Li-Cycle to Increase Hub Facility’s Input Processing Capacity by Over 40%, to Meet Increasing Market Demand
Li-Cycle and LG Enter into non-binding Letter of Intent for “Closed-Loop” Commercial Agreements to Recycle their Battery Materials and Offtake Battery-Grade Nickel over 10 Years
LG to make a $50 million Equity Investment in Li-Cycle upon Completion of Commercial Agreements
Completed Hub Expected to Position Li-Cycle as a Leading Producer of Battery Grade Nickel, Cobalt, and Lithium in North America
TORONTO--(BUSINESS WIRE)--Li-Cycle Holdings Corp. (NYSE: LICY) (“Li-Cycle” or “the Company”), a North American leader in lithium-ion battery resource recovery, today announced that it will proceed with the construction of its first commercial Hub facility, which is being developed within the Eastman Business Park near Rochester, New York (the “Hub”).
In view of rapidly growing demand for lithium-ion battery recycling, Li-Cycle will increase the input processing capacity of the Hub by over 40%, from 25,000 tonnes to 35,000 tonnes of “black mass” annually (equivalent to approximately 90,000 tonnes of lithium-ion battery equivalent feed annually). With its increased capacity, the Hub will be able to process battery material that is equivalent to approximately 225,000 electric vehicles (“EVs”) per year.
The Company estimates that the Hub will require a total capital investment of approximately $485 million (+/-15%), which can be funded from existing balance sheet cash. Li-Cycle also expects to explore various opportunities to optimize its capital structure, for example, with potential credit from government-related institutions.
The Hub will be fully integrated with Li-Cycle’s existing network of Spoke facilities across North America. Li-Cycle’s Spoke facilities take in end-of-life batteries and battery manufacturing scrap to produce “black mass”, an intermediate product containing valuable metals such as nickel, cobalt and lithium. The Hub will transform that black mass into critical battery grade materials to be returned back to the lithium-ion battery supply chain. Li-Cycle’s Spoke facilities will be the primary suppliers of feedstock for the Hub. Once the Hub is fully operational, Li-Cycle expects to be the #1 or #2 domestic U.S. based supplier of battery grade advanced materials.
The total addressable market for lithium-ion battery recycling in North America continues to accelerate as battery manufacturers are investing to build the supply chain to support electrification. Megafactory investments are now projected to surpass 500 GWh capacity by 2025, approximately 11x the current capacity. Based on independent industry forecasts (including from Benchmark Mineral Intelligence) and Li-Cycle’s internal analysis, Li-Cycle estimates that there could be nearly 250,000 tonnes of lithium-ion batteries available for recycling from manufacturing scrap in North America alone by 2025. Upsizing the Hub enhances the Company’s ability to meet the increasing commercial needs of leading global customers within the lithium-ion battery supply chain.
“We believe the upsizing of our commercial Hub facility is timely, to capture growth from heightened demand with the mainstreaming of electrification in North America driving significant new battery megafactory deployments. Even with the increased capital investment, we expect the Hub project to deliver highly accretive returns,” said Li-Cycle’s President, CEO, and co-founder, Ajay Kochhar. “This is an exciting time for Li-Cycle as we advance the strategic execution on our integrated Spoke & Hub network and enable critical commercial solutions to the growing needs for domestic supply of battery materials in North America.”
Multi-Year Strategic Collaboration with LG
Li-Cycle, LG Chem, Ltd. (“LGC”) and LG Energy Solution, Ltd. (“LGES”) entered into a manufacturing scrap supply and nickel sulphate off-take agreement non-binding letter of intent. With this proposed collaboration, LGES and Li-Cycle intend to cooperate on recycling nickel-bearing lithium-ion battery scrap and certain other lithium-ion battery materials to create a closed-loop ecosystem. Over a ten-year period, beginning in 2023, Li-Cycle will supply LGES and LGC with 20,000 tonnes of nickel contained in nickel sulphate from our Rochester Hub facility.
Concurrently with the entering into of definitive commercial agreements for such collaboration, LGC and LGES together will make a $50 million equity investment in Li-Cycle at a price of $11.32/per common share, upon completion of the commercial agreements by March 13, 2022. These proposed commercial arrangements and the investment represent a strong validation of Li-Cycle’s business model by one of the premier global strategic players in the lithium-ion battery space.
Project Highlights
Through close collaboration with customers on their demand and product needs, Li-Cycle has finalized and approved the Definitive Feasibility Study for the Hub, including a fully-loaded estimated capital investment of approximately $485 million (+/-15%). The larger Hub optimizes project economics and capital intensity and includes best-in-class environmental improvements.
Key design and cost changes relative to a June 2020 preliminary feasibility study largely include, but are not limited to: 1) higher material costs due to increased size and supply chain inflationary impacts; 2) scope alterations responding to contracted feed supplies and implementing best-in-class environmental practices; and 3) up-sizing of nameplate output capacity of the Hub, resulting in1 ~250% higher Hub output capacity of nickel sulphate (~42,000 to 48,000 tonnes per annum), ~160% higher output capacity of lithium carbonate (~7,500 to 8,500 tonnes per annum), and ~65% lower output capacity of cobalt sulphate (~6,500 to 7,500 tonnes per annum).
The Company has engaged Hatch Ltd. as its engineering, procurement and construction management (EPCM) contractor for the project and is in the process of selecting its general contractor. Procurement has commenced on long-lead items and firm-price competitive quotes have been obtained for 80% of the required equipment for the Hub. Li-Cycle is on path to begin the Hub construction by year-end 2021 and to reach mechanical completion, commissioning and start-up in 2023, subject to receipt of remaining regulatory and other approvals.
Conference Call/Webcast Details:
Li-Cycle management will provide an update on the LG strategic collaboration and Hub upsizing during a conference call and audio-only webcast scheduled for today Tuesday, December 14, 2021 at 8:00 a.m. Eastern Time. Investors may listen to the conference call live via telephone by dialing 1 (800) 909 5202 (domestic) or 1 (785) 830 -1914 (international) and use the participant code LICY1214.
An audio-only live webcast of the conference call and presentation materials can be accessed through the Investor Relations section of the Company's website at https://investors.li-cycle.com. A replay of the conference call/webcast will be made available on the Company’s website at https://investors.li-cycle.com.
About Li-Cycle Holdings Corp.
Li-Cycle (NYSE: LICY) 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/.
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 U.S. Securities Act of 1993, as amended, Section 21 of the U.S. Securities Exchange Act of 1934, as amended, and applicable Canadian securities laws. Forward-looking statements may generally be identified by the use of words such as “may”, “will”, “plan”, “potential”, “future”, “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. Forward-looking statements may include, for example, statements about the development of the Hub including the related capital investment and anticipated timing for construction and commissioning, the output capacity of the Hub, the future financial performance of Li-Cycle and performance vis-à-vis its competitors, and the anticipated benefits from the proposed collaboration with LG. These statements are based on various assumptions, whether or not identified in this communication, which Li-Cycle believe are reasonable in the circumstances. There can be no assurance that such estimates or assumptions will prove to be correct and, as a result, actual results or events may differ materially from expectations expressed in or implied by the forward-looking statements.
These forward-looking statements are provided for the purpose of assisting readers in understanding certain key elements of Li-Cycle’s current objectives, goals, targets, strategic priorities, expectations and plans, and in obtaining a better understanding of Li-Cycle’s business and anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes and is not intended to serve as, and must not be relied on, by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability.
Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Li-Cycle, and are not guarantees of future performance. Li-Cycle believes that these risks and uncertainties include, but are not limited to, the following: Li-Cycle’s Hub, Arizona Spoke, Alabama Spoke and other future projects are subject to development risks, including with respect to engineering, permitting, procurement, construction, materials and labor costs, commissioning and ramp-up; Li-Cycle’s inability to develop the Hub in a timely manner or on budget, which would be expected to result in a significantly greater estimated capital investment than that set forth in the definitive feasibility study; the Hub not meeting expectations with respect to its productivity or the specifications of its end products; market developments (such as increasing EV battery manufacturing volumes in North America and trends around battery chemistries in EV applications); Li-Cycle’s failure to materially increase recycling capacity and efficiency; Li-Cycle’s inability to economically and efficiently source, recover and recycle lithium-ion batteries and lithium-ion battery manufacturing scrap, as well as third party black mass, and to meet the market demand for an environmentally sound, closed-loop solution for manufacturing waste and end-of-life lithium-ion batteries; Li-Cycle’s inability to successfully implement its global growth strategy, on a timely basis or at all; Li-Cycle’s inability to manage future global growth effectively; Li-Cycle may engage in strategic transactions, including acquisitions, that could disrupt its business, cause dilution to its shareholders, reduce its financial resources, result in incurrence of debt, or prove not to be successful; one or more of Li-Cycle’s current or future facilities becoming inoperative, capacity constrained or if its operations are disrupted; additional funds required to meet Li-Cycle’s capital requirements in the future not being available to Li-Cycle on commercially reasonable terms or at all when it needs them; Li-Cycle expects to incur significant expenses and may not achieve or sustain profitability; problems with the handling of lithium-ion battery cells that result in less usage of lithium-ion batteries or affect Li-Cycle’s operations; Li-Cycle’s inability to maintain and increase feedstock supply commitments as well as securing new customers and off-take agreements; a decline in the adoption rate of EVs, or a decline in the support by governments for “green” energy technologies; decreases in benchmark prices for the metals contained in Li-Cycle’s products; changes in the volume or composition of feedstock materials processed at Li-Cycle’s facilities; the development of an alternative chemical make-up of lithium-ion batteries or battery alternatives; Li-Cycle’s revenues for the Hub are expected to be derived significantly from a single customer; Li-Cycle’s insurance may not cover all liabilities and damages it incurs in the operation of its business; Li-Cycle’s heavy reliance on the experience and expertise of its management; Li-Cycle’s reliance on third-party consultants for its regulatory compliance; Li-Cycle’s inability to complete its recycling and recovery processes as quickly as customers may require; Li-Cycle’s inability to compete successfully; increases in income tax rates, changes in income tax laws or disagreements with tax authorities; significant variance in Li-Cycle’s operating and financial results from period to period due to fluctuations in its operating costs and other factors; fluctuations in foreign currency exchange rates which could result in declines in reported sales and net earnings; unfavorable economic conditions, such as consequences of the global COVID-19 pandemic; natural disasters, unusually adverse weather, epidemic or pandemic outbreaks, boycotts and geo-political events; failure to protect Li-Cycle’s intellectual property; Li-Cycle may be subject to intellectual property rights claims by third parties; Li-Cycle’s failure to effectively remediate the material weaknesses in its internal control over financial reporting that it has identified or if it fails to develop and maintain a proper and effective internal control over financial reporting. These and other risks and uncertainties related to Li-Cycle’s business are described in greater detail in the section entitled "Risk Factors" in its final prospectus dated August 10, 2021 filed with the Ontario Securities Commission in Canada and the Form 20-F filed with the U.S. Securities and Exchange Commission. Because of these risks, uncertainties and assumptions, readers should not place undue reliance on these forward-looking statements. Actual results could differ materially from those contained in any forward-looking statement.
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1 Percentage changes based on the mid-point of the Definitive Feasibility Study basis divided by the Preliminary Feasibility Study basis.
Investor Relations
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PORTLAND, Ore.--(BUSINESS WIRE)--NuScale Power, LLC (“NuScale” or the “Company”), the industry-leading provider of proprietary and innovative advanced nuclear small modular reactor (SMR) technology, and Spring Valley Acquisition Corp. (NASDAQ: SV) (“Spring Valley”), a publicly traded special purpose acquisition company, today announced they have entered into a definitive business combination agreement to create a first-of-its-kind energy company poised to power the global energy transition by delivering safe, scalable and reliable carbon-free nuclear power.
Company Overview
NuScale is the provider of a proprietary and innovative advanced nuclear power solution, the NuScale Power Module™ (NPM), which is the only viable, near-term deployable SMR technology. Capable of generating 77 megawatts electric (MWe) of electricity, the NPM is safe, reliable and scalable – NuScale’s VOYGR™ power plant design can accommodate configurations of four, six and 12 modules that can provide up to 924 megawatts per day of electricity.
NuScale’s NPM can serve as a reliable, carbon-free source of power that complements renewable sources such as wind, solar and hydropower generation. The NPM can provide consistent baseload power with available load-following, no matter the time of day, weather or season. Its unique design and safety features allow it to be easily integrated into electric grids or used in a variety of industrial applications such as water desalination, commercial-scale hydrogen production and carbon-capture technology.
