SAN FRANCISCO--(BUSINESS WIRE)--Engine No. 1, an investment firm which seeks to enhance long-term value through active ownership and which recently announced its intention to nominate four highly qualified, independent director candidates to the Exxon Mobil Corporation (NYSE: XOM) (“ExxonMobil” or the “Company”) Board of Directors, today issued the following statement regarding ExxonMobil’s announcement of emission reduction targets for 2021-25 (to follow the Company’s prior targets expiring in 2020).
“Today’s announcement reinforces the urgent need for ExxonMobil to develop a strategy for long-term value creation and for new directors with successful track records in energy industry transformations to help it do so. While reducing emissions intensity is important, nothing in ExxonMobil’s stated plans better positions it for long-term success in a world seeking to reduce total greenhouse gas emissions. Likewise, as the Company itself acknowledges, nothing in its enhanced Scope 3 disclosure will lead to the reduction of such emissions.
“ExxonMobil remains committed to aggressive oil and gas capital expenditure plans requiring high oil and gas prices to break-even and continues to eschew material business diversification opportunities. This strategy inherently restricts ExxonMobil’s ability to pursue aggregate emission reduction targets and prevents it from better positioning itself to create long-term shareholder value in an evolving industry.
“We have called for ExxonMobil to improve capital allocation discipline and explore opportunities to profitably diversify its business with the help of new directors who have the skills and experience to help do so. Along with improving ExxonMobil’s financial picture and helping to protect its dividend, we believe these changes can help the Company establish Scope 1, 2 and 3 emission reduction targets as part of a sustainable, transparent, and profitable long-term plan. This is why we believe it is time for the Company’s shareholders to weigh in. We look forward to a constructive dialogue on this topic with the Company and its shareholders.”
Additional information regarding Engine No. 1’s plan may be found at www.ReenergizeXOM.com.
About Engine No. 1
Engine No. 1 is an investment firm purpose-built to create long-term value by driving positive impact through active ownership. For more information, please visit: www.Engine1.com
Important Information
Engine No. 1 LLC, Engine No. 1 LP, Christopher James, Charles Penner (collectively, “Engine”), Gregory J. Goff, Kaisa Hietala, Alexander Karsner, and Anders Runevad (collectively and together with Engine, the “Participants”) intend to file with the Securities and Exchange Commission (the “SEC”) a definitive proxy statement and accompanying form of WHITE proxy to be used in connection with the solicitation of proxies from the shareholders of Exxon Mobil Corporation (the “Company”). All shareholders of the Company are advised to read the definitive proxy statement and other documents related to the solicitation of proxies by the Participants when they become available, as they will contain important information, including additional information related to the Participants. The definitive proxy statement and an accompanying WHITE proxy card will be furnished to some or all of the Company’s shareholders and will be, along with other relevant documents, available at no charge on the SEC website at http://www.sec.gov/.
Information about the Participants and a description of their direct or indirect interests by security holdings is contained in a Schedule 14A filed by the Participants with the SEC on December 11, 2020. This document is available free of charge from the source indicated above.
Disclaimer
This material does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in any state to any person. In addition, the discussions and opinions in this press release and the material contained herein are for general information only, and are not intended to provide investment advice. All statements contained in this press release that are not clearly historical in nature or that necessarily depend on future events are “forward-looking statements,” which are not guarantees of future performance or results, and the words “anticipate,” “believe,” “expect,” “potential,” “could,” “opportunity,” “estimate,” and similar expressions are generally intended to identify forward-looking statements. The projected results and statements contained in this press release and the material contained herein that are not historical facts are based on current expectations, speak only as of the date of this press release and involve risks that may cause the actual results to be materially different. Certain information included in this material is based on data obtained from sources considered to be reliable. No representation is made with respect to the accuracy or completeness of such data, and any analyses provided to assist the recipient of this material in evaluating the matters described herein may be based on subjective assessments and assumptions and may use one among alternative methodologies that produce different results. Accordingly, any analyses should also not be viewed as factual and also should not be relied upon as an accurate prediction of future results. All figures are unaudited estimates and subject to revision without notice. Engine disclaims any obligation to update the information herein and reserves the right to change any of its opinions expressed herein at any time as it deems appropriate. Past performance is not indicative of future results. Engine has neither sought nor obtained the consent from any third party to use any statements or information contained herein that have been obtained or derived from statements made or published by such third parties. Except as otherwise expressly stated herein, any such statements or information should not be viewed as indicating the support of such third parties for the views expressed herein.
Media Contacts
Gasthalter & Co.
Jonathan Gasthalter/Amanda Klein
212-257-4170
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Investor Contacts:
Innisfree M&A Incorporated
Scott Winter/Gabrielle Wolf
212-750-5833
Project to generate $2 billion in economic impact and nearly 800 jobs in Virginia and North Carolina during construction.
VIRGINIA BEACH, Va.--(BUSINESS WIRE)--Avangrid Renewables, a subsidiary of AVANGRID, Inc. (NYSE: AGR), a leading developer of onshore and offshore wind in the U.S., submitted a Construction and Operations Plan (COP) to the federal Bureau of Ocean Energy Management (BOEM) on Friday, December 11th for the first phase of the company’s wholly owned Kitty Hawk Offshore Wind project. The COP also includes the findings from an economic impact study (EIS), conducted by the Public Strategy Group, which anticipates substantial economic and employment benefits to result from the construction of Kitty Hawk Offshore Wind’s multiple phases between 2021 and 2030.
“We’re proud to be the first to submit a federal permit for a commercial scale offshore wind project in Virginia and the Carolinas,” said Bill White, Avangrid Renewables’ head of U.S. offshore wind. “Kitty Hawk Offshore Wind will deliver clean energy to customers in the region and significant economic benefits and quality jobs for decades to come.”
The first phase of the project, anticipated to begin construction as soon as 2024, will have the capacity to generate approximately 800 megawatts (MW) of electricity. When all phases are complete, Kitty Hawk Offshore Wind is expected to have a total generation capacity of up to 2,500 MW, or enough to power 700,000 homes – approximately four times the number of households in Virginia Beach -- with clean energy.
“The offshore wind industry presents tremendous opportunity to the Hampton Roads region,” said Doug Smith, president and CEO of the Hampton Roads Alliance. “I look forward to working with Avangrid Renewables as they develop the Kitty Hawk Offshore Wind project and deliver substantial economic benefits to the Hampton Roads region.”
The EIS found that the project will drive significant economic activity and employment opportunity in the region. Kitty Hawk Offshore Wind is expected to generate $2 billion in economic impact between 2021 and 2030 and is expected to create nearly 800 jobs in Virginia and North Carolina, with nearly 600 of those in the Hampton Roads region which includes southeastern Virginia and northeastern North Carolina.
An executive summary and full EIS can be viewed here. To learn more about the project, please visit: www.kittyhawkoffshore.com.
About Avangrid Renewables: Avangrid Renewables, LLC is a subsidiary of AVANGRID, Inc. and part of the IBERDROLA Group. It is a leading renewable energy company in the United States, owning and operating a portfolio of renewable energy generation facilities primarily using wind power. IBERDROLA, S.A., is an energy pioneer with the largest renewable asset base of any company in the world. Avangrid Renewables is headquartered in Portland, Oregon. For more information, visit www.avangridrenewables.com.
About AVANGRID: AVANGRID, Inc. (NYSE: AGR) is a leading, sustainable energy company with approximately $36 billion in assets and operations in 24 U.S. states. With headquarters in Orange, Connecticut, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs approximately 6,600 people. AVANGRID supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2019 and 2020 by the Ethisphere Institute. For more information, visit www.avangrid.com.
About Avangrid Renewables: Avangrid Renewables, LLC is a subsidiary of AVANGRID, Inc. and part of the IBERDROLA Group. It is a leading renewable energy company in the United States, owning and operating a portfolio of renewable energy generation facilities primarily using wind power. IBERDROLA, S.A., is an energy pioneer with the largest renewable asset base of any company in the world. Avangrid Renewables is headquartered in Portland, Oregon. For more information, visit www.avangridrenewables.com.
About AVANGRID: AVANGRID, Inc. (NYSE: AGR) is a leading, sustainable energy company with approximately $36 billion in assets and operations in 24 U.S. states. With headquarters in Orange, Connecticut, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs approximately 6,600 people. AVANGRID supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2019 and 2020 by the Ethisphere Institute. For more information, visit www.avangrid.com.
HOUSTON--(BUSINESS WIRE)--Murphy Oil Corporation (NYSE: MUR) today announced that Roger W. Jenkins, President and Chief Executive Officer, will present at the MKM Partners Virtual Conference on Tuesday, December 15, 2020, at 11:10 a.m. Eastern Time (ET).
The live audio webcast presentation will be available on the company’s website at http://ir.murphyoilcorp.com.
