Largest and Most Efficient Gas Turbines Will Power 1.2 Million Homes
LAKE MARY, Fla.--(BUSINESS WIRE)--#CleanEnergy--Mitsubishi Power shipped the first JAC gas turbine manufactured in America to J-POWER USA Development Co. Ltd. (J-POWER USA) for its 1,200 megawatt (MW) Jackson Generation project in Elwood, Illinois. This project supports the state’s commitment to renewable energy by providing efficient, flexible generation that complements additional wind and solar energy and reduces Illinois’ dependence on coal-fired generation. The M501JAC gas turbine in transit to Illinois is the first of two that Mitsubishi Power’s Savannah Machinery Works is manufacturing for the project and will be the first M501JAC installed in North America.
The Jackson Generation project’s combined-cycle power plant will be dispatched into the PJM regional transmission organization. It will help modernize and diversify Illinois’ power grid while generating enough electricity to power 1.2 million homes.
When the plant enters commercial service in 2022, it will be one of the world’s most fuel-efficient natural gas power plants, offering among the lowest carbon emissions of any combined-cycle plant. The project will produce 65 percent less carbon dioxide than a legacy coal-fired power plant. Because the plant is designed to enable more uptake of renewable power, the carbon reduction will be even greater when the plant is combined with renewables. The plant will be able to cycle quickly to meet fluctuating energy demands. It also will incorporate best available control technology to minimize emissions.
The JAC gas turbine’s fuel flexibility — an integral part of Mitsubishi Power’s J-Series combustion system — will enable the plant to use locally available fuel with higher ethane content, significantly improving project economics. The fuel flexibility combined with high efficiency will ultimately reduce electricity cost for consumers.
“J-POWER USA will proudly take delivery of the very first JAC gas turbines to be manufactured and installed in North America,” said Mark Condon, President and CEO of J-POWER USA. “J-POWER USA’s landmark Jackson Generation project will provide reliable, environmentally responsible electricity using proven technology from a global leader. Mitsubishi Power will meet our goals with gas turbines that are fast, flexible and fuel efficient.”
Introduced nearly a decade ago, the J-Series gas turbines, which are Mitsubishi Power’s largest and most advanced, deliver an unmatched combination of 99.6 percent reliability and greater than 64 percent efficiency. The fleet has logged more than 1 million operating hours globally.
The original steam-cooled M501J design was upgraded with an enhanced air-cooled configuration in 2015. Since then, the JAC has logged more than 20,000 operating hours and 1100 starts, and has been verified at Mitsubishi Power’s grid-connected T-Point 2 facility in Japan. Mitsubishi Power’s rigorous verification process ensures high reliability both during start-up and once the turbine enters commercial service.
In July 2019 when Mitsubishi Power announced J-POWER USA’s order for two 1-on-1 M501JAC power trains, they were the 62nd and 63rd J-Series gas turbines ordered globally. Today, 81 J-Series gas turbines have been ordered in nine countries.
Like its twin, the second turbine for J-POWER USA’s Jackson Generation plant is being manufactured at Mitsubishi Power’s Savannah Machinery Works. The world-class facility opened in 2010 and today manufactures key gas turbine parts, provides complete steam turbine services, and manufactures advanced fuel-efficient gas turbines. The facility employs more than 180 people.
“Shipping the first M501JAC manufactured in America for the J-POWER USA project in America’s heartland is a significant milestone,” said Paul Browning, President and CEO of Mitsubishi Power Americas. “Our highly trained team of professionals in Savannah is yet another reason Mitsubishi Power is a world leader in the electric power sector. Not only will our turbines enable Jackson Generation to provide efficient, reliable and environmentally responsible electricity to consumers, but they also will help the plant support deployment of even more renewable energy resources. That is a Change in Power.”
Click below for photos:
JAC departing Mitsubishi Power’s Savannah Machinery Works
JAC at the Port of Savannah
JAC under way on the Savannah River
About Mitsubishi Power Americas, Inc.
Mitsubishi Power Americas, Inc. (Mitsubishi Power) headquartered in Lake Mary, Florida, employs more than 2,000 power generation, energy storage, and digital solutions experts and professionals. Our employees are focused on empowering customers to affordably and reliably combat climate change while also advancing human prosperity throughout North and South America. Mitsubishi Power’s power generation solutions include natural gas, steam, aero-derivative, geothermal, distributed renewable technologies, environmental controls, and services. Energy storage solutions include green hydrogen and battery energy storage systems. Mitsubishi Power also offers digital solutions that enable autonomous operations and maintenance of power assets. Mitsubishi Power is a part of Mitsubishi Power, Ltd., a wholly owned subsidiary of Mitsubishi Heavy Industries, Ltd. (MHI). Headquartered in Tokyo, Japan, MHI is one of the world’s leading heavy machinery manufacturers with engineering and manufacturing businesses spanning energy, infrastructure, transport, aerospace and defense. For more information, visit the Mitsubishi Power Americas website and follow us on LinkedIn.
Communications Contact
Sharon Prater
+1 407-688-6200
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Government backing for recently expanded North American powertrain team is designed to boost overall efficiency in full-size pickup trucks
SAN DIEGO--(BUSINESS WIRE)--#excelengineering--The newly formed partnership between Ricardo North America (Ricardo) and Achates Power Inc. (API) of San Diego, Calif., has already received its first assignment: an Advanced Research Projects Agency-Energy (ARPA-E) grant to improve overall efficiency and reduce emissions in full-size pick-up trucks.
Ricardo, engineering specialists in advanced propulsion, software, thermal management and vehicle systems, added to its powertrain design/development capabilities in June when it partnered with API and expanded its Southern California team. The agreement allowed API, which has been engaged with ARPA-E for several years, to tap into Ricardo’s powertrain know-how to support the continuation of its advanced engine developments with ARPA-E and create a clear path toward production applications.
ARPA-E, under the auspices of the U.S. Department of Energy, advances high-potential, high-impact energy technologies and awardees are unique because they are developing entirely new ways to generate, store and use energy. The grant serves as a bridge between the private sector and the government for advancing technologies that improve the U.S. positions in energy sustainability and climate change.
“Reduced weight, higher energy efficiency and lower emissions. That is the formula needed for the internal combustion engines of the future, and there is no application where the formula is more applicable or relevant than the U.S. light duty (pick-up) truck market,” says Ricardo President Marques McCammon, who has directed Ricardo’s transport businesses in Detroit, Chicago, Silicon Valley and San Diego since joining the company in October 2019 from Wind River Systems, where he led the global automotive team. “That is the promise of the API opposed piston engine technology.
“We’re investing in people, aligning with the best and brightest companies and tackling projects that bring new technologies to transportation. We aim to prove the validity of these cleaner technologies for the North American market so the potential of the research can manifest into reality on American roads.”
The new Gen II program builds upon the successful API Gen I opposed piston engine with a focus on efficiency, weight, emissions and power. The 3-cylinder engine will be comprised of a Gasoline Compression Ignition (GCI) combustion system, a novel boosting system, 48V electrification and advanced manufacturing techniques to minimize engine weight.
“The ARPA-E grant is designed to solve hard problems,” says API Chief Technical Officer Fabien Redon. “With Ricardo’s world-class design expertise, we will incorporate diesel-like combustion into a gasoline engine while adding the efficiency of an opposed piston design. The groundbreaking result will be a highly efficient gasoline engine with diesel-like levels of performance that can be cost-effective to deploy at scale.”
Ricardo plc, based in the United Kingdom and founded in 1915, is a global, multi-industry consultancy for engineering, technology, project innovation and strategy that is focused on providing quality engineering solutions on high efficiency, low emission, class-leading product innovation and robust strategic implementation. Ricardo North America, based in Detroit, is the U.S. subsidiary of Ricardo plc since the 1990s. The collective client list includes some of the world's major transportation original equipment manufacturers, supply chain organizations, energy companies, financial institutions and governments. For more information, visit www.ricardo.com and https://automotive.ricardo.com/us.
Achates Power, Inc. was founded in 2004 with the mission to build cleaner, more efficient engines. The San Diego-based company has an experienced staff of engineers and scientists focused on applying their proven technical know-how and expertise, coupled with the industry’s leading-edge testing, simulation and analysis tools. Achates is backed by top private equity firms Oil and Gas Climate Investments, Sequoia Capital Partners, RockPort Capital Partners, InterWest Partners and Triangle Peak Partners. For more information, visit www.achatespower.com.
VMA Communications – Jeff Green (310) 291-1977 (This email address is being protected from spambots. You need JavaScript enabled to view it.)
HOUSTON--(BUSINESS WIRE)--Plains All American Pipeline, L.P. (NYSE: PAA) and Plains GP Holdings (NYSE: PAGP) today announced that they have received notice from an affiliate of Kayne Anderson Capital Advisors, L.P. (“Kayne Anderson”) that Robert V. Sinnott will be retiring from service as Kayne Anderson’s designated representative on the Board of Directors of PAA GP Holdings LLC (“GP Holdings”) effective as of September 30, 2020, and that effective as of October 1, 2020, he will be replaced by Kevin McCarthy, Vice Chairman of Kayne Anderson. Mr. Sinnott has served as a director of GP Holdings and its predecessors and affiliates for over 25 years.
