of Notes submitted after the Expiration Time will be valid.
The following table summarizes the Tender Offer Consideration, the Early Tender Payment, the Total Consideration and the Consent Payment for each U.S.$1,000 principal amount of Notes.
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Notes |
CUSIP /
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Outstanding
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Tender Offer
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Early Tender
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Total
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Consent
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6.500%
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Rule 144A:
37255B AA7 /
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U.S.$425,000,000 |
U.S.$1,000 |
U.S.$50 |
U.S.$1,050 |
U.S.$2 |
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(1) As of April 6, 2021. |
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(2) For each U.S.$1,000 principal amount of Notes validly tendered and accepted for purchase, or with respect to which the applicable holder of Notes has provided its Consent, as applicable. |
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(3) Excludes accrued interest on the Notes, which will be paid in addition to the Tender Offer Consideration or the Total Consideration, as applicable. |
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(4) The Total Consideration consists of the Tender Offer Consideration plus the Early Tender Payment (which includes the Consent Payment). |
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(5) In respect of the Tender Offer, the Consent Payment is included in, and is not additional to, the Early Tender Payment. |
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(6) Holders of Notes that validly tender their Notes and thereby deliver their Consents at or prior to the Early Tender Deadline (and do not validly withdraw such Notes and therefore do not validly revoke the related Consents) will be eligible to receive the Consent Payment in respect of such Notes, even if a smaller principal amount is accepted for purchase pursuant to the Tender Offer due to proration. |
Holders whose Notes are accepted for purchase pursuant to the Tender Offer will also receive accrued and unpaid interest from the last interest payment date on such purchased Notes up to, but not including, the date on which the applicable Notes are redeemed.
THE CONSENT SOLICITATION AND PROPOSED AMENDMENTS
Pursuant to the Consent Solicitation, the Company is soliciting from holders of Notes consents (“Consents”) to the Proposed Amendments, to more closely align and conform certain covenants, definitions and other terms in the Indenture with those contained in the indenture governing our 5.500% senior notes due 2027, which will allow us to more efficiently operate our business.
In particular, the Proposed Amendments would, among others, (i) permit the Issuer to send any notice for redemption of the Notes at least 15 days before the redemption date to the trustee (instead of 35 days) and at least 10 days (instead of 30) but not more than 60 days before the redemption date to the Holders of Notes, (ii) set the Interest Coverage Ratio to 2.50 to 1.00 and the Net Leverage Ratio to 3.25 to 1.00, in each case for purposes of determining whether the Issuer or any Guarantor may Incur additional Debt, (iii) permit the Issuer and any Restricted Subsidiary to Incur additional Debt by increasing the maximum Permitted Debt that may be Incurred pursuant to the credit facilities basket, the capitalized lease obligations basket and the general basket from the greater of $40.0 million or 8.5% to the greater of $125.0 million or 12% of Consolidated Tangible Assets, (iv) change the measurement period for purposes of evaluating the restricted payments builder basket from January 1, 2019 (instead of January 1, 2017) to the last day of our most recent completed fiscal quarter for which internal financial statements are available and the measurement date for the restricted payments builder from September 21, 2017 to January 17, 2020, (v) increase the Starter Amount for the restricted payment builder basket from $20.0 million to $40.0 million, (vi) increase the general restricted payments basket from $25.0 million to $35.0 million, (vii) increase the threshold of Debt Guaranteed or Incurred by a future acquired or created subsidiary above which such subsidiary must Guarantee the Notes from $90.0 million to $100.0 million, (viii) increase the threshold of Excess Proceeds from $30.0 million to $50.0 million, (ix) permit the Issuer to purchase any and all Notes that are tendered and not withdrawn pursuant to an offer to purchase in excess of the purchase amount related to the net proceeds of an asset sale to be applied for the purchase of Notes under the Indenture, (x) increase the cross-default threshold of outstanding debt from $30.0 million to $40.0 million for the purpose of determining if an event of default under the Indenture has occurred, (xi) increase the threshold of a final judgment entered against the Issuer or a Restricted Subsidiary for the payment of money from $30.0 million to $40.0 million for determining whether an event of default under the Indenture has occurred, (xii) increase the limit for excluding the dispositions of assets from the definition of an Asset Sale under the Indenture from less than $10.0 million to less than $20.0 million, (xiii) increase the general basket of Permitted Liens under the Indenture from $60.0 million to $120.0 million, (xiv) add to, amend, supplement or change certain other defined terms contained in the Indenture related to the foregoing, and (xv) include certain conforming changes to the Indenture to effect the foregoing.