ABOUT MURPHY OIL CORPORATION
As an independent oil and natural gas exploration and production company, Murphy Oil Corporation believes in providing energy that empowers people by doing right always, staying with it and thinking beyond possible. It challenges the norm, taps into its strong legacy and uses its foresight and financial discipline to deliver inspired energy solutions. Murphy sees a future where it is an industry leader who is positively impacting lives for the next 100 years and beyond. Additional information can be found on the company’s website at www.murphyoilcorp.com.
Investor Contacts:
Kelly Whitley, This email address is being protected from spambots. You need JavaScript enabled to view it., 281-675-9107
Megan Larson, This email address is being protected from spambots. You need JavaScript enabled to view it., 281-675-9470
TULSA, Okla.--(BUSINESS WIRE)--Transcontinental Gas Pipe Line Company, LLC (“Transco”), a wholly owned subsidiary of The Williams Companies, Inc. (NYSE: WMB), announced today that it has extended its offer to exchange any and all of its $700 million in aggregate principal amount of outstanding 3.250 percent Senior Notes due 2030 and $500 million in aggregate principal amount of outstanding 3.950 percent Senior Notes due 2050 for an equal amount of the applicable series of its registered 3.250 percent Senior Notes due 2030 and 3.950 percent Senior Notes due 2050 until 5 p.m. Eastern Standard Time (EST) on December 16, 2020. The offer was previously scheduled to expire at 5 p.m. EST on December 11, 2020.
As of 5:00 p.m. EST on Friday, December 11, 2020, holders of $698,870,000 aggregate principal amount of the outstanding 3.250 percent Senior Notes due 2030 (constituting approximately 99.8 percent of the principal amount of such outstanding notes) and holders of $500 million aggregate principal amount of the outstanding 3.950 percent Senior Notes due 2050 (constituting 100 percent of the principal amount of such outstanding notes), have delivered valid tenders pursuant to the offer. Except as set forth herein, the terms and conditions of the offer remain unchanged. Transco may further extend the expiration date of the offer in its sole discretion.
The offer is being made pursuant to a prospectus dated November 12, 2020, a copy of which has been filed with the Securities and Exchange Commission. Transco has not authorized any person to provide information other than as set forth in the prospectus. Copies of the prospectus and the transmittal letter governing the exchange offer can be obtained from the exchange agent, The Bank of New York Mellon Trust Company, N.A., by faxing a request to (732) 667-9408 or by writing via regular or certified mail, or overnight courier, to The Bank of New York Mellon Trust Company, N.A., Corporate Trust Operations—Reorganization Unit, 111 Sanders Creek Parkway, East Syracuse, New York 13057, Attn: Tiffany Castor.
This press release is for informational purposes only and does not constitute an offer to sell nor a solicitation of an offer to buy any security. The exchange offer is being made solely pursuant to the prospectus dated November 12, 2020, including any supplements thereto, and only to such persons and in such jurisdictions as is permitted under applicable law.
About Williams
Williams (NYSE: WMB) is committed to being the leader in providing infrastructure that safely delivers natural gas products to reliably fuel the clean energy economy. Headquartered in Tulsa, Oklahoma, Williams is an industry-leading, investment grade C-Corp with operations across the natural gas value chain including gathering, processing, interstate transportation and storage of natural gas and natural gas liquids. With major positions in top U.S. supply basins, Williams connects the best supplies with the growing demand for clean energy. Williams owns and operates more than 30,000 miles of pipelines system wide – including Transco, the nation’s largest volume and fastest growing pipeline – and handles approximately 30 percent of the natural gas in the United States that is used every day for clean-power generation, heating and industrial use.
Portions of this document may constitute “forward-looking statements” as defined by federal law. Although Transco believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. Additional information about issues that could lead to material changes in performance is contained in Transco’s annual and quarterly reports filed with the Securities and Exchange Commission.
MEDIA:
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(800) 945-8723
INVESTOR CONTACTS:
Danilo Juvane
(918) 573-5075
Largest U.S. Manufacturer of Above-Ground Storage Tanks and Processing Equipment Well-Positioned for Market Recovery
ODESSA, Texas--(BUSINESS WIRE)--Permian Tank & Manufacturing (“Permian Tank” or the “Company”), today announced it has been acquired by New Permian Holdco, LLC, resulting in a successful exit of Chapter 11 bankruptcy proceedings for the Company’s operations. The sale was supported by Permian Tank’s current lender, who provided incremental financing to strengthen the Company during the transition and has committed to provide additional growth capital.
The buyer, New Permian Holdco, LLC (“New Permian”) will continue to provide its industry leading tanks and vessels throughout the Permian, Eagle Ford, Bakken and other major U.S. plays. Additionally, New Permian has made a strategic investment in the Company’s modular unit and skidded systems production capabilities. The Company believes its ability to offer a one-stop, turn-key solution provides an immediate growth catalyst as the oil field services sector continues a broad push toward margin improvement coming out of 2020.
Michael Haynes, Company President, said, “Permian Tank continues to focus on engineering and manufacturing best-in-class products for its customers. Our newly engineered, high-specification integrated solution offerings provide our customers with a simplified supply chain through a single point of contact that delivers a lower cost and higher efficiency end-product. We remain committed to our employees and customers and have emerged from this process stronger than ever as we continue to position Permian Tank for long-term success.”
About Permian Tank
Permian Tank is the largest United States’ manufacturer of above-ground storage tanks and processing equipment for the oil and natural gas exploration and production industry. Permian Tank has more than 40 years of operating experience, with manufacturing plants located throughout Texas and South Dakota, serving shale plays throughout the United States.
Permian manufactures a variety of wellsite related processing equipment, including storage tanks, production vessels, and skid mounted modular system packages.
Media:
Permian Tank
(432) 580-1050
CoolX3000 provides highest performance, unique flexibility and intelligent control and monitoring for medical, life science and specialized industrial applications
DENVER--(BUSINESS WIRE)--Advanced Energy Industries, Inc. (Nasdaq: AEIS) – a global leader in highly engineered, precision power conversion, measurement and control solutions – today introduced its new Excelsys CoolX®3000 modular, configurable power platform. Designed for a wide range of demanding medical and industrial applications, this 3000 W power supply platform delivers leading power density, provides unique flexibility, and features digital communication and control to connect with other applications to deliver on the promise of Industry 4.0.
Optimized for use in medical diagnostics, imaging and treatment equipment, life science systems, clinical chemistry as well as specialized industrial equipment, the CoolX3000 rounds out AE’s CoolX family of configurable power supplies, which includes the CX600, CX1000 and CX1800 Series.
CoolX3000 simplifies system integration for the world’s leading OEMs and provides unique levels of flexibility and scalability, with up to 24 isolated user field-configurable outputs and individual output controls. The CoolX3000 provides the highest power level in the range, offering full control of output voltage and current, as well as sequencing control via digital and analog interfaces. Further, CoolX3000 has full safety agency approval for operation in high altitude conditions of up to 5,000 meters, which is critical for medical applications.
“The CoolX3000 builds on Advanced Energy’s market-leading CoolX family of configurable power supplies and provides our medical, life science and industrial customers with a broader range of power, outputs and intelligent control capabilities to meet their design requirements,” said Conor Duffy, vice president and general manager, medical, at Advanced Energy. “For decades, customers have relied on AE’s line of highly reliable and extremely efficient power solutions. We are future-proofing our customers’ systems with the latest, advanced regulatory and safety approvals. With full digital communication and control, we are also a partner in enabling their Industry 4.0 initiatives.”
CoolX3000 meets the industry’s latest medical and industrial safety standards, including IEC60601-1 3rd edition, IEC60601-1-2 4th edition (EMC), IEC60950, IEC62368-1 and SEMI F47.
For detailed product information and technical specifications, visit the CoolX3000 product page.
About Advanced Energy
Advanced Energy (Nasdaq: AEIS) is a global leader in the design and manufacturing of highly engineered, precision power conversion, measurement and control solutions for mission-critical applications and processes. AE’s power solutions enable customer innovation in complex applications for a wide range of industries including semiconductor equipment, industrial, manufacturing, telecommunications, data center computing and healthcare. With engineering know-how and responsive service and support around the globe, the company builds collaborative partnerships to meet technology advances, propel growth for its customers and innovate the future of power. Advanced Energy has devoted more than three decades to perfecting power for its global customers and is headquartered in Denver, Colorado, USA. For more information, visit www.advancedenergy.com.
Advanced Energy | Precision. Power. Performance.
For press inquiries, contact:
Lora Wilson / Valerie Christopherson
Global Results Communications for Advanced Energy Industries, Inc.
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+1 949.306.0276
Doosan GridTech, a global EPC leader in energy storage, will deploy a battery storage solution that provides grid stability for Australia's third-largest economy.
BRISBANE, Australia--(BUSINESS WIRE)--Vena Energy-Australia has named Doosan GridTech as its engineering, procurement, and construction (EPC) partner to build Queensland's largest energy storage system. This battery energy storage system (BESS) will play a major role in improving grid stability and supporting the state's shift to renewable energy. Located near Wandoan in the state's southwest region, the BESS will have a discharge capacity of 100MW and deliver 150MWh—enough to provide power for 57,000 homes.
