CALGARY, Alberta--(BUSINESS WIRE)--Imperial (TSE: IMO, NYSE American: IMO) today provided an update on its corporate guidance outlook for 2022. The company’s corporate strategy remains focused on maximizing performance of existing assets, prioritizing shareholder returns and progressing key sustainability initiatives.
Capital spending is forecast at $1.4 billion, reflecting continued capital discipline and efficient project execution. Spending for 2022 includes the ramp-up of the in-pit tailings project at the Kearl oil sands facility, completion and commissioning of the Sarnia products pipeline in southern Ontario as well as on-going investment in Kearl’s autonomous fleet and the application of solvent technologies at Cold Lake. A final investment decision for the Strathcona Renewable Diesel project is expected in 2022 and will be based on several factors including government support and approvals, market conditions and economic competitiveness.
In the Upstream, production is forecast to be between 425,000 and 440,000 gross oil equivalent barrels per day, underpinned by strong operating performance in the company’s core oil sands assets and continued production growth at Kearl. Kearl remains on track to deliver production of 280,000 total gross barrels per day ahead of its original 2025 timeline through capital-efficient debottlenecking, digital initiatives and process optimizations. At Cold Lake, the company remains focused on maximizing base performance through continued reliability enhancements and production optimization as well as the deployment of new solvent technologies to improve energy efficiency and reduce greenhouse gas intensity.
In the Downstream, throughput is forecast to be between 395,000 and 405,000 barrels per day with capacity utilization between 92% and 94%. Continued enhancement of the company’s portfolio of brands and product offerings, combined with access to cost-advantaged crude and logistics networks ensure the company is well positioned as demand continues its recovery through 2022.
“Imperial’s plans reflect our continued focus on maximizing the value of our existing assets through capital discipline and efficiency, maintaining reliable operations with continued structural cost reductions and the progression of key sustainability initiatives,” said Brad Corson, chairman, president and chief executive officer. “Our plans also set the stage for continued volume growth in our core oil sands business in 2023 and beyond as we execute high-value, low-cost debottlenecking and other select growth projects.”
A detailed mid-term outlook will be presented at Imperial’s investor day planned for March 10, 2022 in Toronto.
Full-Year Guidance |
|
Canadian dollars, unless noted |
|
Total capital and exploration expenditures $M |
1,400 |
|
|
Upstream production boe/d |
425,000 - 440,000 |
Kearl (gross) bbl/d |
265,000 - 270,000 |
Cold Lake bbl/d |
135,000 - 140,000 |
Syncrude bbl/d |
75,000 - 80,000 |
|
|
Refinery throughput kbd |
395,000 - 405,000 |
Refinery utilization % |
92% - 94% |
Production is Imperial share before royalties, except Kearl which is 100% gross basis |
Forward-looking statements
Statements of future events or conditions in this report, including projections, targets, expectations, estimates, and business plans are forward-looking statements. Forward-looking statements can be identified by words such as believe, anticipate, intend, propose, plan, goal, seek, project, predict, target, estimate, expect, strategy, outlook, forecast, schedule, future, continue, likely, may, should, will and similar references to future periods. Forward-looking statements in this report include, but are not limited to, references to Imperial’s corporate strategy remaining focused on maximizing existing assets, shareholder returns and key sustainability initiatives; anticipated capital and exploration expenditures of $1.4 billion for 2022, including the ramp-up of Kearl in-pit tailings project, completion of the Sarnia products pipeline, Kearl’s autonomous fleet and Cold Lake solvent technologies; a final investment decision for the Strathcona Renewable Diesel project; continued capital discipline, efficient project execution, reliable operations and structural cost reductions; total Upstream and asset production guidance for 2022, and further volume growth in 2023 and beyond; Kearl remaining on track to deliver 280,000 gross barrels per day ahead of its original 2025 timeframe; Cold Lake’s focus on maximizing base performance and deploying new technologies, including for reductions in greenhouse gas intensity; and Downstream throughput and utilization guidance, and being well positioned as demand recovery continues.
Forward-looking statements are based on the company's current expectations, estimates, projections and assumptions at the time the statements are made. Actual future financial and operating results, including expectations and assumptions concerning demand growth and energy source, supply and mix; commodity prices, foreign exchange rates and general market conditions; production rates, growth and mix across various assets; refinery utilization; project plans, timing, costs, technical evaluations and capacities and the company’s ability to effectively execute on these plans and operate its assets, including Kearl’s in-pit tailings project and the Sarnia product pipeline, and any changes in the scope, terms, or costs of such projects; factors influencing a final investment decision for the Strathcona Renewable Diesel project; receipt of regulatory approvals; the adoption and impact of new facilities or technologies such as the deployment of new solvent technologies at Cold Lake, including on optimization and growth projects and key sustainability initiatives; progression of COVID-19 and its impacts on Imperial’s ability to operate its assets; applicable laws and government policies, including restrictions in response to COVID-19; cash generation, financing sources and capital structure; capital and environmental expenditures; and the company’s ability to effectively execute on its business continuity plans and pandemic response activities could differ materially depending on a number of factors.
These factors include global, regional or local changes in supply and demand for oil, natural gas, and petroleum and petrochemical products and resulting price, differential and margin impacts, including foreign government action with respect to supply levels and prices and the impact of COVID-19 on demand; political or regulatory events, including changes in law or government policy such as tax laws, production curtailment and actions in response to COVID-19; environmental regulation, including climate change and greenhouse gas regulation and changes to such regulation; unanticipated technical or operational difficulties; operational hazards and risks; project management and schedules and timely completion of projects; availability and performance of third-party service providers, including in light of restrictions related to COVID-19; the results of research programs and new technologies, and ability to bring new technologies to commercial scale on a cost-competitive basis; management effectiveness and disaster response preparedness, including business continuity plans in response to COVID-19; environmental risks inherent in oil and gas exploration and production activities; the receipt, in a timely manner, of regulatory and third-party approvals; transportation for accessing markets; cybersecurity incidents, including increased reliance on remote working arrangements and activation of business continuity plans due to COVID-19; availability and allocation of capital; currency exchange rates; general economic conditions; and other factors discussed in Item 1A risk factors and Item 7 management’s discussion and analysis of financial condition and results of operations of Imperial Oil Limited’s most recent annual report on Form 10-K and subsequent interim reports on Form 10-Q.
Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, some that are similar to other oil and gas companies and some that are unique to Imperial Oil Limited. Imperial’s actual results may differ materially from those expressed or implied by its forward-looking statements and readers are cautioned not to place undue reliance on them. Imperial undertakes no obligation to update any forward-looking statements contained herein, except as required by applicable law.
In this release all dollar amounts are expressed in Canadian dollars unless otherwise stated. This release should be read in conjunction with Imperial’s most recent Form 10-K.
The term “project” as used in this release can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports.
Source: Imperial
After more than a century, Imperial continues to be an industry leader in applying technology and innovation to responsibly develop Canada’s energy resources. As Canada’s largest petroleum refiner, a major producer of crude oil, a key petrochemical producer and a leading fuels marketer from coast to coast, our company remains committed to high standards across all areas of our business.
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SAN LEANDRO, Calif.--(BUSINESS WIRE)--#BatteryStorage--FreeWire Technologies, a leading U.S.-based provider of fully-integrated electric vehicle (EV) charging stations and power solutions, announced today that Tamara Mecham has been appointed Vice President of Human Resources and Talent. In this new role, Mecham will be responsible for leadership development, talent management, diversity and inclusion initiatives, and supporting the company’s overall mission and strategy during a period of accelerated growth and transformation. She will assume this role effective immediately.
“We are pleased to welcome Tamara to the FreeWire team. She brings a wealth of strategic, operational, and talent acquisition experience to this role, and will be instrumental in leading the planning and execution of our human resources initiatives to propel our company forward,” said FreeWire CEO and Founder Arcady Sosinov.
Prior to joining FreeWire, Mecham served as Head of Human Resources, Americas for Sartorius AG, a German biotechnology company, where she supported a team of 1,750+ full-time employees throughout North and South America. There she co-created a leadership development program to build a high-performance, accountability-based culture.
“FreeWire has done a phenomenal job attracting and developing remarkable talent,” Mecham said. “I look forward to championing even more investment in this people-first company and delivering an exceptional employee experience.”
FreeWire has deployed battery-integrated chargers with Fortune 100 companies, commercial customers, fleets, retail locations, and gas stations. In addition to its partnership with bp pulse, FreeWire and ampm, a bp subsidiary and convenience store chain with over 1,000 locations, have already deployed multiple public charging stations in the U.S.
Mecham’s expertise and proven experience will be critical in spearheading FreeWire’s talent and recruiting practices to meet the demand for EV charging technology and advanced power solutions.
About FreeWire Technologies
FreeWire's turnkey power solutions deliver energy whenever and wherever it is needed for reliable electrification beyond the grid. With scalable clean power that moves to meet demand, FreeWire customers can tackle new applications and deploy new business models without the complexity of upgrading traditional energy infrastructure. Learn more at www.freewiretech.com and follow us @FreeWireTech.
To explore open opportunities at FreeWire, please visit the careers page. https://freewiretech.com/careers/
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Collaboration with the Ministry of Agriculture and City of Abbotsford allowed timely clean-up of organic waste
VANCOUVER, British Columbia--(BUSINESS WIRE)--EverGen (TSXV:EVGN), Canada’s Renewable Natural Gas (“RNG”) Infrastructure Platform, aids in the relief efforts in Abbotsford and the surrounding area following flood devastation caused by a period of intense rain in mid-November. EverGen has been working in close partnership with the Ministry of Agriculture, Ministry of Environment and the City of Abbotsford to support the region’s clean-up efforts by processing organic waste generated by the flood.
