LOS ANGELES--(BUSINESS WIRE)--AECOM (NYSE: ACM), the world’s trusted infrastructure consulting firm, today announced that it has been selected by the U.S. Army Corps of Engineers (USACE) Baltimore District to continue providing nationwide environmental remediation services through the MAMMS III contract. The multiple-award contract, with a shared program ceiling of $240 million, includes five base years and up to two additional option years.
“Our dedicated environmental experts consistently deliver for the USACE and have a flawless safety record on this technically complex and challenging work,” said Lara Poloni, AECOM’s president. “We look forward to continuing to partner closely with the U.S. Department of Defense and local communities to return previously restricted lands to safe, sustainable, recreational and residential uses.”
AECOM has supported the USACE Baltimore District’s environmental remediation programs for more than 26 years. Under the new contract, AECOM and its specialty subcontractors will continue to provide a wide range of environmental services, including investigations, field activities, engineering, remedial actions and design, and support for environmental-related regulatory programs.
“We’re proud to continue this longstanding partnership with the USACE to restore land, water, and air quality to sites nationwide,” said Frank Sweet, chief executive of AECOM’s global environment business. “This important work ties directly to our firmwide environmental, social and governance objectives, which are rooted in our commitment to delivering a better world.”
Throughout its decades-long involvement with this critical work, the AECOM team has remained on the leading edge of technical innovations, consistently pursuing research and development to improve efficiencies and capabilities. AECOM leverages its U.S. Department of Defense Advanced Geophysical Classification Accreditation to successfully remediate impacted sites across the nation.
About AECOM
AECOM (NYSE: ACM) is the world’s trusted infrastructure consulting firm, delivering professional services throughout the project lifecycle – from planning, design and engineering to program and construction management. On projects spanning transportation, buildings, water, new energy and the environment, our public- and private-sector clients trust us to solve their most complex challenges. Our teams are driven by a common purpose to deliver a better world through our unrivaled technical expertise and innovation, a culture of equity, diversity and inclusion, and a commitment to environmental, social and governance priorities. AECOM is a Fortune 500 firm and its Professional Services business had revenue of $13.2 billion in fiscal year 2020. See how we are delivering sustainable legacies for generations to come at aecom.com and @AECOM.
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eLichens’ avolta ultra-high selectivity CH4 gas sensor avoids false alarms and is available for LoRaWAN networks
CAMARILLO, Calif.--(BUSINESS WIRE)--#Chip--Semtech Corporation (Nasdaq: SMTC), a leading supplier of high performance analog and mixed-signal semiconductors and advanced algorithms, announced its collaboration with eLichens, designer of avolta-CH4, a new connected gas leak detector running on the LoRaWAN® standard. Based on eLichens patented gas sensing technology, avolta is able to detect natural gas (methane) leaks with ultra-selectiveness, has no drift over time and has been approved by research gas laboratories.
“Dangerous gas leaks pose serious environmental and economic harm to any household and city. In fact, a quarter of all gas leaks out of pipelines and natural gas infrastructure is estimated to be coming out near gas meters,” said Marc Attia, eLichens chief marketing officer. “We have chosen to implement LoRaWAN connectivity for our avolta gas sensor due to its low power, long distance capabilities—allowing for instant alert of any devastating gas leak for response and potentially save lives. Most critical is that the combination of eLichens NDIR sensor technology and LoRaWAN enable straightforward compliance with UL1484 and EN50194-1 standards.”
eLichens’ avolta gas detector running on LoRaWAN features a battery autonomy of 10+ years due to its very low power consumption gas sensor and the integration of the Semtech LoRa® device and the LoRaWAN standard. The absence of need for recalibration and the long life span of the eLichens sensor makes it ideal for applications of gas leak detections in both residential and industrial market.
By leveraging the rise of connected sensors and low power wireless networks, gas utility companies can significantly reduce gas leaks on their gas distribution network. eLichens’ new gas leak detector can selectively detect and monitor (thanks to eLichens’ NDIR sensing technology) low levels of methane leaks thus making appropriate decision making in line with the nature of the leak.
“As more and more cities choose to utilize Internet of Things (IoT) solutions to improve and protect the lives of their citizens, they should benefit of the new gas safety solution,” said Marc Pégulu, vice president of IoT product marketing and strategy for Semtech’s Wireless and Sensing Products Group. “This use of LoRa and LoRaWAN showcases the power of IoT technologies to create a smarter, and ultimately safer planet for all.”
For more information on the avolta gas leak detector, please visit here.
About eLichens
Created in December 2014, eLichens is a startup with the mission to help individuals digitize their environment. The company relies on a portfolio of patents, know-how and skills, which enable it to develop and market complete sensor/data/services solutions to address the gas utilities, industrial, smart city, smart home and IoT markets. eLichens has its headquarters in Grenoble and offices in California. Visit elichens.com to learn more.
About Semtech’s LoRa® Platform
Semtech’s LoRa device-to-Cloud platform is a globally adopted long range, low power solution for IoT applications, enabling the rapid development and deployment of ultra-low power, cost efficient and long range IoT networks, gateways, sensors, module products, and IoT services worldwide. Semtech’s LoRa devices provide the communication layer for the LoRaWAN® standard, which is maintained by the LoRa Alliance®, an open IoT alliance for Low Power Wide Area Network (LPWAN) applications that has been used to deploy IoT networks in over 100 countries. Semtech is a founding member of the LoRa Alliance. To learn more about how LoRa enables IoT, visit Semtech’s LoRa site.
About Semtech
Semtech Corporation is a leading supplier of high performance analog and mixed-signal semiconductors and advanced algorithms for infrastructure, high-end consumer and industrial equipment. Products are designed to benefit the engineering community as well as the global community. The Company is dedicated to reducing the impact it, and its products, have on the environment. Internal green programs seek to reduce waste through material and manufacturing control, use of green technology and designing for resource reduction. Publicly traded since 1967, Semtech is listed on the NASDAQ Global Select Market under the symbol SMTC. For more information, visit www.semtech.com.
Forward-Looking and Cautionary Statements
All statements contained herein that are not statements of historical fact, including statements that use the words “ideal for,” “designed to” or other similar words or expressions, that describe Semtech Corporation’s or its management’s future plans, objectives or goals are “forward-looking statements” and are made pursuant to the Safe-Harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the actual results of Semtech Corporation to be materially different from the historical results and/or from any future results or outcomes expressed or implied by such forward-looking statements. Such factors are further addressed in Semtech Corporation’s annual and quarterly reports, and in other documents or reports, filed with the Securities and Exchange Commission (www.sec.gov) including, without limitation, information under the captions “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors.” Semtech Corporation assumes no obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release, except as required by law.
Semtech, the Semtech logo and LoRa are registered trademarks or service marks of Semtech Corporation or its affiliates.
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HOUSTON--(BUSINESS WIRE)--#batterystorage--Sunnova Energy International Inc. (“Sunnova”) (NYSE: NOVA), a leading U.S. residential solar and storage service provider, has partnered with National Grid (NYSE: NGG) and SolarEdge Technologies Inc. (“SolarEdge”) (NASDAQ: SEDG) to utilize its fleet of solar and storage assets in New England to help improve power quality in National Grid’s service area. Sunnova’s aggregated residential solar and storage portfolio delivers over 150 GWh of clean and reliable energy per year to New England’s homeowners and its grid, and now this portfolio of distributed energy resources (DERs) will work to make the grid more efficient by strengthening its resiliency and reliability. Sunnova and SolarEdge will provide voltage support across Massachusetts and Rhode Island, proving that distributed resources can unlock additional value to ratepayers.
“Sunnova’s ability to deliver solutions that will create a modern power grid reaffirms that leveraging DERs can offer increasing value to the grid and ultimately to homeowners, when deployed at scale,” said Michael Grasso, EVP, Chief Marketing and Growth Officer at Sunnova. “This first of its kind solution aims to save homeowners money, increase New England’s grid efficiency and support National Grid on its path to achieving Net Zero by 2050.”
Over the last decade, the industry has built approximately 838 MW of residential distributed energy assets in Massachusetts and 58 MW in Rhode Island, according to Wood Mackenzie. To create the grid of tomorrow, DERs, especially solar and battery storage, will need to work together to support the grid in meeting its energy objectives while providing consumers with energy independence. This partnership will enable Sunnova to help the utility reduce distribution system losses and allow for more efficient delivery of power to all consumers in National Grid’s service area.
“National Grid’s continued efforts to further integrate distributed energy resources will be accelerated by this effort which will leverage DERs interconnected to the grid to optimize power quality, which will reduce costs for all customers,” said John Isberg, Vice President of Customer Sales and Solutions at National Grid.
“SolarEdge’s work on transitioning to a stable, clean, cost-effective grid is being realized through this unprecedented program across New England,” said Peter Mathews, General Manager of North America at SolarEdge. “Our DC optimized architecture, which has been deployed by multiple utilities, is field-proven to provide greater efficiency and accuracy. We strongly value partnerships like this that remain essential to advancing the full value of distributed energy resources.”
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Sunnova's future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expect," "plan," "anticipate," "going to," "could," "intend," "target," "project," "contemplates," "believe," "estimate," "predict," "potential" or "continue" or the negative of these words or other similar terms or expressions that concern Sunnova's expectations, strategy, priorities, plans or intentions. Forward-looking statements in this release include, but are not limited to, statements regarding grid efficiency, Net Zero by 2050 goals, reduction of system losses and other statements regarding the future. Sunnova's expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks regarding our ability to forecast our business due to our limited operating history, the effects of the coronavirus pandemic on our business and operations, results of operations and financial position, our competition, fluctuations in the solar and home-building markets, availability of capital, our ability to attract and retain dealers and customers and our dealer and strategic partner relationships. The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in Sunnova's filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2020 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2021. The forward-looking statements in this release are based on information available to Sunnova as of the date hereof, and Sunnova disclaims any obligation to update any forward-looking statements, except as required by law.
About Sunnova
Sunnova Energy International Inc. (NYSE: NOVA) is a leading residential solar and energy storage service provider with customers across the U.S. and its territories. Sunnova's goal is to be the source of clean, affordable, and reliable energy with a simple mission: to power energy independence so that homeowners have the freedom to live life uninterrupted®.
For more information, please visit sunnova.com.
About National Grid
National Grid (NYSE: NGG) is an electricity, natural gas, and clean energy delivery company serving more than 20 million people through our networks in New York, Massachusetts, and Rhode Island. National Grid is transforming our electricity and natural gas networks with smarter, cleaner, and more resilient energy solutions to meet the goal of reducing greenhouse gas emissions. As part of our commitment to a clean energy future, National Grid is a Principal Partner for COP26, the UN global climate summit, which will be located in the UK in November 2021.
For more information, please visit our website, follow us on Twitter, watch us on YouTube, like us on Facebook, and find our photos on Instagram.
