Transaction Creates Industry Leading Renewable Natural Gas Platform
Class A Common Stock to Trade on the NYSE Under the Ticker “LFG” Effective September 16, 2021
CANONSBURG, Pa.--(BUSINESS WIRE)--Archaea Energy Inc. (“Archaea” or “the Company”), formerly known as Rice Acquisition Corp. (“RAC”), announced today that it has completed its previously announced business combination with Aria Energy LLC (“Aria”) and Archaea Energy LLC (“Archaea Energy”), creating the industry leading renewable natural gas (“RNG”) platform.
Concurrent with the completion of the business combination, RAC has changed its name to Archaea Energy Inc. Commencing at the open of trading on September 16, 2021, Archaea’s Class A common stock and warrants are expected to begin trading on the New York Stock Exchange (“NYSE”) under the symbols “LFG” and “LFG WS,” respectively.
The transaction was unanimously approved by RAC’s Board of Directors and was approved at a special meeting (the “Special Meeting”) of RAC’s stockholders on September 9, 2021. More than 99% of the votes cast on the business combination proposal at the Special Meeting were in favor of approving the business combination. RAC’s stockholders also voted to approve all other proposals presented at the Special Meeting.
“We are excited to complete our business combination, which enables us to continue rapidly developing our robust inventory of highly economic, low-risk RNG projects,” said Nick Stork, Archaea’s Chief Executive Officer. “I would like to thank each member of the Archaea and Aria teams for their diligent efforts in getting us to this point, and I am excited about the dedication we will continue to bring to reach our next phase of growth as the only scale producer of renewable natural gas.”
“While significant work has brought us here, in many ways today is also day one for Archaea. We are on a mission to break through the status quo and create a new paradigm in RNG development by integrating our team’s expertise with an innovative, technology-driven approach to project development and a differentiated commercial strategy de-risked by long-term contracts. We are laser-focused on delivering on our strategic objectives, creating value for our stakeholders, and enabling our partners to reduce their respective carbon footprints and achieve their sustainability goals.”
The business combination was primarily funded by approximately $237 million of cash from RAC’s cash-in-trust, $220 million in proceeds from corporate level debt, and $300 million from the previously announced private investment in public equity (“PIPE). The Company also entered into $133 million of project financing in early 2021 related to Project Assai, a high-Btu RNG facility under construction near Scranton, Pennsylvania, which is expected to be completed in 1Q 2022.
The Company will use the remaining proceeds to fund its growth strategy, which includes upgrading Aria’s legacy RNG projects, converting existing landfill gas-to-electric projects to RNG projects, and developing its substantial backlog of greenfield RNG project opportunities. Archaea management and the Rice family have transferred 100% of their Archaea Energy equity into equity of the Company.
Archaea Energy LLC’s senior management team will continue to lead the Company, including Nick Stork, Richard Walton (President), Eric Javidi (Chief Financial Officer), Lindsay Ellis (General Counsel and Corporate Secretary), Brian McCarthy (Chief Investment Officer), Derek Kramer (Chief Technology Officer), Chad Bellah (Chief Accounting Officer), and Ted Yowonske (Chief Development Officer).
The Company’s Board of Directors will be comprised of seven directors, six of whom are “independent directors” as defined in the NYSE listing standards and applicable U.S. Securities and Exchange Commission (“SEC”) rules. The directors will be J. Kyle Derham, Dr. Kathryn Jackson, Joseph Malchow, Scott Parkes, Daniel Joseph Rice, IV, Nick Stork, and James Torgerson.
A more detailed description of the transaction can be found in the definitive proxy statement filed by RAC with the SEC on August 12, 2021.
Advisors
Moelis & Company LLC acted as advisor to the RAC Special Committee, which was composed of independent directors of RAC and formed to negotiate the business combination. Richards, Layton and Finger PA served as legal counsel to the RAC Special Committee. Kirkland & Ellis LLP served as legal counsel to RAC. Pillsbury Winthrop Shaw Pittman LLP served as legal counsel to Archaea Energy LLC. Barclays acted as financial advisor to Aria Energy LLC. Orrick served as legal counsel to Aria Energy LLC. Citi and Jefferies LLC acted as lead placement agents and Roth Capital Partners LLC acted as co-placement agent on the PIPE.
About Archaea
Archaea Energy Inc. is one of the largest RNG producers in the U.S., with an industry leading RNG platform and expertise in developing, constructing, and operating RNG facilities to capture waste emissions and convert them into low carbon fuel. Archaea’s innovative, technology-driven approach is backed by significant gas processing expertise, enabling Archaea to deliver RNG projects that are expected to have higher uptime and efficiency, and lower development costs and time to market, than industry averages. Archaea partners with landfill and farm owners to help them transform their long-lived feedstock sources into RNG and convert their facilities into renewable energy centers. Archaea’s differentiated commercial strategy is focused on long-term contracts that provide commercial partners a reliable, non-intermittent, sustainable decarbonizing solution to displace fossil fuels in high-carbon emission processes and industries.
Additional information is available at www.archaeaenergy.com/.
About RAC
Rice Acquisition Corp. is led by former executives of Rice Energy and EQT, the largest natural gas producer in the U.S. RAC intends to leverage its expertise building industry-leading energy production companies to develop the world’s clean energy supply.
Forward Looking Statements
The information included herein and in any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may be identified by the use of words such as “may,” “might,” “will,” “would,” “could,” “should,” “forecast,” “intend,” “seek,” “target,” “anticipate,” “believe,” “expect,” “estimate,” “plan,” “outlook,” and “project” and other similar expressions, although not all forward looking statements contain such identifying words. All statements other than historical facts are forward looking statements. Such statements include, but are not limited to, statements concerning market conditions and trends, earnings, performance, strategies, prospects and other aspects of the business of the Company. Forward looking statements are based on current expectations, estimates, projections, targets, opinions and/or beliefs of the Company, and such statements involve known and unknown risks, uncertainties and other factors.
The risks and uncertainties that could cause those actual results to differ materially from those expressed or implied by these forward looking statements include, but are not limited to: (a) the ability to recognize the anticipated benefits of the business combination and any transactions contemplated thereby, which may be affected by, among other things, competition, the ability of the Company to grow and manage growth profitably and retain its management and key employees; (b) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; (c) the Company’s ability to develop and operate new projects; (d) the reduction or elimination of government economic incentives to the renewable energy market; (e) delays in acquisition, financing, construction and development of new projects; (f) the length of development cycles for new projects, including the design and construction processes for the Company’s projects; (g) the Company’s ability to identify suitable locations for new projects; (h) the Company’s dependence on landfill operators; (i) existing regulations and changes to regulations and policies that effect the Company’s operations; (j) decline in public acceptance and support of renewable energy development and projects; (k) demand for renewable energy not being sustained; (l) impacts of climate change, changing weather patterns and conditions, and natural disasters; (m) the ability to secure necessary governmental and regulatory approvals; and (n) other risks and uncertainties indicated in the definitive proxy statement filed by RAC, including those under "Risk Factors" therein, and other documents filed or to be filed with the SEC by the Company.
The foregoing list of factors is not exclusive. You should not place undue reliance upon any forward looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to update or revise the forward looking statements set forth herein, whether as a result of new information, future events or otherwise, except as may be required by law.