Any holder of Notes who tenders Notes pursuant to the Tender Offer prior to the Early Tender Deadline will be deemed to have delivered a Consent in respect of such tendered Notes to the Proposed Amendments. Holders may not deliver their Consent to the Proposed Amendments without tendering their Notes.
Holders that validly tender Notes and thereby deliver their Consents at or prior to the Early Tender Deadline (and do not validly withdraw such Notes and concurrently revoke such Consents) will be eligible to receive the Consent Payment in respect of such Notes, even if a smaller principal amount is accepted for purchase pursuant to the Tender Offer due to proration. Holders of Notes should refer to the Statement for a detailed description of the Tender Offer’s proration procedures.
A holder that has previously tendered Notes may not revoke a Consent without withdrawing the previously tendered Notes to which such Consent relates. Notes may only be withdrawn, and Consents revoked, prior to the Early Tender Deadline, unless extended by the Company in its sole discretion, subject to applicable law.
CONDITIONS
The Tender Offer is subject to, and conditioned upon, among other things, a Financing Condition (as defined in the Statement), the Second Supplemental Indenture Condition (as defined in the Statement) and the General Conditions (as defined in the Statement). The Company may amend, extend or terminate the Tender Offer and the Consent Solicitation in its sole discretion, subject to applicable law.
SETTLEMENT
Subject to the terms and conditions of the Tender Offer and Consent Solicitation being satisfied or waived, and to the Company’s right to amend, extend, terminate or withdraw the Tender Offer and Consent Solicitation, the Company expects that payment for all Notes validly tendered (and not validly withdrawn) prior to the Early Tender Deadline and accepted by the Company will be made on the business day the Company selects promptly following the Early Tender Deadline, or the business day on which the Company waives the conditions for the consummation of the Tender Offer and Consent Solicitation, which is expected to be April 26, 2021 (the “Initial Settlement Date”). Payment for all Notes validly tendered after the Early Tender Deadline and at, or prior to the Expiration Time, and accepted by the Company, will be made on the business day the Company selects promptly following the Expiration Time or the business day on which the Company waives the conditions to consummation of the Tender Offer and Consent Solicitation, which is expected to be May 6, 2021 (the “Final Settlement Date”).
OTHER
This press release is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any securities. In addition, this news release is not a solicitation of consents with respect to the Proposed Amendment. The Tender Offer and the Consent Solicitation are being made only pursuant to the Statement and related consent and letter of transmittal, copies of which will be delivered to holders of Notes. The Company has retained BofA Securities, Inc., Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC to serve as the dealer managers and solicitation agents for the tender offer. Questions regarding the tender offer may be directed to BofA Securities, Inc. at (888) 292-0070 or (646) 855-8998, Credit Suisse Securities (USA) LLC at (212) 325-7823 or (800) 820-1653, and J.P. Morgan Securities LLC at (866) 834-2045 or (866) 834-2045. Requests for documents may be directed to D.F. King & Co., the information agent for the Tender Offer and the Consent Solicitation, the tender agent for the Tender Offer and the tabulation agent for the Consent Solicitation, at (866) 207-3626 (toll-free) or at (212) 269-5550 (collect) or at by e-mail at This email address is being protected from spambots. You need JavaScript enabled to view it..
The statement and the related letter of transmittal should be read carefully before a decision is made with respect to the tender offer and consent solicitation. none of the company, any dealer manager and solicitation agent, the information agent, the tender agent, the tabulation agent or any trustee, paying agent, transfer agent or listing agent, makes any recommendation as to whether or not holders of notes should tender their notes or provide their consents.
The Tender Offer does not constitute, and may not be used in connection with, an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not permitted by law or in which the person making such offer or solicitation is not qualified to do so or to any person to whom it is unlawful to make such offer or solicitation.
