SAN FRANCISCO--(BUSINESS WIRE)--College should be an educational and memorable experience for students – but it should also be safe. September is National Preparedness Month, and as students settle into their new surroundings, they need to be prepared for emergencies that could happen at any time. That’s why, in partnership with Chico State, PG&E has developed two educational modules that will show college students how to prepare for an emergency, on and off-campus.
These resources are brief but contain important information that will take the guesswork out of emergency preparedness for students and their families. This information will be available on the Safety Action Center, PG&E’s preparedness website, which provides tips to help Californians keep their families, homes and businesses safe during natural disasters and other emergencies.
Students will learn:
To learn more about emergency preparedness tips, please visit the Safety Action Center (safetyactioncenter.pge.com).
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.
MEDIA RELATIONS:
415-973-5930
HOUSTON--(BUSINESS WIRE)--Cheniere Energy Partners, L.P. ("Cheniere Partners") (NYSE American: CQP) announced today that it intends to offer, subject to market and other conditions, $1.2 billion principal amount of Senior Notes due 2032 (the "CQP 2032 Notes").
Cheniere Partners intends to use the proceeds from the offering (after deducting the initial purchasers’ discounts, estimated fees and expenses), together with cash on hand, to refinance all of Cheniere Partners’ outstanding senior notes due 2026 (the “CQP 2026 Notes”) and a portion of Sabine Pass Liquefaction, LLC’s senior notes due 2022 (the “SPL 2022 Notes”) and to pay fees and expenses in connection with the refinancing. This press release does not constitute an offer to purchase or a solicitation of an offer to sell the CQP 2026 Notes or SPL 2022 Notes. The CQP 2032 Notes will rank pari passu in right of payment with the existing senior notes at CQP, including the CQP 2026 Notes, the senior notes due 2029 and the senior notes due 2031.
The offer of the CQP 2032 Notes has not been registered under the Securities Act of 1933, as amended (the "Securities Act"), and the CQP 2032 Notes may not be offered or sold in the United States absent registration under the Securities Act or an applicable exemption from the registration requirements of the Securities Act. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale of these securities would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Forward-Looking Statements
This press release contains certain statements that may include “forward-looking statements.” 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, statements regarding Cheniere Partners’ business strategy, plans and objectives, including the use of proceeds from the offering. Although Cheniere Partners 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 Partners’ 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 Partners’ 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 Partners does not assume a duty to update these forward-looking statements.
Cheniere Partners Contacts
Investors
Randy Bhatia, 713-375-5479
Media Relations
Eben Burnham-Snyder, 713-375-5764
Jenna Palfrey, 713-375-5491
HOUSTON--(BUSINESS WIRE)--Cheniere Energy Partners, L.P. ("Cheniere Partners") (NYSE American: CQP) announced today that it has priced its previously announced offering of Senior Notes due 2032 (the "CQP 2032 Notes"). The CQP 2032 Notes will bear interest at a rate of 3.25% per annum and will mature on January 31, 2032. The CQP 2032 Notes are priced at par, and the closing of the offering is expected to occur on September 27, 2021.
Cheniere Partners intends to use the proceeds from the offering (after deducting the initial purchasers’ discounts, estimated fees and expenses), together with cash on hand, to refinance all of Cheniere Partners’ outstanding senior notes due 2026 (the “CQP 2026 Notes”) and a portion of Sabine Pass Liquefaction, LLC’s senior notes due 2022 (the “SPL 2022 Notes”) and to pay fees and expenses in connection with the refinancing. This press release does not constitute an offer to purchase or a solicitation of an offer to sell the CQP 2026 Notes or SPL 2022 Notes. The CQP 2032 Notes will rank pari passu in right of payment with the existing senior notes at CQP, including the CQP 2026 Notes, the senior notes due 2029 and the senior notes due 2031.
The offer of the CQP 2032 Notes has not been registered under the Securities Act of 1933, as amended (the "Securities Act"), and the CQP 2032 Notes may not be offered or sold in the United States absent registration under the Securities Act or an applicable exemption from the registration requirements of the Securities Act. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale of these securities would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Forward-Looking Statements
This press release contains certain statements that may include “forward-looking statements.” 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, statements regarding Cheniere Partners’ business strategy, plans and objectives, including the use of proceeds from the offering. Although Cheniere Partners 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 Partners’ 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 Partners’ 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 Partners does not assume a duty to update these forward-looking statements.
Investors
Randy Bhatia 713-375-5479
Media Relations
Eben Burnham-Snyder 713-375-5764
Jenna Palfrey 713-375-5491
HOUSTON--(BUSINESS WIRE)--Cheniere Energy Partners, L.P. (“Cheniere Partners”) (NYSE American: CQP) announced today that it has commenced a cash tender offer to purchase any and all of the $1.1 billion aggregate principal amount of its outstanding 5.625% Notes due 2026 (the “Notes”) on the terms set forth in the table below.
Series of Notes |
CUSIP
|
Aggregate
|
Tender
|
Early Tender
|
Total
|
5.625% Notes due 2026 |
16411Q AD3 U16353 AB7 |
$1,100,000,000 |
$980.00 |
$50.00 |
$1,030.00 |
(1) |
Per $1,000 principal amount of Notes validly tendered (and not validly withdrawn) and accepted for purchase by Cheniere Partners. Excludes accrued and unpaid interest, which will be paid on Notes accepted for purchase by Cheniere Partners as described below. |
(2) |
Includes the $50 early tender premium for Notes validly tendered at or prior to the Early Tender Deadline (as defined below) (and not validly withdrawn) and accepted for purchase by Cheniere Partners. |
In connection with the tender offer, Cheniere Partners is soliciting consents from holders of the Notes to amend certain provisions of the indenture governing the Notes (the “Proposed Amendment”). The Proposed Amendment would amend the indenture with respect to the Notes to reduce the minimum notice period to optionally redeem the Notes.
Cheniere Partners will not be obligated to accept for purchase any Notes pursuant to the tender offer unless certain conditions are satisfied or waived by Cheniere Partners, including (1) entry by Cheniere Partners at or prior to the Expiration Date (as defined below) (or Early Tender Deadline, if Cheniere Partners elects to have an early settlement) into a definitive contract providing for the receipt by Cheniere Partners, on terms satisfactory to it in its sole discretion subject to applicable law, of a minimum of $1,200,000,000 in gross proceeds from one or more debt financings and (2) the receipt by Cheniere Partners at or prior to the final settlement date (or early settlement date, if Cheniere Partners elects to have an early settlement) of a minimum of $1,200,000,000 in gross proceeds from one or more debt financings upon fulfillment of customary conditions. The tender offer is not conditioned on any minimum amount of Notes being tendered or receipt of requisite consents to adopt the proposed amendments. Subject to applicable law, Cheniere Partners may amend, extend or terminate the tender offer in its sole discretion.
The tender offer and consent solicitation is being made solely pursuant to the terms and conditions set forth in an Offer to Purchase and Consent Solicitation Statement, dated September 13, 2021. Holders of the Notes are urged to carefully read the Offer to Purchase and Consent Solicitation Statement before making any decision with respect to the tender offer and consent solicitation.
The tender offer and consent solicitation will expire at 12:01 a.m., New York City time, on October 12, 2021, unless extended, earlier expired or terminated by Cheniere Partners (such time and date, as the same may be extended, earlier expired or terminated by Cheniere Partners in its sole discretion, subject to applicable law, the “Expiration Date”). Tendered Notes may be withdrawn and consents delivered may be revoked at or prior to 5:00 p.m., New York City time, on September 24, 2021 by following the procedures in the Offer to Purchase and Consent Solicitation Statement, but may not thereafter be validly withdrawn and validly revoked, except as provided for in the Offer to Purchase and Consent Solicitation Statement or required by applicable law.
Holders of Notes must validly tender and not validly withdraw their Notes and validly deliver and not validly revoke their consents at or prior to 5:00 p.m., New York City time, on September 24, 2021 (such time and date, as the same may be extended by Cheniere Partners in its sole discretion, subject to applicable law, the “Early Tender Deadline”) in order to be eligible to receive the total consideration, which includes the early tender premium for the Notes of $50.00 per $1,000 principal amount of Notes tendered. Holders who validly tender their Notes and deliver their consents after the Early Tender Deadline and at or prior to the Expiration Date will be eligible to receive only the tender consideration, as set forth in the table above. Accrued and unpaid interest will be paid on all Notes validly tendered and accepted for purchase from the last interest payment date up to, but not including, the applicable settlement date.