In 2020, NuScale’s NPM became the first and only SMR to receive Standard Design Approval from the U.S. Nuclear Regulatory Commission (NRC) – a watershed moment not only for the Company, but also for the nuclear industry. The advanced design of the NPM eliminates the need for two-thirds of the safety systems and components found in today’s large commercial reactors, which significantly improves the economics of NuScale plants compared to traditional nuclear power plants. NuScale’s reactors are designed to safely shut down in an emergency and self-cool, indefinitely, with no need for operator or computer action, power or the addition of water – a first for any commercial nuclear power plant. The intellectual property supporting NuScale’s technology is protected by more than 600 granted or pending patents.
With broad global consensus that nuclear energy is critical to achieving the goal of net zero greenhouse gas emissions by 2050 – and for the U.S. to create a carbon pollution-free power sector by 2035 – NuScale is well positioned to play a significant and multifaceted role in the global energy transition. As a first mover in the development and provision of SMR technology, the Company has a massive market opportunity, with growing bipartisan support in the U.S. and support around the world. Industry analysts estimate that more than 16,000 gigawatts electric (GWe) of zero-carbon generation capacity additions will be required globally through 2040.
Propelled by the growing urgency to decarbonize the world’s energy system and a longstanding partnership with the U.S. Department of Energy, NuScale is currently working with a major regional utility customer, Utah Associated Municipal Power Systems (UAMPS), to deploy a NuScale VOYGR power plant in 2029. NuScale has a robust and growing customer development pipeline, with 19 Memoranda of Understanding (MOUs) or agreements in 11 countries.
NuScale’s scalable technology and diversified business model are designed to drive exceptional financial results and create long-term value. The Company has an attractive, high-margin business model that monetizes its intellectual property through NPM sales and recovery fees, while driving recurring revenues through critical maintenance services over the lifecycle of a plant. NuScale is positioned to deliver the first VOYGR power plant to a customer as soon as 2027 (based upon customer needs), supported by its established supply chain partners. NuScale anticipates being cash flow positive by 2024.
NuScale VOYGR power plants also create significant economic opportunities, including skilled jobs, for the communities where they are located. This is a critical consideration when replacing retiring fossil fuel-generating facilities. For example, in the U.S., the domestic supply chain for manufacturing 27 NPMs per year could generate over 14,000 direct jobs, in addition to indirect benefits in local taxes and economic activity.
Following the transaction, NuScale will continue to be led by its highly experienced leadership team, including John Hopkins, President and Chief Executive Officer, Chris Colbert, Chief Financial Officer, José Reyes, Ph.D., Chief Technology Officer and Co-Founder, Dale Atkinson, Chief Operating Officer and Chief Nuclear Officer, Tom Mundy, Chief Commercial Officer, and Robert Temple, General Counsel.
Management Comments
John Hopkins, President and Chief Executive Officer of NuScale, said:
“NuScale is building the next generation of nuclear power technology that is safer, more versatile and more cost-efficient than ever before. The scale of our ambition is only matched by the world’s enormous decarbonization needs, and now is the right time to accelerate and expand our efforts to bring our trailblazing SMR technology to more customers around the world. Spring Valley will be a highly complementary strategic partner for NuScale as we enter this next phase of growth, with leadership that brings deep expertise in sustainable energy and a strong operating and investment record in the energy sector, including in nuclear power.”
Christopher D. Sorrells, Chief Executive Officer of Spring Valley, said:
“NuScale is a bellwether company that has developed pioneering technology that can have a transformational impact on humanity by improving the energy sector. By receiving Standard Design Approval from the NRC, NuScale has helped establish a new standard in nuclear safety, and in doing so, developed a new carbon-free power solution that provides unique capabilities and performance that can realistically factor into the clean energy transition in the near term. This is the rare chance to invest in an industry-defining technology. We are very pleased to partner with NuScale and its deeply knowledgeable management team to bring this critical technology to market.”
Alan L. Boeckmann, Executive Chairman, Fluor Corporation, said:
“Fluor expects that the proposed transaction will bolster and accelerate the path to commercialization and deployment of NuScale Power’s unique small modular nuclear reactor technology. This is the next step in Fluor’s plan, first outlined 10 years ago, to work closely with NuScale Power, Congress and the Department of Energy to commercialize this unique carbon-free energy technology. Today’s announcement is further evidence that cost-shared government funding to build first-of-a-kind commercial scale technology can attract private investment and yield results. Fluor will continue to serve as an important partner by providing NuScale Power and its clients with world-class expertise in engineering services, project management and supply chain support.”
Transaction Overview
Under the terms of the Merger Agreement, the transaction is valued at an estimated pro-forma enterprise value of approximately $1.9 billion. At close, NuScale expects up to $413 million of gross cash proceeds, including a $181 million oversubscribed, fully committed PIPE anchored by Samsung C&T Corporation, DS Private Equity, Segra Capital Management and Pearl Energy. NuScale intends to use the proceeds to fund its path to commercialization and expects no additional capital requirements between closing and achieving positive free cash flow.
Upon completion of the transaction, Fluor projects to control approximately 60% of the combined company, based on the PIPE investment commitments received in the transaction and the current equity and in-the-money equity equivalents of NuScale Power and Spring Valley.
Existing NuScale shareholders, including majority owner Fluor, will retain their equity in NuScale and roll it into the combined company. Fluor will also continue to provide NuScale with engineering services, project management, administrative and supply chain support. Additional existing strategic investors in NuScale include Doosan Heavy Industries and Construction, Samsung C&T Corporation, JGC Holdings Corporation, IHI Corporation, Enercon Services, Inc., GS Energy, Sarens and Sargent & Lundy.
The transaction is expected to close in the first half of 2022 and is subject to approval by Spring Valley’s shareholders as well as other customary closing conditions.
Advisors
Guggenheim Securities, LLC is acting as financial advisor to NuScale and Fluor. Cowen is acting as financial advisor and lead capital markets advisor to Spring Valley. Guggenheim Securities, LLC and Cowen acted as placement agents to Spring Valley in connection with the PIPE offering.
Stoel Rives LLP is acting as legal counsel to NuScale, Gibson, Dunn & Crutcher LLP is acting as legal counsel to Fluor, White & Case LLP is acting as legal counsel to the placement agents and Kirkland & Ellis LLP is acting as legal counsel to Spring Valley.
Investor Presentation
NuScale and Spring Valley management will host an investor presentation on December 14, 2021 at 10:00 a.m. ET.
To listen to the webcast, please visit www.netroadshow.com/nrs/home/#!/?show=04285b34. Following the webcast, a telephone replay will be available at 1 (844) 385-9713 (U.S.) or 1 (678) 389-4980 (International), replay code number: 48521#.
Additional information about the proposed transaction, including a copy of the Agreement and Plan of Merger and investor presentation, will be provided in a Current Report on Form 8-K to be filed by Spring Valley with the Securities and Exchange Commission ("SEC") and is available on the NuScale investor relations page at https://www.nuscalepower.com/about-us/investors and at www.sec.gov.
About NuScale Power
NuScale Power is poised to meet the diverse energy needs of customers across the world. It has developed a new modular light water reactor nuclear power plant to supply energy for electrical generation, district heating, desalination, hydrogen production and other process heat applications. The groundbreaking NuScale Power Module™ (NPM), a small, safe pressurized water reactor, can generate 77 MWe of electricity and can be scaled to meet customer needs. The VOYGR™-12 power plant is capable of generating 924 MWe, and NuScale also offers the four-module VOYGR-4 (308 MWe) and six-module VOYGR-6 (462 MWe) and other configurations based on customer needs. The majority investor in NuScale is Fluor Corporation, a global engineering, procurement, and construction company with a 70-year history in commercial nuclear power.
NuScale is headquartered in Portland, OR and has offices in Corvallis, OR; Rockville, MD; Charlotte, NC; Richland, WA; and London, UK. Follow us on Twitter: @NuScale_Power, Facebook: NuScale Power, LLC, LinkedIn: NuScale-Power, and Instagram: nuscale_power. Visit NuScale Power's website.
About Fluor Corporation
Fluor Corporation (NYSE: FLR) is building a better world by applying world-class expertise to solve its clients’ greatest challenges. Fluor’s 44,000 employees provide professional and technical solutions that deliver safe, well-executed, capital-efficient projects to clients around the world. Fluor had revenue of $14.2 billion in 2020 and is ranked 196 among the Fortune 500 companies. With headquarters in Irving, Texas, Fluor has been providing engineering, procurement and construction services for more than 100 years. For more information, please visit www.fluor.com or follow Fluor on Twitter, LinkedIn, Facebook and YouTube.
About Spring Valley Acquisition Corp.
Spring Valley Acquisition Corp. (NASDAQ: SV) is a special purpose acquisition company formed for the purpose of entering into a merger or similar business combination with one or more businesses or entities focusing on sustainability, including clean energy and storage, smart grid/efficiency, environmental services and recycling, mobility, water and wastewater management, advanced materials and technology enabled services. Spring Valley’s sponsor is supported by Pearl Energy Investment Management, LLC, a Dallas, Texas based investment firm that focuses on partnering with best-in-class management teams to invest in the North American energy industry.
Additional Information and Where to Find It
In connection with the business combination, Spring Valley intends to file a Registration Statement on Form S-4 (the “Form S-4”) with the SEC which will include a preliminary prospectus with respect to its securities to be issued in connection with the business combination and a preliminary proxy statement with respect to Spring Valley’s shareholder meeting at which Spring Valley’s shareholders will be asked to vote on the proposed business combination. Spring Valley and NuScale urge investors, shareholders and other interested persons to read, when available, the Form S-4, including the proxy statement/prospectus, any amendments thereto and any other documents filed with the SEC, because these documents will contain important information about the proposed business combination. After the Form S-4 has been filed and declared effective, Spring Valley will mail the definitive proxy statement/prospectus to shareholders of Spring Valley as of a record date to be established for voting on the business combination. Spring Valley shareholders will also be able to obtain a copy of such documents, without charge, by directing a request to: Spring Valley Acquisition Corp., 2100 McKinney Avenue Suite 1675 Dallas, TX 75201; e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.. These documents, once available, can also be obtained, without charge, at the SEC’s website www.sec.gov.
Participants in the Solicitation
Spring Valley and its directors and officers may be deemed participants in the solicitation of proxies of Spring Valley’s shareholders in connection with the proposed business combination. Security holders may obtain more detailed information regarding the names, affiliations and interests of certain of Spring Valley’s executive officers and directors in the solicitation by reading Spring Valley’s final prospectus filed with the SEC on November 25, 2020, the proxy statement/prospectus and other relevant materials filed with the SEC in connection with the business combination when they become available. Information concerning the interests of Spring Valley’s participants in the solicitation, which may, in some cases, be different than those of their shareholders generally, will be set forth in the proxy statement/prospectus relating to the business combination when it becomes available.
No Offer or Solicitation
This press release does not constitute an offer to sell or a solicitation of an offer to buy, or the solicitation of any vote or approval in any jurisdiction in connection with a proposed potential business combination among Spring Valley and NuScale or any related transactions, nor shall there be any sale, issuance or transfer of securities in any jurisdiction where, or to any person to whom, such offer, solicitation or sale may be unlawful. Any offering of securities or solicitation of votes regarding the proposed transaction will be made only by means of a proxy statement/prospectus that complies with applicable rules and regulations promulgated under the Securities Act of 1933, as amended (the “Securities Act”), and Securities Exchange Act of 1934, as amended, or pursuant to an exemption from the Securities Act or in a transaction not subject to the registration requirements of the Securities Act.
Forward Looking Statements
Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. All statements, other than statements of present or historical fact included in this press release, regarding Spring Valley’s proposed business combination with NuScale, Spring Valley’s ability to consummate the transaction, the benefits of the transaction and the combined company’s future financial performance, as well as the combined company’s strategy, future operations, estimated financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the respective management of NuScale and Spring Valley and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of NuScale and Spring Valley. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political, and legal conditions; the inability of the parties to successfully or timely consummate the proposed transaction, including the risk that any regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the proposed transaction or that the approval of the shareholders of Spring Valley or NuScale is not obtained; failure to realize the anticipated benefits of the proposed transaction; risks relating to the uncertainty of the projected financial information with respect to NuScale; risks related to the expansion of NuScale’s business and the timing of expected business milestones; the effects of competition on NuScale’s business; the ability of Spring Valley or NuScale to issue equity or equity-linked securities or obtain debt financing in connection with the proposed transaction or in the future, and those factors discussed in Spring Valley’s final prospectus dated November 25, 2020 under the heading “Risk Factors,” and other documents Spring Valley has filed, or will file, with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither Spring Valley nor NuScale presently know, or that Spring Valley nor NuScale currently believe are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Spring Valley’s and NuScale’s expectations, plans, or forecasts of future events and views as of the date of this press release. Spring Valley and NuScale anticipate that subsequent events and developments will cause Spring Valley’s and NuScale’s assessments to change. However, while Spring Valley and NuScale may elect to update these forward-looking statements at some point in the future, Spring Valley and NuScale specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing Spring Valley’s and NuScale’s assessments of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
Spring Valley Acquisition Corp.:
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Proceeds to be used for general corporate purposes, which may include (without limitation) funding potential acquisitions, project-related capital and working capital, and to support clean energy growth initiatives
AKRON, Ohio--(BUSINESS WIRE)--$bw--Babcock & Wilcox Enterprises, Inc. ("B&W" or the "Company") (NYSE: BW) announced that on December 13, 2021 it closed an underwritten public offering of $140 million aggregate principal amount of 6.50% senior notes due 2026 (the “Senior Notes”). Gross proceeds are exclusive of underwriting discounts and commissions and estimated offering expenses payable by the Company.