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LONDON--(BUSINESS WIRE)--Cazoo (NYSE: CZOO), the UK’s leading online car retailer, which makes buying and selling a car as simple and seamless as ordering any other product online, today announced that it has acquired SMH Fleet Solutions (SMH), one of the UK’s leading vehicle preparation, logistics and storage businesses.
Established in 2003, SMH has a team of over 500 expert staff currently processing more than 70,000 vehicle refurbishments annually from 6 vehicle preparation sites across 136 acres in Bedford, Gloucester, Throckmorton, Worcester and St Helens. SMH also carries out over 150,000 vehicle movements per year with a team of over 300 logistics specialists as well as operating an online wholesale platform for used cars.
The combination of Cazoo’s world-class online retail platform and brand with SMH’s leading infrastructure and expertise will double Cazoo’s overall vehicle reconditioning, logistics and storage capabilities in the UK with 11 total sites across more than 265 acres, as well as providing it with an experienced team of hundreds of additional vehicle preparation and logistics specialists and its own digital wholesale platform.
This deal will provide Cazoo with one of the most extensive portfolios of vehicle preparation sites and production capabilities in the UK to meet its rapid growth plans. Once fully integrated, Cazoo will have the capacity to recondition and deliver hundreds of thousands of cars per year and store tens of thousands of cars, helping to secure its future requirements and materially de-risk its ability to meet its growth targets.
Cazoo is one of the fastest growing businesses in Europe, pioneering the shift to online car buying and selling and this acquisition follows its listing on the NYSE last month. Cazoo has already sold over 35,000 cars in the UK since its launch less than 2 years ago as consumers have embraced the selection, value, transparency and convenience of buying and selling used cars entirely online.
Cazoo has recently launched an all-inclusive monthly subscription service for new cars as well as now buying used cars directly from consumers in the UK and is gearing up to launch later this year in both France and Germany. Cazoo owns and fully reconditions all of its cars before offering them on its website for either delivery or collection in as little as 72 hours and has thousands of cars available at any time.
Cazoo has acquired SMH for approximately £70m in cash from LDC and other minority shareholders. The transaction is expected to have a negligible impact on Cazoo’s FY2021 operating results.
Alex Chesterman OBE, Founder & CEO of Cazoo said: “Given strong consumer demand, the only real constraint to our future growth is ensuring that we have adequate capability to recondition, store and deliver enough cars to keep up. By acquiring SMH, this helps solve that and de-risks our future growth by immediately doubling our number of vehicle preparation sites and significantly enhancing our team of vehicle preparation and logistics staff. I look forward to welcoming the SMH team to Cazoo.
“Buying or selling a car entirely online from the comfort of your home and having it delivered or collected in a matter of days, just like any other product today, is clearly resonating with consumers and our record growth continues as they embrace the selection, value, quality and convenience of our proposition.”
Tim Hudson, CEO at SMH Fleet Solutions said, “We’re delighted to be joining forces with Alex and the team at Cazoo and see this as a perfect fit for SMH. We have built one of the leading teams in vehicle preparation and logistics in the UK and are very well placed to support the remarkable pace of growth at Cazoo and help it deliver on its mission of providing the best car buying and selling experience in the UK.”
About Cazoo – www.cazoo.co.uk
Our mission is to transform the car buying and selling experience across the UK & Europe by providing better selection, value, transparency, convenience and peace of mind. Our aim is to make buying or selling a car no different to ordering any other product online, where consumers can simply and seamlessly buy, sell, finance or subscribe to a car entirely online for delivery or collection in as little as 72 hours. Cazoo was founded in 2018 by serial entrepreneur Alex Chesterman OBE, is backed some of the leading technology investors globally and is publicly traded (NYSE: CZOO).
About SMH Fleet Solutions – www.smhfleet.com
We provide a full suite of fleet management services including preparation, refurbishment, remarketing and delivery of vehicles to a broad range of automotive customers. Our team are experts in vehicle management and providing ancillary services and our commitment to service and quality is at the forefront of all our business activity. SMH has continued to expand its footprint in recent years with new sites across the UK and expansion into new business areas.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995. The expectations, estimates, and projections of the business of Cazoo may differ from its actual results and, consequently, you should not rely on forward-looking statements as predictions of future events. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (1) realizing the benefits expected from the business combination with Ajax I (the “Business Combination”); (2) achieving the expected revenue growth and effectively managing growth; (3) executing Cazoo’s expansion strategy in Europe; (4) acquiring and integrating other companies; (5) achieving and maintaining profitability in the future; (6) having access to suitable and sufficient vehicle inventory for resale to customers and for Cazoo’s subscription offering and refurbishing and selling inventory expeditiously and efficiently; (7) expanding Cazoo’s subscription offering; (8) increasing Cazoo’s service offerings and price optimization; (9) effectively promoting Cazoo’s brand and increasing brand awareness; (10) expanding Cazoo’s product offerings and introducing additional products and services; (11) enhancing future operating and financial results; (12) acquiring and protecting intellectual property; (13) attracting, training and retaining key personnel; (14) complying with laws and regulations applicable to Cazoo’s business; (15) successfully deploying the proceeds from the Business Combination; and (16) other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the registration statement on Form F-4 and the proxy statement/prospectus included therein filed by Cazoo Group Ltd (f/k/a Capri Listco). The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the disclosure included in other documents filed by Cazoo from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Cazoo assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Cazoo gives no assurance that it
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LAKE MARY, Fla.--(BUSINESS WIRE)--#BESS--Paul F. Browning, President and Chief Executive Officer (CEO) of Mitsubishi Power Americas, Inc., will have an expanded role effective October 1, 2021. He has been named Mitsubishi Power’s CEO of Energy Transition & Power in the Americas; Chairman of the Board, Europe, Middle East and Africa (EMEA) Region; and Deputy Head of Energy Transition & Power Headquarters in Japan. The new roles will involve Browning in global expansion of the energy transition.
With Mitsubishi Heavy Industries’ recent creation of the Energy Transition & Power business unit, the company is expanding its mandate beyond traditional power generation to include the ongoing energy transition. This includes hydrogen, battery energy storage, renewable power and artificial intelligence.
Browning said, “Expanding my power generation role in the Americas to include the energy transition is a recognition of the growth our team has achieved in hydrogen, battery energy storage, renewable power and artificial intelligence. During the past year, I’ve been working with our management team in Europe, Africa and the Middle East to put a new business structure and EMEA organization in place, and recruit incoming CEO Javier Cavada. We plan to expand our existing businesses and lead the energy transition in the region. Working together with our customers, partners and colleagues around the world, we are creating a Change in Power.”
About Mitsubishi Power Americas, Inc.
Mitsubishi Power Americas, Inc. (Mitsubishi Power) headquartered in Lake Mary, Florida, employs more than 2,300 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, Central, and South America. Mitsubishi Power’s power generation solutions include gas, steam, and aero-derivative turbines; power trains and power islands; geothermal systems; PV solar project development; environmental controls; and services. Energy storage solutions include green hydrogen, battery energy storage systems, and services. Mitsubishi Power also offers intelligent solutions that use artificial intelligence to enable autonomous operation of power plants. Mitsubishi Power, Ltd. is 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.
