Proceeds to Be Used to Improve Debt Metrics and Financial Flexibility, While Continuing to Self-fund Spending, in 2021 and Beyond
SAN ANTONIO--(BUSINESS WIRE)--NuStar Energy L.P. (NYSE: NS) announced today that it has closed on the sale of its Eastern U.S. Terminals to Sunoco LP for $250 million. The Eastern U.S. Terminals are comprised of eight terminal locations: Andrews AFB in Washington, D.C.; Baltimore, MD; Blue Island, IL; Jacksonville, FL; Linden, NJ; Paulsboro, NJ; Piney Point, MD; and Virginia Beach, VA. The companies first announced this sale on August 2, 2021.
“This divestiture will allow us to deploy the proceeds to further improve our debt metrics, and we continue to expect to self-fund our spending from our internally generated cash flows, in 2021 and beyond,” said Brad Barron, president and CEO of NuStar.
“With regard to 2021 capital spending estimates, we expect to now spend $140 to $160 million on strategic capital, all of which will be funded by internally generated cash flows. In addition, we expect to spend $35 to $45 million on reliability capital for the year.”
“While these terminals are solid assets with great operations and employees, these facilities are no longer synergistic with NuStar’s core assets,” Barron added. “Sunoco LP has assets in NY Harbor and in the Southeast U.S. that should provide key synergistic opportunities to build on the success of these facilities.
"We are happy to pass the reins for the Eastern U.S. Terminals to Sunoco LP, a company with industry experience and operational synergies that will benefit the facilities, as well as the employees, now and in the future.”
Barclays served as exclusive financial adviser to NuStar on the transaction.
Cautionary Statement Regarding Forward-Looking Statements
This press release includes forward-looking statements regarding future events and expectations, including the expected use of proceeds from and the other anticipated benefits from the above-described sale. All forward-looking statements are based on NuStar’s beliefs as well as assumptions made by and information currently available to NuStar. These statements reflect NuStar’s current views with respect to future events and expectations and are subject to various risks, uncertainties and assumptions. These risks, uncertainties and assumptions are discussed in NuStar Energy L.P.’s 2020 annual report on Form 10-K and subsequent filings with the Securities and Exchange Commission. Actual results may differ materially from those described in the forward-looking statements. Except as required by law, NuStar does not intend, or undertake any obligation, to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
About NuStar Energy L.P.
NuStar Energy L.P., a publicly traded master limited partnership based in San Antonio, is one of the largest independent liquids terminal and pipeline operators in the nation. NuStar currently has approximately 10,000 miles of pipeline and 64 terminal and storage facilities that store and distribute crude oil, refined products, renewable fuels, ammonia and specialty liquids. The partnership’s combined system has approximately 57 million barrels of storage capacity, and NuStar has operations in the United States, Canada and Mexico. For more information, visit NuStar Energy L.P.'s website at www.nustarenergy.com and its Sustainability page at www.nustarenergy.com/sustainability.
About Sunoco LP
Sunoco LP is a master limited partnership with core operations that include the distribution of motor fuel to approximately 10,000 convenience stores, independent dealers, commercial customers and distributors located in more than 30 states as well as refined product transportation and terminalling assets. Sunoco's general partner is owned by Energy Transfer LP.
Investors, Pam Schmidt, Vice President, Investor Relations
Investor Relations: 210-918-INVR (4687)
or
Media, Mary Rose Brown, Executive Vice President and Chief Administrative Officer,
Corporate Communications: 210-918-2314 / 210-410-8926
DALLAS--(BUSINESS WIRE)--Atmos Energy Corporation (NYSE: ATO) will host a conference call on Thursday, November 11, 2021, at 10:00 a.m. Eastern to review the company’s Fiscal 2021 year-end and fourth quarter financial results. Atmos Energy will release these results on Wednesday, November 10, 2021, following the market close.
To listen to the conference call, please dial either the toll-free or international number provided below. You may also listen to the call on the Atmos Energy website at www.atmosenergy.com. The Internet broadcast will be archived for thirty days.
Conference Call Details
November 11, 2021
10:00 a.m. Eastern / 9:00 a.m. Central
Toll-free: 877-407-3088
International: 201-389-0927
(No pass code)
Internet webcast: www.atmosenergy.com
Atmos Energy Corporation, an S&P 500 company headquartered in Dallas, is the country’s largest natural gas-only distributor. We safely deliver reliable, affordable, efficient and abundant natural gas to more than 3 million distribution customers in over 1,400 communities across eight states located primarily in the South. As part of our vision to be the safest provider of natural gas services, we are modernizing our business and infrastructure while continuing to invest in safety, innovation, environmental sustainability and our communities. Atmos Energy manages proprietary pipeline and storage assets, including one of the largest intrastate natural gas pipeline systems in Texas. Find us online at http://www.atmosenergy.com, Facebook, Twitter, Instagram and YouTube.
Analyst and Media Contact:
Dan Meziere
(972) 855-3729
Transaction Broadens Clean Harbors Industrial Services Capabilities While Creating Significant Cross-Selling and Margin Improvement Opportunities
NORWELL, Mass.--(BUSINESS WIRE)--Clean Harbors, Inc. (“Clean Harbors”) (NYSE: CLH) today announced the completion of its acquisition of HydroChemPSC (“HPC”), a leading U.S. provider of industrial cleaning, specialty maintenance and utilities services. Clean Harbors purchased HPC from an affiliate of Littlejohn & Co., LLC, for $1.25 billion in an all-cash transaction. The acquisition was financed through a combination of existing cash and proceeds from Clean Harbors’ new 2021 Incremental Term Loan financing that was completed in conjunction with the transaction. The 2021 Incremental Term Loans were issued in the aggregate principal amount of $1.0 billion at a rate of Libor +200 basis points and will become due in 2028.
With more than 5,000 employees and 240 service locations throughout the country, HPC serves a broad range of end markets including refining, chemical and utilities. For 2021, as a standalone company, HPC estimated that it would generate revenues of approximately $744 million and Adjusted EBITDA of approximately $115 million. Clean Harbors expects to achieve cost synergies of $40 million from the acquisition after the first full year of operations, through eliminating redundant corporate expenses and capturing efficiencies in customer service, transportation, branch network, asset rentals, vehicle and tank refurbishment, subcontracting and procurement.
“HPC is an established leader in Industrial Services, with proprietary technology and a dedicated manufacturing center to fabricate its own tools. The addition of HPC’s experienced team, considerable assets and customer base create significant strategic benefits to Clean Harbors beyond just expanding the size and scale of our operations,” said Alan S. McKim, Chairman, President and Chief Executive Officer of Clean Harbors. “We expect HPC’s automation and hands-free technology capabilities to drive improvements in safety, and the acquisition to create multiple cross-selling opportunities that will drive incremental waste into our network. We welcome HPC’s talented team of employees to Clean Harbors and look forward to a smooth integration. We remain confident that this transaction will greatly enhance shareholder value in the years ahead and will support our growth momentum in 2022 and beyond.”
About Clean Harbors
Clean Harbors (NYSE: CLH) is North America’s leading provider of environmental and industrial services. The Company serves a diverse customer base, including a majority of Fortune 500 companies. Its customer base spans a number of industries, including chemical, energy and manufacturing, as well as numerous government agencies. These customers rely on Clean Harbors to deliver a broad range of services such as end-to-end hazardous waste management, emergency spill response, industrial cleaning and maintenance, and recycling services. Through its Safety-Kleen subsidiary, Clean Harbors also is North America’s largest re-refiner and recycler of used oil and a leading provider of parts washers and environmental services to commercial, industrial and automotive customers. Founded in 1980 and based in Massachusetts, Clean Harbors operates in the United States, Canada, Mexico, Puerto Rico and India. For more information, visit www.cleanharbors.com.
Safe Harbor Statement
Any statements contained herein that are not historical facts, including information related to the acquisition of HydroChemPSC are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “plans to,” “seeks,” “should,” “estimates,” “projects,” “may,” “likely,” or similar expressions. Such statements may include, but are not limited to, statements about future financial and operating results, and other statements that are not historical facts. Such statements are based upon the beliefs and expectations of Clean Harbors’ management as of this date only and are subject to certain risks and uncertainties that could cause actual results to differ materially, including, without limitation, the risks and uncertainties surrounding the Clean Harbors and HydroChemPSC transaction, and those items identified as “Risk Factors” in Clean Harbors’ most recently filed Form 10-K and Form 10-Q. Forward-looking statements are neither historical facts nor assurances of future performance. Therefore, readers are cautioned not to place undue reliance on these forward-looking statements. Clean Harbors undertakes no obligation to revise or publicly release the results of any revision to these forward-looking statements other than through its filings with the Securities and Exchange Commission, which may be viewed in the “Investors” section of Clean Harbors’ website at www.cleanharbors.com.
