OVERLAND PARK, Kan.--(BUSINESS WIRE)--Tortoise today announced the following unaudited balance sheet information and asset coverage ratio updates for TYG, NTG, TTP, NDP and TPZ.
Tortoise Energy Infrastructure Corp. (NYSE: TYG) today announced that as of November 30, 2021, the company’s unaudited total assets were approximately $564.4 million and its unaudited net asset value was $412.9 million, or $34.61 per share.
As of November 30, 2021, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 532%, and its coverage ratio for preferred shares was 405%. For more information on the company’s coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseecofin.com.
Set forth below is a summary of the company’s unaudited preliminary balance sheet at November 30, 2021.
Unaudited preliminary balance sheet
|
(in Millions) |
Per Share |
||||
Investments |
$ |
554.4 |
$ |
46.48 |
||
Cash and Cash Equivalents |
|
0.7 |
|
0.06 |
||
Receivable for Investments Sold |
|
7.2 |
|
0.61 |
||
Other Assets |
|
2.1 |
|
0.16 |
||
Total Assets |
|
564.4 |
|
47.31 |
||
Short-Term Borrowings |
|
19.2 |
|
1.61 |
||
Senior Notes |
|
83.9 |
|
7.03 |
||
Preferred Stock |
|
32.3 |
|
2.71 |
||
Total Leverage |
|
135.4 |
|
11.35 |
||
Payable for Investments Purchased |
|
6.3 |
|
0.52 |
||
Other Liabilities |
|
3.1 |
|
0.27 |
||
Current Tax Liability |
|
6.7 |
|
0.56 |
||
|
|
|
||||
Net Assets |
$ |
412.9 |
$ |
34.61 |
||
11.93 million common shares currently outstanding.
Tortoise Midstream Energy Fund, Inc. (NYSE: NTG) today announced that as of November 30, 2021, the company’s unaudited total assets were approximately $278.2 million and its unaudited net asset value was $210.1 million, or $37.22 per share.
As of November 30 2021, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 563%, and its coverage ratio for preferred shares was 449%. For more information on the company’s coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseecofin.com.
Set forth below is a summary of the company’s unaudited preliminary balance sheet at November 30, 2021.
Unaudited preliminary balance sheet
|
(in Millions) |
Per Share |
||||
Investments |
$ |
271.5 |
$ |
48.12 |
||
Cash and Cash Equivalents |
|
0.5 |
|
0.09 |
||
Receivable for Investments Sold |
|
5.4 |
|
0.95 |
||
Other Assets |
|
0.8 |
|
0.14 |
||
Total Assets |
|
278.2 |
|
49.30 |
||
|
|
|
||||
Short-Term Borrowings |
|
40.9 |
|
7.25 |
||
Senior Notes |
|
7.2 |
|
1.27 |
||
Preferred Stock |
|
12.2 |
|
2.16 |
||
Total Leverage |
|
60.3 |
|
10.68 |
||
|
|
|
||||
Payable for Investments Purchased |
|
5.1 |
|
0.91 |
||
Other Liability |
|
0.9 |
|
0.17 |
||
Current Tax Liability |
|
1.8 |
|
0.32 |
||
|
|
|
||||
Net Assets |
$ |
210.1 |
$ |
37.22 |
||
5.64 million common shares currently outstanding.
Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP) today announced that as of November 30, 2021, the company’s unaudited total assets were approximately $81.0 million and its unaudited net asset value was $62.3 million, or $27.96 per share.
As of November 30, 2021, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 668%, and its coverage ratio for preferred shares was 443%. For more information on the company’s coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseecofin.com.
Set forth below is a summary of the company’s unaudited preliminary balance sheet at November 30, 2021.
Unaudited preliminary balance sheet
|
(in Millions) |
Per Share |
||||
Investments |
$ |
80.2 |
$ |
35.99 |
||
Cash and Cash Equivalents |
|
0.4 |
|
0.18 |
||
Other Assets |
|
0.4 |
|
0.17 |
||
Total Assets |
|
81.0 |
|
36.34 |
||
|
|
|
||||
Short-Term Borrowings |
|
8.1 |
|
3.63 |
||
Senior Notes |
|
3.9 |
|
1.77 |
||
Preferred Stock |
|
6.1 |
|
2.74 |
||
Total Leverage |
|
18.1 |
|
8.14 |
||
|
|
|
||||
Other Liabilities |
|
0.6 |
|
0.24 |
||
Net Assets |
$ |
62.3 |
$ |
27.96 |
||
2.23 million common shares currently outstanding.
Tortoise Energy Independence Fund, Inc. (NYSE: NDP) today announced that as of November 30, 2021, the company’s unaudited total assets were approximately $51.1 million and its unaudited net asset value was $46.4 million, or $25.13 per share.
As of November 30, 2021, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 1,684%. For more information on the company’s coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseecofin.com.
Set forth below is a summary of the company’s unaudited preliminary balance sheet at November 30, 2021.
Unaudited preliminary balance sheet
|
(in Millions) |
Per Share |
||||
Investments |
$ |
48.7 |
$ |
26.37 |
||
Cash and Cash Equivalents |
|
0.4 |
|
0.22 |
||
Receivable for Investments Sold |
|
1.8 |
|
0.96 |
||
Other Assets |
|
0.2 |
|
0.15 |
||
Total Assets |
|
51.1 |
|
27.70 |
||
Credit Facility Borrowings |
|
2.7 |
|
1.46 |
||
|
|
|
||||
Payable for Investments Purchased |
|
1.8 |
|
0.96 |
||
Other Liabilities |
|
0.2 |
|
0.15 |
||
Net Assets |
$ |
46.4 |
$ |
25.13 |
||
1.85 million common shares currently outstanding.
Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ) today announced that as of November 30, 2021, the company’s unaudited total assets were approximately $123.0 million and its unaudited net asset value was $98.5 million, or $15.09 per share.
As of November 30, 2021, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 510%. For more information on the company’s coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseecofin.com.
Set forth below is a summary of the company’s unaudited preliminary balance sheet at November 30, 2021.
Unaudited preliminary balance sheet
|
(in Millions) |
Per Share |
||||
Investments |
$ |
119.5 |
$ |
18.31 |
||
Cash and Cash Equivalents |
|
2.2 |
|
0.34 |
||
Other Assets |
|
1.3 |
|
0.20 |
||
Total Assets |
|
123.0 |
|
18.85 |
||
|
|
|
||||
Credit Facility Borrowings |
|
24.0 |
|
3.68 |
||
|
|
|
||||
Other Liabilities |
|
0.5 |
|
0.08 |
||
Net Assets |
$ |
98.5 |
$ |
15.09 |
||
6.53 million common shares currently outstanding.
The top 10 holdings for TYG, NTG, TTP, NDP and TPZ as of the most recent month-end can be found on each fund’s portfolio web page at https://cef.tortoiseecofin.com.
About Tortoise
Tortoise focuses on energy & power infrastructure and the transition to cleaner energy. Tortoise’s solid track record of energy value chain investment experience and research dates back more than 20 years. As one of the earliest investors in midstream energy, Tortoise believes it is well-positioned to be at the forefront of the global energy evolution that is underway. With a steady wins approach and a long-term perspective, Tortoise strives to make a positive impact on clients and communities. To learn more, please visit www.TortoiseEcofin.com.
Tortoise Capital Advisors, L.L.C. is the adviser to Tortoise Energy Infrastructure Corp., Tortoise Midstream Energy Fund, Inc., Tortoise Pipeline & Energy Fund, Inc., Tortoise Energy Independence Fund, Inc. and Tortoise Power and Energy Infrastructure Fund, Inc.
For additional information on these funds, please visit cef.tortoiseecofin.com.
Safe harbor statement
This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain statements that may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although the funds and Tortoise Capital Advisors believe that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the fund’s reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, the funds and Tortoise Capital Advisors do not assume a duty to update this forward-looking statement.
For more information contact:
Maggie Zastrow, (913) 981-1020
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Fund to scale solar energy projects that disrupt disparities in marginalized communities across the U.S. and the Global South
SAN FRANCISCO--(BUSINESS WIRE)--The Honnold Foundation, a solar energy access nonprofit founded in 2012 by prominent rock climber, Alex Honnold, and Sunrun (Nasdaq: RUN), the nation’s leading home solar, battery storage, and energy services provider, have announced a new fundraising campaign to catalyze innovation in solar energy access in underserved communities around the world.
Launched today, the Innovation Fund will identify and fund grassroots organizations using solar energy to address social and economic disparities in frontline communities around the world.
Grantee Partners will be scalable and precedent setting, and show how solar can be an elegant, multifaceted solution to address global energy inequity. From the Indian Himalayas to the Ecuadorian Amazon, Memphis to the Navajo Nation, Partners’ solutions may power education, access to clean water, river transportation in the Amazon, and more.
With the goal of raising at least $1 million over the next 12 months, the Honnold Foundation will be responsible for administering the fund and selecting and supporting grantees. Sunrun is making a monetary contribution to the Innovation Fund of $50,000—as a match to other donations that will be received through fundraising efforts in December.
"Rooftop solar gives nonprofits the power to reduce their energy bills––while doing something good for the environment––so that they can continue focusing on the impactful work that they do,” said Alex Honnold, Founder of the Honnold Foundation. “We’re excited to be partnering again with Sunrun to expand our impact, help our existing grantee Partners scale, and help communities around the world switch to renewable energy."
In September 2020, Honnold Foundation and Sunrun launched the Community Fund, a program donating solar installations to potentially reduce carbon emissions and utility bills of BIPOC-led nonprofit organizations providing community services, including shelters, food banks and arts or education centers. The Community Fund has installed nearly 60 kilowatts of solar energy capacity on four projects in Memphis, Detroit, and Houston. An additional project in Petersburg, Virginia, is expected to be online by early-2022.
“We are so excited to partner again with the Honnold Foundation on such an important initiative to bring energy equity to everyone,” said Mary Powell, CEO of Sunrun. “Sunrun is committed to improving environmental equity and justice for all, and the Innovation Fund will help deliver the many benefits of clean, solar energy to hundreds of thousands of residents in historically disadvantaged communities.”
The Innovation Fund call for applications will open in January 2022, and will welcome applications from community-based organizations serving marginalized communities in the U.S. and around the world.
About The Honnold Foundation
The Honnold Foundation (HF) promotes solar energy for a more equitable world. Founded in 2012 by professional rock climber Alex Honnold, the Foundation believes that energy should be clean, affordable, and accessible for everyone. HF provides funding, project management, and a storytelling spotlight to nonprofit partners worldwide, who are using solar energy to create opportunity, increase social equity, and build more resilient communities. To learn more, visit www.honnoldfoundation.org.
About Sunrun
Sunrun Inc. (Nasdaq: RUN) is the nation’s leading home solar, battery storage, and energy services company. Founded in 2007, Sunrun pioneered home solar service plans to make local clean energy more accessible to everyone for little to no upfront cost. Sunrun’s innovative home battery solution brings families affordable, resilient, and reliable energy. The company can also manage and share stored solar energy from the batteries to provide benefits to households, utilities, and the electric grid while reducing our reliance on polluting energy sources. For more information, please visit www.sunrun.com.