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DUBLIN--(BUSINESS WIRE)--The "Global Small Modular Reactor Market by Reactor (HWR, LWR, HTR, FNR, MSR), Deployment (Single, Multi), Connectivity (Grid, Off-grid), Location (Land, Marine), Application (Power Generation, Desalination, Process Heat), and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The small modular reactor market is projected to reach USD 11.3 billion by 2026 from an estimated USD 9.7 billion in 2021, at a CAGR of 3.2% during the forecast period.
The off-grid segment, by connectivity, is expected to be the largest and the fastest growing market from 2021 to 2026
The off-grid SMR segment accounted for a larger market share in 2020. SMRs deployed for off-grid operations are not connected to a large-scale electricity grid. Most SMRs are designed for remote locations where it is not feasible to site larger nuclear power plants.
Off-grid SMRs located in remote communities, islands, and mining sites can be used for power generation and other non-electric applications.
Despite the high cost of electricity generation, deployment of SMRs is beneficial in remote regions, especially in Russia, owing to the higher cost of alternatives such as power grid extension and fossil fuel-fired generators.
The multi-module power plant, by deployment, is expected to be the fastest growing market from 2021 to 2026
The multi-module power plant segment is expected to be the fastest growing deployment segment during the forecast period, owing to the ease of financing additional modules. Multi-module SMR plants are easier to finance compared with large nuclear reactors, as SMRs require lower upfront investments for a unit, and additional capacity may be built over time.
The ability to add modules incrementally in multi-module SMRs provides economies of series production. This, in turn, could permit investors and operators to adjust to the changes in demand for electricity and budgetary constraints to reduce financial risks. These factors are expected to drive the demand for SMRs for deployment in multi-module power plants.
The power generation segment, by application, is expected to be the largest market from 2021 to 2026
Power generation is expected to dominate the global small modular reactor market between 2021 and 2026 as the power generated by SMRs is expected to be economical compared with other low-carbon alternatives and help reduce carbon emissions and meet new energy demands.
SMRs provide a stable and reliable baseload power supply, which makes them suitable for replacing and optimizing the use of retiring coal and other fossil fuel-fired power plants and replacing aging infrastructure. SMRs also have load following capabilities and can be integrated with renewable energies to provide flexible power, as these reactors can vary their output to meet the fluctuations in power produced using renewable energy.
Market Dynamics
Drivers
Restraints
Opportunities
Challenges
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/6pwhzb
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DEERFIELD, Ill.--(BUSINESS WIRE)--CF Industries Holdings, Inc. (NYSE: CF), a leading global manufacturer of hydrogen and nitrogen products, today announced that it is halting operations at both its Billingham and Ince, UK, manufacturing complexes due to high natural gas prices. The Company does not have an estimate for when production will resume at the facilities.
About CF Industries Holdings, Inc.
At CF Industries, our mission is to provide clean energy to feed and fuel the world sustainably. With our employees focused on safe and reliable operations, environmental stewardship, and disciplined capital and corporate management, we are on a path to decarbonize our ammonia production network – the world’s largest – to enable green and blue hydrogen and nitrogen products for energy, fertilizer, emissions abatement and other industrial activities. Our nine manufacturing complexes in the United States, Canada, and the United Kingdom, an unparalleled storage, transportation and distribution network in North America, and logistics capabilities enabling a global reach underpin our strategy to leverage our unique capabilities to accelerate the world’s transition to clean energy. CF Industries routinely posts investor announcements and additional information on the company’s website at www.cfindustries.com and encourages those interested in the company to check there frequently.
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NEW YORK--(BUSINESS WIRE)--#Helbiz--Helbiz Inc. (NASDAQ: HLBZ), a global leader in micro-mobility and the first in its industry to be publicly listed on Nasdaq, today announced its role as a Gold Sponsor of MNE Ceresio 1931, the first electric boat ceremony in Lugano, Switzerland. This event is part of the larger 20-35 Project, an initiative that is encouraging the conversion of fossil fuel propulsion to electric propulsion among all boats in the fleet of the Società Navigazione del Lago di Lugano by 2035.
The project kicked off yesterday with the inauguration of Switzerland's first fully electric boat, designed with lake navigation to significantly reduce CO2 emissions. Helbiz was present in Lugano with its sustainable electric vehicles on display, offering its transportation services and recharging stations for guests to experience firsthand. The company also arranged safety demonstrations and test drives of its vehicles to promote the responsible use of scooters.
The event also marked the official debut of the Helbiz E-Station, a smart platform for renting, releasing and recharging electric scooters, now present in Lugano. The station can be moved to strategic points around the city to improve circulation flows and reduce carbon emissions.
"Helbiz is committed to raising awareness on key societal issues such as the reduction of CO2 and combating pollution,” said Giulio Profumo, Chief Financial Officer at Helbiz. “This event and the ongoing 20-35 project highlight the importance of pairing new technology with sustainable transportation. We are proud to be a sponsor of MNE Ceresio 1931, as it reflects the core values of Helbiz and underscores our respect for the environment."
Helbiz plans to expand its micro-mobility services beyond the Alps in the near future.
About Helbiz
Helbiz is a global leader in micro-mobility services. Launched in 2015 and headquartered in New York City, the company offers a diverse fleet of vehicles including e-scooters, e-bicycles and e-mopeds all on one convenient, user-friendly platform in 35 cities around the world. Helbiz utilizes a customized, proprietary fleet management technology, artificial intelligence and environmental mapping to optimize operations and business sustainability. Helbiz is expanding its urban lifestyle products and services to include live streaming services, food delivery, financial services and more, all accessible within its mobile app.
Forward-Looking Statements
Certain statements made in this press release are “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “anticipate”, “believe”, “expect”, “estimate”, “plan”, “outlook”, and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, caution must be exercised in relying on forward-looking statements. Due to known and unknown risks, actual results may differ materially from the Company’s expectations or projections. The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: (i) the failure to meet projected development and production targets; (ii) changes in applicable laws or regulations;(iii) the effect of the COVID-19 pandemic on the Company and its current or intended markets; and (iv) other risks and uncertainties described herein, as well as those risks and uncertainties discussed from time to time in other reports and other public filings with the Securities and Exchange Commission (the “SEC”) by the Company. Additional information concerning these and other factors that may impact the Company’s expectations and projections can be found in its periodic filings with the SEC, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2020 and amended on May 21, 2021. The Company’s SEC filings are available publicly on the SEC's website at www.sec.gov. Any forward-looking statement made by us in this press release is based only on information currently available to Helbiz and speaks only as of the date on which it is made. Helbiz undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise, except as required by law.
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For investor and media inquiries, contact: https://www.helbiz.com/pressroom
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Nine international and U.S.-based banks, including Santander CIB, committed approximately $2.3 billion of debt to finance the construction and operation of the project
BOSTON--(BUSINESS WIRE)--Santander Bank, N.A. (“Santander Bank” or “Santander”) today announced that its Corporate & Investment Banking division (“Santander CIB”) has acted as financial advisor, joint lead arranger, administrative agent and green loan coordinator for the financing of Vineyard Wind 1, the first large-scale offshore wind farm in the United States. Santander is one of nine international and U.S.-based banks raising approximately $2.3 billion of senior debt to finance the construction of the project.