Cheniere Partners reserves the right, but is under no obligation, at any time after the Early Tender Deadline and before the Expiration Date, to accept for purchase Notes that have been validly tendered and not validly withdrawn at or prior to the Early Tender Deadline on the early settlement date. Cheniere Partners currently expects the early settlement date, if any, to occur on September 27, 2021. If Cheniere Partners chooses to exercise its option to have an early settlement date, Cheniere Partners will purchase any remaining Notes that have been validly tendered and not validly withdrawn after the Early Tender Deadline and at or prior to the Expiration Date, subject to all conditions to the tender offer having been satisfied or waived by Cheniere Partners, on a date following the Expiration Date. The final settlement date is expected to occur promptly following the Expiration Date, and is currently expected to occur on October 13, 2021, unless extended by Cheniere Partners. If Cheniere Partners chooses not to exercise its option to have an early settlement date, Cheniere Partners will purchase all Notes that have been validly tendered and not validly withdrawn at or prior to the Expiration Date, subject to all conditions to the tender offer having been satisfied or waived by Cheniere Partners, on the final settlement date. Tenders of Notes and delivery of consents submitted after the Expiration Date will not be valid.
On the day hereof and subsequent to the commencement of the tender offer and consent solicitation, we intend to issue a notice of redemption for all or a portion of the Notes that remain outstanding following the consummation or termination of the tender offer pursuant to the existing notice period provisions of the Indenture (the “original notice of redemption”), which will be conditioned upon the receipt of the net proceeds from the Debt Financing and the lack of receipt of the requisite consents on or prior to the Early Tender Deadline. Any such redemption would be made in accordance with the terms of the Base Indenture, as supplemented by the Second Supplemental Indenture, pursuant to which the Notes were issued, and as amended by the Fourth Supplemental Indenture, which provides for a redemption price equal to 102.813% plus accrued and unpaid interest thereon to the redemption date. In addition, assuming the execution and delivery of the Supplemental Indenture, we currently intend, in accordance with the terms and conditions of the Indenture, as may be amended as a result of the Proposed Amendment (which would shorten the minimum notice requirement for optional redemptions), to mail a second notice of redemption to the holders of any outstanding Notes on the Early Settlement Date, if any, that will supersede the original notice of redemption, although we have no legal obligation to do so and the selection of any particular redemption date is in our discretion. Neither this statement of intent nor similar statements of such intent included elsewhere in this press release shall constitute a notice of redemption under the Indenture. Any such notice, if made, will only be made in accordance with the provisions of the Indenture.
Cheniere Partners has retained RBC Capital Markets, LLC to act as the dealer manager and solicitation agent and Ipreo LLC to act as the tender and information agent for the tender offer and consent solicitation. For additional information regarding the terms of the tender offer and consent solicitation, please contact RBC Capital Markets, LLC collect at (212) 618-7843 or toll-free at (877) 381-2099. Requests for copies of the Offer to Purchase and Consent Solicitation Statement and questions regarding the tendering of notes and delivery of consents may be directed to Ipreo LLC at (212) 849-3880 (for banks and brokers) or (888) 593-9546 (all others, toll-free) or email This email address is being protected from spambots. You need JavaScript enabled to view it..
This press release is for informational purposes only and does not constitute an offer to purchase securities or a solicitation of an offer to sell any securities or an offer to sell or the solicitation of an offer to purchase any securities nor does it constitute an offer or solicitation in any jurisdiction in which such offer or solicitation is unlawful.
None of Cheniere Partners, the tender and information agent, the dealer manager and solicitation agent or the trustee (nor any of their respective directors, officers, employees or affiliates) makes any recommendation as to whether holders should tender their Notes pursuant to the tender offer and deliver any related consents, and no one has been authorized by any of them to make such a recommendation. Holders must make their own decisions as to whether to tender their Notes, and, if so, the principal amount of Notes to tender.
Forward-Looking Statements
This press release contains certain statements that may include “forward-looking statements.” 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, statements regarding Cheniere Partners’ business strategy, plans and objectives, including statements regarding the intended conduct, timing and terms of the tender offer and consent solicitation, related financing plans and any future actions by Cheniere Partners in respect of the Notes. Although Cheniere Partners 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 Partners’ 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 Partners’ 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 Partners does not assume a duty to update these forward-looking statements.
Cheniere Partners Contacts
Investors
Randy Bhatia, 713-375-5479
Media Relations
Eben Burnham-Snyder, 713-375-5764
Jenna Palfrey, 713-375-5491
Preservation of zero-emissions nuclear plants prevents harmful pollution and supports more than 28,000 jobs, while protecting consumers from higher energy costs
CHICAGO--(BUSINESS WIRE)--Exelon Generation said today that it is preparing to refuel its Byron and Dresden nuclear plants as a result of the action taken by the Illinois legislature to enact a comprehensive energy bill. Once signed by the Governor, the legislation will strengthen Illinois’ clean energy leadership, protect the state’s economy by preserving tens of thousands of jobs and prevent an increase in pollution and energy costs that would harm consumers if the plants closed.
“We commend the Governor, the General Assembly, our partners at IBEW Local 15 and the coalition of labor leaders and members who worked so hard to pass this roadmap for rebuilding our economy and addressing the climate crisis by investing in clean energy in a way that ensures that jobs and environmental benefits are shared equitably,” said Christopher Crane, president and CEO of Exelon. “This new policy offers a better future for the employees who have run these plants at world-class levels, the plant communities that we are privileged to serve and all Illinoisans eager to build a clean-energy economy that works for everyone.”
The legislation promotes jobs and lowers carbon emissions by scaling up renewables, investing in electrification and adopting critical job training programs and labor standards. It also creates a process for the state to procure carbon mitigation credits from nuclear plants, which are critical to keeping Illinois on a path to reach net zero emissions by 2050. The bill will mitigate widely acknowledged flaws in regional energy markets and compensate nuclear plants for their clean-energy benefits in much the same way that wind and solar are compensated today. It also will put the state on a path to 100 percent clean energy at a fraction of the cost of achieving the same goal with only renewables.
More than 60 percent of Illinois’ electricity consumption and approximately 90 percent of its carbon-free energy comes from Exelon Generation’s six nuclear plants in Illinois. Studies have shown that when nuclear plants close, plants that burn fossil fuels operate much more often, increasing harmful carbon and air pollution, especially in disadvantaged communities.
Dresden Generating Station, located in Morris, Ill., was slated to retire in November and the Byron Generating Station, located just outside Byron, Ill., was scheduled to begin the defueling process and permanent shut down starting today. Despite being among the safest, most efficient and reliable units in the nation’s nuclear fleet, Dresden and Byron face revenue shortfalls in the hundreds of millions of dollars because of energy market rules that allow fossil fuel plants to underbid clean resources in regional electricity markets.
In addition to Byron and Dresden, the legislation creates an opportunity to preserve the Braidwood nuclear plant, which also is economically challenged and at imminent risk of premature retirement. The LaSalle nuclear plant also will remain operating for the five-year duration of the carbon mitigation credit program.
By supporting these always-on, zero carbon nuclear plants, the legislation ensures that Illinois stays on track to meet its climate goals at the lowest cost to consumers. Byron alone generates 30 percent more clean energy than comes from all the solar and wind ever built in Illinois. An analysis by an independent consulting firm found that it would take $29 billion – or more than $6 per month for every Illinois household over the next 25 years – to replace just Byron’s carbon-free energy with renewable sources, much less reach 100 percent clean.
In January 2019, the state committed to reducing greenhouse gas emissions consistent with the targets set in the Paris climate agreement. Emissions-free energy from the four nuclear plants puts the state 85 percent toward the 2025 goal versus 20 percent had they retired prematurely and been replaced by polluting resources.
Once the legislation is signed into law, Exelon Generation will move to immediately fill hundreds of vacant positions and resume capital projects required for long-term operation. The company also will alert the Nuclear Regulatory Commission and PJM of the decision to keep the plants operating.
Additional background on the plants:
About Exelon Generation
Exelon Generation, a subsidiary of Exelon Corporation (Nasdaq: EXC), is the nation’s largest producer of carbon-free energy, powering more than 20 million homes and businesses through a diverse generation fleet with approximately 30,000 megawatts of capacity. Exelon Generation owns and operates the largest U.S. fleet of zero-carbon nuclear plants with more than 17,800 megawatts from 21 reactors at 12 facilities in Illinois, Maryland, New York and Pennsylvania. It also owns and operates a diverse mix of wind, solar, hydroelectric, natural gas and oil facilities in 18 states with approximately 12,000 megawatts. Exelon Generation sets the standard for world-class power plant operations that produce clean, safe, reliable electricity, and is an active partner and economic engine in the communities it serves by providing jobs, charitable contributions and tax payments that help towns and regions grow. Follow Exelon Generation on Twitter @ExelonGen, view the Exelon Generation YouTube channel or visit exeloncorp.com.
Paul Adams
Corporate Communications
410-470-4167
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SAN ANTONIO--(BUSINESS WIRE)--$vctr #ESG--Victory Capital Holdings, Inc. (NASDAQ: VCTR) (“Victory Capital” or the “Company”) today announced that its wholly owned operating subsidiary Victory Capital Management Inc. has reached a definitive agreement to acquire 100% of New Energy Capital Partners (“NEC”).