Net Zero Waste Abbotsford (“NZWA”) located at Gladwin Road, Abbotsford, EverGen’s composting and organic processing facility, was one of few that remained open following the flood. This is due in large part to efforts by site staff who managed the floodwaters and helped NZWA stay operational throughout. The NZWA facility was ultimately responsible for the disposal and clean-up of approximately 90% of the livestock waste generated by the flood. The processing of organic waste has been conducted in compliance with permits, produces top quality organic soil products and does not generate odour.
Fraser Valley Biogas (“FVB”) located at Interprovincial Hwy, Abbotsford, EverGen’s anaerobic digester facility, closed down due to an evacuation order in the surrounding area. Staff from FVB supported the team at NZWA as they invested extra time to extend operating hours and do everything possible to support the region.
“First and foremost, all of our thoughts are with those who were impacted by the flood,” remarks Chase Edgelow, CEO of EverGen. “We have demonstrated robustness and resilience in our business as one of the few facilities that remained open throughout this unprecedented weather event. This was a massive effort on the part of our staff, and we are grateful to them for showing strength and a commitment to supporting our local communities. We are very proud to be part of the agricultural community with both NZWA and FVB facilities located in the heart of the Valley farming area, which allows us to serve farmers in the Valley and be a key component of the agricultural community while respecting the integrity of agricultural land.”
EverGen is committed to continued support of the Ministry of Agriculture, the City of Abbotsford and the local community in clean-up efforts in the coming weeks and months.
For more information about EverGen, visit: www.evergeninfra.com.
About EverGen Infrastructure Corp.
EverGen, Canada’s Renewable Natural Gas Infrastructure Platform, is combating climate change and helping communities contribute to a sustainable future, starting on the West Coast. EverGen is an established independent renewable energy producer which acquires, develops, builds, owns and operates a portfolio of Renewable Natural Gas, waste to energy, and related infrastructure projects. EverGen is focused on British Columbia, with continued growth expected across other regions in North America.
For more information about EverGen Infrastructure Corp. and our projects, please visit www.evergeninfra.com.
EverGen Investors
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Commission approves settlement, completing the final regulatory approval needed in plan to separate Exelon’s utility and competitive energy businesses
CHICAGO--(BUSINESS WIRE)--Exelon Corp. (Nasdaq: EXC) announced today that the New York State Public Service Commission has approved a unanimous settlement agreement that allows Exelon to move forward with its plan to separate into two companies in the first quarter of 2022. In approving the settlement, the Commission authorized the transfer of Exelon’s New York nuclear facilities to the new Constellation company, which will occur at separation. With this final regulatory approval completed, Exelon remains on track to separate its transmission and distribution utility business (Exelon), a leader in energy delivery serving more than 10 million customers, and its competitive retail energy and generation business (Constellation), the nation’s largest provider of clean energy.
“This final regulatory approval is an important milestone on our path to separating into two world-class energy companies,” said Chris Crane, president and CEO of Exelon. “As independent companies, the new Exelon and Constellation will have the strategic flexibility and financial strength to best serve their customers and invest in a clean-energy future. We continue to plan for the transition and look forward to completing the transaction in the first quarter of 2022.”
The Commission approved a unanimous settlement agreement that included the New York State Attorney General’s Office, Commission staff, the Alliance for a Green Economy, the Long Island Power Authority and Exelon. The Federal Energy Regulatory Commission signed off on the transaction in August and the Nuclear Regulatory Commission approved it in November.
Timing and Remaining Approvals
Closing of the transaction in the first quarter of 2022 is subject to final approval by the company’s Board of Directors and a Form 10 registration statement being declared effective by the Securities and Exchange Commission. Exelon shareholder approval is not required. There can be no assurance that any separation transaction will ultimately occur or, if one does occur, of its terms or timing.
About Exelon
Exelon Corporation (Nasdaq: EXC) is a Fortune 100 energy company with the largest number of electricity and natural gas customers in the U.S. Exelon does business in 48 states, the District of Columbia and Canada and had 2020 revenue of $33 billion. Exelon serves approximately 10 million customers in Delaware, the District of Columbia, Illinois, Maryland, New Jersey and Pennsylvania through its Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO and Pepco subsidiaries. Exelon is one of the largest competitive U.S. power generators, with more than 31,000 megawatts of nuclear, gas, wind, solar and hydroelectric generating capacity comprising one of the nation’s cleanest and lowest-cost power generation fleets. The company’s Constellation business unit provides energy products and services to approximately 2 million residential, public sector and business customers, including three fourths of the Fortune 100. Follow Exelon on Twitter @Exelon.
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HOUSTON--(BUSINESS WIRE)--Archaea Energy Inc. (“Archaea” or the “Company”) (NYSE: LFG) today announced the results of the previously announced redemption (the “Redemption”) of its 12.1 million redeemable warrants (the “Redeemable Warrants”), each of which entitled the holder, upon exercise, to purchase a share of the Company’s Class A Common Stock for $11.50. The 6.8 million outstanding warrants that were privately issued to the Company’s sponsor and Atlas Point Energy Infrastructure Fund, LLC were not subject to the Redemption (the “Private Warrants”).
Prior to 5:00 p.m., New York City time, on December 6, 2021 (the “Redemption Date”), 9.4 million Redeemable Warrants were exercised for cash at an exercise price of $11.50 per share of Class A Common Stock, generating $108 million of proceeds to the Company. These cash proceeds were used to repurchase 6.1 million shares of Class A Common Stock of LFG from Aria Renewable Energy Systems LLC (“Ares”) at a pre-negotiated price of $17.65 per share. Additionally, 2.7 million public warrants were exercised on a cashless basis in exchange for an aggregate of 1.0 million shares of Class A Common Stock. The remaining 23,574 public warrants were unexercised and were each redeemed at a price of $0.10.
The net result of the Redemption and related exercises of Redeemable Warrants, combined with the repurchase of shares, is a net share count increase of 4.2 million and elimination of the 12.1 million Redeemable Warrants. This results in 120.1 million LFG shares of Class A and Class B Common Stock outstanding, in addition to the 6.8 million Private Warrants. Ares’ ownership position has been reduced to 14.9 million shares out of the 120.1 million shares outstanding.
In connection with the Redemption, the public warrants stopped trading on the New York Stock Exchange and were delisted. The Redemption had no effect on the trading of the Class A Common Stock, which continues to trade on the New York Stock Exchange under the ticker symbol “LFG”.
As a result of the Company’s up-C structure, prior to selling shares of the Company’s Class A Common Stock, Aria Renewable Energy Systems LLC converted shares of the Company’s Class B Common Stock and Class A Units of LFG Acquisition Holdings LLC (“OpCo”) into shares of the Company’s Class A Common Stock, which resulted in an increase in the Company’s ownership interest in OpCo. The Company will receive a stepped-up tax basis in the underlying assets of OpCo for this additional ownership interest, which is expected to provide future cash tax savings for the Company totaling approximately $20 million at current tax rates through an expected increase in future depreciation and amortization deductions.
About Archaea
Archaea Energy Inc. is one of the largest RNG producers in the U.S., with an industry-leading platform and expertise in developing, constructing, and operating RNG facilities to capture waste emissions and convert them into low carbon fuel. Archaea’s innovative, technology-driven approach is backed by significant gas processing expertise, enabling Archaea to deliver RNG projects that are expected to have higher uptime and efficiency, faster project timelines, and lower development costs. Archaea partners with landfill and farm owners to help them transform potential sources of emissions into RNG, transforming their facilities into renewable energy centers. Archaea’s differentiated commercial strategy is focused on long-term contracts that provide commercial partners a reliable, non-intermittent, sustainable decarbonizing solution to displace fossil fuels.
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Platform Integration to Drive Increased Efficiencies in Time-Consuming, Multi-Layered Sales Process for U.S. Solar Installers
SAN FRANCISCO--(BUSINESS WIRE)--OpenSolar, Inc., a software company keenly focused on empowering solar installers with the world’s most accurate and entirely free solar design and sales platform, and Mosaic, a leading financing platform for U.S. residential solar and energy-efficient home improvements, today announced a new platform integration partnership that builds on their shared mission to significantly drive solar adoption at scale. The two companies are recognized for driving efficiencies into the time-consuming, multi-layered process of selling solar – OpenSolar, through its free-to-use, end-to-end design and sales platform, and Mosaic through its broad range of easily accessible, instant-approval financing options. The integration between the two companies provides solar installers with the ability to offer their customers highly competitive financing options to purchase solar as part of the sales proposal. Instead of being forced to ask customers to use multiple applications and sign-ins, installers can instead present their customers with compelling finance options, enable them to apply for their deal of choice, and get approved without ever leaving the proposal. The integration is already proving to convert more leads to closed sales in less time.
“At OpenSolar, we recognize that solar installers are on the front lines of the world’s transition to clean energy, and we are determined to provide them with the most accurate, fastest, and streamlined capabilities to convert more leads into closed sales through our free-to-use design and sales platform,” said Andrew Birch, Co-Founder of OpenSolar. “Mosaic has been an industry leader for the past decade with their innovative financing options and equally innovative software app, and I’m excited to partner with them on our shared mission to make solar adoption faster, easier, and more accessible for all.”
“Mosaic easily integrates our financing options into the tools contractors use every day, which helps solar professionals seamlessly access the most competitive financing solutions in the market,” said Billy Parish, Founder and CEO of Mosaic. “Mosaic’s integration with OpenSolar’s end-to-end design and sales platform enables us to service more installers and in turn, more homeowners as they make the switch to clean energy.”
The partnership between OpenSolar and Mosaic follows significant achievements by both companies. In November, OpenSolar announced the findings of independent, third-party assessments that validate the unmatched accuracy of its solar design tool. OpenSolar also recently inked partnership deals with IronRidge, a leading solar hardware manufacturer, Sungage Financial, and Greenlancer, a permit design and engineering company. Since its launch in 2019, OpenSolar’s free-to-use design and sales platform has enabled solar installers in over 100 countries to convert more prospects into booked sales, while saving time and eliminating the costly licensing fees attached to other solar design and sales platforms. Mosaic announced in November that it surpassed $6 billion in loans funded. The announcement came just four months after the company surpassed $5 billion in loans and nine months since $4 billion in loans was announced.