Vineyard Wind is a joint venture between Avangrid Renewables, a subsidiary of AVANGRID, Inc. (NYSE: AGR), part of the Iberdrola Group, and Copenhagen Infrastructure Partners (CIP). Vineyard Wind 1 is an 800 MW project located 15 miles off the coast of Martha’s Vineyard and will be the first large-scale offshore wind project in the United States. The project is expected to generate electricity for more than 400,000 homes and businesses in the Commonwealth of Massachusetts, save ratepayers $1.4 billion over the first 20 years of operation and is expected to reduce carbon emissions by more than 1.6 million tons per year.
Onshore construction for Vineyard Wind 1 will begin this year, with first power from Vineyard Wind 1 expected to be delivered to the grid in 2023.
“Santander is extremely proud of our advisory capabilities in renewable energy, in particular offshore wind, and appreciate the opportunity to advise Avangrid and CIP in this landmark transaction that is so critical to Massachusetts and U.S. climate goals,” said Marco Antonio Achón, Head of Santander Corporate & Investment Banking U.S.
“Santander is very proud to have advised in the financing of the first large-scale offshore wind project in the U.S.,” said Pablo Urgoiti, Head of Global Debt Financing U.S. for Santander CIB. “Renewable financing is a cornerstone of our product offering and we are glad that our cumulative global experience in offshore wind has been there to support this process.”
Santander CIB has become a leader in renewable energy finance and advice owing to its efforts to seek solutions in environment, social and corporate governance (ESG) and other areas to help customers transition toward more sustainable models and a less polluting economy. Santander is committed to leading the way in environmentally responsible financing and advisement for projects that add value to society while helping fight climate change and pollution, and protecting natural resources.
Santander CIB is a global division that supports corporate and institutional clients, offering tailored services and value-added wholesale products suited to their complexity and sophistication. Our coverage model combines local knowledge with global expertise of industry sectors of our clients. For more information, please visit https://www.santandercib.com/.
Santander Bank, N.A. is one of the country’s largest retail and commercial banks with $89.5 billion in assets. With its corporate offices in Boston, the Bank’s approximately 9,200 employees and more than 2 million customers are principally located in Massachusetts, New Hampshire, Connecticut, Rhode Island, New York, New Jersey, Pennsylvania and Delaware. The Bank is a wholly-owned subsidiary of Madrid-based Banco Santander, S.A. (NYSE: SAN) - one of the most respected banking groups in the world with 150 million customers in the U.S., Europe, and Latin America. It is overseen by Santander Holdings USA, Inc., Banco Santander’s intermediate holding company in the U.S. For more information on Santander Bank, please visit www.santanderbank.com.
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BELLINGHAM, Wash.--(BUSINESS WIRE)--#PVsolar--Silfab Solar Inc., a North American leader in photo-voltaic (PV) module manufacturing, today announced an investment led by ARC Financial Corp. (“ARC”) to significantly expand Silfab’s US solar production and supply chain footprint, and service the growing consumer appetite for American-made, premium-quality solar panels.
Silfab is the first energy transition investment from ARC’s Energy Fund 9, and includes co-investments by Ontario Power Generation Inc. Pension Plan and BDC Capital’s Cleantech Practice. ARC is one of the most established energy-focused private equity fund managers in North America and the investment reflects confidence in Silfab’s leadership team, its 40 years of solar experience, and the company’s ability to meet increasing solar demand.
“Silfab continues to make significant investments in domestic manufacturing equipment and technology of solar panels that will lead the industry over the next five years,” said Paolo Maccario, Silfab’s Chief Executive Officer. “ARC’s strategic investment provides growth capital that enables Silfab to increase domestic production and sourcing, and opens additional doors to new generations of modules. ARC’s North American energy focus supplements the solar-specific acumen of our pre-existing shareholders and this commitment from both groups will also mean more American solar jobs.”
With manufacturing facilities across North America to serve the expanding US market, Silfab utilizes best-in-class automation for ultra-high efficiency module production, leverages partnerships for next-generation technology applications, and offers industry-leading warranties for residential and commercial performance.
“ARC spent extensive effort evaluating the solar industry for long-term investment opportunities that support and drive the global energy transition. Silfab’s North American-based team, automated manufacturing knowledge, product development pipeline and dedicated customer focus align with ARC’s commitment to supporting high-quality businesses,” said Brian Boulanger, CEO of ARC. “Based on current demand forecasts for PV solar, Silfab is ideally positioned for significant growth and this investment ensures the company is properly capitalized to execute on its plan.”
Silfab manufactures the highest-rated, most-durable and powerful back-contact and mono passivated emitter and rear contact (PERC) PV modules for the North American residential and commercial markets. Silfab recently earned “Top Performer” ratings under the rigorous PV Evolution Labs testing process. Silfab has recorded more than a dozen expansions of production capacity, most recently with state-of-the-art PV module assembly plants in the state of Washington.
To read about Silfab’s full product line, visit www.silfabsolar.com.
About Silfab Solar
Silfab Solar is the North American leader in the design, development and manufacture of ultra-high-efficiency, premium quality PV modules. Silfab leverages 40 years of solar experience and best-in-class technologies to produce the highest-rated solar modules from facilities in the state of Washington and Toronto, Canada. Each facility features multiple automated ISO 9001-2015 quality certified production lines utilizing just-in-time manufacturing to deliver Buy American approved PV modules specifically designed for and dedicated to the North American market.
www.silfabsolar.com
About ARC Financial Corp.
Founded in 1989, ARC Financial Corp. is committed to building high-performing businesses that address the world’s energy and sustainability needs. To date, ARC has raised $6 billion across nine energy-focused funds since the launch of its private equity business in 1997, having invested capital in more than 180 companies across the energy landscape. ARC has a diverse team of investment professionals with deep domain and capital markets experience and expertise across the energy spectrum. The ARC Energy Research Institute supports its investment strategies, proactively identifying key trends, and building relationships with entrepreneurs, industry leaders, and government.
www.arcfinancial.com
About BDC Capital
BDC Capital is the investment arm of BDC, the bank for Canadian entrepreneurs. With over $3 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers businesses a full spectrum of capital, from seed investments to growth equity, supporting Canadian entrepreneurs who have the ambition to stand out on the world stage.
www.bdc.ca/capital
Media Contact for Silfab Solar:
Geoff Atkins
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Tel: +1-905-255-2501 Ext. 737
www.silfabsolar.com
Both Truck Powertrain Solutions Help Meet Global Emissions Standards
BLOOMFIELD, Conn. & SAN JOSE, Calif.--(BUSINESS WIRE)--#CDA--Jacobs Vehicle Systems and Tula Technology have signed a cooperation agreement to accelerate the development of Jacobs Cylinder Deactivation® (CDA®) valve actuation technology in conjunction with Tula’s Dynamic Skip Fire (DSF®) control algorithms. The agreement builds on two years of research and development collaboration between the two companies to reduce nitrous oxide (NOX) and carbon dioxide (CO2) emissions from medium and heavy-duty vehicles, helping to meet ever-tightening environmental regulations.
