New rooftop, carport and ground mount systems installed at Wells Fargo retail and corporate locations across the U.S. will generate about 45,000 megawatt hours annually
CHARLOTTE, N.C. & FRAMINGHAM, Mass.--(BUSINESS WIRE)--#efficiency--Ameresco, Inc. (NYSE: AMRC), and Wells Fargo (NYSE: WFC) today announced a collaboration to develop and install approximately 30 megawatts (MW) of new, onsite solar generation assets at corporate and retail locations in seven states. The nearly 100 solar photovoltaic (PV) arrays are a combination of rooftop and ground mount systems at Wells Fargo retail and administrative locations in Arizona, California, Connecticut, Iowa, New Jersey, North Carolina and Texas. Construction on the systems will begin in April and go into 2022.
Wells Fargo has been meeting 100% of its global electricity requirements with renewable energy since 2017, initially through the purchase of Renewable Energy Certificates (RECs). Today’s announcement is part of the firm’s efforts to transition to long term agreements that support the development of net-new sources of renewable energy in locations where its energy needs are the greatest. In addition to helping Wells Fargo meet its environmental goals, the strategy helps deliver community benefits like job creation, tax revenue, and grid resiliency in locations where its customers and employees live and work.
Wells Fargo commissioned this complex and innovative project, and Ameresco emerged the preferred collaborator due to its demonstrated ability to deliver a broad scope of services across multiple project types, locations and regulatory frameworks.
The approximately 30MW of onsite solar to be constructed under the agreement announced today range in size from a six-kilowatt rooftop array on a branch in Connecticut, to a 6.5 MW carport and rooftop system at Wells Fargo’s Chandler AZ campus. Other larger projects include a 5.5 MW combination rooftop/ground-mount system to serve an administrative property in San Antonio, TX, and a nearly 2MW ground mount system adjacent to a Wells Fargo campus in Des Moines, IA, that will include more than 6 acres of pollinator gardens, adding to the overall sustainability impact of the project locally.
“Wells Fargo aims to meet its energy goals in a way that curbs climate change,” said Nate Hurst, head of Social Impact and Sustainability for Wells Fargo. “We believe you can protect the planet and grow the economy at the same time. By significantly expanding our onsite solar generation, we are delivering impact at the local level and helping to accelerating a just transition to a low-carbon future.”
Ameresco worked in partnership with renewable energy advisory firm, CustomerFirst Renewables, also a vendor of Wells Fargo, to plan and develop the solar energy systems.
“We commend the initiative taken by Wells Fargo to lead by example in the various communities they serve across the country,” said Bob Georgeoff, vice president of Ameresco. “We are proud of the partnership with Wells Fargo to date and look forward to exploring future opportunities that will further their position as a corporate leader in the area of environmental sustainability.”
To learn more about Wells Fargo’s commitment to environmental sustainability, visit https://www.wellsfargo.com/about/corporate-responsibility/environment/.
To learn more about the solar energy solutions Ameresco offers, visit www.ameresco.com/solution-solar-power/.
About Ameresco, Inc.
Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading independent provider of comprehensive services, energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions for businesses and organizations throughout North America and Europe. Ameresco’s sustainability services include upgrades to a facility’s energy infrastructure and the development, construction and operation of renewable energy plants. 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 Wells Fargo
Wells Fargo & Company is a leading financial services company that has approximately $1.9 trillion in assets and proudly serves one in three U.S. households and more than 10% of all middle market companies in the U.S. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management. Wells Fargo ranked No. 30 on Fortune’s 2020 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health and a low-carbon economy. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.
The announcement of a customer’s entry into a project contract 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 overall total project backlog. This project was included in our previously reported awarded backlog as of September 30, 2020.
Ameresco:
Leila Dillon, 508-661-2264
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Wells Fargo:
E.J. Bernacki, 415-840-4469
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WM improves in all possible key attributes of reputation categories in 2021
HOUSTON--(BUSINESS WIRE)--Waste Management (NYSE: WM) has joined Fortune magazine’s list of ‘World’s Most Admired Companies’ for the third year in a row. Most importantly, WM moved from the number six position to the first position in Fortune’s industry category and improved upon all possible key attributes of reputation including; innovation, people management, use of corporate assets, social responsibility, quality of management, financial soundness, quality of products/services, and global competitiveness. Since 1997, Fortune Magazine and Korn Ferry International have conducted the research and produced the list, based on a survey of almost 3,800 executives, directors, and industry analysts.
“Being recognized on this list is a testament to the commitment and hard work of our nearly 50,000 team members,” said Jim Fish, president and CEO of Waste Management. “We are truly proud of every team member who helped make WM what it is - a People First company that's always working for a sustainable tomorrow.”
The Fortune study, conducted in partnership with Korn Ferry, surveys thousands of senior executives, outside directors, and financial analysts to identify the companies that enjoy the strongest reputations within their industries and across industries. The survey assesses candidates in 56 industry groupings drawn from Fortune 1000 and Global 500 companies and other major non-U.S. companies. Survey participants rate candidates based on the nine key attributes: innovation, people management, use of corporate assets, social responsibility, quality of management, financial soundness, long-term investment value, quality of products and services, and global competitiveness. Learn more about the methodology at www.kornferry.com.
ABOUT WASTE MANAGEMENT
Waste Management, based in Houston, Texas, is the leading provider of comprehensive waste management environmental services in North America, providing services throughout the United States and Canada. Through its subsidiaries, the Company provides collection, transfer, disposal services, and recycling and resource recovery. It is also a leading developer, operator, and owner of landfill gas-to-energy facilities in the United States. The Company’s customers include residential, commercial, industrial, and municipal customers throughout North America. To learn more information about Waste Management, please visit www.wm.com.
MEDIA
Janette Micelli
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602-579-6152
ANALYSTS
Ed Egl
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713-265-1566
View’s smart windows and intelligent building platform epitomize Lake Nona’s future-proof design, while improving human health and mitigating the effects of climate change
ORLANDO, Fla. & MILPITAS, Calif.--(BUSINESS WIRE)--#CFII--View, the market leader in smart glass, announced that its smart windows will be among the smart design features incorporated into multiple buildings across Lake Nona, the 17-square-mile visionary community developed by Tavistock Development Company. Lake Nona, a 5G-powered Living Lab and one of the country’s fastest growing communities, is being built around the convergence of human health and well-being, collaboration, and technological innovation. View Smart Windows have already been installed in five buildings in Lake Nona across office, retail and hospitality projects, and will be installed in more than 30 additional buildings.
View Smart Windows automatically adjust their tint in response to environmental conditions to optimize natural light and views of the outdoors while controlling heat and glare; enhance the mental and physical well-being of occupants and reduce energy consumption by up to 20 percent—helping to mitigate a key cause of climate change.
Every View installation includes an intelligent building network platform that consists of power, data, and communication infrastructure. That platform enables transformative applications such as personalized wellness, using smart windows to enhance cellular coverage including 5G inside buildings, enhanced building security monitoring, and edge computing. These applications can be upgraded remotely or “over the air” without the need for additional cabling, installation costs or materials, effectively resulting in the most intelligent glass in the world.
“We’re excited to partner with a forward-thinking partner like View in our Living Lab environment to reimagine how the built environment can enable wellbeing,” said Nick Beucher, President of Tavistock Development Company. “Here, we’re meticulous about planning and executing how we can make things better for everyone in our community. With View, we have an opportunity to dawn a new age in smart building technology that provides an integrated, seamless experience both inside and out that’s constantly updated with such ease.”
View applications are installed throughout Lake Nona. In the community’s WHIT healthy home prototype (Wellness Home built on Innovation and Technology), View Sense turns indoor spaces into living, breathing environments capable of optimizing humidity, air quality, dust, and noise. In Lake Nona’s newest office building, tenants can choose View Immersive Experience, which transforms every window into a transparent, digital, interactive canvas for communicating, collaborating, and entertaining.
“Tavistock is building a truly smart city,” said Dr. Rao Mulpuri, Chairman and CEO of View. “The real estate industry is going through a major transformation, and Lake Nona is showcasing the future: better health and wellness, taking care of our planet, and transformative experiences for tenants. View is providing the platform to do all three, and we are excited to be working with Tavistock to deploy these applications at scale.”
About View
View is a technology company creating smart and connected buildings to improve people’s health and wellness, while simultaneously reducing energy consumption. View is also the market leader in smart windows that let in natural light and views and enhance mental and physical well-being by reducing headaches, eyestrain, and drowsiness. Every View installation includes a 'smart building platform' that consists of power, network, and communication infrastructure. For more information, please visit view.com
On Nov 30, 2020, View announced plans to become a publicly listed company through a merger with CF Finance Acquisition Corp. II (Nasdaq: CFII), a special purpose acquisition company sponsored by Cantor Fitzgerald. For more information, see Smart-Windows-Press-Release.pdf (view.com).
About Lake Nona
Located in Orlando, Fla., Lake Nona is one of the fastest-growing master-planned communities in America. Known for thoughtfully-designed neighborhoods, top-rated education facilities, business and research clusters, retail and entertainment centers, and diverse workspaces, Lake Nona encompasses the best Central Florida has to offer. Lake Nona sets the foundation for a collaborative relationship between the people who live, work, and visit there by prioritizing forward-thinking technology, strategic partnerships, education, and wellbeing. For more information, visit lakenona.com
For Investors:
Samuel Meehan
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408-493-1358
For Media:
Tom Nolan, Great Ink
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908-392-0333
For Lake Nona/Tavistock:
Karlee Kunkle
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407-457-9383
NSIP’s Predictive Breeding and Optimization Technologies to Accelerate and Expand Bioceres’ Global Commercialization of HB4® Drought-Tolerance Technology
ROSARIO, Argentina & ITHACA, N.Y.--(BUSINESS WIRE)--Bioceres Crop Solutions Corp. (“Bioceres” or the “Company”) (NYSE American: BIOX), a fully-integrated provider of crop productivity solutions designed to enable the transition of agriculture towards carbon neutrality, and Nature Source Improved Plants (“NSIP”), an advanced optimization analytics company dedicated to the genetic improvement and breeding of high-performing plant materials for agriculture, announced today a research and services agreement to design and establish a fast-paced HB4® Soybean breeding program in the United States utilizing NSIP's advanced analytics and comprehensive suite of predictive breeding technologies and expertise.