In any jurisdiction where the securities, blue sky or other laws require tender offers to be made by a licensed broker or dealer and in which the dealer managers, or any affiliates thereof, are so licensed, the tender offer will be deemed to have been made by any such dealer managers, or such affiliates, on behalf of the Company.
ABOUT GEOPARK
GeoPark is a leading independent oil and natural gas exploration and production company with operations in Latin America and a proven track record of growth in production and reserves since 2006. GeoPark operates in Colombia, Chile, Brazil, Ecuador and Argentina.
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements often are preceded by words such as “believes,” “expects,” “may,” “anticipates,” “plans,” “intends,” “assumes,” “will” or similar expressions. The forward-looking statements contained herein include statements about the Tender Offer. These expectations may or may not be realized. Some of these expectations may be based upon assumptions or judgments that prove to be incorrect. In addition, GeoPark’s business and operations involve numerous risks and uncertainties, many of which are beyond the control of GeoPark, which could result in GeoPark’s expectations not being realized or otherwise materially affect the financial condition, results of operations and cash flows of GeoPark. Some of the factors that could cause future results to materially differ from recent results or those projected in forward-looking statements are described in GeoPark’s filings with the United States Securities and Exchange Commission.
The forward-looking statements are made only as of the date hereof, and GeoPark does not undertake any obligation to (and expressly disclaims any obligation to) update any forward-looking statements to reflect events or circumstances after the date such statements were made, or to reflect the occurrence of unanticipated events. In light of the risks and uncertainties described above, and the potential for variation of actual results from the assumptions on which certain of such forward-looking statements are based, investors should keep in mind that the results, events or developments disclosed in any forward-looking statement made in this document may not occur, and that actual results may vary materially from those described herein, including those described as anticipated, expected, targeted, projected or otherwise.
INVESTORS:
Stacy Steimel
Shareholder Value Director
T: +562 2242 9600
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Miguel Bello
Market Access Director
T: +562 2242 9600
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Diego Gully
Investor Relations Director
T: +5411 4312 9400
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MEDIA:
Communications Department
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NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
ST. JOHN’S, Newfoundland and Labrador--(BUSINESS WIRE)--$ARR.TO #liquidity--Altius Renewable Royalties Corp. (TSX: ARR) (“ARR” or the “Company”) announced today that the underwriters of its recently closed Initial Public Offering have partially exercised the over-allotment option (the “Over-Allotment Option”) granted to the syndicate of underwriters led by TD Securities Inc. and Scotia Capital Inc., and including Raymond James Ltd., Cormark Securities Inc., Canaccord Genuity Corp., Laurentian Bank Securities Inc., National Bank Financial and Haywood Securities Inc. for 694,000 common shares of the Company at the initial offering price of C$11.00 per share. The total shares issued and outstanding following the partial exercise of the Over-Allotment Option are 26,513,889 shares. Altius Minerals Corporation (TSX: ALS) continues to hold 15,638,639 common shares, or approximately 59% of the issued and outstanding common shares.
Gross proceeds raised from the partial exercise of the Over-Allotment Option of C$7,634,000 will be added to the proceeds raised from the initial public offering, to be used as investment capital for the purchase of renewable energy royalties primarily in the U.S.
About ARR
ARR is a recently formed renewable energy company whose business is to provide long-term, royalty level investment capital to renewable power developers, operators, and originators. The Company combines industry expertise with innovative, partner-focused solutions to further the growth of the renewable energy sector as it fulfills its critical role in enabling the global energy transition.
Forward-Looking Information
This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects the Company’s current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company’s control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed under “Risk Factors” in the final prospectus of the Company dated February 24, 2021. The Company does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
Neither the Toronto Stock Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Flora Wood
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Tel: 1.877.576.2209
Direct: +1(416)346.9020
Ben Lewis
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Tel: 1.877.576.2209
Coalition promotes safe and environmentally responsible practices
VALLEY FORGE, Pa.--(BUSINESS WIRE)--#ESG--UGI Corporation (NYSE:UGI) announced today that its wholly owned subsidiaries UGI Utilities, Inc. and UGI Energy Services, LLC have joined the Natural Gas Supply Collaborative (NGSC). The UGI membership brings the number of companies participating in NGSC to 17.