About SolarEdge
SolarEdge (NASDAQ: SEDG) is a global leader in smart energy. By leveraging world-class engineering capabilities and with a relentless focus on innovation, SolarEdge creates smart energy solutions that power our lives and drive future progress. SolarEdge’s e-Mobility division creates end-to-end e-mobility solutions for electric and hybrid vehicles used in motorcycles, commercial vehicles and trucks. These solutions include innovative high-performing powertrains with e-motor, motor drive, gearbox, battery, BMS, chargers, Vehicle Control Unit (VCU) and software for electric vehicles.
SolarEdge is online at solaredge.com.
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Funding Will Enable Expansion to Increase Building Performance Across the U.S.
NEW YORK--(BUSINESS WIRE)--#brightpowerinc--Bright Power, Inc.— the leading energy and water management partner in the U.S. for multifamily real estate owners, operators, managers, and investors—today announced it has closed a $24.5 million Series B capital raise. The round was led by the BMO Impact Investment Fund and Generate Capital. Previously, the company had raised a $10 million debt facility from WindSail Capital Group and $1.8 million from early angel investors.
With the tailwinds of increasing investment in real estate sustainability, new carbon emissions regulations, and greater valuations for smarter, healthier buildings, this new funding will enable Bright Power to continue to scale, bringing its comprehensive solution set to more building owners and bringing new products and services to market.
Founded in 2004 by Jeffrey Perlman, Bright Power started by connecting the benefits of investing in solar and energy efficiency together. Then Bright Power simplified the process of making energy investment decisions through the creation of a simple but rigorous analytics platform, EnergyScoreCards. Bright Power developed deep engineering expertise in how to make buildings better for occupants while lowering energy usage, both for existing buildings and new construction. Most recently, Bright Power created a real-time energy management service, MoBIUS®, that brings the company’s energy savings and troubleshooting expertise to building operations teams, enabling them to optimize building operations and ensure that energy waste does not creep back after making energy savings improvements.
“Bright Power’s strength lies in our passion to eliminate negative impacts on the planet while increasing the performance and value of buildings. We are proud to have investors who share the same passion—together we will create a more sustainable future for us all,” said Jeffrey Perlman, CEO & Founder of Bright Power.
“BMO’s Impact Investment Fund was established to help drive sustainable outcomes by backing technologies that create a positive impact for both investors and the planet,” said Marc Khouzami, Managing Director, BMO Impact Investment Fund. “As part of our goal to be our clients’ lead partner on the transition to a low carbon economy, we are excited to build on BMO’s tradition of sustainability through our investment in Bright Power.”
“We’re excited to partner with the Bright Power team to accelerate our mission to rebuild the world with sustainable, affordable and reliable infrastructure,” said David Perl, Managing Director at Generate Capital. “We believe energy efficiency offers some of the best economic and environmental returns and we are thrilled to partner with such an innovative team. Bright Power is well positioned to dramatically reduce carbon emissions in the multifamily built environment and improve building performance.”
“It was an honor to facilitate Bright Power in this transaction. Bright Power represents a dynamic new type of company where positive impact and profits are linked, as one grows so does the other. BMO and Generate will help Bright Power continue to scale its important focus on high performance buildings and climate solutions,” said Michael Whelchel, Co-Founder and Managing Partner of Big Path Capital whose team arranged the Series B financing.
About Bright Power
Bright Power provides strategic energy and water solutions to building owners and operators across the nation. Specializing in multifamily apartment buildings, Bright Power has worked with over 1.9M apartments that cover 1.9B square feet. Bright Power’s energy management solutions include EnergyScoreCards benchmarking software, energy audits, energy procurement, on-site generation, green building design services, turnkey installation of energy improvements and ongoing energy management. For more information, please visit www.brightpower.com.
About BMO Financial Group
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider - the 8th largest bank, by assets, in North America. With total assets of $950 billion as of April 30, 2021, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.
About Generate
Generate Capital, Inc. is a leading sustainable infrastructure company driving the infrastructure revolution. Generate builds, owns, operates and finances solutions for clean energy, water, waste and transportation. Founded in 2014, Generate partners with over 40 technology and project developers and owns and operates more than 2,000 assets globally. Generate is the one-stop shop offering pioneers of the infrastructure revolution tailored funding and support needed to get projects built. Our Infrastructure-as-a-Service model delivers affordable, reliable and sustainable resources to over 1,000 customers, companies, communities, school districts and universities. Together, we are rebuilding the world. For more information, please visit www.generatecapital.com
About Big Path
Founded in 2007, Big Path Capital is the leading investment bank for positive impact companies and funds. With one of the largest networks of impact investors, Big Path has worked with more impact companies and funds than any other investment bank in the world. Companies and funds engage Big Path Capital for company exits, capital raises, and founder and shareholder liquidity. Big Path is proud to have been a certified B Corporation since 2007. For more information, please visit www.bigpathcapital.com.
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The new fiber solution demonstrates promising results for petrochemical industry, with research supported by German-based high throughput experimentation company hte GmbH
BUFFALO, N.Y.--(BUSINESS WIRE)--Unifrax, a leading manufacturer of high-performance specialty materials, today announced initial results of the first phase of its testing campaign, performed at hte GmbH, leading provider of high throughput technology in catalysis research. These results support the ability of the recently launched FlexCat™ by Unifrax to significantly improve production throughput, increase process runtime and reduce a company’s carbon footprint.
FlexCat, a new customizable fiber-based catalyst support material, is designed for use in industrial catalysis, improving the output of hydrogen and specialty gas production, chemical processing, air purification and other chemical manufacturing applications.
Tested by hte GmbH, Unifrax targeted a model reaction of propane dehydrogenation (PDH) as a common industrial process and compared FlexCat to a literature derived and pellet-supported catalyst. Unifrax’s first step into industrial catalysis is a catalyst support material that has been proven to:
Provide enhanced yield and selectivity.
Reduce production downtime.
Allow for reduced downstream processing and cleaner outputs through plant optimization.
“In this latest round of testing, we homed in on specific areas where our industry partners strive to see improvements and derive value – from increased yield, reduced emissions and lower carbon footprints,” said Chad Cannan, senior vice president of research and development, Unifrax. “This next generation of catalysis technology will significantly increase production through existing assets and avoid costly capital expenditures and unnecessary downtime. This data shows that companies can realize greater value through their current production systems and improve their environmental footprint.”
“This collection of data, in partnership with hte GmbH, is a step in the right direction for industrial catalysis,” said John Dandolph, president and CEO, Unifrax. “With FlexCat, we’re working to optimize plant performance and the impact on local communities, focusing on a unique, game-changing solution. In confirming that we can increase output while reducing emissions and overall costs for our industry partners, we are excited to move forward with implementing this new technology to create better and more efficient catalysis that this industry has never seen before.”
With a track record of 75+ years developing and supplying engineered inorganic materials on a large scale to advanced industries worldwide, Unifrax has a deep history of fiber-based technology and manufacturing. As a first step into industrial catalysis for Unifrax, FlexCat offers a revolutionary fiber-based catalytic media that delivers more than the alumina-based catalysis technology used today.
“We look forward to continued collaboration with Unifrax on FlexCat,” said Wolfram Stichert, CEO, hte GmbH. “We’ve already seen promising results from our testing, and we can’t wait to see what’s ahead for this exciting and brand-new technology.”
Customizable for individual partners, processes and specific reactions, FlexCat can be manufactured at scale today. To learn more about FlexCat, visit www.unifrax.com/flexcat.
About Unifrax
Unifrax develops and manufactures high-performance specialty materials used in advanced applications, including high-temperature industrial insulation, electric vehicles, energy storage, filtration and fire protection, among many others. Unifrax products are designed with the ultimate goal of saving energy, reducing pollution and improving safety for people, buildings and equipment by delivering on our commitment to our customers of greener, cleaner, safer solutions for their application challenges. Unifrax has 37 manufacturing facilities operating in 12 countries and employs 2,700+ employees globally. More information is available at www.unifrax.com. For updates, follow us on Twitter, LinkedIn and Facebook.
About hte GmbH
At hte – the high throughput experimentation company, we make R&D in the area of catalysis faster and more productive. We enable cost-effective innovations and reduced time-to-market for new products, thereby allowing our customers in the energy & refining, chemical & petrochemical, and environmental industries to keep ahead of the competition. Our technology and services comprise:
Our customers benefit from broad technical and scientific expertise, exceptional customer orientation, complete end-to-end solutions, and outstanding data quality. Our close ties with BASF guarantee long-term orientation and stability.
For Unifrax:
Deborah L. Myers
Global Marketing Communication Director
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For hte GmbH:
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WALTHAM, Mass.--(BUSINESS WIRE)--Global Partners LP (NYSE: GLP) announced today that the Board of Directors of its general partner, Global GP LLC, has declared a quarterly cash distribution of $0.5750 per unit ($2.30 per unit on an annualized basis) on all of its outstanding common units for the period from April 1 to June 30, 2021. The distribution will be paid August 13, 2021 to unitholders of record as of the close of business on August 9, 2021.
Non-U.S. Withholding Information
This press release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100%) of GLP’s distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, GLP’s distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate.
About Global Partners LP
With approximately 1,550 locations primarily in the Northeast, Global Partners is one of the region’s largest independent owners, suppliers and operators of gasoline stations and convenience stores. Global also owns, controls or has access to one of the largest terminal networks in New England and New York, through which it distributes gasoline, distillates, residual oil and renewable fuels to wholesalers, retailers and commercial customers. In addition, Global engages in the transportation of petroleum products and renewable fuels by rail from the mid-continental U.S. and Canada. Global, a master limited partnership, trades on the New York Stock Exchange under the ticker symbol “GLP.” For additional information, visit www.globalp.com.
Forward-looking Statements
Certain statements and information in this press release may constitute “forward-looking statements.” The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could” or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on Global’s current expectations and beliefs concerning future developments and their potential effect on the Partnership. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting the Partnership will be those that it anticipates. Forward-looking statements involve significant risks and uncertainties (some of which are beyond the Partnership’s control) including, without limitation, the impact and duration of the COVID-19 pandemic, uncertainty around the timing of an economic recovery in the United States which will impact the demand for the products we sell and the services that we provide, uncertainty around the impact of the COVID-19 pandemic to our counterparties and our customers and their corresponding ability to perform their obligations and/or utilize the products we sell and/or services we provide, uncertainty around the impact and duration of federal, state and municipal regulations related to the COVID-19 pandemic, and assumptions that could cause actual results to differ materially from the Partnership’s historical experience and present expectations or projections.
For additional information regarding known material factors that could cause actual results to differ from the Partnership’s projected results, please see Global’s filings with the SEC, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Global undertakes no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.
Daphne H. Foster
Chief Financial Officer
Global Partners LP
(781) 894-8800
Sean T. Geary
Interim General Counsel and Vice President – Mergers & Acquisitions
Global Partners LP
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Solid second quarter performance results in 14% and 15% year-over-year Adjusted EBITDA and distributable cash flow growth, respectively, and significant free cash flow after distributions, delivering leading financial flexibility
Strong customer activity paired with higher commodity prices drive increased outlook for drilling and completion activity in the Bakken, Powder River, Delaware, and Barnett basins in 2H 2021 and 2022
Crestwood achieves best-in-class financial metrics by accelerating deleveraging strategy following the divestiture of Stagecoach that results in pro forma leverage of 3.6x
HOUSTON--(BUSINESS WIRE)--Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood”) reported today its financial and operating results for the three months ended June 30, 2021.