Media
Peter Walle
Communications Manager
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Wyatt Semanek
Public Relations Manager
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OVERLAND PARK, Kan.--(BUSINESS WIRE)--The following unaudited balance sheet information and asset coverage ratio update is provided for Ecofin Sustainable and Social Impact Term Fund (NYSE: TEAF).
As of November 30, 2021, the company’s unaudited total assets were approximately $258.0 million and its unaudited net asset value was $232.6 million, or $17.24 per share.
As of November 30, 2021, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 1,177%. For more information on the company’s coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseecofin.com.
Set forth below is a summary of the company’s unaudited preliminary balance sheet at November 30, 2021.
Unaudited preliminary balance sheet
|
(in Millions) |
Per Share |
||
Investments |
$ 252.3 |
$ 18.70 |
||
Cash and Cash Equivalents |
0.5 |
0.03 |
||
Investments Receivable |
2.7 |
0.20 |
||
Other Assets |
2.5 |
0.19 |
||
Total Assets |
258.0 |
19.12 |
||
|
|
|
||
Credit Facility Borrowings |
21.6 |
1.60 |
||
|
|
|
||
Investments Payable |
2.7 |
0.20 |
||
Other Liabilities |
1.1 |
0.08 |
||
Net Assets |
$232.6 |
$17.24 |
||
13.49 million common shares outstanding. |
||||
The top 10 holdings for TEAF as of the most recent month-end can be found on the fund’s portfolio web page at cef.ecofininvest.com/funds/teaf.
For additional information on this fund, please visit cef.ecofininvest.com.
TCA Advisors is the adviser to Ecofin Sustainable and Social Impact Term Fund and Ecofin Advisors Limited is the fund’s sub-adviser.
Safe harbor statement
This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain statements that may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although the fund and TCA believe that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the fund’s reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, the fund and TCA do not assume a duty to update this forward-looking statement.
For more information contact:
Maggie Zastrow, (913) 981-1020
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DUBLIN--(BUSINESS WIRE)--The "The US Residential Solar Market: Size & Forecast with Impact Analysis of COVID-19 (2021-2025)" report has been added to ResearchAndMarkets.com's offering.
The report provides an in depth analysis of the US residential solar market by value, by annual installations, by cumulative installations, by penetration, by region, etc. The report provides a regional analysis of the US residential solar market, including the following regions: California, and the Rest of the US. The report also provides a detailed analysis of the COVID-19 impact on the residential solar market.
The world's energy demand is rapidly increasing as a result of population growth and technological improvements. To meet the future energy demand, it is consequently critical to choose a stable, cost-effective, and eternal renewable energy source.
The need to change to clean energy sources is continually increasing due to the ecological imbalance and global warming caused by hazardous emissions from coal-fired power plants. Solar energy, like other renewable energy sources, is a promising and readily available source of energy for addressing long-term difficulties in the energy crisis. Because of the tremendous need for energy, the solar market is steadily growing all over the world, despite the fact that the main energy source, fossil fuel, is finite and other sources are expensive.
Though the solar energy can be utilized for a variety of purposes including residential, commercial and utility, the demand of residential solar has escalated in recent years. Residential solar panels are mainly used for the domestic purpose.
The US residential solar market has significantly increased in 2020 and it is projected that the market would rise considerably in the next four years i.e. 2021-2025. The US residential solar market is expected to rise due to falling costs for solar system, rising utility bills, easy residential solar financing and leasing, Federal and State policy support, rising demand for rooftop solar and shift towards clean energy. The market also faces some challenges like supply chain disruptions and declining efficiency associated with bad weather and low sunlight.
The report also assesses the key opportunities in the market and outlines the factors that are and will be driving the growth of the industry. Growth of the US residential solar market has also been forecasted for the period 2021-2025, taking into consideration the previous growth patterns, the growth drivers and the current and future trends.
The US residential solar market is fragmented with the presence of many major players. The key players of the market: Sunrun, Inc., SunPower Corporation, Tesla, Inc. and Titan Solar Power are also profiled with their financial information and respective business strategies.
Key Topics Covered:
1. Executive Summary
2. Introduction
2.1 Residential Solar: An Overview
2.1.1 Early Uses Of Solar Energy
2.1.2 Solar Cell Invention
2.1.3 Difference: Residential vs Commercial Solar Panels
2.1.4 Benefits Of Residential Solar
2.2 Residential Solar Segmentation: An Overview
2.2.1 Residential Solar Panel Segmentation And Their Efficiency
3. The US Market Analysis
3.1 The US Residential Solar Market: An Analysis
3.1.1 The US Residential Solar Market by Value
3.1.2 The US Residential Solar Market by Annual Installations
3.1.3 The US Residential Solar Market by Cumulative Installations
3.1.4 The US Residential Solar Market by Penetration
3.1.5 The US Residential Solar Market by Region (California, and Rest of the US)
3.1.6 The US Residential Solar Market Installations by Region (California, Next 9 States, and Rest of the US)
4. The US Regional Market Analysis
4.1 California Residential Solar Market: An Analysis
4.1.1 California Residential Solar Market by Value
4.1.2 California Residential Solar Market by Annual Installations
4.2 Next 9 States Residential Solar Market: An Analysis
4.2.1 Next 9 States Residential Solar Market by Annual Installations
4.3 Rest of the US Residential Solar Market: An Analysis
4.3.1 Rest of the US Residential Solar Market by Value
5. Impact of COVID-19
5.1 Impact of COVID-19
5.1.1 Impact of COVID-19 on the US Residential Solar Market
5.1.2 Decline in Solar Workforce
5.1.3 Supply Chain Constraints Lead to Price Increases
5.1.4 Post-COVID Scenario
6. Market Dynamics
6.1 Growth Drivers
6.1.1 Falling Costs for Solar System
6.1.2 Rising Utility Bills
6.1.3 Easy Residential Solar Financing and Leasing
6.1.4 Federal and State Policy Support
6.1.5 Rising Demand for Rooftop Solar
6.1.6 Shift Towards Clean Energy
6.2 Challenges
6.2.1 Supply Chain Disruptions
6.2.2 Declining Efficiency Associated with Bad Weather or Low Sunlight
6.3 Market Trends
6.3.1 California Solar Mandate
6.3.2 Advancements in Solar Panels
6.3.3 Application Of Artificial Intelligence (AI) in the Solar Market
7. Competitive Landscape
7.1 The US Residential Solar Market Players: A Financial Comparison
7.2 The US Residential Solar Market Players by Research & Development (R&D) Expenses
7.3 The US Residential Solar Players by Market Share
8. Company Profiles
8.1 Business Overview
8.2 Financial Overview
8.3 Business Strategy
For more information about this report visit https://www.researchandmarkets.com/r/moqsyj
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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WEST SACRAMENTO, Calif.--(BUSINESS WIRE)--Origin Materials, Inc. (“Origin,” “Origin Materials,” or the “Company”) (Nasdaq: ORGN, ORGNW), the world’s leading carbon negative materials company with a mission to enable the world’s transition to sustainable materials, today announced that it will participate in the Credit Suisse Climate Tech and Start-Up Forum, which will be held virtually on December 6th and 7th, 2021. In addition to holding one-on-one investor meetings, Origin Co-Founder and Co-CEO John Bissell is scheduled to participate in a panel discussion including other climate-focused innovators on December 7, 2021.
Interested investors and other parties can find additional information relating to these conferences by visiting the Events and Presentations section of the Company’s Investor Relations website at https://investors.originmaterials.com.
About Origin Materials
Headquartered in West Sacramento, Origin Materials is the world's leading carbon negative materials company. Origin’s mission is to enable the world’s transition to sustainable materials. Over the past 10 years, Origin has developed a platform for turning the carbon found in inexpensive, plentiful, non-food biomass such as sustainable wood residues into useful materials while capturing carbon in the process. Origin’s patented technology platform can help revolutionize the production of a wide range of end products, including clothing, textiles, plastics, packaging, car parts, tires, carpeting, toys, and more with a ~$1 trillion addressable market. In addition, Origin’s technology platform is expected to provide stable pricing largely decoupled from the petroleum supply chain, which is exposed to more volatility than supply chains based on sustainable wood residues. Origin’s patented drop-in core technology, economics and carbon impact are supported by a growing list of major global customers and investors.
For more information, visit www.originmaterials.com.
Cautionary Note on Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws. 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. These forward-looking statements include, but are not limited to, statements regarding Origin Materials’ business strategy, estimated total addressable market, commercial and operating plans and product development plans. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the management of Origin Materials 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 Origin Materials. These forward-looking statements are subject to a number of risks and uncertainties, including that Origin Materials may be unable to successfully commercialize its products; the effects of competition on Origin Materials’ business; disruptions and other impacts to Origin Materials’ business as a result of the COVID-19 pandemic and other global health or economic crises; changes in customer demand; and those factors discussed in the Quarterly Report on Form 10-Q filed with the SEC on November 12, 2021 under the heading “Risk Factors,” and other documents Origin Materials 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 Origin Materials presently does not know, or that Origin Materials currently believes are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Origin Materials’ expectations, plans, or forecasts of future events and views as of the date of this press release. Origin Materials anticipates that subsequent events and developments will cause its assessments to change. However, while Origin Materials may elect to update these forward-looking statements at some point in the future, Origin Materials specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing Origin Materials’ assessments of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
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Next generation zero-touch Edge Computing platform delivers 2X performance over first generation
MAYNARD, Mass.--(BUSINESS WIRE)--Stratus Technologies, the global leader in simplified, protected, and autonomous Edge Computing platforms, today announced the general availability and shipping of the Stratus® ztC™ Edge 200i and 250i platforms. The 2nd generation ztC Edge delivers up to 2X performance over the prior generation and continues to combine built-in application virtualization, fault tolerance, and zero-touch operation to enable digital transformation at the edge.
Both the ztC Edge 200i and 250i are available for shipping and may be ordered through Stratus’ extensive network of Authorized Partners and distributors.
Andreas Linn, Support Manager, Nonstop Technologies, GmbH said, “The increased performance of the ztC Edge 200i and 250i extends their scope of application to all systems in the operation technology (OT) area. The new ability to license an individual node and easily add a second node later, depending on a customer‘s high availability or fault tolerance requirements, allows more flexible project design. We plan to deploy the second generation ztC Edge in a variety of use cases from access control to pipeline surveillance to manufacturing automation – all areas where IT personnel are limited and zero-touch reliability is therefore critical.”
According to Craig Resnick, Vice President, ARC Advisory Group, “Despite the growing convergence of OT and IT, Edge Computing platforms used in industrial applications typically remain under the day-to-day jurisdiction of OT teams, whose expertise is installing, operating, and servicing automation equipment, not IT. This is why the market requires zero-touch Edge Computing platforms. The 2nd generation ztC Edge addresses the market need for more powerful, fault tolerant Edge Computing that runs continuously without the need of IT personnel. This enables users to accelerate their digital transformation journey at the edge while providing tremendous savings in time and personnel costs and reducing unscheduled downtime.”