B&W and the Senior Notes both received a rating of BB+ from Egan-Jones Ratings Company, an independent, unaffiliated rating agency. The Senior Notes are expected to begin trading on NYSE under the symbol “BWNB” as early as December 17, 2021.
The offering resulted in net proceeds of approximately $134 million after deducting underwriting discounts and commissions, but before expenses. The Company expects to use the net proceeds of this offering for general corporate purposes, which may include (without limitation) funding potential acquisitions, project-related capital and working capital and to support clean energy growth initiatives. Pending any specific use, the Company may use any remaining net proceeds to invest in short-term interest-bearing accounts, securities or similar investments.
“We expect the proceeds derived from this raise to support our ongoing clean energy growth initiatives, our robust pipeline of potential acquisitions, and our growing project backlog, including our recent Renewable waste-to-energy contract awards,” said Kenneth Young, B&W’s Chairman and CEO. “Looking forward, we remain focused on growing our Renewable and Environmental segments, including deploying our ClimateBrightTM carbon capture and hydrogen production technologies, as well as our waste-to-energy and biomass technologies, to help meet critical climate goals through the reduction of carbon dioxide and methane emissions.”
B. Riley Securities, Inc. acted as lead book-running manager for the offering. D.A. Davidson & Co., Janney Montgomery Scott LLC, Ladenburg Thalmann & Co. Inc., William Blair & Company, L.L.C. and EF Hutton, division of Benchmark Investments, LLC acted as joint book-running managers for the offering. Aegis Capital Corp., Boenning & Scattergood, Inc., Brownstone Investment Group, LLC, Huntington Securities, Inc., InspereX LLC, Wedbush Securities Inc. and B.C. Ziegler & Company acted as co-managers for the offering.
The Senior Notes were offered under the Company's shelf registration statement on Form S-3, which was initially filed with the Securities and Exchange Commission ("SEC") on November 8, 2021 and declared effective by the SEC on November 22, 2021. The offering was made only by means of a preliminary prospectus supplement dated December 6, 2021 and the accompanying base prospectus dated November 22, 2021, as supplemented by the free writing prospectus and final prospectus supplement dated December 8, 2021 filed with the SEC. Copies of the preliminary prospectus supplement, accompanying base prospectus, free writing prospectus and final prospectus supplement may be obtained on the SEC's website at www.sec.gov, or by contacting B. Riley Securities by telephone at (703) 312-9580, or by email at This email address is being protected from spambots. You need JavaScript enabled to view it..
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the Senior Notes, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, sale or solicitation would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Forward-Looking Statements
Statements in this press release that are not descriptions of historical facts are forward-looking statements that are based on management's current expectations and assumptions and are subject to risks and uncertainties. If such risks or uncertainties materialize or such assumptions prove incorrect, our business, operating results, financial condition and stock price could be materially negatively affected. You should not place undue reliance on such forward-looking statements, which are based on the information currently available to us and speak only as of the date of this press release. Such forward looking statements include, but are not limited to, statements regarding the Company's public offering of the Senior Notes and intended net proceeds of the offering thereof. Factors that could cause such actual results to differ materially from those contemplated or implied by such forward-looking statements include, without limitation, the risks associated with the unpredictable and ongoing impact of the COVID-19 pandemic and other risks described from time to time in the Company's periodic filings with the SEC, including, without limitation, the risks described in the Company's Annual Report on Form 10-K for the year ended December 31, 2020 and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2021, June 30, 2021 and September 30, 2021 under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" (as applicable) and the prospectus supplement related to the offering of the Senior Notes. These factors should be considered carefully, and the Company cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.
About Babcock & Wilcox Enterprises
Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises is a global leader in energy and environmental technologies and services for the power and industrial markets.
Investor Contact:
Megan Wilson
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Babcock & Wilcox Enterprises
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Media Contact:
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- Merger agreement with Spring Valley Acquisition Corp. anticipated to close in first half of 2022
- Combined company expected to be first publicly-traded advanced small modular reactor (SMR) technology developer
- NuScale’s module design enables future low-carbon power generation
IRVING, Texas--(BUSINESS WIRE)--Fluor Corporation (NYSE: FLR) announced today that NuScale Power, LLC, in which Fluor is the majority investor, has signed a merger agreement with Spring Valley Acquisition Corp. (NASDAQ: SV) (Spring Valley). Fluor has invested more than $600 million in NuScale Power since 2011 to help bring its technology to market. The proposed transaction is anticipated to close in the first half of 2022 subject to customary closing conditions. Upon completion of the transaction, Fluor projects to own approximately 60 percent of the combined company, based on the PIPE investment commitments received and the current equity and in-the-money equity equivalents of NuScale Power and Spring Valley.
“Fluor expects that the proposed transaction will bolster and accelerate the path to commercialization and deployment of NuScale Power’s unique small modular nuclear reactor technology,” said Alan Boeckmann, executive chairman, Fluor. “This is the next step in Fluor’s plan, first outlined 10 years ago, to work closely with NuScale Power, Congress and the Department of Energy to commercialize this unique carbon-free energy technology.
“Today’s announcement is further evidence that cost-shared government funding to build first-of-a kind commercial scale technology can attract private investment and yield results. Fluor will continue to serve as an important partner by providing NuScale Power and its clients with world-class expertise in engineering services, project management and supply chain support,” Boeckmann said.
NuScale Power is the developer of the only SMR technology that has received Standard Design Approval from the U.S. Nuclear Regulatory Commission (NRC). After merging with Spring Valley, the combined company will become the first and only publicly-traded company focused on development of advanced SMR technology.
NuScale Power’s innovative, carbon-free nuclear power solution offers clients safe, scalable and deployable 77-megawatt modules in configurations of four, six or 12 modules. The SMR technology can be integrated into electric grids to complement existing renewable energy sources and provide ongoing, consistent and reliable baseload power.
Fluor, together with NuScale Power, continues to advance the first SMR cost-reimbursable services contract with Utah Associated Municipal Power Systems (UAMPS). UAMPS awarded Fluor a contract in January 2021 to provide estimating, development, design and engineering services for its Carbon-Free Power Project.
Forward-Looking Statements
This release may contain forward-looking statements (including without limitation information concerning the timing and results of the proposed transaction and statements to the effect that Fluor or its management “will,” “believes,” “expects,” “anticipates,” “plans” or other similar expressions). Actual results may differ materially as a result of a number of factors. Caution must be exercised in relying on these and other forward-looking statements. Due to known and unknown risks, Fluor’s results may differ materially from its expectations and projections.
Additional information concerning factors that could affect Fluor’s results can be found in Fluor’s public periodic filings with the Securities and Exchange Commission, including the discussion under the heading “Item 1A. Risk Factors” in Fluor’s Form 10-K filed on February 26, 2021. Such filings are available either publicly or upon request from Fluor’s Investor Relations Department: (469) 398-7222. Fluor disclaims any intent or obligation other than as required by law to update its forward-looking statements in light of new information or future events.
About Fluor Corporation
Fluor Corporation (NYSE: FLR) is building a better world by applying world-class expertise to solve its clients’ greatest challenges. Fluor’s 44,000 employees provide professional and technical solutions that deliver safe, well-executed, capital-efficient projects to clients around the world. Fluor had revenue of $14.2 billion in 2020 and is ranked 196 among the Fortune 500 companies. With headquarters in Irving, Texas, Fluor has been providing engineering, procurement and construction services for more than 100 years. For more information, please visit www.fluor.com or follow Fluor on Twitter, LinkedIn, Facebook and YouTube.
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Investor Relations
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New projects to produce 3 million MMBtu of pipeline quality RNG annually
WHITE PLAINS, N.Y.--(BUSINESS WIRE)--OPAL Fuels LLC, a leading vertically integrated producer and distributor of renewable natural gas (RNG), today announced a 50/50 joint venture with GFL Renewables LLC, an affiliate of GFL Environmental Inc. (NYSE: GFL) (“GFL”), the fourth largest diversified environmental services company in North America, to develop new RNG production facilities in the United States.
The JV agreement will include the development, construction, and operation of two new RNG production facilities, which will capture methane emissions from landfill facilities owned and operated by GFL. These methane emissions will then be converted into clean, renewable energy for use as a transportation fuel for heavy-duty trucking fleets.
Adam Comora, co-CEO of OPAL Fuels said, “OPAL Fuels is extremely excited to be a part of this joint venture with industry leader GFL on these RNG facilities. This is truly a win-win scenario as we are able to close the loop on methane emissions from GFL’s landfill facilities from its capture, processing, delivery and utilization as RNG in their fleet to replace diesel.” Comora continued, “We look forward to other potential development opportunities with GFL to assist them in unlocking value within their business and advancing their sustainability goals.”
Patrick Dovigi, Chairman, President and CEO of GFL Environmental noted, “The development of these new RNG facilities is the first step in our stated goal of unlocking the value of RNG within our business operations while also significantly advancing our own internal sustainability goals. We are excited to enter into this joint venture with OPAL Fuels.”
The first new project, located in Michigan, is expected to produce 2 million MMBtu of pipeline quality RNG each year. This will be one of the largest RNG projects in the country based on volume of landfill gas. The project is expected to begin commercial operations in early 2023. The second project, located in North Carolina, is expected to produce more than 1 million MMBtu of RNG annually with anticipated commercial operations beginning in mid-2023. For these projects, OPAL Fuels will be responsible for overseeing the development, construction, and operation of these facilities as well as marketing the RNG. OPAL Fuels also currently operates an RNG facility located at a GFL landfill site in Pennsylvania that produces approximately 890,000 MMBtu of RNG per year.
About OPAL Fuels LLC
OPAL Fuels LLC, a Fortistar portfolio company, is a leading vertically integrated renewable fuels platform involved in the production and distribution of renewable natural gas (RNG) for the heavy-duty truck market. RNG is a proven ultra-low carbon fuel that is rapidly decarbonizing the transportation industry now while also significantly reducing costs for fleet owners. OPAL Fuels captures harmful methane emissions at the source and recycles the trapped energy into a commercially viable, low-cost alternative to diesel fuel. OPAL Fuels also develops and constructs RNG fueling stations. As a producer and distributor of carbon-reducing fuel for heavy-duty truck fleets for over 15 years, the company delivers best-in-class, complete renewable solutions to customers and production partners. To learn more about OPAL Fuels and how it is leading the effort to capture North America's harmful methane emissions and decarbonize the transportation industry, please visit www.opalfuels.com and follow the company on LinkedIn and Twitter at @OPALFuels.
OPAL Fuels also previously announced an agreement for a business combination with ArcLight Clean Transition Corp. II (Nasdaq: ACTD), which is expected to result in OPAL Fuels becoming a public company listed on the Nasdaq Stock Exchange in second quarter of 2022, subject to customary closing conditions.