Second Quarter 2021 Highlights1
Recent Highlights
Management Commentary
“During the second quarter 2021, I am pleased to announce Crestwood continued its trend of strong execution generating Adjusted EBITDA of $145.7 million, a 14% increase year-over-year, distributable cash flow of $85.8 million, a 15% increase year-over-year, free cash flow after distributions of $40.1 million, and best-in-class credit metrics with coverage of 2.2x and leverage of 3.6x, pro forma for the completion of the Stagecoach divestiture,” commented Robert G. Phillips, Chairman, President and Chief Executive Officer of Crestwood’s general partner. “During the quarter, Crestwood’s gathering and processing segment experienced an increase in drilling and completion activity and better netback pricing for our customers resulting from the continued improvements in commodity prices, both of which will drive higher utilization and enhanced margins across our gathering and processing assets going forward. Following the Stagecoach divestiture and based on Crestwood’s improved outlook for the second half of 2021, we are revising our guidance estimates to an Adjusted EBITDA range of $570 million to $600 million, which will help generate free cash flow after distributions of $150 million to $180 million, leverage of 3.4x to 3.7x and distribution coverage of 2.2x to 2.4x.”
Mr. Phillips continued, “During the first half of 2021, Crestwood has proactively taken action to differentiate the partnership from our peers by simplifying our ownership structure, enhancing our corporate governance and achieving our deleveraging targets, resulting in industry leading unitholder alignment and financial flexibility. Successful execution of these strategic initiatives has been viewed favorably by both the credit and ESG rating agencies and has resulted in improved ratings and outlooks across the board. With stronger commodity prices and an improved volume outlook across our G&P segment through 2022, Crestwood is squarely focused on utilizing its financial flexibility to maintain a strong balance sheet and enhance total returns to its unitholders through a secure distribution, prudent investment in the highest returning expansions of our existing assets and opportunistic common and preferred unit repurchases with excess cash flow. We believe this strategy best positions the partnership to maximize value creation for our investors as we manage through persistent COVID uncertainty, evaluate potential asset and corporate consolidation opportunities, and focus on generating long-term value for our unitholders.”
Second Quarter 2021 Segment Results
Gathering and Processing (G&P) segment Adjusted EBITDA totaled $123.5 million in the second quarter 2021, a 48% increase compared to $83.6 million in the second quarter 2020. Second quarter 2021 results were highlighted by increased drilling and completion activity with 79 total wells connected across the G&P assets, as well as significant year-over-year volume improvement across Crestwood’s oil weighted basins. Notably, Bakken gas gathering and processing volumes increased 58% and 59%, year-over-year, respectively, as debottlenecking projects have been completed increasing gas capture and further minimizing flaring across the Arrow system. In the second half of 2021, Crestwood expects to see an uptick in volumes from the Bakken, Powder River Basin, Delaware, and Barnett as incremental wells are connected to the gathering systems and producers continue to operate rigs and completion crews across the diversified footprint.
Storage and Transportation (S&T) segment Adjusted EBITDA totaled $14.9 million in the second quarter 2021, compared to $14.1 million in the second quarter 2020. Second quarter 2021 excludes a $38.5 million loss from unconsolidated affiliates related to the divestiture of Stagecoach. Second quarter 2021 natural gas storage and transportation volumes averaged 2.4 Bcf/d, compared to 2.1 Bcf/d in the second quarter 2020. In the second quarter 2021, continued favorable natural gas prices in the Northeast resulted in strong E&P production providing a backdrop for increased demand for transportation, as well as increased storage opportunities at Stagecoach. At the COLT Hub, second quarter 2021 rail loading volumes were 46 MBbls/d, a 13% increase over the second quarter of 2020, as producers brought all volumes back online after the height of the pandemic uncertainty. Tres Palacios continues to see increased third-party interest for incremental firm contracts as a result of the facility’s operational performance during Winter Storm Uri.
Marketing, Supply and Logistics (MS&L) segment Adjusted EBITDA totaled $12.5 million in the second quarter 2021, compared to $23.8 million in the second quarter 2020. Both periods exclude the non-cash change in fair value of commodity inventory-related derivative contracts. During the second quarter 2021, Crestwood’s NGL marketing and logistics benefitted from strong propane prices that drove strong utilization of its transportation assets, offset in part by market backwardation and limited storage opportunities for all products, and higher demand for international LNG and LPG exports. Crestwood expects much of these trends to continue into the third quarter with regional opportunities that include crop-drying, butane blending and incremental opportunities to service increased downstream demand.
Combined O&M and G&A expenses, net of non-cash unit-based compensation, in the second quarter 2021 were $41.0 million compared to $47.5 million in the second quarter 2020. During the second quarter 2021, expenses continued to benefit from cost reduction efforts the company undertook in mid-2020 in response to the decline in commodity prices.
Second Quarter 2021 Business Update and Outlook
Bakken
During the second quarter 2021, the Arrow system averaged crude oil gathering volumes of 89 MBbls/d, natural gas gathering volumes of 142 MMcf/d, and produced water gathering volumes of 83 MBbls/d. During the quarter, while all product volumes increased year-over-year primarily due to COVID related producer shut-ins during the second quarter 2020, natural gas gathering and processing volumes increased 58% and 59%, respectively, as increased gas-to-oil ratios combined with higher gas capture and minimized flaring drove higher gas volumes across the system. When combined with Crestwood’s percent of proceeds contracts and higher than forecasted natural gas pricing during the second quarter, the Arrow system has outperformed its cash flow forecasts for the first half of 2021. Drilling and completion activities during the latter part of the quarter brought 10 three-product and 14 water-only well connections to the Arrow system which will drive volumetric increases into the second half of the year. For the remainder of the year, Crestwood expects producers to run one to two rigs on the Fort Berthold Indian Reservation which, when paired with completion crews working through existing DUC inventories, will result in total well connects within the previously guided range of 30 to 45 new wells.
During the second quarter, Crestwood invested $5.3 million in the Bakken which was primarily comprised of capital to complete the phase one of the southern expansion of Arrow’s produced water gathering infrastructure and begin work on phase two of the project. Phase one of the southern expansion project provides critical produced water gathering infrastructure to Enerplus Corporation (“Enerplus”), while phase two supports Enerplus as well as additional producer customers and places the Arrow system in close proximity to approximately 150 new inventory locations on and around the reservation. Crestwood also completed several debottlenecking projects on the gas gathering system during the first half of the year which have increased gas capture rates and further reduced flaring on the reservation.
Powder River Basin
During the second quarter 2021, the Jackalope system averaged natural gas gathering volumes of 100 MMcf/d and processing volumes of 96 MMcf/d, both increasing 10% over the second quarter of 2020. During the quarter, producers connected 11 wells to the Jackalope system and Crestwood expects four additional wells to be brought online during the third quarter. In the current commodity price environment, Crestwood continues to have positive system planning and design discussions with its two primary producers on incremental rig activity and well completions for the latter half of the year. Additionally, Crestwood is engaged in commercial discussions with new third-party producers in the basin and has a competitive advantage to attract new volumes with total gathering and processing capacity of 345 MMcf/d.
Delaware Basin
During the second quarter 2021, the Delaware Basin systems averaged gathering volumes of 222 MMcf/d and processing volumes of 67 MMcf/d. During the second quarter 2021, 36 wells were connected to the Delaware Basin systems, largely driven by Royal Dutch Shell’s development program on the Nautilus system and by ConocoPhillips and Mewbourne Oil Company on the Willow Lake system. There are currently five rigs running on Crestwood’s Delaware Basin assets driving incremental volumes through both gathering systems and the Orla processing plant. Based on producer forecasts and the potential for new third-party commercial agreements, Crestwood anticipates producers to connect 40 - 50 wells in the second half of the year which is expected to increase Orla processing utilization to approximately 75% in the second half of 2021. During the second quarter, produced water gathering averaged 51 MBbl/d as the anchor customer continues to run two rigs on the dedicated acreage.
Barnett Shale
During the second quarter, Sage Natural Resources began flowing volumes from a new eight-well pad connected to the Lake Arlington system. The wells, which are the first new wells to be connected to the system in over five years, are performing exceptionally well and have exceeded internal type curves expectations by approximately 20%. Given the favorable natural gas pricing environment, Crestwood is currently in discussions with producer customers in the Lake Arlington area for incremental activity.
Stagecoach Gas Services Divestiture
As previously announced, during the third quarter Crestwood and Con Edison successfully completed the first closing of the Stagecoach divestiture to a subsidiary of Kinder Morgan for $1.195 billion. The cash proceeds from the divestiture were shared between Crestwood and Con Edison in line with each member’s 50% ownership interest in the joint venture. Crestwood utilized net proceeds to accelerate deleveraging and satisfy the remaining $38 million of contingent consideration related to the original divestiture in June 2016. The second closing includes Twin Tier Pipeline LLC, $30 million in value, is subject to New York state regulatory approval and is expected to close in the first quarter 2022.
Revised 2021 Financial Guidance
Based on the successful Stagecoach divestiture and Crestwood’s improved outlook for its G&P segment for the second half of 2021, Crestwood has updated its full-year 2021 guidance as noted below. Crestwood’s original 2021 Adjusted EBITDA guidance range of $575 million to $625 million included approximately $30 million of Stagecoach contribution in the second half of 2021. These projections are subject to risks and uncertainties as described in the “Forward-Looking Statements” section at the end of this release.
Capitalization and Liquidity Update
As of June 30, 2021, Crestwood had approximately $2.6 billion of debt outstanding, comprised of $1.8 billion of fixed-rate senior notes and $848.6 million outstanding under its $1.25 billion revolving credit facility, resulting in a leverage ratio of 4.2x. Pro forma for the first closing of the Stagecoach divestiture, Crestwood had $274 million outstanding on its revolving credit facility and a leverage ratio of 3.6x. Crestwood currently has more than $940 million of availability on its revolving credit facility which, when combined with its substantial free cash flow, provides Crestwood more than ample liquidity to execute its business strategy and focus on its capital allocation priorities with its enhanced financial flexibility. Additionally, the rating agencies have viewed Crestwood’s 2021 strategic Stagecoach and First Reserve transactions favorably with Moody’s putting Crestwood’s rating on watch for upgrade while S&P Global improved the company’s outlook.
Robert T. Halpin, Executive Vice President and Chief Financial Officer commented, “Following the completion of the Stagecoach transaction, based on Crestwood’s positive long-term operational outlook combined with the achievement of our conservative leverage goal of 3.5x to 3.75x, Crestwood intends to begin allocating excess free cash flow to opportunistically repurchase its common and preferred units under our Board approved $175 million repurchase program to optimize our capital structure and return capital to our investors.”