“We would like to thank Bob for his many years of service as a director and as chairman of the compensation committee. We are grateful for Bob’s leadership, experience, guidance and friendship and wish him well,” said Willie Chiang, Chairman and CEO of PAA and PAGP. “We are also pleased to welcome Kevin to the Board and look forward to working with him.”
Mr. McCarthy currently serves as Vice Chairman at Kayne Anderson, where he co-founded the firm’s energy infrastructure securities activities, and served as CEO and Chairman of the Board of Directors for Kayne Anderson’s closed-end funds from 2004 through July 2019. Prior to joining Kayne Anderson in 2004, Mr. McCarthy was global head of energy investment banking at UBS Securities LLC and held similar positions at PaineWebber Incorporated and Dean Witter Reynolds. Mr. McCarthy serves as a director of Altus Midstream Company and Whiting Petroleum Corporation, and previously served as a director of Range Resources Corporation, ONEOK, Inc., Emerge Energy Services LP and K-Sea Transportation Partners L.P. Mr. McCarthy earned a BA in economics and geology from Amherst College and an MBA in Finance from the Wharton School at the University of Pennsylvania.
The GP Holdings Board has responsibility for managing the business and affairs of PAA and PAGP. As detailed in PAA’s and PAGP’s annual Proxy Statement filings, Kayne Anderson holds a previously negotiated legacy contractual right to designate an individual to serve as a director on the GP Holdings Board, provided that Kayne Anderson and its qualifying affiliates satisfy certain minimum equity ownership requirements.
PAA is a publicly traded master limited partnership that owns and operates midstream energy infrastructure and provides logistics services for crude oil, natural gas liquids (“NGL”) and natural gas. PAA owns an extensive network of pipeline transportation, terminalling, storage and gathering assets in key crude oil and NGL producing basins and transportation corridors and at major market hubs in the United States and Canada. On average, PAA handles more than 6 million barrels per day of crude oil and NGL in its Transportation segment. PAA is headquartered in Houston, Texas. More information is available at www.plainsallamerican.com.
PAGP is a publicly traded entity that owns an indirect, non-economic controlling general partner interest in PAA and an indirect limited partner interest in PAA, one of the largest energy infrastructure and logistics companies in North America. PAGP is headquartered in Houston, Texas. More information is available at www.plainsallamerican.com.
Brett Magill
Director, Investor Relations
866-809-1291
GREENWICH, Conn. & LONDON--(BUSINESS WIRE)--Volery Capital Partners (“Volery”), a private equity firm based in Greenwich, CT, today announced that it has completed a growth equity investment in Sustainable Development Capital LLP (“SDCL” or the “Company”). SDCL is a leading clean energy investment, project development and advisory asset management business headquartered in London. Under the terms of the transaction, Volery will become a minority shareholder of SDCL, investing growth capital to support the Company’s next phase of expansion. SDCL is led by CEO and founder, Jonathan Maxwell, who will continue to manage the business alongside the current management team. A representative of Volery will join SDCL’s Board of Directors.
SDCL is a leading asset manager investing in clean energy and energy efficiency projects on behalf of its funds. Its energy efficiency business creates cost savings and improved environmental performance for a wide range of public and private sector counterparties such as the UK’s largest retailer, Tesco, London’s oldest hospital, St Barts, and many other industrial, financial services, data center and commercial real estate businesses. Project types include decentralized power generation (e.g. CHP, distributed solar), energy efficiency (e.g. LED lighting, HVAC), and grid efficiency (e.g. smart grid and energy storage). SDCL also invests in and advises on large-scale renewable energy projects.
Volery is a private equity firm that provides growth capital to asset management and other businesses that generate positive environmental or social impact. Volery is a value-added partner to best-in-class businesses at an inflection point in their growth cycle, working closely with management teams to optimize operations, grow revenue, institutionalize impact & ESG practices and create long-term value for all stakeholders.
Volery is committed to combating climate change and plans to make investments in businesses creating market solutions that accelerate the transition to more energy efficient, renewable and low carbon alternatives. Volery’s focus on climate resiliency is a core component of its long-term investment strategy.
“Volery is thrilled to partner with SDCL,” said Emanuel Citron, a Managing Partner of Volery. “We believe SDCL’s management team, capabilities and market position enable it to develop and acquire cheaper, cleaner, more reliable energy efficient systems at scale. SDCL is a market leader and is helping to demonstrate the economic advantage of renewable, low carbon and energy efficient solutions, a critical driver in the fight against climate change. We look forward to working closely with SDCL’s team and supporting their expansion efforts.”
“We are very pleased to be partnering with the Volery team and are looking forward to collaborating and leveraging their expertise in scaling asset management platforms, allowing us to accelerate our growth plans and increase the development of clean and efficient energy solutions, which are critical to the reduction of greenhouse gas emissions,” said Jonathan Maxwell, Chief Executive Officer of SDCL.
Volery’s investment in SDCL was made through its previously announced strategic partnership with Ares Management Corporation (“Ares”) under which Ares became a minority shareholder of Volery and agreed to provide capital to support Volery’s operating and investment activities. Ares is a global alternative investment manager with approximately $165 billion in assets under management, pro forma for SSG Capital Holdings Limited which closed on July 1, 2020, and operates integrated businesses across credit, private equity and real estate.
About Volery Capital Partners
Volery Capital makes growth-oriented investments in best-in-class asset management businesses and growth-stage companies that generate measurable positive impact alongside market-rate financial returns. Volery is a value-added partner to its portfolio companies, providing strategic support across capital raising, corporate development, impact measurement & management and other areas. For more information, visit www.volerycapital.com.
About Sustainable Development Capital LLP
Sustainable Development Capital LLP is a leading sustainable energy investment management, development and advisory asset management business with over £500mm of AUM across its flagship public vehicle (LSE:SEIT) and private funds. SDCL develops and acquires projects across the spectrum from greenfield to fully operational and is headquartered in London with offices in New York, Hong Kong and Dublin.
Kenzie Reinoso at Volery Capital: This email address is being protected from spambots. You need JavaScript enabled to view it., 617-775-1762
HOUSTON--(BUSINESS WIRE)--PACIFIC COAST OIL TRUST (OTC Pink: ROYTL) (the “Trust”), a royalty trust formed by Pacific Coast Energy Company LP (“PCEC”), announced today that there will be no cash distribution to the holders of its units of beneficial interest of record on September 21, 2020 based on the Trust’s calculation of net profits generated during July 2020 (the “Current Month”) as provided in the conveyance of net profits interests and overriding royalty interest. If the Trust continues to experience negative monthly net profits, the Trust is expected to terminate by its terms by the end of 2021. As described further below, based on information from PCEC, the likelihood of distributions to the unitholders in the foreseeable future is extremely remote. The Trust may also be terminated upon the occurrence of other events as described in the Trust’s filings with the SEC. All financial and operational information in this press release has been provided to the Trustee by PCEC.
The Current Month’s distribution calculation for the Developed Properties resulted in $0.07 million of operating income. Revenues from the Developed Properties were $1.7 million, lease operating expenses including property taxes were $1.6 million, and development costs were approximately $0. The average realized price for the Developed Properties was $39.57 per Boe for the Current Month, as compared to $36.89 per Boe in June 2020. Although the average realized price per Boe increased compared to June 2020, commodity prices continue to remain depressed during 2020, primarily attributable to the decrease in demand for crude oil due to the COVID-19 pandemic and oversupply resulting from the dispute over production levels between Russia and the members of the Organization of Petroleum Exporting Countries, including Saudi Arabia. The cumulative net profits deficit amount for the Developed Properties decreased to approximately $25.1 million in the current month versus approximately $25.8 million in the prior month.
The Current Month’s calculation included approximately $40,000 for the 7.5% overriding royalty interest on the Remaining Properties from Orcutt Diatomite and Orcutt Field. Average realized prices for the Remaining Properties were $36.47 per Boe in the Current Month, as compared $34.28 per Boe in June 2020. The cumulative net profits deficit for the Remaining Properties decreased by approximately $0.06 million and was approximately $2.9 million for the Current Month.
The monthly operating and services fee of approximately $95,000 payable to PCEC, less a refund of approximately $49,000 in letter of credit fees, and Trust general and administrative expenses of $65,000 together exceeded the payment of approximately $40,000 received from PCEC from the 7.5% overriding royalty interest on the Remaining Properties, creating a shortfall of approximately $71,000.
PCEC has provided the Trust with a $1 million letter of credit to be used by the Trust if its cash on hand (including available cash reserves) is not sufficient to pay ordinary course administrative expenses as they become due. Further, if the Trust requires more than the $1 million under the letter of credit to pay administrative expenses, PCEC may loan funds to the Trust necessary to pay such expenses; however, PCEC has informed the Trustee that for the foreseeable future PCEC does not expect to loan such funds to the Trust. Any funds provided under the letter of credit or loaned by PCEC may only be used for the payment of current accounts or other obligations to trade creditors in connection with obtaining goods or services or for the payment of other accrued current liabilities arising in the ordinary course of the Trust’s business. The Trust will be drawing funds from the letter of credit to pay the expected shortfall of approximately $71,000, which together with prior drawdowns will leave approximately $418,000 remaining of the $1 million. In addition to the funds drawn from the letter of credit, the Trust has outstanding borrowings from PCEC of approximately $266,000 related to shortfalls from prior months, including interest thereon. Consequently, no further distributions may be made to Trust unitholders until the indebtedness created by such amounts drawn or borrowed, including interest thereon, has been paid in full.