“Jacobs Vehicle Systems and Tula Technology are both great companies with great technologies, and we’ve been even more effective working together,” said John Fuerst, senior vice president of technology and innovation at Tula. “This agreement will advance our capabilities to produce better CDA products and dDSF controls.”
Independent laboratory testing has demonstrated that Jacobs CDA hardware and Tula’s dDSF achieve greater emission reductions when combined. Low-load cycle performance was estimated with a well-calibrated powertrain simulation tool to accurately capture the low-load system operation and emissions. This system showed as much as a 5% decrease in CO2 and a 74% reduction in NOX emissions compared to the baseline technology.
“While CDA and dDSF are available to commercial powertrain manufacturers as separate systems, our experience indicates that integrating the two technologies delivers much greater benefit to today’s medium- and heavy-duty engines,” said Steve Ernest, vice president of engineering and business development at Jacobs Vehicle Systems. “We have been working with Tula for several years, and this formal agreement solidifies our relationship as we demonstrate the benefits of using CDA and dDSF in tandem. Our efforts will provide the marketplace with sought-after solutions to meet increasingly challenging emissions standards. The synergies created through multiple development projects will offer customers the best possible outcomes for reducing NOX and CO2 simultaneously.”
The agreement will allow technical development to expand the operating range at which emissions reductions can be achieved when the two technologies are combined. Jacobs and Tula also will explore opportunities for reduced NOX and CO2 emissions in off-road vehicles and equip a Class 8 demonstrator truck with both Jacobs’ CDA and Tula’s diesel DSF technologies for customers to experience firsthand.
About Jacobs Vehicle Systems
Jacobs Vehicle Systems is headquartered in Bloomfield, Conn., where it has a 25,000 square meter design, testing, and manufacturing facility, with support sites in Europe, Japan, and India as well as manufacturing facilities in Suzhou, China, and Brno, Czech Republic. Jake Brake® products are used by heavy and medium-duty diesel engine manufacturers globally. Registered to the ISO 14001 and IATF16949 standards, Jacobs Vehicle Systems is a leading producer of vehicle retarding and valve actuation technologies and can be found at jakebrake.com.
About Tula Technology, Inc.
Silicon Valley-based Tula Technology provides innovative award-winning software controls to optimize propulsion efficiency and emissions across the mobility spectrum, including gasoline-powered, diesel, alternative fuel, hybrid, and electric vehicles. Tula’s culture of innovation has resulted in breakthrough technology and a robust global patent portfolio of more than 378 patents issued and pending. Tula Technology is a privately held company backed by Sequoia Capital, Sigma Partners, Khosla Ventures, GM Ventures, BorgWarner and Franklin Templeton. More information is available at www.tulatech.com.
Jacobs Vehicle Systems
Mike O’Neill
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215-485-1282
Tula Technology, Inc.
Ram Subramanian
Principal Marketing Strategist
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Media:
Financial Profiles
Debbie Douglas, SVP
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949-375-3436
NEW YORK--(BUSINESS WIRE)--Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, today announced that Ben Harper has joined the firm as Head of Environmental, Social and Governance (“ESG”).
Mr. Harper joins Stonepeak from Zurich Insurance (“Zurich”) where most recently he oversaw the global insurer’s sustainability priorities, including operational, investment and product development initiatives. Under his leadership, Zurich was named the insurance industry leader for the Dow Jones Sustainability Index in 2020. At Stonepeak, Mr. Harper will similarly aim to enhance Stonepeak’s leadership on sustainable investing and ESG as he oversees the firm’s continued efforts to scale its already significant ESG program.
Mr. Harper will partner closely with Stonepeak’s senior leadership team, investment team and portfolio company management teams to expand the firm’s approach to ESG integration both within its existing investment process and asset management activities. In his role, Mr. Harper will help establish additional goals for the program including expanding and refining the firm’s approach to measurement, policies and reporting in line with best practice and the continued evolution of the ESG landscape. Mr. Harper’s deep experience in implementing meaningful environmental sustainability initiatives will further augment and accelerate Stonepeak’s long-term approach to decarbonization and climate change disclosure.
Stonepeak’s existing ESG program includes robust internal processes and policies to assess and manage ESG aspects of investments, actively championing ESG-related initiatives in partnership with portfolio company management teams, and a consistent approach to data collection and reporting across its portfolio. Over the past year, Stonepeak has been working to enhance the carbon-related reporting of its operations as well as those of its majority-owned companies, and the firm expects to report the results of those efforts in 2022 via disclosures aligned to the Task Force on Climate-Related Financial Disclosures. The firm is actively using the data it has collected to formulate holistic, long-term environmental goals that directly apply to the firm’s investments in different sectors.
Stonepeak CEO and Co-Founder Michael Dorrell said, “Responsible investing has been a core priority for Stonepeak, and we have consistently integrated ESG into our investment decisions and approach to asset management. We are committed to expanding our approach to ESG and look forward to leveraging Ben’s more than 20 years of experience in this area as we continue to accelerate Stonepeak’s existing ESG efforts across our portfolio.”
Ben Harper added, “I am excited to join Stonepeak and work with the entire team to further formalize and expand the firm’s existing ESG efforts and impact. Stonepeak is a leader in infrastructure investing and the firm is at an exciting point in its continued growth. I look forward to helping Stonepeak build on its commitment to responsible investing in close partnership with Mike and the team and identifying additional opportunities to drive greater impact.”
In Mr. Harper’s more than 20 years with Zurich, he also served in Head of Environmental and Climate Product Officer roles for the company, leading a broad remit of environmental sustainability initiatives. Earlier in his career, Mr. Harper was Director of Assessments and Compliance at Clayton Group Services where he leveraged his engineering background to oversee a large technical team and was responsible for managing a robust pipeline of complex environmental assessment projects.
Mr. Harper currently sits on two advisory boards for the American Society of Civil Engineers (ASCE) – the Committee on Climate and the Committee on Sustainability – tasked with developing standards for integrating climate and sustainability considerations and metrics into global construction standards including infrastructure. He is also a member of the National Academy of Sciences Transportation Research Board (TRB) Committee on Extreme Weather and Climate Change Adaptation, responsible for developing resilience practices in the transportation sector, and a committee member for the Coalition for Climate Resilient Investment (CCRI). He holds a Bachelor of Science degree in Civil and Environmental Engineering from Southern Polytechnic State University.
To learn more about the Stonepeak’s approach to ESG, access Stonepeak’s 2020 ESG Report and 2020 Global Renewables Fund Impact Report at www.stonepeakpartners.com/environmental-social-governance/.
About Stonepeak
Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $39 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, and to have a positive impact on the communities in which it operates. Stonepeak sponsors investment vehicles focused on private equity and credit. The firm provides capital, operational support, and committed partnership to sustainably grow investments in its target sectors, which include communications, energy transition, power and renewable energy, transport and logistics, and water. Stonepeak is headquartered in New York with offices in Houston, Austin and Hong Kong. For more information, please visit www.stonepeakpartners.com.
Media:
Kate Beers
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646-540-5225
CAIRO--(BUSINESS WIRE)--The Government of Egypt will next month implement a new trade facilitation technology which will improve processing time and reduce costs for all exporters to the country.
The new process – the Advance Cargo Information (ACI) system – is a block-chain based technology that will help fully automate the customs process for all goods entering Egypt. Using electronic data, the new system will identify goods before they are shipped, enabling goods to be checked and cleared before they reach Egyptian ports.