Crestwood invested approximately $6.4 million in consolidated growth capital projects and joint venture contributions during the second quarter 2021 primarily on the southern expansion projects in the Bakken. Crestwood remains on-track to invest between $35 million to $45 million on 2021 growth capital to expand and optimize gathering and processing systems. Additionally, Crestwood continues to expect to invest between $20 million to $25 million on maintenance capital projects for the year. Based on the current outlook, Crestwood expects to fund its total 2021 capital program entirely with retained cash flow.
Crestwood currently has 71.3 million preferred units outstanding (par value of $9.13 per unit) which pay a fixed-rate annual cash distribution of 9.25%, payable quarterly. The preferred units are listed on the New York Stock Exchange and trade under the ticker symbol CEQP-P.
Sustainability Program Update
Since 2018, Crestwood has taken a leadership role in advancing ESG initiatives both within the company and across the midstream industry. Crestwood’s third annual sustainability report published in June 2021 entitled Shaping ESG in the Midstream Sector has generated positive reviews from investors, customers, community partners and key ESG rating and ranking agencies. The report highlights the progression on its three-year sustainability strategy including details on enhanced ESG key performance indicators tied to employee compensation, enhanced emissions reduction practices and the addition of disclosures related to the Task Force on Climate-related Financial Disclosures (TCFD).
As a result of the progress Crestwood has made on its sustainability journey and its commitment to enhanced transparency and disclosure, the company received improved scores from both MSCI and Sustainalytics. Crestwood’s MSCI score increased from a BB to a BBB due to its strong commitment to business ethics and environmental stewardship and Crestwood’s Sustainalytics score improved 16% to 22.0, ranking Crestwood 8 out of 107 companies in the Oil & Gas Transportation sector representing a 34% score improvement since 2018. The recent Sustainalytics score upgrade was largely driven by the company’s enhanced approach to corporate governance including board diversity and independence.
Crestwood’s commitment to Biodiversity and Land Use was also externally recognized by the Wildlife Habitat Council (WHC) who recently awarded the company with the WHC 2021 Grassland Award for the Crestwood’s grassland reclamation practices on the Fort Berthold Indian Reservation in North Dakota.
For up-to-date information on Crestwood’s on-going commitment to sustainability please visit https://esg.crestwoodlp.com.
Upcoming Conference Participation
Crestwood’s management will participate in the Citi One-on-One Midstream/Energy Infrastructure Conference on August 18 – 19, 2021. Prior to the start of the conference, new presentation materials will be posted to the Investors section of Crestwood’s website at www.crestwoodlp.com.
Earnings Conference Call Schedule
Management will host a conference call for investors and analysts of Crestwood today at 9:00 a.m. Eastern Time (8:00 a.m. Central Time) which will be broadcast live over the Internet. Investors will be able to connect to the webcast via the “Investors” page of Crestwood’s website at www.crestwoodlp.com. Please log in at least 10 minutes in advance to register and download any necessary software. A replay will be available shortly after the call for 90 days.
Non-GAAP Financial Measures
Adjusted EBITDA, distributable cash flow and free cash flow are non-GAAP financial measures. The accompanying schedules of this news release provide reconciliations of these non-GAAP financial measures to their most directly comparable financial measures calculated and presented in accordance with GAAP. Our non-GAAP financial measures should not be considered as alternatives to GAAP measures such as net income or operating income or any other GAAP measure of liquidity or financial performance.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities and Exchange Act of 1934. The words “expects,” “believes,” “anticipates,” “plans,” “will,” “shall,” “estimates,” and similar expressions identify forward-looking statements, which are generally not historical in nature. Forward-looking statements are subject to risks and uncertainties and are based on the beliefs and assumptions of management, based on information currently available to them. Although Crestwood believes that these forward-looking statements are based on reasonable assumptions, it can give no assurance that any such forward-looking statements will materialize. Important factors that could cause actual results to differ materially from those expressed in or implied from these forward-looking statements include the risks and uncertainties described in Crestwood’s reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K and its subsequent reports, which are available through the SEC’s EDGAR system at www.sec.gov and on our website. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management’s view only as of the date made, and Crestwood assumes no obligation to update these forward-looking statements.
About Crestwood Equity Partners LP
Houston, Texas, based Crestwood Equity Partners LP (NYSE: CEQP) is a master limited partnership that owns and operates midstream businesses in multiple shale resource plays across the United States. Crestwood is engaged in the gathering, processing, treating, compression, storage, and transportation of natural gas; storage, transportation, terminalling and marketing of NGLs; gathering, storage, terminalling and marketing of crude oil; and gathering and disposal of produced water. Visit Crestwood Equity Partners LP at www.crestwoodlp.com; and to learn more about Crestwood’s sustainability efforts, please visit https://esg.crestwoodlp.com.
1 Please see non-GAAP reconciliation tables included at the end of the press release
| CRESTWOOD EQUITY PARTNERS LP | |||||||||||||||
Consolidated Statements of Operations |
|||||||||||||||
(in millions, except per unit data) |
|||||||||||||||
(unaudited) |
|||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
June 30, |
|
June 30, |
|||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
Revenues: |
|
|
|
|
|
|
|
||||||||
Gathering and processing |
$ |
173.1 |
|
|
$ |
114.5 |
|
|
$ |
327.5 |
|
|
$ |
329.4 |
|
Storage and transportation |
2.0 |
|
|
3.1 |
|
|
4.0 |
|
|
6.6 |
|
||||
Marketing, supply and logistics |
741.3 |
|
|
227.6 |
|
|
1,612.7 |
|
|
729.6 |
|
||||
Related party |
13.2 |
|
|
7.5 |
|
|
18.1 |
|
|
15.0 |
|
||||
Total revenues |
929.6 |
|
|
352.7 |
|
|
1,962.3 |
|
|
1,080.6 |
|
||||
Cost of products/services sold |
797.2 |
|
|
225.7 |
|
|
1,611.0 |
|
|
760.1 |
|
||||
|
|
|
|
|
|
|
|
||||||||
Operating expenses and other: |
|
|
|
|
|
|
|
||||||||
Operations and maintenance |
25.8 |
|
|
31.6 |
|
|
58.6 |
|
|
69.2 |
|
||||
General and administrative |
22.8 |
|
|
29.5 |
|
|
41.5 |
|
|
44.4 |
|
||||
Depreciation, amortization and accretion |
58.8 |
|
|
61.0 |
|
|
118.0 |
|
|
117.1 |
|
||||
(Gain) loss on long-lived assets, net |
(0.3 |
) |
|
3.8 |
|
|
1.1 |
|
|
4.8 |
|
||||
Goodwill impairment |
— |
|
|
— |
|
|
— |
|
|
80.3 |
|
||||
|
107.1 |
|
|
125.9 |
|
|
219.2 |
|
|
315.8 |
|
||||
Operating income |
25.3 |
|
|
1.1 |
|
|
132.1 |
|
|
4.7 |
|
||||
Earnings (loss) from unconsolidated affiliates, net |
(27.1 |
) |
|
8.4 |
|
|
(130.8 |
) |
|
13.9 |
|
||||
Interest and debt expense, net |
(35.1 |
) |
|
(34.0 |
) |
|
(71.1 |
) |
|
(66.6 |
) |
||||
Loss on modification/extinguishment of debt |
(1.2 |
) |
|
— |
|
|
(6.7 |
) |
|
— |
|
||||
Other income, net |
0.1 |
|
|
0.1 |
|
|
0.1 |
|
|
0.2 |
|
||||
Loss before income taxes |
(38.0 |
) |
|
(24.4 |
) |
|
(76.4 |
) |
|
(47.8 |
) |
||||
(Provision) benefit for income taxes |
(0.1 |
) |
|
0.1 |
|
|
— |
|
|
0.1 |
|
||||
Net loss |
(38.1 |
) |
|
(24.3 |
) |
|
(76.4 |
) |
|
(47.7 |
) |
||||
Net income attributable to non-controlling partner |
10.3 |
|
|
10.2 |
|
|
20.4 |
|
|
20.1 |
|
||||
Net loss attributable to Crestwood Equity Partners LP |
(48.4 |
) |
|
(34.5 |
) |
|
(96.8 |
) |
|
(67.8 |
) |
||||
Net income attributable to preferred units |
15.0 |
|
|
15.0 |
|
|
30.0 |
|
|
30.0 |
|
||||
Net loss attributable to partners |
$ |
(63.4 |
) |
|
$ |
(49.5 |
) |
|
$ |
(126.8 |
) |
|
$ |
(97.8 |
) |
|
|
|
|
|
|
|
|
||||||||
Net loss per limited partner unit: |
|
|
|
|
|
|
|
||||||||
Basic and Diluted |
$ |
(1.00 |
) |
|
$ |
(0.68 |
) |
|
$ |
(1.85 |
) |
|
$ |
(1.34 |
) |
Crestwood Equity Partners LP
Investor Contacts
Josh Wannarka, 713-380-3081
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Senior Vice President, Investor Relations, ESG & Corporate Communications
Rhianna Disch, 713-380-3006
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Director, Investor Relations
Sustainability and Media Contact
Joanne Howard, 832-519-2211
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Vice President, Sustainability and Corporate Communications
DUBLIN--(BUSINESS WIRE)--The "Molten Salt Thermal Energy Storage Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The global molten salt thermal energy storage market is expected to grow at a compound annual growth rate of 15.65% over the forecast period to reach a market size of $1,743.663 million in 2026 from $629.969 million in 2019.
The molten salt thermal energy market is estimated to increase in the forecast period. The factors responsible for the growth of the market are increase in the population which has led to increase in the consumption of energy and initiatives taken by the government for the use of renewable sources of energy will boost the market growth in the coming years. Another reason for the use of the molten salt thermal energy is the decrease in the cost per kilowatt for the storage of energy.
Companies Mentioned
Impact of COVID-19 on the market
The deployment of renewable energy technology in many markets was already threatened at the start of 2020 by funding, policy uncertainty and grid integration, which COVID-19 had further amplified. According to IEA projections, owing to the unprecedented global COVID-19 crisis, the number of new renewable energy installations worldwide declined in 2020. The decline is due to lockdown restrictions in various countries because of the pandemic, thereby severely affecting the supply chain globally. It is estimated that in 2021, with revival of the economy the market will resume with the majority of projects that were delayed. Increase in the government initiatives and investments in renewable energy technologies is going to foster the growth of the market
Market Drivers
Market Restraints
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. The threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Molten Salt Thermal Energy Storage Market Analysis, By Technology
5.1. Introduction
5.2. Parabolic Trough
5.3. Fresnel Reflector
5.4. Power Tower
6. Molten Salt Thermal Energy Storage Market Analysis, by Geography
6.1. Introduction
6.2. Americas
6.3. Europe Middle East and Africa
6.4. Asia Pacific
7. Competitive Environment and Analysis
7.1. Major Players and Strategy Analysis
7.2. Emerging Players and Market Lucrativeness
7.3. Mergers, Acquisitions, Agreements, and Collaborations
7.4. Vendor Competitiveness Matrix
8. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/d2dm3u
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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RICEBORO, Ga.--(BUSINESS WIRE)--Sustainable packaging leader DS Smith’s paper mill in southeast Georgia has earned top honors as an industry leader in energy efficiency.