NEC will become Victory Capital’s 11th Investment Franchise and represents the Company’s first Franchise focusing exclusively on alternative investments. Founded in 2004 and based in Hanover, New Hampshire, NEC is a leading alternative asset management firm focused on debt and equity investments in clean energy infrastructure projects and companies. The transaction is expected to close during the fourth quarter of 2021 and be immediately accretive to Victory Capital’s earnings.
David Brown, Chairman and CEO of Victory Capital, said, “Launching an alternative investment platform creates an additional path for future growth. The same principles that have led to success in our traditional asset management business will guide the strategy for this part of our business. This includes adding autonomous Investment Franchises, with excellent investment performance track records and managing strategies designed to add value to client portfolios. Our operating and distribution infrastructure will support these Investment Franchises to allow them to stay focused on managing assets and serving clients.
“NEC perfectly embodies all of the characteristics we seek, and we particularly like their specialization in clean and renewable energy, which is a fast-growing market segment.”
With four active private closed-end funds, NEC is invested across both debt and equity instruments and has a diverse investor base of limited partners representing a mix of institutional investors including endowments, foundations, insurance companies, pension plans, health systems, government entities and family offices. With a broadly diversified portfolio of projects, spanning multiple energy markets and geographic jurisdictions, NEC generates returns that are uncorrelated with commodity exposure and traditional energy investments. NEC’s investment process will be unchanged and allow for continued long-term investment excellence.
“We are very excited to be partnering with an industry leader—Victory Capital—to enhance operating support and accelerate our growth trajectory,” said Scott Brown, Founder and CEO of NEC. “Following the transaction’s close, we look forward to benefiting from Victory Capital’s well-established distribution capabilities.
“Since we launched our first fund 17 years ago, the clean energy sector has substantially matured. Technology advancements have led to material declines in production costs and the industry’s economics have now reached a tipping point. This—coupled with increasing attention on climate change and rapidly evolving government standards—bodes well for solar, wind, and hydro technologies to increase their respective shares of the growing electrical generation market.”
In 2020, projects funded by NEC offset more than 4.4 million metric tons of carbon dioxide equivalents. This greenhouse gas abatement equates to planting more than 73 million trees.
Closing is subject to customary approvals, conditions and consents. BofA Securities is serving as financial advisor to Victory Capital, and Willkie Farr & Gallagher LLP is serving as legal advisor to Victory Capital. UBS is serving as financial advisor to NEC, and Choate Hall & Stewart LLP is serving as NEC’s legal advisor.
FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may include, without limitation, any statements preceded by, followed by or including words such as “target,” “believe,” “expect,” “aim,” “intend,” “may,” “anticipate,” “assume,” “budget,” “continue,” “estimate,” “future,” “objective,” “outlook,” “plan,” “potential,” “predict,” “project,” “will,” “can have,” “likely,” “should,” “would,” “could” and other words and terms of similar meaning or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond Victory Capital’s control such as the COVID-19 pandemic and its effect on our business, operations and financial results going forward, as discussed in Victory Capital’s filings with the SEC, that could cause Victory Capital’s actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by such forward-looking statements.
Although it is not possible to identify all such risks and factors, they include, among others, the following: reductions in AUM based on investment performance, client withdrawals, difficult market conditions and other factors such as a pandemic; the nature of the Company’s contracts and investment advisory agreements; the Company’s ability to maintain historical returns and sustain its historical growth; the Company’s dependence on third parties to market its strategies and provide products or services for the operation of its business; the Company’s ability to retain key investment professionals or members of its senior management team; the Company’s reliance on the technology systems supporting its operations; the Company’s ability to successfully acquire and integrate new companies; the concentration of the Company’s investments in long-only small- and mid-cap equity and U.S. clients; risks and uncertainties associated with non-U.S. investments; the Company’s efforts to establish and develop new teams and strategies; the ability of the Company’s investment teams to identify appropriate investment opportunities; the Company’s ability to limit employee misconduct; the Company’s ability to meet the guidelines set by its clients; the Company’s exposure to potential litigation (including administrative or tax proceedings) or regulatory actions; the Company’s ability to implement effective information and cyber security policies, procedures and capabilities; the Company’s substantial indebtedness; the potential impairment of the Company’s goodwill and intangible assets; disruption to the operations of third parties whose functions are integral to the Company’s ETF platform; the Company’s determination that Victory Capital is not required to register as an "investment company" under the 1940 Act; the fluctuation of the Company’s expenses; the Company’s ability to respond to recent trends in the investment management industry; the level of regulation on investment management firms and the Company’s ability to respond to regulatory developments; the competitiveness of the investment management industry; the dual class structure of the Company’s common stock; the level of control over the Company retained by Crestview GP; the Company’s status as an emerging growth company and a controlled company; and other risks and factors listed under "Risk Factors" and elsewhere in the Company’s filings with the SEC.
Such forward-looking statements are based on numerous assumptions regarding Victory Capital’s present and future business strategies and the environment in which it will operate in the future. Any forward-looking statement made in this press release speaks only as of the date hereof. Except as required by law, Victory Capital assumes no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.
About Victory Capital
Victory Capital is a diversified global asset management firm with $162.9 billion in assets under management as of July 31, 2021. The Company operates a next-generation business model combining boutique investment qualities with the benefits of a fully integrated, centralized operating and distribution platform.
Victory Capital provides specialized investment strategies to institutions, intermediaries, retirement platforms and individual investors. With 10 autonomous Investment Franchises and a Solutions Platform, Victory Capital offers a wide array of investment styles and investment vehicles including, actively managed mutual funds, separately managed accounts, active ETFs, multi-asset class strategies, custom-designed solutions and a 529 College Savings Plan.
For more information, please visit www.vcm.com or follow us: Twitter and LinkedIn
About New Energy Capital
New Energy Capital is a leading alternative asset management firm which invests across the capital structures of small-and mid-sized clean energy infrastructure projects and companies.
Founded in 2004 and headquartered in Hanover, New Hampshire, NEC was one of the first investors to focus on clean energy and infrastructure assets. NEC has delivered a 17-year track record of strong performance on behalf of investors by focusing on real assets which generate stable cash flows based on long-term contracts with utilities and other creditworthy counterparties.
NEC has participated in transactions totaling more than $3 billion in total asset value. The investment team has extensive experience in all aspects of clean infrastructure investing, including evaluating energy markets, projects, and technologies; developing and financing domestic and international power generation, fuels, wastewater management, and distributed generation facilities; founding and managing renewable energy companies; and understanding the public policies that currently shape the landscape for the energy and related infrastructure markets.
Investors:
Matthew Dennis, CFA
Chief of Staff
Director, Investor Relations
216-898-2412
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Media:
Tricia Ross
310-622-8226
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AMES, Iowa--(BUSINESS WIRE)--$REGI--Renewable Energy Group, Inc. (Nasdaq:REGI) is issuing the following statement from President and CEO, Cynthia ‘CJ’ Warner regarding the status of its renewable diesel plant located in Geismar, Louisiana following Hurricane Ida:
“I am pleased to report that the REG Geismar renewable diesel plant has returned to normal operations following the impact of Hurricane Ida. We are grateful that our employees, contractors and partners were able to remain safe throughout, and for their dedicated efforts that enabled us to restart the plant in a safe and controlled manner.”
About Renewable Energy Group
Renewable Energy Group, Inc. is leading the energy and transportation industries’ transition to sustainability by transforming renewable resources into high-quality, sustainable fuels. Renewable Energy Group is an international producer of sustainable fuels that significantly lower greenhouse gas emissions to immediately reduce carbon impact. Renewable Energy Group utilizes a global integrated procurement, distribution and logistics network to operate 12 biorefineries in the U.S. and Europe. In 2020, Renewable Energy Group produced 519 million gallons of cleaner fuel delivering 4.2 million metric tons of carbon reduction. Renewable Energy Group is meeting the growing global demand for lower-carbon fuels and leading the way to a more sustainable future.
Note Regarding Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including restarting production at our Geismar facility. These forward-looking statements are based on current expectations, estimates, assumptions and projections that are subject to change, and actual results may differ materially from the forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, damage to the Geismar facility that may be discovered after the startup process, the availability of utilities, including hydrogen and steam, and the continuation of supply, from third parties that have not yet resumed operations following the storm, the availability, future price, and volatility of the utilities and feedstocks; the availability, future price and volatility of petroleum and products derived from petroleum; risks associated with fire, explosions, leaks, and weather related events and other natural disasters at our facilities; any disruption of operations at the Geismar renewable diesel refinery (which would have a disproportionately adverse effect on our profitability, including our proposed capacity expansion thereto and other risks and uncertainties described in REG’s annual report on Form 10-K for the year ended December 31, 2020 and subsequently filed Form 10-Q and other periodic filings with the Securities and Exchange Commission. All forward-looking statements are made as of the date of this press release and REG does not undertake to update any forward-looking statements based on new developments or changes in our expectations.