NGSC is a voluntary organization of natural gas purchasers, including utilities and power generators, whose members are committed to promoting safe and responsible practices for natural gas supply. Collectively, NGSC members deliver enough natural gas to meet the needs of more than 60 million households. NGSC provides technical expertise and guidance on gas supply initiatives and emerging technologies.
“For nearly 140 years, UGI has focused on providing safe, reliable service to its customers and to the many communities it serves,” said Robert F. Beard, UGI Executive Vice President – Natural Gas. “Our membership in NGSC is a further demonstration of our commitment to grow our business responsibly, while meeting the social needs of our customers, employees, and communities. We look forward to continuing to enhance and expand our Environmental, Social and Governance (ESG) initiatives aimed at lowering methane and greenhouse gas emissions, enhancing system integrity and improving safety.”
About UGI
UGI Corporation is a distributor and marketer of energy products and services. Through subsidiaries, UGI operates natural gas and electric utilities in Pennsylvania, distributes LPG both domestically (through AmeriGas) and internationally (through UGI International), manages midstream energy assets in Pennsylvania, Ohio and West Virginia and electric generation assets in Pennsylvania, and engages in energy marketing, including renewable natural gas, in twelve states and the District of Columbia and internationally in France, Belgium, the Netherlands and the UK.
Comprehensive information about UGI Corporation is available on the Internet at http://www.ugicorp.com.
CONTACT INVESTOR RELATIONS
Tameka Morris, 610-456-6297
Arnab Mukherjee, 610-768-7498
Shelly Oates, 610-992-3202
WILLISTON, Vt.--(BUSINESS WIRE)--$ISUN #renewableenergy--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, today announced that it has acquired all of the intellectual property of Oakwood Construction Services, Inc., and its affiliates (“OCS”), a utility-scale solar EPC company, for a total consideration of $2.7 million, with $1.0 million due immediately and the remaining $1.7 million contingent upon the achievement of certain milestones.
Highlights
Since 2017, OCS has contracted approximately 450 megawatts of utility-scale solar assets in the United States, for a total fair market value of nearly $700 million, with projects in South Carolina, Utah, and Colorado. It is known for its proprietary, lean execution processes allowing it to provide utility customers with highly efficient and cost-effective EPC solutions.
“Acquiring the intellectual property from OCS supports iSun’s ongoing growth strategy as we continue to expand our geographic reach and enhance our large-project execution capabilities,” said Jeffrey Peck, Chairman and Chief Executive Officer of iSun. “By entering into the growing large-scale utility solar EPC and build-transfer markets, we are building on iSun’s already strong position in commercial and industrial solar markets and making iSun one the largest pure-play solar EPC contractors in the United States. Investment in utility-scale solar assets in the United States is positioned for continued growth through at least 2030. With $69 billion of unconstructed projects already under executed power purchase agreements, the addition of OCS positions us well to benefit from this growing market.”
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, up to multi-megawatt renewable energy solutions. iSun’s innovations were recognized this year by the Solar Impulse Foundation of Bertrand Piccard as one the globe’s Top 1000 Sustainability Solutions. As a winner, this award will result in the iSun solution being presented to hundreds of government entities around the world, including various municipal, state and federal agencies in the United States. Since entering the renewable energy market in 2012, iSun has installed over 200 megawatts of rooftop, ground mount and EV carport solar systems (equal to power required for 38,000 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.
INVESTOR CONTACT
Chase Jacobson
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802-264-2040
The powerful team of veteran leaders from companies including McDonald’s and Intel bolsters Footprint’s mission to eliminate single-use and short-term plastics
GILBERT, Ariz.--(BUSINESS WIRE)--Footprint, a sustainable technology firm specializing in materials science engineering, today announced the appointment of Don Thompson, Manu Bettegowda and Stefan Kirsten to the Footprint Board of Directors. The cohort joins existing members Les Brun, Brian Krzanich and Rich Daly, rounding out the group’s unparalleled knowledge in food and beverage industry trends, food production technology, product and talent diversification, finance and business operations.
“The strong leadership on the Footprint Board of Directors is a testament to the company’s sustainability solutions and the need our technology is filling,” said Chairman of the Board Kevin Easler, Sprouts Farmers Markets co-founder, and CEO of Zenfinity Capital. “Our mission to replace non-essential single-use plastics with plant-based fiber solutions is met with a powerful ability to scale, supporting the largest consumer packaged goods producers in the world.”