The International Organization for Standardization (ISO) recently recognized DS Smith’s mill in Riceboro, the first ISO-50001 certified facility in the pulp, paper and paper products industry in North America.
It’s one of only 145 sites in the U.S. to have received that certification since the ISO’s program began 2012, designed to audit and highlight companies that embrace effective energy management systems. According to the most recent ISO survey, it had certified 260 companies worldwide in the pulp, paper and paper products sector, and none was in the U.S. – until DS Smith’s Riceboro.
“The old adage that you can't manage what you don't measure has never been more important than today,” said Giancarlo Maroto, managing director, paper, forestry and recycling for DS Smith North America. “We’re extremely proud of our Riceboro team and the work they put in to pass the rigorous ISO audit and be recognized as the first paper mill in the U.S. to be ISO-50001 certified.”
“This program will guide us in our plans to boost energy efficiency, improve environmental quality and achieve our goal of reducing carbon emissions, a major component of our Now and Next sustainability strategy, and our ambitious climate targets,” Maroto said.
The Riceboro facility, one of the largest employers in Liberty Country, is considered one of the nation’s cleanest effluent paper mills, producing Kraft linerboard.
An ISO-approved audit team visited the mill, certifying that it uses an Energy Management Systems (EnMS), based on the ISO-50001 internationally recognized framework for integrating energy management into its existing processes. An EnMS system enables organizations to better manage their energy performance to operate more efficiently.
DS Smith recently announced a series of carbon reduction targets, including a science-based target that requires a 40% reduction of carbon dioxide emissions per ton of product by 2030, compared to 2019 levels, and a commitment to reach net-zero emissions by 2050.
“This is an important achievement that will ensure energy best practices are identified and delivered across the Riceboro site, and it will enhance cooperation across the entire company,” said Martin Mead, head of energy efficiency at DS Smith “Energy efficiency is a major driver to both decarbonizing our operations and reducing costs. Riceboro’s ISO 50001 certification will ensure that behavioral change contributes to this.”
In addition to its climate action commitment, DS Smith recently announced its $140 million research and development and innovation package to accelerate its work in the circular economy. The new investment underpins DS Smith’s new circular economy led sustainability strategy, Now and Next, which pledges to manufacture 100% recyclable or reusable packaging by 2023 and to take a billion pieces of problem plastics off supermarket shelves by 2025.
The Riceboro paper mill team was supported in adopting the DS Smith Group EnMS by RMK Sustainability Group. TUV-Rheinland, an accredited member of the International Accreditation Forum (IAF), conducted the audit.
Certification is designed improve energy performance, including setting goals, understanding data related to energy consumption and evaluating energy management system performance.
About DS Smith
DS Smith is a leading provider of sustainable fiber-based packaging worldwide, which is supported by recycling and papermaking operations. It plays a central role in the value chain across sectors including e-commerce, fast moving consumer goods and industrials. Through its purpose of ‘Redefining Packaging for a Changing World’ and its Now and Next sustainability strategy, DS Smith is committed to leading the transition to the circular economy, while delivering more circular solutions for its customers and wider society – replacing problem plastics, taking carbon out of supply chains and providing innovative recycling solutions. Its bespoke box-to-box in 14 days model, design capabilities and innovation strategy sits at the heart of this response. Headquartered in London and a member of the FTSE 100, DS Smith operates in 34 countries employing around 30,000 people and is a Strategic Partner of the Ellen MacArthur Foundation. Its history can be traced back to the box-making businesses started in the 1940s by the Smith family.
North American operations are headquartered in Atlanta, with 13 manufacturing, paper and recycling facilities, totaling more than 2,000 employees. Using the combined expertise of its divisions – including Packaging, Recycling, Paper – DS Smith works with customers to develop solutions that reduce complexity and deliver results throughout the supply chain.
Mindy Myrick, Head of Corporate Affairs
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Caroline Curran, Hill+Knowlton Strategies
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Five net energy billing projects will make solar energy accessible to homes, businesses and communities throughout the state
ROCKVILLE, Md.--(BUSINESS WIRE)--#Maine--Residents, businesses and towns in the Mid-Coast and Down East regions in Maine will now have access to clean energy through five new net energy billing (NEB) projects. Standard Solar, Inc., a nationally recognized leader in the development, funding, ownership and operation of commercial and community solar assets, today announced it has acquired 35 megawatts (MW) of NEB solar projects in Maine. Standard Solar is funding the projects and will be the long-term owner and operator. All five projects are expected to commence construction over the next 12 months.
Maine’s NEB program allows customers to benefit from clean energy savings by offsetting their electricity bills from renewable energy projects like community solar.
“These projects will save Maine residents and businesses millions off their electricity bills, help boost Maine’s economy through job creation and bring reliable, affordable electricity to residents, businesses and towns,” said Harry Benson, Director of Business Development for Standard Solar. “We’re proud to play an integral part in growing the state’s clean energy transition and the state’s economy.”
The five ground-mount projects will generate revenue through taxes and local economic development for the state and local governments. Combined, they will produce 50 megawatt-hours of electricity, an annual reduction in CO2 emissions equivalent to 39,165 pounds of coal burned and 4,310,301 smartphones charged.
About Standard Solar
Standard Solar is powering the nation’s energy transformation – channeling its project development capabilities, financial strength and technical expertise to deliver the benefits of solar, as well as solar + storage, to businesses, institutions, farms, governments, communities and utilities. Building on 17 years of sustainable growth and in-house and tax equity investment capital, Standard Solar is a national leader in the development, funding and long-term ownership and operation of commercial and community solar assets. Recognized as an established financial partner with immediate, deep resources, the company owns and operates more than 200 megawatts of solar across the United States. Standard Solar is based in Rockville, Md. Learn more at standardsolar.com, LinkedIn and Twitter: @StandardSolar.
PR:
Leah Wilkinson
Wilkinson + Associates
703-907-0010
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New senior leadership tapped to strengthen commercial relationship with bp, expand footprint in Europe, and establish an advanced technology center in Colorado
SAN LEANDRO, Calif.--(BUSINESS WIRE)--FreeWire Technologies (“FreeWire”), a category leader in electric vehicle (EV) charging and power solutions, today announced that it has appointed Craig Coburn to its Board of Directors, Martin Bax to the role of Director of European Market Development, and John Seabury to the role of Vice President of Advanced Technology.
Following a decades-long career at bp, most recently as the CFO for bp Midstream Partners (NYSE: BPMP) and CFO for bp America, Coburn brings extensive experience in energy finance, technology commercialization, planning and strategy to the FreeWire Board. Likewise, after several years serving as Senior Business Development Manager within bp’s Advanced Mobility Unit, Bax has been tapped to expand FreeWire’s footprint in the UK and across Europe. Lastly, Seabury will be responsible for driving continuous innovation of FreeWire’s fully-integrated charging solutions and will spearhead the opening of a FreeWire advanced technology center in Colorado.
“FreeWire continues to attract leaders with diverse skillsets from world-class companies like Ascent Solar, Micron and our partner bp,” said Arcady Sosinov, CEO of FreeWire. “Craig, Martin, and John bring decades of senior leadership experience and strong track records from leading energy, technology and transportation companies. These new additions to our senior leadership team will play a crucial role in the execution of our long-term strategy. As our growth accelerates, we are thrilled to welcome them to the FreeWire team.”
Prior to his appointment to the FreeWire Board of Directors, Craig Coburn spent 35 years in a variety of senior roles with Amoco and bp including notable experience in clean energy and energy start-ups. Most recently he served as CFO for bp Midstream Partners (NYSE:BPMP), a bp-formed partnership which owns, operates, develops and acquires pipelines and other midstream assets. He was integral to BPMP’s 2017 IPO and the establishment of the company’s corporate governance, financial reporting and investor relations processes. Concurrently Coburn served as CFO of bp America.
“FreeWire’s pioneering technology positions it at the forefront of the EV charging industry,” Coburn said. “I’m honored to join their Board of Directors and am confident my expertise in energy finance at public companies will benefit the company as it executes on this exciting opportunity.”
Prior to FreeWire, Bax served as eMobility Senior Business Development Manager at bp’s Advanced Mobility Unit, where he was responsible for the development of new business models, partnerships, products and services for the energy giant’s growing EV charging business. He previously served as director of eMobility for bp’s Mobility Taskforce. For five years he was a gas and LNG business development manager for bp’s Supply and Trading Unit.
“With its best in class battery-integrated ultrafast charging technology, FreeWire is well-positioned to lead the EV charging market,” Bax said. “Amid soaring international support for EV adoption in the public and private sectors, FreeWire is poised for phenomenal growth. I’m excited to join this world class team.”
Most recently John Seabury was VP Product Engineering at Ascent Solar Technologies, a designer, developer and manufacturer of solar power solutions for remote locations and extreme environments. He previously served as Director of Mobility Product Development at Micron Technology, a maker of computer memory and data storage devices. He graduated from Hartwick College with a degree in math and physics.
“FreeWire’s fully-integrated Boost Charger addresses the key challenges to deploying ultrafast EV charging infrastructure,” Seabury said. “Thanks to FreeWire’s technology, ultrafast chargers don’t need to wait for costly and time-consuming electric grid upgrades, a development that will greatly accelerate EV adoption. It’s an honor to join this superb team at a historic moment for EV technology.”
About FreeWire Technologies
FreeWire’s turnkey power solutions deliver energy whenever and wherever it’s 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.
FreeWire has deployed battery-integrated chargers with Fortune 100 companies, commercial customers, fleets, retail locations, and gas stations. In addition to the expanded 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.
Learn more at www.freewiretech.com.
Media:
Cory Ziskind
ICR
646-277-1232
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WASHINGTON--(BUSINESS WIRE)--Galway Sustainable Capital, Inc. (“GSC”) announced today a new, broad-based funding partnership with funds managed by Oaktree Capital Management, L.P. (“Oaktree”). Under the terms of the deal, GSC secured a minority equity investment and closed a new, multi-year, multi-tranche credit facility with Oaktree. GSC is private equity backed by lead investor Cordillera Investment Partners. GSC was founded in 2020 by three experienced ESG professionals who collectively bring over 50 years of expertise in structured finance, sustainable infrastructure, and yield-oriented investments. GSC provides flexible, full stack debt and equity capital solutions to support companies, developers and sponsors that are accelerating the transition to environmental and social sustainability. GSC focuses on critical infrastructure across the United States including distributed renewable energy, circular economy, carbon remediation, energy efficiency and green buildings, sustainable agriculture, land and water as well as opportunities that provide social benefits. GSC is focused on modular, distributed and localized projects with typical individual investments of $50 million and under. GSC has active platform investments in areas such as greenhouses, energy efficient data centers, green building solutions, distributed power and storage, waste recycling and carbon capture and sequestration.