All forward-looking statements are made as of the date of this presentation and REG does not undertake to update any forward-looking statements based on new developments or changes in our expectations.
Katie Stanley
515-239-8184
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Highlights:
MELBOURNE, Fla.--(BUSINESS WIRE)--L3Harris Technologies (NYSE:LHX) has announced its five team members to bid on the Alliance Future Surveillance and Control (AFSC) program, designed to help NATO replace its Airborne Warning and Control System by 2035.
The team is developing “system-of-systems” options for surveillance and control capabilities across all domains for NATO’s AFSC program. These options provide better intelligence and more responsive control by enabling sensors and systems to share information in air, ground, maritime or space.
The L3Harris team includes defense and security electronics pioneer Hensoldt (Germany); the global, technology-forward solutions company Jacobs (United Kingdom); ground/maritime battle management and command and control leader General Dynamics (Canada & Italy); modeling and simulation synthetic environment leader CAE (Canada); and air command and control (C2), tactical data links and satellite connectivity from global communications leader Viasat (United States).
"The L3Harris team has a shared vision – center on the data enterprise or digital backbone via procurement and integration of a multi-domain AFSC capability,” said Charles R. “CR” Davis, Vice President, L3Harris International. “With collaboration and innovation at the heart of everything we do, the integrated team harnesses the strengths of world-leading experts and leverages decades of diverse experience across all domains.”
The international team will analyze the risks and feasibility of candidate systems-of-systems to enhance the NATO Alliance’s military advantage to 2035 and beyond. The L3Harris team has a unique platform-agnostic approach to NATO’s feasibility study, enabling the delivery of a transformational concept with actionable recommendations.
L3Harris and teammates delivered a High Level Technical Concept (HLTC) study to NATO in 2020. The HLTC focused on data-centric architecture, all aspects of multi-domain surveillance, and control over the full spectrum of benign, permissive, contested and denied operational environments.
About L3Harris Technologies
L3Harris Technologies is an agile global aerospace and defense technology innovator, delivering end-to-end solutions that meet customers’ mission-critical needs. The company provides advanced defense and commercial technologies across air, land, sea, space and cyber domains. L3Harris has approximately $18 billion in annual revenue and 47,000 employees, with customers in more than 100 countries. L3Harris.com.
Forward-Looking Statements
This press release contains forward-looking statements that reflect management's current expectations, assumptions and estimates of future performance and economic conditions. Such statements are made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The company cautions investors that any forward-looking statements are subject to risks and uncertainties that may cause actual results and future trends to differ materially from those matters expressed in or implied by such forward-looking statements. Statements about system capabilities and future performance and anticipated contract awards are forward-looking and involve risks and uncertainties. L3Harris disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Marcella Thompson
Integrated Mission Systems
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214-430-8872
Jim Burke
Corporate
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321-727-9131
DALLAS--(BUSINESS WIRE)--Flowserve Corporation (NYSE: FLS), a leading provider of flow control products and services for the global infrastructure markets, today announced it has amended and restated its $800 million Revolving Credit Facility and added a new $300 million Term Loan Facility (together the “Senior Credit Facility”) with Bank of America, N.A. and certain other lenders. The Senior Credit Facility includes a Sustainability-Linked Option, which provides the opportunity to further lower the Company’s overall borrowing costs, based upon an agreement with BofA Securities, Inc. as sustainability coordinator, regarding certain Flowserve environmental, social and governance targets.
Additionally, as part of the Senior Credit Facility, Flowserve has incorporated a $300 million, 5-year funded Term Loan Facility that includes participation from a Minority-Owned Depository Institution headquartered in Flowserve’s home state of Texas.
“We appreciate the support of our banking partners in completing this new credit facility that strengthens our capital structure, ensures substantial liquidity and enhances our financial flexibility as we continue to execute on our strategic goals,” said Amy Schwetz, senior vice president and chief financial officer.
“We are especially pleased to incorporate a Sustainability-Linked option as part of the Senior Credit Facility. Flowserve’s purpose of ‘creating extraordinary flow control solutions to make the world better for everyone’ dictates a commitment to continuous improvement in our ESG initiatives, which are core to our company. We do this through our commitments to reduce our own environmental footprint and add value to the communities we serve, and importantly, by applying our deep expertise in flow control products, services and knowledge to support our customers on their own energy transformation journey. Linking our cost of capital to our ESG goals provides a compelling opportunity to do well for our company and shareholders as we do well for the world,” Schwetz added.
The Senior Credit Facility was entered into with a syndicate of lenders arranged by BofA Securities, Inc. as joint lead arranger and joint bookrunner. Additionally, JPMorgan Chase Bank, N.A., Mizuho Bank, LTD. and BNP Paribas Securities Corp. also served as joint lead arrangers and joint bookrunners. The Revolving Credit Facility is available for general corporate purposes, and the Term Loan Facility’s proceeds are intended to refinance upcoming debt maturities.
Additional information on Flowserve’s Senior Credit Facility will be forthcoming on a Form 8-K to be filed with the Securities and Exchange Commission on or about September 14, 2021, which will also be made available on flowserve.com in the investor relations section under SEC filings. For further detail on Flowserve’s sustainability initiatives, including our annual sustainability report, please visit: https://www.flowserve.com/en/about-us/this-is-flowserve/corporate-sustainability.
About Flowserve
Flowserve Corp. is one of the world’s leading providers of fluid motion and control products and services. Operating in more than 50 countries, the company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services. More information about Flowserve can be obtained by visiting the company’s Web site at www.flowserve.com.
Safe Harbor Statement: This news release includes 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, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.
The forward-looking statements included in this news release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the following: the impact of the global outbreak of COVID-19 on our business and operations; a portion of our bookings may not lead to completed sales, and our ability to convert bookings into revenues at acceptable profit margins; changes in global economic conditions and the potential for unexpected cancellations or delays of customer orders in our reported backlog; our dependence on our customers’ ability to make required capital investment and maintenance expenditures; if we are not able to successfully execute and realize the expected financial benefits from our strategic transformation and realignment initiatives, our business could be adversely affected; risks associated with cost overruns on fixed-fee projects and in taking customer orders for large complex custom engineered products; the substantial dependence of our sales on the success of the oil and gas, chemical, power generation and water management industries; the adverse impact of volatile raw materials prices on our products and operating margins; economic, political and other risks associated with our international operations, including military actions, trade embargoes, epidemics or pandemics or changes to tariffs or trade agreements that could affect customer markets, particularly North African, Russian and Middle Eastern markets and global oil and gas producers, and non-compliance with U.S. export/re-export control, foreign corrupt practice laws, economic sanctions and import laws and regulations; increased aging and slower collection of receivables, particularly in Latin America and other emerging markets; our exposure to fluctuations in foreign currency exchange rates, including in hyperinflationary countries such as Venezuela and Argentina; our furnishing of products and services to nuclear power plant facilities and other critical processes; potential adverse consequences resulting from litigation to which we are a party, such as litigation involving asbestos-containing material claims; expectations regarding acquisitions and the integration of acquired businesses; our relative geographical profitability and its impact on our utilization of deferred tax assets, including foreign tax credits; the potential adverse impact of an impairment in the carrying value of goodwill or other intangible assets; our dependence upon second-party suppliers whose failure to perform timely could adversely affect our business operations; the highly competitive nature of the markets in which we operate; environmental compliance costs and liabilities; potential work stoppages and other labor matters; access to public and private sources of debt financing; our inability to protect our intellectual property in the U.S., as well as in foreign countries; obligations under our defined benefit pension plans; our internal control over financial reporting may not prevent or detect misstatements because of its inherent limitations, including the possibility of human error, the circumvention or overriding of controls, or fraud; the recording of increased deferred tax asset valuation allowances in the future or the impact of tax law changes on such deferred tax assets could affect our operating results; our information technology infrastructure could be subject to service interruptions, data corruption, cyber-based attacks or network security breaches, which could disrupt our business operations and result in the loss of critical and confidential information; ineffective internal controls could impact the accuracy and timely reporting of our business and financial results; and other factors described from time to time in our filings with the Securities and Exchange Commission.
All forward-looking statements included in this news release are based on information available to us on the date hereof, and we assume no obligation to update any forward-looking statement.
The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, management believes that non-GAAP financial measures which exclude certain non-recurring items present additional useful comparisons between current results and results in prior operating periods, providing investors with a clearer view of the underlying trends of the business. Management also uses these non-GAAP financial measures in making financial, operating, planning and compensation decisions and in evaluating the Company's performance. Throughout our materials we refer to non-GAAP measures as “Adjusted.” Non-GAAP financial measures, which may be inconsistent with similarly captioned measures presented by other companies, should be viewed in addition to, and not as a substitute for, the Company’s reported results prepared in accordance with GAAP.