Previously serving as the president and CEO of McDonald’s Corporation, Don Thompson spent 23 years in various leadership roles driving global strategic innovation. He is known for implementing three priorities to innovate McDonald’s growth: optimizing the menu, modernizing the customer experience, and broadening restaurant accessibility. As an engineer by trade, he was originally hired to design robotic equipment for food transport and made control circuits for cooking. Thompson’s extensive understanding of food production and business strategy align with Footprint’s team of engineers who develop plant-based fiber alternatives to single-use plastics that integrate seamlessly with existing production lines.
Manu Bettegowda brings extensive packaging industry expertise to the board as a partner at Olympus Partners. Having been a long-time investor in packaging, Bettegowda has seen the rapid shift in demand for sustainable packaging solutions firsthand. Previously, he worked at Bowles Hollowell Conner & Co. focusing on mergers and acquisitions, leveraged buyouts, and refinancings of middle market companies.
Stefan Kirsten is a leading German economist and has an exceptional managerial background as a blue-chip CFO, having served in that role for Metro Group, Thyssenkrupp as well as Vonovia. He currently serves as chairman of the Supervisory Board of Vonovia Finance B.V. and was a member of the Supervisory Board of Flaschenpost SE. Kirsten’s experience in these roles brings a keen understanding of European markets that will guide Footprint as the company expands its plastic-free, plant-based fiber product solutions into Europe and the United Kingdom.
These individuals will join Footprint’s already strong bench of directors, including: Les Brun, who brings over 40 years of investment banking, commercial banking and financial advisory experience to the board and currently serves as the chairman of the board of directors for CDK Global, lead independent director of Merck & Co., and director at Corning, Inc.; Brian Krzanich, who while serving as the CEO of Intel from 2013-2018 was credited for diversifying Intel’s product offerings, as well as the company’s workforce; Rich Daly, a keen business operations expert, member of the Advisory Board for the New York Stock Exchange and the National Association of Corporate Directors, and former CEO and current executive chairman of Broadridge Financial Solutions, Inc.; and Co-founders Troy Swope, CEO, and Yoke Chung, chief technology officer.
For more information about Footprint and the board of directors who are helping to create a healthy planet, visit www.footprintus.com.
About Footprint
Footprint has a clear vision: eliminate single-use and short-term use plastics. Footprint’s team of engineers uses plant-based fiber technology to design, develop and manufacture biodegradable, compostable, and recyclable products that are on par with plastic’s cost and exceed its performance, on a per unit basis. Footprint’s ability to compete with plastic’s cost and quality has led to a global redirection of 61 million pounds of plastic waste from entering the air, earth, and water.
For more information on Footprint’s sustainable solutions visit www.footprintus.com.
Media Contact
Stephanie Reynolds
TrailRunner International for Footprint
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+1.775.343.5886
BAY SHORE, N.Y.--(BUSINESS WIRE)--Air Industries Group (NYSE AMEX: AIRI):
Air Industries Group (“Air Industries” or the “Company”), an integrated manufacturer of precision assemblies and components for leading aerospace and defense prime contractors today announced it has received purchase orders totaling in excess of $6 Million to manufacture major landing gear components for the F-18 fighter aircraft.
Mr. Lou Melluzzo, CEO of Air Industries commented: “Air Industries has held a license to manufacture complete landing gear and related components for the F-18 for many years. With new variants of the F-18 still in production, and with a significant number in service with the US Navy, Marine Corps and Foreign Militaries, we expect to continue to receive additional orders for many years to come.”
Additional information about the Company can be found in its filings with the SEC.
ABOUT AIR INDUSTRIES GROUP
Air Industries Group (AIRI) is an integrated manufacturer of precision equipment assemblies and components for leading aerospace and defense prime contractors.
