EVBox Group to Gain Access to Growth Capital to Fuel Global Expansion
EVBox Group’s Leadership Position in European EV Charging Solutions is Aligned with TPG Pace Beneficial Finance’s Commitment to Advancing High-Growth, ESG-Focused Companies Globally
ENGIE to Retain 40+% Ownership
Institutional Investors Including Funds and Accounts Managed by BlackRock, Inclusive Capital Partners, Neuberger Berman Funds and Wellington Management to Invest Additional $225 Million of Equity Through Private Placement at Closing
EVBox Group to be Listed on the NYSE Following Close Expected Late Q1-2021
SAN FRANCISCO & PARIS & AMSTERDAM--(BUSINESS WIRE)--TPG Pace Beneficial Finance Corp. (NYSE: TPGY.U, TPGY, TPGY WS) (“TPG Pace”), a publicly traded special purpose acquisition company (“SPAC”) formed by TPG that is focused on high-growth companies with strong environmental, social and governance (“ESG”) principles, today announced it has entered into a definitive agreement with ENGIE New Business S.A.S., a wholly owned subsidiary of ENGIE S.A. (“Engie”), a multi-national utility with headquarters in France, to acquire its subsidiary EV Charged B.V. (the “Company”, “EVBox” or “EVBox Group”) for a combination of cash and equity. EVBox is a leading global provider of smart charging solutions for electric vehicles (“EV”) with Europe’s largest installed base of charging solutions and the most advanced cloud-based software offering.
The transaction is expected to provide EVBox with significant growth capital to expand its reach globally, with focus on Europe and North America, and broaden its technology portfolio, positioning the company to drive and benefit from the growing wave of EV adoption. Following the transaction, EVBox expects to have more than $425 million of cash on its balance sheet, including a portion of the proceeds of TPG Pace’s fully committed Private Investment in Public Equity (“PIPE”) of $225 million, $100 million from TPG Pace’s Forward Purchase Agreements and $350 million of cash held in TPG Pace’s trust account. EVBox also expects to benefit from the partnership with TPG, which has a proven track record of assisting high-growth technology companies successfully transition to the public equity markets. ENGIE will retain a more than 40 percent ownership stake in the Company and expects to continue as a key partner of the Company following the transaction.
“For over a decade, EVBox has been a pioneer in the electric vehicle charging industry, developing and launching innovative software propositions along with award-winning charging stations. We are now scaled for further global expansion and to take a leading role in the anticipated acceleration of EV adoption as we work towards a future where everyday transportation is electric, emission-free and sustained by a clean charging infrastructure,” said Kristof Vereenooghe, President and CEO of EVBox Group. “The global support for this future is ever more evident as world leaders convene in two days for the Climate Ambition Summit to set even more aggressive national goals. With our new partners at TPG, support from ENGIE and a prestigious group of new investors, we anticipate being well positioned to help meet these goals by accelerating product development and providing end-to-end solutions to our expanding customer base, particularly in North America.”
“TPG’s position as one the first movers in both SPACs and impact investing gives us a distinct advantage to help select purpose-driven and disruptive companies as they transition to the public equity markets. We believe that EVBox is a perfect fit with our investment thesis, and we are positioned to help accelerate the growth of this market-leading impact company by providing significant capital and capabilities to assist its mission,” said Karl Peterson, of TPG Pace Group. “We look forward to collaborating with Kristof and the extremely talented EVBox team on the next phase of their growth story and using our network to help them expand on both sides of the Atlantic.”
EVBox is focused on solving the unique demands of customers, businesses and drivers in the dynamic EV industry, and driving innovations that anticipate future market needs. EVBox offers a portfolio of both hardware and enterprise software solutions and has built the industry’s largest installed base of EV charging solutions, with more than 190,000 charge ports across 70 countries. The Company’s growth is driven by sales of equipment as well as recurring-revenue software subscriptions, services and transaction processing fees. EVBox’s open architecture SaaS platform, Everon, serves as the backbone of the offering, with a cloud-native, charging management solution that can support both EVBox and third-party hardware. The Everon software enables new monetization opportunities for charging station owners, supports dynamic load management and enables integration with other software via APIs. EVBox’s offering also includes a complete suite of award-winning AC level 2 and DC fast and ultra-fast, smart charging stations, ranging from 3 to 350 kW, all served by mobility services offered through partners worldwide. EVBox is also a founding member of the Open Charge Alliance and its offerings comply with all Open Charge Point Protocols.
Michael MacDougall, President of TPG Pace, said, “We’ve been closely following this sector and have come to appreciate that charging solutions in Europe are several years ahead of the U.S. and poised to experience explosive growth from the green initiatives of governments, major corporations, automotive OEMs and consumers, alike. EVBox has an enviable position as a clear leader across Europe with the best charging station offering and a clearly differentiated cloud-based software solution that will be an even more important factor in the next stage of this critical market’s evolution.”
“As part of its refocus on renewables and clean technology, ENGIE acquired EVBox in 2017. Since then, EVBox has been at the forefront in providing EV charging solutions in Europe,” said Yves Le Gélard, Executive Vice President, Chief Digital Officer at ENGIE. “We have been impressed by EVBox’s pace of technology development and look forward to the Company’s continued evolution as an independent publicly traded company. The acquisition of EVBox enabled ENGIE to quickly step into the electric charging market, and to build strong positions across Europe. ENGIE now plans to focus its efforts towards design and operation of EV charging infrastructures. eMobility remains at the core of our strategy and we look forward to EVBox being a strong partner to ENGIE.”
TPG Pace worked extensively with its affiliate, Y Analytics, to measure and quantify the Company’s ESG performance and impact. Y Analytics is a distinctive capability in the ESG and impact investing marketplace, leveraging research and fact-based evidence to generate value-centric ESG and impact performance insights for the investment process. Y Analytics concluded that EVBox presents a transformational opportunity for positive environmental impact, estimating that over the next five years, EVBox’s product offering has the potential to catalyze EV adoption at a rate that averts more than 19 million metric tons of CO2 over the lifetime of the vehicles. Following the transaction, Y Analytics expects to continue to work with EVBox to help the Company effectively communicate and track its ESG performance and impact.
TPG has had a long-standing commitment to fostering ESG performance in its portfolio and has grown The Rise Fund, its $5 billion impact investing platform, to become the largest of its kind in the private markets. The firm has an extensive track-record of identifying markets at inflection points and supporting disruptive high-growth companies poised to catalyze or accelerate structural changes in those markets. TPG also has deep experience transitioning companies from the private to public market, having taken 55 companies public over the past 10 years. With that expertise, the firm launched the TPG Pace Group in 2015 to sponsor SPACs and other permanent capital solutions for companies and has since successfully completed five SPAC IPOs to date.
Transaction Summary
The business combination values EVBox at an implied $969 million enterprise value. Upon transaction closing, and assuming no redemptions by TPG Pace stockholders, EVBox is expected to have approximately $425 million in cash, and a total pro-forma equity value of approximately $1.394 billion.
TPG Pace raised capital through an initial public offering for the purpose of entering into a merger, stock purchase or similar business combination with one or more businesses. The combined company will be renamed EVBox Group. Its common shares and warrants are expected to be listed on the New York Stock Exchange (the “NYSE”) under the ticker symbols “EVB” and “EVB WS” Upon closing, EVBox will have a nine person board and a majority of independent directors.
Cash proceeds raised in the transaction will be used to fund operations, support growth and notably pay cash consideration of up to $180 million to ENGIE.
ENGIE expects that the transaction will result in a net debt decrease of ca 0.2 bn€ and EVBox no longer being consolidated in its accounts, with ENGIE’s remaining approximate 40+% shareholding accounted by the equity method.
The transaction is subject to approval by the TPG Pace shareholders and other customary closing conditions. Both ENGIE and TPG Pace have all other required approvals for the proposed transaction. The transaction is expected to close late Q1 2021.
Advisors
Nomura Greentech acted as financial advisor to ENGIE. Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Barclays Capital Inc. and TPG Capital BD, LLC acted as capital markets advisors and PIPE placement agents to TPG Pace. Linklaters LLP acted as the legal advisor to ENGIE and Vinson & Elkins L.L.P. acted as the legal advisor to TPG Pace.
Investor Webcast and Presentation Information
At 5:00 pm EST on December 10, 2020, TPG Pace will be holding an investor conference call. For those who wish to participate, the domestic toll-free access number is +1 833 470 1428 and the international toll-free access number is +1 404 975 4839. Once connected with the operator, please provide the Conference ID number of 529691 and request access to the EVBox Transaction Announcement Investor Call.
A replay of the call will also be available from 6:00 pm EST on December 10, 2020 to 11:59 pm EST on January 10, 2021. To access the replay, go to https://www.netroadshow.com/ and enter the Entry Code: Capital58.
All investor materials, including a copy of the investor presentation, can be found at https://www.tpg.com/pace-beneficial-finance.
About EVBox Group
Founded in 2010, EVBox Group is a leading global provider of EV charging technologies, empowering forward-thinking businesses to drive sustainable mobility, by offering integrated, flexible and scalable EV charging solutions. As a technology pioneer, EVBox Group has been at the forefront of many industry-defining developments including actively promoting smart charging technologies, price transparency and free roaming of charging infrastructure across borders. EVBox Group always seeks to collaborate closely with industry partners and public organizations, with the goal of providing customers and drivers the best charging experience. EVBox Group has been a pioneer and promoter of open standards and offers its drivers a network of more than 190,000 charge ports and its site hosts a possibility to open their charging infrastructure to more than 2 million drivers. EVBox Group is active in all market segments, with customers varying from residential to workplace to retail to fleets and automakers—who all trust the company’s proven, complete charging solutions to help them efficiently and sustainably expand their business. For more information, visit evbox.com. For media questions, please reach out to This email address is being protected from spambots. You need JavaScript enabled to view it..
About ENGIE
ENGIE is a global reference in low-carbon energy and services. ENGIE’s purpose (“raison d’être”) is to act to accelerate the transition towards a carbon-neutral world, through reduced energy consumption and more environmentally friendly solutions, reconciling economic performance with a positive impact on people and the planet. ENGIE relies on its key businesses (gas, renewable energy, services) to offer competitive solutions to its customers. With its 170,000 employees, its customers, partners and stakeholders, ENGIE is a community of Imaginative Builders, committed every day to more harmonious progress.