"As our first grid-scale energy storage project, the Wandoan South BESS in South West Queensland required an EPC partner that carries Doosan's expertise depth and market credibility," said Anil Nangia, Head of Vena Energy-Australia. "We view Doosan as a long-term partner who shares our desires to accelerate the transition to renewable energy in the Asia-Pacific region and to enrich local economies and communities."
Doosan's design of one of the largest battery systems in Australia features:
"We are honored that Vena Energy has chosen Doosan to deliver Queensland's largest battery energy storage system as the country enters a new dawn of renewable energy solutions," said Adrian Marziano, General Manager, Doosan GridTech- Australia. "The Wandoan South BESS represents a big step in building our momentum to provide high megawatt grid-scale battery storage systems. Again, we are demonstrating that competitively priced turnkey systems deployed alongside advanced and flexible control platforms are winning propositions for global renewable developers. Turnkey delivery provides simplicity of purchase and a higher degree of short-term risk management. Advanced and upgradable software ensures long-term risk management in the form of flexibility for technology options and adaptation to meet future grid needs."
Doosan's Intelligent Controller (DG-IC®) will be the operating software platform of the Wandoan South BESS. It is one of the first storage control systems built on open standard interfaces and is custom-designed to meet the Australian transmission system's rigorous requirements. The DG-IC is the advanced intelligence of a BESS system designed to provide speedy response against complex schedules and operating modes while ensuring that power quality is maintained.
Vena Energy-Australia is a subsidiary of Vena Energy, a leading Independent Power Producer (IPP) of renewable energy in the Asia-Pacific region with over 11 gigawatts in operation, construction, and development. In Australia, Vena Energy is progressing over 2.5 gigawatts of renewable energy projects across the country. Headquartered in Singapore, Vena Energy manages the development, design, procurement, construction, and maintenance of its solar, wind, and battery energy storage systems in Australia, India, Indonesia, Japan, Korea, Philippines, Taiwan, and Thailand. Vena Energy is committed to engaging local communities through its portfolio projects' investment lifecycles and incorporating the management of Environmental, Social and Governance (ESG) standards into its strategy and business practices. For more information, please visit www.venaenergy.com.
Doosan GridTech® is a multi-disciplined team of power system engineers, software developers, and turnkey energy storage specialists. We help electric utilities and other megawatt-scale power producers evaluate, procure, integrate and optimize energy storage, solar power, and other distributed energy resources. Our battery storage experts in Seattle, Melbourne, and Seoul have designed, built, and controlled over 30 energy storage installations in the Americas and Asian-Pacific regions – representing 310MW of capacity. Ranked as one of the top energy storage solution providers by Navigant Research and Bloomberg New Energy Finance, we are the proud recipients of two Grid Innovation Awards from GreenTech Media. Our parent company, Doosan Heavy Industries & Construction Co. Ltd., is a multibillion-dollar global conglomerate that serves power and industrial markets. www.doosangridtech.com
Media Contacts:
For Doosan GridTech:
Adrian Marziano
General Manager, Doosan GridTech-Australia
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For Vena Energy:
Gareth Quinn
Director, Republic PR
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0417 711 108
HOUSTON--(BUSINESS WIRE)--Kinder Morgan (NYSE: KMI) announced today that Fayez Sarofim will retire from its board of directors effective December 31, 2020. Mr. Sarofim has served on KMI’s board of directors since 1999.
“Fayez has been a long-standing member of the board, and we appreciate his valuable guidance and advice during his 21 years of service,” said KMI Executive Chairman Rich Kinder. “He has always provided thoughtful and wise suggestions for the betterment of the company. We wish him all the best in his retirement.”
“I have enjoyed working with Rich, the board and the management team during my time serving on the board of directors,” said Mr. Sarofim. “KMI has grown substantially during that period, and I am confident it will continue to be successful in the future.”
Mr. Sarofim was born in 1928 in Cairo, Egypt. He came to the United States in 1946 and became a naturalized American citizen in 1961. He received his bachelor’s degree from the University of California Berkeley and a master’s degree in business administration from Harvard Business School. In August 1958, he founded the investment firm Fayez Sarofim & Co., in Houston, Texas. He is an active philanthropist in the community and a significant contributor to the Museum of Fine Arts, Houston, with the MFAH’s extensive collections and exhibitions presented primarily at three main gallery buildings on the Susan and Fayez S. Sarofim Campus. This addition to the museum allowed the entire community greater access to galleries featuring a wide variety of collections and exhibits. He also provides support to the Houston Ballet, Memorial Sloan-Kettering Cancer Center, Texas Children’s Hospital, University of Texas Health Science Center and Houston Grand Opera, to name a few.
At this time, KMI’s board does not anticipate appointing a successor to the board.
About Kinder Morgan, Inc.
Kinder Morgan, Inc. (NYSE: KMI) is one of the largest energy infrastructure companies in North America. Access to reliable, affordable energy is a critical component for improving lives around the world. We are committed to providing energy transportation and storage services in a safe, efficient, and environmentally responsible manner for the benefit of people, communities and businesses we serve. We own an interest in or operate approximately 83,000 miles of pipelines and 147 terminals. Our pipelines transport natural gas, refined petroleum products, crude oil, condensate, CO2 and other products, and our terminals store and handle various commodities including gasoline, diesel fuel chemicals, ethanol, metals and petroleum coke. For more information, please visit www.kindermorgan.com.
Important Information Relating to Forward-Looking Statements
This news release includes forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities and Exchange Act of 1934. Generally the words “expects,” “believes,” anticipates,” “plans,” “will,” “shall,” “estimates,” and similar expressions identify forward-looking statements, which are not historical in nature. Forward-looking statements in this news release include express or implied statements concerning KMI’s future performance. Forward-looking statements are subject to risks and uncertainties and are based on the beliefs and assumptions of management, based on information currently available to them. Although KMI believes that these forward-looking statements are based on reasonable assumptions, it can give no assurance as to when or if any such forward-looking statements will materialize or their ultimate impact on KMI’s operations or financial condition. Important factors that could cause actual results to differ materially from those expressed in or implied by these forward-looking statements include the risks and uncertainties described (under the headings “Risk Factors” and “Information Regarding Forward-Looking Statements” and elsewhere) in KMI’s reports filed with the Securities and Exchange Commission (SEC), including its Annual Report on Form 10-K for the year-ended December 31, 2019, its Quarterly Reports on Form 10-Q for the three-month period ended March 31, 2020 and its subsequent reports, which are available through the SEC’s EDGAR system at www.sec.gov and on KMI’s website at ir.kindermorgan.com. Forward-looking statements speak only as of the date they were made, and except to the extent required by law, KMI undertakes no obligation to update any forward-looking statement because of new information, future events or other factors. Because of these risks and uncertainties, readers should not place undue reliance on these forward-looking statements.
Media Relations
Katherine Hill
(713) 369-9176
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Investor Relations
(800) 348-7320
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www.kindermorgan.com
LONDON--(BUSINESS WIRE)--#Converter--Technavio estimates the global HVDC converter stations market to grow by USD 3.36 billion, progressing at a CAGR of almost 14% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment.
The market is driven by the increase in global power demand. However, the ongoing slowdown in the Chinese economy might challenge growth.
Get a Free Sample Report Delivered Instantly to Know More
HVDC Converter Stations Market: Technology Landscape
Based on technology, the market saw maximum growth in the LCC segment in 2019. The segment is driven by the increased use of LCC HVDC converter stations from underground and submarine connection applications. The market growth in the segment will be significant over the forecast period.
HVDC Converter Stations Market: Geography Landscape
74% of the market’s growth originated from APAC in 2019. The increasing emphasis on renewable energy is one of the key factors fueling the growth of the HVDC converter stations market in APAC.
China and India are the key markets for HVDC converter stations in APAC.
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Major Three HVDC converter stations Market Vendors:
ABB Ltd.
ABB Ltd. operates its business through segments such as Electrification, Industrial Automation, Motion, Robotics & Discrete Automation, and Corporate and Other. The company builds HVDC converter stations such as 800 kV HVDC.
Alstom Holdings SA
Alstom Holdings SA operates its business through segments such as Rolling Stock, Signalling solutions, Integrated systems, and Services. The company builds HVDC converter stations such as 800 kV and 600kV HVDC.
Bharat Heavy Electricals Ltd.
Bharat Heavy Electricals Ltd. operates its business through segments such as Power and Industry. The company builds HVDC converter stations such as 500 kV HVDC.