Investor Contacts:
Jay Roueche, Vice President, Investor Relations & Treasurer, (972) 443-6560
Mike Mullin, Director, Investor Relations, (972) 443-6636
Media Contact:
Lars Rosene, Vice President, Corporate Communications & Public Affairs, (972) 443-6644
WHITE PLAINS, N.Y.--(BUSINESS WIRE)--September 13, 2021-- ITT Inc. (NYSE: ITT) today named Bartek Makowiecki Senior Vice President of Strategy and Business Development, reporting to Luca Savi, President and CEO, ITT Inc. In this role, Makowiecki will drive all strategy and merger and acquisition (M&A) activities across ITT.
Makowiecki joins ITT from Ingredion, where he most recently held the position of Global Head of Strategy, M&A and Venturing. While at Ingredion, he built a world-class strategy function, expanded the company’s growth platforms, and established a new corporate venture capital program to deploy capital to early-stage investments. Prior to Ingredion, Makowiecki held increasingly responsible, global strategy, and M&A roles, including international assignments, at Owens Corning Corporation and Parker-Hannifin Corporation.
"Bartek is an accomplished executive with a proven track record in mergers and acquisitions and portfolio management. His experience greatly benefits ITT, as we look to accelerate our capital deployment strategy,” said Luca Savi, CEO and President of ITT. "Bartek is a unique talent and the right leader to drive our long-term strategy and to continue to generate superior shareholder value."
Makowiecki holds a Master of Business Administration from the Chinese University of Hong Kong and a Bachelor of Arts in international business and finance from Regents University in the U.K. He will be based at ITT’s global headquarters in White Plains, N.Y.
About ITT
ITT is a diversified, leading manufacturer of highly engineered critical components and customized technology solutions for the energy, transportation, and industrial markets. Building on its heritage of innovation, ITT partners with its customers to deliver enduring solutions to the key industries that underpin our modern way of life. ITT is headquartered in White Plains, N.Y. with employees in more than 35 countries and sales in a total of approximately 125 countries. The company generated 2020 revenues of $2.5 billion. For more information, visit www.itt.com.
Investor Contact
Mark Macaluso
+1 914-641-2064
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Former CEO of EnviroSolar Abe Issa reflects on a decade in the clean energy sector.
DENVER--(BUSINESS WIRE)--Abe Issa is a Lebanese-American entrepreneur with over 15 years of experience as a business leader. Recently celebrating a decade of that time spent focused on clean, green energy, Issa is now a widely respected authority on solar power nationwide.
"Change is something constant in life. By embracing change and innovating within it, there's no limit to what you can do," says Abe Issa, marking a decade at the forefront of green energy. "Be dynamic and be ambitious," he adds, "but never be afraid." We have learned a tremendous amount over the years, mostly by trial and error. It has been a fun journey.
Issa is the former CEO of award-winning solar energy provider EnviroSolar. The entrepreneur has now been involved in residential real estate for over 20 years. Half of that, he explains, has been spent concentrated on saving and providing clean energy.
"Through solar and advanced technologies, I've long planned to build the home of the future while, at the same time, educating consumers in the process," says the businessman.
Abe Issa was born in Beirut, Lebanon. He arrived in the U.S. as a young boy in 1987 with his family. Almost 35 years on, and today, the Lebanese-American entrepreneur is a leader in the nation's renewable energy industry.
Abe Issa Becomes a Leader in American Solar Power
By 27 years old, a change in direction saw him move away from hands-on real estate development and toward his next big opportunity. "I yearned to build a business that was both good for people and the environment," Issa reveals. The following year, in 2011, he entered the world of energy efficiency for the first time with no experience behind him.
Having closely studied trends in energy technology and associated environmental concerns, the businessman began to experiment with clean energy retrofits. "I witnessed a remarkable response rate," says Issa, "and promptly realized that I was on to something."
Very quickly, Abe Issa made the decision to focus on helping homeowners begin their own clean, green energy journeys. "I was soon leading the way in the clean home energy market," he explains.
Former EnviroSolar CEO now Focused on Next Half a Decade
A decade on since Abe Issa first entered the clean home energy market, America's power grid is at approximately two percent as far as energy generated by solar technology, according to the expert.
It's an impressive start, but things now need to progress at a much greater rate, Issa suggests. "Real revolutions move faster," he explains, "and I have a solid vision of how to achieve 15 percent by 2025."
Issa's efforts have seen him repeatedly honored with award nominations and wins. Among the most prestigious are TechRepublic 40 Under 40 recognition and two Stevie Awards, highlighting the accomplishments and contributions of businesspersons worldwide. He's also made the finals of the Ernst & Young Entrepreneur of the Year Awards.
Abe Issa is the former CEO of EnviroSolar. Leading the solar revolution in America, the firm was founded on the principle of helping homeowners transform their homes into self-sustaining solar energy machines. EnviroSolar continues to take a consultative approach to green energy, assessing the efficiencies and inefficiencies of customers' homes.
"The team then provides recommendations and solutions to those homeowners interested in a greener way of life," Issa notes. "With that, not only does EnviroSolar strive to reduce the consumption of each home," he adds, wrapping up, "but it also works hard to give homeowners a more valuable way to pay for their power moving forward."
Margaret Vazquez / Media Relations
EnviroSolar
817-213-6041
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https://www.envirosolarpower.com
70% of all travellers support international vaccine passports; 56% of unvaccinated travellers won’t get vaccinated even if it were required to travel
LONDON--(BUSINESS WIRE)--Travellers are taking to the skies again, but the immediate future of air travel remains highly turbulent, according to OAG’s survey of 1,800-plus U.S. travellers in July and August. Domestic capacity in the U.S. is up 81% from June – August 2021, compared to the same period last year. The increase is being fuelled by strong consumer demand; 70% of consumers surveyed by OAG have booked flights for the future.
While travellers’ willingness to fly is increasing, the Delta variant, increased COVID transmission rates and vaccination preferences weigh heavily on the near and mid-term outlook. The large majority of consumers surveyed by OAG report being fully vaccinated. However, OAG found that only 15% of non-vaccinated individuals plan to get vaccinated before their next trip.
Many airlines and destinations are considering vaccine mandates to strengthen confidence and fight transmission. Sixty-eight percent of all survey respondents said they are interested in or want domestic vaccine passports, and 70% believe vaccine passports should be required for international travel. Alarmingly, of those that said they were not yet vaccinated, 56% said they still wouldn’t get vaccinated even if the airline, airport, or destination required it to travel.
“Vaccine mandates are a polarizing issue. Many airlines, governments and destinations are actively considering mandating vaccines to fly or enter, and the majority of travellers support the use of vaccine passports,” said John Grant, senior analyst at OAG. “While this may add fuel to hot fire, the ongoing strength and resilience of the entire travel market is directly linked to higher vaccination levels and lower transmission rates.”
Other takeaways from OAG’s research include:
For the full survey insights, view the report here, https://www.oag.com/us-traveler-survey. To learn more about OAG, visit https://www.oag.com/.
About OAG
OAG is a leading global travel data provider, that has been powering the growth and innovation of the air travel ecosystem since 1929. Headquartered in the UK, OAG has global operations in the USA, Singapore, Japan, Lithuania and China. For more information, visit: www.oag.com and follow us on Twitter @OAG Aviation.
Chrissy Azevedo
Corporate Ink for OAG
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HAMILTON, Bermuda--(BUSINESS WIRE)--Valaris Limited (NYSE: VAL) ("Valaris" or the "Company") announced today that its 2021 Sustainability Report and Environmental, Social and Governance (ESG) Position Statement have been endorsed by the Valaris Executive Management Team and the ESG Committee of its Board of Directors. The Sustainability Report and ESG Position Statement can be found on the "Safety & Environment ‒ Sustainability" page of the Valaris website at www.valaris.com.
The ESG Position Statement reflects our commitment to developing targets in the next twelve months that will be disclosed in future Sustainability Reports with updates on our progress. These will be focused on three main areas:
Progress against these targets will be reviewed annually by the Valaris Executive Management Team and the ESG Committee of its Board of Directors.
About Valaris Limited
Valaris Limited (NYSE: VAL) is the industry leader in offshore drilling services across all water depths and geographies. Operating a high-quality rig fleet of ultra-deepwater drillships, versatile semisubmersibles and modern shallow-water jackups, Valaris has experience operating in nearly every major offshore basin. Valaris maintains an unwavering commitment to safety, operational excellence, and customer satisfaction, with a focus on technology and innovation. Valaris Limited is a Bermuda exempted company (Bermuda No. 56245). To learn more, visit our website at www.valaris.com.