Sales Volumes and Prices
The following table displays PCEC’s underlying sales volumes and average prices for the Current Month:
Underlying Properties |
|||||
Sales Volumes |
Average Price |
||||
(Boe) |
(Boe/day) |
(per Boe) |
|||
Developed Properties (a) |
42,569 |
1,373 |
$ |
39.57 |
|
Remaining Properties (b) |
15,586 |
503 |
$ |
36.47 |
|
(a) Crude oil sales represented 99% of sales volumes |
|||||
(b) Crude oil sales represented 100% of sales volumes |
|||||
Update on Estimated Asset Retirement Obligations
As previously disclosed, in November 2019, PCEC informed the Trustee that, as permitted by the agreements governing the conveyances to the Trust, PCEC intended to begin deducting its estimated ARO associated with the West Pico, Orcutt Hill, Orcutt Hill Diatomite, East Coyote and Sawtelle fields reducing the amounts payable to the Trust under its Net Profits Interest. ARO is the accounting recognition related to plugging and abandonment obligations that all operators face. PCEC engaged an accounting firm, acting as third-party consultants, to assist PCEC in determining its estimated ARO, and on February 27, 2020, PCEC informed the Trustee that PCEC’s estimate of its ARO, as of December 31, 2019, is $45,695,643, which is approximately $10.0 million less than the originally estimated amount as previously disclosed in the Trust’s Current Report on Form 8‑K filed on November 13, 2019. According to PCEC and its third-party consultants, the estimated ARO, which reflects PCEC’s assessment of current market conditions as of December 31, 2019 and changes in California law, was determined to be approximately $33.2 million for the Developed Properties and approximately $12.5 million for the Remaining Properties, or approximately $26.5 million and approximately $3.1 million net to the Trust, respectively, and PCEC has reflected these amounts beginning with the calculation of the net profits generated during January 2020. The consulting firm engaged by the Trustee to review PCEC’s original estimate of its ARO is continuing its review, and that firm as well as the Trust’s independent registered public accounting firm are continuing to evaluate PCEC’s ARO estimate. The actual ARO incurred in the future may exceed the estimated amounts provided by PCEC. PCEC has informed the Trustee that in accordance with generally accepted accounting principles, PCEC will evaluate the ARO on a quarterly basis.
Based on PCEC’s estimate of its ARO attributable to the Net Profits Interest, deductions relating to estimated ARO are likely to eliminate the likelihood of any distributions to Trust unitholders for the foreseeable future, as previously disclosed in the Trust’s Current Report on Form 8-K filed on November 13, 2019.
As described in more detail in the Trust’s filings with the SEC, the Trust will terminate if the annual cash proceeds received by the Trust from the Net Profits Interest and Royalty Interest total less than $2.0 million for each of any two consecutive calendar years. PCEC is deducting estimated ARO, thereby reducing the amounts payable to the Trust. Unless significant market changes were to occur, no payments will be made by PCEC to the Trust for the foreseeable future, which would result in the total proceeds received by the Trust to total less than $2.0 million in each of 2020 and 2021.
Production Update
PCEC previously informed the Trustee that due to the economic effects of the COVID-19 pandemic and the oversupply of crude oil resulting from the dispute over production levels between Russia and the members of the Organization of Petroleum Exporting Countries, including Saudi Arabia, PCEC had shut in approximately 20% of its production since the beginning of the crisis. PCEC has informed the Trustee that despite the continued reduced demand for and oversupply of crude oil, PCEC is no longer shutting wells in. PCEC continuously evaluates, based on price, whether to shut in wells or whether to spend additional amounts to return production from down wells. PCEC has informed the Trustee that unless a substantial number of wells return to production, or oil prices improve significantly or both, any monthly payments that PCEC may make to the Trust may not be sufficient to cover the Trust’s administrative expenses, and therefore the likelihood of distributions to the unitholders in the foreseeable future is extremely remote.
Evergreen Capital Management LLC Litigation
On July 8, 2020, Evergreen Capital Management LLC on behalf of itself and all other similarly situated unitholders of the Trust, filed a putative class action complaint in the Superior Court of California in Los Angeles County against PCEC and the Trustee. The claims are based on allegations that (1) PCEC has breached its implied covenant of good faith and fair dealing by disclosing purportedly misleading ARO estimates and deducting the ARO costs during the COVID-19 pandemic, which has caused damage to Trust unitholders by limiting Trust distributions and by causing the trading value of the Trust units to decline and (2) in not taking action against PCEC with respect to PCEC’s accrual of the estimated ARO, the Trustee’s actions constituted gross negligence and a breach of the trust agreement. Evergreen seeks class certification, an order enjoining the Trustee and PCEC from taking actions or omitting to take actions that would violate the trust agreement, and an unspecified amount of damages, plus interest, attorneys’ fees and costs. The Trust is not a party to the litigation.
Regardless of the outcome of the litigation, the Trustee may incur expenses in defending the litigation, and to the extent such expenses may be subject to indemnification by the Trust, any such expenses may increase the Trust’s administrative expenses significantly. The Trust is currently unable to assess the probability of loss or estimate a range of any potential loss the Trust may incur in connection with the litigation, and has not established any reserves relating to the litigation. The Trust may withhold estimated amounts from future distributions to cover future costs associated with the litigation if determined necessary. The Trustee has not yet fully analyzed any rights it may have to indemnities that may be applicable or any claims it may make in connection with the litigation.
Overview of Trust Structure
Pacific Coast Oil Trust is a Delaware statutory trust formed by PCEC to own interests in certain oil and gas properties in the Santa Maria Basin and the Los Angeles Basin in California (the “Underlying Properties”). The Underlying Properties and the Trust’s net profits, and royalty interests are described in the Trust’s filings with the SEC. As described in the Trust’s filings with the SEC, the amount of any periodic distributions is expected to fluctuate, depending on the proceeds received by the Trust as a result of actual production volumes, oil and gas prices, development expenses, and the amount and timing of the Trust’s administrative expenses, among other factors. For additional information on the Trust, please visit www.pacificcoastoiltrust.com.
Cautionary Statement Regarding Forward-Looking Information
This press release contains statements that are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical facts, are "forward-looking statements" for purposes of these provisions. These forward-looking statements include estimates of future asset retirement obligations, expectations regarding the impact of deductions for such obligations on future distributions to unitholders, estimates of future total distributions to unitholders in 2020 and 2021, expectations regarding the impact of COVID-19 on the Trust and the impact of the pandemic on future distributions to unitholders, expectations regarding the impact of lower commodity prices on oil and gas reserve estimates, PCEC’s plans to shut in production or to spend additional amounts to return production from down wells, and the amount and date of any anticipated distribution to unitholders. In any case, PCEC’s deductions of its estimated asset retirement obligations will have a material adverse effect on distributions to the unitholders and on the trading price of the Trust units and may result in the termination of the Trust. Any anticipated distribution is based, in part, on the amount of cash received or expected to be received by the Trust from PCEC with respect to the relevant period. Any differences in actual cash receipts by the Trust could affect this distributable amount. The amount of such cash received or expected to be received by the Trust (and its ability to pay distributions) has been and will be significantly and negatively affected by prevailing low commodity prices, which have declined significantly, could decline further and could remain low for an extended period of time in light of the economic effects of the COVID-19 pandemic and the dispute over production levels between Russia and the members of the Organization of Petroleum Exporting Countries, including Saudi Arabia. Other important factors that could cause actual results to differ materially include expenses related to the operation of the Underlying Properties, including lease operating expenses, expenses of the Trust, and reserves for anticipated future expenses. Statements made in this press release are qualified by the cautionary statements made in this press release. Neither PCEC nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release. An investment in units issued by Pacific Coast Oil Trust is subject to the risks described in the Trust's Annual Report on Form 10-K for the year ended December 31, 2018 filed with the SEC on March 8, 2019, and if applicable, the Trust’s subsequent Quarterly Reports on Form 10-Q. The Trust's Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q are available over the Internet at the SEC's website at http://www.sec.gov.
Pacific Coast Oil Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Sarah Newell
1(512) 236-6555
DUBLIN--(BUSINESS WIRE)--The "North Sea Region Oil and Gas Market - Growth, Trends, and Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The North Sea Region oil and gas market is expected to grow at a CAGR of over 3% during the forecast period of 2020 - 2025.
Factors such as increasing exploration and production activities due to increasing crude oil and natural gas demand are likely to drive the North Sea region oil and gas industry market during the forecast period. However, volatile oil and gas prices are leading to the uncertainty among oil and gas operators, which is likely to restrain the growth of the North Sea region oil and gas market in the coming years.