Turnover in 2019: 60.1 billion Euros. ENGIE is listed on the Paris and Brussels stock exchanges (ENGI) and is represented in the main financial indices (CAC 40, DJ Euro Stoxx 50, Euronext 100, FTSE Eurotop 100, MSCI Europe) and non-financial indices (DJSI World, DJSI Europe and Euronext Vigeo Eiris - World 120, Eurozone 120, Europe 120, France 20, CAC 40 Governance).
About TPG
TPG is a leading global alternative asset firm founded in 1992 with approximately $85 billion of assets under management and offices in Austin, Beijing, Fort Worth, Hong Kong, London, Luxembourg, Melbourne, Moscow, Mumbai, New York, San Francisco, Seoul, Singapore, and Washington, DC. TPG's investment platforms are across a wide range of asset classes, including private equity, growth equity, real estate, and public equity. TPG aims to build dynamic products and options for its investors while also instituting discipline and operational excellence across the investment strategy and performance of its portfolio. For more information, visit www.tpg.com or Twitter @TPG.
About TPG Pace Group and TPG Pace
TPG Pace Group is TPG’s dedicated permanent capital platform. TPG Pace Group has a long-term, patient, and highly flexible investor base, allowing it to seek compelling opportunities that will thrive in the public markets. TPG Pace Group has sponsored five special purpose acquisition companies (“SPACs”) and raised more than $3 billion since 2015.
TPG Pace raised $350 million in its October 2020 IPO in order to seek a business combination target that combines attractive business fundamentals with, or with the potential for strong environmental, social and governance (“ESG”) principles and practices. For more information, visit https://www.tpg.com/pace-beneficial-finance.
TPG Pace Group is also sponsoring TPG Pace Tech Opportunities (NYSE: PACE, PACE.U, PACE WS) which raised $450 million in its October 2020 IPO along with $150 million of forward purchase agreements. It is seeking a business combination with a leading technology company that complements the experience and expertise of our management team and TPG and is a business that TPG’s transformative operating skills and strategic advice can help improve. For more information, visit https://www.tpg.com/story/tpg-pace-tech-opportunities.
About Y Analytics
Y Analytics is a public benefit corporation where independent research and capital converge for good. Y Analytics bridges the divide between decision-makers and the research community, leveraging a research-based approach to help better understand the impact of capital allocation decisions. Y Analytics enables the increasing efficiency and reach of every dollar invested for impact. The organization was founded by TPG in conjunction with The Rise Fund and is headquartered in Washington, D.C. For more information, visit yanalytics.org.
Important Information for Investors and Shareholders
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval.
In connection with the proposed business combination, Edison Holdco B.V. (“Holdco”), an affiliate of TPG Pace, will file with the Securities and Exchange Commission (the “SEC”) a registration statement on Form F-4, which will include a prospectus of Holdco and a proxy statement of TPG Pace. Holdco and TPG Pace also plan to file other documents with the SEC regarding the proposed transaction. After the registration statement has been declared effective by the SEC, a definitive joint proxy statement/prospectus will be mailed to the shareholders of TPG Pace. INVESTORS AND SHAREHOLDERS OF TPG PACE ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO) AND OTHER DOCUMENTS RELATING TO THE PROPOSED BUSINESS COMBINATION THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED BUSINESS COMBINATION. Investors and shareholders will be able to obtain free copies of the joint proxy statement/prospectus and other documents containing important information about Holdco and TPG Pace once such documents are filed with the SEC, through the website maintained by the SEC at http://www.sec.gov.
Participants in the Solicitation
Holdco, TPG Pace, ENGIE and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of TPG Pace in connection with the proposed transaction. Information about the directors and executive officers of TPG Pace is set forth in TPG Pace’s initial public offering prospectus, which was filed with the SEC on October 8, 2020. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the joint proxy statement/prospectus and other relevant materials to be filed with the SEC when they become available.
Forward Looking Statements
The information included herein and in any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included herein, regarding the proposed merger of TPG Pace into New TPG Pace Beneficial Finance Corp. and the proposed acquisition of the common shares of EVBox Group by Holdco, Holdco’s, ENGIE New Business’s and TPG Pace’s ability to consummate the transaction, the benefits of the transaction and Holdco’s future financial performance following the transaction, as well as Holdco’s, ENGIE New Business’s and TPG Pace’s strategy, future operations, financial position, estimated revenues, and losses, projected costs, prospects, plans and objectives of management are forward looking statements. When used herein, including any oral statements made in connection herewith, the words “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Holdco, EVBox Group, ENGIE and TPG Pace disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof. Holdco, EVBox Group, ENGIE and TPG Pace caution you that these forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Holdco and TPG Pace. These risks include, but are not limited to, (1) the inability to complete the transactions contemplated by the proposed business combination; (2) the inability to recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things, competition, and the ability of the combined business to grow and manage growth profitably; (3) risks related to the rollout of EVBox Group’s business and expansion strategy; (4) consumer failure to accept and adopt electric vehicles; (5) overall demand for electric vehicle charging and the potential for reduced demand if governmental rebates, tax credits and other financial incentives are reduced, modified or eliminated; (6) the possibility that EVBox Group’s technology and products could have undetected defects or errors; (7) the effects of competition on EVBox Group’s future business; (8) the inability to successfully retain or recruit officers, key employees, or directors following the proposed business combination; (9) effects on TPG Pace’s public securities’ liquidity and trading; (10) the market’s reaction to the proposed business combination; (11) the lack of a market for TPG Pace’s securities; (12) TPG Pace’s and EVBox Group’s financial performance following the proposed business combination; (13) costs related to the proposed business combination; (14) changes in applicable laws or regulations; (15) the possibility that the novel coronavirus (“COVID-19”) may hinder TPG Pace’s ability to consummate the business combination; (16) the possibility that COVID-19 may adversely affect the results of operations, financial position and cash flows of TPG Pace, Holdco or EVBox Group; (17) the possibility that TPG Pace or EVBox Group may be adversely affected by other economic, business, and/or competitive factors; and (18) other risks and uncertainties indicated from time to time in documents filed or to be filed with the SEC by TPG Pace. Should one or more of the risks or uncertainties described herein and in any oral statements made in connection therewith occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact Holdco’s and TPG Pace’s expectations and projections can be found in TPG Pace’s initial public offering prospectus, which was filed with the SEC on October 8, 2020. In addition, TPG Pace’s periodic reports and other SEC filings are available publicly on the SEC’s website at www.sec.gov.
ADDITIONAL INFORMATION ABOUT THE BUSINESS COMBINATION AND WHERE TO FIND IT
In connection with the proposed business combination, Holdco will file a registration statement on Form F-4 and the related proxy statement/prospectus with the SEC. Additionally, Holdco and TPG Pace will file other relevant materials with the SEC in connection with the proposed merger of TPG Pace into New TPG Pace Beneficial Finance Corp. and the proposed acquisition from ENGIE of the common shares of EVBox Group by Holdco. The materials to be filed by Holdco and TPG Pace with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov. Investors and security holders of TPG Pace are urged to read the proxy statement/prospectus and the other relevant materials when they become available before making any voting or investment decision with respect to the proposed business combination because they will contain important information about the business combination and the parties to the business combination.
Media:
ENGIE
Tél. France: +33 (0)1 44 22 24 35
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ENGIEpress
EVBox:
Job Karstens
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+31 (0)6 22 26 55 25
Madeline Vidak
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TPG/TPG Pace
Luke Barrett
(415) 743-1550
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Tom Johnson/Sheila Ennis
Abernathy MacGregor
(917) 747-6990/(510) 604-8027
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ENGIE
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Company expands its premium energy storage product line, project financing offering and operational footprint in 2020
HONOLULU--(BUSINESS WIRE)--Blue Planet Energy continued its momentum in delivering premium energy storage solutions to global resilience projects in 2020, surpassing a 2.5GWh company milestone of reliable energy delivered from its Blue Ion product installations. In addition, this year marked the first installations of the new Blue Ion LX integrated solution at sites across North America, which include a grid-independent microgrid installation at an industrial warehouse facility in Santa Cruz, Calif., and a 1MWh project in the Northeastern U.S. The company also launched new project financing options for its customers and expanded its operational footprint with a new service center and key new hires to keep up with the robust growth in demand for microgrids and smart energy storage solutions.
“With all the challenges that 2020 had for the world, from intense wildfires and hurricanes to the expansion of health services in response to the pandemic, every turn throughout the year underscored the urgent need for increased energy resilience on a global scale,” said Chris Johnson, CEO of Blue Planet Energy. “The Blue Planet Energy ‘ohana rose to these challenges and reinforced our commitments to not only advance energy storage safety and quality but also advance the industry's practices in terms of being a responsible business. We strive to represent the communities we serve and to establish an inclusive model to expand our impact and accelerate the clean energy revolution. For example, in 2020 we proudly joined over 1,000 companies in signing the CEO Action Pledge to create a more inclusive workplace, pursuing a diversity of talents, experiences and perspectives to bring forward new solutions, approaches and innovations.”
Energy Storage Innovations
In 2020, Blue Planet Energy continued to set the bar for energy storage safety and quality. The company set itself apart in the market by completing the UL9540A evaluation at the battery cell and module level, a testing process developed to address the fire safety hazards associated with propagating thermal runaway within battery systems. Blue Planet Energy’s non-toxic lithium ferrous phosphate (LFP) batteries are strategically integrated with flexible microgrid control software in a ruggedized, custom enclosure for the new Blue Ion LX solution, which began deployments this year. In early 2021, the company plans to evolve its Blue Ion product line with new innovations that leverage high-quality features introduced with the Blue Ion LX.
Global Resilience Projects
Blue Planet Energy battery storage systems continued to be deployed in diverse projects in 2020, including the Basalt Vista innovative affordable housing project in Basalt, Colo., developed in coordination with numerous stakeholders the Department of Energy (DOE), National Renewable Energy Laboratory (NREL), Habitat for Humanity, Sunsense Solar and Holy Cross Energy. Additional community infrastructure projects were implemented in collaboration with non-government organizations, community non-profits and more throughout the year, such as water pumping stations, hospitals and children’s shelters.