About Mosaic
Mosaic makes financing solar, solar plus energy storage systems and other sustainable home improvements accessible and affordable for homeowners by providing a fast and easy way to apply for financing options. Customers are referred by approved solar installers and home improvement contractors, as well as other ecosystem partners, and can get a credit decision in minutes for no money down loans with fixed interest rates and multiple term options. Financing applied for and processed through the Mosaic platform is originated by Solar Mosaic, LLC or one of its lending/financing partners. For our network of thousands of solar installers and home improvement contractors, Mosaic provides a streamlined financing platform to drive sales growth. Since 2012, Mosaic has helped more than 180,000 households switch to sustainable home improvements with its financing products. For more information, visit www.joinmosaic.com.
About OpenSolar
OpenSolar launched in 2019 with a mission to scale solar globally by providing installers with innovative software technology and an equally innovative business offering – the world’s first entirely free-to-use design and sales platform. Solar installers can use OpenSolar’s end-to-end platform to build complete customer proposals, including the industry’s most accurately designed systems, an array of state-of-art hardware, on-demand customized permitting proposals, and a portfolio of competitive financing options. Instead of charging a licensing fee to utilize its software, OpenSolar provides its software free of charge and instead derives revenue from its various partner affiliates. By utilizing OpenSolar, installers can increase workflow efficiency, avoid costly software licensing fees, and invest more time and money into other areas of their businesses, confident they are using the very best design and sales tools available in the market, all for free. OpenSolar is based in Sydney, Australia, with remote offices in the U.S. For more information, visit www.opensolar.com.
OpenSolar
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FedEx and General Motors’ BrightDrop reach major milestone in effort to electrify last-mile deliveries
MEMPHIS, Tenn.--(BUSINESS WIRE)--FedEx Corp. (NYSE: FDX) today received its first five of an order of 500 electric Light Commercial Vehicles (eLCVs) from BrightDrop, the new electric delivery and logistics business from General Motors (GM). The introduction of BrightDrop’s all-electric, zero-tailpipe emissions vehicles into the FedEx fleet is an important step in the company’s goal to take its global operations carbon neutral by 2040.
“The delivery of the first BrightDrop EV600s is a historic moment, born out of a spirit of collaboration between two leading American companies,” said Mitch Jackson, Chief Sustainability Officer, FedEx. “At FedEx, transforming our pickup and delivery fleet to electric vehicles is integral to achieving our ambitious sustainability goals announced earlier this year. This collaborative effort shows how businesses can take action to help usher in a lower-emissions future for all.”
FedEx has set a goal to operate an all-electric, zero-emission global pickup and delivery (PUD) fleet by 2040. As part of that effort, FedEx Express, a subsidiary of FedEx Corp. and one of the world’s largest express transportation companies, plans for 50% of its global PUD vehicle purchases to be electric by 2025, rising to 100% by 2030. The collaboration with BrightDrop has created an avenue to help achieve these goals, backed by a world leader in the automotive industry.
“As eCommerce continues to grow, BrightDrop is thrilled to partner with FedEx in our mission to dramatically reduce vehicle emissions from delivery and deliver a brighter future for all of us. FedEx has ambitious sustainability goals, and the speed with which we brought the first BrightDrop electric vehicles to market shows how the private sector can innovate and help bring solutions for some of our biggest climate- and emissions-related challenges,” said Travis Katz, President and CEO of BrightDrop.
Powered by the Ultium battery platform, the EV600 is designed for deliveries, with an estimated range of up to 250 miles on a full charge. Purpose-built for the delivery of goods and services, the vehicle offers more than 600 cubic feet of cargo area.
“The EV600 combines the best attributes of a traditional and a step-in van into one vehicle, keeping driver safety, comfort, and convenience top of mind,” said Katz. “It’s also the fastest-built vehicle, from concept to market, in GM’s history.”
These first few EV600s are being delivered to the FedEx Express facility in Inglewood, Calif., where they will be housed and operated. To support the new vehicle technology, FedEx is building charging infrastructure across its network of facilities, including the 500 charging stations the company has already installed across California. FedEx is also actively working with utility companies to help evaluate and determine the capacity needed for electrical grids to support such charging infrastructure.
“With a longstanding mission to connect the world responsibly and resourcefully, FedEx is investing in transformative solutions fueled by innovation,” said Jackson. “That’s why we’re eager to roll up our sleeves and get to work alongside the BrightDrop team, as well as other stakeholders in the private and public sector.”
In 2003, FedEx was the first delivery company to use hybrid vehicles for pickup and delivery and, in 1994, the company used its first electric vehicle – an acid battery-powered vehicle in California. To complement the company’s efforts to reduce its environmental impact in its own operations, FedEx has been a vocal advocate for improved fuel efficiency standards and policies to support the commercial deployment of alternative-fuel vehicles.
For more on sustainability at FedEx, please visit fedex.com/sustainability.
About FedEx Corp.
FedEx Corp. (NYSE: FDX) provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce, and business services. With annual revenue of $87 billion, the company offers integrated business solutions through operating companies competing collectively, operating collaboratively, and innovating digitally under the respected FedEx brand. Consistently ranked among the world’s most admired and trusted employers, FedEx inspires its 560,000 team members to remain focused on safety, the highest ethical and professional standards and the needs of their customers and communities. FedEx is committed to connecting people and possibilities around the world responsibly and resourcefully, with a goal to achieve carbon-neutral operations by 2040. To learn more, please visit about.fedex.com.
About BrightDrop:
BrightDrop is a new business reimagining the commercial delivery and logistics industry for an all-electric future. Its portfolio of electric vehicles, smart containers, and software are designed to decarbonize last-mile deliveries and reduce congestion for a smarter, more sustainable future. BrightDrop is a wholly owned subsidiary of General Motors. For more information, visit gobrightdrop.com.
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VANCOUVER, British Columbia--(BUSINESS WIRE)--#MOF--Svante Inc. announced today the successful scale-up of a new sorbent material used in carbon capture processes. This sorbent can capture up to 95% of carbon dioxide (CO2) emitted from industrial sources, such as cement and blue hydrogen plants, using rapid solid adsorption and low temperature steam.
By engineering the structure of the metal-organic framework (MOF) nano-material, Svante’s team of scientists, along with University of Calgary’s professor George Shimizu and his team of faculty and students, have been working collaboratively for four (4) years to develop and scale-up this novel sorbent material that acts as a sponge for adsorbing CO2. Results of the research were accepted to be published today in the international peer-reviewed journal, Science. These results demonstrated the very special characteristics of this sorbent together with its resistance to oxidation and water vapor, allowing CO2 to be captured at low cost using Svante’s proprietary structured adsorbent filter.
Solid sorbents are a step change for carbon capture but the challenge is to merge all of the desirable commercially viable features into a robust framework material with a low manufacturing cost. Calgary Framework 20 (CALF-20) is a metal-organic framework that addresses this challenge and captures CO2 with high capacity and selectivity over water. “For high performance CO2 capture and removal, steam stripping – where direct contact steam is used to flush CO2 out of the sorbent – has been a sort of holy grail in the field. It is seen as the most effective way to do it,” said Claude Letourneau, President & CEO of Svante Inc. “This MOF material, combined with our proprietary structured adsorption filter, is a game-changer. We have the technology to reduce the capital cost of CO2 capture. Now we need to scale up this technology and commercialize it to create a viable marketplace for CO2”.
Svante, in collaboration with BASF, have successfully scaled-up the CALF-20 MOF sorbent from laboratory to industrial size by using a simple low temperature process in accordance with green chemistry principles. Scalability and low cost of solid sorbent are imperative since the quantity of sorbent required for a typical cement flue gas carbon capture plant is in the range of 200 tonnes. Furthermore, over two thousand carbon capture plants need to be deployed by 2040 or equivalent to commission two world-class CO2 capture plants per week for the next 20 years. Up until now, large scale production of MOF materials at low cost had been a barrier for the gas separation industry.
In addition to scaling-up the MOF (CALF-20) manufacturing process, Svante has developed a high volume and low-cost roll-to-roll process for coating the sorbent onto a sheet laminate called “Sorbent on a Roll”. This laminate is then stacked into a high-performance filter with low pressure drop and high CO2 capacity.
About Svante
Svante offers companies in emissions-intensive industries a viable way to capture large-scale CO2 emissions from existing infrastructure, either for safe storage or to be used for further industrial use in a closed loop. With the ability to capture CO2 directly from industrial sources at less than half the capital cost of existing solutions, Svante makes industrial-scale carbon capture a reality. Svante’s technology is currently being deployed in the field at pilot plant-scale by industry leaders in the energy and cement manufacturing sectors. The CO2MENT Pilot Plant Project – a partnership between Lafarge (Holcim) and TotalEnergies. – is operating a 1 tonne per day (TPD) plant in Richmond, British Columbia, Canada that will re-inject captured CO2 into concrete, while the construction and commissioning of a 30 TPD demonstration plant was completed in 2019 at an industrial facility in Lloydminster, Saskatchewan, Canada. A 25 TPD demonstration plant is currently under design and construction at Chevron U.S.A. located near Bakersfield, California. In addition, several feasibility studies for commercial scale carbon capture projects ranging from 500 to 4,500 TPD are underway in North America and Europe.