Michael L. Battles
EVP and Chief Financial Officer
Clean Harbors, Inc.
781.792.5100
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Jim Buckley
SVP Investor Relations
Clean Harbors, Inc.
781.792.5100
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HOUSTON--(BUSINESS WIRE)--Cheniere Energy, Inc. (“Cheniere” or the “Company”) (NYSE American: LNG) announced today that it plans to issue its earnings release with respect to third quarter 2021 financial results on Thursday, November 4, 2021 before the market opens. Cheniere will host a conference call for investors and analysts at 11:00 a.m. Eastern Time (10:00 a.m. Central Time) that day to discuss third quarter results.
A listen-only webcast of the call and accompanying slide presentation will be available on the Company’s website at www.cheniere.com. After completion of the webcast, a replay will be available on the Company’s website.
About Cheniere
Cheniere Energy, Inc. is the leading producer and exporter of liquefied natural gas (LNG) in the United States, reliably providing a clean, secure, and affordable solution to the growing global need for natural gas. Cheniere is a full-service LNG provider, with capabilities that include gas procurement and transportation, liquefaction, vessel chartering, and LNG delivery. Cheniere has one of the largest liquefaction platforms in the world, consisting of the Sabine Pass and Corpus Christi liquefaction facilities on the U.S. Gulf Coast, with expected total production capacity of approximately 45 million tonnes per annum of LNG operating or under construction. Cheniere is also pursuing liquefaction expansion opportunities and other projects along the LNG value chain. Cheniere is headquartered in Houston, Texas, and has additional offices in London, Singapore, Beijing, Tokyo, and Washington, D.C.
For additional information, please refer to the Cheniere website at www.cheniere.com and Quarterly Report on Form 10-Q for the quarter ended June 30, 2021, filed with the Securities and Exchange Commission.
Forward-Looking Statements
This press release contains certain statements that may include “forward-looking statements” within the meanings 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 or present facts or conditions, included herein are “forward-looking statements.” Included among “forward-looking statements” are, among other things, (i) statements regarding Cheniere’s financial and operational guidance, business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding expectations regarding regulatory authorizations and approvals, (iii) statements expressing beliefs and expectations regarding the development of Cheniere’s LNG terminal and pipeline businesses, including liquefaction facilities, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements, (vi) statements regarding future discussions and entry into contracts, (vii) statements relating to the amount and timing of share repurchases, statements relating to Cheniere’s ability or plans to pay or increase dividends to its shareholders, and (viii) statements regarding the COVID-19 pandemic and its impact on our business and operating results. Although Cheniere believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere’s periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere does not assume a duty to update these forward-looking statements.
Cheniere Energy, Inc.
Investors
Randy Bhatia 713-375-5479
Media Relations
Eben Burnham-Snyder 713-375-5764
Formerly known as Schneider Electric Motion, Novanta IMS will open new markets and create synergies for its new parent company
BEDFORD, Mass.--(BUSINESS WIRE)--After officially acquiring Schneider Electric Motion, Novanta is renaming the company Novanta IMS as it creates new synergies and opportunities for its new corporate owner.
The new company is an ideal fit for Novanta, a trusted technology partner to medical and advanced technology equipment manufacturers. As a manufacturer of motion control components for automation equipment, Novanta IMS is a leader in creating innovative solutions in brushless motor technology, integrated motor drives and electronic controls.
“Novanta IMS is an excellent strategic acquisition because it helps us expand into automatic and robotic applications through advanced motion control solutions,” said Matthijs Glastra, Chief Executive Officer and Chairperson of Novanta. “It’s also increasing opportunities for us in Life Sciences and Medical end markets and broadening our access to sophisticated automation integrators.
“Novanta IMS enhances our capabilities in these rapidly evolving markets, providing even more ways for us to serve our customers with unique, innovative, high-performance solutions,” Glastra added.
Novanta officially acquired Schneider Electric Motion for $115 million in cash in August and then decided to rename the company. The new name reflects the company’s past as well as its future as an important part of Novanta.
Started 35 years ago as Intelligent Motion Systems (IMS), the business develops key solutions for applications demanding highly precise, controlled movement in areas including medical instruments, lab automation, robotics and other advanced manufacturing applications. It has about 60 employees and is headquartered in Marlborough, Conn.
“We have been committed to developing innovative motion control solutions since we were founded in 1986 as Intelligent Motion Systems, so our new name Novanta IMS is a nod to our roots,” said Eric Klein, General Manager at Novanta IMS. “We are looking forward to maintaining the same level of consistent support and high-quality products under our new ownership as we have for nearly 40 years.”
Novanta IMS will work closely with Celera Motion, a market-leading provider of motion control components and subsystems for OEMs serving a variety of medical and advanced industrial markets.
Together, they plan to expand into new applications and markets, creating new synergies between teams, leveraging their best marketing strategies and increasing their customer bases and distribution networks.
“We are excited to collaborate with the incredibly talented team at Novanta IMS,” said Kalpana Singh, President & General Manager of Celera Motion. “The team’s extensive expertise and experience are major assets in helping us broaden our reach into new markets.”
About Novanta IMS
Novanta IMS [formerly IMS] is a division of Novanta, a leading global supplier of core technology solutions that give medical and advanced industrial original equipment manufacturers (“OEMs”) a competitive advantage. www.novantaims.com
About Celera Motion
Celera Motion, headquartered in Bedford, Mass., is a market-leading provider of motion control components and subsystems for OEMs serving a variety of medical and advanced industrial markets. Celera Motion offers precision encoders, motors, and customized mechatronic solutions that help customers solve challenging motion control problems. For more information, visit www.celeramotion.com.
About Novanta
Novanta is a trusted technology partner to OEMs in the medical and advanced industrial technology markets, with deep proprietary expertise in photonics, vision and precision motion technologies. For more information, visit www.novanta.com.
Mary Jane McCraven
Celera Motion, A Novanta Company
+1-978-944-6378
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NRG celebrated as one of 27 companies in Greater Philadelphia paving the way for gender equity
HOUSTON--(BUSINESS WIRE)--NRG Energy, Inc. (NYSE:NRG) today announced its recognition as a Champion of Board Diversity by The Forum of Executive Women, the Greater Philadelphia Region’s premier women’s organization. The Forum of Executive Women annually honors the top public companies in the Greater Philadelphia Region with 30% or more women on their respective boards. This is the first time that NRG has been honored as a Champion of Board Diversity.
“At NRG, diversity, equity and inclusion are among our corporate values—principles that we all strive to live by every day,” said Mauricio Gutierrez, President & CEO, NRG Energy. “Our board’s diversity of experience and backgrounds allows us to better serve our customers and communities while creating more opportunity for all.”
The Forum of Executive Women's annual Women in Leadership Report, compiled in partnership with PwC, examines diversity in the boardrooms and executive suites of the top 100 public companies in Greater Philadelphia. This year, the Forum and PwC report a record number of Champions of Board Diversity -- with 27 companies receiving the designation, up from 17 organizations in the year prior. The Champions of Board Diversity were celebrated today at The Forum’s Virtual Leadership Breakfast, where Valerie Jarrett, former senior advisor to former President Barack Obama, offered a keynote.
About NRG
At NRG, we’re bringing the power of energy to people and organizations by putting customers at the center of everything we do. We generate electricity and provide energy solutions and natural gas to millions of customers through our diverse portfolio of retail brands. A Fortune 500 company, operating in the United States and Canada, NRG delivers innovative solutions while advocating for competitive energy markets and customer choice, working towards a sustainable energy future. More information is available at www.nrg.com. Connect with NRG on Facebook, LinkedIn and follow us on Twitter @nrgenergy.