Forward-Looking Statements
Certain statements in this communication may be considered forward-looking statements. Forward-looking statements are statements that are not historical facts and generally relate to future events or ArcLight’s or the Company’s future financial or other performance metrics. In some cases, you can identify forward-looking statements by terminology such as “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “target,” “plan,” “expect,” or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements, including the identification of a target business and a potential business combination or other such transaction are subject to risks and uncertainties, which could cause actual results to differ materially from those expressed or implied by such forward looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by ArcLight and its management, and the Company and its management, as the case may be, are inherently uncertain and subject to material change. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, various factors beyond management’s control, including general economic conditions and other risks, uncertainties and factors set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in ArcLight’s final prospectus relating to its initial public offering, dated September 22, 2020, and other filings with the Securities and Exchange Commission (SEC), including the registration statement on Form S-4 to be filed by ArcLight in connection with the transaction, as well as (1) the inability to complete the proposed transaction; (2) factors associated with companies, such as the Company, that are engaged in the production and integration of renewable natural gas (RNG), including anticipated trends, growth rates, and challenges in those businesses and in the markets in which they operate; (3) macroeconomic conditions related to the global COVID-19 pandemic; (4) the effects of increased competition; (5) contractual arrangements with, and the cooperation of, landfill and livestock waste site owners and operators, on which the Company operates its landfill gas and livestock waste projects that generate electricity and RNG prices for environmental attributes, low carbon fuel standard credits and other incentives; (6) the ability to identify, acquire, develop and operate renewable projects and RNG fueling stations; (7) the failure to realize the anticipated benefits of the proposed transaction, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain key employees; (8) delays in obtaining, adverse conditions contained in, or the inability to obtain necessary regulatory approvals or complete regulatory reviews required to complete the proposed transaction; (9) the outcome of any legal proceedings that may be instituted in connection with the proposed transaction; (10) the amount of redemption requests made by ArcLight’s public shareholders; and (11)the ability of the combined company that results from the proposed transaction to issue equity or equity-linked securities or obtain debt financing in connection with the transaction or in the future. Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements in this communication, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. Both ArcLight and the Company expressly disclaim any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in ArcLight’s or the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
Important Information and Where to Find It
A full description of the terms of the transaction will be provided in a registration statement on Form S-4 to be filed with the SEC by ArcLight that will include a prospectus with respect to the combined company’s securities to be issued in connection with the business combination and a proxy statement with respect to the shareholders meeting of ArcLight to vote on the business combination. ArcLight urges its investors, shareholders and other interested persons to read, when available, the preliminary proxy statement/prospectus as well as other documents filed with the SEC because these documents will contain important information about ArcLight, the Company and the transaction. After the registration statement is declared effective, the definitive proxy statement/prospectus to be included in the registration statement will be mailed to shareholders of ArcLight as of a record date to be established for voting on the proposed business combination. Once available, shareholders will also be able to obtain a copy of the S-4, including the proxy statement/prospectus, and other documents filed with the SEC without charge, by directing a request to: ArcLight Clean Transition Corp. II, 200 Clarendon Street, 55th Floor, Boston, Massachusetts 02116. The preliminary and definitive proxy statement/prospectus to be included in the registration statement, once available, can also be obtained, without charge, at the SEC’s website (www.sec.gov).
Participants in the Solicitation
ArcLight and the Company and their respective directors and officers may be deemed to be participants in the solicitation of proxies from ArcLight’s shareholders in connection with the proposed transaction. Information about ArcLight’s directors and executive officers and their ownership of ArcLight’s securities is set forth in ArcLight’s filings with the SEC. To the extent that holdings of ArcLight’s securities have changed since the amounts printed in ArcLight’s Registration Statement on Form S-1, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. Additional information regarding the interests of those persons and other persons who may be deemed participants in the proposed transaction may be obtained by reading the proxy statement/consent solicitation statement/prospectus regarding the proposed transaction when it becomes available. You may obtain free copies of these documents as described in the preceding paragraph.
Non-Solicitation
This communication is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transaction and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of ArcLight, the Company or the combined company, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act.
Media
Jason Stewart
Senior Director Public Relations and Marketing
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Investors
ICR, Inc.
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KENNESAW, Ga.--(BUSINESS WIRE)--Athena Technology Acquisition Corp. (NYSE: ATHN) (“ATHN”), a publicly-traded special purpose acquisition company, reminds its shareholders to vote in favor of the previously announced business combination (the “Business Combination”) with Heliogen, Inc. (“Heliogen”), an AI-enabled, modular concentrated solar technology company focused on decarbonizing industry.
Shareholders who owned common stock of ATHN as of the close of business on November 23, 2021 (the “Record Date”), may vote their shares. Shareholders as of the Record Date continue to have the right to vote their shares, regardless of whether such shareholders subsequently sold their shares and do not own such shares as of the date they cast their vote.
The special meeting of ATHN shareholders to approve the pending Business Combination (the “Special Meeting”) is scheduled to be held on December 28, 2021 at 10:00 a.m. Eastern Time. The Special Meeting will be conducted virtually, and can be accessed via live webcast at https://www.cstproxy.com/athenatechnology/2021.
Additional information on how shareholders of record may vote their shares can be found at: https://www.athena1.com/athn-vote
Every shareholder’s vote is important, regardless of the number of shares held. Accordingly, all ATHN shareholders who held shares as of the Record Date who have not yet voted are encouraged to do so as soon as possible so that their votes are received by ATHN no later than 11:59 p.m. Eastern Time December 27, 2021. For the avoidance of doubt, ATHN shareholders who owned shares as of the Record Date and subsequently sold all or a portion of their shares are STILL entitled to vote, and are encouraged to do so.
ATHN’s board of directors recommends you vote “FOR” the Business Combination with Heliogen and “FOR” all of the related proposals described in the definitive proxy statement/prospectus (the “Proxy Statement”) filed by ATHN with the Securities and Exchange Commission (“SEC”) on December 3, 2021.
These are the two easiest and fastest ways to vote – and they are both free:
Additionally, you can also vote by mail:
YOUR CONTROL NUMBER IS FOUND ON YOUR VOTING INSTRUCTION FORM. If you did not receive or misplaced your Voting Instruction Form, contact your bank, broker or other nominee to obtain your control number in order to vote. A bank, broker or other nominee is a person or firm that acts as an intermediary between an investor and the stock exchange who can help you vote your shares.
If any individual ATHN shareholder, who held shares as of the November 23, 2021 record date for voting, does not receive the Proxy Statement, such shareholder should (i) confirm their Proxy Statement’s status with their broker, (ii) contact Morrow Sodali LLC, ATHN’s proxy solicitor, for assistance via e-mail at This email address is being protected from spambots. You need JavaScript enabled to view it. or toll-free call at (800) 662-5200 and banks and brokers can place a collect call to Morrow Sodali at (203) 658-9400, or (iii) contact ATHN by mail at Athena Technology Acquisition Corp., 125 Townpark Drive, Suite 300, Kennesaw, GA 30144.
Cautionary Note Regarding Forward-Looking Statements
This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Additional Information and Where to Find It
In connection with the proposed business combination, Athena Technology Acquisition Corp. (“Athena”) has filed with the Securities and Exchange Commission (“SEC”) a registration statement on Form S-4 that has been declared effective by the SEC, which includes a prospectus of Athena with respect to the securities to be issued in connection with the business combination with Heliogen, Inc. (“Heliogen”) and a definitive proxy statement of Athena with respect to the special meeting of stockholders to be held to approve, among other things, the proposed business combination and related transactions (“Special Meeting”). The combined proxy statement/prospectus relating to the proposed business combination was mailed to Athena’s stockholders on or about December 6, 2021. This press release does not contain all the information that should be considered concerning the proposed business combination and is not intended to form the basis of any investment decision or any other decision in respect of the business combination. The proposed business combination and related transactions will be submitted to stockholders of Athena for their consideration. Athena’s stockholders and other interested persons are advised to read the definitive proxy statement/prospectus and other documents filed in connection with Athena’s solicitation of proxies for its Special Meeting because these materials contain important information about Heliogen, Athena and the proposed business combination and related transactions. The definitive proxy statement/prospectus and other relevant materials for the proposed business combination will be mailed to stockholders of Athena as of November 23, 2021. Stockholders may also obtain a copy of the preliminary or definitive proxy statement/prospectus, once available, as well as other documents filed with the SEC by Athena, without charge, at the SEC’s website located at www.sec.gov or by directing a request to Phyllis Newhouse, President and Chief Executive Officer, Athena Technology Acquisition Corp., 125 Townpark Drive, Suite 300, Kennesaw, GA 30144, or by telephone at (970) 924-0446.
Participants in the Solicitation
Athena, Heliogen and their respective directors and executive officers and other persons may be deemed to be participants in the solicitations of proxies from Athena’s stockholders in respect of the proposed business combination and related transactions. Information regarding Athena’s directors and executive officers is available in its Registration Statement on Form S-1 and the prospectus included therein filed with the SEC on March 3, 2021. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests are contained in the definitive proxy statement/prospectus related to the proposed business combination and related transactions, and which can be obtained free of charge from the sources indicated above.
No Offer or Solicitation
This communication shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed transaction. This communication shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
About Athena Technology Acquisition Corp.
Athena Technology Acquisition Corp. is an entirely women-led special purpose acquisition company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses in the technology, direct-to-consumer and fintech industries.
About Heliogen
Heliogen is a renewable energy technology company focused on eliminating the need for fossil fuels in heavy industry and powering a sustainable future. The company’s AI-enabled, modular concentrated solar technology aims to cost-effectively deliver near 24/7 carbon-free energy in the form of heat, power, or green hydrogen fuel at scale – for the first time in history. Heliogen was created at Idealab, the leading technology incubator founded by Bill Gross in 1996. For more information about Heliogen, please visit heliogen.com.
Athena Technology Acquisition Corp. Contacts
For Media:
Berns Communications Group
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(917) 922-4435
Heliogen Contacts
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For Investors:
Caldwell Bailey
ICR, Inc.
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HOUSTON--(BUSINESS WIRE)--Octopus Energy Group announced a new long-term strategic partnership with Canada Pension Plan Investment Board (CPP Investments), one of the world’s largest pension funds and a global force in energy investing.
This global partnership is formed of an initial US$300 million equity investment from CPP Investments with an aspiration to grow the level of committed capital over time to support Octopus in their mission to drive the global green energy revolution. The deal follows a recent investment round with Generation Investment Management and increases Octopus Energy Group’s valuation to approximately US$5 billion.
The $300 million funding will support Octopus Energy’s' global expansion, including in the U.S. This year, Octopus Energy opened its first U.S. headquarters in Houston, Texas, where it has grown its customer base by 10X. This $300 million will allow Octopus Energy to reach more consumers, deploy more renewable generation, advance new technologies, and collaborate with more energy companies, customers and utilities.
“This investment delivers a huge boost to our mission of expanding access to renewable energy and delivering exceptional customer service across all markets. Octopus Energy has turned energy on its head – thrown away the call centers, confusing bills and tired systems – to create a better customer experience for everyone that takes into consideration how consumers interact with their energy and smart home devices, while making the experience more enjoyable, visually appealing and understandable. We’re thrilled to continue making strides on this work, while advancing renewable energy and strengthening the grid across the U.S.,” said Michael Lee, CEO of Octopus Energy U.S.
The initial commitment from CPP Investments and the broader partnership will also help grow Octopus’s Kraken platform, accelerating the transition of energy assets globally. It will also boost Octopus’s smart grid capabilities and help expand the company’s green energy generation, including but not limited to the Fan Club – the U.K.’s first renewable energy tariff that gives communities close to specific wind turbines cheaper power when the blades are spinning significantly (80% of the time).
CPP Investments, the professional investment management organization managing the C$541 billion fund, is a significant provider of capital to companies looking to capture opportunities brought about by the energy revolution and the shift in global demand for low-carbon energy alternatives. Its Sustainable Energies Group, led by Bruce Hogg, is active across the global energy system with total assets of approximately C$19.5 billion, including investments in renewables, utilities, and power generation.
“In the decades to come, some of the most rewarding long-term investment opportunities in the global economy rest among those businesses that will enable, evolve and innovate along the path to a net-zero world. As a large, long-term investor, we are well-positioned to continue our leadership in investing in the whole economy evolution required by climate change. This investment and partnership with Octopus Energy, made through our Sustainable Energies Group, is a perfect example of how investors can work with leading tech-enabled energy companies to digitally disrupt the global energy system and support the evolution to a low carbon world,” said Deborah Orida, Chief Sustainability Officer and Senior Managing Director, Global Head of Real Assets, CPP Investments.
Octopus is driving a global green energy revolution, with a goal of 100 million energy accounts on Kraken, Octopus’s proprietary smart grid customer service technology, by 2027. Octopus’s renewable investment arm, Octopus Energy Generation, is one of Europe’s largest renewable energy investors and manages assets in excess of $4.5 billion. Current estimates put Octopus on the path to double its global generation portfolio, providing enough energy to power an additional 2 million homes by 2025.
“Octopus has pioneered the technology that allows citizens to benefit from cheaper energy as it gets greener. CPP Investments is a global force in energy investing, and their investment and partnership will enable us to build this truly innovative approach along the entire energy value chain. Innovating new ways to accelerate investment into the renewable energy revolution is vital to delivering governments’ net zero goals and the CPP Investments-Octopus partnership is globally significant, paving the way to billions of dollars of investment in the U.K. and globally. Make no mistake – this partnership is huge,” said Greg Jackson, CEO and founder of Octopus Energy Group.
Through the establishment of the Sustainable Energies Group (SEG), CPP Investments is building on existing strengths in renewables, conventional energy and innovation. Additionally, the organization’s Sustainable Investing (SI) group supports investment departments on the integration of relevant ESG considerations into investment decision-making and asset management.