Companies Mentioned
Key Market Trends
Upstream Sector to Dominate the Market
Norway to Dominate the Market
Key Topics Covered:
1 INTRODUCTION
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY
4 MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2025
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitutes Products and Services
4.7.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 Sector
5.1.1 Upstream
5.1.2 Midstream
5.1.3 Downstream
5.2 Geography
5.2.1 United Kingdom
5.2.2 Norway
5.2.3 Rest of North Sea Region
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/kfc43z
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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HIGHLIGHTS
MINNEAPOLIS--(BUSINESS WIRE)--Northern Oil and Gas, Inc. (NYSE American: NOG) (“Northern” or the “Company”) today announced an acquisition in the Delaware Basin and other business updates.
DELAWARE BASIN ACQUISITION
Northern has acquired non-operated interests in the Delaware Basin from an undisclosed seller consisting of approximately 66 net acres, on which 1.1 initial net wells have been proposed. The proposed wells are expected to be spud in late 2020 and/or early 2021 and turned in line beginning in the second quarter of 2021. The underlying acreage carries additional future development upside. The assets are operated by EOG Resources and located in Lea County, NM.
Total acquisition costs plus the initial development costs on the 1.1 net wells are expected to be approximately $11.9 million. Northern expects approximately 54% of this capital to be incurred in 2020, all of which would be within Northern’s previously stated 2020 capital budget.
Northern expects monthly peak production of approximately 1,400 Boe per day on the initial wells late in the second quarter of 2021. Upon turning in line, Northern expects these assets to be accretive to EV / EBITDA, corporate return on capital employed, earnings per share, and free cash flow metrics in 2021 and beyond.
OPERATIONS UPDATE
Northern has seen steady and marked improvement in operations throughout the third quarter of 2020. Realized oil pricing differentials have narrowed from wide levels experienced in the second quarter. Northern also expects a significant reduction in per unit lease operating expenses in the third quarter compared to the second quarter. Operators have continued to return shut-in and curtailed production to sales at a steady rate, at or above Northern’s internal forecasts. Northern is adjusting its third quarter of 2020 production guidance upward from 22,500 – 30,000 Boe per day to 25,000 – 30,000 Boe per day, an increase of 1,250 Boe per day at the midpoint. Inclusive of today’s announced acquisition, Northern continues to be well within its stated capital budget of $175 – 200 million for 2020 and does not currently anticipate accessing its $50 million reserve budget for accelerated completions.
BALANCE SHEET UPDATE
Northern has reduced its Senior Secured Notes (the “Notes”) by $130.0 million year-to-date, through previously announced open market purchases and exchanges for common and preferred equity. Of this $130.0 million, the vast majority are complete, with less than $2.1 million of exchange value remaining to be completed by the end of September. These transactions have been designed to reduce fixed charges, capture pricing discounts on the Notes, and earn a strong return on capital employed for shareholders. On an annualized basis, these transactions have reduced annual interest expense by over $11 million. The transactions involving Notes purchased for cash or exchanged for common equity have captured discounts to par value of approximately $9.3 million. However, given recent volatility in the price of Northern’s common stock and the current value of the Notes, Northern does not currently anticipate any further exchanges for the Notes in 2020.
MANAGEMENT COMMENTS
“We have been actively building data in the Permian Basin for two years,” commented Nick O’Grady, Chief Executive Officer of Northern. “The 2020 downturn in the energy sector has made the Permian Basin competitive for the first time, inclusive of acreage costs, on a full cycle return basis with our Williston Basin program. Coupled with Northern’s Ground Game acquisitions in the Williston, this increased opportunity set should add additional breadth to our strategy as the natural consolidator of non-operated working interests. Returns matter: the capital markets continue to ignore our stellar capital allocation process that has led to the highest return on capital employed of any public oil-centric E&P. With this deal, we continue to carefully invest countercyclically in high return future cash flows and inventory to capture upside, while ongoing operations continue to improve.”
“Northern continues to execute on its active management strategy adhering to our strict return on capital requirements,” commented Adam Dirlam, Chief Operating Officer of Northern. “Northern’s unique business model can add significant high quality, high return inventory and development, regardless of current activity levels. Additionally, after patiently building data over the past several years, our technical ability has allowed us to expand this strategy further, as demonstrated by our first deal in the Permian Basin.”
ABOUT NORTHERN OIL AND GAS
Northern Oil and Gas, Inc. is a company with a primary strategy of investing in non-operated minority working and mineral interests in oil & gas properties, with a core area of focus in the Williston Basin Bakken and Three Forks play in North Dakota and Montana.
More information about Northern Oil and Gas, Inc. can be found at www.NorthernOil.com.
SAFE HARBOR
This press release contains forward-looking statements regarding future events and future results that are subject to the safe harbors created under the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”). All statements other than statements of historical facts included in this release regarding Northern’s financial position, business strategy, plans and objectives of management for future operations and industry conditions are forward-looking statements. When used in this release, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “continue,” “anticipate,” “target,” “could,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.
Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond Northern’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following: changes in crude oil and natural gas prices, the pace of drilling and completions activity on Northern’s properties and properties pending acquisition, the effects of the COVID-19 pandemic and related economic slowdown, Northern’s ability to acquire additional development opportunities, changes in Northern’s reserves estimates or the value thereof, general economic or industry conditions, nationally and/or in the communities in which Northern conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, Northern’s ability to consummate any pending acquisition transactions, other risks and uncertainties related to the closing of pending acquisition transactions, Northern’s ability to raise or access capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, and other economic, competitive, governmental, regulatory and technical factors affecting Northern’s operations, products, services and prices.
Northern has based these forward-looking statements on its current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond Northern’s control. Northern does not undertake any duty to update or revise any forward-looking statements, except as may be required by the federal securities laws.
Mike Kelly
EVP, Finance
(952) 476-9800
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LEAWOOD, Kan.--(BUSINESS WIRE)--Tallgrass Energy Partners, LP (“TEP”) announced today that, subject to market conditions, it, along with Tallgrass Energy Finance Corp., a subsidiary of TEP, intend to offer $500 million aggregate principal amount of senior unsecured notes due 2025 in a private placement to eligible purchasers (the “Notes Offering”).
TEP intends to use the net proceeds of the Notes Offering to repay a portion of the outstanding borrowings under its existing senior secured revolving credit facility.
The securities to be offered have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws. Unless so registered, the securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. TEP plans to offer and sell the securities only to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to non-U.S. persons in transactions outside the United States pursuant to Regulation S under the Securities Act.
About Tallgrass Energy
Tallgrass Energy is a leading energy and infrastructure company operating across 11 states with transportation, storage, terminal, water, gathering and processing assets that serve some of the nation’s most prolific crude oil and natural gas basins.
Investor and Financial Inquiries
Andrea Attel, (913) 928-6012
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or
Media and Trade Inquiries
Phyllis Hammond, (303) 763-3568
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LEAWOOD, KS--(BUSINESS WIRE)--Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ) today declared the September monthly distribution of $0.05 per share payable on September 30, 2020 to shareholders of record on September 23, 2020.
Additionally, Tortoise Essential Assets Income Term Fund (NYSE: TEAF) provides an update on the fund’s direct investments, portfolio asset allocation, structure types and impact statistics as of August 31, 2020 on the company website here. Updates will continue to be posted on a monthly basis until the fund reaches its target of 60% direct investments.
In addition, on a monthly basis, details on each private deal that has taken place over the prior month will be published here. The list includes all deals completed since the fund’s inception through August 31, 2020.
You should not draw any conclusions about TPZ’s investment performance from the amount of this distribution or from the terms of TPZ’s distribution policy.
TPZ estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of the distribution may be return of capital. A return of capital may occur, for example, when some or all of the money that you invested in TPZ is paid back to you. A return of capital distribution does not necessarily reflect TPZ’s investment performance and should not be confused with “yield” or “income.”
TPZ will report the sources for its distributions at the time of the payment in the applicable Section 19(a) Notice. The amounts and sources of distributions TPZ reports are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon TPZ’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. TPZ will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
Tortoise Capital Advisors, L.L.C. is the adviser to Tortoise Power and Energy Infrastructure Fund, Inc. and Tortoise Essential Assets Income Term Fund. Ecofin Advisors Limited is a sub-adviser to Tortoise Essential Assets Income Term Fund.
For additional information on these funds, please visit cef.tortoiseadvisors.com.
About Tortoise
Tortoise invests in essential assets – those assets and services that are indispensable to the economy and society. With a steady wins approach and a long-term perspective, Tortoise strives to make a positive impact on clients and communities. To learn more, please visit www.tortoiseadvisors.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain statements that may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although the funds and Tortoise Capital Advisors believe that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the fund’s reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, the funds and Tortoise Capital Advisors do not assume a duty to update this forward-looking statement.
Safe Harbor Statement
This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.
For more information contact Maggie Zastrow at (913) 981-1020 or This email address is being protected from spambots. You need JavaScript enabled to view it..
DUBLIN--(BUSINESS WIRE)--The "Oil and Gas Separator Market - Growth, Trends, and Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The oil and gas separator market is expected to grow with a CAGR of over 2% during the forecast period of 2020-2025.