Under the terms of the multi-year agreement, NSIP will employ its computational optimization technologies to enhance the research, mapping and prioritization of drought-prone growing areas in key international markets, enabling Bioceres to more efficiently develop targeted HB4 seed varieties and therefore speed and strengthen future breeding and go-to-market activities. Other expected benefits are lower development and trialing costs associated with the utilization of NSIP’s Operations Research based technologies.
Commenting on the agreement with NSIP, Mr. Geronimo Watson, Chief Technology Officer of Bioceres, said, “With the benefit of NSIP’s genome breeding technologies, we are designing an advanced breeding program to accelerate product availability and go-to-market partnerships in the US, where we expect our proprietary drought-tolerance technology to quickly gain a foothold. Incorporating NSIP’s computational technologies into the development of HB4 Soy and Wheat seed varieties will also help us better target a wider range of drought-prone growing regions around the world, as well as bring them to market faster,” concluded Watson.
Dr. Suresh Prabhakaran, Chief Operating Officer of NSIP, said, “Our aim is to be trusted partners to meet the current and future food needs of our global community by advancing the frontiers of genomics and production technologies. We are excited to leverage complementary expertise of NSIP and Bioceres to help farmers increase productivity.”
The U.S. National Integrated Drought Information System (NIDIS) reports that during the week of September 30 to October 6, 2020, over 69.1 million people and 37.2% of land area in the U.S. experienced moderate to exceptional drought. Droughts are among the costliest natural disasters, with average annual losses in the United States estimated in the range of $10 to $14 billion dollars. For more information on the most up to date drought activity please visit the U.S. Drought Monitor here and to follow the agricultural sector click here.
Drought can reduce both water availability and water quality necessary for productive farms, resulting in significant negative direct and indirect economic impacts to the agricultural sector. Drought can also contribute to insect outbreaks, increases in wildfire and altered rates of carbon, nutrient, and water cycling—all of which can impact agricultural production, critical ecosystem functions that underpin agricultural systems, and the livelihoods and health of farming communities.
About Bioceres Crop Solutions Corp.
Bioceres Crop Solutions Corp. (NYSE American: BIOX) is a fully integrated provider of crop productivity technologies designed to enable the transition of agriculture towards carbon neutrality. To do this, Bioceres’ solutions create economic incentives for farmers and other stakeholders to adopt environmentally friendlier production practices. The Company has a unique biotech platform with high-impact, patented technologies for seeds and microbial ag-inputs, as well as next generation crop nutrition and protection solutions. Through its HB4® program, the Company is bringing digital solutions to support growers’ decisions and provide end-to-end traceability for production outputs. For more information, click here.
About Nature Source Improved Plants
Established in 2006, Nature Source Improved Plants (NSIP) is an advanced optimization analytics company located in New York, USA and Chiapas, Mexico; and dedicated to the conservation, evaluation and utilization of natural genetic resources to deliver high performing plant materials and creating value and efficiency through innovative and sustainable cutting-edge technologies for the global community. NSIP is focused on maximizing genetic performance via a unique pipeline of new breeding technologies based on genomics, operations research and other advanced fields of mathematics and computer science. NSIP's advanced genetics and breeding technologies have resulted in significant increases in productivity and quality across a wide variety of field, vegetable, perennial and orphan crops, while minimizing R&D costs. NSIP is also focused on the development of high throughput and high-fidelity in vitro propagation techniques to meet the needs of growers – especially those involved in the production of perennial plantation crops. For more information about NSIP, please visit: NSIP, Facebook, LinkedIn, YouTube.
Forward-looking statements
This communication includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “forecast,” “intend,” “seek,” “target,” “anticipate,” “believe,” “expect,” “estimate,” “plan,” “outlook,” and “project” and other similar expressions that predict or indicate future events or trends regarding the agreement between Bioceres and NSIP or that are not statements of historical matters. . Such forward-looking statements are based on management’s reasonable current assumptions, expectations, plans and forecasts regarding the Company’s current or future results and future business and economic conditions more generally. Such forward-looking statements involve risks, uncertainties and other factors, which may cause the actual results, levels of activity, performance or achievement of the Company to be materially different from any future results expressed or implied by such forward-looking statements, and there can be no assurance that actual results will not differ materially from management’s expectations or could affect the Company’s ability to achieve its strategic goals, including the uncertainties relating to the impact of COVID-19 on the Company’s business, operations, liquidity and financial results and the other factors that are described in the sections entitled “Risk Factors” in the Company's Securities and Exchange Commission filings updated from time to time. The preceding list is not intended to be an exhaustive list of all of our forward-looking statements. Therefore, you should not rely on any of these forward-looking statements as predictions of future events. All forward-looking statements contained in this release are qualified in their entirety by this cautionary statement. Forward-looking statements speak only as of the date they are or were made, and the Company does not intend to update or otherwise revise the forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events, except as required by law.
NSIP Contact
Suresh Prabhakaran
Chief Operating Officer
+1 317 989 0035
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Investor Relations Contact:
Chris Tyson
Executive Vice President
MZ Group – MZ North America
(949) 491-8235
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www.mzgroup.us
Bioceres Crop Solutions
Máximo Goya, Head of Investor Relations
+54-341-4861100
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IRVING, Texas--(BUSINESS WIRE)--Exxon Mobil Corporation (NYSE:XOM) said today that Tan Sri Wan Zulkiflee Wan Ariffin has joined its board of directors. Wan Zulkiflee served from 2015 to 2020 as president and group chief executive officer of Petronas, the national oil and gas company of Malaysia.
In his role as president and CEO at Petronas, Wan Zulkiflee led strategic growth and efficiency initiatives, and the company’s entry into specialty chemicals. During his tenure, Petronas reported multiple years of strong results and furthered the company’s investments in lower-emission technologies.
Wan Zulkiflee is currently non-executive chairman of the boards of Malaysia Airlines Berhad and DRB-HICOM Berhad, and he is involved in a number of initiatives dedicated to education and public sector leadership.
“We welcome Tan Sri Wan Zulkiflee to our board,” said Darren Woods, chairman and chief executive officer. “His global industry expertise coupled with his insights related to the energy transition will complement our highly experienced board.”
With the election of Wan Zulkiflee, the ExxonMobil board will increase to 11 directors, 10 of whom are independent directors. In recent years the company has pursued additional board expertise in the areas of climate science, asset and risk management, and relevant industry experience. Five independent directors have been appointed since 2016. The average director tenure for the ExxonMobil Board is under six years, compared to an average of eight years for companies in the S&P 500.
ExxonMobil said that it continues discussions with other director candidates with a range of skills sets for potential addition to its board, as part of its ongoing refreshment process. The board expects to take further action in the near term.
About ExxonMobil
ExxonMobil, one of the largest publicly traded international energy companies, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is one of the largest refiners and marketers of petroleum products, and its chemical company is one of the largest in the world. To learn more, visit exxonmobil.com and the Energy Factor.
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Important Additional Information Regarding Proxy Solicitation
Exxon Mobil Corporation (“ExxonMobil”) intends to file a proxy statement and associated BLUE proxy card with the U.S. Securities and Exchange Commission (the “SEC”) in connection with the solicitation of proxies for ExxonMobil’s 2021 Annual Meeting (the “Proxy Statement”). ExxonMobil, its directors and certain of its executive officers will be participants in the solicitation of proxies from shareholders in respect of the 2021 Annual Meeting. Information regarding the names of ExxonMobil’s directors and executive officers and their respective interests in ExxonMobil by security holdings or otherwise is set forth in ExxonMobil’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, filed with the SEC on February 26, 2020, ExxonMobil’s proxy statement for the 2020 Annual Meeting of Shareholders, filed with the SEC on April 9, 2020 and ExxonMobil’s Form 8-K filed with the SEC on December 1, 2020. To the extent holdings of such participants in ExxonMobil’s securities are not reported, or have changed since the amounts described, in the 2020 proxy statement, such changes have been reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC. Details concerning the nominees of ExxonMobil’s Board of Directors for election at the 2021 Annual Meeting will be included in the Proxy Statement. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SHAREHOLDERS OF THE COMPANY ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH OR FURNISHED TO THE SEC, INCLUDING THE COMPANY’S DEFINITIVE PROXY STATEMENT AND ANY SUPPLEMENTS THERETO AND ACCOMPANYING BLUE PROXY CARD WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and shareholders will be able to obtain a copy of the definitive Proxy Statement and other relevant documents filed by ExxonMobil free of charge from the SEC’s website, www.sec.gov. ExxonMobil’s shareholders will also be able to obtain, without charge, a copy of the definitive Proxy Statement and other relevant filed documents by directing a request by mail to ExxonMobil Shareholder Services at 5959 Las Colinas Boulevard, Irving, Texas, 75039-2298 or at This email address is being protected from spambots. You need JavaScript enabled to view it. or from the investor relations section of ExxonMobil’s website, www.exxonmobil.com/investor.
ExxonMobil Media Relations:
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Port Manatee Terminal will upgraded to the cloud-based TOS as part of its plans to modernize the terminal and enhance services offered
OAKLAND, Calif.--(BUSINESS WIRE)--Octopi, part of Navis and Cargotec Corporation, the provider of operational technologies and services that unlock greater performance and efficiency for leading organizations throughout the global shipping industry, announced today Arrow Terminals Inc. has signed a subscription agreement with Octopi by Navis at their Port Manatee, FL terminal. This upgrade to Octopi is part of Arrow Terminals’ plans to operate on a more modern platform to better support customers and remain competitive in the industry.
Currently operating up to 300,000 tons annually, Arrow Terminals Inc. handles breakbulk cargo, mainly focused on aluminum, lumber, and wood pulp at its terminal in Port Manatee, FL. When Arrow Terminals was looking to upgrade its TOS to a more modern, flexible and secure platform, it chose Octopi’s cloud-based TOS to meet its needs. Arrow Terminals selected Octopi due to its easy implementation process with no upfront IT investment, as well as its ability to seamlessly accommodate its existing business processes with a more contemporary solution.