This is another strong milestone for Octopus Energy following the investment by Generation Investment Management’s Long-term Equity strategy in September 2021.
About Octopus Energy Group
Octopus Energy Group is a global energy tech pioneer, launched in 2016 to use technology to unlock a customer focused and affordable green energy revolution. It is part of Octopus Group, which is a certified BCorp. With operations in 13 countries, Octopus Energy Group's mission is going global.
Octopus’s domestic energy arm already serves 3.1 million customers with cheaper greener power, through Octopus Energy, M&S Energy, Affect Energy, Ebico, London Power and Co-op Energy. Octopus Electric Vehicles is helping make clean transport cheaper and easier, and Octopus Energy Services is bringing smart products to thousands of homes. Octopus Energy Generation is one of Europe’s largest investors in renewable energy, managing a $4.5 billion portfolio of renewable energy assets throughout the continent.
All of these are made possible by Octopus’s tech arm, Kraken Technologies, which offers a proprietary, in-house platform based on advanced data and machine learning capabilities, Kraken automates much of the energy supply chain to allow outstanding service and efficiency as the world transitions to a decentralised, decarbonised energy system. This technology has been licensed to support over 20 million customer accounts worldwide, through deals with EDF Energy, Good Energy, E.ON energy and Origin Energy.
In September 2021, Octopus Energy Group was valued at $4.6 billion after taking $600 million investment from Generation Investment Management, a firm that backs businesses that drive sustainability and the fight against climate change. It was the company’s third major investment round since launching to the market.
For more information, check out our website.
About Canada Pension Plan Investment Board
Canada Pension Plan Investment Board (CPP Investments) is a professional investment management organization that manages the fund in the best interest of the more than 20 million contributors and beneficiaries of the Canada Pension Plan. In order to build diversified portfolios of assets, investments are made around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At September 30, 2021, the Fund totalled C$541.5 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Facebook or Twitter.
Media: Pakelody Cheam, This email address is being protected from spambots. You need JavaScript enabled to view it.
Results confirm improved economics, industry-low operating costs profile, with higher confidence level
BANKABLE FEASIBILITY STUDY HIGHLIGHTS
BELMONT, N.C.--(BUSINESS WIRE)--Piedmont Lithium Inc., (“Piedmont” or the “Company”) (NASDAQ: PLL; ASX: PLL), a leading developer of lithium hydroxide production to enable the North American electric vehicle supply chain, is pleased to report the results of a Bankable Feasibility Study (“BFS”) for its 100% owned proposed integrated lithium hydroxide business (“Carolina Lithium” or the “Project”) in Gaston County, North Carolina. The Study confirms that Carolina Lithium has the location, mineral resources, and operational advantages to be one of the world’s largest and lowest-cost producers of lithium hydroxide, with a sustainability footprint that is superior to incumbent producers, all in a highly strategic location to supply the rapidly growing electric vehicle supply chain in the United States. Current and forecasted battery manufacturing capacity now exceeds 500 GWh with public announcements of over $25bb in capital investments to occur in the U.S. by 2025. Based on an average requirement of 960t of lithium hydroxide per GWh of manufacturing capacity, the resultant U.S. demand for lithium hydroxide could exceed 460,000 t/y by 2027.
“Our unique, strategic location, innovative new processing technology, and integrated approach to producing battery-grade lithium hydroxide, have once again proven to offer a wide range of potential advantages to prospective customers, shareholders, and the community,” said Piedmont President and CEO, Keith Phillips. “It’s gratifying to have the opportunity to build a business that has the potential to make a significant impact on decarbonization, while also offering economic opportunity to members of the community and our shareholders. It’s becoming more apparent that electrification demands regionalization, and this latest BFS confirms the advantages we have to offer a U.S.-based EV supply chain through the fully-integrated, sustainable production of lithium hydroxide from spodumene, and the continuity of supply we will be able to deliver while reducing our reliance on China and other countries.”
The Study reflects more conservative costing assumptions than prior studies, with recent inflationary pressures having a substantial impact on both capital expenditures and operating costs. These cost impacts are partially offset using lithium pricing assumptions based on the more positive outlook incorporated in the consensus estimates described in the full report which can be found at here. The BFS assumes a fixed price of $18,000/t for battery quality lithium hydroxide, versus current spot prices exceeding $30,000/t.
The lithium hydroxide plant is assumed to operate for 30 years, with 2.0 Mt of SC6 delivered from Carolina Lithium’s concentrate operations from years 1-11 and 3.9 Mt of SC6 delivered from third party spodumene concentrate purchases from years 12-30, resulting in a total production target of approximately 883,000 t of battery quality lithium hydroxide, averaging approximately 29,400 t/y of lithium hydroxide over the 30-year production life.
The Company’s Bankable Feasibility Study (“BFS”) is based on the Mineral Resource estimate reported in October 2021, of 44.2 Mt at a grade of 1.08% Li2O and the by-product Mineral Resource estimates comprising 7.4 Mt of quartz, 11.1 Mt of feldspar and 1.1 Mt of mica reported in June 2021. This announcement is intended to alert investors to the conversion of 18.3 million metric tons of previously categorized spodumene Mineral Resources (undiluted basis) to Probable Ore Reserves and to report the results of the technical study of the production of battery grade lithium hydroxide from these Ore Reserves and other sources. The BFS represents a significant advancement in project definition compared with the Company’s previously announced Scoping Study update announced in June 2021. Estimate accuracy has been improved between June and December 2021 from ±35% to ±15%.
The Company submitted a N.C. State Mining Permit application on August 31, 2021. The Company has received additional information requests in connection with the mine permit application and is preparing a written response. Carolina Lithium remains subject to local rezoning and permit requirements. Piedmont remains in pre-application consultation with Gaston County currently. A rezoning application will follow receipt of mine and air permits. The Company will apply for a special use permit required by Gaston County upon completion of the rezoning process.
About Piedmont Lithium
Piedmont Lithium is developing a world-class, multi-asset, integrated lithium business focused on enabling the transition to a net zero world and the creation of a clean energy economy in North America. The centerpiece of our operations, located in the renowned Carolina Tin Spodumene Belt of North Carolina, when combined with equally strategic and in-demand mineral resources, and production assets in Quebec, and Ghana, positions us to be one of the largest, lowest cost, most sustainable producers of battery-grade lithium hydroxide in the world. We will also be strategically located to best serve the fast-growing North American electric vehicle supply chain. The unique geology, geography and proximity of our resources, production operations and customer base, will allow us to deliver valuable continuity of supply of a high-quality, sustainably produced lithium hydroxide from spodumene concentrate, preferred by most EV manufacturers. Our planned diversified operations should enable us to play a pivotal role in supporting America’s move toward decarbonization and the electrification of transportation and energy storage. As a member of organizations like the International Responsible Mining Association, and the Zero Emissions Transportation Association, we are committed to protecting and preserving our planet for future generations, and to making economic and social contributions to the communities we serve. For more information, www.piedmontlithium.com.
Keith Phillips
President & CEO
T: +1 973 809 0505
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Brian Risinger
VP – Investor Relations and Corporate Communications
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Tamminen, Governor Schwarzenegger’s climate change expert, starts January 1. AltaSea’s Board of Directors was attracted to his global environmental leadership. The Guardian ranked Tamminen #1 in its 2008 “Top 50 People Who Can Save the Planet.”
LOS ANGELES--(BUSINESS WIRE)--AltaSea at the Port of Los Angeles announced today that its Board of Directors has elected Terry Tamminen, current AltaSea Chief Strategy Officer and former California Environmental Protection Agency Secretary, as the nonprofit’s next President and Chief Executive Officer, effective January 1, 2022. He replaces current CEO Tim McOsker, who is stepping down to focus on his run for Los Angeles City Council. Tamminen will join the nonprofit’s Board of Directors upon assuming his new role. McOsker will continue to serve as a volunteer senior advisor.
Tamminen has over three decades of environmental leadership experience, including positions with government agencies, nonprofit organizations, and corporations. Tamminen joined AltaSea earlier this year in an advisory role, where he assisted the leadership team on guiding its new strategic plan.
“We’re privileged that someone of Terry’s caliber and depth of respect in the environmental movement has agreed to be our next CEO and lead us into 2022 – a year of action for AltaSea,” said Board Chairman Doane Liu. “Terry helped transform California into a global leader on climate change. He has become a respected international voice on how our oceans play a pivotal role in saving our planet. He will accelerate AltaSea’s current work in becoming a global leader for the blue economy. At the same time, we thank Tim for his outstanding leadership which has seen AltaSea flourish over the last four years.”
Tamminen’s career has taken him from founding the Santa Monica BayKeeper to the California Governor’s inner circle, crafting groundbreaking sustainability policies. In 2007, Tamminen founded 7th Generation Advisors, a nonprofit that empowers individuals and organizations to create and adopt solutions that protect the environment and fight climate change. Tamminen also served as CEO of the Leonardo DiCaprio Foundation, where he oversaw all operations and environmental initiatives. An accomplished author, Tamminen has published multiple books on environmental topics, including carbon emissions. In 2008, The Guardian ranked Tamminen #1 in its “Top 50 People Who Can Save the Planet.”
“Terry played a very critical role in launching some of the most successful and progressive sustainability initiatives we created during my time as Governor. Without his guidance, California would not be the worldwide leader in environmentalism and sustainability that it is today,” said former Governor Schwarzenegger. “AltaSea is in great hands with Terry, who I consider a dear friend.”
Tamminen played a key role in helping Arnold Schwarzenegger become Governor of California. He was appointed as the Secretary of the California Environmental Protection Agency in 2003, and was later appointed Cabinet Secretary, the Chief Policy Advisor to the Governor. Tamminen was the architect of many of the groundbreaking sustainability policies, including California’s landmark Global Warming Solutions Act of 2006, the Hydrogen Highway Network, and the Million Solar Roofs Initiative.
“Ever since my first diving lesson in my youth just a few miles from AltaSea, I’ve had a deep passion and interest in the ocean. I’m honored to be working with AltaSea, a place teeming with researchers and innovators all focused on investing in a sustainable future for our ocean,” said Tamminen. “AltaSea is uniquely positioned to become the world’s leading destination for the blue economy and I’m excited to help guide the organization to continued success.”
Tim McOsker will conclude his service as CEO, effective January 7, 2022, after nearly 4 years at the helm. Since being named CEO, McOsker has helped put AltaSea on the map in both California and in Washington, DC. Earlier this year, he announced AltaSea’s plans for the largest rooftop solar installation at an ocean R&D facility. In February 2020, McOsker played a key role in AltaSea coauthoring the Los Angeles Economic Development Corporation’s report that added the “Ocean Economy” as an emerging industry cluster to monitor and track in Los Angeles. In 2021, Tim was named to the regional advisory board of the Center for Sustainability Solutions Council at University of Southern California (USC), which works to solve urban environmental challenges. In October 2021, McOsker’s efforts led to the State of California and the Port of Los Angeles directing $12 million to AltaSea toward the construction of the Center of Innovation.
“As a native of San Pedro and lifelong harbor area resident, it has been an honor to lead AltaSea the past four years and witness its transformation to the next stage of development,” said McOsker. “We’ve laid a strong foundation for the future, and I can’t wait to watch AltaSea continue to flourish for years to come—and importantly, help be part of the solution to climate change while also creating good jobs and economic development in the blue economy for future generations.”
McOsker’s leadership has created many strategic partnerships, including with USC and UC San Diego’s Scripps Institution of Oceanography – two of the nation’s premier research institutions. McOsker has raised millions of dollars in his four years, both from private philanthropic giving and state grants. Additionally, McOsker and AltaSea were named recipients of the Global Citizen Award in 2020, an award presented by the United Nations Association/Southern California Division to “individuals and organizations committed to making a difference in the quality of life of all people locally and globally.” Prior to becoming CEO, McOsker represented AltaSea in critical legal matters, including its lease renegotiation with the Port of Los Angeles.
“Tim’s leadership has brought about tremendous growth for AltaSea. He has helped guide AltaSea to its first ever state funding and make strong progress in securing federal funding as well. Thanks to him, we’re well-positioned for continued success,” said Liu. “Tim is a natural-born leader, and we wish him nothing but the best in his next endeavor.”
About AltaSea at the Port of Los Angeles
AltaSea at the Port of Los Angeles, located on 35 acres at North America’s leading seaport by both container volume and cargo value, is dedicated to accelerating scientific collaboration, advancing an emerging blue economy through business innovation and job creation, and inspiring the next generation, all for a more sustainable, just, and equitable world.
For more information on AltaSea, please see our website: https://altasea.org.