Company Expansions
The company also built out new project financing offerings in 2020, providing options for both loans and leases. For example, Blue Planet Energy is now an approved energy storage vendor with Mosaic, where dealers can use Mosaic to finance solar-plus-storage or storage only projects by registering on the Mosaic platform. Other company expansions include a new service center in California and team additions in marketing, engineering, operations and sales.
For more information about Blue Planet Energy, visit blueplanetenergy.com.
About Blue Planet Energy
Blue Planet Energy is making the promise of grid independence a reality. With our scalable Blue Ion energy platform, we enable safe, resilient, clean energy to be delivered through distributed, smart energy storage and microgrids. Our energy storage systems are used by both businesses and homeowners to provide energy security and independence from the utility grid while driving the increased use of renewable power generation. To learn more about our technology or join our top-notch dealer network, visit blueplanetenergy.com.
Christine Bennett
Blue Planet Energy
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ST. CATHARINES, Ontario--(BUSINESS WIRE)--Algoma Central Corporation (“Algoma” or the “Company”) (TSX:ALC), a leading provider of marine transportation services, today announced that it has completed a refinancing of its senior secured credit facilities that were due to mature during 2021, securing highly favourable terms. Proceeds of the new issue will be used to repay the maturing senior secured notes and revolving bank credit agreement, to finance the Company’s capital expenditure plans, and for general corporate purposes.
The new credit facilities include $316 million (all amounts in Canadian dollar equivalent) raised in a private placement of senior secured notes payable (the “New Notes”). The New Notes, which have been issued in both US dollar and Canadian dollar tranches, have terms between seven and 15 years and bear interest rates ranging from 3.37% to 4.01% per annum. With an overall effective rate at closing of 3.80%, the New Notes represent a 149 basis point reduction in effective interest rate compared to the existing senior secured notes that they replace. The New Notes have been issued to a group of Canadian and US insurance companies. RBC Capital Markets, LLC led the issuance of the New Notes on behalf of the Company.
Proceeds of the New Notes will be used to retire $171 million of existing senior secured notes and $71 million of drawings under the current revolving bank credit agreement. In addition, the Company incurred approximately $9 million of costs to complete the transaction, including fees, commissions and break costs on the existing facilities. The Company will retain cash following closing of approximately $65 million for future capital expenditures and general corporate purposes.
Concurrent with the issuance of the New Notes, the Company has entered into a new $171 million revolving bank credit agreement (the “Bank Revolver”) with a syndicate of four banks. Placement of the Bank Revolver was led by Canadian Imperial Bank of Commerce, assisted by Bank of Nova Scotia.
Borden Ladner Gervais acted as Canadian counsel to the Company and Skadden, Arps, Slate, Meagher & Flom advised the Company on US matters.
“Capital markets have been very attractive recently, presenting an opportunity to reduce our cost of capital and extend the maturity date for our long-term debt, while eliminating refinancing risk that might have arisen had we waited until next year to refinance,” said Peter Winkley, Algoma’s Chief Financial Officer. “We have taken this opportunity to secure significant liquidity under good terms and very attractive pricing, positioning the Company well to achieve its objectives and deliver shareholder value,” Mr. Winkley continued.
Both the New Notes and the Bank Revolver are secured by the material marine assets of Algoma and by guarantees pledged by the material subsidiaries of the Company.
The New Notes were offered and sold on a private placement basis to accredited investors in the United States and in certain provinces of Canada. The New Notes have not been and will not be qualified for sale to the public under applicable Canadian securities laws and, accordingly, any offer and sale of the New Notes in Canada will be made on a basis that is exempt from the prospectus requirements of such securities laws. The New Notes have not been and will not be registered under the United States Securities Act of 1933 (the “Securities Act”) or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and state securities laws.
About Algoma Central Corporation
Algoma owns and operates the largest fleet of dry and liquid bulk carriers operating on the Great Lakes – St. Lawrence Waterway, including self-unloading dry-bulk carriers, gearless dry-bulk carriers, cement carriers and product tankers. Algoma also owns ocean self-unloading dry-bulk vessels operating in international markets and a 50% interest in NovaAlgoma, which owns and operates a diversified portfolio of dry-bulk fleets serving customers internationally.
Forward-looking Statements
Certain information contained in this press release may constitute forward-looking information under applicable securities laws, including statements related to Algoma’s intentions with respect to the use of the net proceeds of the refinancing. Forward-looking statements, by their very nature, involve inherent risks and uncertainties and are based on several assumptions, both general and specific. Much of this information can be identified by looking for words such as “believe”, “expects”, “expected”, “will”, “intends”, “projects”, “anticipates”, “estimates”, “continues” or similar words. Forward-looking statements are based on current information and expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated: accordingly, readers should not place undue reliance on forward-looking statements. Forward-looking statements contained in this press release are made as of the date hereof and are subject to change. Algoma assumes no obligation to revise or update forward looking statements to reflect new circumstances, except as required by law.
Gregg A. Ruhl
President & CEO
905-687-7890
Peter D. Winkley
Chief Financial Officer
905-687-7897
Or visit
www.algonet.com
Unilever, Starbucks, and Dairy Farmers of America have joined, committing to food waste reduction and repurposing, and decarbonization goals
BOSTON--(BUSINESS WIRE)--#DFA--Major food industry leaders are joining forces alongside Vanguard Renewables to launch the Farm Powered Strategic Alliance (FPSA) aimed at accelerating long-term commitments to avoid or eliminate food waste first and repurpose what can’t be eliminated into renewable energy. FPSA first movers include Unilever, Starbucks, and Dairy Farmers of America. The Farm Powered Strategic Alliance commits to reducing food waste from manufacturing and the supply chain and repurposing any unavoidable waste that cannot be eliminated into renewable energy via Vanguard Renewables farm-based anaerobic digesters. The FPSA members also commit to begin exploring the process of decarbonizing their thermal energy usage by converting to farm-derived renewable natural gas.
“This unprecedented commitment by food industry leaders to the Farm Powered Strategic Alliance is a call to action for others to follow to impact climate change and shape a sustainable future for America and the planet,” said John Hanselman, Chairman and CEO, Vanguard Renewables. “This transformative movement will repurpose food waste that cannot be eliminated into renewable energy and low carbon fertilizer for farm use. Working with our Farm Powered Strategic Alliance partners, we plan to expand our organics recycling facility footprint to all major metro areas nationwide.”
Hanselman explains that this is just the beginning. He expects the Farm Powered Strategic Alliance to grow to include other leading U.S. food manufacturers and retailers and adds that the FPSA has the potential to not only reduce the members’ direct climate challenges, but to also reduce the hard to move Scope 3 emissions from their supply chain partners. These are indirect emissions that occur in the value chain of the reporting company. Hanselman also emphasized the significant impact the Farm Powered Strategic Alliance will have on helping sustain farms across America for future generations.
In the United States, more than 40 percent of all food produced ends up being discarded. While eliminating that waste is a priority, some of this unavoidable food waste is still sent to landfills or incinerators, but can be repurposed to produce renewable energy. The food waste recycling revolution that started in Europe is now sweeping across the United States. Vanguard Renewables uses anaerobic digesters situated on farms to capture this energy and generate renewable natural gas or renewable electricity to be used in homes and manufacturing plants across the nation. Moreover, the process produces low carbon fertilizer that host farms use to support regenerative agriculture practices while it supports the American farmer with a diversified income stream.
“The Farm Powered Strategic Alliance is an impactful solution to tackling both food waste and carbon emissions,” said Michael Kobori, Starbucks chief sustainability officer. “We've made great strides in eliminating food waste at the store level with our Starbucks Foodshare program, which has helped divert 25 million meals from landfills. The Farm Powered Strategic Alliance offers an innovative solution for our supply chain, and brings us one step closer to our goal of a resource positive future.”
Vanguard Renewables is one of the country’s leading food waste recyclers, with seven operating facilities in the Northeast and more than 20 Farm Powered® anaerobic digester facilities in permitting and development nationwide. These new facilities will provide organics recycling capacity for the current FPSA partners and have capacity to recycle organic waste from future FPSA members. The Farm Powered anaerobic digestion process combines manure from the dairy farm with food and beverage waste in the anaerobic digester and microorganisms convert sugars, fats, and other compounds into renewable energy and low carbon fertilizer.
“Unilever is accelerating action to fight climate change, regenerate nature, and preserve resources. We are excited to join the Farm Powered Strategic Alliance and are inspired by their vision to repurpose our unavoidable food waste to support renewable energy production and regenerative agriculture practice on farms across America. We cannot transition to a low carbon economy alone and encourage other businesses to join us in this crucial alliance,” said Ale Eboli, Head of Supply Chain Operations for Unilever North America.
Organizations and institutions with greenhouse gas reduction targets such as Dairy Farmers of America can also join the FPSA.
“Dairy Farmers of America has been working with Vanguard Renewables for more than six years to empower family farms and support a more circular economy,” said David Darr, Chief Strategy and Sustainability Officer, Dairy Farmers of America. “Anaerobic digestion can change the economics and carbon footprint of a farm, allowing generational sustainability and energy independence. We are excited to see many more of our farms and dairy processing facilities taking advantage of the new carbon economy to make a positive impact on America.”
In addition to recycling organic waste and generating carbon negative renewable natural gas, hosting a Farm Powered anaerobic digester on a farm makes a real difference for the host farmer.
“If you’re just going to milk cows or grow lettuce, that’s really hard because it’s cyclical; you need to be diversified and not depend upon just one income stream,” adds DFA member Peter Melnik of Bar-Way Farm in Deerfield, Massachusetts. “A lot of dairies have been really struggling; the Farm Powered anaerobic digester has been an important part of making our farm sustainable.”