Svante Inc. has selected Kiewit Engineering Group Inc. to provide engineering, procurement and construction (EPC) services for two US DOE funded carbon capture projects. On September 1, 2020, the United States Department of Energy’s National Energy Laboratory Technology (DOE-NETL) through Electricore awarded $1,500,000 in federal funding for cost-shared development to support the initial engineering analysis and advancement of the LH CO2MENT Colorado first-of-a-kind commercial project of up to 1.5 million tonnes per year of CO2; and $13,000,000 in federal funding for the cost-shared development to support the design, construction and operation of a second-of-a-kind engineering-scale carbon capture plant at Chevron’s Kern River oil field in the San Joaquin Valley, California. Both of these US DOE-NETL projects are using the novel CALF-20 MOF sorbent material.
Svante has attracted more than USD$195 million in investment since it was founded in 2007 including the recent CDN$25 million investment from the Government of Canada’s Strategic Innovation Fund. Svante is building scalable supply chain for active capture materials to address a broad carbon capture and removal solutions offering at Gigaton scale. Svante’s Board of Directors includes Nobel Laureate and former US Secretary of Energy, Steven Chu, and Chairman Steven Berkenfeld, former Head of Industrial & Cleantech Practice at Barclays Capital. To learn more about Svante’s technology, click here or visit Svante’s website www.svanteinc.com, LinkedIn or Twitter (@svantesolutions).
Svante Contact
Julia McKenna (media)
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+ 1 (778) 985 5722
HANGZHOU, China--(BUSINESS WIRE)--Alibaba Group Holding Limited (NYSE: BABA and HKEX: 9988, “Alibaba” or “Alibaba Group”) today announced a pledge to achieve carbon neutrality in its own operations by 2030 and introduced a Scope 3+ target, a pioneering initiative aiming to facilitate 1.5 gigatons of decarbonization across its business ecosystem by 2035. Details about its goals, including thinking and definition of the newly introduced concept of Scope 3+, are shared in the inaugural Alibaba Carbon Neutrality Action Report. Alibaba aims to provide updates annually with progress verified by accredited auditors.
“We aspire to be a force for positive, innovative change in society. Our ESG strategy is predicated on our mission to be a good company that will live for 102 years and it is the vital foundation for Alibaba's future development,” said Daniel Zhang, Chairman and CEO of Alibaba Group. “We will leverage our unique influence as a platform operator to mobilize actions and behavioral changes among consumers, merchants and partners in China and around the world with our newly proposed Scope 3+ target of reducing 1.5 gigatons of carbon emissions by 2035.”
Carbon Neutrality Roadmap
Alibaba Group is committed to carbon neutrality for Scope 1 and 21 emissions by 2030, and has set a 50% carbon intensity reduction target for Scope 32 by 2030 using 2020 levels as baseline. Alibaba Cloud will bear responsibility for a higher Scope 3 target and aims to achieve carbon neutrality by 2030 in all three scopes.
Alibaba Group has committed to join the Science Based Targets initiative (SBTi), and has aligned its decarbonization measures and strategy with the “Business Ambition for 1.5°C” pledge, a critical target to avoid the catastrophic impacts of climate change as outlined by the 2015 Paris Agreement.
Alibaba will adopt a systematic and science-based approach to plan and manage decarbonization initiatives. It includes leveraging energy-saving and efficiency-improving technologies to reduce emissions; actively transforming the energy structure with progressive use of renewables; and exploration of carbon removal initiatives. As a general principle, the company prioritizes carbon reduction over removal, and removal over offset.
Pioneering “Scope 3+” Aspiration
In addition, as a global leading platform company, Alibaba is committed to taking greater responsibility to pioneer the concept of “Scope 3+,” which refers to the emissions generated by a broader range of participants in the platform's ecosystem, currently outside of the Scopes 1, 2, and 3. It has initiated the “1.5 Gigatons for 1.5°C” project, committing to facilitate 1.5 gigatons of decarbonization in its ecosystem by 2035.
“We believe the use of digital platforms can play a significant role in empowering a low carbon circular economic model that can lead to achieving the 1.5-degree target of the Paris Agreement. The concept of ‘Scope 3+’ is based on the potential of leveraging our digital platforms to influence and advocate for low carbon products, services and behavior among a wider group of stakeholders in our ecosystem, and share our energy-efficient technologies and innovative business tools with customers and business partners to reduce the carbon footprint together,” said Dr. Chen Long, Vice President of Alibaba Group and Chair of Alibaba’s Sustainability Steering Committee.
Alibaba will continue to improve its carbon reduction measurement and metrics in Scope 3+ by working and partnering with leading expert organizations globally.
Dedicated ESG Governance Body
Alibaba also announced today a new three-tier ESG governance framework to oversee, enable and support the achievement of its carbon neutrality targets and broader ESG goals. The dedicated ESG governance body includes:
Meanwhile, Alibaba aims to continue to improve information and data disclosure and reporting mechanism. Starting in 2022, Alibaba will aim to release its ESG report annually, in which concrete and specific annual progress will be included. All reports will adhere to the most reputable metrics laid out in domestic and international standards and will be verified by accredited auditors.
Notes to the editor
Additional quotes from industry analysts are available on request.
About Alibaba Group
Alibaba Group's mission is to make it easy to do business anywhere. The company aims to build the future infrastructure of commerce. It envisions that its customers will meet, work and live at Alibaba, and that it will be a good company that lasts for 102 years.
1Scope 1 emissions are direct greenhouse (GHG) emissions that occur from sources that are controlled or owned by an organization (e.g., emissions associated with fuel combustion in boilers, furnaces, vehicles). Scope 2 emissions are indirect GHG emissions associated with the purchase of electricity, steam, heat, or cooling.
2Scope 3 emissions are the result of activities from assets not owned or controlled by the reporting organization, but that the organization indirectly impacts in its value chain.
Media Contacts
Luica Mak
Alibaba Group
+44 790 547 1332
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Roger Zhang
Alibaba Group
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Gabbie Fu
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Washington Maritime Blue was chosen from more than 500 nationwide applicants for initial funding and is the only finalist from Washington state to now compete for once-in-a-generation funding of up to $100 million of $1 billion in the U.S. Department of Commerce Economic Development Administration’s challenge
SEATTLE--(BUSINESS WIRE)--#BuildBackBetter--Washington Maritime Blue, in partnership with 14 regional coalition partners, announces it has been selected as a finalist for the U.S. Department of Commerce’s Economic Development Administration’s (EDA) Build Back Better Regional Challenge. Maritime Blue is an independent, nonprofit organization building the leadership, infrastructure, and global connections to scale an equitable and sustainable blue economy. This award furthers its mission to foster thriving communities and a healthy economy and planet.
For Phase 1 of the Build Back Better Regional Challenge, the EDA is awarding $30 million in planning grants to its 60 finalists. Maritime Blue is the only finalist to be selected from Washington state and is one of the only established cluster organizations to move on to the final phase.
“We are proud to be selected as a finalist of the EDA’s Build Back Better Challenge,” said Joshua Berger, Founder and CEO of Washington Maritime Blue. “This achievement speaks to the strength of our coalition members and support partners and the projects they are invested in supporting, as well as the strength of our cluster and the programs underway driving systemic and meaningful change across sectors. We are excited to dive into this next phase.”
Maritime Blue will use the $500,000 award to integrate the region’s blue economy cluster and other sectors to achieve commercialization of new technologies that decarbonize heavy duty transportation and reduce emissions, generate thousands of new jobs, and provide a resilient foundation for sustainable economic growth. The vision and title of the consortium's approach is “Build Back Blue: Green Energy to Charge the Blue Economy.” One example is the Joint Innovation Project, which includes the Zero-emissions Fast Foil Ferry for Kitsap Transit, with innovative design concepts from industry partners Glosten and Bieker Boats. Several other projects focus on the production, movement, storage and use of renewably generated hydrogen in regional hubs.
“This is an incredible achievement for the Maritime Blue team and all coalition members and partners involved in the Build Back Better efforts,” said Lisa Brown, director of the Washington State Department of Commerce. “As the consortium led by Maritime Blue moves on to the final phase, we’re proud to see Washington state’s commitment to building a clean energy and blue economy future recognized, especially because this shows the potential of our emerging innovation cluster strategy.”
Washington State, with funding by the EDA, is also developing a multi-year cluster program, the Innovation Cluster Accelerator Program (ICAP), to strengthen industry ecosystems and accelerate economic development. The goal is to support six to eight Innovation Clusters in 2021 and expand the program over the coming decade. Build Back Blue partners CHARGE, CleanTech Alliance, Enterprise Digital Growth Ecosystem (EDGE), and Port of Benton are all ICAP recipients, thus leveraging cluster development across the state.
For more information on the initiatives behind the region’s Build Back Blue Challenge, visit The Washington Maritime Blue blog here. The final proposal will be submitted to the EDA by March of 2022 for consideration of implementation funding that will range from $25 to $100 million.
“Washington State is leading again in the blue economy, through collaborative efforts that are helping inspire and drive positive sustainable environmental and economic impact,” said U.S. Representative Derek Kilmer (WA-06). “This investment in Washington State will help support our families and grow critical green infrastructure for the region that will last for generations to come.”
The coalition members that will be leading the projects and programs include Washington Maritime Blue, Clean Tech Alliance, CHARGE, 5G Open Innovation Lab, VertueLab, Aerospace Futures Alliance, City of Tacoma, Tacoma Power, Kitsap Transit, Port of Benton, Douglas County Public Utility District, CFS Energy Group for the Confederated Tribes of the Umatilla, Lewis County, Impact WA, and the WA State Department of Commerce. In addition, there are 45 support partners that include key industry members as well as public and NGO organizations. All members of the Washington State Federal delegation also signed letters of support.
Stay up to date on Maritime Blue news on LinkedIn and Twitter.