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Related Reports on Industrials Include:
Global Power Transmission Lines and Towers Market – Global power transmission lines and towers market is segmented by type (HVAC and HVDC) and geography (APAC, Europe, North America, MEA, and South America). Get a free sample report to know more
Global Power Tool Accessories Market – Global power tool accessories market is segmented by end-user (professional and consumer) and geographic landscape (APAC, Europe, MEA, North America, and South America). Get a free sample report to know more
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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WALTHAM, Mass.--(BUSINESS WIRE)--Global Partners LP (NYSE: GLP) today announced the signing of an agreement to purchase the retail fuel and convenience store assets of Connecticut-based Consumers Petroleum of Connecticut, Incorporated.
“Building on our history of successful strategic acquisitions, the pending purchase of Wheels is an excellent fit for Global, and expands our retail business in Connecticut,” said Global Partners President and CEO Eric Slifka. “The team at Consumers Petroleum has built an impressive brand, with locations along high-traffic routes throughout Connecticut. We are excited about adding these facilities to our portfolio and expect the transaction to be accretive within the first full year of operations.”
The acquisition includes 27 company-operated gas stations with “Wheels”-branded convenience stores in Connecticut. The transaction also includes fuel supply agreements for approximately 25 gas stations located in Connecticut and New York. The stations market fuel under the Citgo and Sunoco brands.
“We are very proud of what we have accomplished and the business we have grown over three generations,” said Richard Wiehl, Chairman of Consumers Petroleum/Wheels of CT, Inc. “We are excited to see how Global will continue to grow and improve the Wheels assets and feel that we are leaving the company in good hands.”
The purchase is expected to close in the first half of 2021, subject to regulatory approvals and other customary closing conditions.
About Global Partners LP
With approximately 1,550 locations primarily in the Northeast, Global Partners is one of the region’s largest independent owners, suppliers and operators of gasoline stations and convenience stores. Global also owns, controls or has access to one of the largest terminal networks in New England and New York, through which it distributes gasoline, distillates, residual oil and renewable fuels to wholesalers, retailers and commercial customers. In addition, Global engages in the transportation of petroleum products and renewable fuels by rail from the mid-continental U.S. and Canada. Global, a master limited partnership, trades on the New York Stock Exchange under the ticker symbol “GLP.” For additional information, visit www.globalp.com.
Forward-Looking Statements
Certain statements and information in this press release may constitute “forward-looking statements.” The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could” or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. These forward-looking statements are based on Global Partners’ current expectations and beliefs concerning future developments and their potential effect on the Partnership. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting the Partnership will be those that it anticipates. Forward-looking statements involve significant risks and uncertainties (some of which are beyond the Partnership’s control) including, without limitation, the impact and duration of the COVID-19 pandemic, uncertainty around the timing of an economic recovery in the United States which will impact the demand for the products we sell and the services we provide, uncertainty around the impact of the COVID-19 pandemic to our counterparties and our customers and their corresponding ability to perform their obligations and/or utilize the products we sell and/or services we provide, uncertainty around the impact and duration of federal, state and municipal regulations related to the COVID-19 pandemic, and assumptions that could cause actual results to differ materially from the Partnership’s historical experience and present expectations or projections.
For additional information regarding known material factors that could cause actual results to differ from the Partnership’s projected results, please see Global Partners’ filings with the SEC, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. The Partnership undertakes no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.
Daphne H. Foster
Chief Financial Officer
Global Partners LP
(781) 894-8800
Edward J. Faneuil
Executive Vice President,
General Counsel and Secretary
Global Partners LP
(781) 894-8800
DALLAS--(BUSINESS WIRE)--Spark Connected, (www.sparkconnected.com) a global leader in developing advanced and innovative wireless power technology and system level solutions, announces a partnership with gapcharge, innovators of integrated smart wireless charging solutions.
The 100W Ogre solution is part of Spark Connected’s portfolio of high-power industrial wireless charging solutions, which includes the recently announced 300W Yeti solution. This turnkey B2B system is designed for a broad range of Industry 4.0 applications such as factory autonomous mobile robots, logistic fleet management, electric mobility, and automatic guided vehicles (AGVs). The technology ensures a safe and simple user charging experience ideally suited for gapcharge’s electro mobile logistics, light vehicle, and scooter performance systems.
According to Ruwanga Dassanayake, Chief Operating Officer at Spark Connected, “Spark Connected, together with gapcharge, is spearheading and building the autonomous future of power. Automated factories along with smart fleet management and e-mobility can now easily adopt Spark Connected’s safe, efficient, and proven industrial grade wireless power solutions.”
“Industrial applications will transition to wireless power in the coming years and we are excited and looking forward to the partnership,” said Gregor Schmid, CEO at gapcharge. “Spark Connected has great domain expertise and technology in wireless power, which we want to transfer and be a pioneer in the field of logistics. Spark Connected and gapcharge have the same goal: a wireless future.”
Highlights of Spark Connected’s solution include:
About Spark:
Spark Connected | powering the world, wirelessly
Spark connected is a global leader specializing in multiple advanced and safe wireless power technologies that benefits a wide variety of applications in the Automotive, Industrial, Infrastructure, Medical, Robotics, Security, Factory Automation, IOT, Smart Home, and Consumer markets.
Spark is transforming wireless power delivery and intelligent battery charging with innovative platforms, disruptive technology and breakthrough products enabling an enhanced user experience for all. The company specializes in Product Development and Engineering Solutions with a team of passionate innovators with decades combined deep domain expertise.
Spark Connected is a Full Member of the Wireless Power Consortium.
For more information visit: www.sparkconnected.com
About gapcharge:
gapcharge was founded in 2020 as a spin-off of the University Duisburg-Essen in Germany. The idea of the young company is to combine wireless charging with a smart fleet management system for logistic fleets like e-scooters or e-pallet trucks.
The system of gapcharge makes logistics more efficient and can save costs during the whole life cycle. The high level of data transparency extends the lifetime of batteries and optimizes charging cycles regarding the usage profile and operating times.
The start-up won many awards including the prestigious Digital Logistics Award 2020. For more information about gapcharge visit: www.gapcharge.com.
Spark:
Please forward inquiries to:
Marina Wolf
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gapcharge:
Please forward inquiries to:
Gregor Schmid
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Well-Positioned for Growth in 2021 with Backlog of $56 Million and Relationship with GreenBond Advisors
SOUTH BURLINGTON, Vt.--(BUSINESS WIRE)--The Peck Company Holdings, Inc. (NASDAQ: PECK) (the “Company” or “Peck”), a leading commercial solar engineering, procurement and construction (EPC) company, is pleased to provide highlights from recent interviews by Jill Malandrino, Global Markets Reporter for Nasdaq.
To view the full interviews, please click: Nasdaq TradeTalk Interviews
“Financing the transition to renewable energy with green bonds”
November 24, 2020
William Dale, Chief Executive Officer and Jonas Englund, Chief Strategy Officer of GreenBond Advisors provided an in-depth perspective about green bonds and what it means for companies able to access funds to construct renewable energy assets. Mr. Dale explained that it was important for GreenBond Advisors to partner with experts in the field because there are complexities and barriers to entry to moving into this space. Partnering with The Peck Company was important because Peck will have a significant territorial advantage to expand its footprint by having access to capital like the green bond market.
Swedish investment bank SEB, underwriter of the first Green Bond in 2008, has forecast the Green Bond market will exceed $1 trillion by the end of 2020. Many pundits compare the potential growth and demand to mirror that of ETFs which were a $1 trillion asset class 15 years ago, growing into $5 trillion today, as to predict that the Green Bond market asset class will be $5 trillion by 2035.
Dale and Englund believe that we are undergoing a transformational change to a society powered by clean electricity that is being driven by innovation. Forecasters expect renewables to make up 70-80% of electricity generation in 20 years, up from just 28% today. Solar specifically represents less than 2% of the U.S. grid today and is estimated to be at 30% in 20 years. Infrastructure is needed to support such growth, and GreenBond Advisors with its partners like The Peck Company intend to be active in construction and ownership of assets.
In April 2020, Peck and GreenBond Advisors formed a new investment partnership that Peck believes will increase Peck’s access to capital for the construction of new solar projects and to scale its existing pipeline of new EPC business. Peck partnered with GreenSeed Investors LLC and its affiliates GreenBond Advisors LLC and Solar Project Partners LLC to gain access to the rapidly growing Green Bond segment of the fixed income markets. Of note, this partnership provides Peck with access to project growth capital through additional EPC contract work from Green Bond proceeds while improving working capital and strengthening liquidity ratios.
This partnership is a significant strategic advantage for Peck since project financing for constructing new projects will come from the GreenBond partnership and not from Peck’s balance sheet. In addition, owning the projects through the partnership allows Peck to recognize all construction revenue and to participate in recurring revenue streams from the owned assets.