“Arrow Terminals is very appreciative of the support given by Navis and Octopi staff during our search for a new TOS. We believe Octopi has all the features we need and also know that Navis is continuously working on adding new features to Octopi with further potential benefits to Arrow Terminals,” said Chris Sheils, Director, Arrow Terminals Inc. “We hope and expect this to be the start of a long and successful relationship together and look forward to optimizing our operations with Octopi.”
“With an increased interest in cloud-based TOS from our customers, we are able to provide a solution for small to midsize terminals to upgrade their systems without the large upfront investment, giving them the tools to optimize operations and remain competitive with Octopi,” said Martin Bardi, Vice President of Global Sales, Octopi by Navis. “Our TOS will help Arrow Terminals’ stakeholders streamline processes and provide visibility into their cargo operations, and we look forward to seeing the positive business results they yield after Octopi is implemented.”
For more information visit www.navis.com and www.octopi.co.
About Octopi
Octopi is the leading developer of cloud based software solutions for port terminal operators. The Octopi Terminal Operating System (TOS) helps seaport terminal operators manage their operations, track their cargo, and communicate electronically and in real-time with their commercial partners. The Octopi TOS provides small terminal operators the agility and adaptability required to modernize and efficiently run their operational ecosystem. www.octopi.co
About Navis, LLC
Navis, a part of Cargotec Corporation, is a provider of operational technologies and services that unlock greater performance and efficiency for the world’s leading organizations across the cargo supply chain. Navis combines industry best practices with innovative technology and world-class services, to enable our customers, regardless of cargo type, to maximize performance and reduce risk. Through its holistic approach to operational optimization, Navis customers benefit from improved visibility, velocity and measurable business results. Whether tracking cargo through a terminal, improving vessel safety and cargo capacity, optimizing rail network planning and asset utilization, automating equipment operations, or managing multiple terminals through an integrated, centralized solution, Navis helps all customers streamline operations. www.navis.com
About Cargotec Corporation
Cargotec (Nasdaq Helsinki: CGCBV) enables smarter cargo flow for a better everyday with its leading cargo handling solutions and services. Cargotec's business areas Kalmar, Hiab and MacGregor are pioneers in their fields. Through their unique position in ports, at sea and on roads, they optimize global cargo flows and create sustainable customer value. Cargotec's sales in 2019 totaled approximately EUR 3.7 billion and it employs around 12,000 people. www.cargotec.com
Jennifer Grinold
Navis, LLC
T+1 510 267 5002
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Geena Pickering
Affect
T+1 212 398 9680
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CALGARY, Alberta--(BUSINESS WIRE)--Imperial Oil Limited (TSX, NYSEAM:IMO):
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millions of Canadian dollars, unless noted |
2020 |
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271 |
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“The past year has proved an exceptionally challenging one, not only for the company and our employees, but society at-large,” said Brad Corson, chairman, president and chief executive officer. “Against significant headwinds, Imperial’s operational performance and cost management efforts have exceeded expectations. We set aggressive targets for capital and expense reductions in the first quarter of 2020, and we surpassed those targets. I am extremely proud of the efforts our employees have made in this environment, maintaining safe, reliable operations and ensuring the safety of themselves and their coworkers, while reliably supplying essential products to our customers.”
The company recorded a net loss of $1,146 million for the fourth quarter, which included a non-cash impairment charge of $1,171 million related to the company’s previously announced decision to not develop a significant portion of its unconventional portfolio. These non-core assets are non-producing, undeveloped assets and the company does not expect any material future cash expenditures related to this impairment. The decision is consistent with Imperial’s strategy of focusing its upstream resources and efforts on its key oil sands assets as well as on only the most attractive portions of its unconventional portfolio. Excluding the one-time impact of this impairment, earnings have continued to improve throughout the second half of 2020. Despite a continued challenging market and industry environment, Imperial generated $316 million of cash from operations in the final quarter of 2020, which includes unfavourable working capital effects of $218 million.
Upstream production for the fourth quarter averaged 460,000 gross oil-equivalent barrels per day, the highest quarterly production in 30 years. Kearl total gross production averaged 284,000 barrels per day, a new quarterly record for the asset, surpassing its previous quarterly record by 40,000 barrels per day.
“Imperial’s ability to achieve these record volumes was driven by the supplemental crushers at Kearl, as well as our strategic decision earlier in the year to advance maintenance activities out of the fourth quarter, and into the third quarter in response to market conditions,” said Corson.
Downstream throughput averaged 359,000 barrels per day in the fourth quarter, with utilization at 85 percent, up from 321,000 barrels per day and 76 percent utilization in the same period of 2019. Petroleum product sales were 416,000 barrels per day, compared with 457,000 barrels per day in the fourth quarter of 2019, with product demands impacted by the COVID-19 pandemic.
Imperial maintained its focus on operational excellence and cost discipline throughout the fourth quarter, continuing to progress structural improvements across all segments. Full-year production and manufacturing expenses totalled $5,535 million, a reduction of $985 million compared with full-year 2019. This decrease enabled the company to surpass its $500 million expense reduction commitment made in 2020, by nearly double. Capital expenditures of $874 million for 2020 were in line with recently updated guidance of $900 million, and less than half of 2019 expenditures.
“Despite the many challenges faced in 2020, Imperial continued to deliver strong financial and operating results,” said Corson. “The company significantly reduced capital and expense levels while achieving production records and strong safety results. Going forward, we will continue to focus on economically growing volumes, maintaining expense and capital discipline and returning cash to shareholders, as we build upon the foundational improvements of 2020.”
Fourth quarter highlights
Fourth quarter 2020 vs. fourth quarter 2019
The company recorded a net loss of $1,146 million or $1.56 per share on a diluted basis in the fourth quarter of 2020, compared to net income of $271 million or $0.36 per share in the same period of 2019. Fourth quarter 2020 results reflect a non-cash impairment charge of $1,171 million after-tax, related to the company's decision to no longer develop a significant portion of its unconventional portfolio.
Upstream recorded a net loss of $1,192 million in the fourth quarter of 2020, compared to net income of $96 million in the same period of 2019. Results were negatively impacted by a non-cash impairment charge of $1,171 million, related to the company's decision to no longer develop a significant portion of its unconventional portfolio, lower realizations of about $270 million and higher operating expenses of about $70 million. These items were partially offset by higher volumes of about $180 million and lower royalties of about $80 million.
West Texas Intermediate (WTI) averaged US$42.70 per barrel in the fourth quarter of 2020, down from US$56.81 per barrel in the same quarter of 2019. Western Canada Select (WCS) averaged US$33.35 per barrel and US$41.16 per barrel for the same periods. The WTI / WCS differential averaged approximately US$9 per barrel for the fourth quarter of 2020, compared to around US$16 in the same period of 2019.
The Canadian dollar averaged US$0.77 in the fourth quarter of 2020, an increase of US$0.01 from the fourth quarter of 2019.
Imperial’s average Canadian dollar realizations for bitumen decreased in the quarter, primarily due to a decrease in WCS. Bitumen realizations averaged $34.19 per barrel in the fourth quarter of 2020, compared to $42.80 per barrel in the fourth quarter of 2019. The company’s average Canadian dollar realizations for synthetic crude decreased generally in line with WTI, adjusted for changes in exchange rates and transportation costs. Synthetic crude realizations averaged $51.28 per barrel in the fourth quarter of 2020, compared to $74.12 per barrel in the same period of 2019.
Total gross production of Kearl bitumen averaged 284,000 barrels per day in the fourth quarter (202,000 barrels Imperial’s share), the highest quarterly production in the assets history, up from 208,000 barrels per day (147,000 barrels Imperial’s share) in the fourth quarter of 2019. Higher production was primarily driven by the addition of supplemental crushing facilities in 2020 and the absence of prior year turnaround activity.
Gross production of Cold Lake bitumen averaged 136,000 barrels per day in the fourth quarter, compared to 140,000 barrels per day in the same period of 2019.
The company's share of gross production from Syncrude averaged 87,000 barrels per day, compared to 66,000 barrels per day in the fourth quarter of 2019. Higher production was primarily due to the absence of prior year turnaround activity.
Downstream recorded net income of $106 million in the fourth quarter of 2020, compared to net income of $225 million in the same period of 2019. Results were negatively impacted by lower margins of about $240 million and lower sales volumes of about $60 million. These items were offset by lower turnaround impacts of about $120 million, primarily related to the absence of turnaround activity in the fourth quarter of 2020 and lower operating expenses of about $50 million.
Refinery throughput averaged 359,000 barrels per day, up from 321,000 barrels per day in the fourth quarter of 2019. Capacity utilization was 85 percent, up from 76 percent in the fourth quarter of 2019. Higher throughput was primarily due to the absence of prior year planned turnaround activity at Nanticoke, partially offset by lower market demand due to the COVID-19 pandemic.
Petroleum product sales were 416,000 barrels per day, compared to 457,000 barrels per day in the fourth quarter of 2019. Lower petroleum product sales were primarily driven by reduced demand due to the COVID-19 pandemic.
Chemical net income was $23 million in the fourth quarter, compared to net loss of $2 million in the same quarter of 2019.
Corporate and other expenses were $83 million in the fourth quarter, up from $48 million in the same period of 2019.
Cash flow generated from operating activities was $316 million in the fourth quarter, compared with $1,024 million in the corresponding period in 2019, primarily reflecting unfavourable working capital impacts.
Investing activities used net cash of $197 million in the fourth quarter, compared with $399 million used in the same period of 2019, primarily reflecting lower additions to property, plant and equipment.
Cash used in financing activities was $165 million in the fourth quarter, compared with $438 million used in the fourth quarter of 2019. Dividends paid in the fourth quarter of 2020 were $161 million. The per share dividend paid in the fourth quarter was $0.22, consistent with the same period of 2019. The company did not purchase shares during the fourth quarter, except for limited purchases to eliminate dilution in conjunction with its restricted stock unit plan. In the fourth quarter of 2019, the company purchased about 9 million shares for $301 million, including shares purchased from Exxon Mobil Corporation.