The ACI system, which has been undergoing pilot tests since 1 April 2019, will be implemented at all Egypt’s ports on 1 October 2021. Already, 16,000 companies importing goods into Egypt have registered on the new ACI system.
Egypt has embarked on ambitious plans to transform its trade infrastructure, including the modernisation of its entire customs management system. In April 2019, the Government launched the National Single Window for Foreign Trade Facilitation (Nafeza), a single digital trade portal for all import, export and transit operations, linking up all Egypt’s ports.
Nafeza is recognised and supported by a range of international institutions, including the World Customs Organization (WCO).
Egypt’s transformation programme has also led to the establishment of high-tech logistics centres across Egypt, ensuring that port facilities are used to transit goods rather than store them.
Independent evaluation of Nafeza shows that customs processing times have already improved by 55%. The Government plans to reduce customs clearance time to less than one day.
Egypt is Africa’s second largest importer, responsible for total imports in 2019 valued at USD 78.6 billion (World Bank-WITS). The country is the largest importer of wheat and asphalt in the world (FAO/OEC).
H.E. Dr. Mohamed Maait, Egypt’s Minister of Finance, says: “The implementation of the Advance Cargo Information system is a crucial step in our plans to transform Egypt’s trade infrastructure. This new technology will make it much easier for companies all over the world to trade with Egypt, helping to deliver the Government’s plan to create the most advanced logistics hub in the region.”
Mr. Jan Noether, the Chief Executive Officer of the German Chamber of Commerce (AHK) in Egypt, says: “This new trade facilitation technology will make it simpler, easier and cheaper for all companies exporting goods to Egypt. It shows that Egypt is not only open for business, but serious about maximising its location at the cross-roads of the world to become one of the world’s great trading economies.”
Notes:
Toby Orr – This email address is being protected from spambots. You need JavaScript enabled to view it. / +44 (0) 7736 175311
Investment led by Tiger Global and the Drawdown Fund, with participation from new investors Wellington Management, Reimagined Ventures, Camber Creek, MCJ Collective, and existing investors Energy Impact Partners, G2 Venture Partners, Inclusive Capital, and BoxGroup
Funding scales business to meet the rapidly growing community solar market and supports new product innovation to digitize and expand clean energy access
WASHINGTON--(BUSINESS WIRE)--Arcadia, the climate-crisis-fighting technology company unlocking nationwide access to energy data and renewables, today announced a $100 million Series D funding round led by Tiger Global Management and the Drawdown Fund with participation from new investors Wellington Management, Reimagined Ventures (the family office of Alec Litowitz, founder of Magnetar Capital), Camber Creek, MCJ Collective, and existing investors Energy Impact Partners, G2 Venture Partners, Inclusive Capital, and BoxGroup. Combined with the Company’s previously undisclosed $21 million Series C-1 in December 2020, Arcadia has now raised $180 million in total funding.
The new round of capital will be used to accelerate Arcadia's technology roadmap, expanding product capabilities across new verticals including electric vehicles and distributed energy resources to catalyze innovation in the sector, making renewables accessible and affordable for all. In addition, the company will continue to attract top talent, and rapidly scale the Company’s industry-leading community solar portfolio across the residential and business sectors.
"For years, utility customers have lacked data and clean energy access because of the monopoly structure. Access to energy data is a critical tool in helping customers navigate rapid electrification in sectors like transportation and home energy generation and storage," said Kiran Bhatraju, CEO and Founder of Arcadia. “This latest validation from our investment partners will enable us to continue to break down the long-existing barriers to cheaper, cleaner energy and better advocate on behalf of customers in our confusing and fragmented energy market."
Today’s investment endorses Arcadia’s mission to democratize access to energy data and renewables as an innovative solution to fight climate change. The funding follows a year of rapid expansion for Arcadia, including entering new markets with acquisitions of Real Simple Energy, a Texas retail energy broker focused on customer bill savings, and Nanogrid, which provides personalized data solutions for home energy products.
To support its growth, the Company strengthened its executive team with the recent additions of Chief Financial Officer John Rucker (ex-Rent the Runway, Yahoo, and General Assembly) and Chief Data Officer Nancy Hersh (ex-Opower). Among other recent achievements, Arcadia expanded the nation’s largest community solar management portfolio to 500 Megawatts which will prevent more than 11,500,000 metric tons of lifetime carbon from impacting the environment.
“Arcadia is leading the way in providing consumers in the US with clean, low-cost energy,” said Evan Feinberg, Partner, Tiger Global. “We’re excited to back the company as they make clean energy more accessible and deepen their relationships with customers.”
"Arcadia is a game-changing business for renewable developers and new energy providers,” said Erik Snyder, CEO of the Drawdown Fund. “We expect dramatic growth in community solar and the broader enablement of distributed solar over the coming decade, and we are thrilled to work with a market leader integral to advancing the clean energy revolution.”
To learn more about how this funding round will further Arcadia's vision of a 100 percent decarbonized and decentralized energy future, please visit Kiran’s blog post about today’s news.
Visit the Arcadia Careers page for opportunities to join the mission.
ABOUT ARCADIA
Arcadia is a climate crisis-fighting technology company founded in 2014 and born out of a simple idea: everyone deserves access to clean energy. Arcadia is disrupting the fossil fuel monopoly through unprecedented access to energy data and renewable energy sources. The Arcadia Platform fuels the Internet-of-energy revolution by accessing more than 80 percent of US electric utility accounts nationwide and is the largest manager of community solar subscribers in the United States. Arcadia is obsessed with making energy smarter and turning a decentralized, decarbonized power grid from a distant dream into a tangible reality. Join us in our mission and find out how you or your business can help achieve the vision of a 100 percent clean energy future at www.arcadia.com.
Thomas Meyer
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LONDON--(BUSINESS WIRE)--#BESS--Javier Cavada has been appointed President and Chief Executive Officer of Europe, the Middle East and Africa (EMEA), Mitsubishi Power, effective January 3, 2022. Mr. Cavada will lead the Mitsubishi Power business to expand its presence in the region, accelerate decarbonization and provide total solutions that empower its customers to affordably and reliably combat climate change.
Mr. Cavada joins Mitsubishi Power with more than 20 years of global experience in the energy industry and will help expand the company’s presence in the EMEA region. Since 2018, he has been President and CEO of Highview Power, headquartered in London. Prior to that, he spent 17 years with Wärtsilä Corporation serving as President of the energy division and member of the executive board, leading the transformation into renewables integration including energy storage.
Paul Browning, Chairman of the Board, EMEA, Mitsubishi Power, said, “Appointing Javier to President and CEO of the EMEA region is another step in delivering on our mission to create a future that works for people and the planet by developing innovative power generation technology and solutions to enable energy decarbonization and deliver reliable power everywhere. He is a dynamic leader who will continue to expand our presence in EMEA. Under Javier’s leadership, we will create a Change in Power.”
Committed to decarbonizing EMEA’s power industry, Mitsubishi Power provides total solutions including hydrogen capable advanced class gas turbines, battery energy storage for short duration storage and hydrogen for long duration storage. The company is expanding its service and waste-to-energy offerings to enable growth in the region.