Benefits to Peck for projects constructed through the GreenBond partnership:
“2021 outlook and trends in the solar space”
November 23, 2020
Daniel Dus, Head of Renewables at Adani Solar USA and Board Member of The Peck Company Holdings, commented about solar being a critical infrastructure and has been resilient even during the recent pandemic and economic downturns. Dus says that 100 GWs of solar infrastructure will be constructed over the next 5 years, representing 50% growth. Technology improvement has enabled lower cost of energy, caused increased adoption and expanded the size of the market. The upcoming U.S. political environment under soon-to-be President Biden is also expected to increase support of renewables and specifically solar, which Dus believes will accelerate the expansion of needed infrastructure.
“M&A activity and financing new projects through Green Bonds”
October 19, 2020
Jeffrey Peck, Chief Executive Officer of The Peck Company Holdings, discussed the Company’s three pronged growth strategy, including organic growth, accretive M&A and owning assets for recurring revenue. The Company grew its project revenue by nearly 69% in its first year as a public company and its current project backlog for 2021 is over $50 million. Peck has expanded its reach in the New England area, having recently been awarded new projects in Maine and Rhode Island. The Company continues to identify and analyze a robust pipeline of accretive M&A targets that would benefit from accessing the public markets through a transaction with Peck. Additionally, Peck’s green bond partnership announced in April 2020 is a unique advantage for a solar EPC to drive both top line revenue for EPC construction and recurring revenue from owning solar assets.
About The Peck Company Holdings, Inc.
Headquartered in South Burlington, VT, The Peck Company Holdings, Inc. is a 2nd-generation family business founded in 1972 and rooted in values that align people, purpose, and profitability. Ranked by Solar Power World as one of the leading commercial solar contractors in the Northeastern United States, the Company provides EPC services to solar energy customers for projects ranging in size from several kilowatts for residential properties to multi-megawatt systems for large commercial and utility scale projects. The Company has installed over 160 megawatts worth of solar systems since it started installing solar in 2012 and continues its focus on profitable growth opportunities. Please visit www.peckcompany.com for additional information.
About GreenBond Advisors, LLC
Headquartered in New York City, NY, GreenBond Advisors was recently formed to deliver financial product innovation into the Green Bond market with new Green Bond product designs that allow risk-adverse investment capital to be more easily directed into new green energy infrastructure development. GreenBond Advisors works with an ecosystem of affiliate companies and partnerships designed to help conservative investors earn competitive rates of return while making a measurable impact on the transition to a world powered by clean energy. Please visit www.greenbondadvisors.com for additional information.
Forward Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, effective tax rate, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.
The forward-looking statements included in this press release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the risk factors described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.
All forward-looking statements included in this press release are based on information currently available to us, and we assume no obligation to update any forward-looking statement except as may be required by law.
Michael d’Amato
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p802-264-2040
ClearThink
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ST. CATHARINES, Ontario--(BUSINESS WIRE)--Algoma Central Corporation (“Algoma” or “the Company”) (TSX: ALC), a leading provider of marine transportation services, today announced that the Company’s Board of Directors authorized payment of a Special Dividend to shareholders of $2.65 per common share.
The dividend is payable on January 12, 2021 to shareholders of record on December 28, 2020.
“Algoma has invested approximately $750 million over the past ten years and our shareholders have been extremely supportive of our fleet renewal and fleet expansion ambitions,” said Gregg Ruhl, President and Chief Executive Officer of Algoma. “The very attractive refinancing that we completed last week now affords us the ability to reward our shareholders for this support. Algoma’s business and balance sheet are strong and we are well positioned to meet our objective of being the Marine Carrier of Choice™ for our customers, suppliers, partners, employees and shareholders,” Mr. Ruhl continued.
About Algoma Central
Algoma owns and operates the largest fleet of dry and liquid bulk carriers operating on the Great Lakes – St. Lawrence Waterway, including self-unloading dry-bulk carriers, gearless dry-bulk carriers, cement carriers and product tankers. Algoma also owns ocean self-unloading dry-bulk vessels operating in international markets and a 50% interest in NovaAlgoma, which owns and operates a diversified portfolio of dry-bulk fleets serving customers internationally.
Gregg A. Ruhl
President & CEO
905-687-7890
Peter D. Winkley CPA, CA
Chief Financial Officer
905-687-7897
New RFPs and “solar after sunset” agreement will meet customers’ growing energy needs with more clean resources
PHOENIX--(BUSINESS WIRE)--Arizona Public Service Company (APS) is taking more steps to deliver on its commitment to serve one of the fastest-growing service territories in the country with 100% clean energy by 2050. APS issued two requests for proposals (RFP) — one to acquire both renewable energy and additional peaking capacity resources, and the other to install more battery energy storage at two existing APS solar plants. APS also recently executed an agreement with Invenergy to add battery energy storage to six APS solar plants located in Maricopa County and Yuma County.
The plans to pair storage with solar through this new RFP and the work with Invenergy were part of a suite of clean energy projects that APS announced last year. The addition of this technology will extend the benefits of “solar after sunset,” when customers’ summer energy needs remain at peak levels. These ambitious storage plans were followed by a clean energy commitment made earlier this year that set APS on a path to achieve a carbon-free power mix by 2050.
“We have made steady progress since setting our clean energy goal in January,” said Brad Albert, APS Vice President of Resource Management. “Moving ahead with our energy storage plans, our recent purchase of more clean wind generation, and our expanded voluntary energy conservation program all support meeting the needs of our growing customer base with reliable, affordable and increasingly cleaner resources.”
All Source RFP
APS requests renewable energy resources of approximately 300-400 megawatts (MW) per year which will increase the amount of clean energy on the APS system. The RFP also is designed to address peak capacity needs of about 200-300 MW per year to maintain reliable electric service for customers during times of highest energy usage. Procuring more renewable energy supports an interim target within APS’s clean energy commitment: to have 45% of its generation portfolio in renewables by 2030. This RFP is open to all technologies, including supply side and non-supply side resources. Proposed projects must have in-service dates in either 2023 or 2024.
Battery Energy Storage RFP
APS requests a combined total of 60 MW of battery storage additions to two of its existing AZ Sun Project solar facilities: the Red Rock and Chino Valley plants located in Pinal County and Yavapai County, respectively. Proposed projects must begin delivery no later than June 1, 2023.
The RFP process will be monitored and reviewed by a third-party independent monitor. The All Source RFP, Battery Energy Storage RFP and important information about proposal requirements and respondent registration are available at aps.com/rfp.
Added Battery Capacity to AZ Sun Sites
Battery energy storage systems will be developed and installed by Invenergy at six of APS’s existing large-scale solar power plants and will begin operation in early 2022. Since announcing these plans last year, APS has now executed the agreement after working with Invenergy to incorporate enhanced safety standards in battery energy storage.
APS serves nearly 1.3 million homes and businesses in 11 of Arizona’s 15 counties, and is a leader in delivering affordable, clean and reliable energy in the Southwest. The company is committed to serving customers with 100% clean power by 2050. As owner and operator of Palo Verde Generating Station, the nation’s largest producer of carbon-free electricity, and with one of the country’s most substantial renewable energy portfolios, APS’s current energy mix is 50% clean. With headquarters in Phoenix, APS is the principal subsidiary of Pinnacle West Capital Corp. (NYSE: PNW).
Media Contact:
Yessica del Rincón (480) 209-8513
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Analyst Contact:
Stefanie Layton (602) 250-4541
Website: aps.com/newsroom
Leading Medium and Heavy-Duty Electric Vehicle Manufacturer Showcases Bidirectional Charging Technology in New Video
MONTREAL--(BUSINESS WIRE)--Northern Genesis Acquisition Corp. (NYSE: NGA) announces that its proposed business combination partner, Lion Electric (Lion), has been successful in using its electric school buses to supply electricity back to Con Edison utility customers, as part of the company’s vehicle-to-grid (V2G) pilot deployment in White Plains, New York. Lion is an innovative manufacturer of purpose-built all-electric medium and heavy-duty urban vehicles.
A new video highlighting the project can be seen here.
The project, which began in 2018 in partnership among Lion, Nuvve, White Plains School District and National Express, is known by the company to be the first successful deployment in the state of New York of a vehicle-to-grid pilot whereby electricity flows from electric school buses back to the grid – marking a significant milestone in advancing V2G technology in North America. As a result of the deployment, Con Edison is now able to successfully transmit energy from the LionC school buses of the White Plains School District back into the grid, which energy can then be distributed to customers aided by Nuvve’s V2G technology.
The success of this initial V2G pilot deployment is significant as it serves as an example of how school buses – which are ideal for V2G integration due to their daily use patterns and overnight storage – can be used to sell power back to the grid when demand for energy is high, saving operators money and benefiting grid health in the process. As such, all of Lion’s buses and heavy-duty vehicles come equipped standard with V2G technology onboard, providing new ROI opportunities for its customers to unlock and realize.
As governments around the globe pursue increasingly ambitious carbon neutrality goals based largely on renewable energy sources and zero-emission transportation, V2G integration becomes an increasingly important tool in balancing grids – especially when taking into account the high peak supply inherent to renewable energy sources.