The company’s cash balance was $771 million at December 31, 2020, versus $1,718 million at the end of fourth quarter 2019.
Full-year highlights
Full-year 2020 vs. full-year 2019
Net loss in 2020 was $1,857 million, or $2.53 per share on a diluted basis, compared to net income of $2,200 million or $2.88 per share in 2019. Current year results reflect a non-cash impairment charge of $1,171 million after-tax, related to the company's decision to no longer develop a significant portion of its unconventional portfolio, and a favourable impact of about $115 million after-tax, associated with the Canada Emergency Wage Subsidy (CEWS), which includes Imperial's proportionate share of a joint venture. Full-year 2019 results included a favourable impact of $662 million associated with the Alberta corporate income tax rate decrease.
Upstream recorded a net loss of $2,318 million for the year, compared to net income of $1,348 million in 2019. Results were negatively impacted by lower realizations of about $2,620 million, a non-cash impairment charge of $1,171 million, related to the company's decision to no longer develop a significant portion of its unconventional portfolio, absence of a favourable impact of $689 million associated with the Alberta corporate income tax rate decrease in 2019, and lower volumes of about $130 million. These items were partially offset by lower royalties of about $540 million, lower operating expenses of about $250 million, favourable foreign exchange impacts of about $100 million, and about $70 million associated with the CEWS received by the company which includes Imperial's proportionate share of a joint venture.
West Texas Intermediate averaged US$39.26 per barrel in 2020, down from US$57.03 per barrel in 2019. Western Canada Select averaged US$26.87 per barrel and US$44.29 per barrel for the same periods. The WTI / WCS differential narrowed to approximately $12 per barrel in 2020, from around US$13 per barrel in 2019.
The Canadian dollar averaged US$0.75 in 2020, essentially unchanged from 2019.
Imperial's average Canadian dollar realizations for bitumen decreased in 2020 primarily due to a decrease in WCS. Bitumen realizations averaged $25.69 per barrel, compared to $50.02 per barrel in 2019. The company's average Canadian dollar realizations for synthetic crude decreased generally in line with WTI, adjusted for changes in exchange rates and transportation costs. Synthetic crude realizations averaged $49.76 per barrel, compared to $74.47 per barrel in 2019.
Total gross production of Kearl bitumen averaged 222,000 barrels per day in 2020 (158,000 barrels Imperial's share), the highest annual production in the asset's history, up from 205,000 barrels per day (145,000 barrels Imperial's share) in 2019. Improved production was mainly due to the addition of supplemental crushing facilities in 2020, partially offset by the balancing of near term production with demand through the advancement and extension of planned turnaround activities.
Gross production of Cold Lake bitumen averaged 132,000 barrels per day in 2020, compared to 140,000 barrels per day in 2019.
During 2020, the company's share of gross production from Syncrude averaged 69,000 barrels per day, compared to 73,000 barrels per day in 2019.
Downstream net income was $553 million, compared to $961 million in 2019. Results were negatively impacted by lower margins of about $710 million, and lower sales volumes of about $290 million. These items were offset by lower operating expenses of about $190 million, lower turnaround impacts of about $190 million primarily related to reduced turnaround activity in the current year and improved reliability of about $180 million, primarily due to the absence of the Sarnia fractionation tower incident which occurred in April 2019.
Refinery throughput averaged 340,000 barrels per day in 2020, compared to 353,000 barrels per day in 2019. Capacity utilization was 80 percent, compared to 83 percent in 2019. Lower throughput was driven by reduced demand due to the COVID-19 pandemic, partially offset by lower refinery turnaround activity and reliability events, including impacts from the Sarnia fractionation tower incident which occurred in April 2019.
Petroleum product sales were 421,000 barrels per day in 2020, compared to 475,000 barrels per day in 2019. Lower petroleum product sales were primarily driven by reduced demand due to the COVID-19 pandemic.
Chemical net income was $78 million in 2020, compared to $108 million in 2019, primarily reflecting lower margins.
Corporate and other expenses were $170 million in 2020, compared to $217 million in 2019.
Cash flow generated from operating activities was $798 million in 2020, compared to $4,429 million in 2019, primarily reflecting lower realizations in the Upstream and unfavourable working capital impacts.
Investing activities used net cash of $802 million in 2020, compared to $1,704 million used in 2019, primarily reflecting lower additions to property, plant and equipment.
Cash used in financing activities was $943 million in 2020, compared to $1,995 million used in 2019. Dividends paid in 2020 were $649 million. The per share dividend paid in 2020 was $0.88, up from $0.82 in 2019. During 2020, the company, under its share purchase program, purchased about 9.8 million shares for $274 million. In 2019, the company purchased about 38.7 million shares for $1,373 million.
Key financial and operating data follow.
Current economic conditions
In 2020, the balance of supply and demand for petroleum and petrochemical products experienced two significant disruptive effects. On the demand side, the COVID-19 pandemic spread rapidly across Canada and the world resulting in substantial reductions in consumer and business activity and significantly reduced local and global demand for crude oil, natural gas, and petroleum products. This reduction in demand coincided with announcements of increased production in certain key oil-producing countries which led to increases in inventory levels and sharp declines in prices for crude oil, natural gas, and petroleum products. Market conditions continued to reflect considerable uncertainty throughout 2020 as consumer and business activity has exhibited some degree of recovery, but remained lower when compared to prior periods as a result of the pandemic. Despite actions taken by key oil-producing countries to reduce oversupply, and improved credit market conditions providing sufficient liquidity to credit-worthy companies, the unfavourable economic impacts appear increasingly likely to persist to some extent well into 2021.
In late March, the company announced significant reductions in 2020 capital and operating expense spending plans. Capital and exploration expenditures for 2020 were $874 million, in line with the company’s most recent guidance of $900 million, and less than half of 2019 expenditures. Capital expenditures in 2021 are expected to be approximately $1.2 billion. In addition, full-year production and manufacturing expenses were $985 million lower than the prior year. This decrease enabled the company to surpass its $500 million expense reduction commitment made in 2020 by nearly double.
The effect of COVID-19 and the current business environment on supply and demand patterns negatively impacted Imperial’s financial and operating results in 2020. Industry conditions seen in 2020 have led to lower realized prices for the company’s products and have resulted in substantially lower earnings and operating cash flow throughout 2020 in comparison to 2019. In response to these conditions, the company operated certain assets at reduced rates and adjusted planned maintenance and turnaround activities throughout the second and third quarters in an effort to reduce on-site staffing levels and to better balance production with demand. Refinery utilization rates and petroleum product sales were reduced through the second quarter of 2020, but saw some improvement in product demands in the second half of the year. The length and severity of COVID-19 impacts to demand and the current business environment are highly uncertain, with the future supply and demand patterns inherently difficult to predict.
As disclosed in Imperial’s 2019 Form 10-K and subsequently updated in each of the company’s 2020 interim quarterly 10-Q filings, low crude and natural gas prices can impact Imperial’s reserves as reported under the U.S. Securities and Exchange Commission (SEC) rules. Low prices starting at the end of the first quarter 2020 significantly affected Imperial’s 2020 average crude prices. Under the SEC definition of proved reserves, certain quantities that qualified as proved reserves at year-end 2019, primarily proved bitumen reserves at Kearl and Cold Lake, will not qualify as proved reserves at year-end 2020 (approximately 2.2 billion barrels of bitumen at Kearl and approximately 0.6 billion barrels at Cold Lake). Similar downward revisions of proved bitumen reserves that resulted from low prices were seen at year end 2016. Final amounts are still subject to management review and will be disclosed in the 2020 Form 10-K. Proved reserves estimates can be impacted by a number of factors including completion and optimization of development projects, reservoir performance, regulatory approvals, government policies, consumer preferences, changes in the amount and timing of capital investments, royalty framework, and significant changes in long-term oil and gas price levels.
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CHICAGO--(BUSINESS WIRE)--Southern Towing Company (“STC”), an affiliate of CC Industries (“CCI”), announced today it acquired Devall Towing (“Devall” or the “Company”) from the Devall family. Founded in 1952, Devall is a towboat and barge operator for specialty chemicals along the Gulf Intracoastal Waterway and Lower Mississippi River.
The acquisition expands STC’s operations into specialty chemical products. The combination of Devall’s long-standing customer relationships with STC’s upriver capabilities allows Devall and STC to provide integrated marine transportation solutions across the Gulf Intracoastal and U.S. inland waterways. STC’s CEO Ed Grimm stated, “The acquisition significantly enhances Southern Towing’s Gulf Coast capabilities. We look forward to growing our transportation capabilities, while continuing to provide superior service to the customers we are privileged to serve.”
Devall is headquartered in Sulphur, Louisiana, and operates a fleet of 36 towboats and 125 liquid tank barges. The Company will continue to operate under the Devall brand as a new division of STC. The members of the management team will continue in their current roles.
“The Devall family and team are excited to partner with both Southern Towing and CCI. We believe that the cross-selling opportunities with Southern Towing are extremely compelling, and that CCI’s extensive experience and resources positions Devall for future growth,” added Kenny Devall, COO of Devall, who will continue to lead the Company.
Bill Crown, President and Chief Executive Officer of CCI, stated, “Devall shares the same core values and vision that we have at STC and CCI. We look forward to building on those shared values to further invest in and grow Devall and STC.”
About Devall Towing
Devall is a leading marine transportation provider of specialty chemicals on the Gulf Intracoastal Waterway and Lower Mississippi River. Devall operates a fleet of 36 towboats and 125 liquid tank barges and provides marine transportation services to customers primarily in the chemicals industry. Devall operates fleeting locations in Lake Charles, Louisiana (ICWW mile 242) and Victoria, Texas, with combined capacity for up to 175 barges. Devall Diesel Services provides marine diesel sales and service with dealerships in Louisiana and Texas. Devall was founded in 1952 by Alfred Devall and is headquartered in Sulphur, Louisiana.