Cautionary Statements
Statements contained in this press release, as well as materials or websites that are cross-referenced, that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include words or phrases such as "anticipate," "believe," "estimate," "expect," "intend," "plan," "project," "could," "may," "might," “should,” “will” and similar words and specifically include statements that are aspirational or reflective of our views about future performance and our expectations, plans, or goals related to corporate responsibility, sustainability and environmental matters, employees, policy, business, procurement and other risks and opportunities. Forward-looking statements are aspirational and are not guarantees or promises that such expectations, plans, or goals will be met. Such historical, current, and forward-looking sustainability-related statements are based on currently available information and assumptions, as well as standards for measuring progress that are still in development and internal controls and processes that continue to evolve. They are also subject to numerous risks, uncertainties and assumptions that may cause actual results to vary materially from those indicated. In addition to the factors described above, you should also carefully read and consider “Item 1A. Risk Factors” in Part I and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II of our most recent annual report on Form 10-K, as updated in our subsequent quarterly reports on Form 10- Q, which are available on the Securities and Exchange Commission’s website at www.sec.gov or on the Investor Relations section of our website at www.valaris.com. Each forward-looking statement speaks only as of the date of the particular statement and we undertake no obligation to update or revise any forward-looking or other statements, except as required by law and notwithstanding any historical practice of doing so.
Website references are provided for convenience only. The content on the referenced websites is not incorporated by reference into this document, nor does it constitute a part of this document. We assume no liability for any third-party content contained on the referenced websites.
Investor & Media Contact:
Tim Richardson
Director - Investor Relations
+1-713-979-4619
Acceleration of energy transition reflected in new base case scenario that sees total refined product demand peak in 2036, but more drastic scenarios that envision net zero emissions remain unlikely
HOUSTON--(BUSINESS WIRE)--For the first time, the IHS Markit base case scenario for refined products expects total global demand in 2050 to be lower than 2019 levels. However, other more drastic scenarios for falling demand remain unlikely under present conditions. The findings are part of a new analysis by the Refining and Marketing service at IHS Markit, (NYSE: INFO), a world leader in critical information, analytics and solutions.
Under the new IHS Markit Inflections base case scenario, global refined product demand is expected to peak in 2036. The scenario expects that, from 2021 to its 2036 peak, total refined product demand will grow by nearly 9 MMbd. Demand is then expected to decline by more than 5 MMbd to 2050 (to a total of 85.5 MMbd), placing it below 2019 baseline levels. (Total refined products include all production from refineries such as gasoline, jet fuel, diesel, fuel oils, and includes biofuels—but excludes natural gas liquids (NGLs). This is different than total liquids demand, which comprises demand for refined products plus NGLs.)
Excluding biofuels, the demand peak for refined products derived from crude oil processing occurs earlier, in 2032, hastened by an intensification of fuel economy and substitution investments linked to enhanced government and corporate greenhouse gas targets. Biofuels added to refined products is projected to grow over 2 MMbd by 2050, resulting in a near doubling of this lower-carbon fuel source.
“The energy transition has accelerated during COVID-19, and the combination of changing consumer habits and a heightened sense of urgency around climate change will result in greater political commitment and financial backing for decarbonization of the industry,” said Sandeep Sayal, vice president, oil markets and downstream refining, IHS Markit. “However, some of the more accelerated scenarios that envision net zero emissions and dramatically lower oil demand stretch the limits of what is technologically and politically feasible and remain outside of the base case.”
For example, a major acceleration of electrification and the use of green hydrogen well beyond the current trajectory would be required for a net zero emissions case, the IHS Markit research says. It would also require all regions to emerge from the pandemic with significant increases in levels of investment for low or zero carbon technologies, as well as the definition and implementation of numerous policy decisions across all sectors of the economy that have yet to be made, not least due to consumer sentiment regarding cost implications.
“The new IHS Markit base case scenario is ambitious in terms of acknowledging energy transition goals,” Sayal said. “But it reflects a pragmatic and plausible approach to the implementation and timing of those goals, one that factors in economic recovery and demand growth in the medium term before there is a peak.”
Under the scenario, IHS Markit expects all sectors to be affected by the gradual dilution of the role that the traditional refinery plays in energy production as demand for fossil fuels lessens. Road transportation will be impacted with more stringent fuel economy standards, as well as an anticipated increase in plug-in electric vehicle penetration (percent of on-road fleet) from less than 1% of the global on-road fleet today to above 44% by 2050. In the marine sector, alternatives such as hydrogen and ammonia will reduce the share of traditional marine gasoil and heavy fuel oils to below 60%. Biofuels blends will also penetrate demand sectors outside of motor fuels, reaching 15% of global jet fuel demand by 2050.
“This shift is already being reflected in supply-side investment,” said Sayal. “Refiners will have more diversified investment portfolios as product suppliers seek low-carbon solutions to meet overall demand.”
Sayal expects refiners to increasingly look to technology such as biomass and hydrogen while also exploring ways of decarbonizing throughout the entire value chain, including lower carbon crude oil grades and carbon capture at refining sites. Fewer large-scale crude processing investments are expected to be made (and most likely none in Organization for Economic Cooperation and Development countries). However, ongoing investments to meet growing need for petrochemical feedstocks are expected, such as dedicated crude-to-chemicals plants and refinery-petrochemical integrations within current large integrated sites.
IHS Markit expects that more refinery closures will be necessary in addition to the more than 2.3 MMbd distillation capacity already permanently lost during the pandemic.
“Given the reduced need for crude in the refining system going forward, IHS Markit expects more than 3 million barrels per day in additional refining capacity to be lost by 2050,” Sayal said. “There are approximately six million barrels per day of new capacity additions already committed to 2026. So, the math does not add up and something will need to give. There will be closures to come.”
About the findings:
The findings above are the product of the Refining and Product Markets Annual Strategic Workbook and are part of the research that form the crude oil, refined products, NGL and downstream outlook for the 2021 IHS Markit Energy and Climate Scenarios.
Prepared annually, the IHS Markit Energy and Climate Scenarios include three plausible and integrated long-term energy scenarios to 2050, built by country and sector using experts from across the IHS Markit economics, energy, automotive, agriculture, life sciences and maritime divisions.
Each scenario outlines a unique set of assumptions which include economic factors, geopolitical environment and focus on reducing global greenhouse emissions (GHGs) through policies and carbon pricing, COVID-19 containment, consumer behavior, among others.
The refined product outlook findings outlined above are reflected in the base case, Inflections which encompasses an accelerated energy transition that moves in different ways and at different speeds around the world. Alternate scenarios include Green Rules, examining a more super-charged reaction following the pandemic and climate-related disasters where populations demand strong government action and cooperation, and Discord which projects a more dysfunctional world in which the political turmoil of 2020 returns after a short rebound, hampering economic growth and creating investment uncertainty and inertia.
IHS Markit also prepares two net zero cases with the predetermined outcome of reaching global net zero GHG emissions by 2050 and “backcast” to the present. Each of the three scenarios and two net zero cases has different implications for primary and final energy demand, and for global GHG emissions and temperature paths going forward.
For more information: Visit the IHS Markit Refining and Marketing service and the Global Crude Oil Markets service or contact This email address is being protected from spambots. You need JavaScript enabled to view it..
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About IHS Markit (www.ihsmarkit.com)
IHS Markit (NYSE: INFO) is a world leader in critical information, analytics and solutions for the major industries and markets that drive economies worldwide. The company delivers next-generation information, analytics and solutions to customers in business, finance and government, improving their operational efficiency and providing deep insights that lead to well-informed, confident decisions. IHS Markit has more than 50,000 business and government customers, including 80 percent of the Fortune Global 500 and the world’s leading financial institutions. Headquartered in London, IHS Markit is committed to sustainable, profitable growth.
IHS Markit is a registered trademark of IHS Markit Ltd. and/or its affiliates. All other company and product names may be trademarks of their respective owners © 2021 IHS Markit Ltd. All rights reserved.
Jeff Marn
IHS Markit
+1 202 463 8213
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Press Team
+1 303 858 6417
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HOUSTON--(BUSINESS WIRE)--JERA Americas Inc. (JERA Americas) the US-based subsidiary of global energy leader JERA Co., Inc., has entered into an investment agreement and shareholders’ agreement to invest €15M in Hydrogenious LOHC Technologies GmbH (Hydrogenious LOHC). This investment round was led by JERA Americas with Temasek, Chevron Technology Ventures, and Pavilion Capital as additional investors.
JERA Americas delivers innovative energy solutions to customers through a diversified portfolio of low carbon technologies, renewable generation, fuel, and gas-fired generation, as well as investing in energy technologies.
JERA Americas has the objective of achieving zero carbon emissions by 2050. JERA Americas believes that a key component of this will be the development of low carbon fuels such as hydrogen. Because hydrogen does not emit CO2 when combusted, it is expected to be used as a next-generation fuel for thermal power stations replacing fossil fuels.