Digital Transformation with ztC Edge
The ztC Edge platform is a rugged, secure, highly automated Edge Computing platform that protects and delivers critical applications quickly, reliably, and efficiently in distributed, under-resourced locations, supporting increased operational efficiency and elimination of downtime.
Purpose-built for operational technology (OT) while meeting standard IT performance and security requirements, ztC Edge can quickly be installed at a single location or across multiple locations without the need for specialized IT skills. The platform is ideal for running critical applications and building Smart Machines in Pharma, Chemicals, Oil & Gas, Food & Beverage, and other industries where data loss and downtime are unacceptable.
2nd Generation Platform Key Features
Second generation ztC Edge users benefit from:
The 2nd generation platforms also carry UL Class I Div 2 certification and IP40 rating making them ideal for industrial environments. Platforms are designed based on ISA/IEC 62443 security standards and continue to enable OT and IT convergence with simple plug-n-play deployment and self-monitoring maintenance to reduce the need for IT support.
Additional Resources
About Stratus
For leaders digitally transforming their operations to drive predictable, peak performance with minimal risk, Stratus ensures the continuous availability of business-critical applications by delivering zero-touch Edge Computing platforms that are simple to deploy and maintain, protected from interruptions and threats, and autonomous. For 40 years, we have provided reliable and redundant zero-touch computing, enabling global Fortune 500 companies and small-to-medium sized businesses to securely and remotely turn data into actionable intelligence at the Edge, cloud and data center – driving uptime and efficiency. For more information, please visit www.stratus.com or follow on Twitter @StratusAlwaysOn and LinkedIn @StratusTechnologies.
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AUSTIN, Texas & NEW YORK--(BUSINESS WIRE)--Essentium, Inc. (“Essentium” or the “Company”), a leading innovator of industrial additive manufacturing solutions, announced today that it has entered into a definitive business combination agreement with Atlantic Coastal Acquisition Corporation (NASDAQ: ACAH) (“Atlantic Coastal”). Upon completion of the transaction, which is expected to occur around the end of the first quarter of 2022, the combined company will retain the Essentium name and is expected to be traded on The Nasdaq Stock Market, LLC (“Nasdaq”) under the new ticker symbol “ADTV”.
Founded in 2013, Essentium is an advanced manufacturing ecosystem provider that develops industrial 3D printing solutions across systems, materials, software, and services to enable a new distributed and sustainable manufacturing footprint. The Company’s ecosystem cost-effectively addresses full-scale production runs, producing parts that can match the strength of injection molding at a very low total cost of ownership (“TCO”) compared to industry peers. Essentium’s ability to create high quality parts using best-in-class printing speeds, all while maintaining a disruptive TCO, has enabled the Company to unlock substantial value for additive manufacturing applications.
“Essentium is transforming the future landscape of supply chains by delivering truly distributed, sustainable manufacturing and operating solutions within all contexts including the ability to operate successfully in contested logistics environments,” Blake Teipel, Ph.D., Chief Executive Officer of Essentium, said. “Fundamental deficits in our existing global supply chain models are being exacerbated by escalating obstacles such as trade imbalances and the global pandemic – all leading to protracted distribution bottlenecks. Today’s announcement represents a major milestone in our efforts to provide long-term, sustainable solutions for a new manufacturing paradigm that can meet these global challenges head-on. Essentium’s solution deploys regional, distributed production capabilities to enable supply chain transparency, and flexible inventory management at a highly competitive TCO, all while reducing waste and supporting a limited carbon footprint through on-site printing.”
“We launched Atlantic Coastal with an ESG-centric focus and a mandate to partner with a company that will transform the nature of international commerce, and we believe that Essentium, with its potential to change the global supply chain, is exactly that partner,” said Shahraab Ahmad, Chairman and Chief Executive Officer of Atlantic Coastal. “Blake and his experienced team have developed a deep technology moat, a product ecosystem validated by the DoD, and a razor/razor-blade model that delivers significant recurring revenue, supporting gross margin expansion and highly attractive unit economics.”
“We believe that following this transaction, Essentium will be extremely well-positioned for rapid growth as it further expands its ecosystem offerings, capitalizes on its line-of-sight sales pipeline, and executes on its M&A strategy as it continues to advance additive manufacturing as a public company,” said Tony Eisenberg, Chief Strategy Officer of Atlantic Coastal Acquisition Corp.
Christian Angermayer, advisor to Atlantic Coastal Acquisition Corp, added, “I am excited to be an investor in Essentium which will revolutionize additive manufacturing through its proprietary platform. They are driving transformative changes to the global supply chain and I look forward to seeing their growth as a public company.”
Essentium Investment Highlights
Continuing to innovate beyond its lineup of polymer- and polymer-composite solutions, including its FlashFuse™ technology, Essentium is developing a suite of metal-additive systems designed to offer unique metallurgies and advanced microstructures for applications with demanding structural integrity. Essentium’s investment in metal additive solutions and new investment in digital manufacturing initiatives is expected to carve out incremental market opportunities for an all-in estimated $318 billion TAM.
Following the closing of the proposed transaction, Essentium will continue to be led by its existing management team including Dr. Blake Teipel, Chief Operating Officer Lars Uffhausen, and Interim Chief Financial Officer Jonathan Bailiff, and by an experienced Board of Directors including Burt Jordan, President of Atlantic Coastal Acquisition Corp. and a former executive at Ford.
Transaction Overview
The proposed business combination values the combined company at a $974 million pro forma enterprise value, at a price of $10.00 per share and assuming no redemptions by Atlantic Coastal shareholders, offering an attractive valuation of 4.6x Essentium’s projected 2023E Revenue of $212 million. The proposed transaction is expected to deliver up to $346 million of net proceeds to the Company, assuming no redemptions and net of transaction expenses, including a fully committed common stock PIPE of over $40 million at $10.00 per share led by institutional and strategic investors including BASF, Atalaya and Apeiron. Atlantic Coastal’s management team is also contributing $20 million to the PIPE.
Existing Essentium shareholders will roll over 100% of their equity into the combined company. Following the closing of the transaction, these shareholders are expected to hold approximately 64% of the issued and outstanding shares of common stock.
Atlantic Coastal and ACM ARRT VII C LLC, an affiliate of Atalaya, have agreed to conduct a joint tender offer for the shares held by Atlantic Coastal stockholders seeking to exercise redemption rights in connection with the closing of the proposed transaction. Subject to certain limitations, Atalaya has agreed to purchase the first 10 million shares tendered by stockholders exercising such redemption rights, while Atlantic Coastal will purchase any shares in excess of 10 million shares tendered for redemption. To the extent that the number of shares tendered by stockholders exercising redemption rights is fewer than 10 million shares, then (a) Atalaya will purchase any shares tendered by stockholders exercising redemption rights plus (b) Atalaya will purchase shares in a PIPE at $10.00 per share in an amount equal to the difference between 10 million shares minus the number of shares purchased by Atalaya in the tender offer. Subject to early settlement or termination under certain circumstances, Atlantic Coastal has agreed to purchase all of the shares acquired by Atalaya in the joint tender offer or PIPE at the redemption price pursuant to a forward purchase agreement, which provides for the purchase of such shares by Atlantic Coastal along with the related settlement of such forward purchase in cash or shares, at Atalaya’s election, occurring two years thereafter.
The boards of directors of both Essentium and Atlantic Coastal have each unanimously approved the proposed business combination, which is expected to be completed around the end of the first quarter of 2022, subject to, among other things, the approval by Atlantic Coastal’s shareholders of the proposed business combination, the concurrent PIPE transaction, satisfaction of the conditions stated in the definitive agreement and other customary closing conditions, including a registration statement on Form S-4 being declared effective by the U.S. Securities and Exchange Commission (the “SEC”), the receipt of certain regulatory approvals, and approval by Nasdaq to list the securities of the combined company.
Advisors
Jefferies is serving as exclusive financial advisor and capital markets advisor to Essentium and Latham & Watkins LLP is serving as legal advisor to Essentium. Moelis & Company LLC is serving as exclusive financial advisor to Atlantic Coastal, Cantor Fitzgerald & Co. is serving as lead capital markets advisor and private placement agent to Atlantic Coastal, BTIG, LLC and Needham & Company are serving as additional capital markets advisors and private placement agents to Atlantic Coastal, Farvahar Capital is serving as additional capital markets advisor to Atlantic Coastal, and Pillsbury Winthrop Shaw Pitman LLP is serving as legal advisor to Atlantic Coastal.
Webcast Information
An investor webcast with slides regarding the proposed merger can be accessed at 8:00 a.m. ET today, December 1, 2021 by visiting https://www.netroadshow.com/nrs/home/#!/?show=79077d65 or by visiting www.netroadshow.com and entering the deal entry code: Essentium7263 (not case-sensitive). This webcast, along with this press release and the investor presentation are available at www.essentium.com.
About Essentium, Inc.
Essentium, Inc. provides industrial 3D printing solutions that are disrupting traditional manufacturing processes by bringing product strength and production speed together, at scale, with a no-compromise engineering material set. Essentium manufactures and delivers innovative industrial 3D printers, materials, software, and services, enabling the world’s top manufacturers to bridge the gap between 3D printing and machining and embrace the future of advanced manufacturing. Essentium is AS9100D certified and ITAR registered. For more information, visit www.essentium.com.
About Atlantic Coastal Acquisition Corp.
Atlantic Coastal Acquisition Corp. (NASDAQ: ACAH) is a $345 million special purpose acquisition company focusing on the businesses in the mobility sector. For more information, please visit www.atlanticcoastalacquisition.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws with respect to the proposed business combination (the “Proposed Business Combination”) between Essentium and Atlantic Coastal, including statements regarding the benefits of the Proposed Business Combination, the anticipated timing of the Proposed Business Combination, the services offered by Essentium and the markets in which it operates, and Essentium’s projected future results. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that could cause the actual results to differ materially from the expected results. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to: (i) the risk that the Proposed Business Combination may not be completed in a timely manner or at all, which may adversely affect the price of Atlantic Coastal’s securities, (ii) the risk that the acquisition by Essentium, Inc. of each of Compass AC Holdings, Inc. and Whizz Systems, Inc. may not be completed in a timely manner or at all, (iii) the risk that the Proposed Business Combination may not be completed by Atlantic Coastal’s business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by Atlantic Coastal, (iv) the failure to satisfy the conditions to the consummation of the Proposed Business Combination, including the receipt of the requisite approvals of Atlantic Coastal’s shareholders and Essentium’s stockholders, respectively, the satisfaction of the minimum trust account amount following redemptions by Atlantic Coastal’s public shareholders and the receipt of certain governmental and regulatory approvals, (v) the lack of a third party valuation in determining whether or not to pursue the Proposed Business Combination, (vi) the occurrence of any event, change or other circumstance that could give rise to the termination of the agreement and plan of merger, (vii) the effect of the announcement or pendency of the Proposed Business Combination on Essentium’s business relationships, performance, and business generally, (viii) risks that the Proposed Business Combination disrupts current plans of Essentium and potential difficulties in Essentium employee retention as a result of the Proposed Business Combination, (ix) the outcome of any legal proceedings that may be instituted against Essentium or against Atlantic Coastal related to the agreement and plan of merger or the Proposed Business Combination, (x) the ability to maintain the listing of Atlantic Coastal’s securities on The Nasdaq Stock Market LLC, (xi) the price of Atlantic Coastal’s securities may be volatile due to a variety of factors, including changes in the competitive and highly regulated industries in which Essentium plans to operate, variations in performance across competitors, changes in laws and regulations affecting Essentium’s business and changes in the combined capital structure, (xii) the ability to implement business plans, forecasts, and other expectations after the completion of the Proposed Business Combination, and identify and realize additional opportunities, (xiii) the impact of the global COVID-19 pandemic, (xiv) the enforceability of Essentium’s intellectual property, including its patents, and the potential infringement on the intellectual property rights of others, cyber security risks or potential breaches of data security, (xv) the ability of Essentium to protect the intellectual property and confidential information of its customers, (xvi) the risk of downturns in the highly competitive additive manufacturing industry, and (xviii) other risks and uncertainties described in Atlantic Coastal’s registration statement on Form S-1 (File No. 333-253003), which was originally filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 11, 2021 (the “Form S-1”), and its subsequent Quarterly Reports on Form 10-Q. The foregoing list of factors is not exhaustive. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by an investors as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Form S-1, Quarterly Reports on Form 10-Q, the Registration Statement (as defined below), the proxy statement/prospectus contained therein, and the other documents filed by Atlantic Coastal from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. These risks and uncertainties may be amplified by the COVID-19 pandemic, which has caused significant economic uncertainty. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Essentium and Atlantic Coastal assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities and other applicable laws. Neither Essentium nor Atlantic Coastal gives any assurance that either Essentium or Atlantic Coastal, respectively, will achieve its expectations.