About Vanguard Renewables
Vanguard Renewables is the U.S. leader in organics to renewable energy. The company collects and recycles food and beverage waste into renewable energy at its farm-based anaerobic digesters. The Farm Powered® process significantly reduces greenhouse gas emissions and provides a diversified income stream for the host farm. Vanguard also operates Organics Recycling Facilities to depackage and pre-process organic waste streams including expired goods and off-spec batches before sending them to an anaerobic digester to be recycled. Vanguard recently received the 2020 Energy Vision Leadership Award and was named 2018 Organics Recycler of the Year by the National Waste & Recycling Association. Vanguard Renewables won the 2019 American Biogas Council Up-and-Coming Project Award for its AD facility in Salisbury, Vt. and the 2019 American Biogas Council Longevity Award for its Rutland, Ma. AD facility. Vanguard’s Hadley, Ma. digester project won 2016 ABC Project of the Year honors. Please visit www.vanguardrenewables.com to learn more.
About Starbucks
Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting high-quality arabica coffee. Today, with over 32,000 stores around the globe, the company is the premier roaster and retailer of specialty coffee in the world. Through our unwavering commitment to excellence and our guiding principles, we bring the unique Starbucks Experience to life for every customer through every cup. To share in the experience, please visit us in our stores or online at http://news.starbucks.com or www.starbucks.com.
About Unilever
Unilever is one of the world’s leading suppliers of Beauty & Personal Care, Home Care, and Foods & Refreshment products with sales in over 190 countries and reaching 2.5 billion consumers a day. In the United States and Canada, the portfolio includes brand icons such as: Axe, Ben & Jerry’s, Breyers, Degree, Dollar Shave Club, Dove, Hellmann’s, Klondike, Knorr, Lever 2000, Lipton, Love Beauty and Planet, Magnum, Nexxus, Noxzema, Pond’s, Popsicle, Pure Leaf, Q-tips, Seventh Generation, Simple, Sir Kensington’s, St. Ives, Suave, Talenti Gelato & Sorbetto, TAZO, TIGI, TRESemmé and Vaseline. All of the preceding brand names are trademarks or registered trademarks of the Unilever Group of Companies.
Unilever’s Sustainable Living Plan (USLP) underpins the company’s strategy and commits to:
The USLP creates value by driving growth and trust, eliminating costs and reducing risks. The company’s Sustainable Living Brands grew 69% faster than the rest of the business and delivered 75% of the company’s growth in 2018. Please visit unileverusa.com to learn more.
About Dairy Farmers of America (DFA)
Dairy Farmers of America is a national, farmer-owned dairy cooperative focusing on quality, innovation and the future of family dairies. While supporting and serving more than 13,000 family farm-owners, DFA manufactures a variety of dairy products, including fluid milk, cheese, butter, ice cream, dairy ingredients and more that connect our Cooperative’s family farms to family tables with regional brands such as Country Fresh, Meadow Gold, Friendly’s Ice Cream, Borden® Cheese, Plugra® Butter and Kemps® to name a few. On a global scale, we work with some of the world’s largest food companies to develop ingredients their customers are craving, while staying committed to social responsibility and ethical farming. Please visit dfamilk.com to learn more.
Media:
Vanguard Renewables Contact
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Dairy Farmers of America Contact
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sPower acquires nine Upstate New York solar projects from National Grid Renewables
SALT LAKE CITY--(BUSINESS WIRE)--sPower, a leading renewable energy Independent Power Producer (IPP), announced today the acquisition of nine solar projects in New York from National Grid Renewables, the renewable energy arm of National Grid's competitive, unregulated division. The portfolio includes projects in Franklin, Jefferson, Chautauqua, Lewis, and other counties across Upstate New York. This portfolio is estimated to have a 1-gigawatt (GWdc) capacity of renewable energy.
Six of the nine projects are currently in the early stages of the Article 10 permitting application process. The projects are expected to reach commercial operation between December of 2022 and December of 2023.
The news of this portfolio acquisition from National Grid Renewables comes as sPower announces a merger with The AES Corporation's (AES) US-based clean energy development business. sPower has been jointly-owned by AES and Alberta Investment Management Corporation (AIMco) since 2017. The AES-sPower transaction is expected to close in the next few months upon successful completion of customary closing conditions. AES Clean Energy will also include AES Distributed Energy and a wind development team formerly part of Advanced Energy. The merged business will represent one of the top renewable growth platforms in the country. In New York, the company will have a combined operating portfolio of nearly 150-megawatts (MWdc) and a more than 1-gigawatt development portfolio.
"Our merged renewables platform will bring together sPower and AES' differentiated capabilities in solar, wind, and energy storage. Through this platform, we look to accelerate the transition to a carbon-free future, a vision we share with New York State," said Leo Moreno, president of AES Clean Energy. "We are thrilled to further expand in New York and look forward to continuing to build a platform that is uniquely positioned to help the state realize its goal of 70 percent renewable energy by 2030."
"As one of the largest project-portfolio acquisitions in sPower's history, this is a tremendous feat. It was made possible through the hard work of our team and collaboration with National Grid Renewables," said Brian Callaway, Vice President of Structured Finance and M&A. "This transaction highlights our leadership in strategic acquisitions and partnerships as part of our holistic renewable energy development strategy."
The more than 1-gigawatt acquired portfolio will provide significant benefits to the region, including economic benefits for the local communities, counties, and State in the form of clean, renewable energy generation and economic development through construction, operations, and maintenance jobs, expenditures for supplies and materials, lease payments to participating landowners, and tax payments to local communities. sPower also intends to hire local Union Labor, whenever possible, throughout the portfolio's development.
"We are actively working to develop this portfolio in a way that benefits communities and allows for their input throughout the process," said Mike Farrell, sPower's New York-based Senior Manager of Solar Development. "As we move forward, we remain committed to local communities and developing the project portfolio in a way that is mutually beneficial."
About sPower:
Headquartered in Salt Lake City, Utah, with a regional office in Brooklyn, New York, sPower is a leading independent power producer (IPP) that owns and operates a wind, solar, and storage portfolio of nearly 2,000 megawatts. sPower is owned by a joint venture partnership between The AES Corporation (NYSE: AES), a Fortune 500 global power company, and the Alberta Investment Management Corporation (AIMCo), one of Canada's largest and most diversified institutional investment managers. For more information about sPower in New York, visit www.spower.com/ny.
About AES:
The AES Corporation (NYSE: AES) is a Fortune 500 global energy company accelerating the future of energy. Together with our many stakeholders, we're improving lives by delivering the greener, smarter energy solutions the world needs. Our diverse workforce is committed to continuous innovation and operational excellence, while partnering with our customers on their strategic energy transitions and continuing to meet their energy needs today. For more information, visit www.aes.com/even-better-together/.
About National Grid Renewables:
National Grid Renewables, part of the competitive, unregulated National Grid Ventures division of National Grid (NYSE: NGG), develops, owns and operates large-scale renewable energy assets across the United States, including solar, wind and battery storage. As a farmer-friendly and community-focused business, National Grid Renewables develops projects for corporations and utilities that seek to repower America's electricity grid by reigniting local economies and reinvesting in a sustainable, clean energy future.
National Grid Renewables has a robust development pipeline of wind, solar and battery storage projects in various stages of development throughout the United States, as well as geographically diverse operational assets across the country. It supports National Grid's vision of being at the heart of a clean, fair and affordable energy future for all. Please visit www.nationalgridrenewables.com to learn more.
sPower
Lara Hamsher
2180 South 1300 East, Suite 600, Salt Lake City, UT 84106
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HOUSTON--(BUSINESS WIRE)--Genesis Energy, L.P. (NYSE: GEL) today announced the commencement of a cash tender offer to purchase any and all of the outstanding aggregate principal amount of the 6.000% senior unsecured notes due 2023 that we co-issued with our subsidiary, Genesis Energy Finance Corporation. As of December 10, 2020, $389,642,000 aggregate principal amount of the notes were outstanding. The tender offer is being made pursuant to an offer to purchase and a related letter of transmittal, each dated as of December 10, 2020, and notice of guaranteed delivery. The tender offer will expire at 5:00 p.m., New York City time, on December 16, 2020, unless extended (the “Expiration Time”). Settlement is expected to occur on December 17, 2020.
Holders of notes that are validly tendered and accepted at or prior to the Expiration Time will receive in cash the total consideration of $1,018.40 per $1,000 principal amount of notes, plus any accrued and unpaid interest up to, but not including, the settlement date.
The tender offer is contingent upon, among other things, our successful completion of one or more debt financing transactions, including potential debt securities offerings, in an amount sufficient to fund the purchase of validly tendered notes accepted for purchase in the tender offer and to pay all fees and expenses associated with such financing and the tender offer. The tender offer is not conditioned on any minimum amount of notes being tendered. We may amend, extend or terminate the tender offer in our sole discretion.
Tendered notes may be withdrawn at any time prior to the Expiration Time. This press release is neither an offer to purchase nor a solicitation of an offer to sell any notes. The tender offer is being made pursuant to the terms and conditions contained in the offer to purchase, the related letter of transmittal and the notice of guaranteed delivery, copies of which may be obtained from D. F. King & Co., Inc., the information agent and tender agent for the tender offer, by telephone at (877) 283-0325 (toll-free) or, for banks and brokers, at (212) 269-5550 (Banks and Brokers Only) or in writing at D. F. King & Co., Inc., 48 Wall Street, 22nd Floor, New York, New York 10005, Attention: Andrew Beck, or by email at This email address is being protected from spambots. You need JavaScript enabled to view it.. Persons with questions regarding the tender offer should contact the dealer manager, RBC Capital Markets, LLC by telephone at (877) 371-2099 (toll-free) or (212) 618-7843.
Copies of the offer to purchase, the related letter of transmittal and the notice of guaranteed delivery are also available at the following web address: www.dfking.com/genesis.
Genesis Energy, L.P. is a diversified midstream energy master limited partnership headquartered in Houston, Texas. Genesis’ operations include offshore pipeline transportation, sodium minerals and sulfur services, marine transportation and onshore facilities and transportation. Genesis’ operations are primarily located in the Gulf Coast region of the United States, Wyoming and the Gulf of Mexico.
This press release includes forward-looking statements as defined under federal law. Although we believe that our expectations are based upon reasonable assumptions, no assurance can be given that our goals will be achieved, including statements related to the tender offer. Actual results may vary materially. We undertake no obligation to publicly update or revise any forward-looking statement.
Genesis Energy, L.P.