Jacob Scott
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412-445-7719
New innovative energy storage products and microgrid financing offering underscore company market traction in 2021
HONOLULU--(BUSINESS WIRE)--Blue Planet Energy's commitment to the collective clean energy future accelerated in 2021, reducing dependency on fossil fuels for a range of new customers in expanding geographies. Enabling energy independence for homes, businesses and communities, the company now has multiple projects over 1MWh in size underway as well as marquee decarbonization projects that displace polluting diesel generators for the military, remote Alaskan villages and communities in Central America.
The company also expanded its premium offerings in 2021 with the introduction of the new Blue Ion HI battery system, the intuitive monitoring and controls platform Nāmaka, as well as novel zero-money down commercial financing. Additionally, Blue Planet Energy became a designated Public Benefit Corporation to further embody its mission into the DNA of the business and celebrated the expansion of its operational footprint with the opening of a new training, service, and R&D facility in Richmond, CA.
“Throughout 2021 we’ve remained inspired by humanity mobilizing to address the climate crisis and building reliable global energy infrastructure,” said Chris Johnson, CEO of Blue Planet Energy. “Since founding, Blue Planet Energy has strived to empower individuals and communities with technology that encourages renewable resources over fossil fuels. We continue to see that not only are the economics better, but local energy resources can provide the reliability and resilience that centralized fossil fuels simply cannot. Our work over the last year continues to make that vision a reality.”
Clean Energy Innovation
In 2021, Blue Planet Energy further advanced energy storage adoption through market-leading technology and an innovative finance offering. Purposefully engineered to minimize system footprint and streamline installation, the company’s new stackable, maintenance-free Blue Ion HI ensures reliable power delivery, on or off grid.
Blue Planet Energy launched its Nāmaka communications platform to seamlessly integrate battery storage with existing on-site energy systems; enable fleet management, monitoring and controls; and distill aggregate performance data into intuitive, actionable information. Nāmaka comes standard with all Blue Ion HI systems and is available for retrofit to the existing fleet of Blue Ion 2.0 installations.
The company also debuted a first-of-its-kind hybrid power purchase agreement (hPPA) for clean energy microgrids. Addressing a key challenge to adoption by offering zero-money-down financing, clean energy microgrids ensure business continuity for companies and critical infrastructure negatively impacted by PSPS (public safety power shutoff) events or other grid outages that prevent community services.
Flagship Blue Ion Deployments
A proliferation of Blue Planet Energy battery storage systems throughout the year included Kona Rainforest Coffee, an eighty-acre, off-grid farm in South Kona, Hawaii, on a mission to fully power operations with clean energy in alignment with their core company principle of sustainability. A net-zero microgrid for the Oregon Military Department was developed with the addition of a Blue Ion LX system to slash generator dependency by half and enable the use of on-site solar power during grid outages.
Supporting education of the nation’s clean energy workforce, Blue Planet Energy’s donation program expanded to projects with organizations such as the Midwest Renewable Energy Association and Solar Energy International, which provide hands-on technical training to installers and energy contractors.
Company Transformation
Blue Planet Energy celebrated its sixth anniversary by reincorporating as Blue Planet Energy Systems, Inc., a Public Benefit Corporation. The benefit corporation designation formalizes the company’s mission within its governing documents and publicly proclaims its commitment to enabling 100 percent clean energy by or before 2045. With this also came a corporate rebrand and invitation for all to Live the Future free of fossil fuel dependence.
For more information about Blue Planet Energy, visit blueplanetenergy.com.
About Blue Planet Energy
Blue Planet Energy is making the promise of grid independence a reality. With our scalable Blue Ion energy platform, we enable safe, resilient, clean energy to be delivered through distributed, smart energy storage and microgrids. Our energy storage systems are used in homes, businesses and communities to provide energy security and independence from the utility grid while driving the increased use of renewable power generation. To learn more about our technology or join our top-notch dealer network, visit blueplanetenergy.com.
Christine Bennett
Blue Planet Energy
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CHICAGO--(BUSINESS WIRE)--Power & Digital Infrastructure Acquisition II Corp. (the “Company”), a blank check company sponsored by XPDI Sponsor II LLC and formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities, today announced that it closed its initial public offering of 28,750,000 units at a price of $10.00 per unit, which includes the exercise in full by the underwriters of their over-allotment option to purchase an additional 3,750,000 units. Total gross proceeds from the offering were $287,500,000, before deducting underwriting discounts and commissions and other offering expenses. The units are listed on The Nasdaq Stock Market LLC and trade under the ticker symbol “XPDBU.” Each unit consists of one share of Class A common stock of the Company and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of Class A common stock of the Company at a price of $11.50 per share, subject to adjustment, and only whole warrants are exercisable. Once the securities comprising the units begin separate trading, the shares of Class A common stock and warrants are expected to be listed on The Nasdaq Stock Market LLC under the symbols “XPDB” and “XPDBW,” respectively. No fractional warrants will be issued upon separation of the units and only whole warrants will trade.
Barclays and BofA Securities acted as joint book-running managers for the offering. The offering was made only by means of a prospectus. Copies of the prospectus may be obtained from Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: (888) 603-5847 or email: This email address is being protected from spambots. You need JavaScript enabled to view it., or BofA Securities, Attn: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC 28255-0001, email: This email address is being protected from spambots. You need JavaScript enabled to view it..
A registration statement relating to the securities became effective on December 9, 2021 in accordance with Section 8(a) of the Securities Act of 1933, as amended. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering and the anticipated use of the net proceeds. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and preliminary prospectus for the Company's offering filed with the Securities and Exchange Commission (“SEC”). Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Patrick C. Eilers
Chief Executive Officer
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(312) 961-6605
Theodore J. Brombach
Chairman of the Board of Directors
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(312) 806-4440
James P. Nygaard, Jr.
Chief Financial Officer
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(847) 770-5235
HOUSTON--(BUSINESS WIRE)--$TELL--Tellurian Inc. (Tellurian) (NYSE American: TELL) announced today it has begun a partnership with the National Forest Foundation (NFF) on a five-year, $25 million plan for reforestation and other projects across the United States. One of the first projects will be to re-plant 300,000 trees in the Kisatchie National Forest (Kisatchie), located near Alexandria, Louisiana. Kisatchie was heavily damaged by recent weather events and lost nearly 40,000 acres of native trees.
Executive Chairman Charif Souki said, “Tellurian is beginning a long-term investment in reforestation, starting in our own backyard, as new trees help provide nature-based carbon sequestration, cleaner air and environmental resiliency. The NFF, in collaboration with the U.S. Forest Service, has identified multiple projects across the country that we will support in the coming years. We recognize that natural climate solutions are effective and critically needed today, and that the NFF offers a powerful suite of strategies in this regard.”
"Tellurian’s investment in healthy, resilient forests and their ability to capture and store carbon is a major step forward,” noted Mary Mitsos, NFF President & CEO. “This partnership will not only plant a significant number of trees on National Forest land, but it will also invest in the supply chain of seedlings critical for our nation’s long-term reforestation needs. We appreciate Tellurian’s tremendous commitment across multiple dimensions of our forests’ future.”
National Forests comprise 193 million acres nationwide, providing extensive ecosystem services including drinking water, carbon sequestration, wildlife habitat, and more. Managed by the U.S. Forest Service, these public lands are threatened by unnaturally severe wildfire, blight, and pests. The NFF and its partners counter these threats to ensure more resilient, productive, and beautiful forests. Tellurian now joins that mission.
"This is a forest conservation trifecta,” said NFF Executive Vice President Ray A. Foote. “We will plant 13 million trees in the next five years starting immediately with 300,000 trees on the Kisatchie National Forest. We will ramp up tree nursery capacity to secure a future supply of millions of quality seedlings. Finally, we will increase forests’ ability to hold carbon which is a critical natural climate solution. This $25 million investment by Tellurian, the largest contribution in the NFF’s history, will yield measurable conservation results for years to come. We are grateful for this generous and far-reaching commitment.”
Tellurian chose to work with the NFF because of the organization’s track record of delivering quantifiable conservation results and its cutting-edge work on carbon strategies through forest management.
About Tellurian Inc.
Tellurian intends to create value for shareholders by building a low-cost, global natural gas business, profitably delivering natural gas to customers worldwide. Tellurian is developing a portfolio of natural gas production, LNG marketing and trading, and infrastructure that includes an ~ 27.6 mtpa LNG export facility and an associated pipeline. Tellurian is based in Houston, Texas, and its common stock is listed on the NYSE American under the symbol “TELL”. For more information, please visit www.tellurianinc.com. Follow us on Twitter at twitter.com/TellurianLNG
About the National Forest Foundation
The National Forest Foundation works on behalf of the American public to inspire personal and meaningful connections to our National Forests. It leverages private and public funding, leading conservation efforts to restore forests, plant trees in areas affected by fires, insects, and disease, enhance wildlife habitat, and improve recreational opportunities. The NFF develops natural climate solutions and innovative conservation-finance initiatives. It facilitates common ground around solutions to forest challenges by bringing communities, businesses, officials, and partners together. The NFF believes our National Forests and all they offer are an American treasure and are vital to the health of our communities and nation. For more information, please visit www.nationalforests.org.
CAUTIONARY INFORMATION ABOUT FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of U.S. federal securities laws. The words “anticipate,” “assume,” “believe,” “budget,” “estimate,” “expect,” “forecast,” “initial,” “intend,” “may,” “plan,” “potential,” “project,” “proposed,” “should,” “will,” “would,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements herein relate to, among other things, the capacity, timing, construction and other aspects of the Driftwood project, future production and drilling activities and the timing of a notice to proceed with respect to the project. These statements involve a number of known and unknown risks, which may cause actual results to differ materially from expectations expressed or implied in the forward-looking statements. These risks include the matters discussed in Item 1A of Part I of the Annual Report on Form 10-K of Tellurian for the fiscal year ended December 31, 2020 filed by Tellurian with the Securities and Exchange Commission (the SEC) on February 24, 2021, and other Tellurian filings with the SEC, all of which are incorporated by reference herein. The forward-looking statements in this press release speak as of the date of this release. Although Tellurian may from time to time voluntarily update its prior forward-looking statements, it disclaims any commitment to do so except as required by securities laws.
Media:
Joi Lecznar
EVP Public and Government Affairs
Phone +1.832.962.4044
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Investors:
Matt Phillips
Vice President, Investor Relations
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ROCKVILLE, Md.--(BUSINESS WIRE)--The Board of Directors of Argan, Inc. (NYSE: AGX) (“Argan” or the “Company”) today declared a regular quarterly cash dividend in the amount of $0.25 per share of common stock, payable January 31, 2022 to stockholders of record at the close of business on January 21, 2022.
About Argan, Inc.
Argan’s primary business is providing a full range of services to the power industry, including the renewable energy sector. Argan’s service offerings focus on the engineering, procurement and construction of natural gas-fired power plants and renewable energy facilities, along with related commissioning, operations management, maintenance, project development and consulting services, through its Gemma Power Systems and Atlantic Projects Company operations. Argan also owns The Roberts Company, which is a fully integrated fabrication, construction and industrial plant services company, and SMC Infrastructure Solutions, which provides telecommunications infrastructure services.
Company:
Rainer Bosselmann
301.315.0027
Investor Relations:
David Watson
301.315.0027
TORONTO--(BUSINESS WIRE)--#PVsolar--Silfab Solar, North America’s leading PV module manufacturer, today announced a 2022 agreement with Titan Solar Power, the nation’s Top Residential Solar Rooftop Contractor(*), to continue deliveries of the most advanced, reliable and highest-efficiency solar panels on the market.
Titan will install Silfab’s latest North American manufactured series including the Silfab Prime, the highest-performing module for residential and commercial installations backed by the nation’s leading warranty.
“Silfab has been a strong partner since 2018. Their premium product and overall reliability resonate well with our sales dealers and homeowners across the United States,” said David Williamson, Titan’s CEO and Co-Founder. “Silfab’s North American manufacturing locations and strong customer service ensure seamless communication and deliveries directly with the more than 30 warehouses we support.”
“Titan is the industry’s leading installer. Titan already has installed more than 500,000 Silfab modules across 18 states,” said Geoff Atkins, Silfab’s Head of Business Development and Marketing. “This agreement allows Silfab to continue supporting a trusted partner who has a reputation centered entirely on quality.”
Silfab has significantly expanded production capacity in North America with the latest in automated technology, continued superior engineering and its well-known strict quality control measures. Earlier this year, Silfab announced the opening of a second production facility in Washington as well as a multi-million-dollar strategic investment from ARC Financial Corp. to significantly expand Silfab’s USA solar manufacturing and supply chain footprint.