Additional Information and Where to Find It
In connection with the Potential Business Combination, Atlantic Coastal will file a registration statement on Form S-4 (the “Registration Statement”) with the SEC, which will include a preliminary proxy statement to be distributed to holders of Atlantic Coastal’s ordinary shares in connection with Atlantic Coastal’s solicitation of proxies for the vote by Atlantic Coastal’s shareholders with respect to the Proposed Business Combination and other matters as described in the Registration Statement, as well as the prospectus relating to the offer of securities to be issued to Essentium stockholders in connection with the Proposed Business Combination. After the Registration Statement has been filed and declared effective, Atlantic Coastal will mail a definitive proxy statement, when available, to its shareholders. The Registration Statement will include information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to Atlantic Coastal’s shareholders in connection with the Potential Business Combination. Atlantic Coastal will also file other documents regarding the Proposed Business Combination with the SEC. Before making any voting decision, investors and security holders of Atlantic Coastal and Essentium are urged to read the Registration Statement, the proxy statement/prospectus contained therein, and all other relevant documents filed or that will be filed with the SEC in connection with the Proposed Business Combination as they become available because they will contain important information about the Proposed Business Combination.
Investors and security holders will be able to obtain free copies of the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC by Atlantic Coastal through the website maintained by the SEC at www.sec.gov. In addition, the documents filed by Atlantic Coastal may be obtained free of charge from Atlantic Coastal’s website at www.Atlantic Coastalv.io or by written request to Atlantic Coastal at Atlantic Coastal Acquisition Corp., 6 St Johns Lane, Floor 5, New York, NY 10013.
Participants in the Solicitation
Atlantic Coastal and Essentium and their respective directors and officers may be deemed to be participants in the solicitation of proxies from Atlantic Coastal’s shareholders in connection with the Proposed Business Combination. Information about Atlantic Coastal’s directors and executive officers and their ownership of Atlantic Coastal’s securities is set forth in Atlantic Coastal’s filings with the SEC. To the extent that holdings of Atlantic Coastal’s securities have changed since the amounts printed in the 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 Business Combination may be obtained by reading the proxy statement/prospectus regarding the Proposed Business Combination when it becomes available. You may obtain free copies of these documents as described in the preceding paragraph.
Non-Solicitation
This press release shall not constitute a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Proposed Business Combination. This press release shall also not constitute an offer to sell or a solicitation of an offer to buy any securities of Atlantic Coastal, Essentium or the combined company, nor shall there be any sale of 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. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
1 United States Department of Defense FY 2022 Budget Request and management estimates; Military Strategic Readiness budget defined as the portion of the overall DoD budget allocated to fund Joint Force strategic military readiness and preparedness through investments in modernizing capabilities across all branches of the Armed Forces.
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RESTON, Va.--(BUSINESS WIRE)--CACI International Inc (NYSE: CACI) announced today that it was awarded a five-year $80.5 million task order supporting the U.S. Naval Surface Warfare Center, Crane Division under the Department of Defense Information Analysis Center’s (DOD IAC) multiple-award contract (MAC). CACI will provide advanced engineering research, analysis, and development of mission technology to enhance the capabilities of aircraft mission systems for Counter Unmanned Aircraft Systems (C-UAS).
John Mengucci, CACI President and Chief Executive Officer, said, “Backed by the world’s largest threat signals library and more than 1,200 systems deployed globally, CACI offers technology for any C-UAS challenge or mission. Working with the Navy, we will continue to provide the most advanced capabilities to detect, track and defeat emerging threats to our national security, protecting people and places in any environment.”
The task order will modernize components and systems on both manned and unmanned platforms including the EP-3E, P-8A, MQ-8, and MQ-25 UAS for the U.S. Navy, U.S. Army, U.S. Air Force, and U.S. Coast Guard. CACI will develop next generation technology for intelligence, surveillance, and reconnaissance (ISR) and electronic warfare (EW) mission systems, and survivability systems while providing all aspects of logistical support required to meet operational demands.
About CACI
CACI’s approximately 22,000 talented employees are vigilant in providing the unique expertise and distinctive technology that address our customers’ greatest enterprise and mission challenges. Our culture of good character, innovation, and excellence drives our success and earns us recognition as a Fortune World's Most Admired Company. As a member of the Fortune 500 Largest Companies, the Russell 1000 Index, and the S&P MidCap 400 Index, we consistently deliver strong shareholder value. Visit us at www.caci.com.
There are statements made herein which do not address historical facts, and therefore could be interpreted to be forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are subject to factors that could cause actual results to differ materially from anticipated results. The factors that could cause actual results to differ materially from those anticipated include, but are not limited to, the risk factors set forth in CACI’s Annual Report on Form 10-K for the fiscal year ended June 30, 2021, and other such filings that CACI makes with the Securities and Exchange Commission from time to time. Any forward-looking statements should not be unduly relied upon and only speak as of the date hereof.
CACI-Contract Award
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LONDON--(BUSINESS WIRE)--EO Charging (“EO”), a leading provider of technology-enabled turnkey solutions for electric vehicle (“EV”) fleets, has today announced the filing of a new technology patent that will transform the smart charging of EV fleets. EO’s new ISO 15118-compliant EV chargers and software will unlock the future integration of commercial EVs into the smart grid (“V2G”) and leverage AI and Machine Learning (“ML”) to provide both public and private fleets of cars, vans, trucks and buses with a more secure and cost-effective charging solution.
Since its introduction in 2014, functional implementations of the ISO 15118 standard have been predominantly used by DC charge point operators. Bringing learnings from operators already using Plug&Charge capable DC chargers across Europe, EO has harnessed the same communication technology but applied it in a fleet scenario where AC chargers are more widely utilised. EO can now perform smart AC charging on legacy fleet vehicles that are not compliant with the 15118 standard.
The new technology works by permitting a two-way exchange of information between EV and AC charging unit, removing the need for third-party telematics providers and reducing the hassle of large-scale fleet electrification. The EV charger automatically authenticates a vehicle’s ID, allowing the built-in software to assess state of charge (“SOC”) and regulate the charge session based on the vehicle’s operational requirements and the depot’s real time energy profile.
“Plug&Charge has had a hugely positive impact in the public charging space, creating a seamless and efficient charging experience for drivers. However, it was exclusive to DC charging stations and therefore financially prohibitive for many users,” said Charlie Jardine, CEO and Founder of EO Charging. “EO can now bring this technology to fleet operators, harnessing its benefits for our customers around the world and across multiple charging systems. We’re the first to introduce an integrated AC Plug&Charge charging solution for fleets, another step in our journey to becoming the global leader in powering electric car, van, truck and bus fleets.”
As more businesses and governments around the world invest in fleet electrification, pressure is growing on global electricity grids to meet charging demands. EO’s patented technology will help ease this pressure, using smart grid communication (V2G) to avoid peak grid consumption hours. In turn, this will also make fleet charging more cost effective for businesses by shifting charging patterns to when electricity is at its cheapest. A live trial of the new technology is scheduled with EO’s largest fleet customer in early 2022, for which EO has installed and manages more than 4,400 chargers in almost 70 depots, across 7 countries in Europe.
“Our patented technology not only brings significant benefits to fleet operators today, but also lays the groundwork for true V2G charging for the future across both AC and DC solutions,” said Richard Earl, R&D Director at EO Charging. “As we continue to expand into new markets like the U.S., and North America overall, our R&D team will continue to be heavily focused on V2G charging, as well as AI and ML based software technologies. We recognise these as a vital pillars of successful global fleet electrification.”
EO Charging previously announced an agreement for a business combination with First Reserve Sustainable Growth Corp. (NASDAQ: FRSG), which is expected to result in EO Charging becoming a public company listed on the NASDAQ exchange.
About EO
EO Charging is a leading technology solutions provider in the EV sector. EO deploys EV charging stations, hardware-agnostic cloud-based software, electrical installation, grid upgrades and ongoing service and maintenance for fleets. EO also provides this end-to-end solution for fleets that require mission critical infrastructure.
Founded in 2014, EO’s technology is used by a number of the world’s largest businesses and fleet operators and it now distributes to over 35 countries around the world. It aims to become the global leader in charging electric van, truck, bus and car fleets.
EO Charging previously announced an agreement for a business combination with First Reserve Sustainable Growth Corp. (NASDAQ: FRSG), which is expected to result in EO Charging becoming a public company listed on the NASDAQ exchange.
EO was ranked number 27 on the Financial Times’ FT1000 list of Europe’s fastest-growing companies. To learn more, please visit www.EOcharging.com and follow us @EOCharging on Twitter and LinkedIn.