Ryan Sims
SVP – Finance and Corporate Development
(713) 860-2521
KIYOSU, Japan--(BUSINESS WIRE)--Toyoda Gosei Co., Ltd. (TOKYO:7282) has conducted a line-off ceremony at the Inabe Plant in Inabe, Mie Prefecture, Japan for the production of high pressure hydrogen tanks, a crucial component of fuel cell vehicles (FCVs). Mie Governor Eikei Suzuki, Inabe Mayor Yasushi Hioki, Toyota Motor Corporation Motomachi Plant Manager Masamichi Okada and others were invited to the ceremony and Toyoda Gosei executives and employees attended.
The Inabe Plant started producing high pressure hydrogen tanks in November for the new MIRAI, which was launched by Toyota Motor Corporation in December 2020. Production capacity at the plant will continue to be built up gradually to meet growth in demand with the expected increase in number of FCV models.
Outline of Inabe Plant |
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Toyoda Gosei Inabe Plant |
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6-1 Fujigaoka, Fujiwaracho, Inabe, Mie Pref., Japan |
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High pressure hydrogen tanks and other products |
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Land approx. 130,000m2, Buildings approx. 21,000m2 |
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Employees |
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Approx. 100 |
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equipment |
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Solar energy panels |
1,600kW |
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(scheduled to be installed on March 2021) |
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Wind power generation |
5kW × 2 |
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Hydrogen fuel cell power generation |
3.5kW |
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Geothermal heating and cooling system |
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LED lighting (entire plant) |
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Toyoda Gosei Co., Ltd.
Takatomo Abe
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HOUSTON--(BUSINESS WIRE)--Genesis Energy, L.P. (NYSE: GEL) today announced the commencement of a registered, underwritten public offering of $550,000,000 in aggregate principal amount of senior unsecured notes due 2027. The notes will be co-issued with our subsidiary, Genesis Energy Finance Corporation, and will be guaranteed, with certain exceptions, by substantially all of our existing and future subsidiaries other than our unrestricted subsidiaries. We intend to use a portion of the net proceeds from the offering to fund the purchase price and accrued and unpaid interest for all of our 6.000% senior unsecured notes due 2023 that are validly tendered and accepted for payment in our concurrent tender offer and the redemption price and accrued and unpaid interest for any 6.000% senior unsecured notes due 2023 that remain outstanding after the completion or termination of our concurrent tender offer and the remainder for general partnership purposes, including repaying a portion of the borrowings outstanding under our revolving credit facility.
RBC Capital Markets, LLC is leading the offering along with several joint book-running managers and co-managers. A copy of the preliminary prospectus supplement and accompanying base prospectus relating to this offering, when available, may be obtained from RBC Capital Markets, LLC, 200 Vesey Street, 8th Floor, New York, NY 10281, Attention: High Yield Capital Markets, Telephone: (212) 428 6200.
You may also obtain these documents for free, when they are available, by visiting the SEC’s website at www.sec.gov.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offer is being made only through the prospectus supplement and accompanying base prospectus, each of which is part of our effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission.
This press release is not an offer to purchase any of the 6.000% senior unsecured notes due 2023 and does not constitute a notice of redemption under the indenture governing the 6.000% senior unsecured notes due 2023. The concurrent tender offer is being made only by and pursuant to the terms of an Offer to Purchase, dated December 10, 2020 and the related letter of transmittal.
Genesis Energy, L.P. is a diversified midstream energy master limited partnership headquartered in Houston, Texas. Genesis’ operations include offshore pipeline transportation, sodium minerals and sulfur services, onshore facilities and transportation and marine transportation. Genesis’ operations are primarily located in the Gulf Coast region of the United States, Wyoming and the Gulf of Mexico.
This press release includes forward-looking statements as defined under federal law. Although we believe that our expectations are based upon reasonable assumptions, no assurance can be given that our goals will be achieved, including statements regarding our ability to successfully close the offering and to use the net proceeds as indicated above. Actual results may vary materially. We undertake no obligation to publicly update or revise any forward-looking statement.
Genesis Energy, L.P.
Ryan Sims
SVP – Finance and Corporate Development
(713) 860-2521
DALLAS--(BUSINESS WIRE)--Kosmos Energy (NYSE/LSE: KOS) (“Kosmos” or the “Company”) today announced that it has closed the previously announced transaction with B.V. Dordtsche Petroleum Maatschappij (“Shell”), a wholly-owned subsidiary of Royal Dutch Shell PLC (LSE: RDSA), to farm down interests in Suriname, Sao Tome & Principe and Namibia for approximately $95 million, plus future contingent payments of up to $100 million. The transfer of interests in South Africa is expected to take place in 2021.
Andrew G. Inglis, Kosmos Energy’s chairman and chief executive officer said: “We are pleased to complete this transaction with Shell on schedule. The proceeds enable Kosmos to strengthen the balance sheet while accelerating high graded exploration opportunities in proven basins. The contingent payments locked into the agreement with Shell ensure we retain upside from frontier exploration with no further investment.”
Kosmos has allocated up to one-third of the initial proceeds for two high-quality infrastructure-led exploration prospects in the Gulf of Mexico, each offering hub scale potential with a low-cost, lower-carbon development scheme. The first test on the Winterfell prospect is currently drilling with results expected early next year. The company expects to use the remainder of the proceeds to reduce borrowings outstanding under its credit facilities.
Post completion of the transaction, Kosmos retains a focused exploration portfolio with over six billion barrels of gross resource potential in proven basins in West Africa and the Gulf of Mexico.
About Kosmos Energy
Kosmos is a full-cycle deepwater independent oil and gas exploration and production company focused along the Atlantic Margins. Our key assets include production offshore Ghana, Equatorial Guinea and U.S. Gulf of Mexico, as well as a world-class gas development offshore Mauritania and Senegal. Kosmos is listed on the New York Stock Exchange and London Stock Exchange and is traded under the ticker symbol KOS. As an ethical and transparent company, Kosmos is committed to doing things the right way. The Company’s Business Principles articulate our commitment to transparency, ethics, human rights, safety and the environment. Read more about this commitment in the Kosmos 2018 Corporate Responsibility Report. For additional information, visit www.kosmosenergy.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Kosmos expects, believes or anticipates will or may occur in the future are forward-looking statements. Kosmos’ estimates and forward-looking statements are mainly based on its current expectations and estimates of future events and trends, which affect or may affect its businesses and operations. Although Kosmos believes that these estimates and forward-looking statements are based upon reasonable assumptions, they are subject to several risks and uncertainties and are made in light of information currently available to Kosmos. When used in this press release, the words “anticipate,” “believe,” “intend,” “expect,” “plan,” “will” or other similar words are intended to identify forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Kosmos, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Further information on such assumptions, risks and uncertainties is available in Kosmos’ Securities and Exchange Commission (“SEC”) filings. Kosmos undertakes no obligation and does not intend to update or correct these forward-looking statements to reflect events or circumstances occurring after the date of this press release, except as required by applicable law. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement.
Investor Relations
Jamie Buckland
+44 (0) 203 954 2831
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Media Relations
Thomas Golembeski
+1-214-445-9674
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Premium, Scalable, and Modular Digital Control Solution Engineered for Integral Automation and Elegant Control of Modern Vessel Systems
ARLINGTON, Va.--(BUSINESS WIRE)--#raymarine--FLIR Systems, Inc. (NASDAQ: FLIR) announced today Raymarine YachtSense™, an advanced digital control system affording total command and complete awareness of a vessel’s electrical systems. The modular nature of the YachtSense system redefines the future of vessel automation for boat builders and technical installers. Engineered for reliability, flexibility, and ease-of-use, YachtSense offers scalable, customizable and failsafe marine automation through intuitive control of onboard systems via any Raymarine Axiom® multifunction display.
YachtSense employs a unique, modular architecture that allows boat builders the freedom to design and standardize digital control solutions that are scalable across their entire model range. Each YachtSense system begins with the YachtSense Master Module and Power Supply Module and is completed with a combination of additional multi-channel signal modules. These individual modules interface with specific types of onboard devices and systems – from lighting, pumps, windlass, swim platforms and entertainment systems to climate control, generators, and other on-vessel mechanical systems.
YachtSense’s customized Axiom user interface options empower marine manufacturers and installers to create modern and elegant vessel automation solutions. These give captains total control of every onboard system with simple, touchscreen operation from any Axiom mutlifunction display.
“YachtSense is the new standard in premium digital control solution for today’s most sophisticated vessels,” says Gregoire Outters, General Manager for the Raymarine brand at FLIR Systems. “Our smart, modular and expandable system gives total freedom to boat builders to design ultra-reliable and highly tailored solutions that best meet the individual needs of their specific vessels and customers.”
Engineered for complete peace-of-mind during the unexpected, YachtSense delivers three levels of electrical redundancy. Master Modules feature an integrated keypad for manual override, as well as an LCD for system diagnostics. All YachtSense modules are housed in rugged IPX6 waterproof enclosures and are backed by a three-year warranty.
YachtSense is being unveiled and demonstrated during this week’s METSTRADE Connect online event. Boat builders and integrators are invited to learn more about Raymarine YachtSense by visiting www.raymarine.com/yachtsense. High-resolution images are available for download at https://flir.box.com/v/Raymarine-YachtSense.
About FLIR Systems, Inc.
Founded in 1978, FLIR Systems is a world-leading technology company focused on intelligent sensing solutions for defense, industrial, and commercial applications. Our vision is to be “The World’s Sixth Sense," creating technologies to help professionals make better, faster decisions that save lives and livelihoods. For more information, please visit www.flir.com and follow @flir.
About the Raymarine brand
Raymarine, a FLIR Systems brand, makes high-performance marine electronics for the recreational boating and light commercial marine markets. With a legacy of marine navigation technology spanning over 80 years, Raymarine products are renowned today for their ease-of-use, rugged design, and reliability. We are continually innovating to deliver best-in-class sensors and intelligent navigation systems - making boaters’ time on the water safer and more fun. Our range of marine electronics are available through a global network of dealers and distributors. For more information, visit www.raymarine.com
Media Contact:
Karen Bartlett
Saltwater Stone
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Investor Relations:
Lasse Glassen
Addo Investor Relations
Phone: 424-238-6249
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With ChargeScan by BV, part of BV Green Line, clients will be able to access verified data all along the asset lifecycle to ensure the reliability of their EVCS network
NEUILLY-SUR-SEINE, France--(BUSINESS WIRE)--Bureau Veritas, a world leader in testing, inspection and certification, unveils a complete portfolio of services dedicated to Electric Vehicle Charging Stations (EVCS), covering the full lifecycle – from design, construction and commissioning to operations.