About Southern Towing Company
Southern Towing Company, a portfolio company of CCI, is one of the nation’s largest transporters of liquid fertilizer and other products along the inland waterways of the United States. STC operates a fleet of 27 towboats and 72 barges and provides marine transportation services to customers in agriculture and industrial markets. Southern Towing was founded in 1958 and is headquartered in Memphis, Tennessee.
About CC Industries, Inc.
CC Industries is the Chicago-based holding company for the Crown family’s privately-held companies, including: GILLIG, Great Dane Trailers, J.L. Clark, Miracapo Pizza Company, Provisur Technologies, Riverside Rail, Selig, Southern Towing Company, and Trail King Industries. The Crown family has a long history of owning and growing industrial businesses. The Crown family’s original business dates itself to 1919 when Henry Crown and his brothers started Material Service Corporation.
Jason Green
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CALGARY, Alberta--(BUSINESS WIRE)--Imperial Oil Limited (TSE: IMO, NYSE American: IMO) today declared a quarterly dividend of 22 cents per share on the outstanding common shares of the company, payable on April 1, 2021, to shareholders of record at the close of business on March 2, 2021.
This first quarter 2021 dividend compares with the fourth quarter 2020 dividend of 22 cents per share.
Imperial has a long and successful history of growth and financial stability in Canada as a leading member of the petroleum industry. The company has paid dividends every year for over a century and has increased its annual dividend payment for 26 consecutive years.
Source: Imperial
After more than a century, Imperial continues to be an industry leader in applying technology and innovation to responsibly develop Canada’s energy resources. As Canada’s largest petroleum refiner, a major producer of crude oil, a key petrochemical producer and a leading fuels marketer from coast to coast, our company remains committed to high standards across all areas of our business.
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SAN DIEGO--(BUSINESS WIRE)--Anthony Macaluso recently launched Hughes Tool Company, Inc., quietly working behind the scenes to develop a solution that eliminates the major challenges associated with Lithium-Ion battery limitations for electric vehicles (EV). Announced last week, Hughes Tool Company has created a patent protected solution that supplements existing battery fields, ultimately enabling an increase in range by 400 to 1000 percent (+)*. Please access the Hughes Tool Company January 26 announcement here.
Mr. Macaluso has done this twice before in the sports and mobile industries solving problems for some of the largest retailers globally. He has been granted more than 60 patents (see below for partial list) resulting in billions of transactions, billions in revenues and significantly increasing shareholder value. He has spent his entire life identifying technical and business problems, creating solutions, filing the intellectual property, being granted the patents both domestically and internationally, and then monetizing those patents through licensing opportunities.
“Approximately five years ago, I set out to tackle some of the biggest challenges facing widespread adoption of an electric vehicle. Namely the issues associated with range anxiety and recharging. I quickly discovered that all of the research and development was targeting the battery field and battery chemistry. I knew there was a better solution,” said Macaluso. “I have been told more times than I can count that ‘it’s impossible,’ which just further motivated me. I found a way to invent a solution that really bends the laws of physics and sits between the first and second laws.”
Macaluso went on, ”I have enjoyed tremendous success in creating products and services consumers use every day – for example, if you download data to a mobile phone or use mobile streaming services, text messaging solutions and abbreviated dialing codes, it directly relates to the multitude of patents I have been awarded in the mobile industry. This time was different for me. I wanted to leave not only a lasting legacy for my children and their children, but to create an EV solution that we would all benefit from.”
“The irony is that EVs are not yet as green as people think. Strip mining for precious metals that make up a lithium-ion battery is just terrible for the environment. There is no plan yet on how to recycle EV batteries after they have run their useful course of 5-8 years. The other major impact is that we are burning more and more fossil fuels to create electricity to power the grid and provide energy to the burgeoning EV market,” concluded Macaluso.
The patented Hughes Power Generation Platform is a fully independent, scalable attachment that creates energy, stores the newly created energy, and provides it back to the OEM battery field on demand or automated. Tests have shown an increase in range of 400 to over 1000 percent based on driver behavior and conditions.
This is a partial list of granted patents to Anthony Macaluso. Additionally, Mr. Macaluso has patents issued in the following countries including the United States, China, Canada, Japan, Korea, Spain, United Kingdom and Hong Kong. Furthermore, he has patents with the European Patent Office (EPO) as well as the World Intellectual Property Organization (WO).
About Hughes Tool Company
Hughes Tool Company, based in San Diego, CA, and founded by Anthony Macaluso, pays homage to Howard Hughes and his contributions to society through his groundbreaking inventions and perseverance. This legacy continues – the company is dedicated to solving climate and environmental related challenges with revolutionary technology innovation including bending the laws of physics.
For more information on Anthony Macaluso, Hughes Tool Company, and to request an NDA, please visit www.hughestoolcompany.com.
*Range improvement dependent upon driving conditions and driver behavior.
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NORFOLK, Va,--(BUSINESS WIRE)--The CMA CGM Group, a world leader in shipping and logistics, announces today several initiatives it has implemented to meet the needs of its customers and make the shipping and logistics supply chain as seamless as possible, despite an exceptionally strong demand, particularly in the U.S. Over the past six months, demand for goods transportation has bounced back sharply from the contraction caused by the COVID-19 pandemic in the first half of 2020.
U.S. capacity boosted
As a customer-centric Group, CMA CGM has increased capacity in the U.S. by 39% between the first and second half of 2020. To demonstrate its agile approach and ongoing commitment to customers, the Group announced details of the continued ramp-up, which include:
The first and only Transpacific carrier to offer direct service to Oakland from Asia
Effective immediately, CMA CGM’s GGB service (previously SEAPRIORITY EXPRESS) will first call at the Port of Oakland on its route from Shanghai and Yantian, China. It will remove the Port of Los Angeles from the current route and enhance service by providing customers with an innovative and creative fast-transit alternative that enables them to avoid congestion.
The perfect alternative for customers in the U.S.
Oakland is an ideal, reliable alternative to the Port of Los Angeles/Long Beach for West Coast customers importing goods due to its easy access for existing California shippers, immediate berth availability and fast rail connections into Chicago, Memphis, Dallas and Kansas City. The expanded service will also include Seattle, allowing for new capacity to Pacific Northwest customers. The CMA CGM Group continues to work closely with U.S. ports and other partners to actively develop and implement solutions to make the shipping and logistics supply chain seamless.
The Group is implementing solutions to assist with the container shortage and port congestion
The CMA CGM Group has taken several measures to speed up the return of empty containers to Asia and to cut delays at the ports it serves in the U.S., Asia and Europe.
In the U.S., CMA CGM has doubled the number of dedicated chassis in Southern California, broadened the base of truck providers to get containers in and out of the terminals more quickly, worked with rail partners to bring additional rail cars through Southern California and split calls between ports to increase velocity at berth.
Globally, the Group has also created agile service solutions for customers in order to redistribute freight to ports less impacted by the congestion. During the second half of 2020, CMA CGM has increased the size of its container fleet by 8.7%, services have been rerouted to clear the build-up of empty containers, and CMA CGM is offering customers alternative solutions that use other types of containers to meet their needs.
Ed Aldridge, President of CMA CGM America and APL North America, said, “As the nation’s top ocean freight carrier, we are always looking for new ways to provide our customers with differentiated services, fast transit times and efficient access to their inland destinations. We believe calling Oakland first from Asia will help meet market demand while also providing some relief to the congestion at the Los Angeles and Long Beach ports. CMA CGM looks forward to partnering with the Ports of Oakland and Seattle to increase the flow of shipments while continuing to deliver innovative solutions to our customers.”
About CMA CGM
Led by Rodolphe Saadé, the CMA CGM Group is a world leader in shipping and logistics.
Its 538 vessels serve more than 420 ports around the world, on all five continents. In 2019, they transported nearly 22 million TEU (twenty-foot equivalent units) containers. With CEVA Logistics, a world leader in logistics services, CMA CGM handles more than 500,000 tons of airfreight and 1.9 million tons of inland freight every year.
CMA CGM is constantly innovating to offer customers new maritime, inland and logistics solutions.
Present on every continent and in 160 countries through its network of 755 offices and 750 warehouses, the Group employs more than 110,000 people worldwide, of which 2,400 in Marseille where its head office is located.
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Company on track to close transaction in the second half of 2021
ORANGE, Conn.--(BUSINESS WIRE)--AVANGRID, Inc. (NYSE: AGR), a leading clean energy company, confirmed today that it has received clearance from the Committee on Foreign Investment in the United States (CFIUS) after the conclusion of the initial review period in relation to the proposed merger combination with PNM Resources (NYSE: PNM). The clearance received today indicates that CFIUS has not identified any unresolved national security concerns regarding the transaction.
“With the CFIUS clearance and last week’s expiration of the waiting period under the HSR Act, AVANGRID is making good progress in its journey to complete the merger with PNM Resources,” said Dennis V. Arriola, CEO of AVANGRID. “We remain optimistic that all necessary approvals can be obtained to finalize the merger within the second half of 2021.”
The company continues to pursue state and Federal regulatory approvals for the merger, including approvals from the Federal Energy Regulatory Commission, the Federal Communications Commission, and the Nuclear Regulatory Commission, as well as the New Mexico Public Regulation Commission and the Public Utility Commission of Texas. The agreement between AVANGRID and PNM Resources is also subject to approval by PNM Resources’ shareholders.
AVANGRID announced the strategic merger combination with PNM Resources in October 2020 in an all cash offer for PNM Resources’ shares at $50.30 per share, an $8.3 billion enterprise value transaction. The resulting entity would be one of the major clean energy companies in the US with ten regulated utilities in six states and the third largest renewables company with operations in 24 states.
About AVANGRID: AVANGRID, Inc. (NYSE: AGR) is a leading, sustainable energy company with approximately $36 billion in assets and operations in 24 U.S. states. With headquarters in Orange, Connecticut, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs approximately 6,600 people. AVANGRID supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2019 and 2020 by the Ethisphere Institute. For more information, visit www.avangrid.com.
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SAN FRANCISCO--(BUSINESS WIRE)--#Freight--ClearMetal, the leading SaaS platform for international freight visibility, dynamic transport planning and customer experience, today announced its customer base increased 150% year-over-year during fiscal year 2020, contributing to a record year of growth. The achievement underscores the accelerating demand to digitally transform supply chain operations for better visibility, more accurate predictability and greater overall success.