The goal of the GSC enterprise is to advance the cause of businesses that have strong sustainability values with a focus on environment, climate change, and social impacts. “We are pleased to expand our GSC partnership to include Oaktree to help us scale our business and broaden our reach. Oaktree’s team has an outstanding track record of building successful financial institutions. With their infusion of capital and alignment around our ESG goals we look forward to growing this platform to its full potential while accelerating the transition to greater resilience and sustainability,” said Jennifer von Bismarck, CEO and co-founder of Galway Sustainable Capital.
“Our partnership is a direct result of GSC’s thoughtful approach to sustainability and disciplined process for originating and underwriting high quality investments,” said Brian Laibow, Managing Director and Co-head of North America for the Opportunities strategy at Oaktree.
With the addition of the Oaktree investment, GSC is well positioned to improve capital access in distributed infrastructure projects nationwide. “Access to properly aligned early deployment capital continues to be a major challenge for emerging climatech and ESG companies,” said GSC President and co-founder Trent Yang. “We have structured our business to be aligned with our partners both from a capital and mission perspective. With this added funding capacity, GSC can provide solutions to an expanded number of qualified companies, developers, and projects nationwide.”
“Oaktree’s investment further confirms the depth of demand for GSC’s capabilities and the growing attractiveness of the ESG sector from the institutional investor perspective,” said Rob Bolandian, Partner and Global Head of Investment Banking at Cambridge Wilkinson, who served as financial advisor to GSC on the transaction.
“We are pleased to have completed this financing for GSC, an industry leader in providing distributed infrastructure capital for select ESG projects,” said Chris Heller, Managing Partner at Cordillera Capital. “We look forward to supporting the company in its plans for ongoing success.”
About Galway Sustainable Capital
Galway Sustainable Capital (“GSC”) is a private equity backed specialty finance company that invests in companies that accelerate the transition to greater resilience and sustainability. The Company’s investment themes include renewable and distributed energy; efficiency and green buildings, circular economy solutions, sustainable ag land and water, carbon remediation; and socially responsible credit. GSC is a long term buy and hold investor that partners with experienced entrepreneurs and developers to grow profitable sustainable businesses. For more information, please visit www.galwaysustainable.com.
About Oaktree
Oaktree is a leader among global investment managers specializing in alternative investments, with $153 billion in assets under management as of March 31, 2021. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in credit, private equity, real assets and listed equities. The firm has over 1,000 employees and offices in 19 cities worldwide. For additional information, please visit Oaktree’s website at http://www.oaktreecapital.com.
About Cordillera
Cordillera Investment Partners is an investment management firm focused on investing in niche, non-correlated assets. These investments are generally in sectors that are not well understood, not overcapitalized, and not correlated with traditional assets. Cordillera manages capital for endowments, foundations, family offices, wealth advisors, and other institutional investors. For more information please visit www.cordillera-ip.com.
About Cambridge Wilkinson
Cambridge Wilkinson is a leading global investment bank with the speed, connections and confidence to get deals done. With a focus on middle market companies, we arrange debt and equity capital raises from $25 million to $5 billion and advise on mergers and acquisitions. Cambridge brings deep experience working with specialty finance institutions and real estate entities, as well as businesses spanning a variety of other industries. We offer unique access to a broad network capital sources including large family offices, credit funds, banks, non-bank credit groups, insurance companies, private equity, sovereigns and endowments. For more information please visit www.cambridgewilkinson.com.
Media contact: Vera Feinhaus, This email address is being protected from spambots. You need JavaScript enabled to view it.
HOUSTON--(BUSINESS WIRE)--Rock Hill Capital (“Rock Hill”) is pleased to announce that its portfolio company, Park Energy Services, LLC (“Park”), has completed the acquisition of certain lower horsepower operating assets from Archrock, Inc. The acquisition enhances the company’s strategic position in South Texas and Pennsylvania. Furthermore, the transaction expands Park’s customer base and bolsters the company’s service capabilities throughout its operating footprint. The transaction is the most recent acquisition by Park as it continues to serve the energy industry as a leading provider of wellhead and vapor recovery compression.
Founded in 2014, Park specializes in compression technology that helps oil and natural gas producers increase well-production volumes and reduce emissions through the capture of vapors that would otherwise be vented or flared.
Tim Knox, President and CEO of Park, remarked, “We are pleased to announce this transaction as we execute on our strategy to become the largest provider of lower horsepower compression to the industry. We seek to provide high quality assets to premier customers in key operating regions, and this acquisition fits perfectly with that objective.”
Tim added, “We will continue to pursue purchase and partnership opportunities with multiple providers as we look to consolidate a fragmented market segment and achieve significant scale from which we can provide a complete array of portable and quick-to-deploy compressor packages for natural gas production, oil production through gas-lift, and vapor recovery, both engine and electric motor drive, all backed by outstanding service.”
Debt financing for the transaction was secured under an expanded senior credit facility provided by Regions Bank, UMB Bank N.A., and Century Bank. Legal representation for the transaction was provided by Winston & Strawn, LLP.
About Park Energy Services
Park Energy Services (www.parkenergyservices.com), headquartered in Oklahoma City, Oklahoma, operates a fleet of compressor units focused on wellhead compression, gas lift and vapor recovery in major producing basins of Texas, Oklahoma, Pennsylvania, Ohio, New Mexico and Colorado.
About Rock Hill Capital
Rock Hill Capital, founded in 2007 and headquartered in Houston, Texas, is a private equity firm that invests in small-to-lower middle market companies located in the South and Southeast United States. Rock Hill is currently investing out of its third committed capital fund focusing on companies in the industrial products and services industries. Take a deeper look at Rock Hill Capital and what makes our investments successful by visiting www.rockhillcap.com.
Rock Hill Capital
Stacey Harper
713.715.7516
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Park Energy Services
Tim Knox
432.238.5150
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DUBLIN--(BUSINESS WIRE)--The "Marine Compressor Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The marine compressor market is anticipated to grow at a CAGR of 2.78% during the forecast period, to reach a total market size of US$3.435 billion in 2026 from US$2.836 billion in 2019.
Companies Mentioned
The marine compressor is a piece of auxiliary machinery used in ships and other vessels, which go into the ocean. These are used for producing compressed air, which has various applications on board, in both the engine and deck departments. The compressor serves multiple purposes in a ship. The primary function is to compress air or any other fluid to reduce its volume and increase the air pressure. The marine compressors are used in essential equipment or feeder equipment to different systems. They are employed in several processes ranging from the small process of cleaning the filters to the bigger tasks like starting main and secondary engines. The wide-ranging uses of marine compressors are expected to drive market growth during the forecast period.
In addition, the increase in the number of ships across the globe will subsequently accelerate the demand for marine compressors in the next few years. According to the World Merchant Fleet Data, the number of ships in 2015 was 48,459, which rose to 52,961 by 2020. Furthermore, the technical advancement in the marine compressor industry will further lead to the development of compressors that requires less operational and maintenance investment, which, in turn, support the market growth of the marine compressor market.
Growth Factors
The increase in the number of ships globally is mainly due to growing tourism, an increase in recreational activities, sea freight, and international trade. To meet the spurring demand these activities, the companies are adding more ships to their inventory each year. The increase in the number of ships for diverse applications will further amplify the market for marine compressors, as each ship will require a compressor.
Marine compressors provide several benefits to ships and other vessels, which enter the ocean. They provide benefits such as starting air to machines and engines, high-energy efficiency, reduces volume, increase air pressure, and act as a control valve. The benefits associate with marine compressors is expected to drive the growth of the market during the forecast period.
Restraints
The costs associated with the installation and maintenance of marine compressors are very high which may hamper the growth of the market during the forecast period. The initial installation cost is very high as it includes the cost of the compressor as well as the skilled manpower required. The marine compressors also need to be regularly maintained to ensure smooth functioning, which further increases the associated costs.
Lately, the rates associated with sea freight have considerably risen owing to equipment shortages and the reduction of vessel capacity in developing economies such as the Indian subcontinent. The surge in the demand for goods to be transported by sea has caused a shortage of empty containers, which has subsequently resulted in increasing the freight rates, which may restrain the market growth during the forecast period.
Impact of COVID-19
Owing to the Covid-19 pandemic, the demand for sea cargo and freight increased exponentially as the demand for medical products such as disposable masks, gloves, PPE kits, oxygen cylinders, oxygen concentrators, etc. rose overnight across the globe, especially in developing countries like India. The government of developing nations imported these products across borders to cater to the increasing demand. To import the products in large volumes, the sea routes were taken which rapidly increased the sea freight market, which bolstered the market growth for the marine compressor market.
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.4. Industry Value Chain Analysis
5. Marine Compressor Market Analysis, By Product Type
6. Marine Compressor Market Analysis, By End-User
7. Marine Compressor Market Analysis, By Geography
8. Competitive Intelligence
8.1. Competitive Benchmarking and Analysis
8.2. Recent Investment and Deals
8.3. Strategies of Key Players
9. Company Profile
For more information about this report visit https://www.researchandmarkets.com/r/o7sbd7
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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SAN JOSE, Calif.--(BUSINESS WIRE)--#alternativeenergy--The U.S. solar industry is on the upswing, thanks to a pro-renewables presidential administration and increased concern over climate change. Cupertino Electric, Inc. (CEI) has had a front-row seat to this action, with business increasing over the last year. Solar Power World has recognized the company's installation success by ranking CEI at No. 15 on the U.S. 2021 Top Solar Contractors list and at No. 10 among EPC-specific contractors.
The Top Solar Contractors list is developed each year by Solar Power World to honor the work of solar installers in the United States. Solar firms in the utility, commercial and residential markets are ranked by number of kilowatts installed in the previous year. Companies are grouped and listed by specific service, markets and states.
"Not even COVID-19 closures and slowdowns could prevent the solar industry from installing fantastic numbers last year," said Kelly Pickerel, editor in chief of Solar Power World. "The Solar Power World team is so glad to recognize over 400 companies on the 2021 Top Solar Contractors list that not only survived a pandemic but thrived in spite of it."
The U.S. solar industry grew 43% in 2020, with more solar panels installed on homes, businesses and across the country than in any other year on record. The federal government passed a two-year extension on the solar investment tax credit (ITC) at the end of 2020, which will further accelerate solar adoption. After 19.2 GW installed in 2020, research firm Wood Mackenzie expects the U.S. solar market to quadruple by 2030.
About Cupertino Electric
Cupertino Electric employs roughly 3,400 people in field and office roles across the U.S. Since forming its Renewables Division in 2007, the company has installed more than 2 GW of solar. CEI is a private electrical engineering and construction company building commercial, energy and data center projects and is recognized as one of the largest specialty contractors in the nation.
“We’re excited to be recognized alongside the largest U.S. developers and contractors today delivering renewable projects to address climate change,” said Shannon Richardson, senior director of renewables for Cupertino Electric. “To also earn a top spot on the EPC list is significant because it honors our company’s engineering roots and recognizes the hard work of our teams who come together and build great projects across the country.”
About Solar Power World
Solar Power World is the leading online and print resource for news and information regarding solar installation, development and technology. Since 2011, SPW has helped U.S. solar contractors — including installers, developers and EPCs in all markets — grow their businesses and do their jobs better.