With ChargeScan by BV, clients will be able to rely on real-time information verified by Bureau Veritas inspectors on the ground. They will be able to take immediate action to ensure that their charging stations are compliant, always available and fully functional for end-customers. This information can be embedded into the client’s existing digital platform, or on a customized digital hub developed by Bureau Veritas.
Renato Catrib, Senior Vice President Global Service Lines, Bureau Veritas, commented:
“New Mobility is one of the pillars of Bureau Veritas Green Line, a wide range of sustainability services and solutions, enabling our clients to address growing challenges in this field. ChargeScan by BV brings trust and transparency to our clients, giving them full visibility of their EVCS network during both construction and operations. We enable them to take immediate action, based on reliable information from Bureau Veritas experts. Through this new solution, we are proud to contribute to the development of electric mobility and set the course for a new era of sustainable development”.
The end-to end solution covers:
For more information on Bureau Veritas Green Line:
https://group.bureauveritas.com/expertise-sustainability
About Bureau Veritas
Bureau Veritas is a world leader in laboratory testing, inspection and certification services. Created in 1828, the Group has more than 75,000 employees located in more than 1,500 offices and laboratories around the globe. Bureau Veritas helps its clients improve their performance by offering services and innovative solutions in order to ensure that their assets, products, infrastructure and processes meet standards and regulations in terms of quality, health and safety, environmental protection and social responsibility.
Bureau Veritas is listed on Euronext Paris and belongs to the Next 20 index.
Compartment A, ISIN code FR 0006174348, stock symbol: BVI.
For more information, visit www.bureauveritas.com, and follow us on Twitter (@bureauveritas) and LinkedIn.
Our information is certified with blockchain technology.
Check that this press release is genuine at www.wiztrust.com
ANALYST/INVESTOR CONTACTS
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Themes illustrate industry shifts amid the backdrop of a global pandemic, climate change
OVERLAND PARK, Kan.--(BUSINESS WIRE)--The immense challenges of 2020 have amplified the need for reliable and resilient critical infrastructure. COVID-19 has made power, water, natural gas and telecommunications services more essential than ever, while catastrophic wildfire and hurricane seasons have underscored the growing impacts of climate change.
Today, Black & Veatch, a global leader in sustainable engineering, procurement and construction, releases its new report that explores the shared challenges facing critical infrastructure providers and their commercial and industrial (C&I) and manufacturing customers.
The company’s second annual 2021 Strategic Directions: Megatrends Report analyzes survey data from more than 1,000 professionals across the power, water, telecommunications and natural gas sectors and the C&I and manufacturing industries to identify consistent trends. Available as a free download, the report couples primary research with deep market insight and expertise to inform 2021 decision-making, helping to drive capital spending while positioning utilities for the future.
The 2021 Strategic Directions: Megatrends Report examines three megatrends that are setting the stage for utility transformation over the next decade:
“With more than half of survey respondents pursuing sustainability goals separate from a regulatory mandate, this year’s report reflects the rising impact of non-regulatory factors in driving operational decisions to achieve sustainability, resilience and reliability,” said Steve Edwards, Chief Executive Officer of Black & Veatch. “By leveraging technology and data, this will allow utilities to execute on increasingly aggressive decarbonization plans and respond to emergencies quicker and more effectively.”
Editor’s Notes:
About Black & Veatch
Black & Veatch is an employee-owned engineering, procurement, consulting and construction company with a more than 100-year track record of innovation in sustainable infrastructure. Since 1915, we have helped our clients improve the lives of people in over 100 countries by addressing the resilience and reliability of our world's most important infrastructure assets. Our revenues in 2019 were US$3.7 billion. Follow us on www.bv.com and on social media.
Media Contact Information:
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LONDON--(BUSINESS WIRE)--#apac--The new Fuel Cards market research report from SpendEdge indicates an incremental growth during the forecast period as the business impact of COVID-19 spreads.
As the markets recover SpendEdge expects the Fuel Cards market size to grow by USD 167 billion during the period 2020-2024.
Get detailed insights on the COVID-19 pandemic crisis and recovery analysis of the Fuel Cards market. Download free report sample
Fuel Cards Market Analysis
Analysis of the cost and volume drivers and supply market forecasts in various regions are offered in this Fuel Cards research report. This market intelligence report also analyzes the top supply markets and the critical cost drivers that can aid buyers and suppliers devise a cost-effective category management strategy.
Insights Delivered into the Fuel Cards Market
This market intelligence report on Fuel Cards provides answers to all the critical problems faced by investors who seek cost-saving opportunities in a competitive market. It also offers actionable anecdotes on the industry structure and supply market forecasts including highlights of the top vendors in this market. Our procurement experts have determined effective category pricing strategies that are attuned to the dynamics of this market which can be leveraged to maximize revenue generation against minimum investments on the products.
Information on Latest Trends and Supply Chain Market Information Knowledge center on COVID-19 impact assessment
The reports help buyers understand:
This Fuel Cards Market procurement research report offers coverage of:
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This market intelligence report identifies the major costs incurred by suppliers and provides additional information on:
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SAN JOSE, Calif.--(BUSINESS WIRE)--Flex (NASDAQ: FLEX) today announced that it has been recognized for corporate sustainability leadership by global environmental non-profit CDP, securing a place on its prestigious ‘A List’ for tackling water security. The A score from CDP is a historic first for the company, affirming Flex’s strong commitment to environmental stewardship as part of its long-term sustainability strategy and efforts.
“As part of our company’s mission, we steward sustainable manufacturing and operations practices to minimize our environmental impact. This applies to responsibly using and safeguarding natural resources such as water and consistently measuring and sharing our progress,” said Kyra Whitten, vice president, Marketing, Communications & Sustainability at Flex. “We are deeply proud to have been included in CDP’s A List for the first time and energized to continue advancing our sustainability journey as we look to set new, long-term targets in early 2021.”
Environmental stewardship is one of the key focus areas of Flex’s sustainability strategy. Across its operations, the company drives programs to help manage and incrementally improve CO2 emissions, renewable energy and waste management, among other areas, helping to combat climate change and build a better future.
Paul Simpson, CEO of CDP, said: “We extend our congratulations to all the companies on this year’s A List. Taking the lead on environmental transparency and action is one of the most important steps businesses can make, and is even more impressive in this challenging year marked by COVID-19. The scale of the risk to businesses from climate change, deforestation and water insecurity is enormous, and we know the opportunities of action far outweigh the risks of inaction. Leadership from the private sector will create an ‘ambition loop’ for greater government action and ensure that global ambitions for a net zero sustainable economy become a reality. Our A List celebrates those companies who are preparing themselves to excel in the economy of the future by taking action today.”
Flex is one of a small number of high-performing companies out of 5,800+ that were scored this year. Through significant demonstrable action to protect water resources, Flex is leading on corporate environmental ambition, action and transparency globally.
CDP’s annual environmental disclosure and scoring process is widely recognized as the gold standard of corporate environmental transparency. In 2020, over 515 investors with over US$106 trillion in assets and 150+ major purchasers with US$4 trillion in procurement spend requested companies to disclose data on environmental impacts, risks and opportunities through CDP’s platform. Over 9,600 responded – the highest ever.
A detailed and independent methodology is used by CDP to assess these companies, allocating a score of A to D- based on the comprehensiveness of disclosure, awareness and management of environmental risks and demonstration of best practices associated with environmental leadership, such as setting ambitious and meaningful targets. Those that don’t disclose or provided insufficient information are marked with an F.
The full list of companies that made this year’s CDP A List is available here, along with other publicly available company scores: https://www.cdp.net/en/companies/companies-scores
About Flex
Flex (Reg. No. 199002645H) is the manufacturing partner of choice that helps a diverse customer base design and build products that improve the world. Through the collective strength of a global workforce across 30 countries and responsible, sustainable operations, Flex delivers technology innovation, supply chain, and manufacturing solutions to diverse industries and end markets. For more information, visit flex.com.
About CDP
CDP is a global non-profit that drives companies and governments to reduce their greenhouse gas emissions, safeguard water resources and protect forests. Voted number one climate research provider by investors and working with institutional investors with assets of US$106 trillion, we leverage investor and buyer power to motivate companies to disclose and manage their environmental impacts. Over 9,600 companies with over 50% of global market capitalization disclosed environmental data through CDP in 2020. This is in addition to the hundreds of cities, states and regions who disclosed, making CDP’s platform one of the richest sources of information globally on how companies and governments are driving environmental change. CDP is a founding member of the We Mean Business Coalition. Visit https://cdp.net/en or follow us @CDP to find out more.
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Utilities are proactively addressing cybersecurity, expanding beyond traditional compliance-based management practices
BOULDER, Colo.--(BUSINESS WIRE)--#Cybersecurity--A new report from Guidehouse Insights analyzes the electric utility industrial control system (ICS) security market and forecasts revenue between 2020 and 2029.
A key challenge utilities face as they work to keep pace with digital transformation is protecting critical infrastructure. While utilities are developing more interconnected systems that make the grid smarter, more efficient, and more dynamic, these systems also introduce cybersecurity vulnerabilities that bad actors might exploit. Although IT security is well understood among electric utilities, OT security—including ICSs, which sit at the heart of utility OT environments— is a relatively new paradigm facing the industry. Click to tweet: According to a new report from @WeAreGHInsights, global ICS cybersecurity revenue is expected to grow from $964.5 million in 2020 to $1.8 billion in 2029 at a compound annual growth rate (CAGR) of 7%.
“Utilities have traditionally viewed ICS and OT security as a cost-limitation exercise,” says Michael Kelly, research analyst with Guidehouse Insights. “However, the growing surface area for cyberattacks, along with an increase in the number of threat actors, is motivating utilities to expand beyond traditional, compliance-based management practices and proactively address cybersecurity.”