“V2G has been a trendy word in the EV industry for many years, but now we have proven that V2G is real thanks to our great partners at Con Edison, Nuvve, White Plains School District and National Express. This great project is the result of exceptional teamwork and innovation between the partners,” said Marc-Andre Page, Vice President of Commercial Operations at Lion Electric. “This important milestone for V2G outlines the cooperation required between utilities, fleet operators, school districts and regulatory organizations to successfully implement a project of this scale. Lion is very proud of this first successful V2G deployment and is fully equipped to support the rollout of other similar projects throughout North America.”
The V2G charging and discharging takes place at a depot in North White Plains, where the buses remain plugged into a charger when not in use. The batteries are charged when demand for power is low, and the chargers are programmed to reverse the power flow into the grid at times when the buses are not in operation. By charging when demand and thus price for electricity is low and discharging when demand is high, operators can save money on energy costs for their fleet.
The fleet of five LionC buses are operated for the school district by National Express, which also pays for the energy costs during the school year. Con Edison, the New York State Energy Research and Development Authority and National Express collaboratively contributed to the purchase of the electric bus fleet, while Lion aided in the project design.
“We think electric school buses may provide an opportunity to achieve two of our company’s goals, which are reducing carbon emissions, and maintaining our industry-leading reliability,” said Brian Ross, Con Edison’s manager for the project. “We are innovating to help our state and region achieve a clean energy future in which electric vehicles will have a big role.”
“Our V2G software platform is designed to deliver grid services such as those to Con Edison from electric school buses,” said Gregory Poilasne, Chairman and CEO of Nuvve Corp. “The electric buses provide a cleaner environment for communities and help lower CO2 emissions while ensuring that driving energy needs are met every day.”
“Our operators are dedicated to enabling the success of school bus electrification and V2G for the White Plains School District, with safety and reliability remaining as our top priorities,” said Charlie Bruce, SVP of Business Development at National Express.
All of Lion’s vehicles are purpose-built for electric propulsion from the ground up, and are manufactured at Lion’s North American facility, which has a current capacity to produce 2,500 electric vehicles per year. Over the last decade, Lion has established itself as a leader in the all-electric school bus industry, having delivered over 300 all-electric school buses in North America with over 6 million miles driven since 2016.
About Lion Electric
Lion Electric is an innovative manufacturer of zero-emission vehicles. The company creates, designs and manufactures all-electric class 5 to class 8 commercial urban trucks and all-electric buses and minibuses for the school, paratransit and mass transit segments. Lion is a North American leader in electric transportation and designs, builds and assembles all its vehicles’ components, including chassis, battery packs, truck cabins and bus bodies.
Always actively seeking new and reliable technologies, Lion vehicles have unique features that are specifically adapted to its users and their everyday needs. Lion believes that transitioning to all-electric vehicles will lead to major improvements in our society, environment and overall quality of life.
About Northern Genesis Acquisition Corp.
Northern Genesis Acquisition Corp. (NYSE: NGA) is a special purpose acquisition company formed for the purpose of effecting a merger, stock exchange, acquisition, reorganization or similar business combination with one or more businesses. The Northern Genesis management team brings a unique entrepreneurial owner-operator mindset and a proven history of creating shareholder value across the sustainable power and energy value chain. Northern Genesis is committed to helping the next great public company find its path to success; a path which will most certainly recognize the growing sensitivity of customers, employees and investors to alignment with the principles underlying sustainability.
Transaction with Northern Genesis Acquisition Corp.
On November 30, 2020, Lion announced that it had entered into a business combination agreement and plan of reorganization pursuant to which, subject to the satisfaction of customary closing conditions, a wholly-owned subsidiary of Lion will merge with Northern Genesis Acquisition Corp. (NYSE: NGA), a publicly traded special purpose acquisition company focused on a commitment to sustainability and strong alignment with environmental, social and governance principles. Upon completion of the transaction, Lion is expected to be listed on the New York Stock Exchange (NYSE) under the new ticker symbol “LEV”.
Lion Electric, The Bright Move
Thelionelectric.com
Important Information and Where to Find It
In connection with the proposed business combination, Lion Electric intends to file a registration statement on Form F-4 (the “Registration Statement”) with the SEC, which will include a proxy statement of Northern Genesis in connection with Northern Genesis’ solicitation of proxies for the vote by its stockholders with respect to the transaction and other matters as described in the Registration Statement, as well as the prospectus relating to the registration of the securities to be issued by Lion Electric to Northern Genesis’ stockholders in connection with the transaction. After the Registration Statement has been filed and declared effective, Northern Genesis will mail a definitive proxy statement, when available, to its stockholders. Investors and security holders of Northern Genesis and other interested parties are urged to read, when available, the Registration Statement, any amendments thereto and other any other documents filed with the SEC, including the preliminary proxy statement/prospectus and amendments thereto and the definitive proxy statement/prospectus (the “Joint Proxy Statement/Prospectus”), because they will contain important information about Lion Electric, Northern Genesis and the proposed business combination. Investors and security holders of Northern Genesis may obtain free copies of the Joint Proxy Statement/Prospectus (when available) and other documents filed with the SEC by Northern Genesis and Lion Electric through the website maintained by the SEC at http://www.sec.gov or by directing a request to: Northern Genesis Acquisition Corp., 4801 Main Street, Suite 1000, Kansas City, MO 64112 or (816) 983-8000. 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.
Participants in the Solicitation
Northern Genesis and its directors and executive officers and other persons may be deemed to be participants in the solicitations of proxies from Northern Genesis’ stockholders in respect of the proposed business combination. Lion Electric and its officers and directors may also be deemed participants in such solicitation. Information regarding Northern Genesis’ directors and executive officers is available under the heading “Management” in its final prospectus dated August 17, 2020 filed with the SEC on August 18, 2020 (the “Company IPO Prospectus”). Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, which may, in some cases, be different than those of their stockholders generally, will be contained in the Joint Proxy Statement/Prospectus and other relevant materials to be filed with the SEC in connection with the proposed business combination when they become available. Stockholders, potential investors and other interested persons should read the Joint Proxy Statement/Prospectus carefully when it becomes available before making any voting or investment decisions. When available, these documents can be obtained free of charge from the sources indicated above.
No Offer or Solicitation
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities or constitute a solicitation of any vote or approval. No offer of securities, other than with respect to the PIPE, shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act.
Forward-Looking Statements
All statements other than statements of historical facts contained in this press release constitute “forward-looking statements” (which shall include forward-looking information within the meaning of Canadian securities laws) within the meaning of Section 27A of the Securities Act. Forward-looking statements may generally be identified by the use of words such as “believe,” “may,” “will,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “could,” “plan,” “project,” “potential,” “seem,” “seek,” “future,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. These forward-looking statements include, but are not limited to, statements regarding the transaction, including with respect to timing and closing thereof, the ability to consummate the transaction, the benefits of the transaction, the ability to satisfy the Cash Condition, the completion of the PIPE, estimates and forecasts of financial and other performance metrics, visibility on potential orders and business relationships, sufficiency and use of funds following completion of the proposed transaction, 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. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Lion Electric’s and Northern Genesis’ management and are not predictions of actual performance. These forward-looking statements are provided for the purpose of assisting readers in understanding certain key elements of the Lion Electric’s current objectives, goals, targets, strategic priorities, expectations and plans, and in obtaining a better understanding of the Lion Electric’s business and anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes and is not intended to serve as, and must not be relied on by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability.
Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Lion Electric and Northern Genesis, and are based on a number of assumptions, as well as other factors that Lion Electric and Northern Genesis believe are appropriate and reasonable in the circumstances, but there can be no assurance that such estimates and assumptions will prove to be correct or that the Lion Electric’s vision, business, objectives, plans and strategies will be achieved. Many risks and uncertainties could cause Lion Electric’s actual results, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements, including any adverse changes in the U.S. and Canadian general economic, business, market, financial, political and legal conditions; Lion Electric’s inability to successfully and economically manufacture and distribute its vehicles at scale and meet its customers’ business needs; Lion Electric’s inability to execute its growth strategy; Lion Electric’s inability to maintain its competitive position; Lion Electric’s inability to reduce its costs of supply overtime; any inability to maintain and enhance Lion Electric’s reputation and brand; any significant product repair and/or replacement due to product warranty claims or product recalls; any failure of information technology systems or any cybersecurity and data privacy breaches or incidents; natural disasters, epidemic or pandemic outbreaks, boycotts and geo-political events; the risk that a condition to closing of the transaction (including the obtention of Northern Genesis’ stockholders approval) may not be satisfied; the failure to realize the anticipated benefits of the proposed transaction; the amount of redemption requests made by Northern Genesis’ public stockholders; the risk that the proposed transaction disrupts Lion Electric’s or Northern Genesis’ current plans and operations as a result of the announcement of the transaction; the outcome of any legal proceedings that may be instituted against Lion Electric or Northern Genesis following announcement of the transaction; the inability of the parties to successfully or timely consummate the proposed transaction; and those factors discussed in Northern Genesis’ IPO Prospectus, and any subsequently filed Quarterly Report on Form 10-Q, in each case, under the heading “Risk Factors,” and other documents of Northern Genesis filed, or to be filed, with the SEC, as well as any documents to be filed by Lion Electric in accordance with applicable securities laws. These factors are not intended to represent a complete list of the factors that could affect Lion Electric, and there may be additional risks that neither Northern Genesis nor Lion Electric presently know or that Northern Genesis and Lion Electric currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Northern Genesis’ and Lion Electric’s expectations, plans or forecasts of future events and views as of the date of this press release. The Company and Lion Electric anticipate that subsequent events and developments will cause Northern Genesis’ and Lion Electric’s assessments to change. However, while Northern Genesis and Lion Electric may elect to update these forward-looking statements at some point in the future, Northern Genesis and Lion Electric have no intention and undertake no obligation to do so except as required by applicable law. These forward-looking statements should not be relied upon as representing Northern Genesis’ and Lion Electric’s assessments as of any date subsequent to the date of this press release.