Cupertino Electric, Inc.
Autumn Casadonte
(408) 808-8034
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Solar Power World
Kelly Pickerel, Editor in Chief
(216) 860-5259
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TORRANCE, Calif.--(BUSINESS WIRE)--Global Clean Energy Holdings, Inc. (OTCQX: GCEH), a vertically integrated renewable fuels company, is pleased to announce the appointments of Ms. Susan Anhalt and Ms. Phyllis Currie to its Board of Directors. The Company is adding the two independent directors to broaden its board-level expertise and to move a step closer to achieving the requirements for a future Nasdaq stock listing.
Ms. Anhalt brings over 25 years of depth and experience in M&A transactions and all legal aspects and challenges of high growth companies. She is the founding attorney at SLAE Inc., a law firm serving start-up and growth companies. Prior to SLAE, Ms. Anhalt served as the General Counsel for The TPL Group, a tech incubator of microprocessor technologies for over 6 years. Her responsibilities included developing legal structures for expansion into numerous countries, developing and managing complex U.S. and non-U.S. tax structures, negotiating M&A transactions and managing patent protections and strategies for over 100 patents.
Ms. Anhalt holds a BA degree in political science from Stanford University and a JD degree from the Indiana University School of Law. She began her legal career with Latham & Watkins.
Since 2016, Ms. Currie has served on the Board of Directors of the Midcontinent Independent System Operator (MISO), which runs an energy market and manages transmission assets in 15 Midwest states and a Canadian province, serving as Board Chair for the past 3 years. Prior to 2016, Ms. Currie served as the General Manager of Pasadena Water and Power for over 14 years, leading the municipal entity into adding electric generation units and implemented upgrades to the city’s water and distribution systems. She also held the position of Chief Financial Officer for the Los Angeles Department of Water and Power overseeing the city’s annual operating and capital budgets.
Ms. Currie has held roles in the California Municipal Utilities Association, the Southern California Public Power Authority and the American Public Power Association. Ms. Currie holds a BA degree in political science and an MBA from UCLA. She has also completed the Program for Senior Executives in State and Local Government at the John F. Kennedy School of Government at Harvard University.
Ms. Currie was appointed as the Chair of the Audit Committee, to serve alongside Mr. Walker and Ms. Anhalt. Ms. Currie will also join Mr. Walker (the Chair) and Mr. Wentzel as a member of the Compensation Committee. In addition to her appointment to the Audit Committee, Ms. Anhalt will join Mr. Wentzel (Chair) as the two members of the Board’s Nominating and Corporate Governance Committee.
“We are excited to welcome Ms. Anhalt and Ms. Currie to our Board of Directors, and look forward to the contributions their diverse skills, perspectives and expertise will make to the ongoing success of Global Clean Energy Holdings,” said David Walker, GCEH’s Chairman of the Board.
Richard Palmer, CEO and President commented, “Ms. Anhalts’ experience in start-ups and high growth companies, along with her experience in M&A and patent protection significantly complements our growth strategy. Additionally, Ms. Currie will be appointed to Chair our Audit Committee and provide significant financial, operational and regulatory knowledge.”
About Global Clean Energy Holdings
Global Clean Energy Holdings, Inc. (“GCEH”) is a uniquely positioned vertically integrated renewable fuels company. Our strategy has been consistent from the company’s inception; control the full integration of our entire supply chain from the development, production and processing of feedstocks through to the refining and distribution of renewable fuels. GCEH’s wholly owned plant science subsidiary, Sustainable Oils, Inc., owns an industry leading portfolio of Camelina sativa intellectual property rights, including patents and production know-how, to produce its proprietary varieties of Camelina sativa as a nonfood based ultra-low carbon biofuels feedstock. GCEH is retooling and constructing its renewable diesel refinery in Bakersfield, California, which when completed in early 2022 will be the largest renewable fuels facility in the western United States and the largest in the country that produces renewable fuels from nonfood based feedstocks. More information can be found online at www.gceholdings.com.
Communications Contact
Natalie Findlay
(424) 318-3518
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HOUSTON & TORONTO--(BUSINESS WIRE)--Peridot Acquisition Corp. (“Peridot”) (NYSE: PDAC), a publicly-traded special purpose acquisition company sponsored by Carnelian Energy Capital, reminds its shareholders to vote in favor of the approval of Peridot’s proposed business combination with Li-Cycle Corp. (“Li-Cycle”), North America’s leading lithium-ion battery resource recycling company, and the related proposals to be voted upon at Peridot’s extraordinary general meeting on August 5, 2021.
The extraordinary general meeting of Peridot’s shareholders to approve, among other things, the proposed business combination will be held in virtual format and physically at 2229 San Felipe Street, Suite 1450, Houston, Texas 77019 on August 5, 2021 at 9:00 a.m. Central Time (10:00 a.m Eastern Time). Peridot strongly recommends that shareholders attend the meeting virtually. In order to attend the meeting virtually, shareholders must pre-register at https://www.cstproxy.com/peridotspac/sm2021. Peridot’s shareholders of record as of the close of business on the record date of May 27, 2021 (the “Record Date”) should submit their vote promptly and no later than 11:59 p.m. Eastern Time on August 4, 2021.
It remains important that all holders who owned Peridot’s shares as of May 27, 2021 – even if they have since sold their shares – vote by 11:59 p.m. Eastern Time on August 4, 2021 to ensure the deal proceeds in a timely manner.
We recommend that you vote your shares online, though you may also vote by mail or telephone. More information on how to vote can be found at https://li-cycle.com/merger-vote/
or, if you hold in street name, by following the instructions provided by your broker, bank or other nominee on the Voting Instruction Form mailed or e-mailed to you. If you did not receive or have misplaced your Voting Instruction Form, contact your bank, broker or other nominee to obtain your control number in order to vote.
Holders of Peridot’s shares who need assistance voting or have questions regarding the extraordinary general meeting may contact Peridot’s proxy solicitor, Morrow Sodali LLC, toll-free at toll-free at (800) 662-5200 or (203) 658-9400 or by email at This email address is being protected from spambots. You need JavaScript enabled to view it..
ABOUT LI-CYCLE CORP.
Li-Cycle is on a mission to leverage its innovative Spoke & Hub Technologies™ to provide a customer-centric, end-of-life solution for lithium-ion batteries, while creating a secondary supply of critical battery materials. Lithium-ion rechargeable batteries are increasingly powering our world in automotive, energy storage, consumer electronics, and other industrial and household applications. The world needs improved technology and supply chain innovations to better manage battery manufacturing waste and end-of-life batteries and to meet the rapidly growing demand for critical and scarce battery-grade raw materials through a closed-loop solution. For more information, visit https://li-cycle.com/.
ABOUT PERIDOT ACQUISITION CORP.
Peridot is a blank check company formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Peridot’s sponsor is an affiliate of Carnelian Energy Capital Management, L.P., an investment firm that focuses on opportunities in the North American energy space in partnership with best-in-class management teams. For more information, please visit https://peridotspac.com/.
ADDITIONAL INFORMATION AND WHERE TO FIND IT
In connection with the proposed business combination involving Li-Cycle and Peridot, Newco has prepared and filed with the SEC a registration statement on Form F-4 that includes both a prospectus of Newco and a proxy statement of Peridot (the “Proxy Statement/Prospectus”). Peridot will mail the Proxy Statement/Prospectus to its shareholders and file other documents regarding the proposed transaction with the SEC. This communication is not a substitute for any proxy statement, registration statement, proxy statement/prospectus or other documents Peridot or Newco may file with the SEC in connection with the proposed transaction. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THE PROXY STATEMENT/PROSPECTUS, ANY AMENDMENTS OR SUPPLEMENTS TO THE PROXY STATEMENT/PROSPECTUS, AND OTHER DOCUMENTS FILED BY PERIDOT OR NEWCO WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders will be able to obtain free copies of the Proxy Statement/Prospectus and other documents filed with the SEC by Peridot or Newco through the website maintained by the SEC at www.sec.gov.
Investors and securityholders will also be able to obtain free copies of the documents filed by Peridot and/or Newco with the SEC on Peridot’s website at www.peridotspac.com or by emailing This email address is being protected from spambots. You need JavaScript enabled to view it..
PARTICIPANTS IN THE SOLICITATION
Li-Cycle, Peridot, Newco, and certain of their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in connection with the proposed transaction. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of proxies in connection with the proposed transaction, including a description of their direct or indirect interests, by security holdings or otherwise, are set forth in the Proxy Statement/Prospectus. Information regarding the directors and executive officers of Peridot is contained in Peridot’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on March 26, 2021 and certain of its Current Reports filed on Form 8-K. These documents can be obtained free of charge from the sources indicated above.
NO OFFER OR SOLICITATION
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities of Peridot or Newco or a solicitation of any vote or approval. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
Certain statements contained in this communication may be considered forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21 of the Securities Exchange Act of 1934, as amended, including statements regarding the proposed transaction involving Li-Cycle and Peridot and the ability to consummate the proposed transaction. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “expect,” “anticipate,” “plan,” “likely”, “believe,” “estimate,” “project,” “intend,” and other similar expressions among others. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: (i) the risk that the conditions to the closing of the proposed transaction are not satisfied, including the failure to timely or at all obtain shareholder approval for the proposed transaction or the failure to timely or at all obtain any required regulatory clearances, including under the Hart-Scott Rodino Antitrust Improvements Act; (ii) uncertainties as to the timing of the consummation of the proposed transaction and the ability of each of Li-Cycle and Peridot to consummate the proposed transaction; (iii) the possibility that other anticipated benefits of the proposed transaction will not be realized, and the anticipated tax treatment of the combination; (iv) the occurrence of any event that could give rise to termination of the proposed transaction; (v) the risk that stockholder litigation in connection with the proposed transaction or other settlements or investigations may affect the timing or occurrence of the proposed transaction or result in significant costs of defense, indemnification and liability; (vi) changes in general economic and/or industry specific conditions; (vii) possible disruptions from the proposed transaction that could harm Li-Cycle’s business; (viii) the ability of Li-Cycle to retain, attract and hire key personnel; (ix) potential adverse reactions or changes to relationships with customers, employees, suppliers or other parties resulting from the announcement or completion of the proposed transaction; (x) potential business uncertainty, including changes to existing business relationships, during the pendency of the proposed transaction that could affect Li-Cycle’s financial performance; (xi) legislative, regulatory and economic developments; (xii) unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism, outbreak of war or hostilities and any epidemic, pandemic or disease outbreak (including COVID-19), as well as management’s response to any of the aforementioned factors; and (xiii) other risk factors as detailed from time to time in Peridot’s reports filed with the SEC, including Peridot’s annual report on Form 10-K, periodic quarterly reports on Form 10-Q, periodic current reports on Form 8-K and other documents filed with the SEC. The foregoing list of important factors is not exclusive. Neither Li-Cycle nor Peridot can give any assurance that the conditions to the proposed transaction will be satisfied. Except as required by applicable law, neither Li-Cycle nor Peridot undertakes any obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
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Schools, education nonprofits in five states and DC can apply for $1 million in grants to modernize or create state-of-the-art science labs, encouraging STEM careers
CHICAGO--(BUSINESS WIRE)--The Exelon Foundation and Exelon Corp., the nation’s largest generator of carbon-free energy, today launched the Green Lab Grants program, which will provide grants of up to $50,000 each for public and private schools as well as nonprofit organizations that operate out-of-school programs serving Title I-eligible students, to invest in hands-on educational spaces where students can prepare for careers in science, technology, math and/or engineering (STEM). The grants, which will total $1 million annually, will be administered by the Museum of Science and Industry, Chicago, and will target organizations in communities where Exelon operates including Illinois, Delaware, Maryland, New Jersey, Pennsylvania and Washington, D.C..