Based in Arizona, Titan Solar Power has grown to become the leading residential solar company in the country. Titan current installs in 18 states with 35 office locations and its footprint continues to expand into new markets across the country.
About Silfab Solar
Silfab Solar is the North American leader in the design, development and manufacture of ultra-high-efficiency, premium quality PV modules. Silfab leverages 40 years of solar experience and best-in-class technologies to produce the highest-rated solar modules from facilities in the state of Washington and Toronto, Canada. Each facility features multiple automated ISO 9001-2015 quality certified production lines utilizing just-in-time manufacturing to deliver Buy American-approved PV modules specifically designed for and dedicated to the North American market.
About Titan Solar Power
Titan Solar Power partners with like-minded solar sales companies to deliver world-class installations with industry-leading customer experience. Titan handles all aspects of a solar module installation. “We take pride in our work and know that it will stand the test of time. Solar is what we do and what we excel at.” As a Titan partner, you can rest assured we are just as committed to ensuring every one of your customers are elated with their decision to go solar. https://titansolarpower.com
(*) Titan Solar Power has consistently been ranked by Solar Power World as the nation’s Top Residential Solar Contractor.
Media Contact for Silfab Solar:
Geoff Atkins
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Tel: +1-905-255-2501 Ext. 737
Media Contact for Titan Solar Power:
Samantha Jones
PR/Marketing Director
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HOUSTON--(BUSINESS WIRE)--Helix Energy Solutions Group, Inc. (NYSE: HLX) is pleased to announce that it has entered into an extension of its well intervention charter and services contracts for the Siem Helix 2 offshore Brazil with Petróleo Brasileiro S.A. (Petrobras).
The initial four-year contract for the Siem Helix 2 has been extended by one year at a reduced rate reflective of the current market. The Siem Helix 2 is now set to remain under contract with Petrobras until mid-December 2022 performing riser-based well intervention activities. The Siem Helix 2 is a purpose-built, advanced well intervention vessel capable of performing a wide range of subsea services including production enhancement, well decommissioning, subsea installation work, offshore crane and ROV operations, offshore construction work and emergency response capabilities.
Scotty Sparks, Helix’s Executive Vice President and Chief Operating Officer, stated, “On the back of our recent accommodation and support contract for sister ship the Siem Helix 1 in Ghana for another customer, we are glad to finalize this process and look forward to continuing a long and productive working relationship with Petrobras. The Siem Helix 2 has consistently provided industry-leading well intervention services to Petrobras. This extension demonstrates the capacity for Helix to continuously provide innovative solutions to fit our clients’ needs backed by our experience and proven track record.”
About Helix Energy Solutions
Helix Energy Solutions Group, Inc. is an international offshore energy services company that provides specialty services to the offshore energy industry, with a focus on well intervention and robotics operations. For more information about Helix please visit our website at www.HelixESG.com.
Forward-Looking Statements
This press release contains forward-looking statements that involve risks, uncertainties and assumptions that could cause our results to differ materially from those expressed or implied by such forward-looking statements. All statements, other than statements of historical fact, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, any statements regarding protocols and plans, current work continuing, the spot market, spending and cost reduction plans and the ability to manage changes; strategy; any statements regarding visibility and future utilization; any projections of financial items; any statements regarding future operations expenditures; any statements regarding the plans, strategies and objectives for future operations; any statements regarding the ability to enter into, renew and/or perform commercial contracts; any statements regarding future economic conditions or performance; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Forward-looking statements are subject to a number of known and unknown risks, uncertainties and other factors that could cause results to differ materially from those in the forward-looking statements, including but not limited to the results and effects of the COVID-19 pandemic and actions by governments, customers, suppliers and partners with respect thereto; market conditions; demand for our services; the performance of contracts by suppliers, customers and partners; actions by governmental and regulatory authorities including regulatory initiatives by the current U.S. administration; operating hazards and delays, which include delays in delivery, chartering or customer acceptance of assets or terms of their acceptance; the ultimate ability to realize current backlog; employee management issues; complexities of global political and economic developments; geologic risks; volatility of oil and gas prices and other risks described from time to time in reports filed with the Securities and Exchange Commission (“SEC”), including Helix’s most recently filed Annual Report on Form 10-K and in other filings with the SEC, which are available free of charge on the SEC’s website at www.sec.gov. We assume no obligation and do not intend to update these forward-looking statements, which speak only as of their respective dates, except as required by the securities laws.
Social Media
From time to time we provide information about Helix on Twitter (@Helix_ESG), LinkedIn (www.linkedin.com/company/helix-energy-solutions-group), Facebook (www.facebook.com/HelixEnergySolutionsGroup) and Instagram (www.instagram.com/helixenergysolutions).
Erik Staffeldt
Executive Vice President & CFO
281-618-0465
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New company marries fintech and cleantech to offer consumers a low cost path to EV ownership
LOS ANGELES--(BUSINESS WIRE)--#EV--Hive Technologies Inc., the company unlocking the full carbon benefit of electric vehicles (EVs), today announced $30 million in new funding. The investment accelerates the company’s vision to ensure that future generations benefit from cleaner air quality by expanding affordable access to EVs and renewable energy-based charging infrastructure. This combination is critical to expedite EVs’ full carbon reduction potential. Hive’s unique model reduces the ROICO2 (Return on Invested Carbon Dioxide) of EVs to one year, down from approximately seven on average with today’s utilization. To achieve this vital carbon benefit, Hive taps a convergence of proven technologies including high range EVs, IOT, iSun, Inc.’s (NASDAQ: ISUN) modular solar charging capabilities, and energy storage. Coming out of stealth, today’s funding will be used to develop Hive's proprietary fintech solution, put an initial 1,000 high mileage EV users on a path to EV ownership, and deploy 50 solar-powered, direct current fast charger (DCFC)-enabled Hive mobility hubs eliminating 12,000 tonnes of C02 and saving 1.2 million gallons of fuel every year.
“Adoption follows price. Hive opens up access to EVs as a more affordable option by lowering the average income required to get financing for an EV by nearly 40 percent. In Hive’s model, the vehicle is the ‘razor,’ and energy services are the ‘razor blades’ that Hive will supply over the long operational life of each EV,” said Mathias Thomsen, co-founder and CEO, Hive. “By lowering barriers to EV adoption for those who drive the most we unleash a flywheel effect that increases overall demand for EVs alongside both network density and utilization, solving the adoption challenges that have held back EVs and fully renewable EV charging to date.”
“Transitioning drivers to EVs is a critical part of any net zero plan. We are excited to work with Hive in rolling out an innovative, flexible, and convenient solution for high mileage drivers starting with those participating in the gig economy,” said Trent Yang, President and co-founder, Galway Sustainable Capital. “Galway’s capital will be used for both acquiring vehicles as well as corporate equity as Hive looks towards significant growth in 2022. Hive is taking a clean sheet approach to a massive market opportunity that is still in the early stages of a sea change; we have high conviction and look forward to being long-term partners.”
“The realization of the long-promised climate benefit of EVs is dependent on getting more drivers on a path to EV ownership. Most EVs today are driven by affluent consumers who charge at home. A multi-dimensional solution is needed to ensure ownership can be achieved more quickly and through a mileage-based model, which is what we’ve developed at Hive,” said Boyd Bishop, co-founder and COO, Hive. “Our clean sheet model ensures rapid EV adoption and the viability of renewable energy services as EVs go mainstream. We look forward to working with automobile manufacturers to deliver this higher ROICO2 for their EVs, auto finance and traditional car rental companies to open up utilization opportunities for new and off-lease EVs, and with forward thinking site hosts to pioneer the installation of our modular, scalable, and easy-to-deploy renewable energy hubs.”
“Hive’s vision for accessible EV ownership directly complements iSun’s mission to accelerate the adoption of innovative technologies that improve lives,” Jeff Peck, CEO of iSun, Inc. “We’re proud to partner with them and excited to help them accelerate the adoption of both EVs and solar energy.”
Today’s financing comes from an international group of investors including iSun, Inc. (NASDAQ: ISUN), Galway Sustainable Capital, and Los Angeles Cleantech Incubator’s Impact Fund, LACI as well as strategic individuals from the renewables and real estate sectors, aligned to Hive’s Environmental, Social, and Governance (ESG) objectives.
About Hive
Hive wants mass market consumers to have, and use, their EVs - a lot. By sitting at the nexus of proven technologies such as high range EVs, IOT, modular solar charging, and energy storage, Hive has created innovative fintech solutions to bring EVs to this massive, yet underserved market segment. The company is uniquely positioned to put drivers on a path to EV ownership on timelines significantly shorter than traditional car leases and loans. Hive also plans to offer renewable energy services to consumers with more moderate mileage, tapping into the increasing renewable energy oversupply.
Founded in 2020 and formerly known as Gemini, Hive is backed by an international investor syndicate that includes iSun Energy and Los Angeles Cleantech Incubators Impact Fund, LACI. The Hive team is made up of alumni from Uber, Fair Financial, Airbus, U.S. Army, Boston Consulting Group, Harvard Business School and London Business School to deliver technology and infrastructure in support of the ultimate goal of clean air for future generations. For more information please visit: https://www.drivehive.com/
Media:
Kate Gundry
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More than 2,000 PG&E and Contract Workers Deployed on Storm Response
Second Storm Arriving Wednesday Could Bring More Low Snow, Additional Customer Impacts
SAN FRANCISCO--(BUSINESS WIRE)--Pacific Gas and Electric Company (PG&E) crews today continue to assess damage, make repairs and restore service to customers after the first of two winter storms battered much of Northern and Central California Sunday and Monday.
As of 2 p.m. today, 90 percent of the 247,000 customers who lost power have been restored. Approximately 27,000 customers remained without power, as heavy snow, road closures, downed trees, and other access issues are impeding the ability of PG&E crews to make repairs in some areas. The company is working diligently to overcome those challenges safely and as quickly as local conditions will allow.
“We know outages for any reason are frustrating and inconvenient, particularly when daylight is short and temperatures low,” said Mark Quinlan, PG&E Incident Commander for the company’s storm readiness and response. “We see what our customers are dealing with. We are doing everything we can to help, and we won’t stop until everyone’s power is back on.”
Snow, ice, and cold temperature are creating additional challenges in some cases. For example, snow loading, which occurs when snow accumulates on tree branches or powerlines, has created hazards and outage problems in the North Valley and Sierra Nevada areas. A secondary problem can result when such accumulated snow suddenly drops to the ground, creating new hazards and complicating repairs.
More than 20 inches of snow was reported in the Echo Summit area (El Dorado County) and the National Weather Service’s Winter Storm Warning forecast as much as six feet or more in higher elevations. The storm also brought strong winds and driving rain to much of PG&E’s service area. Gusts of more than 70 mph were recorded in 10 counties, including Amador, Madera and Placer counties where they exceeded 100 mph. Weather stations in Santa Cruz and Santa Clara counties measured more than nine inches of rain as of Monday night.
After a short respite, another storm is expected to move through California early Wednesday into Thursday. Although forecast to be weaker than the Sunday-Monday storm, this second event will bring low-altitude snow across the Northern Coastal Range and Sierra Nevada, along with moderate rainfall and breezy to gusty southerly winds across the northern and central portions of PG&E’s service area.
Restoration Efforts and Preparation
PG&E has 332 crews available to make repairs and restore power – crews typically are three, four or five people. Additionally, 322 Troublemen, the utility industry’s first responders, and 431 vegetation management workers are responding to the storm. The company’s Emergency Operations Center is activated along with local and regional storm centers.
PG&E has established two microsites in Santa Cruz and Grass Valley to stage crews and equipment to speed storm response and power restoration.
Keeping Customers Informed
PG&E knows how important it is to keep its customers informed. Customers can view real-time outage information on its website outage center and search by a specific address, by city or by county. This site has been updated to include in-language support for 16 languages.
Additionally, customers can sign up for outage notifications by text, email or phone. PG&E will inform customers about the cause of an outage, when crews are on their way, the estimated restoration time, and when power is restored.
Storm Safety Tips
Other tips can be found at www.pge.com/beprepared.
About PG&E
PG&E, a subsidiary of PG&E Corporation (NYSE:PCG), is a combined natural gas and electric utility serving more than 16 million people across 70,000 square miles in Northern and Central California. For more information, For more information, visit pge.com and pge.com/news.
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GARDEN VALLEY, Texas--(BUSINESS WIRE)--Mercy Ships is pleased to announce a second $50 million gift from Harry and Linda Fath of Cincinnati, Ohio. These two gifts are the largest donations in Mercy Ships history.
Harry and Linda first learned of the incredible work Mercy Ships was doing while watching a CBS 60 Minute segment. They were so inspired that they sent a donation the next day. Don Stephens, the Founder, called Harry a few days later to thank them.