Forward Looking Statements
Certain matters discussed in this press release are 'forward-looking statements' intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. In particular, the Company's statements regarding trends in the marketplace, future revenues, earnings and Adjusted EBITDA, the ability to realize firm backlog and projected backlog, cost cutting measures, potential future results and acquisitions, are examples of such forward-looking statements. The forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the timing of projects due to variability in size, scope and duration, the inherent discrepancy in actual results from estimates, projections and forecasts made by management, regulatory delays, changes in government funding and budgets, and other factors, including general economic conditions, not within the Company's control. The factors discussed herein and expressed from time to time in the Company's filings with the Securities and Exchange Commission could cause actual results and developments to be materially different from those expressed in or implied by such statements. The forward-looking statements are made only as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
Adjusted EBITDA
The Company uses Adjusted EBITDA, a Non-GAAP financial measure as defined by the SEC, as a supplemental profitability measure because management finds it useful to understand and evaluate results, excluding the impact of non-cash depreciation and amortization charges, stock based compensation expenses, and nonrecurring expenses and outlays, prior to consideration of the impact of other potential sources and uses of cash, such as working capital items. This calculation may differ in method of calculation from similarly titled measures used by other companies and may be different than the EBITDA calculation used by our lenders for purposes of determining compliance with our financial covenants. This Non-GAAP measure may have limitations when understanding performance as it excludes the financial impact of transactions such as interest expense necessary to conduct the Company’s business and therefore are not intended to be an alternative to financial measure prepared in accordance with GAAP. The Company has not quantitatively reconciled its forward looking Adjusted EBITDA target to the most directly comparable GAAP measure because such items such as amortization of stock-based compensation and interest expense, which are specific items that impact these measures, have not yet occurred, are out of the Company’s control, or cannot be predicted. For example, quantification of stock-based compensation is not possible as it requires inputs such as future grants and stock prices which are not currently ascertainable.
Air Industries Group
Investor Relations
Michael Recca, CFO
631.328.7078
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HALIFAX, Nova Scotia--(BUSINESS WIRE)--Emera Incorporated (“Emera”) (TSX:EMA) announced today that it completed its bought deal offering of 8,000,000 Cumulative Minimum Rate Reset First Preferred Shares, Series J (the “Series J Shares”) at a price of $25.00 per share for aggregate gross proceeds of $200 million. The syndicate of underwriters was led by Scotiabank and RBC Capital Markets, as joint bookrunners, and also included CIBC Capital Markets, TD Securities Inc., BMO Capital Markets and National Bank Financial Inc. The net proceeds of the offering will be used for general corporate purposes. The Series J Shares will be listed on the Toronto Stock Exchange under the symbol EMA.PR.J.
The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
This media release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any offer, solicitation or sale of the securities in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful.
Forward Looking Information
This news release contains forward‐looking information within the meaning of applicable securities laws, including Emera’s intended use of the net proceeds of the offering. Undue reliance should not be placed on this forward-looking information, which applies only as of the date hereof. By its nature, forward‐looking information requires Emera to make assumptions and is subject to inherent risks and uncertainties. These statements reflect Emera management’s current beliefs and are based on information currently available to Emera management. There is a risk that predictions, forecasts, conclusions and projections that constitute forward‐looking information will not prove to be accurate, that Emera’s assumptions may not be correct and that actual results may differ materially from such forward‐looking information. Additional detailed information about these assumptions, risks and uncertainties is included in Emera’s securities regulatory filings, including under the heading “Enterprise Risk and Risk Management” in Emera’s annual Management’s Discussion and Analysis, and under the heading “Principal Financial Risks and Uncertainties” in the notes to Emera’s annual financial statements, copies of which are available electronically under Emera’s profile on SEDAR at www.sedar.com.
About Emera
Emera is a geographically diverse energy and services company headquartered in Halifax, Nova Scotia with approximately $31 billion in assets and 2020 revenues of more than $5.5 billion. The company primarily invests in electricity generation and electricity and gas transmission and distribution with a strategic focus on transformation from high carbon to low carbon energy sources. Emera has investments throughout North America, and in four Caribbean countries. Emera’s common and preferred shares are listed on the Toronto Stock Exchange and trade respectively under the symbol EMA, EMA.PR.A, EMA.PR.B, EMA.PR.C, EMA.PR.E, EMA.PR.F and EMA.PR.H. Depositary receipts representing common shares of Emera are listed on the Barbados Stock Exchange under the symbol EMABDR and on The Bahamas International Securities Exchange under the symbol EMAB. Additional Information can be accessed at www.emera.com or at www.sedar.com.