About The Forum of Executive Women
Founded in 1977, The Forum of Executive Women is the Greater Philadelphia Region’s premier women's organization, actively working to increase the number of women in leadership roles, expand their impact and influence, and position them to drive positive change in the Greater Philadelphia Region. Forum membership has grown over four decades to comprise more than 500 of the most senior leaders in corporations, firms, not-for-profit organizations and the public sector throughout the Greater Philadelphia Region. Visit www.foew.com for more information.
Investors:
Kevin L. Cole, CFA
609.524.4526
Media:
Candice Adams
609.524.5428
The Eco-Conscious Future of Style and Mobility will be on Display at Los Angeles Fashion Week ‘22
LOS ANGELES--(BUSINESS WIRE)--#Hydrogen--In celebration of National Hydrogen Day today, DriveH2, the public service initiative by environmental nonprofit Energy Independence Now (EIN), announced a unique new partnership with Los Angeles Fashion Week (LAFW) and the Petersen Automotive Museum. The three organizations will co-host an opening night gala in celebration of green fashion and the zero-emission movement in March of 2022.
The event will take place at the Petersen Museum, and will feature a variety of cutting edge, zero-emission vehicles alongside a future-themed eco-fashion show. Sustainably-minded stars will also be in attendance, including DriveH2 Ambassador Ronen Rubinstein, star of FOX’s 9-1-1: Lone Star.
“The focus of the DriveH2 movement is to bring awareness to the zero-emission choices we can make in our day-to-day lives,” said Brian Goldstein, EIN’s Executive Director. “What you choose to wear and drive has a direct impact on our planet and future. This gala will be a fun, collaborative celebration of the many ways we can fight climate change, as individuals and as a community. By joining forces with our friends at LAFW and the Petersen, we’ll highlight how various industries are adopting sustainable practices without sacrificing style.”
“Thoughtful, responsible fashion is the wave of the future,” said Arthur Chipman, Executive Producer of Los Angeles Fashion Week. “The fashion industry is moving in the direction of sustainability and we are so excited to share the work of the world’s leading design talent for what promises to be a beautiful and groundbreaking event.”
“We’ve already been partnering with DriveH2 and LA Fashion Week separately on other successful events and education initiatives,” said Michael Bodell, the Petersen Automotive Museum’s Chief Operating Officer. “It made sense to combine forces for a special, sustainability-focused event for LAFW next March, something we are honored to host at the Petersen.”
More details about this unique, star-studded opening night will be announced in the coming weeks.
ABOUT DriveH2 and EIN
DriveH2 is a public service initiative by Energy Independence Now (EIN), an environmental nonprofit committed to educating the world about the benefits of hydrogen fuel cell electric vehicles. The organization engages in comprehensive research, policy advocacy and public outreach to promote the widespread adoption of a diverse zero emissions portfolio. Learn more at www.driveh2.org, or follow EIN’s story and updates across all social media platforms at @DriveH2
ABOUT LA Fashion Week
LA Fashion Week is an organization dedicated to raising the profile of fashion in the United States with focus on the emergence of Los Angeles as one of the most important cultural cities in the world. As the Official Fashion Week for the City of LA proclaimed by Mayor Eric Garcetti & California State Senator Ben Allen we are proud to be a leader in supporting the growing community of artists and designers that are a part of the cultural renaissance in Los Angeles and bringing them to the world stage. Learn more at https://lafw.net
ABOUT The Petersen Automotive Museum
The Petersen Automotive Museum Foundation is a non-profit 501(c)(3) charity. The museum is located at 6060 Wilshire Blvd. (at Fairfax) in Los Angeles, 90036. Admission prices are $17 for general admission adults, $15 for seniors and $12 for children ages 4 to 17. Active military with ID, personal care attendants and children under age 4 are admitted free. Museum hours are 10 a.m. to 5 p.m. daily. For general information, call 323-930-CARS or visit www.petersen.org.
Paul Williams, This email address is being protected from spambots. You need JavaScript enabled to view it., 310/569-0023
SAN ANTONIO--(BUSINESS WIRE)--NuStar Energy L.P. (NYSE: NS) today announced that it will host a conference call on Thursday, November 4, 2021 at 10:00 a.m. Central Time to discuss the third quarter 2021 earnings results, which will be released earlier that day. The conference call may be accessed by dialing toll-free 844/889-7787, reservation passcode 9989773. International callers may access the conference call by dialing 661/378-9931, reservation passcode 9989773. The partnership intends to have a playback available following the conference call, which may be accessed by dialing toll-free 855/859-2056, reservation passcode 9989773. International callers may access the playback by dialing 404/537-3406, reservation passcode 9989773.
Persons interested in listening to the live presentation or a replay via the internet may access the presentation directly at https://edge.media-server.com/mmc/p/qiscvwwz or by logging on to NuStar Energy L.P.’s website at www.nustarenergy.com.
NuStar Energy L.P., a publicly traded master limited partnership based in San Antonio, Texas, is one of the largest independent liquids terminal and pipeline operators in the nation. NuStar currently has approximately 10,000 miles of pipeline and 73 terminal and storage facilities that store and distribute crude oil, refined products, renewable fuels, ammonia and specialty liquids. The partnership’s combined system has approximately 72 million barrels of storage capacity, and NuStar has operations in the United States, Canada and Mexico. For more information, visit NuStar Energy L.P.’s website at www.nustarenergy.com and its Sustainability page at www.nustarenergy.com/Sustainability.
NuStar Energy, L.P., San Antonio
Investors, Pam Schmidt, Vice President, Investor Relations
Investor Relations: 210-918-INVR (4687)
or
Media, Mary Rose Brown, Executive Vice President and Chief Administrative Officer,
Corporate Communications: 210-918-2314/210-410-8926
Marco Alverà speaks with IHS Markit Vice Chairman Daniel Yergin for a new edition of CERAWeek Conversations – available at https://ondemand.ceraweek.com/cwc
WASHINGTON--(BUSINESS WIRE)--Current supply crunches and the longer-term future of energy transition underscore the need for a lot more natural gas and the capacity to store it, the CEO of a leading global energy infrastructure operator says in the latest episode of CERAWeek Conversations.
In a wide-ranging conversation with Daniel Yergin, vice chairman, IHS Markit (NYSE: INFO), Marco Alverà, CEO of Snam talks about why the market dynamics behind the current energy crisis in Europe are “much more than European;” the need for greater investment in gas storage; and the future of gas in the energy transition.
Alverà also discusses how technological breakthroughs and economies of scale can unlock a “revolution” in hydrogen; and the potential to turn existing pipelines into “forever infrastructure” that carry the fuels of the future.
The complete video is available at: https://ondemand.ceraweek.com/cwc
Podcast version available: CERAWeek Conversations is also available via audio podcast on Apple Podcasts, Google Podcasts, Soundcloud, Spotify and Stitcher.
Selected excerpts:
Interview Recorded Tuesday, September 28, 2021
(Edited slightly for brevity only)
“It’s much more than European. It’s a non-U.S. and non-Russia crisis. It’s a crisis for all the people who are buying LNG. LNG has become the price setter, so all those countries relying on LNG, their prices tend to be aligned right now. China has been building a lot of demand during the COVID period. We woke up from COVID with not only the post-pandemic growth in the industry but a lot of homes in China have switched from coal to gas. China has added a market almost the size of the U.K. in the last three years. At the same time Europe has diminished its own production by a quarter of the size of the U.K.—almost 20 billion cubic meters over a three-year period. You have this decline in domestic production [and] stability in conventional supply coming from Russia and Norway, and unexpected growth in China. When the market gets so tight with demand exceeding supply, prices really skyrocket.
“Storages aren’t full which is not good looking at the winter ahead and storages aren’t being filled because the market is in a backwardation, which means forward prices are way below the current prices, so no trader wants to put money underground at today’s prices; and we’ve had a very cold April which is always the month that really matters for starting the storage season.
“It’s a very cyclical market. The bottom line is that we need a lot more storage. We haven’t been investing enough in storage. The U.K. is very short of storage. Italy is in a good position, but Germany and the Netherlands have very low inventories. It always strikes me that we have a lot of strategic petroleum reserves, but in most countries, we don’t have any strategic gas reserves.