About Mitsubishi Power in Europe, the Middle East and Africa
Mitsubishi Power is a leading provider and innovator of technology and solutions for the energy sector with a presence in Europe, the Middle East and Africa (EMEA) since 1908 through its predecessor companies. Today, there are more than 1,000 employees across the EMEA region, with centers of excellence in Germany, the United Kingdom, Saudi Arabia and the United Arab Emirates in addition to customer support capabilities in countries across the region. Mitsubishi Power designs, manufactures and maintains equipment and systems that drive decarbonization and ensure reliable power delivery. Among its solutions are a wide range of gas turbines, including hydrogen-fuelled gas turbines and solid-oxide fuel cells (SOFCs), and an experienced services business with an extensive reach across the entire region. Committed to providing exemplary service and working with customers, Mitsubishi Power's TOMONI intelligent solutions leverage advanced analytics, adaptive control technology, artificial intelligence and machine learning to make power plants smarter, reduce emissions, increase flexibility and support decarbonization. Mitsubishi Power is a wholly owned subsidiary of Mitsubishi Heavy Industries, Ltd., which has engineering and manufacturing businesses spanning energy, infrastructure, transport, aerospace and defence.
For more information, please visit: https://power.mhi.com/regions/emea/
Claudia Wedemann
Mitsubishi Power Europe GmbH
Tel.: +49 203 8038 1368
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Manufacturing facility energy storage system now operating on Stem’s Athena® software
Project part of joint venture with Copec
SAN FRANCISCO--(BUSINESS WIRE)--Stem, Inc. (“Stem” or “the Company”) (NYSE: STEM), a global leader in artificial intelligence (AI)-driven energy storage services, and Copec, one of the largest energy companies in Central and South America, today announced the development of South America’s first virtual power plant (VPP) as well as the completion of their first smart energy storage system in Chile. The companies will be working together with Chilquinta Energía S.A. (“Chilquinta”), a local energy supply service company.
In July 2020, Stem and Copec announced a partnership to bring Stem’s intelligent storage solutions to South America, marking the Company’s entrance into this region. The partnership recently completed its first project, a smart energy storage solution for a lubricant manufacturing plant owned by Copec in the Valparaíso Region of Chile.
In addition, Stem and Copec have partnered with Chilquinta to establish the first VPP, a network of decentralized behind-the-meter (BTM) power generating sites, in all of South America. For this project, Stem’s Athena® smart energy storage software has been customized to integrate utility and grid market data points that optimize energy storage assets in the Chilean market. This partnership also involves future collaboration to bring smart energy storage alongside mutual business activities in electric vehicle charging infrastructures and solar project developments.
Stem’s Athena allows this network of commercial and industrial (C&I) customer sites to deliver both resilience and backup power solutions by automatically aggregating and responding to spikes in electricity use and drawing on stored power to reduce electricity costs for customers. Athena also ensures continuous power and consistent operations to serve the utility’s real-time needs, demonstrating the ability to dispatch all the sites when power is needed on the grid. Stem combines this electricity usage and deployment information with data from renewable generation forecasting and monitoring so the utility can effortlessly call upon the stored electricity for added stability during peak demand times. Athena is continuously collecting electricity usage data, creating a virtuous cycle of learning and deep insights to better inform its AI-driven algorithm.
“The energy storage market in South America represents a significant growth opportunity for Stem and our partner Copec,” said John Carrington, Chief Executive Officer at Stem. “We are proud to have completed our first project under this partnership – positioning Copec as a smart grid participant while driving energy cost reduction and enhancing the sustainability profile of their manufacturing facilities. At the same time, our VPP is set to demonstrate tremendous value to utilities in South America that can leverage distributed energy storage systems to stabilize the grid, similar to what Stem’s Athena® smart energy storage software is doing in other regions today. I am excited about our future in South America and the benefits we will bring to businesses, utilities, and energy customers.”
“Copec is focused on driving innovation and sustainability across the energy and mobility segments,” added Mauricio de la Torre, New Energies Leader at Copec. “Through our partnership with Stem, we have begun to demonstrate the investment returns of smart energy storage and the tremendous potential for Copec to help Chile meet its ambitious climate goals.”
Chile is among the most favorable markets for solar energy with one of the highest solar irradiances and potential for solar generation in the world. Chile has announced in recent years that it will not build new coal-fired power plants and will align with the National Energy Policy 2050, an ambitious set of climate change and renewable energy efficiency goals, for which Chile targets 70% renewable energy electricity by 2030 and carbon neutrality by 2050. After hosting the UN Climate Change Conference in 2019, the country leads South America in sustainability strategies. Chile is projected to have a combined opportunity for energy storage nearing 1 GWh over the next decade, based on market estimates from Copec and its subsidiary, Terpel.
About Stem, Inc.
Stem, Inc. (NYSE: STEM) provides solutions that address the challenges of today’s dynamic energy market. By combining advanced energy storage solutions with Athena®, a world-class AI-powered analytics platform, Stem enables customers and partners to optimize energy use by automatically switching between battery power, onsite generation and grid power. Stem’s solutions help enterprise customers benefit from a clean, adaptive energy infrastructure and achieve a wide variety of goals, including expense reduction, resilience, sustainability, environmental and corporate responsibility and innovation. Stem also offers full support for solar partners interested in adding storage to standalone, community or commercial solar projects – both behind and in front of the meter. For more information, visit www.stem.com.
About Copec
Copec is one of the leading energy companies in Central and South America. It was founded in Chile in 1934 and today is also present in Colombia, Panama, Ecuador, Peru and the Dominican Republic (through Terpel) and in the southeast United States (through Mapco). With a robust network of over 3,000 fuel stations and over 1,200 convenience stores in the continent, the company also has leading presence in strategic sectors of the industry including aviation, electric generation, mining, fishing, and transport, among others. Always focused on customer service and innovation, Copec is also working to lead the change for a new era in mobility, energy and convenience, faithful to its promise to facilitate the life in movement.
Cautionary Statement Regarding Forward-Looking Statements
This press release, as well as other statements we make, contain “forward-looking statements” within the meaning of the federal securities laws, which include any statements that are not historical facts. Such statements often contain words such as “expect,” “may,” “can,” “believe,” “predict,” “plan,” “potential,” “projected,” “projections,” “forecast,” “estimate,” “intend,” “anticipate,” “ambition,” “goal,” “target,” “think,” “should,” “could,” “would,” “will,” “hope,” “see,” “likely,” and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain, such as the opportunity for business growth in South America; the expected benefits of our partnership with Copec; and expected resulting benefits to businesses, utilities and energy customers in South America. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon assumptions and estimates that, while considered reasonable by Stem and its management, depend upon inherently uncertain factors and risks that may cause actual results to differ materially from current expectations, including our inability to achieve business growth in South America; our inability to recognize the anticipated benefits of our partnership with Copec, as well as related expected benefits to businesses, utilities and energy customers in South America; risks relating to the development and performance of our energy storage systems and software-enabled services; the risk that the global commitment to decarbonization may not materialize as we predict, or even if it does, that we might not be able to benefit therefrom; our inability to retain or upgrade current customers, further penetrate existing markets or expand into new markets; our inability to secure sufficient inventory from our suppliers to meet customer demand, and provide us with contracted quantities of equipment; supply chain failures or interruptions; manufacturing or delivery delays; disruptions in sales, production, service or other business activities; our inability to help reduce GHG emissions; our inability to seamlessly integrate and optimize energy resources; our inability to attract and retain qualified personnel; the risk that our business, financial condition and results of operations may be adversely affected by other political, economic, business and competitive factors; the effects of competition; and other risks and uncertainties set forth in the section entitled “Risk Factors” in the registration statement on Form S-1 filed with the SEC on July 19, 2021, and our most recent Forms 10-K, 10-Q and 8-K filed with or furnished to the SEC. If one or more of these or other risks or uncertainties materialize (or the consequences of any such development changes), or should our underlying assumptions prove incorrect, actual outcomes may vary materially from those reflected in our forward-looking statements. Statements in this press release are made as of the date hereof, and Stem disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.