Increasing production of conventional oil and gas along with unconventional hydrocarbons for separation and client's specifications regarding the quality of transported oil and gas are likely to drive the oil and gas separator market. However, stringent government policies towards the disposal of leftover s such as salts and sand after the process are expected to restrain the oil and gas separator market.
Companies Mentioned
Key Market Trends
Upstream Segment Expected to Dominate the Market
Middle-East and Africa is Expected to Dominate the Market
Key Topics Covered:
1 INTRODUCTION
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY
4 MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2025
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Porter's Five Force Analysis
5 MARKET SEGMENTATION
5.1 Vessel Orientation
5.1.1 Horizontal Separator
5.1.2 Vertical Separator
5.1.3 Spherical Separator
5.2 Type
5.2.1 Two Phase Separator
5.2.2 Three Phase Separator
5.3 Area of Application
5.3.1 Upstream
5.3.1.1 Onshore
5.3.1.2 Offshore
5.3.2 Downstream
5.4 Geography
5.4.1 North America
5.4.2 Europe
5.4.3 Asia-Pacific
5.4.4 South America
5.4.5 Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers, Acquisitions, Collaboration and Joint Ventures
6.2 Strategies Adopted by Key Players
6.3 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/nm0vwd
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
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HOUSTON--(BUSINESS WIRE)--Sawtooth Caverns, LLC (“Sawtooth” or the “Company”) today announced it has been honored as a recipient of Union Pacific’s prestigious Pinnacle Award for safety. The award is given annually to customers who implement release prevention protocols, corrective action plans and have zero non-accident releases (NARs) of regulated hazardous materials shipments. In its announcement, Union Pacific’s Jacque Bendon, Vice President – Industrial, stated "Union Pacific's distinguished Pinnacle Award recognizes our collaboration with the recipients and their help in transporting chemical shipments in the safest manner. Their work helps ensure these vital products safely arrive at their destinations."
“Sawtooth’s operational results are not by chance,” said Dan Myers, the Company’s CEO. “The Sawtooth team has put a great deal of focus into continuously improving safety protocols, strictly adhering to operating procedures and holding each other accountable. We’ve seen exceptional progress internally over the last several years and the results have become visible externally as well. It is truly an honor to be recognized with the Pinnacle Award by Union Pacific, one of our most important business partners.”
Sawtooth Caverns, LLC is located near Delta, Utah and is the largest natural gas liquids storage facility in the western United States, with approximately 6.0 million barrels of natural gas liquids and refined products storage capacity in its deep-well salt caverns. The Company is also able to store refinery feedstocks, such as olefin blends. In the fourth quarter of Calendar 2020, Sawtooth is expected to complete an expansion allowing it to receive, store and return refined products.
For more information on Sawtooth Caverns, LLC, please see our website at www.SawtoothCaverns.com. For information on natural gas liquids storage, please contact Mark Henson at This email address is being protected from spambots. You need JavaScript enabled to view it.. For information on refined products or other storage, please contact Roger Pederson at This email address is being protected from spambots. You need JavaScript enabled to view it..
Mark Henson
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Roger Pederson
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CARNEGIE, Pa.--(BUSINESS WIRE)--Ampco-Pittsburgh Corporation (NYSE: AP) (the “Corporation” or “Ampco-Pittsburgh”) reminds its rights holders of upcoming deadlines and essential details of its previously announced rights offering. The rights offering will expire on Wednesday, September 16, 2020, at 5:00 PM Eastern Time (the “Expiration Time”), unless extended. Rights holders will need to exercise their subscription rights prior to the Expiration Time to receive the Units in this rights offering.
If exercising subscription rights through a broker, dealer, custodian bank, or other nominee (including any mobile investment platform), then rights holders of record should deliver all required subscription documents and subscription payments pursuant to the instructions provided by their nominee.
If shares of common stock are held in the rights holder’s name, and subscription rights will not be exercised through a broker, dealer, custodian bank, or other nominee (including any mobile investment platform), then the subscription certificate, all other required subscription documents, and subscription payments should be sent by mail to Broadridge Corporate Issuer Solutions, Inc., the Subscription Agent, at the address below, to be received before the Expiration Time. Participants should refer to the instructions included with the subscription documents for complete information regarding completing and submitting the subscription documents.
By Mail: |
By Hand Delivery or Overnight Courier: |
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Broadridge Corporate Issuer Solutions, Inc. |
Broadridge Corporate Issuer Solutions, Inc. |
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Attn: BCIS re-Organization Dept. |
Attn: BCIS IWS |
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P.O. Box 1317 |
51 Mercedes Way |
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Brentwood, NY 11717-0718 |
Edgewood, NY 11717 |
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For additional information on the rights offering, please reference the prospectus included in the Corporation’s registration statement on Form S-1, as amended, which can be viewed at this link to the SEC’s Edgar website (https://www.sec.gov/edgar).
The rights offering will allow Ampco-Pittsburgh’s rights holders to purchase up to 12,800,795 units. Units consist of common stock (the “Common Shares”) and Series A warrants to purchase Common Shares, which expire on August 1, 2025. The subscription price for units entitling participants in the rights offering to a whole Common Share and to receive a Series A warrant to purchase a whole Common Share has been set at $3.50. In addition, the exercise price for Series A warrants to purchase a whole Common Share has been set at $5.75 per share. The units and Series A warrants will be exercisable only for whole Common Shares.
The rights offering includes an over-subscription privilege, which entitles each rights holder that exercises all its basic subscription privileges in full the right to purchase additional units that remain unsubscribed at the Expiration Time. The over-subscription privileges are subject to availability and a pro-rata allocation of shares among participants. All basic subscription rights and over-subscription privileges may be exercised during the subscription period of Tuesday, August 18, 2020, through the Expiration Time at 5:00 PM Eastern Time, Wednesday, September 16, 2020.
If a rights holder does not exercise their subscription rights before the Expiration Time, such rights will be deemed expired and void and will have no value. Such rights holders will then own the same number of the Corporation’s common shares as before the commencement of the rights offering.
A copy of the prospectus and related materials were sent to holders of record on August 17, 2020. Additionally, a copy of the prospectus may be requested from, and questions relating to the rights offering may be directed to, the information agent for the rights offering, as follows:
Rights Offering Information Agent
D.F. King & Co., Inc.
48 Wall Street, 22nd Floor
New York, NY 10005
Telephone at (212) 269-5550 (bankers and brokers) or (800) 290-6432 (all others)
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Ampco-Pittsburgh has engaged Advisory Group Equity Services, Ltd. d/b/a RHK Capital to act as dealer-manager for the rights offering. Any broker-dealers interested in participating in the rights offering may contact This email address is being protected from spambots. You need JavaScript enabled to view it..
The Company’s registration statement on Form S-1 was declared effective by the U.S. Securities and Exchange Commission on August 13, 2020. The prospectus relating to and describing the terms of the rights offering has been filed with the SEC on August 17, 2020, and is available on the SEC’s website at www.sec.gov. This announcement shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state.
About Ampco-Pittsburgh Corporation
Ampco-Pittsburgh Corporation manufactures and sells highly engineered, high-performance specialty metal products and customized equipment utilized by industry throughout the world. Through its operating subsidiary, Union Electric Steel Corporation, it is a leading producer of forged and cast rolls for the global steel and aluminum industry. It also manufactures open-die forged products that principally are sold to customers in the steel distribution market, oil and gas industry, and the aluminum and plastic extrusion industries. The Corporation is also a producer of air and liquid processing equipment, primarily custom-engineered finned tube heat exchange coils, large custom air handling systems, and centrifugal pumps. It operates manufacturing facilities in the United States, England, Sweden, Slovenia, and participates in three operating joint ventures located in China. It has sales offices in North and South America, Asia, Europe, and the Middle East. Corporate headquarters is located in Carnegie, Pennsylvania.
Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 (the “Act”) provides a safe harbor for forward-looking statements made by or on behalf of the Corporation. The information contained in this press release may include, but are not limited to, statements about undertaking the rights offering described herein, operating performance, trends, events that the Corporation expects or anticipates will occur in the future, statements about sales and production levels, restructurings, the impact from global pandemics (including COVID-19), profitability and anticipated expenses and cash outflows. All statements in this document other than statements of historical fact are statements that are, or could be, deemed “forward-looking statements” within the meaning of the Act and words such as “may,” “intend,” “believe,” “expect,” “anticipate,” “estimate,” “project,” “forecast” and other terms of similar meaning that indicate future events and trends are also generally intended to identify forward-looking statements. Forward-looking statements speak only as of the date on which such statements are made, are not guarantees of future performance or expectations and involve risks and uncertainties. For the Corporation, these risks and uncertainties include, but are not limited to: cyclical demand for products and economic downturns; excess global capacity in the steel industry; increases in commodity prices or shortages of key production materials; consequences of global pandemics (including COVID-19); new trade restrictions and regulatory burdens associated with “Brexit”; inability of the Corporation to successfully restructure its operations; limitations in availability of capital to fund the Corporation’s operations and strategic plan; inability to satisfy the continued listing requirements of the New York Stock Exchange; potential attacks on information technology infrastructure and other cyber-based business disruptions; and those discussed more fully in documents filed with the SEC by the Corporation, particularly in the prospectus related to the rights offering and in Item 1A, Risk Factors, in Part I of the Corporation’s latest annual report on Form 10-K, and Part II of the Corporation’s Form 10-Q for the quarter ended June 30, 2020. The Corporation cannot guarantee any future results, levels of activity, performance or achievements. In addition, there may be events in the future that the Corporation may not be able to predict accurately or control which may cause actual results to differ materially from expectations expressed or implied by forward-looking statements. Except as required by applicable law, the Corporation assumes no obligation, and disclaims any obligation, to update forward-looking statements whether as a result of new information, events or otherwise.