“We are moving forward on all fronts to reach net zero CO2 emissions by 2050,” said Steven C. Winn, Chief Executive Officer of JERA Americas. “Our investment in Hydrogenious LOHC is another important step in the development of the low carbon fuel value chain.”
Hydrogenious LOHC is headquartered in Erlangen, Germany. Founded in 2013, it has grown to a market-leading pioneer for Liquid Organic Hydrogen Carrier (LOHC). The basic concept is to bind the gaseous hydrogen chemically to the LOHC by hydrogenation. Hydrogenious LOHC uses benzyltoluene as carrier medium, a thermal oil – which provides added safety during transportation. Likewise, the release of the hydrogen from the oil takes place by dehydrogenation. With its proprietary technology and industrial-scaled plants, Hydrogenious LOHC enables flexible, safe, easy and efficient transportation and storage of hydrogen in conventional fuel infrastructure – all within ambient conditions.
The world's largest LOHC plant is being built by Hydrogenious LOHC in Dormagen, Germany, with commissioning scheduled in 2023. Carriers such as the kind produced by Hydrogenious LOHC are an essential part of making low carbon fuel available to these facilities, and allowing for the production of large-scale, zero carbon reliable energy.
By investing in Hydrogenious LOHC, JERA Americas will strive to acquire knowledge of LOHC technology, a potential game changer as a hydrogen energy carrier, and will support development of LOHC plants in Europe, North America, Asia etc., thereby contributing to establishing hydrogen supply chains globally.
Last month, JERA Americas announced plans to employ hydrogen as a fuel in two power generation facilities in which it has an ownership interest, Linden Cogeneration and Cricket Valley Energy Center.
ABOUT JERA AMERICAS
A subsidiary of Tokyo-based JERA, the company that produces about 30% of all electricity in Japan, JERA Americas is a leading integrated energy provider supporting the Americas’ energy transition in an environmentally and socially responsible manner. Under its “JERA Zero CO2 Emissions 2050” objective, JERA has been working to eliminate CO2 emissions from its domestic and overseas businesses by 2050. JERA, which stands for Japanese Energy for a New Era, will contribute to the development of a sustainable society, and seek to become a global company that is worthy of the regard of the global energy market and indispensable to the people of the world. https://www.jera.co.jp/english/. For more information: This email address is being protected from spambots. You need JavaScript enabled to view it.
JERA Americas Inc.
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SAN RAMON, Calif. & HOUSTON--(BUSINESS WIRE)--Chevron U.S.A. Inc., through its Chevron New Energies division, and a subsidiary of Enterprise Products Partners L.P. (NYSE: EPD) announced a framework to study and evaluate opportunities for carbon dioxide (CO2) capture, utilization, and storage (CCUS) from their respective business operations in the U.S. Midcontinent and Gulf Coast. The companies expect the initial phase of the study in which they will evaluate specific business opportunities to last about six months.
“This joint effort has the potential to advance our ongoing work to grow our lower carbon businesses with commercial scale using the industry expertise both companies bring to the project,” said Jeff Gustavson, president of Chevron New Energies. “International climate change scientists working with the United Nations have identified carbon capture as a critical technology needed to help the global energy system transition to a lower carbon future.”
The companies have successfully worked together on prior business opportunities and believe they bring complementary capabilities to successfully pursue CCUS. Projects resulting from the evaluation would seek to combine Enterprise’s extensive midstream pipeline and storage network with Chevron’s sub-surface expertise to create opportunities to capture, aggregate, transport and sequester carbon dioxide in support of the evolving energy landscape.
“The joint study with Chevron is part of our growing focus on developing and utilizing new technologies and leveraging our transportation and storage network in order to better manage our own carbon footprint and provide customers with new midstream services to support a lower carbon economy,” said A.J. “Jim” Teague, co-chief executive officer of Enterprise’s general partner. “Our success in upgrading and repurposing existing assets will be important to the success of any initiative we move forward with.”
Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to achieving a more prosperous and sustainable world. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. To advance a lower-carbon future, we are focused on cost efficiently lowering our carbon intensity, increasing renewables and offsets in support of our business, and investing in low-carbon technologies that enable commercial solutions. More information about Chevron is available at www.chevron.com.
Enterprise Products Partners L.P. is one of the largest publicly traded partnerships and a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, refined products and petrochemicals. Our services include: natural gas gathering, treating, processing, transportation and storage; NGL transportation, fractionation, storage and export and import terminals; crude oil gathering, transportation, storage and export and import terminals; petrochemical and refined products transportation, storage, export and import terminals and related services; and a marine transportation business that operates primarily on the United States inland and Intracoastal Waterway systems. The partnership’s assets include approximately 50,000 miles of pipelines; 260 million barrels of storage capacity for NGLs, crude oil, refined products and petrochemicals; and 14 Bcf of natural gas storage capacity. Please visit www.enterpriseproducts.com for more information.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This news release contains forward-looking statements relating to Chevron’s operations that are based on management's current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “advances,” “commits,” “drives,” “aims,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for our products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and actions; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic and political conditions; changing refining, marketing and chemicals margins; the company’s ability to realize anticipated cost savings, expenditure reductions and efficiencies associated with enterprise transformation initiatives; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; technological developments; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates, particularly during extended periods of low prices for crude oil and natural gas during the COVID-19 pandemic; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce greenhouse gas emissions; the potential liability resulting from pending or future litigation; the company's ability to achieve the anticipated benefits from the acquisition of Noble Energy, Inc.; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; material reductions in corporate liquidity and access to debt markets; the receipt of required Board authorizations to pay future dividends; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 18 through 23 of the company's 2020 Annual Report on Form 10-K and in other subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements.
Enterprise Forward-looking Statement
This press release includes “forward-looking statements” as defined by the Securities and Exchange Commission. All statements, other than statements of historical fact, included herein that address activities, events, developments or transactions that Enterprise and its general partner expect, believe or anticipate will or may occur in the future are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from expectations, including required approvals by regulatory agencies, the possibility that the anticipated benefits from such activities, events, developments or transactions cannot be fully realized, the possibility that costs or difficulties related thereto will be greater than expected, the impact of competition, and other risk factors included in Enterprise’s reports filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. Except as required by law, Enterprise does not intend to update or revise their respective forward-looking statements, whether as a result of new information, future events or otherwise.
Chevron contact: Sean Comey +1 925-842-5509
Enterprise contacts: Randy Burkhalter, Investor Relations 713-381-6812 or 866-230-0745
Rick Rainey, Media Relations 713-381-3635
First Installations of TurnOnGreen’s EV Smart Charging Stations Scheduled to Begin Late September 2021 at Southern and Central California Locations
LAS VEGAS--(BUSINESS WIRE)--$AGH #AP--Ault Global Holdings, Inc. (NYSE American: DPW) a diversified holding company (the “Company”), announced today that its power electronics business, TurnOnGreen Inc. (“TurnOnGreen” or “TOGI”), formerly known as Coolisys Technologies Corp., has successfully launched the TOGI commercial EV charging product line and marketing campaign with installations in southern and central California locations set for late September 2021 and into October 2021. TurnOnGreen Technologies (“TOGT”), a subsidiary of TOGI, is a manufacturer of the EV charging and power storage systems. TOGT’s commercial EV charging platform features four models:
TOGI reports that the scheduled installations are a result of receiving executed agreements that will be fully consummated upon the successful delivery and installation of the systems.
“The TurnOnGreen commercial EV charging platform is intelligent, flexible, customizable, and scalable to account for the millions of electric vehicles expected to come to market over the next five years that will require charging solutions,” said Amos Kohn, President and CEO of TurnOnGreen. “Our commercial sales platform is designed to facilitate the rapid adoption of EV’s in North America and provide business owners with new opportunities to engage customers, increase revenues and improve their local community.”
According to a comprehensive research report by Market Research Future entitled “Electric Vehicle Charging Station Market Research Report, System, Vehicle Type and Region - Forecast till 2028,” the EV charging station market size is projected to be worth $142.5 billion by 2028, registering a CAGR of 37.5% during the forecast period (2021 - 2028). The market was valued at $15.4 billion in 2020.
For more information on TurnOnGreen’s product line, please visit www.TurnOnGreen.com.
For more information on Ault Global Holdings and its subsidiaries, the Company recommends that stockholders, investors and any other interested parties read the Company’s public filings and press releases available under the Investor Relations section at www.AultGlobal.com or available at www.sec.gov.
About Ault Global Holdings, Inc.
Ault Global Holdings, Inc. is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact. Through its wholly and majority-owned subsidiaries and strategic investments, the Company provides mission-critical products that support a diverse range of industries, including defense/aerospace, industrial, automotive, telecommunications, medical/biopharma, and textiles. In addition, the Company extends credit to select entrepreneurial businesses through a licensed lending subsidiary. Ault Global Holding’s headquarters are located at 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141; www.AultGlobal.com.