Lion:
Patrick Gervais
Lion Electric
Vice President of Marketing and Communications
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514-992-1060
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Northern Genesis:
Avi Das
Investor Relations
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816-514-0324
T-Body High Pressure Control Valve will address a major oil production issue
OKLAHOMA CITY--(BUSINESS WIRE)--Kimray has announced the release of a new product designed to increase uptime for oil and gas producers, especially in erosive applications.
The T-Body High Pressure Control Valve is designed with a strategically placed hardened wear plug, which can be easily inspected and replaced as needed. This feature reduces the potential for valve bodies themselves to be compromised, which can cause a loss of production fluid as well as safety and environmental hazards.
“We are really excited about what this valve is going to do for our partners in the oil and gas industry,” said Brian Levings, product manager with Kimray. “Producers are dealing with extremely high volumes of production that include sand and other elements that can really beat up a valve. This new option will give them protection against these abrasives in their control valves and allow them to produce oil and gas more efficiently.”
The valve can also be configured in through-body or angle-body orientation, giving producers increased inventory control.
The T-Body High Pressure Control Valve is now available through Kimray’s regional Sales and Service Stores, and authorized distributor locations.
Founded in 1948, Kimray develops products that help customers produce energy. Major customers of Kimray include Marathon Petroleum, Occidental Energy and Devon Energy. Kimray’s corporate headquarters is in Oklahoma City, Oklahoma. More information about the T-Body High Pressure Control Valve can be found at kimray.com.
Click to download photo.
About Kimray
Founded in 1948, Kimray is a world-class manufacturer of control equipment used extensively in oil and gas production in North America and around the globe. The company is headquartered in Oklahoma City.
Dustin Anderson
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405-525-6601
Commitment to Disciplined Capital Allocation
HOUSTON--(BUSINESS WIRE)--Phillips 66 (NYSE: PSX), a diversified energy manufacturing and logistics company, announces its 2021 capital budget of $1.7 billion, which includes $0.3 billion at Phillips 66 Partners.
“Our 2021 capital budget is supported by our diversified portfolio, strong financial position and capital discipline,” said Greg Garland, chairman and CEO of Phillips 66. “We continue to focus on reducing capital expenditures as market conditions remain challenged. We are prioritizing completion of in-progress projects, as well as advancing our investments in renewable fuels. Phillips 66 is committed to financial flexibility, enabled by our balance sheet and strong investment grade credit ratings. We continue to execute our strategy with a focus on disciplined capital allocation and long-term value creation for our shareholders, including a secure, competitive, growing dividend.”
In Midstream, the company plans to invest $610 million, including $300 million of Phillips 66 Partners adjusted capital spending. The budget is directed toward completing near-term committed and optimization projects, focusing on pipeline operations and progressing construction of Sweeny Frac 4 and the C2G Pipeline. In addition, the Midstream budget includes sustaining capital to enhance asset integrity and reliability.
The Refining capital budget includes $521 million of sustaining capital for reliability, safety and environmental projects. The Refining budget will also include $255 million to fund high-return, quick-payout projects to enhance margins by improving clean product yields and reducing feedstock costs, as well as investments to competitively position the company for a lower carbon future. The Refining budget includes pre-construction engineering and design costs related to the company’s plans to reconfigure its San Francisco Refinery in Rodeo, California, to produce renewable fuels. Upon expected completion in early 2024, the facility would have over 50,000 barrels per day, or 800 million gallons per year, of renewable fuel production capacity, making it one of the world’s largest facilities of its kind. The conversion is expected to reduce the facility’s greenhouse gas emissions by 50% and help California meet its low carbon objectives.
The Marketing and Specialties budget primarily reflects the development and improvement of our international retail sites.
The Corporate and Other capital budget will primarily fund digital transformation projects.
Phillips 66’s proportionate share of capital spending by joint ventures Chevron Phillips Chemical Company LLC (CPChem), WRB Refining LP (WRB) and DCP Midstream, LLC (DCP Midstream) is expected to be $707 million. Capital spending by CPChem and DCP Midstream is expected to be self-funded.
CPChem’s growth capital will fund expansion of its normal alpha olefins production, optimization and debottleneck opportunities in the olefins and polyolefins chains, as well as continuing development of world-scale petrochemicals projects in the U.S. Gulf Coast and Qatar.
WRB’s capital spending will be directed to sustaining projects, crude flexibility and distillate yield enhancement.
|
|
Millions of Dollars |
|||||
Sustaining |
|
Growth |
|
Capital |
|||
Capital |
|
Capital |
|
Program |
|||
Adjusted Capital Program1 |
|
|
|
|
|
|
|
Midstream |
|
|
|
|
|
|
|
Phillips 66 |
|
$ |
160 |
|
150 |
|
310 |
Phillips 66 Partners1 |
|
|
135 |
|
165 |
|
300 |
|
|
|
295 |
|
315 |
|
610 |
Chemicals |
|
|
- |
|
- |
|
- |
Refining |
|
|
521 |
|
255 |
|
776 |
Marketing and Specialties |
|
|
65 |
|
51 |
|
116 |
Corporate and Other2 |
|
|
166 |
|
- |
|
166 |
Phillips 66 Consolidated3 |
|
|
1,047 |
|
621 |
|
1,668 |
|
|
|
|
|
|
|
|
DCP Midstream |
|
|
30 |
|
25 |
|
55 |
CPChem |
|
|
196 |
|
214 |
|
410 |
WRB |
|
|
84 |
|
158 |
|
242 |
Selected Equity Affiliates |
|
|
310 |
|
397 |
|
707 |
|
|
|
|
|
|
|
|
Total Adjusted Capital Program |
|
$ |
1,357 |
|
1,018 |
|
2,375 |
1) - Phillips 66 Partners adjusted capital spending excludes $5 million of growth capital expected to be cash funded by joint venture partners. |
|||||||
2) - Excludes non-cash finance leases of $32 million. |
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3) - Total consolidated capital spending inclusive of cash funded by joint venture partners is expected to be $1,673 million in 2021. |
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About Phillips 66
Phillips 66 is a diversified energy manufacturing and logistics company. With a portfolio of Midstream, Chemicals, Refining, and Marketing and Specialties businesses, the company processes, transports, stores and markets fuels and products globally. Phillips 66 Partners, the company’s master limited partnership, is integral to the portfolio. Headquartered in Houston, the company has 14,500 employees committed to safety and operating excellence. Phillips 66 had $54 billion of assets as of Sept. 30, 2020. For more information, visit www.phillips66.com or follow us on Twitter @Phillips66Co.