“Governments have already gotten involved. In the U.K. the taxpayer had to subsidize some producers of ammonia that were indirectly producing CO2 that was necessary for the food chain and for the nuclear industry and for hospitals. It’s very unusual to see the U.K. government step in and just subsidize in a period of two days different U.S. businesses. In Italy the government committed 3 billion euros to help reduce the impact of rising prices especially on the more vulnerable part of the population. If you have poor people in cold places and prices increasing by 100%, there’s really some social issues that politicians have to deal with.”
“We’re lucky to have in Italy a great regulation similar to what we have in France. You have a regulated asset, and you offer capacity to traders at a fixed price which is quite low, and they are incentivized to fill it up with cheap summer gas so they can take that cheap summer gas out in the winter. If you have a merchant system like you have in Germany, when you have such volatile markets, no one is going to take the risk to put their money in the bank and not know how much it’s going to be worth when they have to take it out in a few months. We are very much in favor [of] at least for some amount of baseload storage: It should be regulated, it should be mandatory, it should be strategic, exactly like we have for oil. After World War II every country made it mandatory to have strategic petroleum reserves. And then in times of an oil crisis you have governments that can free up those reserves and free up inventory and it has a positive impact on prices as well.
“There’s some work we can do before this winter. We can fill up storages quite quickly if we got the right incentive. There could well be a package at the European level where… some kind of consortium of buyers buy it and store it. The beautiful thing about gas, like oil, is you can keep it there for a season, a year, a decade; you can just store it there, it’s not going to lose any value.”
“We need a lot of natural gas. If I look at a country like Germany they are essentially today running on nuclear, coal and diesel, and for different reasons have decided to abandon nuclear, abandon coal, and significantly diminish their share of diesel. So, they need to rely on gas and eventually to get to net zero they need to replace that gas with renewable gases which is going to be a combination of biomethane, blue hydrogen and green hydrogen. We need gas to manage the volatility in renewables. One of the reasons why gas prices are so high is also because we’ve been missing 20 gigawatts of wind just in the U.K. compared to last year. All you need is a year, or a season, or a week, or a month with no wind. You need to have that energy stored underground somewhere to be taken out.
“If you’re in the east coast of the U.S. or here in Europe we consume six times more energy in the winter than we do in the summer. That energy today is all natural. It’s all stored inventory natural gas. We need to keep that as an inventory and then we need to decarbonize it by using CCS, by turning it into blue hydrogen or green hydrogen.”
“What no one has focused on is that the electrolyzers, the machines that you need to turn solar energy and water into hydrogen, these kits are essentially handmade. They are a niche industry, very small volumes, no factories, no standardization. We interviewed all the electrolyzer manufacturers and launched a global conference in Rome three years ago and we discovered that if you standardize production, you can get costs really low.
“We have offered to the COP what we call the “moonshot.” We’ve organized ourselves with several other companies to commit to making green hydrogen in five years cost competitive with $50 per barrel oil, which means getting it from $120 per megawatt hour all the way down to $50. When we presented this to the [U.S.] DOE they ran their own numbers, and they came out with the “earthshot” which is to make it cost competitive with coal by the end of the decade. That is the end game because if you get it to $25 per megawatt hour that’s the only way we can convince India, China and Asia to stop building new coal plants and to switch directly from coal to hydrogen. I think in five years we can get it there. In our model, working with producers we came up with 25 gigawatts of electrolyzer demand [as] the number that gets entrepreneurs to build factories and for factories to bring down the costs. The IEA said they reckon the world will have 850 gigawatts of electrolyzers.”
“Natural gas is better because it’s more dense. You can store it more easily, you can transport it more easily, it’s less flammable, it’s safer. The problem is it has CO2. So, we’re either going to be taking the CO2 out of the natural gas—and I’m also a big fan of just CCS in general. In the future we’re going to have a natural gas pipeline, or maybe a biomethane pipeline, we will have a hydrogen pipeline and we will have a CO2 pipeline because some utilities will continue to use gas in their turbines, and it will be cheaper for them to take the CO2 out of the turbine than to convert it all to hydrogen. But there’s a lot of optionality, depending on what infrastructure is already in place. The good news is we can use the same infrastructure, we can use the same skills, we can convert fossil companies to hydrogen companies without too much effort. [Hydrogen is] less energy dense, it’s harder to deal with because it has a wider range of flammability, but it’s not so different from natural gas.”
“If blue hydrogen is proper, which means no methane emissions or very limited, and if we can capture 95 or more percent of the CO2 then I think it’s a great product. Countries like Germany will need a lot of it. Countries like the U.K. are already banking on it. I think Russia will be producing blue and sending it through Nord Stream 2 eventually. The beautiful thing is that we can use the existing pipelines to transport pure hydrogen. This has been proven and tested by the DOE, by a lot of regulators and experts.”
“People are using pipelines as an excuse to not allow upstream projects to get developed. Once people realize these are “forever infrastructure,” once I’ve connected the deserts of Texas with the east coast with a hydrogen pipeline that is like a Roman Road, we have here in Italy that’s lasting for thousands of years. That route is a forever infrastructure. Once the sun and the factory are put into connection there’s no going back. This is not the energy transition. This is the forever fuel. These pipelines, people will really rush to get them approved. There’s a first mover advantage as countries and states compete to take on market share. And I suspect these pipelines which is our core business will have the acceptance that fiber optic cables have, or water pipelines have.”
“If we can get clarity and conviction around hydrogen, green hydrogen costing $2 per kilowatt which is $50 per megawatt hour, which is cheaper than $50 barrel oil in five years, all the way down to $1 per kilowatt which is $25 megawatt hour cheaper than coal by the end of the decade, then that’s the revolution; because it becomes a self-fulfilling prophecy if people start factoring in these numbers into their models and start using them to make their investment decisions. There’s so much capital out there it’s no longer about the costs of the energy transition it’s about the huge opportunity to convert the $86 trillion economy into something bigger and grander, starting from the scales of the infrastructure that we already have in place.”
“Today if I take the [projections of the] IEA, Bloomberg, Goldman Sachs, Credit Suisse, IRENA they kind of all agree that we’ll get to 50% electrification, up from 20%. The remaining 50%, which will be incredibly expensive to electrify, which is the hard to abate sectors—shipping, aviation, heating—these will be molecules: Either oil and gas without CO2, with CCS; these will be biomolecules—biomass and biomethane; and these will be hydrogen or hydrogen derivatives. Of that 50% of molecules that people hadn’t really focused on until we focused on a net zero scenario, hydrogen is going to be between 15% and 25% and the rest is going to be oil without CO2, maybe even coal without CO2 for a period of time.”
“The New Map lays out the impact of the shale revolution around the world and touching on some of the key geopolitical nodes. Hydrogen is going to add to that. If you look at the map of renewable resources, that is going to drive future prosperity. We’re going to have two billion people added to the populations, mainly in China. They will need to build dozens of cities with 5-10 million people living in them. The prospect of using the Sahara to produce renewable hydrogen to give to sub-Saharan countries, which is where a bulk of the growth is coming from in terms of new energy demand, that Sahara Desert can also supply the north so we can bring it into Europe.
“The Middle East is a first mover. There’s talk of the Middle East wanting to build a hydrogen pipeline from Saudi Arabia across the Mediterranean into Europe. And if you look at the map of where those resources are, it’s very evenly spread around the world compared to oil which is where the big rivers were. We now have a completely new map of energy. Where there’s cheap sun and cheap wind, that’s where the new factories will be, the new data centers will be, the new steel mills will be. As a byproduct of all this cheap energy we’ll have cheap water. There’s also the opportunity to really work on nature-based solutions. It will really ease geopolitical tensions and the U.S. is coming out as a clear winner once again because it has it all.”
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The acquisition strengthens Lineage’s ability to serve customers worldwide, including locations in France and Germany, and enhances Lineage’s value-added services offerings
Kloosterboer is a recognised sustainability leader, aligning with Lineage’s focus on this critical area
Uniting the companies’ innovation and warehouse automation capabilities will lead to greater supply chain efficiencies for customers
AMSTERDAM--(BUSINESS WIRE)--#onelineage--Lineage Logistics LLC, a leading global temperature-controlled industrial REIT and logistics solutions provider, has completed its acquisition of Kloosterboer Group, a Netherlands-based, family-owned cold storage company with a strong global footprint. The companies combine to create an enhanced facility network in key European markets with a focus on sustainability and innovation within the temperature-controlled supply chain.