Michael G. McAuley
Senior Vice President, Chief Financial Officer and Treasurer
(412) 429-2472
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NEW YORK, New York--(BUSINESS WIRE)--Tortoise Acquisition Corp. II (the “Company”) today announced the pricing of its initial public offering (“IPO”) of 30,000,000 units at a price of $10.00 per unit. The units will be listed on the New York Stock Exchange (the “NYSE”) and trade under the ticker symbol “SNPR.U” beginning September 11, 2020. Each unit consists of one of the Company’s Class A ordinary shares and one-fourth of one redeemable warrant, with each whole warrant entitling the holder thereof to purchase one of the Company’s Class A ordinary shares at an exercise price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on the NYSE under the symbols “SNPR” and “SNPR WS,” respectively.
Barclays and Goldman Sachs & Co. LLC are acting as joint book-running managers for the offering. AmeriVet Securities, Inc. is acting as co-manager for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 4,500,000 units at the initial public offering price to cover over-allotments, if any.
The offering is expected to close on September 15, 2020, subject to customary closing conditions.
The public offering is being made only by means of a prospectus. When available, copies of the prospectus related to the offering may be obtained from Barclays, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, email: This email address is being protected from spambots. You need JavaScript enabled to view it., tel: (888) 603-5847; and Goldman Sachs & Co. LLC, Attn: Prospectus Department, 200 West Street, New York, New York 10282, email: This email address is being protected from spambots. You need JavaScript enabled to view it., tel: (866) 471-2526.
A registration statement relating to these securities has been declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on September 10, 2020. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
ABOUT TORTOISE ACQUISITION CORP. II
Tortoise Acquisition Corp. II was formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination. The Company intends to focus its search for a target business in the broad energy transition or sustainability arena targeting industries that require innovative solutions to decarbonize in order to meet critical emission reduction objectives.
FORWARD LOOKING STATEMENTS
This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and preliminary prospectus for the Company’s offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Tortoise Acquisition Corp. II
Vincent T. Cubbage
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New CEO brings decades of International Technology Commercialization Experience
AUSTIN, Texas--(BUSINESS WIRE)--#Aerial--SeekOps Inc. develops and deploys advanced sensor technology for the energy sector to detect, localize, and quantify methane emissions through integrated drone-based systems. SeekOps’ unique sensor design eliminates false positive readings and localizes emissions sources to provide actionable data to oil and gas operators in the United States, Canada, Europe, and the Middle East. Backed by funding from the Oil and Gas Climate Initiative Climate Investments (OGCI-CI), and Equinor Technology Ventures (ETV), SeekOps provides best-in-class technology to meet increasingly stringent environmental, sustainability and governance (ESG) reporting requirements, and enables producers worldwide realize their goal to reduce methane intensity from operations.
In order to address the expanded global market demand for its products while positioning the company for increased growth, SeekOps has strengthened its leadership team by adding a new Chief Executive Officer to guide it through this critical next step.
SeekOps is pleased to announce Iain Cooper as its new CEO. Iain, who previously led technology development, strategy and investment at Schlumberger, brings 30 years of experience in the energy sector. His experience will not only lead SeekOps through effective international scaling of its technology and services, but also expansion beyond traditional energy-sector business into other major industrial verticals, such as biogas, waste management and mining, monitoring broader range of chemical species.
Iain comments: “SeekOps actionable data products have been demonstrated in rigorous oil and gas environments, and while we will continue global growth to support upstream operations, SeekOps will also translate its capabilities to meet the needs of the midstream and downstream sectors. Furthermore, there are similar environmental and sustainability pressures across other industries that must be validated using accurate and reliable technologies, as typified by SeekOps.”
This move strengthens the current executive team as the company’s Founder and CEO of three and a half years, Andrew Aubrey, transitions to a new role as Senior Vice President of Strategic Partnerships. These strategic partnerships will be a key component of SeekOps’ future growth.
Media Contact – SeekOps Inc.
Paul Khuri
SeekOps Inc.
VP Business Development
Phone: (713)962-6146
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Patrols and Inspections Confirm at Least 52 Instances of Damage or Hazards to Electric Equipment During the Offshore Wind Event
SAN FRANCISCO--(BUSINESS WIRE)--Pacific Gas and Electric Company (PG&E) has restored power to essentially all customers who can receive service and were impacted by the Public Safety Power Shutoff (PSPS) event that started Monday, Sept. 7.
The PSPS event affected nearly 172,000 customers in 22 counties: Alpine, Amador, Butte, Calaveras, El Dorado, Humboldt, Kern, Lake, Lassen, Mariposa, Napa, Nevada, Placer, Plumas, Shasta, Sierra, Siskiyou, Sonoma, Tehama, Trinity, Tuolumne and Yuba.
Once the severe weather subsided and the weather “all clear” was given, PG&E crews began patrols on the ground early yesterday morning to inspect more than 9,880 miles of transmission and distribution power lines for damage or hazards.
Initially, PG&E paused some air inspections due to unsafe flying conditions caused by smoky and hazy skies, but by noon Wednesday, about half of PG&E’s aircrafts were flying. PG&E crews began restoring customers in areas where they found no damage or hazards to electrical equipment. In areas where equipment was damaged by the severe wind event, crews worked safely and as quickly as possible to make the repairs and restore those customers.
Essentially All Customers Restored
PG&E now has restored power to essentially all PSPS-affected customers who are safe to serve. Less than 1,700 customers remain out of service at this time in Butte, Humboldt, Plumas, Sierra and Trinity counties. All customers in tribal lands have been restored to service. All of these customers are expected to have service restored by 8pm PST this evening.
Smoky and hazy skies again delayed or paused some PG&E air patrols today. Ground patrols faced challenging terrain in some areas where air patrols were grounded due to smoke. Once weather conditions improved, and first responders allowed access to previously restricted areas, PG&E was able to begin patrols, make repairs where necessary and safely restore power to those remaining customers.
Remaining Customers to be Restored as Soon as Safety Permits
A small group of 6,800 customers in Butte, Humboldt, Plumas, Trinity and Yuba counties are unable to receive power at this time due to two factors: ongoing threats from wildfires and requests from first responders to keep power lines de-energized for assisting firefighting efforts and to keep firefighters safe. Power restoration may also be delayed for the 700 customers served by electric equipment that was damaged during the offshore wind event. PG&E will restore power to these customers as soon as it is safe to do so.
Damage and Hazards Identified
Preliminary data shows 52 instances of weather-related damage and hazards in the PSPS-affected areas. Examples included downed lines and vegetation on power lines. If PG&E had not de-energized power lines, these types of damage could have caused wildfire ignitions.
More Information on PG&E PSPS Events
PG&E’s goal is to have essentially all customers affected by the PSPS who can receive power to be restored within 12 daylight hours of the weather “all clear” for each affected area.
PG&E uses a PSPS only as the last resort to protect community and customer safety against wildfires, given dry and windy weather, dry vegetation and an elevated fire risk across portions of its service area. Wind gusts as high as 66 mph were recorded during the PSPS event.
PG&E will submit a report detailing damages from the severe weather conditions to the California Public Utilities Commission within 10 days of the completion of the PSPS.
For more information on the PSPS event, visit https://pgealerts.alerts.pge.com/updates/.
Prevention, Preparedness and Support
It is important that PG&E has your current contact information so you can be notified and better prepared if a wildfire or PSPS event may impact your home or business. To set up your alerts, visit pge.com/alerts.
With the increased wildfire threat our state faces, PG&E is enhancing and expanding our efforts to reduce wildfire risks and keep our customers and communities safe. Our Community Wildfire Safety Program includes short, medium and long-term plans to make our system safer. For tips on how to prepare for emergencies and outages, visit our Safety Action Center at safetyactioncenter.pge.com.
About PG&E
Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is one of the largest combined natural gas and electric energy companies in the United States. Based in San Francisco, with more than 23,000 employees, the company delivers some of the nation's cleanest energy to 16 million people in Northern and Central California. For more information, visit pge.com and pge.com/news.
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WASHINGTON--(BUSINESS WIRE)--#energy--Delays, obstruction or cancellation of pipeline infrastructure projects are threatening at least $13.6 billion in economic activity, over 66,000 jobs and more than $280 million a year in state and local tax revenue at a time when America’s financial recovery from COVID-19 requires more investment and tax revenue, a new Consumer Energy Alliance report finds.