About TurnOnGreen Inc.
TurnOnGreen Inc. designs and manufactures innovative, feature-rich, and top-quality power products for mission-critical applications, lifesaving and sustaining applications spanning multiple sectors in the harshest environments. The diverse markets we serve include defense and aerospace, medical and healthcare, industrial, telecommunications and e-Mobility. TurnOnGreen brings decades of experience to every project, working with our clients to develop leading-edge products to meet a wide range of needs. TurnOnGreen headquarters are located at Milpitas, CA; www.TurnOnGreen.com.
Forward-Looking Statements
This press release contains “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect the Company’s business and financial results are included in the Company’s filings with the U.S. Securities and Exchange Commission, including, but not limited to, the Company’s Forms 10-K, 10-Q and 8-K. All filings are available at www.sec.gov and on the Company’s website at www.AultGlobal.com.
This email address is being protected from spambots. You need JavaScript enabled to view it. or 1-888-753-2235
Tennessee Renewable Energy Pioneer Joins 36 Top Global Startups To Launch Pilots With 100+ Accelerator Sponsors AB InBev, Unilever, The Coca-Cola Company, and Colgate-Palmolive
FRANKLIN, Tenn.--(BUSINESS WIRE)--Enexor BioEnergy, LLC, of Franklin, Tenn., the renewable energy and carbon conversion solution for organic, biomass, and plastic waste problems, announced that it has been selected into the prestigious 100+ Accelerator to find solutions to the world’s most pressing environmental and social challenges.
Sponsored by AB InBev, Unilever, The Coca-Cola Company, and Colgate-Palmolive, 100+ Accelerator selected 36 startups out of over 1,000 applicants from across the world to solve the sustainability challenges of their supply chains, with Enexor in their Climate Action category.
“Enexor BioEnergy’s ability to create affordable renewable energy and carbon and plastic credits addresses numerous challenges,” stated Maisie Devine, AB InBev’s global director and managing partner of 100+ Accelerator. “We are excited to welcome them into our Accelerator program and see them become a key solution.”
Enexor’s patented Bio-CHP system is easily transportable. This plug-and-play system allows for quick deployment and on-site mobilization around the world. Enexor’s unique business model enables immediate cost savings and sustainability for its customers.
This selection builds on an exciting year for Enexor, including a $10 million investment from BorgWarner Inc., selection into Google’s Climate Change Accelerator and Halliburton Company’s Clean-Tech Labs Accelerator, and winning the United Nations World Tourism Sustainable Development Goals Startup Competition.
“We are honored and excited to be joining 100+ Accelerator,” stated Lee Jestings, Enexor founder and CEO. “We look forward to launching pilots with these corporate sponsors to convert the organic and plastic waste generated in their operations into affordable renewable energy, helping them to save money on energy and waste costs while expediting their sustainability goals.”
About Enexor BioEnergy
Enexor BioEnergy provides on-site, renewable energy and carbon conversion solutions. Enexor’s patented bioenergy system derives value from organic and plastic waste by producing 24/7 continuous power and thermal energy for facilities and microgrids worldwide from inside a 20-foot custom shipping container. The Bio-CHP systems are designed to be deployable next to a retail store in the United States, hurricane-exposed areas in the Caribbean, or a village in Africa. Enexor manufactures its systems at its headquarters in Franklin, Tenn., a Nashville suburb. More at www.enexor.com.
Robert Grajewski
704-929-7426
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BELMONT, N.C.--(BUSINESS WIRE)--Piedmont Lithium Inc., (“Piedmont” or the “Company”) (NASDAQ: PLL; ASX: PLL), a multi-asset company focused on the integrated production of lithium hydroxide to support the North American electric vehicle supply chain, today announced participation in three major industry investor conferences occurring in September:
“We’ve been very active lately as an organization working on a number of different strategic initiatives,” said Piedmont Lithium President and CEO, Keith Phillips. “In addition to an update on our flagship North Carolina Lithium Project, which remains the core of our operations, I’m looking forward to speaking with the investor community about the significance of our recent participation in the acquisition of North American Lithium in Quebec, as well as our investment in Iron Ridge Resources in Ghana. My goal is to communicate the strategic importance of these two initiatives and how they compliment our proposed North Carolina operations, contribute to the continued growth of our company, and the value of our diversification from a resource standpoint. We firmly believe becoming a multi-asset company will place us in a strong position to support the North American EV supply chain,” added Phillips.
Click here to view the full release.
For further information:
Keith Phillips
President & CEO
T: +1 973 809 0505
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Brian Risinger
VP - Investor Relations and Corporate Communications
T: +1 704 910 9688
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TraceCarbon leverages the BlockApps STRATO blockchain platform for sustainability tracking and corporate reporting
NEW YORK--(BUSINESS WIRE)--BlockApps, the leading enterprise blockchain platform provider, has launched its newest offering, the net zero TraceCarbon blockchain enterprise network. Developed for the industry by the industry, TraceCarbon provides sustainability traceability for the CO2e ecosystem, enabling compliance and transparency in processes like corporate reporting and product lifecycle analysis, as well as improved project effectiveness. The network is built on BlockApps’ proven STRATO technology, with applications running in production for several years.
Emission tracking capabilities are becoming ever more important from a regulatory and compliance standpoint, as governments implement and update targets that private businesses need to be flexible enough to accommodate. TraceCarbon provides a standardized, secure, and reliable record of carbon emissions and offsets that companies can trace back to the source for their own records, as well as for reporting purposes to maximize transparency.
“BlockApps’ TraceCarbon ecosystem has met the moment,” says Dr. Jonathan Hollander, Product Manager of CarbonSig. “Companies have awoken to their need for carbon accounting and transparent reporting – whether spurred by regulatory compliance or voluntary goal setting. CarbonSig allows for product level recording of emissions resulting from business activities and assigns them to goods and services. With this data available on TraceCarbon, the value offering is amplified by its connected services. The partnership between CarbonSig and TraceCarbon makes it a one-stop shop for better understanding corporate and product emissions.”
There are a wide range of activities and methodologies that need to be tracked to calculate CO2e emissions and offsets, and the existing process to date has been manual, error-prone, and not standardized. TraceCarbon is a flexible, scalable platform that gives a clear, real-time picture of emissions across the business to enable accuracy in reporting and more meaningful, data-driven action on sustainability metrics. The data gathered is protected through a powerful combination of role-based access control and private chain capabilities to help ensure security and continuity in a rapidly changing environment.
The TraceCarbon Network runs on BlockApps’ cloud-agnostic STRATO platform, a flexible, enterprise-grade, Ethereum-based blockchain solution for building and running business networks with built-in security. This shared infrastructure incentivizes greater cooperation and collaboration across businesses.
The platform is also extensible and can integrate other value-added technologies and solutions in the industry. FuelTrust CEO, Jonathan Arneault states that “TraceCarbon allows ready access to FuelTrust’s advanced AI that validates carbon emissions to help reduce their environmental footprint and collaborate with partners creating a more profitably sustainable business lifecycle.”
The release of TraceCarbon comes in the wake of the successful TraceHarvest, the blockchain traceability network designed in partnership with Bayer Crop Science to track the full provenance of agricultural products, starting with the seed source. TraceCarbon, is a natural next step in BlockApps’ suite of offerings and demonstrates the company’s commitment to leading by example in using innovative and responsible approaches to improve the efficiency and accountability of companies moving towards a greener future.
“Until now, companies have been unable to provide accurate information on their sustainability efforts. In fact, to avoid over reporting, they reduced emission reduction estimates by as much as 50%, resulting in missed opportunities and unnecessary expenditures,” said Kieren James-Lubin, President and CEO at BlockApps. “TraceCarbon gives companies real-time insight into their sustainability goals and enables cost savings not just in compliance, but the identification of new revenue streams with better access to data. To make these benefits as accessible and meaningful as possible, we prioritized ensuring that onboarding was low barrier and making TraceCarbon a net zero solution.”
Businesses interested in reducing their emissions and improving reporting capabilities can now join TraceCarbon and learn more about how blockchain technology can meet their business needs by visiting www.blockapps.net/tracecarbon.
About BlockApps
BlockApps is the leading provider of blockchain technology for business networks. Our platform, BlockApps STRATO, powers industry networks in energy, finance, agriculture, live events, travel and many more. Founded in 2015, BlockApps has created several industry innovations including the launch of Blockchain as a Service with Microsoft, founding the Enterprise Ethereum Alliance (the world’s large open standard blockchain organization) and being the first blockchain company to partner with all major cloud platforms (Azure, Amazon Web Services, Google Cloud Platform). For more information, visit and contact us at www.blockapps.net, or find us on social media via LinkedIn, YouTube and Twitter.
Justin Ordman, phone +1 857-217-2912
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