Kloosterboer has 900 team members and 11 strategically located facilities in the Netherlands, France, Germany, Canada and South Africa, totalling 6.4 million cubic metres of capacity and 790,000 pallet positions, with a commercial focus on port-based activities and highly-automated warehouse solutions. Kloosterboer also provides value-added services like freight forwarding, customs brokerage, juice blending, container handling, and intermodal transport.
“We welcome the Kloosterboer team to the One Lineage family and are thrilled to unite with an organization that has a nearly 100-year history of being entrepreneurial and customer centric. We look forward to integrating their state-of-the-art facilities and diverse services so we can better serve our customers in Europe and around the world. It’s also clear that we have cultural alignment with a shared focus on leading the industry in sustainability and innovation,” said Harld Peters, Senior Vice President for Europe at Lineage.
Sustainability leadership in the sector has been a hallmark for Kloosterboer. Five facilities have been recognized by BREEAM (Building Research Establishment Environmental Assessment Methodology) and the company’s use of nearly 18,000 solar panels and four wind turbines have reduced the equivalent CO2 consumption of more than 4,100 households.
Both companies are known as leaders in developing and operating the industry’s most sophisticated fully automated temperature-controlled warehouses. These buildings are capable of handling large quantities of product with an exceptional level of accuracy while using fewer resources, particularly electricity. Combining capabilities in automation with Lineage’s applied sciences knowhow will lead to new innovations in warehouse design that should yield even greater efficiencies in the supply chain, creating value and further reducing the environmental footprint for customers.
Lineage’s company’s European operations are headquartered in Amsterdam, The Netherlands, with a network spanning Belgium, Denmark, Norway, Poland, Spain and UK. With Kloosterboer, Lineage will add locations in France, Germany and South Africa to the list, and Kloosterboer facilities on the east coast of Canada will complement Lineage’s existing operations in Montreal and Ontario.
Nielen Schuman acted as financial advisor to the Kloosterboer family and De Brauw Blackstone Westbroek served as its legal counsel. Rabobank and Morgan Stanley acted as Lineage’s financial advisor and Latham & Watkins and NautaDutilh served as its legal counsel.
About Lineage Logistics
Lineage Logistics is one of the leading temperature-controlled industrial REIT and logistics solutions providers worldwide. It has a global network of over 375 strategically located facilities totalling over 2 billion cubic feet of capacity which spans 18 countries across North America, Europe and Asia-Pacific. Lineage’s industry-leading expertise in end-to-end logistical solutions, its unrivalled real estate network, and development and deployment of innovative technology help increase distribution efficiency, advance sustainability, minimize supply chain waste, and most importantly, as a Visionary Partner of Feeding America, help feed the world. In recognition of the company’s leading innovations and sustainability initiatives, Lineage was listed as No. 17 in the 2021 CNBC Disruptor 50 list, the No 1. Data Science company, and 23rd overall, on Fast Company’s 2019 list of The World’s Most Innovative Companies, in addition to being included on Fortune’s Change The World list in 2020. (www.lineagelogistics.com)
About Kloosterboer
The Kloosterboer Group is a family-owned company with more than 95 years of experience in the handling of temperature-controlled food products, such as fish, meat, fruit, fruit juices and fruit concentrates, dairy and potato products. Kloosterboer develops and provides innovative and sustainable solutions in the supply chain for conditioned food products. Kloosterboer is committed to long-term relationships, strives to achieve cost savings for its customers and increase the level of service. The company is specialised in warehousing, stevedoring, forwarding, shipping, customs and logistics IT. With storage capacity in The Netherlands, France, Germany, Canada and South Africa, Kloosterboer is one of the leading companies in this sector. (www.kloosterboer.com)
Megan Hendricksen
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HOUSTON--(BUSINESS WIRE)--The board of directors of Phillips 66 (NYSE: PSX) has declared a quarterly dividend of 92 cents per share on Phillips 66 common stock, representing a 2% increase. The dividend is payable on Dec. 1, 2021, to shareholders of record as of the close of business on Nov. 17, 2021.
Additionally, on Sept. 24, 2021, the company repaid the $500 million of outstanding borrowings under its 364-day delayed draw term loan agreement due November 2023.
“We are increasing our dividend this quarter, demonstrating our commitment to shareholder returns and reflecting our confidence in the company’s strategy and cash flow recovery,” said Phillips 66 Chairman and CEO Greg Garland. “We have increased the dividend 10 times since our inception in 2012, resulting in an 18% compound annual growth rate. We also have reduced our debt balance by $1 billion this year and will continue prioritizing debt repayment to return to pre-pandemic levels.”
About Phillips 66
Phillips 66 is a diversified energy manufacturing and logistics company. With a portfolio of Midstream, Chemicals, Refining, and Marketing and Specialties businesses, the company processes, transports, stores and markets fuels and products globally. Phillips 66 Partners, the company’s master limited partnership, is integral to the portfolio. Headquartered in Houston, the company has 14,000 employees committed to safety and operating excellence. Phillips 66 had $57 billion of assets as of June 30, 2021. For more information, visit www.phillips66.com or follow us on Twitter @Phillips66Co.
Jeff Dietert (investors)
832-765-2297
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NEWPORT BEACH, Calif.--(BUSINESS WIRE)--$CLNE--Clean Energy Fuels Corp. (NASDAQ: CLNE), the country’s largest provider of the cleanest fuel for the transportation market, announced it has won a competitive solicitation to design, construct, and maintain a hydrogen station and supply liquid hydrogen fuel for Foothill Transit, an environmentally-friendly bus service in Southern California that averages 14 million rides a year.
“Being awarded our first hydrogen station and supply contract for Foothill Transit is very important to Clean Energy because it demonstrates our ability to move to different alternative fuels as our customers expand to other technologies,” said Andrew J. Littlefair, president and CEO, Clean Energy. “Transit agencies like Foothill have been on the forefront of alternative fuels for decades because it’s in their DNA to serve their communities with clean transportation. Clean Energy has enjoyed being along for the ride with Foothill as it tackles air quality and greenhouse gas issues.”
Foothill Transit has been a 20-year partner with Clean Energy and is currently operating over 300 of their buses with renewable natural gas (RNG) at two stations built by Clean Energy. The agency is now entrusting Clean Energy to build its first hydrogen station in Pomona, CA, as it expands into another clean alternative fuel. The contract is valued at more than $13 million.
The project will be funded using assistance from the Federal Transportation Agency. Foothill Transit has placed an initial order for 20 fuel cell buses, and the station is designed to support many more.
“Our new hydrogen fuel cell fleet is the next step in our evolution towards a zero emissions future,” said Doran Barnes, CEO of Foothill Transit. “Our long-time partner, Clean Energy, has been providing low carbon RNG for our buses for years and we look forward to continuing to work with them as we expand into hydrogen fuel cell technology and fuel.”
In response to the solicitation, five proposals were submitted to Foothill Transit. Following interviews and an evaluation, Clean Energy was selected, receiving the highest technical and overall score.
In recommending the award to its Board, the Foothill Transit staff stated: “Clean Energy has a long, successful track record executing public works and transit projects, including two CNG stations for Foothill Transit. They have designed, built, operated and maintained cryogenic, LNG, CNG and RNG services to 80 current transit customers, including our Pomona and Arcadia facilities.”
Clean Energy is a leader in the development and delivery of RNG, a sustainable fuel derived from organic waste, which will represent 33.3% of the hydrogen feedstock for Foothill Transit buses.
Partnering in the station construction project are Fiedler Group, which will provide engineering design support as a subcontractor for Clean Energy, and Messer Group, which will provide hydrogen equipment, liquid hydrogen fuel, and station design under the Clean Energy contract.
Clean Energy’s construction contractor for the project is Nicosia Contracting International, who Clean Energy has worked with for nearly two decades.
About Clean Energy
Clean Energy Fuels Corp. is the country’s largest provider of the cleanest fuel for the transportation market. Our mission is to decarbonize transportation through the development and delivery of renewable natural gas (RNG), a sustainable fuel derived from organic waste. Clean Energy allows thousands of vehicles, from airport shuttles to city buses to waste and heavy-duty trucks, to reduce their amount of climate-harming greenhouse gas. We operate a vast network of fueling stations across the U.S. and Canada. Visit www.cleanenergyfuels.com and follow @CE_NatGas on Twitter.