Forward Looking Statements
The information in this press release includes "forward-looking statements". All statements, other than statements of present or historical fact included in this press release, regarding the proposed business combination between First Reserve Sustainable Growth Corp. (“FRSG”), Juuce Limited (the “Company”) and EO Charging (“EO”), each of such parties’ 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. When used in this press release, the words "could," "should," "will," "may," "believe," "anticipate," "intend," "estimate," "expect," "project," the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, FRSG, the Company and EO disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. FRSG, the Company and EO caution you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of any of FRSG, the Company or EO. In addition, FRSG, the Company and EO caution you that the forward-looking statements contained in this press release are subject to the following factors: (i) the occurrence of any event, change or other circumstances that could delay the business combination or give rise to the termination of the Business Combination Agreement and Plan of Reorganization, dated as of August 12, 2021, by and among FRSG, FRSG Merger Sub Inc., EO and the Company, and the other agreements related to the business combination (including catastrophic events, acts of terrorism, the outbreak of war, COVID-19 and other public health events), as well as management’s response to any of the foregoing; (ii) the outcome of any legal proceedings that may be instituted against FRSG, the Company, EO, their affiliates or their respective directors and officers following announcement of the transactions; (iii) the inability to complete the business combination due to the failure to obtain approval of the stockholders of FRSG, regulatory approvals, or other conditions to closing in the transaction agreement; (iv) the risk that the proposed business combination disrupts FRSG's or the Company's current plans and operations as a result of the announcement of the transactions; (v) the Company's and EO’s ability to realize the anticipated benefits of the business combination, which may be affected by, among other things, competition, the pace and depth of EV adoption generally, and the ability of the Company to accurately estimate supply and demand for its EV charging products and services, and to grow and manage growth profitably following the business combination; (vi) risks relating to the uncertainty of the projected financial information with respect to the Company, including the conversion of pre-orders into binding orders; (vii) costs related to the business combination; (viii) changes in applicable laws or regulations, governmental incentives and fuel and energy prices; (ix) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; (x) the amount of redemption requests by FRSG’s public stockholders; and (xi) such other factors affecting FRSG that are detailed from time to time in FRSG’s filings with the Securities and Exchange Commission (the "SEC"). Should one or more of the risks or uncertainties described in this press release, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in FRSG's final prospectus for its initial public offering, which was filed with the SEC on March 5, 2021, and its periodic filings with the SEC, including its Quarterly Report on Form 10-Q for quarterly period ended June 30, 2021. FRSG's SEC filings are available publicly on the SEC's website at www.sec.gov.
Important Information for Investors and Stockholders
In connection with the proposed business combination, a registration statement on Form F-4 that includes a preliminary proxy statement/prospectus has been filed by EO with the SEC. After the registration statement is declared effective, the definitive proxy statement will be distributed to FRSG’s stockholders in connection with FRSG’s solicitation for proxies for the vote by FRSG’s stockholders in connection with the proposed business combination and other matters as described in the Form F-4, as well as a definitive prospectus of EO relating to the offer of the securities to be issued in connection with the completion of the business combination. Copies of the Form F-4 may be obtained free of charge at the SEC's website at www.sec.gov. FRSG’s stockholders are urged to read the preliminary proxy statement/prospectus and the other relevant materials (including, when available, the definitive proxy statement/prospectus) when they become available before making any voting decision with respect to the proposed business combination because they will contain important information about the business combination and the parties to the business combination. The information contained on, or that may be accessed through, the websites referenced in this press release is not incorporated by reference into, and is not a part of, this press release.
No Offer or 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 proposed business combination and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of FRSG, EO or Juuce, 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 Section 10 of the Securities Act, as amended, or exemptions therefrom.
Participants in the Solicitation
FRSG, the Company and EO and their respective directors and officers may be deemed participants in the solicitation of proxies of FRSG's stockholders in connection with the proposed business combination. Security holders may obtain more detailed information regarding the names, affiliations and interests of certain of FRSG's executive officers and directors in the solicitation by reading FRSG's final prospectus for its initial public offering, which was filed with the SEC on March 5, 2021, and 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 FRSG's, the Company’s and EO’s participants in the solicitation, which may, in some cases, be different than those of their stockholders generally, will be set forth in the proxy statement/prospectus relating to the business combination when it becomes available
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DUBLIN--(BUSINESS WIRE)--The "Freight Forwarding Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The freight forwarding market is expected to register a CAGR of more than 4% during the forecast period.
Companies Mentioned
Key Market Trends
Sea Freight Forwarding to Experience High Growth Rate Through the Forecast Period
The sea freight forwarding market is booming, owing to the growing internet penetration, increasing purchasing power parity, developments in infrastructure (ports, containers, and ships with new technologies), and services designed particularly for the e-commerce industry.
Sea freight forwarding is preferred by several end-user industries, and several strategic partnerships are also likely to promote the growth of sea freight forwarding during the forecast period. The growing global cross-border e-commerce market is also driving the less-than-container load (LCL) volume and is positively impacting the sea freight forwarding market growth.
Factors, such as the growing trade volume in European trade routes, the increasing container port throughput, and the rising number of FTAs, will significantly drive sea freight forwarding market growth in this region during the forecast period.
Germany and the United Kingdom are the key markets for sea freight forwarding in Europe. Market growth in this region will be faster than the growth of the market in other regions.
Asia-Pacific is Anticipated to Witness High Growth Through the Forecast Period
The logistics industry is going through an uncertain period due to COVID-19. The Asia-Pacific market is one of the few regions that are still growing despite the pandemic.
For the freight and logistics market, Asia-Pacific is the fastest-growing region globally. This is due to the increasing logistics in ASEAN countries and the presence of major economies, like China and India. Additionally, the high government support for the logistics sector in the region is also a factor boosting the industry growth.
China is the largest manufacturer in the region and the world, with an increasing demand for pharmaceutical products and essentials. China reopened its factories way before other countries. As a result, it is still leading the freight forwarding market globally.
Also, leading countries in the region are observing faster technological integration in the logistics process. In India, 80% of freight moves by road, and the trucking industry is adopting industry-leading tracking technology to trace and predict the exact delivery times. Thailand is incorporating IBM and Maersk's blockchain project to streamline its shipment monitoring processes.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Current Market Scenario
4.2 Value Chain/Supply Chain Analysis
4.3 Government Regulations and Initiatives
4.4 Technological Trends and Insights into the E-freight Forwarding Market
4.5 Insights into E-commerce Industry in the Region (Domestic and Cross-Border)
4.6 Spotlight - Freight Transportation Costs/Freight Rates
4.7 Brief on Freight Transport Corridors
4.8 Impact of COVID-19 on the Freight Forwarding Market
5 MARKET DYNAMICS
5.1 Market Drivers
5.2 Market Restraints/Challenges
5.3 Market Opportunities
5.4 Industry Attractiveness - Porter's Five Forces Analysis
6 MARKET SEGMENTATION
6.1 By Mode
6.2 By Geography
7 COMPETITIVE LANDSCAPE
7.1 Overview (Market Concentration and Major Players)
7.2 Company Profiles
8 FUTURE OF THE MARKET
9 APPENDIX
9.1 Freight Volume Movement Statistics for Key Countries
For more information about this report visit https://www.researchandmarkets.com/r/pvfkqx
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Six-member independent council to bolster KKR’s ESG expertise and capabilities and advance the firm’s ESG strategy and practices
NEW YORK--(BUSINESS WIRE)--KKR, a leading global investment firm, today announced the launch of its Sustainability Expert Advisory Council (the “SEAC”). The SEAC comprises six leading independent experts across key environmental, social, and governance (“ESG”) issues including climate; diversity, equity, and inclusion; labor and workforce; governance and transparency; and data responsibility. The SEAC will complement KKR’s growing internal ESG capabilities by offering valuable external insights and perspectives on sustainability topics and advising the firm on ESG strategy and initiatives.
“We are thrilled to have this esteemed group of sustainability experts serve as a resource to us as we continue to further our commitment to creating shared value by aligning shareholder and stakeholder interests,” said Ken Mehlman, Partner, Global Head of Public Affairs and Co-Head of Global Impact at KKR. “I am confident that their counsel and expertise will help us continue to advance our ESG strategy and practices to the benefit of our portfolio companies, investors and employees.”
Robert Eccles, Visiting Professor of Management Practice at the University of Oxford Saïd Business School, Founding Chairman of the Sustainability Accounting Standards Board (SASB), and a founder of the International Integrated Reporting Council, will serve as Chair of the SEAC. Other members will include:
“I am honored to chair the Sustainability Expert Advisory Council alongside this group of talented and visionary sustainability experts,” said Dr. Eccles. “Cross-disciplinary collaboration is critical to advancing sustainability goals and financial institutions like KKR play a key role in this effort. I look forward to helping KKR as it continues to raise the bar for responsible investing through its thoughtful and rigorous approach to managing ESG issues.”
For more than a decade, KKR has been a leader in driving and protecting value across its investments through thoughtful ESG management, measurement, and reporting. The firm also has a history of investing behind ESG and sustainability themes, having invested more than $7.5 billion in businesses that help provide solutions to critical environmental or social challenges.
KKR has also continued to build out its internal ESG capabilities. The firm’s ESG team has nearly tripled in size over the past twelve months, adding seven dedicated professionals focused on ESG integration, ESG compliance, impact measurement, data science, and reporting across all asset classes.
More information on KKR’s sustainable investing efforts can be found at www.kkresg.com.
About KKR
KKR is a leading global investment firm that offers alternative asset management and capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of The Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.
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Recognizes excellence in sustainable business practices
NEW YORK--(BUSINESS WIRE)--$CXM #CXM--Sprinklr (NYSE: CXM), the unified customer experience management (Unified-CXM) platform for modern enterprises, today announced that it has received a Gold sustainability rating from EcoVadis, the world’s most trusted provider of business sustainability ratings, providing detailed assessments of businesses’ environmental, social, and ethical performance. This is the second consecutive year that Sprinklr has achieved a Gold EcoVadis rating, and the company has seen a steady increase in its scores each year.
A Gold rating means that Sprinklr scored within the top five percent of companies rated by EcoVadis. Sprinklr also scored in the top 1% of companies for its sustainable procurement process. The company was evaluated on the strengths of its actions and policies relative to Environment, Labor & Human Rights, Ethics and Sustainable Procurement.
Sprinklr’s commitment to the environment and sustainability is part of the company’s core values shared throughout the organization. Sprinklr has reduced its environmental footprint via four core practices:
“Sprinklr’s EcoVadis Gold rating is a clear acknowledgement of our deep commitment to responsible, sustainable growth,” said Diane K. Adams, Chief Culture & Talent Officer, Sprinklr. “As we plan for the future, we’re prioritizing sustainability across our company and in our supplier relationships to ensure a positive impact on our environment.”
About EcoVadis
EcoVadis is the world’s most trusted provider of business sustainability ratings, intelligence and collaborative performance improvement tools for global supply chains. Backed by a powerful technology platform and a global team of domain experts, EcoVadis’ easy-to-use and actionable sustainability scorecards provide detailed insight into environmental, social and ethical risks across 200 industries and 160 countries. Industry leaders such as Johnson & Johnson, Verizon, L’Oréal, Subway, Nestlé, Salesforce, Michelin and BASF are among the more than 75,000 businesses on the EcoVadis network, all working with a single methodology to evaluate, collaborate and improve sustainability performance in order to protect their brands, foster transparency and innovation, and accelerate growth. Learn more at www.ecovadis.com.
About Sprinklr
Sprinklr is a leading enterprise software company for all customer-facing functions. With advanced AI, Sprinklr's unified customer experience management (Unified-CXM) platform helps companies deliver human experiences to every customer, every time, across any modern channel. Headquartered in New York City with employees around the world, Sprinklr works with more than 1,000 of the world’s most valuable enterprises — global brands like Microsoft, P&G, Samsung and more than 50% of the Fortune 100.