Prior to ClearMetal’s platform launch, businesses had been limited in both the on-time delivery (OTD) and transparency of their international freight because 15-40% of global transportation data is inaccurate, latent or incomplete. Such conditions force the world’s largest retailers and manufacturers to make suboptimal freight transportation decisions that increase costs, delay cash and disappoint business customers. Today, the largest global brands trust ClearMetal’s software solutions for their supply chain tracking given its >95% data accuracy and the business value that it drives.
“Until we were able to hit critical-mass-level data accuracy and get closer to real-time, our teams could not trust the ‘visibility’ we received from our carriers and software solutions. This forced the teams to operate manually to ensure delivery to our customers and drive out costs. It was extremely unproductive, and led to far-less-than-satisfactory experiences for customers and wasted expenses,” said Parsan Chand, Vice President of Global Logistics at Lenzing. “With ClearMetal’s predictive visibility capability, our logistics and customer service teams are empowered with trusted data received in real time, allowing them to deliver better customer experience in managing supply chain disruptions, even in the times of COVID-19.”
Typical ClearMetal customers are seeing:
To build on its success, ClearMetal continues to grow its leadership team and recently added SAP and Maersk veteran Paul Pessutti as a member of the Executive Advisory Board to provide strategic direction and valuable insights. Pessutti has served as Senior Vice President & General Manager of Travel, Transportation and Logistics for SAP and was most recently the Global Vice President & General Manager of Travel, Transportation and Services Industries at DXC Technology.
“Throughout my career at SAP, I worked daily with multinational companies in the industrial and consumer markets who struggled to deliver against market expectations for customer experience, and were continuously challenged by how to solve the problem. ClearMetal’s unique approach and innovation have solved these critical international freight challenges,” said Pessutti. “I’m encouraged to see a company focused on customer value and business outcomes such as improving on-time-delivery, reducing detention and demurrage costs, and delivering a customer experience that is common for consumers but often missing in the business-to-business space.”
Earlier this year, ClearMetal also welcomed Amazon’s former Vice President of Global Logistics Ed Feitzinger to its Board of Directors. Additionally, Tom Linton and Walter Charles III, who have held executive leadership positions at J&J, Kellogg, Kraft, LG, Flex and Allergan, joined ClearMetal’s Executive Advisory Board.
In a commitment to help companies digitize and transform their supply chains, ClearMetal struck several ecosystem partnerships in the past year. As the provider of SAP and Novigo’s international visibility data, shippers can leverage the most trusted and accurate international freight data to improve OTD, reduce logistics costs and optimize inventory. ClearMetal’s integrations with the SAP Logistics Business Network end-to-end platform, S/4 HANA and other modules allow customers to rapidly deliver valuable outcomes, as these pre-built solutions can be immediately deployed with low-cost and low-resource investment.
“Today’s capacity crunch and COVID have only accelerated the need for supply chain transformation,” said Adam Compain, CEO of ClearMetal. “In 2020, some of the world’s largest global companies relied on ClearMetal to drive 50% improvements in on-time delivery, shift inventories and material purchasing decisions, and noticeably delight their customers with our customer portal. In 2021, we’re going to even further our lead in ocean, expand capabilities and modes, and deliver fast ROI and low-resource software deployments with great ecosystem partners and the best minds in AI—all for enabling the next set of supply chain leaders.”
About ClearMetal
ClearMetal is the market leader in international freight visibility, dynamic planning and customer experience. The ClearMetal 'Continuous Delivery Experience’ (CDX) Platform uses proprietary machine learning to break free from static-visibility paradigms and turn supply chains from a cost center to a competitive advantage. ClearMetal was founded by top software engineers, data scientists and operations researchers from Stanford University, Google and Silicon Valley, and is funded by Eclipse Ventures, Prelude Ventures, Innovation Endeavors, NEA, SAP.io, Prologis Ventures, PSA Unboxed, DCLI and the founders of GT Nexus, Navis and Uber Freight. ClearMetal is based in San Francisco, CA. For more information, visit www.clearmetal.com.
Marybeth Roberts
Wye Communications for ClearMetal
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DUBLIN--(BUSINESS WIRE)--The "Global Petrochemicals Market: By Type (C1 Derivatives, C2 Derivatives, C3 Derivatives, C4 Derivatives, Aromatics, Others), By End Use (Packaging and Construction, Fuel and Fuel Additives, and Others), By Region, By Company Competition, Forecast & Opportunities, 2015-2025" report has been added to ResearchAndMarkets.com's offering.
The Global Petrochemicals Market has witnessed healthy growth between 2015-2019 and is estimated to grow at a CAGR of 4.80% during the forecast period.
Growing penetration of petrochemical products across plethora of end-use industries such as packaging, automotive, consumer durables, textile and construction sectors is expected to drive the petrochemicals market growth until 2025.
Petrochemicals are omnipresent, with their usage increasing across our countless, daily life applications. Increasing demand for Methanol (obtained from C1 stream) for industrial applications like manufacturing formaldehyde, API formulations, dyes & intermediates, agrochemicals etc., and its growing adoption as a clean-burning fuel in transports is likely to spur the global petrochemicals demand in the forecast period. Growing demand for petrochemical products used in plastic packaging for food and other commercial products such as Polyethylene (C2 stream) and Polystyrene (aromatics) due to their inexpensive, lightweight and high-performance characteristics is expected to propel the market growth in the coming years.
Excellent barrier properties which allow food to remain fresh for longer durations are expanding the scope of polyethylene plastics over other packaging materials, thereby increasing the petrochemicals consumption across the globe. Moreover, with major economies across the globe making hefty investments to support their passenger and commercial automotive manufacturing, the global demand for rubber tyres, mainly derived from the petrochemical Butadiene (an output from C4 stream) is anticipated to improve in the forecast period. An additional market driver is the growing consumption of petrochemicals-based laundry detergents and textile fibers with ever changing consumer preferences. Supported with growing manufacturing of Benzene-based derivatives, the demand outlook of the industry is likely to turn bullish in the upcoming years.
The outbreak of the COVID-19 dented the global petrochemicals industry, rendering the global industrial production to remain at standstill during Q2 and Q3 2020. The biggest impact was on demand of downstream derivatives such as clothing and automotive which crashed to historic lows in short term. Unprecedented crash in upstream crude oil as an outcome of the historic oil-price war further hurt the overall refinery run rates. However, soaring demand for personal hygiene products which increased consumer focus over C3 derivative polymers for manufacturing masks, PPE kits and disposable items, kept the sentiments uplifted. In longer terms, it is anticipated that spurt in the global petrochemicals demand as several economies ramp up their refining capacities and invest on latest manufacturing technologies would further accelerate the market growth in the forecast period.
Companies Mentioned
Objective of the Study:
Key Topics Covered:
1. Product Overview
2. Research Methodology
3. Executive Summary
4. Global Petrochemicals Market Outlook
4.1. Market Size & Forecast
4.1.1. By Value & Volume
4.2. Market Share & Forecast
4.2.1. By Type (C1, C2, C3, C4, Aromatics, Others)
4.2.2. By End Use (Packaging & Construction, Pharmaceutical & Agrochemicals, Fuel & Fuel Additives, Automotive & Consumer Durables, Others)
4.2.3. By Company (2019)
4.2.4. By Region (North America, Europe, Asia-Pacific, South America and Middle East & Africa)
4.3. Product Map
5. Asia-Pacific Petrochemicals Market Outlook
6. Europe Petrochemicals Market Outlook
7. North America Petrochemicals Market Outlook
8. South America Market Outlook
9. Middle East & Africa Petrochemicals Market Outlook
10. Market Dynamics
11. Market Trends & Developments
12. Competitive Landscape
13. Strategic Recommendations
14. About the Publisher & Disclaimer
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TORONTO--(BUSINESS WIRE)--IFM Investors and Ontario Teachers' Pension Plan Board ("Ontario Teachers") are pleased to announce that they have entered into a definitive agreement with Brookfield Infrastructure (NYSE: BIP; TSX: BIP.UN) to jointly acquire a 100% interest in the Canadian district energy operations owned by Enwave Energy Corporation (“Enwave”) for C$2.8 billion on an enterprise value basis. IFM Investors and Ontario Teachers’ will retain the Enwave brand as part of this transaction and each will own 50% of the company.
Enwave is a fully integrated district energy business that provides innovative, sustainable district cooling and heating solutions to over 320 customers across a range of sectors in Canada. Spanning Toronto, London, Windsor and Charlottetown, Enwave’s distribution network is well diversified across services and customers.
Enwave’s focus on providing clean, low-carbon energy is well-aligned with the overall responsible investing practices and net-zero carbon emissions pledges made by both IFM Investors and Ontario Teachers’.
This is the second infrastructure investment made together by IFM Investors and Ontario Teachers’ in North America, who currently co-own Global Container Terminals, which operates terminals in two principal North American ports.
“Enwave will be an attractive addition to our infrastructure portfolio. Its delivery of essential district energy services, providing investors with highly defensive, utility-like exposure coupled with leading sustainability attributes, will help IFM Investors deliver on our purpose to protect and grow the long-term retirement savings of working people. We are looking forward to working with Ontario Teachers’ and continuing to grow Enwave’s footprint of sustainable district energy solutions throughout North America,” said Kyle Mangini, Global Head of Infrastructure at IFM Investors.
“Enwave is a prime example of an investment that we believe can be both commercially attractive and contribute to broader sustainability efforts. It provides district energy solutions to a high-quality portfolio of clients in Canada, helping them reduce greenhouse gas emissions and improve energy efficiency. We are also very excited about Enwave’s strong management team, stable inflation-linked cash flows and high growth potential given the under-penetration of district energy in North America,” said Dale Burgess, Senior Managing Director, Infrastructure & Natural Resources at Ontario Teachers’.
Completion of the transaction is subject to customary closing conditions and regulatory approvals, with financial close expected in mid-2021.