About Washington Maritime Blue
Washington Maritime Blue is a non-profit, strategic alliance formed to accelerate innovation and sustainability in support of an inclusive blue economy. With a mission to implement Washington State’s Strategy for the blue economy delivered by Governor Jay Inslee’s Maritime Innovation Advisory Council, we are a partnership between industry, public sector, research & training institutions, and community organizations. Maritime Blue works to create a world-class, thriving, equitable and sustainable maritime and ocean industry through knowledge sharing, joint innovation, entrepreneurship, commercialization, business and workforce development. Learn more at https://maritimeblue.org/
Eric Schudiske (This email address is being protected from spambots. You need JavaScript enabled to view it.)
A special partnership of Phoenix Energy, EQTEC plc, the North Fork Community Development Council and Carbonfuture helps Sierra Nevada forests and communities remove carbon from the atmosphere and reduce wildfire risk, generate renewable energy, create jobs and support the local community.
NORTH FORK, Calif.--(BUSINESS WIRE)--North Fork Community Power (NFCP) will soon commission and utilize Advanced Gasification Technology from EQTEC to convert forest stewardship residues into renewable electricity, heat and biochar - a solid carbon byproduct with applications in agriculture and water filtration that sequesters carbon for centuries.
The climate action-oriented waste-to-energy project is aligned with state and international Net Zero targets and in support of circular economy principles. This positive climate action is newly rewarded with carbon removal credits by Carbonfuture through its platform and marketplace. The project is the first forest biomass plant in California to join the scheme.
Catastrophic wildfires in California have made clear the urgency of forest management efforts that reduce risk and improve forest health. NFCP, located in North Fork, California, is a forest-based biomass gasification plant that will utilize sustainable local forest biomass as well as fire threat reduction activities from the Sierra and Yosemite National Forest areas which will benefit local communities.
The project is located on the site of an abandoned sawmill from the 1990s, bringing back sustainable jobs to this rural community in the Sierra Nevada. The project originated by the North Fork Community Development Council as a way to both steward the environment and promote economic redevelopment in the wake of the sawmill closing.
Thanks to the proprietary Advanced Gasification Technology developed and supplied by EQTEC, which is also a material capital investor in the North Fork project, the process does not involve burning or combusting the wood and so the CO2 does not go up a stack. The waste wood is transformed through EQTEC’s patented process, reduced and left in solid form as pure carbon as it is converted into a hydrogen-rich synthesis gas ‘syngas’. The process will generate 2 MWe of renewable electricity and biochar. Once produced, biochar is sold mostly to farms in California’s Central Valley to improve water efficiency, nutrient conservation, beneficial microbial composition, and overall quantity of stable organic matter. As the carbon remains in the soil permanently, these positive characteristics are important for its carbon sequestration ability as well as ecosystem benefits. The produced biochar will help sequester 20,000t CO2 equivalent over the next 5 years.
Carbonfuture’s fully-digital platform is used to guarantee the secure and stringent documentation of all climate-preserving activities generated in this project. The company issues removal credits for carbon sequestration services through biochar, such as the one provided in this triple-bottom-line approach. Focusing on solid climate performance, Carbonfuture uses a defensively quantified carbon sink value, resulting in high-quality, long-term and scientifically verified credits. To support the integrity of the credits even further, tamper-proof, digital tracking based on an innovative and low-energy blockchain is implemented. The use of this technology not only enables unique “credit-to-cradle cradle look-through” but also eliminates the possibility of double-counting.
EQTEC CEO David Palumbo said: “I’m very pleased that our partnership in North Fork is now even more compelling by working with Carbonfuture. Once operational, the plant at North Fork will service the local community by demonstrating a better way to use forestry waste that would otherwise pose a fire risk and to both produce biochar for watershed protection, carbon sequestration and soil enrichment, as well as use the syngas produced from the wood as a fuel to produce electricity.”
Phoenix Energy CEO, Gregory Stangl, said: “This project is so impactful because it provides California with carbon negative, 24/7 renewable power, created from a unique sustainable waste-to-energy process and at the same time it reduces catastrophic wildfire risk and returns lost jobs to a struggling Sierra Nevada community.”
Carbonfuture co-founder, Andreas Hoelzl, said: “The North Fork project is a unique collaboration that showcases that triple bottom line projects can be accomplished by the collaboration of the right parties, spanning development, investment and technology innovation. Carbonfuture is really happy to help to support and remunerate the climate service of the project and to provide our carbon removal credit customers with high-quality, impactful credits.”
About the companies
Phoenix Energy is an independent power producer that develops and operates distributed biomass plants in partnership with businesses and communities. https://www.phoenixenergy.net/
EQTEC is a world-leading technology innovation company of advanced solutions for hydrogen, biofuels, SNG and other energy production through waste-to-energy transformation projects. www.eqtec.com.
North Fork Community Development Council is a joint venture between Phoenix Energy and the North Fork Community Development Council that will own and operate the biomass gasification facility in North Fork, California.
Carbonfuture is a provider and platform for trusted, high-quality carbon removal credits. https://carbonfuture.earth
Tom Gosschalk
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+44 7867 452 269.
AUGUSTA, Maine--(BUSINESS WIRE)--The following statement was issued on behalf of NECEC:
“While we are disappointed in the court’s decision on the preliminary injunction, we remain confident that the full legal process will ultimately conclude that question one is unconstitutional. As one of the region’s most important clean energy projects, the NECEC will benefit Maine and all New Englanders by reducing the region’s dependence on fossil fuels which will result in cleaner air, lower energy prices and improved reliability.
“As Mainers face stiff increases on their electric bills this winter after generators significantly increased the price they charge for electricity, the region’s independent grid operator, ISO New England, called out the need for greater fuel diversity and baseload generation, pointing to the NECEC as a solution.
“The facts are clear: the NECEC project is good for Maine and for the region and will help address the energy, economic and climate issues we face. That is why we remain committed to this project and its many benefits and look forward to restarting construction as soon as we are able.”
ABOUT THE NECEC PROJECT
The New England Clean Energy Connect (NECEC) is a $950 million investment that will deliver 1,200 megawatts of renewable hydropower to the New England energy grid in Lewiston, Maine. All the costs will be paid for by Massachusetts electric customers. Once built, the NECEC would be New England's largest source of renewable energy, representing a fundamental shift away from fossil fuels while simultaneously lowering energy costs in Maine and New England.
The 145-mile transmission line is being built on land owned or controlled by Central Maine Power. The 53 miles of new corridor on working forest land uses a new clearing technique of tapered vegetation; the remaining two-thirds of the project follows existing power lines created for the state’s hydroelectric industry almost a century ago. Construction is scheduled to be completed by the Spring of 2023.
The project will create an average of more than 1,600 good-paying jobs annually during the two-and-a-half-year construction period, provide $200 million in upgrades to Maine’s energy grid, making Maine’s electricity service more reliable. The NECEC will allow more producers of renewable energy in Maine to get their energy on the grid, and because the corridor project will use clean hydropower, it will reduce the use of fossil fuels, cutting three million metric tons of dirty emissions each year.
The NECEC will also deliver significant economic benefits to Maine, including lower electricity prices, increased local real estate taxes, and reduced energy costs, as well as benefits like expanded fiber optic cable for broadband service in Somerset and Franklin counties, and economic development funding for Western Maine.
Ted Varipatis
Serra Public Affairs
207-415-6182
GALESBURG, Mich.--(BUSINESS WIRE)--#agriculture--Power management company Eaton today announced its Vehicle Group has secured a $2.4 million grant from the U.S. Department of Energy (DOE) to develop new technologies to reduce emissions from agricultural equipment. This grant will accelerate Eaton’s progress in achieving its 2030 Sustainability Targets. By 2030, the company aims to reduce emissions from its solutions and throughout its value chain by 15%.
Under the grant, Eaton plans to develop technologies that simultaneously reduce greenhouse gas (GHG) by 10% and nitrogen oxides (NOx) by 90% for agricultural powertrains designed for multiple-duty cycles. The technologies are required to span application diversity in the segment while being both cost-efficient and robust. Separately, Eaton also received a $4.9 million grant to develop a new compact and modular solid-state transformer to reduce the cost and size of DC fast-charging systems.
“Off-highway sector emissions levels, including in the agricultural segment, significantly lag behind on-road applications due to a lack of technology solutions,” said Dr. Mihai Dorobantu, director, Technology Planning and Government Affairs, Eaton’s Vehicle Group. “This grant could enable significant reductions in both GHG and NOx emissions that would then drive the technology and its benefits nationwide and help us meet our corporate sustainability objectives. The DOE funding supports our ongoing work to develop technologies that reduce emissions in applications that are difficult to decarbonize. The funding also enables research partnerships to optimize architectures and components.”
To achieve the grant’s objective, Eaton’s Vehicle Group will develop new components for agricultural applications and will modify existing technologies developed for commercial vehicles, including engine and aftertreatment systems. Agricultural solutions differ from advanced on-road technologies because they are used in unique and varying operating cycles.
An expansive portfolio of technologies will be leveraged to achieve target goals
By partnering with leading engine manufacturers, Eaton plans to achieve the DOE targets through innovative technologies that provide higher engine compression ratios, reduce friction and increase turbo machinery efficiency while minimizing mechanical losses.
Eaton will adapt its line of variable-valve actuation (VVA) solutions, originally designed for commercial vehicles, for agricultural use. Eaton’s VVA technologies are based on two building blocks — a rocker with a switchable capsule, and a split rocker for full deactivation. By combining these two building blocks, several VVA strategies can be utilized in virtually any engine architecture — from single and dual overhead cam to cam-in-designs, for engine displacements ranging from 2.0 to 15.0 liters.
Cylinder deactivation (CDA) is a VVA technology that consists of deactivating the intake and exhaust valve opening, as well as the fuel injection on some of the cylinders when the engine is running at low load. CDA is an ideal solution for commercial vehicles that make frequent stops, as well as many agricultural implements. CDA can reduce NOx emissions by up to 40% and carbon dioxide (CO2) by 5%-8%.