PR Contact
Rachel Alvarez
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Supports Approximately Doubling Earnings and Cash Flow Potential, Reducing Emissions
IRVING, Texas--(BUSINESS WIRE)--ExxonMobil (NYSE: XOM) said today it has finalized corporate plans, which increase spending to $15 billion on greenhouse gas emission-reduction projects over the next six years while maintaining disciplined capital investments in its industry-leading portfolio. The plans support the corporate strategy of continued structural cost savings, investment in low-cost-of-supply and lower-emission products, and further portfolio high-grading, positioning the company to double earnings and cash flow by 2027 versus 2019.
The company also announced it is on track to meet its 2025 greenhouse gas emission-reduction plans by year-end 2021, four years ahead of schedule. In addition, ExxonMobil has developed more aggressive plans for further Scope 1 and Scope 2 reductions through 2030, consistent with Paris Agreement pathways.
Capital Plans
ExxonMobil plans to maintain capital investments in the range of $20-$25 billion per year through 2027 with flexibility to adjust to adverse market conditions or changes in policy and technology for low-emissions projects.
“The restored strength of our balance sheet and improved financial outlook support accelerating investment in our industry-advantaged, high-return projects, and a growing list of financially accretive lower-emission business opportunities,” said Darren Woods, chairman and chief executive officer. “Our strategy is designed to create shareholder value by leveraging our competitive advantages while maintaining flexibility to respond to future policy changes and technology advances associated with the energy transition.”
Projected growth of cash flow and earnings in the Upstream business results from aggressive cost reductions and progressing advantaged investments in low-cost-of-supply projects in Guyana, Brazil, and the Permian Basin in the United States. More than 90% of Upstream planned capital investments through 2027 are expected to generate returns of greater than 10% at prices less than or equal to $35 per barrel of oil equivalent, while reducing Upstream GHG emissions intensity by 40-50% through 2030, compared to 2016 levels.
Downstream and Chemical earnings and cash flow growth plans are focused on high-return projects, which are expected to double the volume of valuable performance chemicals and lower-emission fuels and lubricants. The company will leverage its industry-leading manufacturing scale, integration, and technology position to high-grade its portfolio and reduce costs, while optimizing operations and leveraging the capabilities of the Low Carbon Solutions business to reduce greenhouse gas emission intensity at operated facilities.
Increased cash flow and earnings enable both further debt reduction and returns to shareholders. To date in 2021, the company has repaid $11 billion in debt and expects to be comfortably within the range of its targeted debt–to-capital ratio of 20-25% by year-end. It has also announced a $10 billion share-repurchase program over 12-24 months that will commence in 2022, and it increased its annual dividend payment for the 39th consecutive year.
Greenhouse Gas Emission Reduction Plans
As part of its plan, ExxonMobil has committed $15 billion for lower-emission investments through 2027. These investments will include a balance between projects to reduce greenhouse gas emissions from existing operations and increased investments in the Low Carbon Solutions business. The same capabilities, technical strengths and market experience that support base energy and chemical businesses will help drive commercial growth opportunities for carbon capture and storage, biofuels and hydrogen where supportive policies currently exist and provide for strong returns.
ExxonMobil is on track to exceed its 2025 greenhouse gas emission-reduction plans announced in December 2020. The company anticipates year-end 2021 results to show a reduction of 15-20% in greenhouse gas intensity from Upstream operations compared to 2016 levels, four years ahead of schedule. This is supported by an anticipated reduction of 40-50% in methane intensity and 35-45% in flaring intensity compared to 2016.
“The focused actions we have taken have enabled us to accelerate greenhouse gas reductions particularly in the areas of methane and flaring,” said Woods. “We anticipate meeting our 2025 greenhouse gas emission-reduction plans ahead of schedule, which gives us confidence to set more aggressive medium-term goals across all of our businesses.”
The new medium-term greenhouse gas reduction plans for 2030 are consistent with Paris Agreement-aligned pathways and include the following:
2030 Greenhouse Gas Emission-Reduction Plans
These new plans include actions that are expected to reduce absolute corporate-wide greenhouse gas emissions by approximately 20%. The company also reaffirms it plans to achieve the goals of the World Bank for zero routine flaring no later than 2030.
ExxonMobil’s 2030 GHG emission-reduction plans cover Scope 1 and Scope 2 greenhouse gas emissions from assets operated by the company compared to 2016 levels. For assets not operated by the company, it will work with its equity partners and strive to achieve comparable results.
Supporting materials for this press release are available on the Investor Relations page of ExxonMobil.com.
About ExxonMobil
ExxonMobil, one of the largest publicly traded international energy companies, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is one of the largest refiners and marketers of petroleum products, and its chemical company is one of the largest in the world. To learn more, visit exxonmobil.com, the Energy Factor and Carbon capture and storage | ExxonMobil.
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Cautionary Statement
Statements of future events or conditions in this press release are forward-looking statements. Actual future results, including financial and operating performance; potential earnings, cash flow, and rates of return; project plans, timing, costs, and capacities; realization and maintenance of cost reductions, opex savings and structural efficiencies; integration benefits; emissions intensity and absolute emissions reductions; implementation and outcomes of carbon capture and storage projects, renewable fuel projects, and other lower-carbon business efforts; price and margin assumptions; dividends and shareholder returns including the timing and amounts of share repurchases, cash and debt balances, and capital expenditures; resource recoveries and production rates; and product sales levels and mix could differ materially due to a number of factors including global or regional changes in oil, gas, petrochemicals, or feedstock prices, differentials, or other market or economic conditions affecting the oil, gas, and petrochemical industries and the demand for our products; the outcome of competitive bidding and project wins; regulatory actions targeting public companies in the oil and gas industry; changes in local, national, or international laws, regulations, and policies affecting our business, including with respect to the environment or the development and transportation of our products; taxes, trade sanctions, and actions taken in response to pandemic concerns; the pace of regional and global economic recovery from the pandemic and the occurrence and severity of future outbreaks; the ability to realize efficiencies within and across our business lines and to maintain cost reductions without impairing our competitive positioning; the outcome and timing of exploration and development projects; reservoir performance; timely completion of construction projects; war and other security disturbances; actions of consumers and changes in consumer preferences; opportunities for and regulatory approval of investments or divestments that may arise, including satisfaction of conditions precedent under applicable agreements; the outcome of our or competitors’ research efforts and the ability to bring new technology to commercial scale on a cost-competitive basis; the development and competitiveness of alternative energy and emission reduction technologies; unforeseen technical or operating difficulties including the need for unplanned maintenance; and other factors discussed here and in Item 1A. Risk Factors of our Annual Report on Form 10-K and under the heading “Factors Affecting Future Results” available through the Investors page of our website at exxonmobil.com. All forward-looking statements are based on management’s knowledge and reasonable expectations at the time of this press release and we assume no duty to update these statements as of any future date.
Forward-looking statements contained in this press release regarding the potential for future earnings, cash flow, dividends and returns, including statements regarding future earnings potential and returns in the Upstream, Chemical and Downstream segments and in our lower-carbon investments, are not forecasts of actual future results. These figures are provided to help quantify for illustrative purposes management’s view of the potential future results and goals of currently-contemplated management plans and objectives over the time periods shown, calculated on a basis consistent with our internal modeling assumptions. In calculated future prices, we assume $60/bbl Brent crude prices and natural gas prices used are consistent with management’s internal price assumptions for the relevant natural gas markets relative to that crude price. All crude and natural gas prices for future years are adjusted for inflation from 2021. Downstream and Chemical margins reflect annual historical averages for the 10-year period from 2010—2019 unless. These assumptions are not forecasts of actual future market conditions. For this purpose we have assumed future demand growth in line with our internal planning basis, and that other factors including factors management does not control such as applicable laws and regulations (including tax and environmental laws), interest rates, and exchange rates remain consistent with current conditions for the relevant periods. These calculations do not attempt to model potential future COVID-19 outbreaks or recoveries.
ExxonMobil-operated emissions, reductions and avoidance performance data are based on a combination of measured and estimated data using best available information. Calculations are based on industry standards and best practices, including guidance from the American Petroleum Institute (API) and IPIECA. The uncertainty associated with the emissions, reductions and avoidance performance data depends on variation in the processes and operations, the availability of sufficient data, the quality of those data and methodology used for measurement and estimation. Changes to the performance data may be reported as updated data and/or emission methodologies become available. ExxonMobil works with industry, including API and IPIECA, to improve emission factors and methodologies. Emissions, reductions and avoidance estimates from non-ExxonMobil operated facilities are included in the equity data and similarly may be updated as changes to the performance data are reported. ExxonMobil’s plans to reduce emissions are good faith efforts based on current relevant data and methodology, which could be changed or refined.
The term “Upstream planned capital investments” as used in this release refers to projects that bring on new volumes with returns calculated on a money-forward basis. The term “performance chemicals” as used in this release refers to Chemical products that provide differentiated performance for multiple applications through enhanced properties versus commodity alternatives and bring significant additional value to customers and end-users. The term “project” as used in this release can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports.
This release summarizes highlights from ExxonMobil’s December 1, 2021 update for its corporate plans. For more information concerning the forward-looking statements, defined terms, and other information contained in this release, please refer to the complete presentation (including important information contained in the Cautionary Statement and Supplemental Information sections of the presentation) on the Investors section of our website at exxonmobil.com. Definitions and additional information concerning certain terms used in this release are also provided in the Frequently Used Terms available on the Investor page of our website at www.exxonmobil.com under the heading News & Resources.
Media Relations
972-940-6007
SAN FRANCISCO--(BUSINESS WIRE)--Volta Inc. ("Volta"), the industry leader in commerce-centric electric vehicle ("EV") charging, today announced the appointment of Katherine Bailon as its Head of Investor Relations. Following the company’s listing on the New York Stock Exchange earlier this year, Bailon's joining reinforces Volta's strong commitment to its shareholders and investors.
In her role, Bailon will be responsible for building and cultivating relationships with key shareholders, investors, and analysts and communicating Volta's business goals and performance as well as its long-term strategy.
"I am thrilled to join Volta and look forward to shepherding our company message out into the investment community," said Bailon. "Volta is a true leader in EV charging infrastructure with a unique business model. I look forward to using my experience to position the company properly with the investor base during such an exciting and transformational moment in the EV landscape."
Bailon brings more than 20 years of finance and investment experience to her role at Volta, having spent eight years on the buy-side as a hedge fund analyst specializing in technology segments such as green tech and auto tech. Her affinity for electric vehicles came early, having begun researching, writing, and investing in them in 2009. Before that, Bailon spent four years on the sell-side as a junior analyst in a top-ranked technology research team and then seven years in institutional sales at Goldman Sachs as Managing Director.
"I am delighted to work with Katherine, who brings tremendous capabilities to the Volta team," said Chris Wendel, Co-founder and President, Volta. "Her strong experience working with a top-ranked Goldman Sachs research team, followed by another decade as an investment analyst, helps Katherine understand the important role investor relations plays in a company's relationship with its equity holders and prepares her well to build this function at Volta."
"Katherine brings a depth and breadth of knowledge to Volta that will drive profound value to both our business and the investor marketplace," said Francois Chadwick, Chief Financial Officer, Volta. "I'm extremely pleased to welcome Katherine as we build out our investor relations team."