About IFM Investors
IFM Investors was established more than 25 years ago with the aim to protect and grow the long-term retirement savings of working people. Owned by a group of Australian pension funds, the organisation has US$106bn under management as of 30 September 2020. Because IFM is owned by industry pension funds, we seek to prioritise the interests of more than 470 like-minded investors worldwide by focusing on assets that combine excellent long-term risk/reward characteristics with broad economic and social benefits to the community. As a signatory to The United Nations-supported Principles for Responsible Investment, IFM actively engages on ESG issues with the companies in which we invest with the aim of enhancing their net performance while minimising investment risk. Operating globally from offices in Melbourne, Sydney, London, Berlin, Zurich, New York, Hong Kong, Seoul and Tokyo, IFM manages investments across infrastructure, debt, listed equities and private equity assets. For more information, visit www.ifminvestors.com
About Ontario Teachers’
The Ontario Teachers' Pension Plan Board (Ontario Teachers') is the administrator of Canada's largest single-profession pension plan, with C$204.7 billion in net assets (all figures at June 30, 2020 unless noted). It holds a diverse global portfolio of assets, approximately 80% of which is managed in-house, and has earned an annual total-fund net return of 9.5% since the plan's founding in 1990. Ontario Teachers' is an independent organization headquartered in Toronto. Its Asia-Pacific regional offices are in Hong Kong and Singapore, and its Europe, Middle East & Africa region office is in London. The defined-benefit plan, which is fully funded as of January 1, 2020, invests and administers the pensions of the province of Ontario's 329,000 active and retired teachers. For more information, visit otpp.com and follow us on Twitter @OtppInfo.
IFM Investors:
Kris Cole
Prosek Partners
T: + 1 310 614 9208
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Ontario Teachers’:
Dan Madge
T: +1 416 419 1437
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Stockton Terminal and Eastern Railroad’s Environmental and Safety Project Wins California Transportation Commission Award
DENVER--(BUSINESS WIRE)--The Broe Group’s Transportation affiliate, OmniTRAX Inc., a comprehensive logistics solutions provider, reports the Stockton Terminal and Eastern Railroad (STE) was awarded a grant by the California Transportation Commission under the Short-Line Railroad Improvement Program (SLRIP) to replace and/or repair more than four miles of track in Stockton, Calif.
“The SLRIP grant will greatly enhance our operational efficiency and rail operations in Stockton and preserve and improve transload capacity to meet increased in demand. The project will also significantly reduce costs, emissions and truck travel in the region. We appreciate the partnership with the San Joaquin Council of Governments, which is helping us safely connect our communities and maintain a safe, efficient and environmentally friendly supply chain,” said Sergio Sabatini, President of OmniTRAX
Titled the “Stockton Intermodal Transload and Alternative Fuel” project, the grant was proposed by San Joaquin Council of Governments and will modernize infrastructure on the STE to handle the influx of alternative diesel fuels that comply with California low carbon fuel standards. The grant will fund a safety modernization resurfacing and rail tie replacement program that removes deteriorating 100-year-old rail, rehabilitates degraded switches for essential connection points and replaces six grade crossing surfaces in the track work limits. Work is expected to be completed during the 2021 calendar year.
“The Stockton Intermodal Transload and Alternative Fuel project will eliminate 1,302 tons of CO2 emissions and 2 tons of NOx emissions each year, while dramatically improving the Safety and performance of the STE operation. Without this project, there would be higher transportation costs for California consumers and more congested corridors on highways and regional arterials throughout San Joaquin County,” said Andrew T. Chesley, Executive Director/APCO of the San Joaquin Council of Governments. “Our partnership with OmniTRAX and the STE is a great example of what a public-private partnership is designed to accomplish.”
SLRIP provides funds to short-line railroad infrastructure projects intended to improve freight mobility, volume thresholds and support modern rail freight traffic and the communities and industries they serve throughout California. The $1.8 million grant to the STE covers half the project cost, with the remainder coming from OmniTRAX.
About OmniTRAX, Inc.
As one of North America’s largest and fastest growing private railroad and transportation management companies, OmniTRAX's core capabilities range from providing transportation and supply chain management services to railroad and port companies, to providing intermodal and industrial switching operations to railroads, ports and a diverse group of industrial companies. Through its affiliation with The Broe Group and its portfolio of managed companies, OmniTRAX also has the unique capability of offering specialized industrial development and real estate solutions, both on and off the rail network managed by OmniTRAX. More information is available at omnitrax.com.
About The Broe Group
Based in Denver, The Broe Group and its affiliates form a privately-owned, multi-billion-dollar real estate, transportation, energy and investment organization with assets owned and managed across North America. Together, Broe managed companies employ more than 1,000 people and support employment of thousands of others through operations such as its Great Western Industrial Park in Northern Colorado. Its transportation affiliate, OmniTRAX, Inc., is one of North America’s largest private railroad and transportation management companies specializing in: management services, railroad and port services, intermodal solutions and industrial switching operations. Its energy affiliates include Great Western Petroleum LLC, the largest private operator in the third most prolific U.S. basin. Broe Real Estate Group acquires, develops and manages office and industrial properties, medical office buildings and multi-family communities across the country, including premier assets in many of the most desirable markets. The Broe Group also has multiple investment affiliates, including Three Leaf Ventures, which is focused on innovative healthcare technology start-ups. For more information, visit broe.com.
Media:
Julie Slagle, Manager – Communications
OmniTRAX
+1 303.398.4539
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ROCKVILLE, Md.--(BUSINESS WIRE)--#Crestmark--Expanding its growing portfolio, Standard Solar, Inc., a nationally recognized leader in the development, funding, ownership and operation of commercial and community solar assets, today announced the financing and operation of 17 community solar projects in Minnesota and Massachusetts totaling 24.6 megawatts (MW). Tax equity financing for these projects was secured in a partnership with Crestmark, a division of MetaBank®, N.A.
Massachusetts and Minnesota account for about half of cumulative capacity of community solar throughout the U.S. according to the National Renewable Energy Laboratory.
Sixteen of the community solar projects are in Minnesota and all have achieved operation. The projects will generate clean energy on behalf of a mix of commercial and residential customers that want to support a cleaner environment. Minnesota’s community solar program is one of the strongest in the country providing a comprehensive approach that makes developing community solar projects economically viable. The projects are expected to generate 3.89 million kilowatt hours of solar power yearly for customers under long-term contracts.
The 2.8 MW project in Massachusetts is expected to be completed this month (February 2021) and will move the Commonwealth closer to achieving its Renewable Portfolio Standard of 35% by 2030. Community solar is one of the fastest-growing sources of renewable energy in Massachusetts.
“We are pleased with the strong relationship we have established with Crestmark to successfully build and finance this portfolio,” said Peter Coleman, Senior Vice President, Structured Finance, Standard Solar. “Despite challenges created by COVID-19, we have worked collaboratively with our strongest development and financial partners to successfully excel the business during the most challenging times.”
“Crestmark has thoroughly enjoyed working with the professional team at Standard Solar,” said Jon Ellis, Vice President of Alternative Energy Finance at Crestmark. “Crestmark is committed to all forms of alternative energy, including community solar. Partnering with Standard Solar on these projects supports our mission of providing innovative financial solutions to consumers and businesses in underserved niche markets. We look forward to continued growth in our partnership with Standard Solar.”
Community solar is an effective way to provide large numbers of subscribers access to the benefits of clean energy, advance the clean energy workforce and economic impact and drive millions of dollars of investment in the state in which the projects are located.
With the addition of these projects, Standard Solar’s portfolio of community solar projects funded and operating with partners around the United States is in excess of 175 MW.
About Crestmark
Crestmark, a division of MetaBank®, N.A., provides innovative financial solutions for businesses nationwide. Financing solutions include asset-based lending, accounts receivable financing, lines of credit, term loans, factoring, government guaranteed lending, machinery/equipment financing and equipment leasing. Crestmark has extensive experience in helping many industries including transportation, manufacturing, staffing, petrochemical, alternative/renewable energy, medical receivables, government contractors, hospitality/hotels, insurance agencies, and technology hardware/software. The Crestmark division is headquartered in Michigan, with additional offices in California, Florida, Louisiana, Tennessee, and representatives nationwide; and a Canadian foreign representative office. For more information, please visit https://www.crestmark.com
About Standard Solar
Standard Solar is powering the nation’s energy transformation – channeling its project development capabilities, financial strength and technical expertise to deliver the benefits of solar, as well as solar + storage, to businesses, institutions, farms, governments, communities and utilities. Building on 16 years of sustainable growth and in-house and tax equity investment capital, Standard Solar is a national leader in the development, funding and long-term ownership and operation of commercial and community solar assets. Recognized as an established financial partner with immediate, deep resources, the company owns and operates more than 160 megawatts of solar across the United States. Standard Solar is based in Rockville, Md. Learn more at standardsolar.com, LinkedIn and Twitter: @StandardSolar.
PR Contact:
Leah Wilkinson
Wilkinson + Associates
703-907-0010
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COLUMBUS, Ind.--(BUSINESS WIRE)--Cummins Inc. (NYSE: CMI) announced today that Chief Administrative Officer (CAO) Marya Rose will be retiring, effective April 2021, after more than 20 years in leadership positions with the company. Vice President and General Counsel, Sharon Barner, will succeed Rose.
“Marya has had an incredible career, and during her more than two decades at Cummins, we have benefitted greatly from her leadership and unwavering commitment to our values,” said Tom Linebarger, Chairman and CEO, Cummins Inc. “She is a great problem-solver and has an incredible command of a wide range of topics. Just as importantly, Marya always works and conducts herself with decisiveness, honesty and courage. Cummins and our communities are better because of Marya’s passion and purpose.”
“Marya translated her fierce commitment to Cummins’ values into advocacy, emphasizing the societal and business importance of diversity and inclusion and worked tirelessly for these values within the company and in our communities,” Linebarger added. “Her focus was critical as Cummins continued to become a more global and diverse company. She has made an immeasurable difference to Cummins and to our employees, including myself. I wish Marya all the best and know she will continue to make a positive impact in whatever causes she invests her boundless energy.”