The report, “How Pipelines Can Spur Immediate Post-COVID Economic Recovery,” for the first time quantifies the potential and actual economic harm that anti-energy interest groups and allied policymakers, regulators and even judges are creating, and contrasts that with the harsh COVID-related economic realities that exist right now in states where energy infrastructure is needed – but is being impeded.
The findings of the report, which examines a representative sample of states, demonstrates how new energy infrastructure construction activity could provide relief for struggling families and small businesses, put thousands back to work at wages far above the national average, and create demand in the manufacturing and industrial sector for steel, parts, services and a host of energy and construction supply chain needs.
Despite this tremendous opportunity, there are still organized forces intent on leveraging the devastation of the pandemic to advance an extreme agenda against the infrastructure that delivers the energy that literally makes our world go around, our lives easier, and our environment better by making cleaner forms of fuel available. CEA’s report details how their efforts to champion lawsuits, procedural delays, and regulatory roadblocks to stop construction projects are hindering economic recovery and destroying – or have destroyed – billions in consumer savings through lower energy bills.
Among the findings:
“With almost $14 billion of ready investment to fuel post-COVID recovery available, the campaign to impede America’s vital energy infrastructure projects is putting the desires and politics of the few against the economic needs of the many – and our nation,” CEA President David Holt said.
“We’d be foolish to push these immediate injections of private capital aside, because it will slow our economic recovery at the expense of countless families and businesses who are just trying to get back on their feet again. These projects have also been proven to provide the best environmental protections because they introduce state-of-the-art technologies to reduce emissions and increase safety where none existed before.”
Holt added: “We can put people back to work now if our policymakers can find the courage to say no to politically motivated anti-energy groups, who lack a realistic plan to help get America back on its feet. It’s time to reject those who offer fact-free opposition to our energy needs in a let-them-eat-cake manner that only harms ordinary people and businesses, and erases the chance for immediate environmental gains.”
To read the full report, click here.
About Consumer Energy Alliance
Consumer Energy Alliance (CEA) is the leading voice for sensible energy and environmental policies for consumers, bringing together families, farmers, small businesses, distributors, producers and manufacturers to support America's environmentally sustainable energy future. With more than 550,000 members nationwide, we are committed to leading the nation’s dialogue around energy and the environment, its critical role in the economy, and how it supports the vital supply chains for the families and businesses that depend on them. CEA works daily to encourage communities across the nation to seek sensible, realistic and environmentally responsible solutions to meet our nation’s energy needs.
Bryson Hull
P: 202-657-2855
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DUBLIN--(BUSINESS WIRE)--The "Subsea Technologies for Oil and Gas Offshore Exploration and Production (E&P) - Thematic Research" report has been added to ResearchAndMarkets.com's offering.
Subsea technology has drastically improved in the last two decades in terms of functionality and reliability. This has enabled upstream companies to expand the scale of their deepwater projects. This report highlights the transforming subsea technologies that could potentially create new opportunities in offshore exploration and production.
The report identifies crucial trends in the subsea market, evaluates the industry dynamics and dissects the operational value chain, in order to provide key insights to the readers. Subsea technology has proved useful in extending the life span of maturing fields by subsea tie-backs and other innovative solutions. Subsea systems are primarily designed for the upstream segment of the oil and gas value chain.
Scope
Reasons to Buy
Key Topics Covered:
1. PLAYERS
2. TECHNOLOGY BRIEFING
3. TRENDS
4. INDUSTRY ANALYSIS
5. VALUE CHAIN
6. COMPANIES SECTION
7. APPENDIX
For more information about this report visit https://www.researchandmarkets.com/r/av9sqt
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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Winners to Be Celebrated During Virtual Ceremony on 1 December
NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Zen Ecosystems was named the winner of a Bronze Stevie® Award in the Company of the Year in Energy category in The 17th Annual International Business Awards® today.
The International Business Awards are the world’s premier business awards program. All individuals and organizations worldwide – public and private, for-profit and non-profit, large and small – are eligible to submit nominations. The 2020 IBAs received entries from organizations in 63 nations and territories.
As the ongoing COVID-19 crisis will prevent winners from receiving their awards on stage during a traditional gala IBA banquet, winners will be celebrated instead during a virtual ceremony on Tuesday, 1 December.
Zen Ecosystems provides intelligent energy management solutions targeted at solving some of the energy related challenges that commercial businesses and residential consumers face today. With the help of our products and our easy to use energy platforms, Zen HQ or the Zen Thermostat App, saving energy and reducing energy bills couldn’t be any simpler.
Over 3,800 nominations were submitted in the International Business Awards this year. The judges had plenty of positive feedback regarding the products that Zen Ecosystems provides, “Reducing energy is a great goal and you have done a lot to achieve that for your customers,” and “Zen Ecosystems has created a fantastic product for a market niche that was falling between the cracks. Reducing CO2 emissions, as well as saving individuals and SME's significant expense is a brilliant result.”
Stevie Award winners were determined by the average scores of more than 250 executives worldwide who participated in the judging process from July through early September.
“Despite the unprecedented impact the COVID-19 pandemic has had on organizations and working people worldwide, the number and quality of nominations we received in this year’s International Business Awards attests to the continued outstanding performance of many organizations. The commitment we’ve seen through these nominations to maintaining the success, health, and safety of employees, customers, and communities is truly impressive,” said Stevie Awards president Maggie Gallagher.
About Zen Ecosystems
Zen Ecosystems provides intelligent energy management solutions for businesses and consumers. Zen HQ is an energy management system designed for the unique needs of businesses and utilities to provide insights and control over multi-site commercial energy usage while delivering the fastest payback in the market. The Zen Thermostat is a beautiful, simple connected device for home and business that also enables multi-system operators to enhance the customer experience. Zen Ecosystems was recognized in 2018 as the Gold Stevie Award Winner for Energy Industry Innovation of the year. In 2019, Zen was recognized again as a Gold Stevie Award winner for Company of the Year in Energy followed by winning the People’s Choice Award in the Energy Category. Learn more at http://zenecosystems.com.
About the Stevie Awards
Stevie Awards are conferred in eight programs: the Asia-Pacific Stevie Awards, the German Stevie Awards, the Middle East & North Africa Stevie Awards, The American Business Awards®, The International Business Awards®, the Stevie Awards for Women in Business, the Stevie Awards for Great Employers, and the Stevie Awards for Sales & Customer Service. Stevie Awards competitions receive more than 12,000 nominations each year from organizations in more than 70 nations. Honoring organizations of all types and sizes and the people behind them, the Stevies recognize outstanding performances in the workplace worldwide. Learn more about the Stevie Awards at www.StevieAwards.com.
Nicole Ricouard
Marketing Director
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Transit Agencies, Waste Disposal Companies, and Truck Fleets Sign Contracts
NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Clean Energy Fuels Corp. (NASDAQ: CLNE) announced new and extended contracts for more than 20 million gallons of Redeem™ renewable natural gas (RNG) to accommodate the continued demand across key business segments for the ultra-low carbon fuel produced from organic waste.
Alpha Lion, which carries mail for the U.S. Postal Service between the Northwest United States and Southern California, is adding 16 new natural gas trucks to its fleet through Clean Energy’s Zero Now program and is expected to use over 700,000 gallons of Redeem™ annually. The program will provide significant fuel savings and have a positive effect on Alpha Lion’s environmental impact in the region.
Zero Now is a program that brings the price of a heavy- or medium-duty natural gas truck at parity with a diesel truck, while offering a guaranteed fuel discount for the duration of the agreement. Alpha Lion will also participate in Clean Energy’s Zero Now TouchPoint program, in partnership with the Natural Gas Vehicle Institute (NGVi), to provide Alpha Lion with first-class hands-on customer service pertaining to their purchase of new natural gas heavy-duty vehicles.
The City of Anaheim has signed a five-year service agreement for municipal vehicles that will consume an approximate 500,000 gallons of Redeem RNG.
“From waste to transit to trucking, fleets are discovering that RNG is a proven solution that can significantly decrease the impact of harmful emissions and reduce greenhouse gases,” said Nate Jensen, Clean Energy’s Senior Vice President, Renewables Fuels. “RNG offers price stability, lowers maintenance costs, and can reduce carbon emissions 70 percent or more, providing a clean and cost-effective alternative to diesel fuel.”
News in Solid Waste
Clean Energy has been awarded a contract to build a fueling station that will accommodate both fast- and time-filling for the City of Sacramento, along with a long-term operations and maintenance (O&M) agreement, to fuel more than 100 natural gas refuse trucks with an anticipated 8 million gallons of RNG for the next 10 years.
Clean Energy has entered into a network fuel agreement with Athens Services in Los Angeles to support its growing CNG refuse fleet. Athens will utilize the Clean Energy network of public stations throughout Southern California and is expected to consume over 1 million gallons each year.
The City and County of Sacramento have extended their RNG supply agreement with Clean Energy. Clean Energy provides RNG to three different LNG stations in the region, for a total annual consumption expected to exceed 1.2 million gallons.
The County of Denver has signed a three-year service agreement for its CNG station, which provides fuel to over 30 CNG refuse trucks for an expected 750,00 gallons.