Eaton will also focus on active catalyst heating technology to assist with exhaust thermal management as part of achieving the DOE’s targets. Active heating solutions provide heat directly to the vehicle’s aftertreatment system, reducing harmful NOx emissions by warming the selective catalytic reduction (SCR) catalyst to approximately 200-250 degrees Celsius as quickly as possible, and maintaining this temperature during periods of low-load operation.
Additionally, Eaton plans to leverage its positive-displacement TVS® exhaust gas recirculation (EGR) pump to meet the program’s objectives. The EGR pump complements a high-efficiency turbocharger to reduce engine pumping losses, thereby increasing fuel economy and lowering emissions. Because the pump is a positive-displacement device, the engine controller uses the pump speed signal, as well as other Controller Area Network (CAN) sensor data, to accurately calculate EGR mass flow rate.
“This program is foundational to creating two market drivers in the off-highway segment —upcoming regulations to lower GHG and NOx emissions across the segment, and a significant economic benefit generated for end users,” Dorobantu said.
The DOE DC fast-charging grant aims to significantly reduce the time it takes to install charging infrastructures at end-user facilities. Eaton’s new technology will feature advanced components and an innovative cooling approach, eliminating the need for multiple power conversion devices. The goal is to reduce charging infrastructure barriers to commercial electric vehicle deployment by minimizing the need for facility modifications and allowing for charging installations in remote areas. The grant aligns with the DOE’s commitment to have zero-emission vehicles make up half of all vehicles sold in America by 2030 and achieve net-zero emissions economywide by 2050.
The grant also supports Eaton’s Vehicle Group and eMobility business's mission to produce sustainable solutions that enhance vehicle efficiency, safety and performance. Our Vehicle products include emission control components, engine valves, valvetrain systems, superchargers, transmissions, clutches and torque management systems. Our eMobility portfolio includes intelligent power electronics, reliable power distribution and protection solutions, and efficient power systems for electrified vehicles.
Learn more about Eaton’s Vehicle Group and eMobility businesses.
Eaton’s mission is to improve the quality of life and the environment through the use of power management technologies and services. We provide sustainable solutions that help our customers effectively manage electrical, hydraulic, and mechanical power – more safely, more efficiently, and more reliably. Eaton’s 2020 revenues were $17.9 billion, and we sell products to customers in more than 175 countries. We have approximately 85,000 employees. For more information, visit www.eaton.com
Thomas Nellenbach
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(216) 333-2876 (cell)
WASHINGTON--(BUSINESS WIRE)--#affordableenergy--America’s businesses and manufacturers can expect to pay at least $41.4 billion more for business-related energy costs in 2022, according to analysis by Consumer Energy Alliance (CEA), the leading energy and environmental advocate for families and businesses.
“Driving Towards Disaster” analyzes data from the U.S. Energy Information Administration’s Short-Term Energy Outlook to determine the overall cost increase of electricity, natural gas and diesel fuel for American businesses and manufacturers.
“Federal policies have discouraged U.S. energy production, cancelled critical infrastructure, created inconsistent and confusing regulations, and, often, impractical solutions leading to unreliable and more harmful environmental energy delivery. These recent policy choices will leave American businesses and manufacturers to foot $41.4 billion more in energy costs next year,” CEA President David Holt said. “Many businesses are already reeling from inflation, higher energy costs, broken supply chains and a lack of workers, and this is yet another hardship they will likely need to overcome because of poorly conceived policies.”
“Unfortunately, as businesses spend more on energy and transportation, expenses will be passed on to the consumers purchasing household necessities from milk and eggs to cars and trucks. This comes as inflation reached a 39-year high and is likely to climb further.”
“Thankfully, commonsense energy policies can combat some of these financial hardships by lowering energy costs now and into the future, without slowing our steady progress toward a net-zero future. Rather than implementing short-term, nearsighted strategies – like tapping into the Strategic Petroleum Reserve or begging OPEC to increase supply – U.S. energy policy should include long-term measures to ensure energy affordability by encouraging investment in American energy resources; unfreezing access to natural gas resources managed by the federal government; and allowing for the safe, efficient transport of fuels through pipeline infrastructure.”
“As this analysis shows, domestic energy policies have real-world implications for America’s businesses, manufacturers, families and consumers. It is essential we have policies that rely on all of our energy resources to meet our energy and environmental needs; reduce the cost burden on businesses to keep them competitive; and help us achieve our net-zero goals.”
To read the full analysis, click here.
About Consumer Energy Alliance
Consumer Energy Alliance (CEA) is the leading voice for sensible energy and environmental policies for consumers, bringing together families, farmers, small businesses, distributors, producers, and manufacturers to support America’s environmentally sustainable energy future. With more than 550,000 members nationwide, we are committed to leading the nation’s dialogue around energy, its critical role in the economy, and how it supports the vital supply chains for the families and businesses that depend on them. CEA works daily to encourage communities across the nation to seek sensible, realistic, and environmentally responsible solutions to meet our nation’s energy needs.
Bryson Hull
(202) 657-2855
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DUBLIN--(BUSINESS WIRE)--The "Europe Energy as a Service (EaaS) Market 2021-2027" report has been added to ResearchAndMarkets.com's offering.
Europe EaaS market is projected to grow at a modest CAGR of around 14.8% during the forecast period (2021-2027)
The EaaS market growth in European countries is mainly driven by the factors such as rising preference towards decentralization power generation, low-cost renewable power generation, and increase in digitalization and transformation in power sectors. The advancement in smart monitoring systems has resulted in their increased adoption in energy sectors to continuous monitoring of energy consumption.
The presence of major players such as Engie, Siemens, Jonhson Control, Alpid, and Enel X, among others in the region and their contribution to offer highly efficient services to their customers also propelling the market growth. The rising need to overcome the dependence on non-renewable energy resources to reduce carbon emission has increased the demand for renewable energy sources, which in turn, accelerates the market growth.
However, the lack of skilled persons and challenges related to the deployment and integration of energy models are the factors projected to hamper the growth of the market in Europe during the forecast period.
The Europe EaaS market is hardly hit by the impact of the COVID-19 pandemic, due pandemic various sectors such as industrial, commercial, transportation, construction, and others were closed regarding the lockdown imposed by the government in major economies, this led to less energy consumption by these sectors.
Disruptions in multiple supply chains across a variety of sectors occurred, especially at the beginning of the crisis, hence the market registered a decline in growth. In addition, delayed energy efficiency projects, owing to a temporary shutdown, resulting in low revenue generation for the manufacturers. Post Covid-19, the market will experience V-Shape recovery from the crises.
Based on type, the market is segmented into power generation services, operational and maintenance services, and energy efficiency and optimization services. Among these, the energy efficiency & optimization services segment is projected to register significant growth during the forecast period. This is owing to the increasing government initiative towards the adoption of renewable energy sources for the optimization of energy consumption in the commercial and industrial sectors.
Based on end-user, the energy as a service market is categorized into commercial, industrial, and others (government). Among these, the energy as a service in industrial end-user is anticipated to hold the largest share in the market during the forecast period. Whereas commercial sector is anticipated to be the fastest-growing during the forecast period owing to the establishment of educational institutions, healthcare institutes, information centres, airports, and others and increasing energy demand by these end-users.
Based on the demographic viewpoint, the Europe EaaS market has been segmented into the UK, Germany, France, Italy, Spain, and the Rest of Europe.
The UK is likely to hold a major share in the Europe EaaS market over the forecast period. Further, Alpiq, Blackstone Energy Services Inc., Blackstone Energy Services Inc., Enel X s.r.l., Enertika, ENGIE, Orsted A/S, Schneider Electric SE, Siemens AG, Veolia Environment SA, among others are some of the prominent players functioning in the European EaaS market.
New product launches & developments, partnerships, agreements, and acquisitions are some of the growth strategies adopted by the players to sustain a strong position in the highly competitive market.
Key Topics Covered:
1. Report Summary
1.1. Research Methods and Tools
1.2. Market Breakdown
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.1.1. Overview
3.1.2. Financial Analysis
3.1.3. SWOT Analysis
3.1.4. Recent Developments
3.2. Key Strategy Analysis
3.2.1. Alpiq Holding AG
3.2.1.1. Overview
3.2.1.2. Financial Analysis
3.2.1.3. SWOT Analysis
3.2.1.4. Recent Developments
3.2.2. Enel X s.r.l.
3.2.3. ENGIE
3.2.4. Schneider Electric SE
3.2.5. Siemens AG
3.3. Impact of COVID-19 on key players
4. Market Determinants
4.1. Motivators
4.2. Restraints
4.3. Opportunities
5. Market Segmentation
5.1. Europe EaaS Market, ByType
5.1.1. Power Generation Services
5.1.2. Operational and Maintenance Services
5.1.3. Energy Efficiency and Optimization Services
5.2. Europe EaaS Market, ByEnd-User
5.2.1. Commercial
5.2.2. Industrial
5.2.3. Others (Government)
6. Regional Analysis
6.1. UK
6.2. Germany
6.3. Italy
6.4. Spain
6.5. France
6.6. Rest of Europe
7. Company Profiles
7.1. Alpiq Holding AG
7.2. Blackstone Energy Services Inc.
7.3. Carbon Lighthouse Inc.
7.4. E.ON SE
7.5. Enel X s.r.l.
7.6. Enertika
7.7. ENGIE
7.8. Orsted A/S
7.9. Schneider Electric SE
7.10. Siemens AG
7.11. Veolia Environment SA
For more information about this report visit https://www.researchandmarkets.com/r/zerlud
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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HOUSTON--(BUSINESS WIRE)--Phillips 66 (NYSE: PSX) executive management will host a webcast at noon EST on Friday, Jan. 28, 2022, to discuss the company’s fourth-quarter 2021 financial results, which will be released earlier that day, and provide an update on strategic initiatives.
To access the webcast, go to the Events and Presentations section of the Phillips 66 Investors site, https://www.phillips66.com/investors. A replay of the webcast will be archived on the Events and Presentations page approximately two hours after the event, and a transcript will be available at a later date.