Rose joined Cummins in 1997 and quickly made her mark. In 2001, she was named General Counsel. In this role, Rose transformed the legal function from a group focused primarily on North America to a true global team and strategic partner to the business.
Rose was named CAO in 2011. She immediately began to drive effectiveness and efficiencies across several disparate company functions to better support and partner with the business segments. During her tenure, Rose vastly improved the company’s communications platforms and capabilities; transformed Cummins’ physical environment and introduced new ways of working. Rose also helped make Cummins’ Corporate Responsibility work more impactful and she streamlined many corporate business processes.
Prior to joining Cummins, Rose served two Indiana Governors, and practiced law in Indianapolis. She earned a BA in Political Economy from Williams College and a JD from Indiana University – Indianapolis (now the McKinney School of Law). Rose has served in leadership positions on several public company and not-for-profit boards, including Duke Energy, Planned Parenthood of Indiana and Kentucky; Newfields; Hoosier Women Forward and 16 Tech.
Rose resides in Indianapolis with her husband, Tony.
Vice President and General Counsel Sharon Barner will succeed Marya as Chief Administrative Officer. In the CAO role, Barner will lead several of Cummins’ largest global groups, including communications, marketing, government relations, compliance, facilities, security, Cummins’ global shared services organization and legal. These functions comprise more than 2000 employees.
“I am thrilled to have Sharon assuming the CAO role,” said Linebarger. “Sharon’s execution orientation and steady hand and sage advice, combined with more than 30 years of legal experience in the private and public sector, make her well positioned for CAO. I know that Sharon will continue to combine her exceptional professional skills with her dynamic leadership to guide the CAO and other corporate functions on our journey to best support our internal and external customers. I am excited to see her lead in this capacity.”
Barner joined Cummins in 2012 as General Counsel and immediately made transformative changes to address external factors like increased globalization, technological disruption, and amplified government oversight on the legal function. Over the past nine years, Barner has built a talented and diverse team across 11 countries that has skillfully executed multiple acquisitions, navigated complex regulatory matters, implemented a consolidated contract life cycle management platform and continued to protect Cummins’ interests.
Barner is also a champion of Cummins’ values, particularly diversity and inclusion, and caring. Barner shares her voice on racial justice and gender equality issues and executes critical actions to drive forward such initiatives. Barner implemented a process to consolidate Cummins’ legal work from more than 200 law firm providers to 24, with diversity of their staff as a key determining factor, diversifying the lawyers that perform Cummins’ work, improving service delivery and yielding year-on-year end legal savings.
Prior to joining Cummins, Barner served as Deputy Under Secretary of Commerce for Intellectual Property and Deputy Director of the United States Patent and Trademark Office (USPTO) where she was responsible for leading agency operations and managing a budget of more than $2 billion and 10,000 employees. Before that, Barner also excelled in private legal practice, led an intellectual department and was a member of the executive committee of a major Chicago law firm.
Barner has served in leadership positions on several public company and not-for-profit boards, including Howmet Aerospace Inc., Brebeuf Jesuit Prep School, Indiana Repertory Theatre, Association of Corporate Counsel, Eskenazi Health Foundation, Foundation for Advancement of Diversity in IP Law (FADIPL) and the Leadership Council on Legal Diversity. Barner and her husband reside in the Indianapolis area.
About Cummins Inc.
Cummins Inc., a global power leader, is a corporation of complementary business segments that design, manufacture, distribute and service a broad portfolio of power solutions. The company’s products range from diesel, natural gas, electric and hybrid powertrains and powertrain-related components including filtration, aftertreatment, turbochargers, fuel systems, controls systems, air handling systems, automated transmissions, electric power generation systems, batteries, electrified power systems, hydrogen generation and fuel cell products. Headquartered in Columbus, Indiana (U.S.), since its founding in 1919, Cummins employs approximately 61,600 people committed to powering a more prosperous world through three global corporate responsibility priorities critical to healthy communities: education, environment and equality of opportunity. Cummins serves its customers online, through a network of company-owned and independent distributor locations, and through thousands of dealer locations worldwide and earned about $2.3 billion on sales of $23.6 billion in 2019. See how Cummins is powering a world that’s always on by accessing news releases and more information at https://www.cummins.com/always-on.
Jon Mills
Cummins Inc.
Phone: 317-658-4540
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Energy executive with decades of experience in Energy as a Service complements iSun’s strategic direction of energy services, construction, ownership and operation
WILLISTON, Vt.--(BUSINESS WIRE)--$ISUN #EV--iSun, Inc. (NASDAQ: ISUN) (“iSun”) a leading solar energy, smart city and clean mobility infrastructure innovator with 50 years of construction expertise for solar, electrical and data services, is pleased to announce the appointment of Claudia Meer, experienced energy executive, to its Board of Directors.
Ms. Meer brings decades of energy service experience to the board, including but not limited to:
Jeffrey Peck, Chairman of the Board and Chief Executive Officer of iSun, commented, “In the context of the execution of our growth plan, including organic sales across all business units, accretive M&A and owning clean energy and mobility assets for recurring revenues, Claudia brings the kind of depth of expertise that we know will help guide us in our next expansion activities. We believe Claudia will positively impact the organization, and we are glad that she accepted our offer to join,” said Mr. Peck.
“I am very pleased to be joining the Board of Directors of iSun at this exciting time in the company's growth,” said Ms. Meer. “iSun’s long history of success constructing projects and their goal of merging smart mobility and energy and providing turnkey solutions is at the leading edge of where the clean energy industry is headed. I’m looking forward to working with the rest of the board and the executive team, and I thank them for their vote of confidence.”
About iSun, Inc.
Headquartered in Williston, VT, iSun, Inc. (NASDAQ: ISUN) is a business rooted in values of integrity and diversity that align people, innovation and sustainability. Ranked by Solar Power World as one of the leading commercial solar contractors in the Northeastern United States, iSun provides energy services, smart city innovations 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 Relations Contact:
Michael d’Amato
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p: 802-264-2040
CHEYENNE WELLS, Colo.--(BUSINESS WIRE)--#midstream--Tumbleweed Midstream, LLC (“Tumbleweed”) announced today it has executed a new 10-year helium sales agreement with a global tier one helium supplier. The new contract delivers a top-rated global customer for Tumbleweed’s Ladder Creek plant’s helium production capacity and provides the customer a steady supply of helium through December 31, 2030.
Specific terms of the agreement are undisclosed, however Tumbleweed estimates the value of the overall contract could exceed $500 million. Final contract value will depend on the volume of helium produced by the Ladder Creek plant and delivered between now and year-end 2030.
“We are extremely pleased to be able to announce a new long-term contract with one of the world’s top tier suppliers of helium to global markets,” said Tumbleweed Midstream Founder and CEO Durell Johnson. “With much speculation in the helium market related to new supplies coming on from Russia and Qatar in 2021 and 2022, this new contract provides the stability we need to ensure our producers that their helium will be sold at fixed prices.”
A unique aspect of the agreement gives Tumbleweed the option to sell up to 10% of its helium production to third-party buyers who need to make non-scheduled purchases of helium on the open market. “This is significant because every molecule of available helium anywhere in the world is under contract,” said Johnson. “We have reserved a portion of our annual production specifically to help suppliers who encounter a supply hiccup and suddenly need to buy helium to satisfy customer contracts. Because there is no established marketplace where you can buy helium, we want helium buyers to know they can fill a temporary supply interruption with a single phone call to Tumbleweed Midstream.”
After it acquired the Ladder Creek Helium Plant and Gathering System in December 2019, Tumbleweed revamped its natural gas producer agreements and added new gathering and processing customers. These actions increased natural gas input to the plant in 2020, underpinning a fourfold increase in helium production. Tumbleweed expects its Ladder Creek Helium Plant will ship more than 100 trailer loads of processed liquefied helium in 2021. A trailer of liquefied helium holds approximately 1 million cubic feet of the inert gas.
The Ladder Creek Helium Plant and Gathering System serves natural gas producers operating in eastern Colorado and western Kansas. Natural gas produced in the region has a high helium content, which allows Tumbleweed to return premium netbacks to producers. The presence of significant amounts of helium and low drilling costs for the region’s shallow conventional gas wells are attracting new natural gas drilling to the region. “Continued growth will come from natural gas producers right here in our backyard,” Johnson said. “We recently executed a new 15,000-acre dedication with a producer in Kansas and expect to see new drilling activity that will bring additional production to the plant by the end of Q1.”
Current processing capacity at the Ladder Creek cryogenic processing plant is 38 million cubic feet per day (MMcf/d), expandable to 57 MMcf/d. The company plans to initiate a plant expansion later this year.
Ladder Creek Helium Plant and Gathering System
The Ladder Creek Helium Plant uses state-of-the-art cryogenic processes to extract helium and natural gas liquids from raw natural gas. The helium is further purified to 99.999%, and its temperature is reduced to negative 458 degrees Fahrenheit for transport to customers as a liquid. The Ladder Creek system is supported by long-term acreage dedications across a 1,000-square-mile area that spans Cheyenne, Kit Carson and Kiowa counties in Colorado and Hamilton, Greeley, Wichita, Kearney, Wallace and Finney counties in Kansas. See system map here.
Uses of Helium
Helium is used in the medical industry for MRI machines and for ventilators, which often use a mixture of oxygen and helium called “heliox” to treat patients with severe asthma and other respiratory illnesses. Helium is also used in cryogenics, welding, deep sea diving, manufacturing of fiber optic cables and semiconductors, and retail sales of helium-filled balloons.
About Tumbleweed Midstream
Tumbleweed Midstream, LLC is a privately held, independent natural gas gathering and processing company whose primary business is focused on the separation and production of liquefied helium, NGLs and residue gas from the incoming gas stream as well as the purification and liquefaction of crude helium from third parties. The company’s operations are centered at the Ladder Creek Helium Plant and Gathering System located near Cheyenne Wells, Colorado, just west of the Kansas-Colorado border. Tumbleweed Midstream is supported by capital commitments from the company’s management team and founders. For more information, please visit tumbleweedmidstream.com.
Bevo Beaven
TEN|10 Group, LLC
303.433.4397, x114 o
720.666.5064 m
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