Harry had many questions and the more he heard the more intrigued he became and planned a visit to Don at Mercy Ships home office in Garden Valley, Texas. He gained a better understanding of how this amazing organization started and where they are today. Importantly, he learned that there was no cost for any medical care. Everyone on board is a volunteer and they pay room and board and all their transportation costs.
The visit was both enlightening and inspirational for Harry. He learned of Mercy Ships desire for a new second ship that could more than double the life changing care that Mercy Ships provides.
Don suggested Harry visit the current ship and see first-hand what they are accomplishing. Arrangements were made for Harry, his daughter Heather (who had done missionary work in Africa) and the Director of the Cincinnati Zoo, Thane Maynard to go to Benin, Africa where the ship was docked. Upon his return, the Fath’s decided to make their first $50 million gift.
Harry commented on his time spent onboard the ship. “Not only did I witness the transformations occurring in patients’ lives after receiving medical care, but I was truly inspired and overwhelmed by the Mercy Ships volunteers. When I thought of the personal sacrifices these volunteers make to help other people with debilitating medical issues and yet they are the happiest most compassionate individuals I have ever seen in my life. There’s a lesson there. Linda and I hope that our donation will inspire others.”
Don Stephens, Founder of Mercy Ships said, “We are grateful to Harry and Linda Fath for their generous donation. They deeply care about our mission and feel called upon to contribute and support the organization’s efforts. Together, we can make a difference in tens of thousands of lives in Africa today and in the future.”
The Fath’s original donation of $50 million was designated to assist in the construction and delivery of the Global Mercy®, currently in Antwerp, Belgium for outfitting for service as the world’s largest non-governmental hospital ship.
With 12 decks, the Global Mercy is equipped with six surgical operating rooms and a specialized training platform for African surgeons, obstetricians, dentists, and anesthesiologists including a simulation laboratory for surgical and post-operative care. The Global Mercy will allow Mercy Ships to more than double the number of people receiving hope and healing.
Why Africa? Mercy Ships focuses their mission to the medical needs found in sub-Saharan Africa where 93% of the population have little or no access to healthcare. With only two physicians per 10,000 people, many lack access to even basic medical facilities, let alone safe surgical care. African heads of state have repeatedly invited Mercy Ships to their nations, not only to address the lack of surgery but also to train their healthcare professionals ‘in country’.
The legacy donation of $50 million by Harry and Linda Fath, is to be used as a matching challenge grant for strategic investment in the future.
Through free, life-saving surgeries, healthcare education and specialty training, the vision to transform lives by bringing hope and healing has guided Mercy Ships since the beginning.
The Africa Mercy®, the current ship draws volunteers from over 60 nations — an average of more than 1,200 volunteers each year including surgeons, nurses, dentists, healthcare trainers, chefs, teachers, seafarers, as well as many more professions. And with the debut of the newest ship, the Global Mercy, more volunteers than ever will be needed onboard the two hospital ships bringing hope and healing where it is needed most. Information on volunteering can be found at www.mercyships.org/makeyourmark.
ABOUT MERCY SHIPS
Mercy Ships uses hospital ships to deliver free, world-class healthcare services, capacity building, and sustainable development to those with little access in the developing world. Founded in 1978 by Don and Deyon Stephens, Mercy Ships has worked in more than 55 developing countries, providing services valued at more than $1.7 billion and directly benefitting more than 2.8 million people. With 16 national offices and an Africa Bureau, Mercy Ships seeks to transform individuals and serve nations. For more information click on www.mercyships.org.
Laura Rebouché
U.S. National Media Relations Director
Mercy Ships
Office: +1 903.939.7000
Direct: +1 903.939.7127
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https://mercyships.org/press
Doosan, a global EPC leader in energy storage, will deploy a lithium-ion battery solution ― bringing grid stability to the backbone of the southern-NSW electricity network.
MELBOURNE, Australia--(BUSINESS WIRE)--Neoen has named a consortium of Doosan Heavy Industries & Construction Co. Ltd. and its subsidiary, Doosan GridTech, to build the 100MW/200MWh Capital Battery ― the largest standalone battery storage system in the Australian Capital Territory (ACT). The consortium will provide engineering, procurement, and construction (EPC) services with a 20-year operations and maintenance program. Doosan GridTech's Intelligent Controller® will orchestrate energy arbitrage, fast frequency response, and ancillary services with the potential to provide synthetic inertia or black start services in the future.
Neoen's Capital Battery will significantly improve grid stability and support ACT's shift to total carbon neutrality by 2045. Its 627-battery unit system is expected to be fully operational by mid-2023 ― providing power to help avoid blackouts during periods of high demand and when large fossil fuel generators fail in heatwave conditions.
"We are honored that Neoen has chosen Doosan to deliver its signature energy storage system in the ACT," said Wonyoung Ahn, Chief Operating Officer - Doosan GridTech. "The Capital Battery represents a big step in building our momentum to provide high megawatt grid-scale battery storage systems. Once again, we are demonstrating that competitively priced systems deployed alongside advanced and flexible control platforms are winning propositions for global renewable developers. Turnkey delivery provides simplicity of purchase and a higher degree of short-term risk management. Upgradable software ensures long-term risk management flexibility for technology options and adaptation to meet future grid needs. I commend our teams in the US, Australia, and Korea for their significant effort in bringing this project together."
Doosan's Intelligent Controller is one of the first storage control and optimization systems built on open standard interfaces designed to meet the Australian transmission system's rigorous requirements. Using advanced power system intelligence woven into a comprehensive energy management platform, it responds rapidly against complex schedules and intricate operating modes while ensuring that power quality is safely and reliably maintained.
Neoen is one of the world's leading independent producers of exclusively renewable energy. Neoen has over 4.8 GW of solar, wind, and storage capacity in operation or under construction in Australia, France, Finland, Mexico, El Salvador, Argentina, Ireland, Portugal, Jamaica, Mozambique, and Zambia. The company is also active in Croatia, Ecuador, Sweden, and the USA. Neoen's flagship assets include France's most powerful solar farm in Cestas (300 MWp) and two of the world's largest lithium-ion batteries: Hornsdale Power Reserve (150 MW / 193.5 MWh) and Victorian Big Battery (300 MW / 450 MWh), in Australia. Neoen is targeting more than 10 GW capacity in operation or under construction by the end of 2025. Neoen (ISIN Code: FR0011675362, ticker: NEOEN) is listed in Compartment A of the regulated market of Euronext Paris. www.neoen.com
At Doosan GridTech®, we believe that enduring economic growth and environmental healing start with a resilient, low-carbon power grid. We are a multi-disciplined team of power system engineers, software developers, and turnkey energy storage specialists. We help utility-scale power producers evaluate, procure, integrate, control, and optimize energy storage, solar power, and other renewable power resources. Our battery storage experts in Seattle, Melbourne, and Seoul have designed, built, and provided flexible controls for nearly 35 installations in the Americas and Asian-Pacific regions – representing over 415MW of capacity. www.doosangridtech.com
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Cleantech integrator pledges to achieve net zero carbon emissions by 2040.
FRAMINGHAM, Mass.--(BUSINESS WIRE)--#carbonreduction--Ameresco, Inc., (NYSE: AMRC), a leading cleantech integrator specializing in energy efficiency and renewable energy, today released its 2021 Environmental, Social and Corporate Governance (ESG) report. The report centers on the theme of “Doing Well by Doing Good: Innovation. Action. Integrity.” which reflects the company’s ESG programs, strategic initiatives, and commitments for the future.
The 2021 ESG report highlights Ameresco’s practices pertaining to business and operations, environmental advocacy and impact, employee engagement, giving back, health and safety, and corporate responsibility. Publicly sharing the initiatives, performance metrics, and targets supports the company’s accountability to stakeholders and long-term focus on sustainability.
Since its inception in 2000, sustainability has always been at the forefront of Ameresco’s business – from energy saving customer projects and clean energy generation assets, to workplace green initiatives and giving back to local communities. Since going public in 2010, the company’s renewable energy assets and customer projects have delivered a cumulative carbon offset over 60 million metric tons of carbon dioxide. As detailed in the 2021 report, this is only the beginning of the company’s relentless pursuit of a net zero future as the firm has committed to reduce its customers’ carbon footprint by a cumulative 500 million metric tons by 2050.
In addition to delivering innovative energy solutions to customers, the company looked inward in 2021 to establish new programs and practices designed to increase impact, transparency, and accountability. Throughout the ESG report, Ameresco has unveiled long-term commitments grounded in contributing to a decarbonized, resilient, energy secure, and equitable future.
“Climate change is the issue of our generation, and we must act now and make it a top priority,” said President and CEO of Ameresco, George Sakellaris. “We must think creatively to play an integral role in the transformation of the energy industry and the resolution of climate issues. We have an opportunity before us to change the trajectory of the energy industry in collaboration with our customers, partners, and communities. Our commitment to net zero is unwavering, and we have never been more prepared to take action.”
The company has pledged to achieve net zero carbon operations by 2040 for scope 1 and scope 2 emissions and will establish greenhouse gas emissions reduction targets through the Science Based Targets initiative by 2025 to validate net zero targets with science-based certification. The company leveraged their own smart AssetPlanner® software – developed for customers and prospects to analyze their own carbon footprint. Ameresco’s 2019 carbon baseline and 2020 carbon inventory are detailed in the report, along with background on initial steps in their strategy to destination: net zero.
The company has committed to continue investing in a workforce that empowers, unites, and inspires – many stories of which can be found within the report, and to increase the diversity of their global workforce and celebrate unique backgrounds, creative differences, and the individual experiences that make the One Ameresco team. Investment in employee engagement programs in 2021 included a companywide learning management system, an employee recognition system, and enhanced mental health and well-being benefits.
In addition to a continued focus on employees, Ameresco is deeply committed to C.A.R.I.N.G. for their local communities. As a new benefit in 2021, the company provided every employee with 16 volunteer hours, hosted several regional volunteer opportunities, and instituted a new employee donation matching program. Over 1,000 hours were volunteered across Ameresco’s global footprint and over $75,000 in employee donations to over 60 non-profit 501(c)(3) organizations were matched through September 30, 2021.
With a relentless focus on stringent health and safety compliance, safe technical infrastructure, and meaningful corporate ethics, Ameresco’s governance practices are designed to ensure that complex energy projects are executed with the highest level of integrity. The report details the firm’s continued commitment to achieve world class safety performance with a target zero accidents and injuries, cybersecurity best practices, and increased leadership diversity.
Ameresco’s ESG Ambassadors – which includes team members across various functions and geographies – set out in 2021 to engage stakeholders companywide in bringing the company’s ESG programs and goals to fruition. Initiated in 2020, the group’s focus is to understand and communicate the many ways ESG is intertwined and strategically pursued in the company’s operations. The company plans to continue investing additional resources into its overall ESG programs for years to come.
“As the Executive Chair of our ESG Ambassador group, I am personally and professionally energized by the heightened awareness of ESG across all markets, and I am thrilled by the way organizations are taking action with conviction and at scale. Our strategic ESG initiatives in 2021 have run in parallel with customer projects focused on meaningful decarbonization. The global emphasis on climate change, environmental equity, and social responsibility is a catalyst for opportunity.” said Doran Hole, Executive Chair of Ameresco’s ESG Ambassador group and Chief Financial Officer.
To view the 2021 Ameresco ESG report, please visit: http://www.ameresco.com/2021-esg-report/
To learn more about Ameresco and the company’s cleantech solutions, please visit www.ameresco.com.
About Ameresco, Inc.
Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading cleantech integrator and renewable energy asset developer, owner and operator. Our comprehensive portfolio includes energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions delivered to clients throughout North America and the United Kingdom. Ameresco’s sustainability services in support of clients’ pursuit of Net Zero include upgrades to a facility’s energy infrastructure and the development, construction, and operation of distributed energy resources. Ameresco has successfully completed energy saving, environmentally responsible projects with Federal, state and local governments, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco has more than 1,000 employees providing local expertise in the United States, Canada, and the United Kingdom. For more information, visit www.ameresco.com.
Forward-looking statements
This release contains forward-looking statements within the meaning of federal and state securities laws, including statements about our goal to achieve net zero carbon emissions by 2040, our strategies to achieve this goal, and underlying assumptions. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions. All statements other than statements of historical fact contained in this report are forward-looking statements. You are cautioned not to rely on these forward-looking statements, which are based on current expectations of future events. For important information about the risks and uncertainties that could cause actual results to vary materially from the assumptions, expectations, and projections expressed in any forward-looking statements, please refer to the “Forward-Looking Statements” and “Risk Factors” sections of our filings with the Securities and Exchange Commission, all of which can be found at https://ir.ameresco.com/sec-filings.
Media:
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