About Foothill Transit
Foothill Transit serves over 12 million customers on 37 fixed-route bus lines each year in the San Gabriel and Pomona Valleys of Los Angeles County. Its 373-bus fleet covers 327 square miles and includes express routes into Downtown Los Angeles.
Foothill Transit is dedicated to being the premier public transit provider committed to safety, courtesy, quality, responsiveness, efficiency, and innovation. To receive a complete travel itinerary of starts, stops, and transfers to your destination, call 1-800-RIDE-INFO or visit one of Foothill Transit’s four Transit Stores located in West Covina, Pomona, Puente Hills, and El Monte Station.
Forward-Looking Statements
This news 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 that involve risks, uncertainties and assumptions, including without limitation statements about the benefits of Clean Energy’s fuels, and the value of the contract. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements. The forward-looking statements made herein speak only as of the date of this press release and, unless otherwise required by law, Clean Energy undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances. Additionally, the reports and other documents Clean Energy files with the SEC (available at www.sec.gov) contain risk factors, which may cause actual results to differ materially from the forward-looking statements contained in this news release.
Clean Energy Contact:
Raleigh Gerber
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SAN FRANCISCO--(BUSINESS WIRE)--As part of its efforts to prepare customers and communities for the growing threat of wildfires, Pacific Gas and Electric Company (PG&E) is providing detailed, localized weather forecasts for customers from its robust weather webpage on pge.com.
The weather webpage offers a seven-day forecast updated daily by a PG&E meteorologist or fire scientist that indicates the potential need to call a Public Safety Power Shutoff (PSPS). PG&E monitors conditions across the system and evaluates whether to turn off power during severe weather to help prevent wildfires.
The PG&E 7-Day PSPS Potential provides an instantaneous sense of what’s going on and what’s ahead. The forecast encompasses all counties in PG&E’s service area and four levels of PSPS potential:
Using the webpage, PG&E customers will also be able to check humidity, precipitation, temperatures, wind speeds and wind gusts across 70,000 square miles of Northern and Central California. Customers will also be able to check for local conditions from the closest weather station in their community.
Additionally, the webpage shows whether the National Weather Service has called a Red Flag Warning. It offers access to the thousands of weather stations and dozens of high-definition cameras in use by PG&E. Also included is a daily sunrise and sunset timetable.
PSPS Criteria
PG&E initiates a PSPS when the weather forecast is for such severe weather that people’s safety, lives, homes and businesses may be in danger of wildfires. As each weather situation is unique, PG&E carefully reviews a combination of factors when deciding if power must be turned off. These factors include:
“We are continuing to build our network of weather stations and cameras to provide the clearest picture about upcoming severe weather events,” said PG&E Meteorologist Scott Strenfel. “The safety of our customers and communities is our most important responsibility. As we continue to work year-round and nonstop to improve our PSPS Program, we’re expanding our meteorological forecasting capabilities to help us prevent and respond to the risk of wildfires.”
This year, PG&E’s decision-making process is also evolving to account for the presence of trees tall enough to strike power lines when determining if a PSPS is necessary.
Address Alerts
This year, PG&E created a new tool to keep non-account holders informed about PSPS outages. The tool, known as Address Alerts, can notify anyone about a PSPS at any address.
Address Alerts might be right for you if:
Customers and non-account holders interested in receiving updates on PSPS events for an address where they do not receive a bill can submit one or more addresses.
If you are a customer, you will automatically receive PSPS notifications for the home or business associated with your PG&E account. To update your contact info, visit pge.com/mywildfirealerts or call 1-866-743-6589.
To sign up for Address Alerts, visit pge.com/addressalerts.
For information about fire conditions in California, go to CAL FIRE’s website, fire.ca.gov. For more information about the Community Wildfire Safety Program, including links to update contact information, resources for PSPS outages and a schedule of upcoming regional open houses and webinars, visit PG&E’s website at pge.com/wildfiresafety.
About PG&E
Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is a combined natural gas and electric utility serving more than 16 million people across 70,000 square miles in Northern and Central California. For more information, visit pge.com and pge.com/news.
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LAHTI, Finland--(BUSINESS WIRE)--#DCFastCharging--Kempower, a leading e-mobility charging technology provider, has announced a partnership with Gilbarco Veeder-Root (GVR), the global leader in technology solutions for the retail fueling and convenience market. GVR will offer Kempower’s EV chargers as part of its EVerse offering, which also includes network management software, installation and maintenance services.
Kempower’s DC fast charging solutions are built to scale as the number of EVs on the road continues to rise. The company’s high-quality charging solutions are suitable for all types of EVs, including passenger cars, buses, off-highway vehicles, commercial service fleets and marine vessels.
“We are extremely happy to launch this cooperation with GVR. Our modular approach means that standardized building blocks can be used across our entire product range, enabling the creation of various types of EV chargers and charging systems. Additionally, our technology is scalable, so our customers can make smaller initial investments and add additional power modules later as their business grows,” commented Kempower’s CEO Tomi Ristimäki.
With a strong heritage of providing industry-leading integrated software, hardware and services for the retail fueling and convenience market, GVR offers broad market reach, proven reliability and expert industry insights on how customers are evolving their workflows to address the growing complexity shaping the e-mobility infrastructure landscape. The company specializes in creating end-to-end EV charging infrastructure solutions to improve the consumer experience and increase productivity for operators.
“Our native IoT chargers can be updated remotely and in real-time, reassuring our customers that their chosen solutions are future-proof and cloud-connected at all times. The modularity of the products also ensures that they have a small footprint, allowing GVR’s customers to make use of limited space in densely populated areas,” Ristimäki added.
Press images:
https://kempower.com/information-center/download-center/
About Kempower
Kempower designs and manufactures DC fast charging solutions for electric vehicles and machines. We’re a team of electric vehicle enthusiasts with a deep understanding of the charging market and a hands-on mentality. Our product development and production are rooted in Finland, with over 90% of our materials and components sourced locally. We focus on all areas of transportation, from personal cars and commercial vehicles to mining equipment, boats and motorsports. With 70 years of experience in perfecting power sources, we set the bar in engineering and user-experience design.
About Gilbarco Veeder-Root
Gilbarco Veeder-Root (GVR) is the global leader for technology solutions for retail fueling and convenience market. For over 150 years, GVR has been keeping the world moving, earning the trust of its customers by providing long-term partnership, uncompromising support, and proven reliability. Major product lines include point-of-sale software, payment systems, EV charging solutions, fuel dispensers and tank gauges and fleet management solutions.
Tomi Ristimäki
CEO
Kempower
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Kempower
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30 high school seniors to be awarded $40,000 to help them follow their STEM dreams
ROSEMEAD, Calif.--(BUSINESS WIRE)--High school seniors looking to create a more reliable, resilient and safer world through the study of science, technology, engineering or math (STEM) are invited to apply for Edison International’s $1.2 million Edison Scholars Program.
Each year, Edison International, the parent company of Southern California Edison, awards $40,000 scholarships, paid over four years, to 30 high school students who plan to major in designated STEM fields at a four-year accredited U.S. college or university. See the list of eligible STEM majors here.
“Students from all backgrounds need support and encouragement, especially when considering a career in STEM,” said Pedro J. Pizarro, president and CEO of Edison International. “We need their ideas, solutions and passion to tackle the challenges facing the energy industry and decarbonizing our economy. The Edison Scholars Program will help students pursue their dreams and power a clean energy future that is just, affordable and equitable for everyone.”
Edison International has awarded an estimated $12.3 million in scholarships to 700 students through the Edison Scholars Program since its inception in 2006.
Edison International is accepting scholarship applications through Dec. 13. To apply and obtain additional eligibility information, visit: edisonscholars.com.
Applicants must live in SCE’s service area and plan to be a full-time undergraduate student majoring in a STEM field. Eligible students also must be a high school senior, have at least a cumulative 3.0 GPA and demonstrate financial need. Students from underserved communities and ethnic minorities are encouraged to apply. Dependents of Edison International and SCE employees and retirees are not eligible for the Edison Scholars Program.
Scholarship recipients will be announced next spring. They may also be eligible for summer internships at SCE after completing their second year of college.
“I was awarded the scholarship in 2014, and then my brother won seven years later,” said Diana Valenzuela currently an employee at SCE. “Winning the scholarship was life changing for me and my family, and it will be amazing to see the class of 2022 achieve their goals with help from Edison.”