Emera
Investor Relations:
Ken McOnie, VP, Investor Relations and Treasurer
902‐428‐6945
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Erin Power, Director, Investor Relations
902-428-6760
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Media:
902-222-2683
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Under a Power Purchase Agreement (PPA) Ameresco will install 5MW of solar PV and 15MWH battery energy storage
FRAMINGHAM, Mass. & GLENWOOD SPRINGS, Colo.--(BUSINESS WIRE)--#batteryenergystoragesystem--Ameresco, Inc., (NYSE: AMRC), a leading cleantech integrator specializing in energy efficiency and renewable energy, today announced its partnership with Holy Cross Energy (HCE) for a solar and battery energy storage project, which utilizes land leased from Colorado Mountain College at its Spring Valley Campus.
Ameresco’s project with Holy Cross Energy is under a Power Purchase Agreement (PPA), which allows Ameresco to design, build, operate and maintain the facilities while simultaneously offering Holy Cross Energy the benefit of clean, renewable energy to help HCE meet its goal of sourcing 100% of the electricity used to serve customer load with renewable resources by 2030 as a part of its 100x30 plan. According to the agreement, Ameresco will install 5MW of solar PV and 15MWH battery energy storage.
The technology solutions installed will be owned by Ameresco on land it will lease from Colorado Mountain College. Ameresco will then sell the output generated to HCE. The avoided annual greenhouse gas emissions of the solar PV are expected to be 6,853 metric tons of carbon dioxide equivalent, which equates to the emissions benefit of removing 1,481 passenger vehicles from the road, or not burning 7,551,050 pounds of coal.
“One of the extraordinary things about working in this industry is finding and utilizing solutions that work for all of our customers,” said Louis Maltezos, executive vice president of Ameresco. “By eliminating concerns around potential financial barriers and leveraging our deep technical expertise, we can focus on fostering innovative solutions that fit our clients’ needs and benefit the communities they service.”
The Ameresco project will help HCE achieve its goal of leading the responsible transition to a clean energy future by increasing the renewable energy it provides to its members to 100% clean by 2030 and completely offsetting its greenhouse gas emission to net-zero by 2035. Since 1939, HCE has provided electric services, often for the first time, to rural areas left out of large-scale electric and energy projects.
“Projects like this one will allow HCE to attain our 100X30 clean energy goals while keeping power supply costs low,” said HCE president and chief executive officer Bryan Hannegan. “We are honored to be partnering with local organizations such as CMC to develop reliable and resilient energy resources that will benefit all HCE members even as we assist CMC in meeting its specific sustainability goals.”
“We are so excited to be part of this great venture in solar energy,” said Dr. Heather Exby, Colorado Mountain College vice president and Spring Valley Campus dean. “By leasing a portion of our land for the solar array, we will help our community to attain energy independence by use of this renewable, and locally abundant, source. Colorado Mountain College as a whole will also move closer to our goal to be carbon neutral by 2050, as we will be receiving renewable energy credits from Holy Cross Energy that will offset electrical usage at our Spring Valley, Aspen and Edwards campuses.” Exby said, “We could not have done this without the advice and guidance from the staff at CLEER (Clean Energy Economy for the Region). The expertise of Katharine Rushton, Renewable Energy Program Director, ensured a high-quality and community-appropriate project that wins for everyone.”
Construction is set to be completed in the first quarter of 2022.
To learn more about the energy efficiency solutions offered by Ameresco, visit www.ameresco.com/energy-efficiency/.
About Ameresco, Inc.
Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading cleantech integrator and renewable energy asset developer, owner and operator. Our comprehensive portfolio includes energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions delivered to clients throughout North America and the United Kingdom. Ameresco’s sustainability services in support of clients’ pursuit of Net Zero include upgrades to a facility’s energy infrastructure and the development, construction, and operation of distributed energy resources. Ameresco has successfully completed energy saving, environmentally responsible projects with Federal, state and local governments, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco has more than 1,000 employees providing local expertise in the United States, Canada, and the United Kingdom. For more information, visit www.ameresco.com.