According to the report, the ICS market is headed beyond one-off, point-to-point solutions and toward more integrated, harmonious solutions. In the future, the market for cybersecurity solutions is expected to show healthy growth as the related markets for automation, communications, and smart devices continue to mature.
The report, Hardening and Securing Utility Control Systems, analyzes the electric utility ICS security market and forecasts revenue between 2020 and 2029. The cybersecurity of four industrial control applications are covered: transmission automation and sensing, distribution automation and sensing, communications, and control system software. The report provides this data for five major global regions: North America, Europe, Asia, Latin America, and the Middle East & Africa. An executive summary of the report is available for free download on the Guidehouse Insights website.
About Guidehouse Insights
Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today’s rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.
About Guidehouse
Guidehouse is a leading global provider of consulting services to the public and commercial markets with broad capabilities in management, technology, and risk consulting. We help clients address their toughest challenges with a focus on markets and clients facing transformational change, technology-driven innovation and significant regulatory pressure. Across a range of advisory, consulting, outsourcing, and technology/analytics services, we help clients create scalable, innovative solutions that prepare them for future growth and success. Headquartered in Washington DC, the company has more than 7,000 professionals in more than 50 locations. Guidehouse is led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets and agenda-setting issues driving national and global economies. For more information, please visit: www.guidehouse.com.
* The information contained in this press release concerning the report, Hardening and Securing Utility Control Systems, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.
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Advancement in Electrolysis Could Drop Electrolyzer System Costs by at Least 50%
Results Exceed Prior DOE Benchmarks
CAMBRIDGE, Mass.--(BUSINESS WIRE)--Advent Technologies (“Advent”), an innovation-driven company in the fuel cell and hydrogen technology space, today announced that it has concluded a Department of Energy (“DOE”) HydroGen Program in which collaborators including lead partner Northeastern University, the University of Delaware, and several National Laboratories have advanced the state of hydrogen production with a next-generation water electrosis. The program was funded by the DOE’s Office of Energy Efficiency and Renewable Energy.
Dr. Vasilis Gregoriou, Advent’s Founder and Chief Executive Officer, commented: “This advancement further validates Advent’s leading role in hydrogen production. We were excited to have partnered with prestigious research institutions such as Northeastern University and the University of Delaware, as well as multiple DOE Laboratories – including the National Renewable Energy Laboratory, Lawrence Berkeley Laboratory, and Sandia National Laboratory. Going forward, we will now be even better placed to leverage our expertise in commercializing these materials to enable the hydrogen economy over the next decade.”
Northeastern University Professor and Chair of Advent’s Technical Advisory Board, Sanjeev Mukerjee, added: “We are pleased to work with Advent and our other partners to advance this exciting green hydrogen technology. The developments from this program have the potential to significantly speed up the adoption of the hydrogen economy. This advancement could drop electrolyzer system costs by at least 50% due to this technology enabling higher power density. Furthermore, the potential to use seawater instead of high purity water as a feedstock can significantly lower the total cost of operation and allow for faster deployment of distributed hydrogen production units throughout the continent. The team has greatly exceeded the benchmarks established by the DOE, achieving levels of performance thought unattainable five years ago.”
The purpose of this program was to use ion exchange membranes and low cost catalysts to achieve a variety of objectives, including:
About Advent Technologies
Advent Technologies is an innovation-driven company in the fuel cell and hydrogen technology space. Our vision is to accelerate electrification through advanced materials, components, and next-generation fuel cell technology. Our technology applies to electrification (fuel cells) and energy storage (flow batteries, hydrogen production) markets, which we commercialize through partnerships with Tier1s, OEMs, and System Integrators. For more information on Advent Technologies, please visit the Company’s website at https://www.advent.energy/
Advent Technologies Inc. (“Advent”) and AMCI Acquisition Corp. (NASDAQ: AMCI) (the “Company” or “AMCI”), a special purpose acquisition company, have announced that they have entered into a definitive agreement and plan of merger (the “Merger Agreement”) for a business combination that would result in Advent becoming part of a publicly listed company as a wholly-owned subsidiary of AMCI. Upon the closing of the transaction, the combined company will operate as Advent Technologies Holdings, Inc., and its common stock will be listed on the Nasdaq.
Additional Information about the Proposed Transaction and Where to Find It
In connection with the proposed transaction between the Company and Advent, the Company has filed a registration statement on Form S-4, (SEC File No. 333-250946) which also includes a preliminary proxy statement, with the Securities and Exchange Commission (“SEC), and will mail a definitive proxy statement and other relevant documents to its stockholders. Investors and security holders of the Company are advised to read the preliminary proxy statement, and amendments thereto, and, when available, the definitive proxy statement in connection with the Company's solicitation of proxies for its special meeting of stockholders to be held to approve the transaction and related matters, because the proxy statement will contain important information about the transaction and the parties to the transaction. The definitive proxy statement will be mailed to stockholders of the Company as of a record date to be established for voting on the transaction. Stockholders will also be able to obtain copies of the definitive proxy statement, without charge, once available, at the SEC's website at www.sec.gov or by directing a request to: AMCI Acquisition Corp., 1501 Ligonier Street, Suite 370, Latrobe, PA 15650.
Participants in Solicitation
The Company and Advent and their respective directors, executive officers and other members of their management and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies of the Company’s stockholders in connection with the proposed transaction. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to the Company's stockholders in connection with the proposed transaction is set forth in the registration statement on Form S-4 that includes the preliminary proxy statement for the proposed transaction. Information concerning the interests of the Company's and Advent’s participants in the solicitation, which may, in some cases, be different than those of the Company's and Advent’s stockholders generally, is set forth in the registration statement on Form S-4 that includes the proxy statement relating to the transaction.
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Advent’s and the Company’s actual results may differ from their expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, Advent’s and the Company’s expectations with respect to future performance and the proposed transaction, and the timing of the completion of the proposed transaction. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from those discussed in the forward-looking statements. Most of these factors are outside Advent’s and the Company’s control and are difficult to predict.
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DUBLIN--(BUSINESS WIRE)--The "Boat Steering Systems - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
The publisher brings years of research experience to the 8th edition of this report. The 383-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.
Global Boat Steering Systems Market to Reach $1 Billion by 2027
Amid the COVID-19 crisis, the global market for Boat Steering Systems estimated at US$627.6 Million in the year 2020, is projected to reach a revised size of US$1 Billion by 2027, growing at a CAGR of 7% over the analysis period 2020-2027.
Inboard, one of the segments analyzed in the report, is projected to record a 7.7% CAGR and reach US$248.9 Million by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Outboard segment is readjusted to a revised 6.6% CAGR for the next 7-year period.
The U.S. Market is Estimated at $169.7 Million, While China is Forecast to Grow at 10.6% CAGR
The Boat Steering Systems market in the U.S. is estimated at US$169.7 Million in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$221.3 Million by the year 2027 trailing a CAGR of 10.6% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.8% and 6.3% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 4.5% CAGR.
Sterndrive Segment to Record 7.5% CAGR
In the global Sterndrive segment, USA, Canada, Japan, China and Europe will drive the 6.9% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$42.5 Million in the year 2020 will reach a projected size of US$68 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$137.3 Million by the year 2027, while Latin America will expand at a 8.8% CAGR through the analysis period.
Competitors identified in this market include, among others:
Key Topics Covered:
I. INTRODUCTION, METHODOLOGY & REPORT SCOPE
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/fjnj2s
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DUBLIN--(BUSINESS WIRE)--The "Concentrating Solar Power Market by Technology - Global Opportunity Analysis and Industry Forecast, 2020-2030" report has been added to ResearchAndMarkets.com's offering.
The Global Concentrating Solar Power Market was valued at USD 37.40 billion in 2019 and is expected to garner USD 114.42 billion by 2030, expanding at a CAGR of 10.7%, during the forecast period, from 2020 and 2030.
Concentrating solar power is carbon free and renewable source of energy. The energy generated from concentrating solar power has wide range of applications in chemical production, food processing, water desalination, enhanced oil recovery, and mineral processing.
Concentrated solar power converts energy from the sunlight to power turbines that generate electricity. Mirrors or lenses concentrate the sunrays to a temperature ranging between 400C and 1,000C on the focal point of a receiver. The receiver produces steam or hot air that drives the turbine and the generator. The generator produces electricity, which is stored in grids and used for various applications.
The expansion of the global concentrating solar power market is attributed to the rising demand for energy, increase in government support for the adoption of renewable technologies. Moreover, growing awareness regarding environmental pollution by conventional power plants and rising concerns regarding global warming are fuelling the market growth.
However, high capital costs required for the deployment of concentrating solar power generation plants is hindering the market. Lack of availability of large spaces in high solar radiation zones, limited access to water, and less accessibility to transmission grid hamper market growth. On the other hand, high adoption and acceptance of concentrating solar power projects by market players and collaborations among players are expected to create opportunities for the market.
The concentrating solar power market is segmented based on technology, and geography. In terms of technology, the market is divided into parabolic trough, solar power tower, Fresnel reflectors, and dish stirling. Based on geography, the market is segmented into North America, Europe, Asia-Pacific, and Rest of World (RoW).
North America is expected to dominate the concentrating solar power market owing to the increase in the adoption of renewable energy. Moreover, presence of developed infrastructure in the region propels the market.
The market in Asia-Pacific is anticipated to grow owing to the presence of a number of developing countries in the region due to the presence of developing countries, rapid industrialization, growing awareness among people and governments, and increasing pollution resulting in global warming.