Clean Energy signed a two-year contract with LA County Sanitation to dispense LA County’s locally generated RNG at its public station in Carson which uses an estimated 720,000 gallons of RNG.
Tidewater Fibre in Virginia has extended its service contract renewal for 50 refuse trucks using an approximate 500,000 gallons per year.
Suffolk County in New York has inked a long-term service agreement for 15 utility trucks for an anticipated 120,000 gallons of CNG.
The City of Lexington, KY has signed a contract for a 15-truck time-fill and defueling hose upgrade and services, for an estimated 150,000 additional gallons per year.
The City of Philadelphia extended its fuel agreement for refuse trucks to continue fueling at Clean Energy’s Philadelphia Airport station while its private 40-truck station (being built by Clean Energy) is completed at the end of the year. The contract is for 16 refuse trucks for an estimated 100,000 gallons.
Noble Environmental in Pennsylvania has purchased a CNG mobile unit, along with monthly services, to fuel its CNG refuse trucks until Clean Energy completes construction of a permanent station.
Republic Services Expands Station Capacity and Footprint
Clean Energy is completing the construction of a Republic Services combination time-fill/fast-fill station in Sacramento, CA that will fuel 80 solid waste trucks to support growing operations in the Sacramento region. The station will fuel an expected 1.1 million gallons of Redeem through 2023.
In Las Vegas, Clean Energy is expanding Republic Services’ largest natural gas truck yard in the country, adding 92 time-fill fueling spots. The station will provide approximately 3.2 million gallons of Redeem per year, which will increase by 837,000 gallons when at full capacity.
Clean Energy has increased station capacity at Republic Service stations in San Diego and in Chula Vista, CA, resulting in additional volume of an estimated 400,000 gallons of Redeem per year.
Clean Energy has signed an agreement to build a station for Republic Services in Freemont, CA to accommodate 66 new trucks in the coming years that will result in an approximate increase of 600,000 gallons.
Movement in Transit
Clean Energy has signed a new agreement to operate and maintain the City of Phoenix transit bus facilities, which dispense an estimated 4.8 million gallons of natural gas per year.
Clean Energy was awarded a station upgrade contract to install new equipment for the West County Transportation Authority (WCTA), Santa Rosa, California, along with a long-term service agreement, during which the fleet of 39 school buses are expected to fuel with 800,000 gallons of Redeem.
Access Services has deployed 20 newly certified CNG Dodge Promasters in partnership with its contractors for paratransit service in Southern California. Clean Energy signed a fueling agreement with Southland Transit, an Access Services contractor, for an expected 800,000 gallons of Redeem.
Clean Energy has signed an RNG contract with the California Department of General Services for the benefit of Solano County Transit (SolTrans), California for its fleet of 19 buses for an anticipated 600,000 gallons of Redeem.
The City of Gardena, California has inked a network fueling contract for 18 CNG transit buses at the Clean Energy station at Los Angeles International Airport (LAX). This first round of CNG buses will fuel with an expected 150,000 gallons of RNG annually.
The City of Lodi, California has signed a multi-year contract for an estimated 246,000 gallons of Redeem to power 37 buses and city fleet vehicles.
After obtaining grant funding to migrate its buses to clean RNG, Anaheim Union High School in California has signed a contract with Clean Energy for an estimated 135,000 gallons of Redeem to fuel 15 new school buses.
About Clean Energy
Clean Energy Fuels Corp. is North America’s leading provider of the cleanest fuel for the transportation market. Through its sales of Redeem™ renewable natural gas (RNG), which is derived from capturing biogenic methane produced from decomposing organic waste, Clean Energy allows thousands of vehicle fleets, from airport shuttles to city buses to waste and heavy-duty trucks, to reduce their amount of climate-harming greenhouse gas by at least 70% and even up to 300% depending on the source of the RNG. Clean Energy can deliver Redeem through compressed natural gas (CNG) and liquified natural gas (LNG) to its network of approximately 540 fueling stations across the U.S. and Canada. Clean Energy builds and operates CNG and LNG fueling stations for the transportation market, owns natural gas liquefication facilities in California and Texas, and transports bulk CNG and LNG to non-transportation customers around the U.S. For more information, visit www.CleanEnergyFuels.com.
Forward-Looking Statements
This news release contains 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 that involve risks, uncertainties and assumptions, including without limitation statements about amounts of RNG expected to be consumed and the benefits of RNG. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements. The forward-looking statements made herein speak only as of the date of this press release and, unless otherwise required by law, Clean Energy undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances. Additionally, the reports and other documents Clean Energy files with the SEC (available at www.sec.gov) contain risk factors, which may cause actual results to differ materially from the forward-looking statements contained in this news release.
Clean Energy Contact:
Raleigh Gerber
949-437-1397
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LOS ANGELES--(BUSINESS WIRE)--Hudson Pacific Properties, Inc. (“Hudson Pacific”) (NYSE: HPP) today announced that it is fully carbon neutral across all operations. As part of its Better Blueprint platform, the company had previously committed to being net zero carbon by 2025, but has achieved the goal early through a combination of energy efficiency, on-site renewables, renewable energy certificates and verified emission reduction credits. These efforts have eliminated the Scope 1 and 2 greenhouse gas (GHG) emissions generated by the company’s energy use of its buildings.
“Hudson Pacific is committed to leadership in sustainability,” said Victor Coleman, Chairman and CEO of Hudson Pacific. “I am proud to have met our carbon neutrality goal five years early, but we are just getting started. We will continue to push the envelope to find innovative, tech-enabled solutions to minimize our environmental impacts, with a focus on driving down energy use even further and expanding on-site renewable energy. More than ever, we have a responsibility to our communities to prioritize climate action, and we are dedicated to expanding our efforts and sharing with our peers as we continue this important work.”
Achieving carbon neutrality across all operations required a multifaceted strategy, including:
This strategy decouples the company’s carbon and energy use, ensuring that Hudson Pacific will remain carbon neutral regardless of the operational changes being made due to the COVID-19 pandemic, such as increased ventilation and air filtration.
“Decoupling our carbon and energy use is essential so that we never have to choose between our commitment to sustainability and health and safety at our properties,” said Natalie Teear, Vice President of Sustainability and Social Impact. “These commitments are all critical to our success as a business and to supporting vibrant, thriving urban spaces built for the long term.”
“As one of the first major real estate organizations to achieve carbon neutrality across its operations, Hudson Pacific is a pioneer in sustainability,” said Cristina Gamboa, CEO of the World Green Building Council. “This milestone proves that it is possible for companies to quickly reach bold goals that will have a lasting, positive impact on the environment and our communities.”
Hudson Pacific plans to expand upon its use of sustainable technologies, in part through its pre-existing partnership with Fifth Wall, the largest venture capital firm focused on technology-driven innovation for the global real estate industry, to further reduce operational carbon. The company already has an active pipeline of technology projects around water recycling, leak detection, window film and indoor-air-quality monitoring and improvement.
Brendan Wallace, Co-Founder and Managing Partner of Fifth Wall, said, “Hudson Pacific shares our mission to innovate and lead the real estate industry toward a more sustainable future. We look forward to working closely with them to further develop and implement some of the industry’s most impactful technology solutions, including those which reduce carbon emissions.”
Hudson Pacific is also working to reduce its Scope 3 GHG emissions from non-operational carbon, particularly the carbon embodied in building materials like steel and concrete. The company is measuring the embodied carbon footprints of all (re)developments and major repositioning projects and identifying opportunities to make lower-carbon design and procurement choices such as sourcing steel from local plants powered by clean energy or swapping out steel for alternative materials like mass timber.
For more information about Hudson Pacific’s Better Blueprint and commitment to sustainability, please visit https://www.hudsonpacificproperties.com/responsibility.
About Hudson Pacific Properties
Hudson Pacific is a real estate investment trust with a portfolio of office and studio properties totaling nearly 19 million square feet, including land for development. Focused on premier West Coast epicenters of innovation, media and technology, its anchor tenants include Fortune 500 and leading growth companies such as Netflix, Google, Square, Uber, NFL Enterprises and more. Hudson Pacific is publicly traded on the NYSE under the symbol HPP and listed as a component of the S&P MidCap 400 Index. For more information visit HudsonPacificProperties.com.
Forward-Looking Statements Regarding Hudson Pacific Properties
This press release may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond Hudson Pacific’s control, which may cause actual results to differ significantly from those expressed in any forward-looking statement. All forward-looking statements reflect Hudson Pacific’s good faith beliefs, assumptions and expectations, but they are not guarantees of future performance. Furthermore, Hudson Pacific disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. For a further discussion of these and other factors that could cause Hudson Pacific’s future results to differ materially from any forward-looking statements, see the section entitled “Risk Factors” in Hudson Pacific’s Annual Report on Form 10-K filed with the Securities and Exchange Commission, or SEC, and other risks described in documents subsequently filed by Hudson Pacific from time to time with the SEC.
Investor Contact:
Laura Campbell
Senior Vice President, Investor Relations & Marketing
(310) 622-1702
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Media Contact:
Laura Murray
Director, Communications
(310) 622-1781
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