CAUTIONARY STATEMENT FOR THE PURPOSES OF THE “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This news release contains certain 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, which are intended to be covered by the safe harbors created thereby. Words and phrases such as “is anticipated,” “is estimated,” “is expected,” “is planned,” “is scheduled,” “is targeted,” “believes,” “continues,” “intends,” “will,” “would,” “objectives,” “goals,” “projects,” “efforts,” “strategies” and similar expressions are used to identify such forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this news release are based on management’s expectations, estimates and projections as of the date they are made. These statements are not guarantees of future performance and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include: the continuing effects of the COVID-19 pandemic and its negative impact on commercial activity and demand for refined petroleum products; the inability to timely obtain or maintain permits necessary for capital projects; changes to worldwide government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs like the renewable fuel standards program, low carbon fuel standards and tax credits for biofuels; fluctuations in NGL, crude oil, and natural gas prices, and petrochemical and refining margins; unexpected changes in costs for constructing, modifying or operating our facilities; unexpected difficulties in manufacturing, refining or transporting our products; the level and success of drilling and production volumes around our Midstream assets; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products, renewable fuels or specialty products; lack of, or disruptions in, adequate and reliable transportation for our NGL, crude oil, natural gas, and refined products; potential liability from litigation or for remedial actions, including removal and reclamation obligations under environmental regulations; failure to complete construction of capital projects on time and within budget; the inability to comply with governmental regulations or make capital expenditures to maintain compliance; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; potential disruption of our operations due to accidents, weather events, including as a result of climate change, terrorism or cyberattacks; general domestic and international economic and political developments including armed hostilities, expropriation of assets, and other political, economic or diplomatic developments, including those caused by public health issues and international monetary conditions and exchange controls; changes in governmental policies relating to NGL, crude oil, natural gas, refined petroleum products, or renewable fuels pricing, regulation or taxation, including exports; changes in estimates or projections used to assess fair value of intangible assets, goodwill and property and equipment and/or strategic decisions with respect to our asset portfolio that cause impairment charges; investments required, or reduced demand for products, as a result of environmental rules and regulations; changes in tax, environmental and other laws and regulations (including alternative energy mandates); the operation, financing and distribution decisions of equity affiliates we do not control; the impact of adverse market conditions or other similar risks to those identified herein affecting PSXP, as well as the ability of PSXP to successfully execute its growth plans; and other economic, business, competitive and/or regulatory factors affecting Phillips 66’s businesses generally as set forth in our filings with the Securities and Exchange Commission. Phillips 66 is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
Use of Non-GAAP Financial Information —This news release uses the terms “adjusted capital spending” and “adjusted capital program.” These are non-GAAP financial measures that are derived by reducing the company’s budgeted capital spending by that portion expected to be cash funded by joint venture partners, thereby demonstrating the amount of capital spending attributable to Phillips 66. The disaggregation of capital spending between sustaining and growth is not a distinction recognized under generally accepted accounting principles in the United States. The company provides such disaggregated information to demonstrate management’s return expectations with respect to capital spending.
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IRVING, Texas--(BUSINESS WIRE)--ExxonMobil said today it plans further reductions in greenhouse gas emissions over the next five years to support the goals of the Paris Agreement and anticipates meeting year-end 2020 reductions.
ExxonMobil plans to reduce the intensity of operated upstream greenhouse gas emissions by 15 to 20 percent by 2025, compared to 2016 levels. This will be supported by a 40 to 50 percent decrease in methane intensity, and a 35 to 45 percent decrease in flaring intensity across its global operations. The emission reduction plans, which cover Scope 1 and Scope 2 emissions from operated assets, are projected to be consistent with the goals of the Paris Agreement. The company also plans to align with the World Bank’s initiative to eliminate routine flaring by 2030.
“These meaningful near-term emission reductions result from our ongoing business planning process as we work towards industry-leading greenhouse gas performance across all our business lines,” said Darren Woods, chairman and chief executive officer of Exxon Mobil Corporation. “We respect and support society’s ambition to achieve net zero emissions by 2050, and continue to advocate for policies that promote cost-effective, market-based solutions to address the risks of climate change.”
ExxonMobil’s plans will leverage the continued application of operational efficiencies, and ongoing development and deployment of lower-emission technologies.
The plan is the result of several months of detailed analysis and includes input from shareholders.
Other measures include:
ExxonMobil will also provide Scope 3 emissions on an annual basis, but notes that reporting of these indirect emissions does not ultimately incentivize reductions by the actual emitters. Meaningful decreases in global greenhouse gas emissions will require changes in society’s energy choices coupled with the development and deployment of affordable lower-emission technologies.
Since 2000, the company has invested more than $10 billion researching, developing and deploying lower-emission technologies, including nearly $3 billion at cogeneration facilities that more efficiently produce electricity and reduce related emissions.
In 2018, ExxonMobil announced plans to achieve by year-end 2020, a 15 percent decrease in methane emissions and a 25 percent reduction in flaring, compared with 2016 levels. The company anticipates meeting both by year end. Detailed emissions performance is reported in annual publications, including the Energy and Carbon Summary.
The company has supported the Paris Agreement from its inception and continues to support U.S. government participation in the framework. ExxonMobil assesses its business strategy and plans against a range of scenarios, including those that meet the objectives of the Paris Agreement, which assume progress in technologies, infrastructure and government policies related to climate change.
The company supported the Oil and Gas Climate Initiative’s announcement to reduce methane and carbon intensity for upstream operations. It also deployed new technologies throughout its operations to reduce flaring and methane emissions, while working to test new technologies to detect and measure fugitive emissions. ExxonMobil publicly supports the regulation of methane from new and existing sources and issued a methane regulatory framework for governments to consider as they draft new policies.
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 and the Energy Factor.
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Cautionary Statement
Statements of future events, goals or conditions in this release are forward-looking statements. Actual future results, including project plans and timing, future reductions in emissions and emissions intensity, and the impact of operational and technology efforts could vary depending on the ability to execute operational objectives on a timely and successful basis; changes in laws and regulations including international treaties and laws and regulations regarding greenhouse gas emissions and carbon costs; trade patterns and the development and enforcement of local, national and regional mandates; unforeseen technical or operational difficulties; the outcome of research efforts and future technology developments, including the ability to scale projects and technologies on a commercially competitive basis; changes in supply and demand and other market factors affecting future prices of oil, gas, and petrochemical products; changes in the relative energy mix across activities and geographies; the actions of competitors; changes in regional and global economic growth rates and consumer preferences; the pace of regional and global recovery from the COVID-19 pandemic and actions taken by governments and consumers resulting from the pandemic; changes in population growth, economic development or migration patterns; and other factors discussed in this release and in Item 1A. “Risk Factors” in ExxonMobil’s Annual Report on Form 10-K for 2019 and subsequent Quarterly Reports on Forms 10-Q, as well as under the heading “Factors Affecting Future Results” on the Investors page of ExxonMobil’s website at www.exxonmobil.com.
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DUBLIN--(BUSINESS WIRE)--The "Global Gas Utility Analysis & Forecasts Edition 2 - 2021" database has been added to ResearchAndMarkets.com's offering.
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NEW YORK--(BUSINESS WIRE)--Smarter Grid Solutions (SGS) and Rochester Gas and Electric (RG&E), supported by $200,000 funding from the New York State Energy Research & Development Authority (NYSERDA), have partnered on a project that informs the potential of leveraging modern Distributed Energy Resources (DERs) to provision grid services like reactive power dispatch for local voltage support.
The methodology was applied in simulation to a real-world circuit of RG&E - an AVANGRID subsidiary - to fuel technical and financial learnings, aiming to inform utility expansion strategies on the technical aspects surrounding the provisioning and control of distribution grid services, and the financial approaches that can animate a viable reactive power market.
The reactive power market dynamically balances supply and demand using SGS’s Distributed Energy Resource Management System (DERMS) solutions, ANM Strata and ANM Element; which enable the connection of clean energy producers to the grid.
Mark Jaggassar, Director of Grid Analytics at SGS said: “This project is significant because it shows how modern DERs can be utilized to solve grid challenges and so enable their own proliferation. Decarbonizing our electricity grid will introduce new localized challenges, and we’ll need to fuse the latest technology with the right market incentives to unlock a clean grid.
“DERs can do more than we give them credit for, and this study shows how they can be better suited to our increasingly dynamic grid than what is in our conventional toolkit. Exploring how we can enable these capabilities at scale will accelerate our tradition to a clean grid.”
The project focused on two scenarios. First, the Spencerport grid was assessed with 1.65 MegaVolt-Ampere Reactive (MVAr) of fixed capacitor banks providing conventional voltage support by delivering constant reactive power with the DERs dynamically meeting the reactive power needs of the local loads. The two reactive power sources resulted in an additional 10.4 GigaVolt-Ampere Hour (GVArh) of total annual reactive power backfeed being measured.
In the second scenario, the fixed capacitor banks were removed from the model to analyze the impact of relying solely on modern DERs for reactive power support. In this scenario, the DERs were able to dynamically support the grid while maintaining a power factor of 0.97 at the substation, effectively replacing the capacitors and avoiding the excessive reactive power backfeed resulting from the first scenario.
These results demonstrate the potential of modern DERs to provide an alternative to traditional grid assets while also tackling the climate emergency and helping New York move towards its 2050 net zero and Climate Leadership and Community Protection Act (CLCPA) targets.
Christopher Cheng, Smart Grid Senior Project Manager at NYSERDA said: “Utilizing all capabilities of technologies is needed to make the electric power grid smart and responsive.
“Innovations like this that produce mutual benefits for utility operators and DER developers provide the foundation that can revolutionize the efficiency, reliability, resiliency, quality, and overall performance of the electric system, helping move us closer to achieving Governor Cuomo’s nation-leading climate and clean energy goals.”
Bob Manning, Program Director, Smart Grids Innovation and Planning at AVANGRID said: “This project was a crucial first step for RG&E and AVANGRID to become the Distributed System Platform Provider of the future. Agility and collaboration are foundational values that we support, and this work is an example of our commitment to building a cleaner energy future. It was an honor to collaborate with SGS on this effort and we look forward to building upon the valuable lessons learned.”
ENDS
Jasmine Geddes
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