About Holy Cross Energy
Founded in 1939, Holy Cross Energy is a not-for-profit rural electric cooperative that provides safe, reliable, affordable, and sustainable energy and services that improve the quality of life for almost 45,000 members and their communities in Western Colorado. We are committed to leading the responsible transition to a clean energy future. For more information on HCE, please visit https://www.holycross.com.
About Colorado Mountain College
Founded in 1965, Colorado Mountain College provides a diverse range of learning opportunities at its 11 campuses and learning locations throughout the state’s north-central mountain region, as well as online. The college offers over 125 certificates and degrees, including bachelor’s degrees, and is accredited by the Higher Learning Commission. From high school students earning college credit, to adults learning English or earning a GED, to students of any age earning certificates or associate and bachelor’s degrees, to local residents passionate about lifelong learning, Colorado Mountain College plays an intrinsic role in the lives and communities it touches. The U.S. Department of Education has ranked Colorado Mountain College among the country’s most affordable public colleges offering bachelor’s degrees. Learn more at: www.coloradomtn.edu.
The announcement of our entry into a power purchase agreement is not necessarily indicative of the timing or amount of revenue from such contract, of the company’s overall revenue for any particular period or of trends in the company’s total assets in development or operation. This project was included in our previously reported assets in development as of December 31, 2020.
Media:
Ameresco: Leila Dillon, 508-661-2264, This email address is being protected from spambots. You need JavaScript enabled to view it.
WASHINGTON--(BUSINESS WIRE)--Nodal Exchange announced today that it set new quarterly trading records in both power and environmental futures.
Nodal achieved a quarterly trading record in power futures with volume of 559 million MWh in Q1 2021 (notional value of $15.5 billion per side). Nodal Exchange achieved quarterly trading of 579 million MWh in Q1 of 2020, but this included 74 million MWh related to the successful migration of power futures from NASDAQ Futures (NFX) in February 2020. Nodal Exchange also achieved record power futures open interest with 1,041 million MWh per side (equivalent to the electricity consumption of 98 million homes for a year in the USA) at the end of the quarter representing 50.7% market share which is also a new record.
Nodal Exchange also achieved record power futures trading for March with 200 million MWh, representing 43% growth in March 2021 over March 2020. Nodal also set records for monthly power futures traded volume market share with 47.3% in the United States and 55.8% in the PJM market.
In addition, North American environmental contracts on Nodal also achieved records in Q1 in both traded volume and open interest. Environmental contract volumes on Nodal in Q1 totaled 58,065 contracts, up 54% from 37,698 contracts a year earlier. Open interest in the product group ended the quarter at 123,200 contracts, up 89% in Q1 2020.
Nodal, working with IncubEx, continues to be especially strong in the Renewable Energy Certificates (RECs) market. Volumes in Q1 across the 56 REC futures and options contracts offered on Nodal rose to 54,421 contracts, up 111.3% from 25,748 in Q1 2020, and open interest at the end of Q1 across the REC contracts rose to a record 117,463 contracts, up 113.4% from 50,318 in Q1 2020. Nodal continues to expand its environmental offering and currently lists the world’s largest set of cleared environmental futures and options contracts with 82 future and option products in 51 distinct markets.
“We appreciate how well our community has responded to the ongoing challenges of these times, and we are very grateful for the support of our participants, brokers, clearing members and service providers in achieving these extraordinary results in first quarter 2021,” said Paul Cusenza, Chairman and CEO of Nodal Exchange.
About Nodal
Nodal Exchange is a derivatives exchange providing price, credit and liquidity risk management solutions to participants in the North American commodities markets. Nodal Exchange is a leader in innovation, having introduced the world’s largest set of electric power locational (nodal) futures contracts. As part of EEX Group, a group of companies serving international commodity markets, Nodal Exchange currently offers over 1,000 contracts on hundreds of unique locations, providing the most effective basis risk management available to market participants. In addition, Nodal Exchange offers natural gas and environmental contracts. All Nodal Exchange contracts are cleared by Nodal Clear which is a CFTC registered derivatives clearing organization. Nodal Exchange is a designated contract market regulated by the CFTC.
Nodal Exchange Public Relations
Nicole Ricard
Phone : 703-962-9816
E-mail : This email address is being protected from spambots. You need JavaScript enabled to view it.
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