About Volta
Volta Inc. (NYSE: VLTA) is an industry leader in commerce-centric EV charging networks. Volta’s vision is to build EV charging networks that capitalize on and catalyze the shift from combustion-powered miles to electric miles by placing stations where consumers live, work, shop and play. By leveraging a data-driven understanding of driver behavior to deliver EV charging solutions that fit seamlessly into drivers’ daily routines, Volta’s goal is to benefit consumers, brands and real-estate locations while helping to build the infrastructure of the future. As part of Volta’s unique EV charging offering, its stations allow it to enhance its site hosts’ and strategic partners’ core commercial interests, creating a new means for them to benefit from the transformative shift to electric mobility. To learn more, visit www.voltacharging.com.
Forward-Looking Statements
This press release includes forward-looking statements, which are subject to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “feel,” “believes,” expects,” “estimates,” “projects,” “intends,” “should,” “is to be,” or the negative of such terms, or other comparable terminology and include, among other things, statements regarding Volta’s strategy and other future events that involve risks and uncertainties. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: intense competition faced by Volta in the EV charging market and in its content activities; the possibility that Volta is not able to build on and develop strong relationships with real estate and retail partners to build out its charging network and content partners to expand its content sales activities; market conditions, including seasonality, that may impact the demand for EVs and EV charging stations or content on Volta’s digital displays; risks, cost overruns and delays associated with construction and installation of Volta’s charging stations; risks associated with any future expansion by Volta into additional international markets; cost increases, delays or new or increased taxation or other restrictions on the availability or cost of electricity; rapid technological change in the EV industry may require Volta to continue to develop new products and product innovations, which it may not be able to do successfully or without significant cost; the risk that Volta’s shift to including a pay-for-use charging business model and the requirement of mobile check-ins adversely impacts Volta’s ability to retain driver interest, content partners and site hosts; the EV market may not continue to grow as expected; and the ability to protect its intellectual property rights; and those factors discussed in Volta’s Registration Statement on Form S-1, under the heading “Risk Factors,” filed with the Securities and Exchange Commission (the “SEC”), as supplemented by Quarterly Reports on Form 10-Q, and other reports and documents Volta files from time to time with the SEC. Any forward-looking statements speak only as of the date on which they are made, and Volta undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.
Sabrina Strauss
Goodman Media International, Inc.
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The Joint Development Agreement between OneWeb and Kymeta aims to bring to market a u8 based LEO terminal that supports COTP and COTM
REDMOND, Wash. & LONDON--(BUSINESS WIRE)--#JDA--Kymeta (www.kymetacorp.com), the communications company making mobile global, and OneWeb (www.oneweb.world), the Low Earth Orbit (LEO) satellite communications company, announced today a joint development agreement (JDA) to develop an innovative flat panel electronically steered user terminal that is compatible with the OneWeb network to support land fixed applications and leading the way to various mobility applications like land mobile, maritime, and other mobility needs of the future.
The Kymeta™ u8 flat panel antenna technology provides an innovative solution to interoperate with the OneWeb LEO satellite constellation that supports Communication on the Pause (COTP) and future Communications on the Move (COTM) for military, government, first responder, maritime, enterprise and other commercial customers. The Kymeta u8 based terminal will provide the benefits of interoperability between GEO and OneWeb LEO services to strengthen the reach of the terminal solutions.
“This JDA formulized our collaborative efforts and commitment to bring to market an innovative electronically-steered antenna that is turnkey and compatible with OneWeb’s rapidly expanding LEO network,” said Neville Meijers, Chief Strategy and Marketing Officer, Kymeta. “We look forward to this joint endeavor for the benefit of our mutual customers.”
“Kymeta’s pioneering u8 does not require mechanical components to steer toward a satellite and when paired with our LEO network will provide governments, businesses, and communities with high-throughput and low-latency communication services at competitive prices,” said OneWeb Chief of Delivery and Operations, Michele Franci. “This partnership is a welcome addition to our overall product strategy, offering another great choice for OneWeb’s customers and contributes to strengthening our vision to provide seamless, resilient mobile connectivity where and when its needed most.”
Under the new JDA, engineering teams from both OneWeb and Kymeta will collaborate to ensure the terminal meets the technical specifications required for compatibility with the OneWeb network.
The announcement comes just months after Kymeta and OneWeb previously collaborated on a pilot program to successfully test and demonstrate a LEO-GEO capable land flat panel user terminal in Toulouse, France which generated a great deal of interest from customers. The two companies aim to launch their new solution into the market for purchase by the third quarter of 2022.
About Kymeta
Kymeta is unlocking the potential of broadband satellite connectivity, combined with cellular networks, to satisfy the overwhelming demand for comms on the move and making mobile global. Lepton Global Solutions, a Kymeta company, hosts the company’s satellite connectivity solutions and offers unique, complete, and turnkey bundled solutions to the market based on best-in-class technologies and tailored customer-centric services that meet and exceed customer mission requirements. These solutions in tandem with the company’s flat-panel satellite antenna, the first of its kind, and Kymeta Connect™ services provide revolutionary mobile connectivity on satellite and hybrid satellite-cellular networks to customers around the world. Backed by U.S. and international patents and licenses, the Kymeta terminal addresses the need for lightweight, slim, and high-throughput communication systems that do not require mechanical components to steer toward a satellite. Kymeta makes connecting easy – for any vehicle, vessel, or fixed platform.
Kymeta is a privately held company based in Redmond, Washington.
For more information, visit kymetacorp.com
About OneWeb
OneWeb is a global communications network powered from space, headquartered in London, enabling connectivity for governments, businesses, and communities. It is implementing a constellation of Low Earth Orbit satellites with a network of global gateway stations and a range of user terminals to provide an affordable, fast, high-bandwidth and low-latency communications service, connected to the IoT future and a pathway to 5G for everyone, everywhere. Find out more at http://www.oneweb.world
Business Inquiries for Kymeta:
Brenda Kuhns
Director of Marketing
Kymeta Corporation
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Media Inquiries for Kymeta:
Amanda Barry
Director of PR & Content
The Summit Group
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OneWeb Team:
USA, Latin America, Canada
Katie Dowd
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M: +1 202 415 4030
UK, Europe, MENA, APAC
Tabitha Aldrich-Smith
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+44 7970 44029
Finsbury Glover Hering
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PRINCETON, N.J.--(BUSINESS WIRE)--Atlantic Power Transmission LLC (“APT”), a Blackstone (NYSE: BX) portfolio company, announced its bid to develop a clean power transmission solution in response to the 2021 New Jersey Offshore Wind SAA Transmission Solicitation initiated by the New Jersey Board of Public Utilities, in collaboration with PJM Interconnection. APT’s project offers a total offshore wind transmission solution of up to 3,600 MW and is expected to provide over $1.3 billion in economic value to the New Jersey economy. The project is expected to deliver clean offshore wind power to over 1.5 million New Jersey families, enabled by an underground clean energy corridor connecting to an existing substation in Central New Jersey.
APT has prioritized union labor and has partnered with the New Jersey union coalition, including Eastern Atlantic States Regional Council of Carpenters, International Union of Operating Engineers Locals 825 and 25 and Iron Workers Local 399, which will bring the region’s best-skilled and trained tradespersons to this state-of-the-art project and ensure that trades unions are a bedrock of New Jersey’s clean energy program.
Commenting on the announcement, Global Head of Infrastructure at Blackstone, Sean Klimczak said, “We are excited to support New Jersey’s offshore wind efforts and are proud to partner with the New Jersey union coalition. Blackstone Infrastructure has a proven track record and commitment to long-term partnerships, and we look forward to continuing with this transformative and innovative clean energy development project.”
William C. Sproule, Executive Secretary-Treasurer of the Eastern Atlantic States Regional Council of Carpenters said, “New Jersey is uniquely positioned as a hub for offshore wind, and we are pleased that our skilled tradespersons are at the forefront of this exciting movement to bring greater energy sustainability to our State.”
“We applaud Atlantic Power Transmission’s commitment to the Operating Engineers as they embark on the monumental task of bringing homegrown renewable energy to our electrical grid,” commented Greg Lalevee, Business Manager of IUOE 825. "Our union is proud to be part of building a clean energy future in the state of New Jersey.”
Richard Sweeney, President and Business Manager of the Iron Workers Local 399, also stated, “We are proud to partner with Blackstone Infrastructure and Atlantic Power Transmission on ensuring good paying union jobs for years to come in this important and growing sector of our economy.”
The entire route of the project will utilize underground electric transmission lines to minimize its social and environmental impacts. The project enters onshore at an existing industrial site and aims to avoid disrupting New Jersey’s beachfront communities.
Andy Geissbuehler, APT’s CEO, stated, “We highly value our union partnership and our collaboration with the communities along the clean energy corridor. We are committed and able to manage the risks to safely and reliably construct and operate a compelling transmission solution to support New Jersey’s clean energy leadership.”
Blackstone is committed to supporting renewable energy and working closely with its union partners. Since 2019, Blackstone has committed nearly $10 billion in investments that it believes are consistent with the broader energy transition.
In September 2021, Blackstone announced that the Champlain Hudson Power Express (“CHPE”), an underground electric transmission line spanning 339 miles between Canada and New York City, was selected by the New York State Energy Research and Development Authority as part of an extensive RFP process to deliver 1,250 MW of clean, renewable power to New York City. CHPE is expected to create 1,400 jobs, with a commitment to use union labor, and includes a $40 million new Green Economy Fund that will provide job training for clean energy jobs.
In November 2021, Blackstone portfolio companies, Altus Power, a leading clean electrification company, and Link Logistics, operator of the largest portfolio of strategic last mile locations in the US, were awarded approximately 35 MW of community solar projects in New Jersey. Together, Altus and Link will build and operate a portfolio of rooftop community solar projects to serve approximately 10,000 residential customers throughout New Jersey with renewable energy.
About Blackstone
Blackstone is the world’s largest alternative asset manager. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $731 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, infrastructure, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.
Blackstone Infrastructure Partners
Blackstone Infrastructure Partners is an active investor across energy, transportation, digital infrastructure and water and waste infrastructure sectors. We seek to apply a long-term buy-and-hold strategy to large-scale infrastructure assets with a focus on delivering stable, long-term capital appreciation together with a predictable annual cash flow yield. Our approach to infrastructure investing is one that focuses on responsible stewardship and stakeholder engagement to create value for our investors and the communities we serve.
Atlantic Power Transmission LLC (“APT”)
APT is a Blackstone Infrastructure Partners Portfolio Company, headquartered in Princeton, New Jersey and is dedicated to developing, constructing and operating planned transmission systems along the US East Coast to enable efficient interconnection of commercial scale offshore wind facilities.
Paula Chirhart
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347-463-5453
The program’s fifth cohort will receive world-class research support and non-dilutive funding to deploy clean technologies that decarbonize industrial processes and optimize electric vehicle charging
DENVER & HOUSTON--(BUSINESS WIRE)--The Shell GameChanger Accelerator™ Powered by NREL (GCxN), a multi-million dollar program developed in collaboration between Shell GameChanger and the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL), has selected five startups to participate in the program’s fifth cohort. GCxN provides promising early-stage cleantech startups with resources to accelerate product commercialization while de-risking investment.