“It is critical that we engage, educate and inspire the next generation of STEM leaders and provide them the tools and resources they need to prepare for future professional careers,” said Chris Crane, Exelon president and CEO. “By partnering with the museum, we can promote youth problem-solving and creativity using new technologies, better equipping students to address some of the most pressing issues we face today, including climate change.”
“The Museum of Science and Industry, Chicago, is thrilled to partner with Exelon in this effort to increase access to learning opportunities and cutting-edge tools for students in under-resourced communities,” said Rabiah Mayas, MSI’s Davee Vice President of Education. “We’re committed to supporting our next generation of innovators and problem solvers to tackle critical issues like the climate crisis.”
In addition to STEM grants, the Exelon STEM Innovation Leadership Academy is a prime feature of Exelon’s commitment to encourage young women in STEM and develop tomorrow’s workforce. Sponsored by the Exelon Foundation, this free, week-long experience for teen girls ages 16-19 from diverse and low-income communities is held each summer in the Washington, D.C. metro region, Chicago and Philadelphia. To date, nearly 600 students have completed the Academy. Exelon also launched the STEM Leadership Academy Scholarship program this year, which is designed to be a supportive and clear pathway from student engagement in the Academy to entry into the energy workforce, ideally as an Exelon employee. Valued at approximately $1 million, the scholarship is available to alumnae of the Academy program and will cover all costs associated with college, including tuition, room and board and all other expenses that aren’t covered by other confirmed scholarships, family contributions and work-study grants.
Applications for the Green Lab grants are now open. The deadline to submit an application is October 1, 2021.
For more information about how Exelon invests in its communities through workforce development, education and corporate relations programs, click here.
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 $33 billion Exelon serves approximately 10 million customers in Delaware, the District of Columbia, Illinois, Maryland, New Jersey and Pennsylvania through its Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO and Pepco subsidiaries. Exelon is one of the largest competitive U.S. power generators, with more than 31,000 megawatts of nuclear, gas, wind, solar and hydroelectric generating capacity comprising one of the nation’s cleanest and lowest-cost power generation fleets. The company’s Constellation business unit provides energy products and services to approximately 2 million residential, public sector and business customers, including three fourths of the Fortune 100. Follow Exelon on Twitter @Exelon.
About the Exelon Foundation
The Exelon Foundation is an independent, nonprofit organization funded solely by Exelon Corporation through shareholder dollars. The mission of the Foundation is to encourage respect for the environment, support innovative STEM education programs and strengthen the social and economic fabric of the community by providing a match to Exelon employee contributions.
Liz Keating
Corporate Communications
312-394-4111
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SAN DIEGO--(BUSINESS WIRE)--$DFCO #AI--Dalrada Corporation (OTCQB: DFCO, “Dalrada”) is pleased to announce to its shareholders and the public that appointed to its Board of Directors are The Honorable Bijan R. Kian, Jose Arrieta, and Kyle McCollum.
Dalrada’s CEO, Brian Bonar, states, “Dalrada is excited to report new growth with its Board of Directors that expands and accelerates the Company’s global initiatives in engineering & technology, health, and clean energy. The Hon. Bijan R. Kian, Jose Arrieta, and Kyle McCollum are known for their extensive industry experience in global trade & international security, disruptive emerging technologies, and global finance, respectively. Dalrada’s Board members are an exceptional team of world leaders who embrace and support the Company’s vision.”
Driven by passionate and dedicated people, Dalrada is a global innovation company that introduces evidence-based, disruptive products and services and spearheads innovation in areas that benefit industrial, commercial, and consumer markets. The Company works continually to produce solutions that bridge the gap of accessibility and accelerate positive change for current and future generations. Dalrada’s scalable supply chain is effective and efficient, resulting in significant cost savings for the Company, its clients, and their customers.
THE HONORABLE BIJAN R. KIAN
Twice confirmed by the United States Senate, Bijan has served three presidents of the United States from both major political parties. Formerly, he served as a:
The Hon. Bijan R. Kian is recognized around the world as a senior executive in global trade and international security. A graduate of the University of Brighton in 1979, he continued his education at Oxford, Harvard Kennedy School, and MIT. A Fellow at the Royal Society of Arts in the United Kingdom, he is also the recipient of the Ellis Island Medal of Honor, also awarded to seven presidents of the United States.
JOSE ARRIETA
The former Chief Information Officer and Interim Chief Data Officer of HHS, Mr. Jose Arrieta is a respected leader in applying emerging technologies – especially blockchain, artificial intelligence/machine learning, and process automation. He oversaw $6.3B in IT investments, $800B in grants, and $26B in Federal contracts in his last three years at HHS.
Mr. Arrieta has published articles on valuing disruptive technology companies and the importance of industry-government communications. He led the creation and implementation of the largest public health surveillance capability in the United States during the pandemic and the first enterprise-grade supervised machine learning capability to help more accurately distribute testing supplies and predict hot spots across the country. Mr. Arrieta created a public-private key and distributed ledger infrastructure to establish digital identities for commercial, Federal, and state endpoints to aid the COVID-19 vaccination and testing efforts.
At Johns Hopkins University, Mr. Arrieta created and teaches the first blockchain course (blockchain and cryptos) as well as entrepreneurial finance. Before his work with the U.S. government, Mr. Arrieta founded imagineeer, an IT solutions company that currently is focused on fundraising, blockchain-enabled diagnostic equipment, cybersecurity solutions, and quantum-inspired optimization capabilities.
Mr. Arrieta works with Federal customers evaluating and valuing venture-backed technology start-ups in health and the national security space. He currently sits on multiple boards and advises five technology start-ups. Imagineeer is also working to build an ecosystem to facilitate secure, autonomous, data-driven, AI-powered, science-based organizations.
KYLE MCCOLLUM, CPA
Dalrada’s Chief Financial Officer, Mr. Kyle McCollum, CPA, holds over 17 years’ experience in accounting, finance, and management, both domestically and internationally. He brings expertise across a broad spectrum of industries and functionalities including accounting & finance, investment strategy, due diligence, mergers & acquisitions, compliance, fund structuring, fundraising, and investor relations.
Before joining Dalrada, Mr. McCollum oversaw financial operations for publicly traded and privately held companies. He has served industries including pet health and wellness, real estate investment & development, mining, and nutraceuticals. Mr. McCollum earned a Bachelor of Science and a Master of Accountancy degree from the University of Montana.
Dalrada’s Board of Directors is now composed of:
On a global scale, Dalrada creates evidence-based, disruptive solutions that are sustainable, affordable, accessible, and socially responsible. For additional information, visit www.dalrada.com.
About Dalrada Corporation (DFCO)
With perseverance, valor, dedication, and vision, Dalrada Corporation is dedicated to tackling worldwide challenges of today and tomorrow.
Dalrada is a global company that operates under the tenet of creating impactful innovations that matter for the world. The Company works continually to produce disruptive solutions that bridge the gap of accessibility and accelerate positive change for current and future generations.
Established in 1982, the Company has since grown its footprint to include the business divisions: Dalrada Health, Dalrada Precision, and Dalrada Technologies. Each of Dalrada’s subsidiaries actively produces affordable and accessible world-class solutions to global problems. For more information, please visit www.dalrada.com.
Disclaimer
Statements in this press release that are not historical facts are forward-looking statements, including statements regarding future revenues and sales projections, plans for future financing, the ability to meet operational milestones, marketing arrangements and plans, and shipments to and regulatory approvals in international markets. Such statements reflect management's current views, are based on certain assumptions, and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, our ability to obtain additional financing that will allow us to continue our current and future operations and whether demand for our products and services in domestic and international markets will continue to expand. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the Company's expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Factors that may impact the Company's success are more fully disclosed in the Company's most recent public filings with the U.S. Securities and Exchange Commission ("SEC"), including its annual report on Form 10-K.
Denise Mahaffey
858.283.1253
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DUBLIN--(BUSINESS WIRE)--The "The Petroleum Industry in Kenya 2021" report has been added to ResearchAndMarkets.com's offering.
This report focuses on Kenya's petroleum industry, which encompasses upstream oil and natural gas exploration and development activities, midstream bulk storage and transportation of fuel and petroleum products, and downstream activities, including manufacturing and the wholesale and retail trade in refined fuels and petroleum products.
It includes information on the size and state of the sector, consumption and production statistics and developments in the upstream and downstream markets.
There are profiles of 26 companies including Rubis Energy Kenya, the largest player in the Kenyan downstream petroleum market and other major players such as Total Kenya, Vivo Energy, OLA Energy and the National Oil Corporation of Kenya.
The Petroleum Industry in Kenya:
Following Tullow Oil's discovery in 2012 of crude oil reserves in northern Kenya's Lokichar sub-basin, estimated at over 4 billion barrels, Kenya has been touted as Africa's next major oil producer. Results from an early oil pilot project indicate that the reserves in Turkana's Amosing and Ngamia fields are commercially viable.
But the coronavirus pandemic and other setbacks have delayed the development of the oilfields for commercial production. The Kenyan government hopes to secure investment to construct crude oil processing and storage facilities and an oil pipeline.
Competitive Market:
There are over 1,800 service stations in Kenya operated by more than 70 registered oil marketing companies that are involved in the supply, distribution and sales of petroleum products such as petrol, diesel, kerosene, lubricants and LPG. Kenya's petroleum industry is competitive with many consumers and producers.
The absence of major price wars due to government price controls means market presence, strategic locations, differentiation and diversification are key factors in attracting customers.
Key Topics Covered:
1. Introduction
2. Country Profile
2.1. Geographic Position
3. Description of the Industry
3.1. Industry Value Chain
4. Size of the Industry
5. State of the Industry
5.1. Local
5.1.1. Corporate Actions
5.1.2. Regulations
5.1.3. Enterprise Development and Social Economic Development
5.2. Continental
5.3. International
6. Influencing Factors
6.1. Coronavirus
6.2. Economic Environment
6.3. Government Interventions
6.4. Energy Demand
6.5. Corruption
6.6. Technology, Research and Development (R&D) and Innovation
6.7. Labour
6.8. Environment, Health and Safety Concerns
7. Competition
7.1. Barriers to Entry
8. SWOT Analysis
9. Outlook
10. Industry Associations
11. References
11.1. Publications
11.2. Websites
For more information about this report visit https://www.researchandmarkets.com/r/1fzdj8
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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