About Phillips 66
Phillips 66 is a diversified energy manufacturing and logistics company. With a portfolio of Midstream, Chemicals, Refining, and Marketing and Specialties businesses, the company processes, transports, stores and markets fuels and products globally. Headquartered in Houston, the company has 14,100 employees committed to safety and operating excellence. Phillips 66 had $56 billion of assets as of Sept. 30, 2021. For more information, visit www.phillips66.com or follow us on Twitter @Phillips66Co.
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DUBLIN--(BUSINESS WIRE)--The "Indian Commercial Vehicle Outlook" report has been added to ResearchAndMarkets.com's offering.
Since 2017, the Indian commercial vehicle industry has been adapting to regulations that emphasize build quality and safety, tailpipe emission reduction, and asset traceability; the goal is to elevate vehicles to global standards. OEMs have made significant investments to adhere to these standards and to improve supply chain efficiency.
Government leaders want to reduce India's dependence on imported oil and adopt cleaner modes of transportation. The government-mandated shift from Bharat Stage IV (BSIV) emission standards to the stricter BSIV regime in April 2020 to reduce carbon emissions and improve air quality has resulted in a 10% to 15% increase in commercial vehicle costs because of modifications in engine architecture and requirements for new onboard diagnostics. For fleet operators, this means a longer wait to realize a return on investment.
Electrification is a longer-term goal.
The COVID-19 pandemic was another blow to commercial vehicle sales in the fiscal year 2021 after a steep drop the previous because of a combination of other factors. Government-imposed nationwide lockdowns and other travel restrictions contributed to a decline in freight transportation; lower fleet utilization rates increased operators' total cost of ownership and reduced profitability.
As commercial vehicle buyers consider ways to reduce operational expenditure and maintenance costs, they are searching for ways to deliver more value per liter of fuel used, a ton of cargo hauled, or kilometer traveled and are turning to vehicles with connectivity, comfort, and convenience features to maximize uptime. Other headwinds and cost-saving opportunities may push owners and operators back into dealerships to place orders for new vehicles sooner than they had anticipated.
Key Topics Covered:
1. Strategic Imperatives
2. Industry Overview
3. Growth Opportunity Analysis
4. Growth Opportunity Universe
For more information about this report visit https://www.researchandmarkets.com/r/s083nv
ResearchAndMarkets.com
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Single-source provider for marine defense customers adds fluid filtration and testing services to a growing range of capabilities
BELOIT, Wis.--(BUSINESS WIRE)--#OEM--Fairbanks Morse Defense (FMD), a portfolio company of Arcline Investment Management (Arcline), has acquired Fluid Filtration Specialists LLC (FFS), a leader in flushing and filtration services for marine vessels and other facilities that operate large, highly sophisticated engines and systems. The acquisition of FFS further expands FMD’s capabilities and service solutions for shipyard, defense, and commercial marine customers, including the U.S. Navy, the U.S. Coast Guard, and the Canadian Coast Guard.
Click here for images associated with FFS systems.
“Fluid Filtration Specialists has a stellar reputation for doing quality work correctly and on time, which makes it a natural fit for our turnkey service offerings,” said George Whittier, CEO of FMD. “Our growing shipbuilding solutions are operating on the military’s most advanced naval vessels and adding services like those provided by FFS helps us serve as a single, proven partner who knows those ships from stem to stern. This allows us to respond faster with just the right parts, services, and maintenance solutions.”
Founded by engineering experts, FFS focuses on proven fluid separation and cleaning systems that were specifically designed to address the maintenance and reliability concerns of heavy equipment used in critical operational systems, often under challenging conditions.
“Quality care of high-performance mechanical systems creates opportunities to lower costs, reduce downtime, and prolong the reliability and lifespan of valuable assets,” said Shane Sims, owner of FFS. “Becoming part of Fairbanks Morse Defense enables us to leverage its robust service center network to expand our reach among defense customers that so many communities depend on.”
Over the past year, FMD has expanded its capabilities, inventory, and geographic presence with several key acquisitions to become a single-source provider of equipment and services to the marine defense industry. In 2021, FMD acquired Welin Lambie, a military and commercial davit manufacturer; Hunt Valve, a specialty naval valve manufacturer; and in 2020, FMD acquired Ward Leonard, a motor and control solutions provider. FMD also acquired diesel engine repair and rebuilding service provider BRECO International in November 2020.
About Fairbanks Morse Defense
Fairbanks Morse Defense (FMD) is a leading provider of the highest value equipment for naval defense customers. For more than 100 years, FMD has been a principal supplier of reliable power systems, parts, and aftermarket services to the U.S. Navy, U.S. Coast Guard, Military Sealift Command, and the Canadian Coast Guard. Through its six strategically located service centers and a robust aftermarket team, FMD is able to provide round-the-clock field service and parts support. Additionally, its suite of full lifecycle solutions extends asset life and enables it to run more efficiently. With a growing portfolio of companies under the FMD brand, the company continues to integrate these mission-critical products and innovative service solutions to power marine defense. FMD, a portfolio company of Arcline Investment Management, is based in Beloit, Wisconsin. Learn more about FMD at www.FairbanksMorseDefense.com.
About Fluid Filtration Specialists LLC
FFS is a proven leader in filtration and cleaning services. The U.S.-based company’s filtration, cleaning, and inspection systems provide critical mechanical reliability to diesel engines, piping for various commercial and industrial uses, and hydraulic systems.
Fairbanks Morse Media Contact:
Mercom Communications
Michelle Hargis
Tel: 512-215-4452
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MAHWAH, N.J.--(BUSINESS WIRE)--Polestar has opened a new retail location in Corte Madera, California. Polestar Marin will offer sales, service, and test drives of the Polestar 1 electric performance hybrid GT and the Polestar 2 electric performance fastback. It will also service customers living within a 150-mile radius via a free pickup and delivery service program. Polestar Marin is located at The Village at Corte Madera, 1700 Redwood Highway, Corte Madera, CA 94925.
“We continue to rapidly expand our Polestar Space network across North America,” says Gregor Hembrough, Head of Polestar North America. “With the addition of Polestar Marin, we continue to redefine the premium experience within the San Francisco market.”
In partnership with Price Simms Family Dealerships, the newest Polestar Space in the San Francisco Bay Area will give customers the opportunity to experience Polestar vehicles first-hand and ask questions in a non-traditional retail environment. Test drives of the brand’s first all-electric vehicle – Polestar 2 – can be coordinated on-site or at home via Polestar.com/test-drive.
“We have seen a great reaction from customers since opening Polestar Marin in a temporary location earlier this year, and we are looking forward to welcoming them to the new permanent Space in our hometown,” said Nick Price, Vice President of Operations at Price Simms Family Dealerships. “Polestar has been a great addition to the Price Simms family.”
Polestar also offers a convenient home delivery and service program. Customers living within 150 miles of a Polestar Space can have their Polestar vehicle retrieved and returned for servicing free of charge, enabling a convenient Polestar ownership experience without being troubled by vehicle service appointments.
For those living further than 150 miles from a Polestar Space, Polestar offers a mobile service program in which a Polestar technician will travel to the owner’s location for minor repairs or software updates. Mobile service can be requested by contacting Polestar Support 24/7 via phone or at polestar.com/contact.
Polestar Spaces are already open in 15 states. The brand’s retail network is expected to grow to a total of 38 locations across the country by the end of 2022.
This represents Polestar taking yet another step in strengthening its future growth plans. In September 2021, the company announced its intention to list on the Nasdaq stock exchange in a business combination with Gores Guggenheim, Inc. (Nasdaq: GGPI, GGPIW and GGPIU).
Ends.
For images and other media information, visit polestar.com/press.
About Polestar
Polestar was established as a new, standalone Swedish premium electric vehicle manufacturer in 2017. Founded by Volvo Cars and Geely Holding, Polestar enjoys specific technological and engineering synergies with Volvo Cars and benefits from significant economies of scale as a result.
Polestar is headquartered in Gothenburg, Sweden, and its vehicles are currently available and on the road in markets across Europe, North America,China and Asia Pacific. By 2023, the company plans to be present in 30 global markets. Polestar cars are currently manufactured in two facilities in China, with additional future manufacturing planned in the USA.
In September 2021, Polestar announced its intention to list as a public company on the Nasdaq in a business combination agreement with Gores Guggenheim, Inc. Full information on this definitive agreement can be found here.
In the US, the local Polestar office is located in the New York metro area, in Mahwah, New Jersey. Polestar Spaces have been opened in Los Angeles, the San Francisco Bay Area, and Orange County, Calif.; New York City; Denver, Colorado; Boston; Central and Southern New Jersey; Dallas; Austin; Detroit; Minneapolis; Phoenix; Seattle; Atlanta; Charlotte, North Carolina; Connecticut, South Florida, and Washington D.C., with more to follow in Central California, the Pacific Northwest, and Hawaii.
Polestar has produced two electric performance cars. The Polestar 1 was built between 2019 and 2021 as a low-volume electric performance hybrid GT with a carbon fiber body, 619 hp, 738 lb-ft of torque, and an electric-only range of 52 miles (EPA) – the longest of any hybrid car in the world.
The Polestar 2 electric performance fastback is the company’s first fully electric, high volume car. The Polestar 2 model range includes three variants with a combination of long- and standard range batteries as large as 78 kWh, and dual- and single-motor powertrains with as much as 408 hp and 487 lb-ft of torque.
In the coming three years, Polestar plans to launch one new electric vehicle per year, starting with Polestar 3 in 2022 – the company’s first electric performance SUV. Polestar 4 is expected to follow in 2023, a smaller electric performance SUV coupe.