Companies Mentioned
Key Topics Covered:
1. Introduction
2. Market Snapshot, 2019-2030 Million Usd
2.1. Market Snapshot
3. Porter's Five Force Model Analysis
4. Market Dynamics
4.1. Growth Drivers
4.2. Challenges
4.3. Opportunities
5. Global Concentrating Solar Power Market, by Technology
5.1. Overview
5.2. Parabolic Trough
5.2.1 Parabolic Trough Market, by Region
5.2.1.1 North America Parabolic Trough Market, by Country
5.2.1.2 Europe Parabolic Trough Market, by Country
5.2.1.3 Asia-Pacific Parabolic Trough Market, by Country
5.2.1.4 Rest of World Parabolic Trough Market, by Country
5.3. Solar Power Tower
5.3.1 Solar Power Tower Market, by Region
5.3.1.1 North America Solar Power Tower Market, by Country
5.3.1.2 Europe Solar Power Tower Market, by Country
5.3.1.3 Asia-Pacific Solar Power Tower Market, by Country
5.3.1.4 Rest of World Solar Power Tower Market, by Country
5.4. Fresnel Reflectors
5.4.1 Fresnel Reflectors Market, by Region
5.4.1.1 North America Fresnel Reflectors Market, by Country
5.4.1.2 Europe Fresnel Reflectors Market, by Country
5.4.1.3 Asia-Pacific Fresnel Reflectors Market, by Country
5.4.1.4 Rest of World Fresnel Reflectors Market, by Country
5.5. Dish Stirling
5.5.1 Dish Stirling Market, by Region
5.5.1.1 North America Dish Stirling Market, by Country
5.5.1.2 Europe Dish Stirling Market, by Country
5.5.1.3 Asia-Pacific Dish Stirling Market, by Country
5.5.1.4 Rest of World Dish Stirling Market, by Country
6. Global Concentrating Solar Power Market, by Region
6.1. Overview
6.2. North America
6.3. Europe
6.4. Asia-Pacific
6.5. Rest of World
7. Company Profiles
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The addition of 26 new utility-scale wind and solar projects in Australia, France, Germany, Italy, South Africa, Sweden, the UK, and the U.S. bring Amazon’s total number of renewable energy projects to 127
Company’s total renewable energy investments to date will supply 6.5 GW of electricity production capacity — enough to power 1.7 million U.S. homes for one year
SEATTLE--(BUSINESS WIRE)--Amazon (NASDAQ: AMZN) today announced 26 new utility-scale wind and solar energy projects totaling 3.4 gigawatts (GW) of electricity production capacity, bringing its total investment in renewable energy in 2020 to 35 projects and more than 4 GW of capacity — the largest corporate investment in renewable energy in a single year. These new projects will make Amazon the largest-ever corporate purchaser of renewable energy.
Amazon has now invested in 6.5 GW of wind and solar projects that will enable the company to supply its operations with more than 18 million megawatt hours (MWh) of renewable energy annually. This is enough to power 1.7 million U.S. homes for one year. These projects will supply renewable energy for Amazon’s corporate offices, fulfillment centers, and Amazon Web Services (AWS) data centers that support millions of customers globally. They will also help advance Amazon’s goal to reach net-zero carbon emissions across its business by 2040. Part of that commitment is powering Amazon’s infrastructure with 100% renewable energy, and the company is now on a path to achieve this milestone by 2025, five years ahead of the initial 2030 target.
“Amazon is helping fight climate change by moving quickly to power our businesses with renewable energy,” said Jeff Bezos, Amazon founder and CEO. “With a total of 127 solar and wind projects, Amazon is now the biggest corporate buyer of renewable energy ever. We are on a path to running 100% of our business on renewable energy by 2025 — five years ahead of our original target of 2030. This is just one of the many steps we’re taking that will help us meet our Climate Pledge. I couldn’t be more proud of all the teams across Amazon that continue to work hard, smart, and fast to get these projects up and running.”
The 26 new wind and solar projects announced today are located in Australia, France, Germany, Italy, South Africa, Sweden, the U.K., and the U.S. The new projects are Amazon’s first in France, Germany, Italy, and South Africa. In the U.S., Amazon has now enabled wind and solar projects in California, Delaware, Illinois, Indiana, Kansas, Kentucky, Nebraska, North Carolina, Ohio, Texas, and Virginia. Amazon has a total of 127 renewable energy projects globally, including 59 utility-scale wind and solar renewable energy projects and 68 solar rooftops on fulfillment centers and sort centers around the globe.
“Private sector investment is essential to scaling renewable energy at the pace necessary to drive global climate action,” said Miranda Ballentine, CEO of Renewable Energy Buyers Alliance (REBA). “The U.S.-based projects alone make Amazon’s announcement 270% larger than the largest corporate procurement announcement from a single off-taker to date, and showcase the company’s leadership and commitment to a clean and prosperous energy future.”
“On behalf of the renewable sector, we applaud Amazon for its unprecedented contribution to the renewable energy transition this year. With an impressive 35 major new renewable projects in 2020, Amazon deserves tremendous credit for its leadership in the global shift to renewable energy. Procuring more than 4,000 MW of new renewable power in a single year is an incredible achievement, and it marks big progress toward Amazon’s goal of being powered by 100% renewable power. We are immensely grateful to Amazon for their efforts to help us stay within shouting distance of the greenhouse gas emission reductions scientists say are needed to avoid the worst impacts of climate change,” said Gregory Wetstone, President and CEO, American Council on Renewable Energy (ACORE).
Last year, Amazon and Global Optimism co-founded The Climate Pledge, a commitment to reach the Paris Agreement 10 years early and be net-zero carbon by 2040. The pledge now has 31 signatories, including Unilever, Verizon, Siemens, Microsoft, and Best Buy. To reach its goal, Amazon will continue to reduce emissions across its operations by establishing a path to power its operations with 100% renewable energy, five years ahead of the company’s initial target of 2030; delivering its Shipment Zero vision to make all shipments net-zero carbon, with 50% net-zero carbon by 2030; and purchasing 100,000 electric delivery vehicles, the largest order ever of electric delivery vehicles. For more information, visit https://sustainability.aboutamazon.com/.
About Amazon
Amazon is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Customer reviews, 1-Click shopping, personalized recommendations, Prime, Fulfillment by Amazon, AWS, Kindle Direct Publishing, Kindle, Fire tablets, Fire TV, Amazon Echo, and Alexa are some of the products and services pioneered by Amazon. For more information, visit amazon.com/about and follow @AmazonNews.
About Amazon Web Services
For 14 years, Amazon Web Services has been the world’s most comprehensive and broadly adopted cloud platform. AWS offers over 175 fully featured services for compute, storage, databases, networking, analytics, robotics, machine learning and artificial intelligence (AI), Internet of Things (IoT), mobile, security, hybrid, virtual and augmented reality (VR and AR), media, and application development, deployment, and management from 77 Availability Zones (AZs) within 24 geographic regions, with announced plans for 18 more Availability Zones and six more AWS Regions in Australia, India, Indonesia, Japan, Spain, and Switzerland. Millions of customers—including the fastest-growing startups, largest enterprises, and leading government agencies—trust AWS to power their infrastructure, become more agile, and lower costs. To learn more about AWS, visit aws.amazon.com.
Amazon.com, Inc.
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MINNEAPOLIS--(BUSINESS WIRE)--US Solar and Minnesota Power have entered into a Power Purchase Agreement (PPA) for a solar-plus-storage project in the City of Grand Rapids, Minnesota. This trailblazing project is the result of collaboration between US Solar, Minnesota Power, Grand Rapids Public Utilities, the Itasca Clean Energy Team, and the City of Grand Rapids.
“This project is an impressive feat of collaboration,” said Reed Richerson, US Solar’s Chief Operating Officer. “It represents the culmination of a successful effort between a city, a municipal utility, an investor-owned utility, and a privately-owned solar developer to bring the benefits of clean, renewable energy to Grand Rapids.”
US Solar is developing the two-megawatt solar array and one-megawatt/2.5-hour energy storage battery on city-owned land near the Grand Rapids/Itasca County Airport. The energy produced by the solar panels can be stored in the adjacent battery to be dispatched during times of high energy demand or when the sun is not shining. The solar array will include single-axis trackers and bifacial modules which significantly increase the efficiency of the solar array.
Environmental benefits to the local community extend beyond the increase in carbon-free, renewable energy. US Solar plans to install a diverse mix of pollinator-friendly, low lying, deep-rooted plants throughout the array. This native pollinator habitat supports bees, butterflies, and other local wildlife. This vegetation has also been proven to decrease stormwater runoff and improve the quality of soil, water, and air.
The solar-plus-storage project also positively impacts the local economy. The project represents over $6 million in private investment and will support over 25 construction jobs. Over the course of the project term, it will generate over $465,000 in local tax revenue and land lease payments that will benefit the City of Grand Rapids and its residents. Additionally, Grand Rapids Public Utilities ratepayers will receive affordable, reliable, clean energy throughout the 25-year life span of the project.
“We are excited to be working with US Solar again on this community-driven solar-plus-storage project that will support local manufacturing and bring more carbon-free energy to the region,” said Julie Pierce, Vice President of Minnesota Power Strategy and Planning. “We are reaching a significant milestone of delivering 50 percent renewable energy to our customers by the end of this year.”
Rick Blake, Grand Rapids City Councilor and Grand Rapids Public Utilities Commissioner, added, “This project started years ago with a spark from the Itasca Clean Energy Team. So, kudos to them because without their continuous support, this project wouldn’t have happened.”
The project is expected to be producing clean energy for Grand Rapids Public Utilities customers by the end of 2021.
About US Solar
United States Solar Corporation ("US Solar") makes solar energy accessible with simple solutions that are as good for the wallet as they are for the environment. US Solar is a developer, owner, operator, and financier of solar generation projects with a particular focus on community solar programs. With its primary offices in Minnesota and Connecticut, US Solar helps residents, public entities, and businesses reduce electricity costs with local, renewable energy. Additional information about US Solar and community solar subscriptions can be found by visiting https://us-solar.com/.
About Minnesota Power
Minnesota Power provides electric service within a 26,000-square-mile area in northeastern Minnesota, supporting comfort, security, and quality of life for 145,000 customers, 15 municipalities and some of the largest industrial customers in the United States. More information can be found at www.mnpower.com.
About Grand Rapids Public Utilities
The project is the first clean energy project for Grand Rapids Public Utilities Commission and is the result of several years of collaboration between the city’s municipal utility, the local citizens group and Minnesota Power. The city of Grand Rapids, Minnesota, is Minnesota Power’s largest municipal wholesale power customer and provides power to about 7,000 customers.
US Solar
David Watts
612.294.6978
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Minnesota Power
Amy Rutledge
218.723.7400
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Grand Rapids Public Utilities
Julie Kennedy
218.723.7400
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