The selected startups are focused on decarbonizing industrial processes through innovative energy storage and heating technologies, as well as optimizing electric vehicle charging through hardware and software solutions. The fifth GCxN cohort includes:
“The potential impact of decarbonizing industrial processes like cement and steel is massive, but the levels of heat required makes this notoriously difficult,” said Johanna Jamison, GCxN program manager at NREL. “NREL and Shell are working with the newly selected GCxN companies to commercialize technology solutions and address this problem.”
“Electric vehicles are critical for decarbonizing the transportation sector but charging requirements remain a major barrier to wide-scale customer adoption, and the associated increase in demand for electricity poses risks to the electric grid,” said Yesim Jonsson, Shell’s GCxN program manager. “The companies in GCxN’s fifth cohort are developing technologies that will improve the efficiency and safety of electric vehicle charging, which can ensure continued vehicle electrification to reach climate targets.”
GCxN startups are referred by the program’s network partners—more than 60 cross-industry cleantech incubators, accelerators and universities—before undergoing in-depth review by Shell and NREL. Participating companies benefit from NREL’s state-of-the-art research capabilities, receive up to $250,000 in non-dilutive funding, and have access to networking opportunities through NREL's Innovation and Entrepreneurship Center.
Participating startups have raised more than $70 million of funding to date, representing a $20 leverage ratio for each dollar of GCxN funding. Portfolio companies have also hired 51 new employees since GCxN program onboarding. For more information visit GCxNREL.com.
About GCxN
The Shell GameChanger Accelerator™ powered by NREL (GCxN) is a multi-million dollar, multi year program developed in collaboration between Shell GameChanger and the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL) to discover and advance emerging clean technologies with the potential to dramatically alter the future global energy landscape. GCxN identifies promising startup companies through an ecosystem of more than 60 cleantech business incubators, accelerators and universities, providing access to up to $250,000 in non-dilutive funding in the form of technical expertise to develop and demonstrate new energy technologies. GCxN is made possible by funding through Shell GameChanger. GCxN is administered by NREL, located in Golden, Colo.
Liz Crumpacker
Antenna Group for GCxN
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Nation’s largest producer of zero-carbon electricity recognized for continued excellence in environmental stewardship, climate change mitigation and community investments
CHICAGO--(BUSINESS WIRE)--Exelon Corporation was named to the Dow Jones Sustainability North America Index (DJSI) for the 16th consecutive year, once again earning recognition for its leadership in environmental policies, technological innovation and track record of local philanthropy and investments. The global survey evaluated 600 of the largest North American companies on a broad range of sustainability measures.
“As the nation’s largest producer of carbon-free energy, we remain committed to further reducing our emissions, helping our customers use less energy and investing in our communities to make them more sustainable,” said Sunny Elebua, senior vice president, Chief Strategy & Sustainability Officer for Exelon. “Climate change is one of the biggest threats we face, and we will continue to invest in innovation and technology to ensure we are providing clean, reliable and sustainable energy to our customers and communities.”
The DJSI assessment is conducted each year by sustainability investment specialist S&P Global CSA. It is based on a comprehensive review of the company’s environmental, social, and governance (ESG) policies and performance in more than 25 major categories. Exelon was one of only seven electric and gas companies named to the North America Index this year.
Exelon continues to show leadership in sustainability throughout our business. Exelon Utilities recently announced its Path to Clean initiative, which includes a commitment to:
Exelon Generation maintains its clean energy leadership as the largest producer of emissions-free power in the nation. Exelon Generation’s fleet provides 12 percent of all U.S. clean energy, nearly double the amount from any other energy company.
Additionally, Exelon and the Exelon Foundation continue to execute on their $20 million Climate Change Investment Initiative (2c2i) to cultivate startups working on new technologies to reduce greenhouse gas emissions and mitigate the impacts of climate change.
Under its third corporate GHG emission reduction goal, the company also is on track to reduce GHG emissions from its internal operations by 15 percent by 2022. The goal is in addition to Exelon’s continuing efforts to reduce emissions through its owned generation fleet -- which is almost 90 percent carbon-free -- and its customer energy efficiency programs, among other initiatives. Energy efficiency programs at its six electric and gas companies saved customers more than 22.3 million megawatt hours of electricity in 2020, avoiding 8.1 million metric tons of CO2e emissions, which is the equivalent of taking almost 1.8 million gasoline-powered cars off the road for a year.
Over the past year, Exelon continued to advance programs and policies to benefit employees and create a more inclusive workforce, earning spots on DiversityInc’s list of the Top 50 Companies for Diversity and Inclusion, Forbes’ America’s Best Employers for Diversity, Human Rights Campaign Best Places to Work, the Disability Equality Index Best Places to Work for People with Disabilities and others. Exelon also has been a member of the Billion Dollar Roundtable since 2017, spending $2.7 billion with diversity-certified suppliers in 2020, an increase of more than 41 percent since 2016.
In 2020, Exelon and its family of companies, employees and the Exelon Foundation provided $58.4 million in funding to local communities, benefitting nearly 4.4 million people, 84 percent ($46 million) of which supported organizations, programs or events that were targeted specifically to diverse populations.
Learn more about Exelon’s sustainability initiatives by visiting its new interactive 2020 Corporate Sustainability Report.
About Exelon
Exelon Corporation (Nasdaq: EXC) is a Fortune 100 energy company with the largest number of electricity and natural gas customers in the U.S. Exelon does business in 48 states, the District of Columbia and Canada and had 2020 revenue of $33 billion. Exelon serves approximately 10 million customers in Delaware, the District of Columbia, Illinois, Maryland, New Jersey and Pennsylvania through its Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO and Pepco subsidiaries. Exelon is one of the largest competitive U.S. power generators, with more than 31,000 megawatts of nuclear, gas, wind, solar and hydroelectric generating capacity comprising one of the nation’s cleanest and lowest-cost power generation fleets. The company’s Constellation business unit provides energy products and services to approximately 2 million residential, public sector and business customers, including three fourths of the Fortune 100. Follow Exelon on Twitter @Exelon.
Liz Keating
Exelon Corporate Communications
312-394-4111
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The AeroFlexx liquid package is one of the first packages to receive the “Made for Recycling” recognition for multiple countries across Europe
WEST CHESTER, Ohio--(BUSINESS WIRE)--#recycling--AeroFlexx announced today that it has been awarded the “Made for Recycling” seal from Interseroh for the AeroFlexx liquid package, a flexible construct which contains an air frame that provides rigid qualities throughout the entire package lifecycle. AeroFlexx is one of the first packages to receive the “Made for Recycling” designation for the multiple countries across Europe that offer recycling for rigid polyethylene packaging, meaning consumers have the convenience of recycling AeroFlexx packages just like other widely recycled polyethylene (PE) bottles.
As a recycling specialist, Interseroh, part of the Alba group, is involved in all stages of the packaging cycle, from licensing and collection to sorting and processing plastics. The “Made for Recycling” designation was established by Interseroh in partnership with the German bifa environmental institute, who came up with a set of criteria for recycling with a maximum of 20 possible points. Fraunhofer IVV affirmed the assessment method. Only products achieving 18 points or higher achieve the “Made for Recycling” title. AeroFlexx packaging received a 19 out of 20 rating from Interseroh.
Achieving recyclability recognition through Interseroh is just the first of many steps AeroFlexx is taking to ensure AeroFlexx packages are compatible with the recycling systems in both Europe and the Americas. And while recyclability is important to ensure customers and brands can achieve their circularity goals, that is not the only environmental attribute the AeroFlexx liquid package affords. The liquid package is significantly lighter than its competitors, reducing the amount of plastic used by at least 50% with the ability to incorporate recycled content for further reduction in virgin plastic use. These environmental benefits can afford brands the ability to not just close the loop and meet their circularity goals, but also accelerate progress toward greenhouse gas reduction and also reduce waste to landfills.
“AeroFlexx is honored to be recognized as ‘Made for Recycling,’” said Andrew Meyer, CEO of AeroFlexx. “Our commitment to a circular economy is to proactively engage the industry to create an ecosystem whereby no AeroFlexx package ends up in the environment. This designation recognizes the collective commitment and effort across the entire AeroFlexx team as we believe we have an unwavering obligation to our customers, society and future generations to do our part to reduce environmental impacts without compromise on performance or the consumer experience.”
Interseroh notes that the term “recyclability” is understood to mean the extent to which the materials used to manufacture the product can be returned to the material loop at the end of the product’s useful life and therefore close the material loop. Interseroh utilizes a three-stage points system. In the first stage, it is determined whether the consumer can assign the packaging to the right collection system without any problems. In the second stage, how the packaging performs during the sorting process is assessed. In the third stage, an evaluation takes place as to how suitable the packaging is for recycling, and to determine if design features such as labels, colors or barriers make the recycling process more difficult.
About AeroFlexx
AeroFlexx, a portfolio company of Innventure, is revolutionizing the liquid packaging industry by offering the only flexible package with an air-chamber that provides rigid qualities to a flexible package. AeroFlexx has worked to ensure that its proprietary package is customer centric, enhances the consumer experience, and meets e-commerce requirements, including being Amazon ISTA 6 approved. The packaging design allows greater flexibility in size and shape development, provides efficiency in manufacturing, and thanks to seamless edge-to-edge artwork – has no label limitations. To learn more, visit aeroflexx.com.
Kathryn Rogers
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Jim Healy
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VERNAL, Utah--(BUSINESS WIRE)--Superior Drilling Products, Inc. (NYSE American: SDPI) (“SDP” or the “Company”), a designer and manufacturer of drilling tool technologies, announced today that Troy Meier, Chairman and Chief Executive Officer, and Christopher Cashion, Chief Financial Officer, will present and be available for investor meetings at the Sidoti Virtual Microcap Conference on Thursday, December 9, 2021.
The Company’s presentation will begin at 1:00 pm Eastern Time. A link to the webcast, along with presentation materials, will be available at www.sdpi.com/Events. An archive of the presentation will be accessible on the Company website following the conference.
About Superior Drilling Products, Inc.
Superior Drilling Products, Inc. is an innovative, cutting-edge drilling tool technology company providing cost saving solutions that drive production efficiencies for the oil and natural gas drilling industry. The Company designs, manufactures, repairs and sells drilling tools. SDP drilling solutions include the patented Drill-N-Ream® wellbore conditioning tool and the patented Strider™ oscillation system technology. In addition, SDP is a manufacturer and refurbisher of PDC (polycrystalline diamond compact) drill bits for a leading oil field service company. SDP operates a state-of-the-art drill tool fabrication facility, where it manufactures its solutions for the drilling industry, as well as customers’ custom products. The Company’s strategy for growth is to leverage its expertise in drill tool technology and innovative, precision machining in order to broaden its product offerings and solutions for the oil and gas industry.
Additional information about the Company can be found at: www.sdpi.com.
For more information, contact investor relations:
Deborah K. Pawlowski
Kei Advisors LLC
(716) 843-3908
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