In 2024, the Polestar 5 electric performance 4-door GT is planned to be launched as the production evolution of Polestar Precept – the manifesto concept car that Polestar released in 2020 that showcases the brand’s future vision in terms of design, technology, and sustainability. As the company seeks to reduce its climate impact with every new model, Polestar aims to produce a truly climate-neutral car by 2030.
About Gores Guggenheim, Inc.
Gores Guggenheim, Inc. (Nasdaq: GGPI, GGPIW, and GGPIU) is a special purpose acquisition company sponsored by an affiliate of The Gores Group, LLC, founded by Alec Gores, and by an affiliate of Guggenheim Capital, LLC. Gores Guggenheim completed its initial public offering in April 2021, raising approximately USD 800 million in cash proceeds for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Gores Guggenheim's strategy is to identify and complete business combinations with market leading companies with strong equity stories that will benefit from the growth capital of the public equity markets and be enhanced by the experience and expertise of Gores' and Guggenheim’s long history and track record of investing in and operating businesses.
Forward-Looking Statements
Certain statements in this press release (“Press Release”) may be considered “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or the future financial or operating performance of Gores Guggenheim, Inc. (“Gores Guggenheim”), Polestar Performance AB and/or its affiliates (the “Company”) and Polestar Automotive Holding UK Limited (“ListCo”). For example, projections of future revenue, volumes and other metrics are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential”, “forecast”, “plan”, “seek”, “future”, “propose” or “continue”, or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements.
These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Gores Guggenheim and its management, and the Company and its management, as the case may be, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of definitive agreements with respect to the proposed business combination between Gores Guggenheim, the Company, ListCo and the other parties thereto (the “the Business Combination”); (2) the outcome of any legal proceedings that may be instituted against Gores Guggenheim, the combined company or others following the announcement of the Business Combination and any definitive agreements with respect thereto; (3) the inability to complete the Business Combination due to the failure to obtain approval of the stockholders of Gores Guggenheim, to obtain financing to complete the Business Combination or to satisfy other conditions to closing; (4) changes to the proposed structure of the Business Combination that may be required or appropriate as a result of applicable laws or regulations or as a condition to obtaining regulatory approval of the Business Combination; (5) the ability to meet stock exchange listing standards following the consummation of the Business Combination; (6) the risk that the Business Combination disrupts current plans and operations of the Company as a result of the announcement and consummation of the Business Combination; (7) the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (8) costs related to the Business Combination; (9) risks associated with changes in applicable laws or regulations and the Company’s international operations; (10) the possibility that the Company or the combined company may be adversely affected by other economic, business, and/or competitive factors; (11) the Company’s estimates of expenses and profitability; (12) the Company’s ability to maintain agreements or partnerships with its strategic partners Volvo Cars and Geely and to develop new agreements or partnerships; (13) the Company’s ability to maintain relationships with its existing suppliers and strategic partners, and source new suppliers for its critical components, and to complete building out its supply chain, while effectively managing the risks due to such relationships; (14) the Company’s reliance on its partnerships with vehicle charging networks to provide charging solutions for its vehicles and its strategic partners for servicing its vehicles and their integrated software; (15) the Company’s ability to establish its brand and capture additional market share, and the risks associated with negative press or reputational harm, including from lithium-ion battery cells catching fire or venting smoke; (16) delays in the design, manufacture, launch and financing of the Company’s vehicles and the Company’s reliance on a limited number of vehicle models to generate revenues; (17) the Company’s ability to continuously and rapidly innovate, develop and market new products; (18) risks related to future market adoption of the Company’s offerings; (19) increases in costs, disruption of supply or shortage of materials, in particular for lithium-ion cells or semiconductors; (20) the Company’s reliance on its partners to manufacture vehicles at a high volume, some of which have limited experience in producing electric vehicles, and on the allocation of sufficient production capacity to the Company by its partners in order for the Company to be able to increase its vehicle production capacities; (21) risks related to the Company’s distribution model; (22) the effects of competition and the high barriers to entry in the automotive industry, and the pace and depth of electric vehicle adoption generally on the Company’s future business; (23) changes in regulatory requirements, governmental incentives and fuel and energy prices; (24) the impact of the global COVID-19 pandemic on Gores Guggenheim, the Company, the Company’s post business combination’s projected results of operations, financial performance or other financial metrics, or on any of the foregoing risks; and (25) other risks and uncertainties set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in Gores Guggenheim’s final prospectus relating to its initial public offering (File No. 333-253338) declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on March 22, 2021, and other documents filed, or to be filed, with the SEC by Gores Guggenheim or ListCo, including the Registration/Proxy Statement (as defined below). There may be additional risks that neither Gores Guggenheim, the Company nor ListCo presently know or that Gores Guggenheim, the Company or ListCo currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements.
Nothing in this Press Release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Neither Gores Guggenheim, the Company nor ListCo undertakes any duty to update these forward-looking statements.
Additional Information
In connection with the proposed Business Combination, (i) ListCo has filed with the SEC a registration statement on Form F-4 containing a preliminary proxy statement of Gores Guggenheim and a preliminary prospectus (the “Registration/Proxy Statement”), and (ii) Gores Guggenheim will file a definitive proxy statement relating to the proposed Business Combination (the “Definitive Proxy Statement”) and will mail the Definitive Proxy Statement and other relevant materials to its stockholders after the Registration/Proxy Statement is declared effective. The Registration/Proxy Statement contains and the Definitive Proxy Statement will contain important information about the proposed Business Combination and the other matters to be voted upon at a meeting of Gores Guggenheim stockholders to be held to approve the proposed Business Combination. This Press Release does not contain all the information that should be considered concerning the proposed Business Combination and is not intended to form the basis of any investment decision or any other decision in respect of the Business Combination. Before making any voting or other investment decisions, securityholders of Gores Guggenheim and other interested persons are advised to read, the Registration/Proxy Statement and the amendments thereto and the Definitive Proxy Statement and other documents filed in connection with the proposed Business Combination, as these materials will contain important information about Gores Guggenheim, the Company, ListCo and the Business Combination. When available, the Definitive Proxy Statement and other relevant materials for the proposed Business Combination will be mailed to stockholders of Gores Guggenheim as of a record date to be established for voting on the proposed Business Combination. Stockholders will also be able to obtain copies of the Registration/Proxy Statement, the Definitive Proxy Statement and other documents filed with the SEC, without charge, once available, at the SEC’s website at www.sec.gov, or by directing a request to: Gores Guggenheim, Inc., 6260 Lookout Rd., Boulder, CO 80301, attention: Jennifer Kwon Chou.
INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
Participants in the Solicitation
Gores Guggenheim and certain of its directors and executive officers may be deemed participants in the solicitation of proxies from Gores Guggenheim’s stockholders with respect to the proposed Business Combination. A list of the names of those directors and executive officers and a description of their interests in Gores Guggenheim is set forth in Gores Guggenheim’s filings with the SEC (including Gores Guggenheim’s final prospectus related to its initial public offering (File No. 333-253338) declared effective by the SEC on March 22, 2021), and are available free of charge at the SEC’s website at www.sec.gov, or by directing a request to Gores Guggenheim, Inc., 6260 Lookout Rd., Boulder, CO 80301, attention: Jennifer Kwon Chou. Additional information regarding the interests of such participants is contained in the Registration/Proxy Statement and will be contained in the Definitive Proxy Statement.
The Company and ListCo, and certain of their directors and executive officers may also be deemed to be participants in the solicitation of proxies from the stockholders of Gores Guggenheim in connection with the proposed Business Combination. A list of the names of such directors and executive officers and information regarding their interests in the proposed Business Combination is included in the Registration/Proxy Statement and will be included in the Definitive Proxy Statement.
No Offer and Non-Solicitation
This Press Release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transaction and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of Gores Guggenheim, the Company or ListCo, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended.
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Adaptive Energy recognized at Dubai event for unique propane fuel cell technology that provides backup and offgrid power for rail crossings, remote radio networks, weather aviation cameras and other critical infrastructure
DUBAI, United Arab Emirates--(BUSINESS WIRE)--#alternativeenergy--Adaptive Energy, a leading designer and manufacturer of low-watt solid oxide fuel cells (SOFCs) for backup and offgrid power, last week won a Global Innovation Award at the Global Technology Conference (GTC) for LPG Week in Dubai. The Michigan-based company was selected as runner-up for Most Innovative Propane-Powered Technology, making it the only SOFC company ever to receive this prestigious award.
Representing Adaptive Energy was CEO Michael Edison, a veteran of the clean energy movement. His presentation highlighted how SOFCs enable greater use of alternative energy for critical infrastructure.
“At Adaptive Energy, our goal is to increase the reliability of critical low-watt infrastructure while reducing its carbon impact,” Edison said. “Remote sites often lack reliable access to grid power, so alternative energy sources like wind and solar are vital. But when harsh weather interrupts power production, this critical infrastructure can fail. That’s where our propane fuel cells come into play.”
The need for reliable backup and offgrid power is what also led major railway partner RedHawk Energy Systems, LLC to place their largest order to date, in December.
“This is our second consecutive major order from Adaptive Energy this year,” said Matt Ulrich, Rail Sales for RedHawk Energy Systems. “Our rail customers love the simplicity and low maintenance needs of the P250i. Instead of babysitting legacy gas/diesel generators that require constant refueling and routine maintenance, the P250i can provide days, weeks and even months of reliable power with minimal personnel involvement.”
During his presentation at LPG Week, Edison shared three key alternative energy use cases for SOFCs:
Adaptive Energy is uniquely positioned to address these concerns thanks to patented, highly durable, clean SOFC technology that has been engineered to excel in extreme conditions, from -40°C to 50°C. With a 22-year history of commercializing SOFCs, it has been the leading provider of propane fuel cell technology across industries.
The company has long-standing relationships with U.S. federal agencies, major Class I railways via partner RedHawk Energy Systems, LLC, and other commercial customers where consistent uptimes are critical.
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