Edison International’s support of charitable causes, including the Edison Scholars Program, is funded entirely by Edison International shareholders. SCE customers’ utility bill payments do not fund company donations.
About Edison International
Edison International (NYSE: EIX) is one of the nation’s largest electric utility holding companies, providing clean and reliable energy and energy services through its independent companies. Headquartered in Rosemead, California, Edison International is the parent company of Southern California Edison Company, a utility that delivers electricity to 15 million people across Southern, Central and Coastal California. Edison International is also the parent company of Edison Energy, a global energy advisory company delivering comprehensive, data-driven energy solutions to commercial and industrial users to meet their cost, sustainability and risk goals.
Media Contact: Taelor Bakewell, (626) 302-2255
DULUTH, Minn.--(BUSINESS WIRE)--ALLETE Inc. (NYSE:ALE) will announce its financial results for the third quarter before the stock markets open on Thursday, November 4, 2021.
Following the release, ALLETE Chair, President and Chief Executive Officer Bethany M. Owen, Senior Vice President and Chief Financial Officer Robert J. Adams, and Vice President, Controller and Chief Accounting Officer Steven W. Morris will present an overview of results and discuss other factors affecting performance during a conference call beginning at 10 a.m. Eastern time. Interested parties may listen to the conference live by calling (877) 303-5852 using passcode 8090438, or by accessing the webcast on ALLETE’s website, www.allete.com.
A replay of the call will be available through November 11, 2021, by dialing (855) 859-2056, conference identification number 8090438. The webcast will be accessible for one year at www.allete.com.
ALLETE is an energy company headquartered in Duluth, Minn. In addition to its electric utilities, Minnesota Power and Superior Water, Light and Power of Wisconsin, ALLETE owns ALLETE Clean Energy, based in Duluth, BNI Energy in Bismarck, N.D., and has an eight percent equity interest in the American Transmission Co. More information about ALLETE is available at www.allete.com. ALE-CORP
Investor Contact:
Vince Meyer
218-723-3952
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TORONTO--(BUSINESS WIRE)--Superior Plus Corp. (“Superior”) (TSX:SPB):
October 2021 Cash Dividend - $0.06 per share
Superior Plus Corp. (“Superior”) today announced its cash dividend for the month of October 2021 of $0.06 per share payable on November 15, 2021. The record date is October 31, 2021 and the ex-dividend date will be October 28, 2021. Superior’s annualized cash dividend rate is currently $0.72 per share. This dividend is an eligible dividend for Canadian income tax purposes.
About the Corporation
Superior is a leading North American distributor and marketer of propane and distillates and related products and services, servicing over 780,000 customer locations in the U.S. and Canada.
For further information about Superior, please visit Superior’s website at: www.superiorplus.com or contact: Beth Summers, Executive Vice President and Chief Financial Officer, Tel: (416) 340-6015, or Rob Dorran, Vice President, Investor Relations and Treasurer, Tel: (416) 340-6003, E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it., Toll Free: 1-866-490-PLUS (7587).
Forward Looking Information
This news release contains certain forward-looking information and statements that are based on Superior’s current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. In this news release, such forward-looking information and statements can be identified by terminology such as “will”, "expects", "annualized", and similar expressions.
In particular, this news release contains forward-looking statements and information relating to: future dividends which may be declared on Superior’s common shares, the dividend payment, the tax treatment thereof, and the receipt of cash dividends. These forward-looking statements are being made by Superior based on certain assumptions that Superior has made in respect thereof as at the date of this news release, regarding, among other things: the success of Superior’s operations; prevailing commodity prices, margins, volumes and exchange rates; that Superior’s future results of operations will be consistent with past performance and management expectations in relation thereto; the continued availability of capital at attractive prices to fund future capital requirements; future operating costs; that any required commercial agreements can be reached; that all required regulatory and environmental approvals can be obtained on the necessary terms in a timely manner. These forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties, including, but not limited to: the regulatory environment and decisions; non-performance of agreements in accordance with their terms; the impact of competitive entities and pricing; reliance on key industry partners and agreements; actions by governmental or regulatory authorities including changes in tax laws and treatment, or increased environmental regulation; adverse general economic and market conditions in Canada, North America and elsewhere; fluctuations in operating results; labour and material shortages; and certain other risks detailed from time to time in Superior’s public disclosure documents including, among other things, those detailed under the heading "Risk Factors" in Superior’s management's discussion and analysis and annual information form for the year ended December 31, 2020, which can be found at www.sedar.com.
Accordingly, readers are cautioned that events or circumstances could cause results to differ materially from those predicted, forecasted or projected. Such forward-looking statements are expressly qualified by the above statements. Superior does not undertake any obligation to publicly update or revise any forward looking statements or information contained herein, except as required by applicable laws.
Beth Summers
Executive Vice President and Chief Financial Officer
Tel: (416) 340-6015
or
Rob Dorran
Vice President, Investor Relations and Treasurer
Tel: (416) 340-6003
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Toll Free: 1-866-490-PLUS (7587)
HIGHLIGHTS
MINNEAPOLIS--(BUSINESS WIRE)--Northern Oil and Gas, Inc. (NYSE American: NOG):
WILLISTON BASIN ACQUISITION
Northern has entered into a definitive agreement to acquire non-operated interests across over 400 producing wellbores located primarily in Williams, McKenzie, Mountrail and Dunn Counties, ND for a purchase price of $154 million in cash, subject to typical closing adjustments. Northern expects to fund the acquisition with cash on hand, operating free cash flow and borrowings under Northern’s revolving credit facility.
Northern expects a significant increase to its borrowing base from both the acquired and existing assets and will begin the process to expand its elected commitment during its regularly scheduled fall borrowing base redetermination, which it expects to complete in November 2021.
October production on the assets is expected to be greater than 4,500 Boe per day (2-stream, ~65% oil) and Northern expects average production of more than 4,100 Boe per day in 2022 (2-stream, ~65% oil). Northern expects negligible capital expenditures on the assets.
The acquired assets include 65.9 net producing wells. The assets are operated by multiple operators in the Williston Basin, and Northern holds existing ownership positions in 84% of the wellbores acquired.
The effective date for the transaction is October 1, 2021 and Northern expects to close the transaction within 40 days.
INCREASED STOCKHOLDER RETURNS
Given the strong, low risk cash flows from the acquired properties, Northern’s Management plans to submit a request to the Board of Directors for a 33.3% increase to the common stock dividend for the fourth quarter of 2021, for shareholders on record as of December 31, 2021. This anticipated increase to a dividend of $0.06 per common share represents a 100% increase since the initiation of a dividend program in May 2021. Under Delaware law, the Board may approve such a measure within 60 days of the record date.
MANAGEMENT COMMENTS
“We remain consistent with our strategy,” commented Nick O’Grady, Chief Executive Officer of Northern. “The focus continues on being the natural consolidator of working interests and executing with financial discipline, concentrating on cost of entry, return on capital employed and cash flow net to our shareholders. Despite purchasing the assets with cash, we still expect a 1x leverage ratio by year-end 2022. With the planned dividend increase, we will have doubled our shareholder return program in less than five months since inception.”
“This is our third major transaction this year in as many basins,” commented Adam Dirlam, Chief Operating Officer of Northern. “Our team’s ability to actively pivot has provided for consistent optionality to pursue value enhancing opportunities in the most prolific basins across the US.”
ADVISORS
Kirkland & Ellis LLP is serving as Northern’s legal advisor.
ABOUT NORTHERN OIL AND GAS
Northern Oil and Gas, Inc. is a company with a primary strategy of investing in non-operated minority working and mineral interests in oil & gas properties, with a core area of focus in the premier basins within the United States. More information about Northern Oil and Gas, Inc. can be found at www.northernoil.com.
SAFE HARBOR
This press release contains forward-looking statements regarding future events and future results that are subject to the safe harbors created under the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”). All statements other than statements of historical facts included in this release regarding Northern’s financial position, common stock dividends, including any increases thereto, business strategy, plans and objectives of management for future operations and industry conditions are forward-looking statements. When used in this release, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “continue,” “anticipate,” “target,” “could,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.
Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond Northern’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following: changes in crude oil and natural gas prices, the pace of drilling and completions activity on Northern’s properties and properties pending acquisition, the effects of the COVID-19 pandemic and related economic slowdown, Northern’s ability to acquire additional development opportunities, changes in Northern’s reserves estimates or the value thereof, general economic or industry conditions, nationally and/or in the communities in which Northern conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, Northern’s ability to consummate any pending acquisition transactions (including the transactions described herein), other risks and uncertainties related to the closing of pending acquisition transactions (including the transactions described herein), Northern’s ability to raise or access capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, and other economic, competitive, governmental, regulatory and technical factors affecting Northern’s operations, products, services and prices.
Northern has based these forward-looking statements on its current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond Northern’s control. Northern does not undertake any duty to update or revise any forward-looking statements, except as may be required by the federal securities laws.
Mike Kelly, CFA
Chief Strategy Officer
(952) 476-9800
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MACEDONIA, Ohio--(BUSINESS WIRE)--TPC Wire & Cable (TPC) today announces the formation of the Trexon brand, which encompasses the brand portfolio of TPC, Pittsburgh Wire and Cable, MilRail, EZ Form Cable, CiCoil, Hydro Group, Integrated Cable Systems (ICS) and The First Electronics Corporation (FEC). The company is headquartered in Macedonia, Ohio.
Trexon is a leading provider of unique connectivity solutions built to withstand the toughest environments and the most exacting applications. The new brand is comprised of some of the most innovative specialty connectivity companies in the world.
There are two divisions within Trexon: Industrial Products and Engineered Products. Industrial Products is comprised of TPC, MilRail, and Pittsburgh Wire and Cable, and its products are manufactured to provide top performance in the most demanding environments. Engineered Products is comprised of CiCoil, EZ Form Cable, Hydro Group, ICS and FEC, and its products are designed into exacting and mission-critical applications.
The existing TPC leadership will take the helm at Trexon, with Jeff Crane as President and CEO, Todd Spaulding managing the Industrial Products business, and Nildeep Patel leading the Engineered Products business.
“The collective strength of Trexon’s brands puts us in a unique position to provide the best possible high-performance wire and cable solutions to our customers,” said Jeff Crane, President and CEO, Trexon. “We care deeply about pioneering new solutions and collaborating with our customers to solve the world’s most challenging connectivity problems.”
Trexon promises to always design for durability and engineer for excellence, leveraging collective market expertise, collaboration, and a flexible service model that allows them to design connectivity solutions that increase performance and maximize uptime for customers. Each of Trexon’s leading specialty connectivity companies will play an important role in this mission.
“All of the companies under the Trexon umbrella bring with them their own brand identity and strong heritage,” added Jeff Crane. “We will protect and build upon these legacies even as we establish this new Trexon brand to convey a collective global message about the unique connectivity solutions that we provide.”
About Trexon
Trexon is built through the transformative combination of some of the most innovative specialty connectivity companies in the world. They provide unique connectivity solutions that withstand the toughest environments and most exacting applications. Headquartered in Macedonia, Ohio, U.S.A., Trexon has more than 700 connectivity experts serving the daily needs of customers across the United States, Canada, Central and South America, Europe, and East Asia. For additional information, please visit www.trexonglobal.com. Trexon is a portfolio company of Audax Group, a private equity group based in Boston, Massachusetts, U.S.A.
Jennifer Readence
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+1 216 525 4425
Ross Martinez
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+1 480 356 9066
Advent’s Partner in Thailand places new order for 4th generation SereneU fuel cells to support microgrids on remote islands
BOSTON--(BUSINESS WIRE)--Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent”) today announced that a new order was placed late last month for SereneU 5kW fuel cells to roll out in the Asian market. The new fuel cell stacks and reformers are intended to support internal testing setups to evaluate performance and to showcase results with Thai telecom operators.
Advent Technologies A/S (formerly SerEnergy) has been a partner of Thailand-based Alright Combination Centric Co., Ltd. (ALCC) since 2017. ALCC is a product distributor and service provider to Thailand’s ICT industry. The 5kW fuel cell will address the multi-million USD telecom sector in Thailand as well as support ALCC’s government projects for microgrids on remote islands and for backup at the Marine Security Center of the Royal Thai Navy.
Advent SereneU fuel cells are the company’s 4th generation fuel cells, which provide customers a lifetime extension to minimize maintenance and leverage profitability. This new generation introduces advantages, including longer lifetime, less service and maintenance fees, and improved total cost of ownership (TCO). The product upgrade places Advent fuel cells in a pivotal position to respond to an increasing global demand for sustainable energy.
Additional benefits of SereneU include:
Advent Technologies Holdings Chief Marketing Officer Chris Kaskavelis noted: “The race to zero emissions via advancements in fuel cell technology is happening at a rapid pace, worldwide. At Advent, we have established global networks to meet a growing demand for our clean fuel cell systems. We look forward to supporting ALCC as the company enables operators and other industries across Thailand to decarbonize by using our cutting-edge methanol-based fuel cell systems.”
ALCC Managing Director Adisak Phungsil added, “We look forward to receiving Advent’s recently launched and improved 5kW fuel cells for our evaluations and showcase to potential customers in Thailand. We have experienced an increased demand for CO2 reducing technologies already in the telecom sector and are also working on the penetration into market applications of microgrids and backup power at seaports. We are happy about the partnership with Advent’s Philippine team. It runs smoothly, they deliver on-time high quality products, and we look forward to continuously working with them on the distribution of SereneU helping customers in their green transitions.”
About Advent Technologies Holdings, Inc.
Advent Technologies Holdings, Inc. is a U.S. corporation that develops, manufactures, and assembles complete fuel cell systems, and the critical components for fuel cells in the renewable energy sector. Advent is headquartered in Boston, Massachusetts, with offices in California, Greece, Denmark, Germany, and the Philippines. With more than 100 patents issued for its fuel cell technology, Advent holds the IP for next-generation HT-PEM that enable various fuels to function at high temperatures under extreme conditions – offering a flexible “Any Fuel. Anywhere.” option for the automotive, aviation, defense, oil and gas, marine, and power generation sectors. For more information, visit www.advent.energy.
About Alright Combination Centric Co., Ltd.
Alright Combination Centric Co., Ltd. “ALCC” is a System Integration Reseller and Professional Services company in IT & Telecommunication networking solutions and distributor of Renewable power, formed in 2011. ALCC located in Bangkok, Thailand. ALCC provides ICT solution such as consultancy, design, configuration, implementation, project management by selecting a set of related products with one-stop solutions to its customers. ALCC services cover to warranty period and can be extended to maintenance supports, manage service. ALCC was established in 2011, experiencing rapid growth and expansion. They are committed to a target-oriented growth strategy focused on helping clients improve network performance by adding knowledge and experience. ALCC clients’ applications range from small single building entities to large county-based systems. Learn more: https://www.alcc.co.th/.
Cautionary Note Regarding Forward-Looking Statements
This press release includes forward-looking statements. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “expect,” “plan,” “could,” “may,” “will,” “believe,” “estimate,” “forecast,” “goal,” “project,” and other words of similar meaning. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, the Company’s ability to maintain the listing of the Company’s common stock on Nasdaq; future financial performance; public securities’ potential liquidity and trading; impact from the outcome of any known and unknown litigation; ability to forecast and maintain an adequate rate of revenue growth and appropriately plan its expenses; expectations regarding future expenditures; future mix of revenue and effect on gross margins; attraction and retention of qualified directors, officers, employees and key personnel; ability to compete effectively in a competitive industry; ability to protect and enhance our corporate reputation and brand; expectations concerning our relationships and actions with our technology partners and other third parties; impact from future regulatory, judicial and legislative changes to the industry; ability to locate and acquire complementary technologies or services and integrate those into the Company’s business; future arrangements with, or investments in, other entities or associations; and intense competition and competitive pressure from other companies worldwide in the industries in which the Company will operate; and the risks identified under the heading “Risk Factors” in our Annual Report on Form 10-K/A filed with the Securities and Exchange Commission on May 20, 2021, as well as the other information we file with the SEC. We caution investors not to place considerable reliance on the forward-looking statements contained in this press release. You are encouraged to read our filings with the SEC, available at www.sec.gov, for a discussion of these and other risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this document, and we undertake no obligation to update or revise any of these statements. Our business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.
Advent Technologies Holdings, Inc.
Elisabeth Maragoula
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Sloane & Company
James Goldfarb / Emily Mohr
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