Stem Investor Contacts
Ted Durbin, Stem
Marc Silverberg, ICR
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Stem Media Contacts
Cory Ziskind, ICR
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DUBLIN--(BUSINESS WIRE)--#DNV--Gazelle Wind Power has received statement of feasibility from leading, independent classification society DNV for its patented, breakthrough hybrid floating wind platform with a first-of its kind mobile mooring system.
Gazelle's unique concept is the first and only offshore floating wind system of its kind to be verified by DNV. Its system combines the best features of tension-leg and semi-submersible platforms while eliminating most of the drawbacks, enabling wind farms to be placed in deep waters as far out as 400 meters. Lighter than conventional platforms, it uses approximately 70% less steel and is one-third the weight of other floating platforms. It delivers 70% less horizontal movement than semi-submersible platforms, and has a tilt of less than 1 degree, and has 80% less mooring tension load than tension leg platforms. The Gazelle platform is more compact and simpler to build, deploy, and maintain than other floating platforms, which translates to dramatically lower levelized cost of energy (LCOE).
“Achieving DNV verification of our disruptive platform is a major milestone that validates the 12 years of research and innovation that has gone into this technology,” said Jon Salazar, founder and president of Gazelle Wind Power. “Our system, and technologies like it, will be key in global decarbonisation goals and will have a significant impact on the growth of the floating offshore wind market.”
The floating offshore wind market is projected to reach 250GW by 2050, according to DNV. Based in Norway, DNV is a global independent classification, assurance and risk management provider, it is one of the world’s leading certification bodies, helping businesses assure the performance of their organisations, products, people, facilities and supply chains.
“Gazelle’s innovative mooring system is a completely new concept,” said Claudio Bittencourt Ferreira, business development director at DNV. “Achieving the Statement of Feasibility as part of the concept assessment defined in DNVGL-SE-0422 is a confirmation that Gazelle has demonstrated technical feasibility of the technology to deliver its targets in line with the requirements of our service specification that was developed to enable innovation in the marine renewables market.”
Gazelle is supported by an elite group of energy industry veterans on its board of directors, including leading global policymakers, government officials, engineers, and CEOs.
About Gazelle Wind Power
Gazelle Wind Power Limited is unlocking the massive deep-water offshore wind market to achieve global decarbonisation. The company’s durable, disruptive hybrid floating platform with a high stability attenuated pitch surmounts the current barriers of buoyancy, and geographic limitations while reducing costs and preserving fragile marine environments. The company is based in Dublin and has a presence in Dubai, London, Madrid, Paris and Texas. For more information, visit www.gazellewindpower.com.
For Gazelle Wind Power:
Wendy Prabhu | Mercom Communications
T: +1 512 215 4452
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Ameresco upgraded and replaced 4,805 water meters and implemented a fixed-based Advanced Metering Infrastructure (AMI) system for the city
FRAMINGHAM, Mass. & EL CAMPO, Texas--(BUSINESS WIRE)--#ami--Ameresco, Inc. (NYSE: AMRC), a leading cleantech integrator specializing in energy efficiency and renewable energy, today announced the completion of its project with the City of El Campo, Texas to upgrade and replace existing water and sewer metering infrastructure. The project resulted after Ameresco conducted an investment grade audit and identified potential utility improvement measures that would restore degraded meter accuracy, improve revenue potential and reduce operational cost for the city.
Ameresco replaced 4,805 water meters citywide, some of which were over 20 years old, and implemented a fixed-based Advanced Metering Infrastructure (AMI) system to allow for wireless reading of water meter data. This automated meter reading system eliminates the need for estimated meter reading, decreases meter accessibility issues and subsequently reduces billing errors. The resulting monetary benefits to the city include reduced utility rates, a projected cost savings of $92,052 in the first year alone, and the opportunity to recapture lost revenue.
The wireless AMI system will allow for automation of the City of El Campo’s billing process and reduce subsequent burden to city staff. These improvements will also reduce the risk of meter failure and lead to fewer service calls from customers in need of assistance. Additionally, a new web portal for the new system will enable customers to view their historical utility consumption data, enhancing the customer experience, and also allow city staff to access the meter data from any location with an internet connection.
“We’re thrilled that our contributions can benefit a community so committed to fostering a smarter and more efficient world,” said Bob Georgeoff, vice president of Ameresco. “By implementing such innovative improvements, the City of El Campo has made upgrades that will benefit the everyday lives of its residents through utility upgrades.”
The water and sewer metering infrastructure project advances the City of El Campo’s commitment to embracing and implementing smart city technologies. It marks a significant step for the city in becoming more efficient and enhancing transparency with its citizens.
“We are excited to see all the advancements taking place in our community, which will provide our water utility customers with a greater level of accuracy and transparency into their water consumption levels and reduce our operational costs. Implementing a new and improved water metering system is a strong step forward for the City of El Campo as it continues to make efforts for a more sustainable future as we continue to grow,” said Brittni Nanson, Director of Finance.
Project construction was completed in May of 2021.
To learn more about the energy efficiency solutions offered by Ameresco, visit www.ameresco.com/energy-efficiency/.
About Ameresco, Inc.
Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading cleantech integrator and renewable energy asset developer, owner and operator. Our comprehensive portfolio includes energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions delivered to clients throughout North America and the United Kingdom. Ameresco’s sustainability services in support of clients’ pursuit of Net Zero include upgrades to a facility’s energy infrastructure and the development, construction, and operation of distributed energy resources. Ameresco has successfully completed energy saving, environmentally responsible projects with Federal, state and local governments, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco has more than 1,000 employees providing local expertise in the United States, Canada, and the United Kingdom. For more information, visit www.ameresco.com.
About City of El Campo, Texas
Small City, Deep Roots. El Campo was incorporated in 1905. The municipal government was composed of a mayor and five aldermen. Soon after the establishment of a formal government, came adequate police protection and a volunteer fire department. Utility services were expanded. The City of El Campo has been the result of a steady and continual growth by citizens who came and saw the great possibilities that El Campo has to offer.
The announcement of a customer’s entry into a project contract is not necessarily indicative of the timing or amount of revenue from such contract, of the company’s overall revenue for any particular period or of trends in the company’s overall total project backlog. This project was included in our previously reported contracted backlog as of June 30, 2021.
Media:
Ameresco: Leila Dillon, 508-661-2264, This email address is being protected from spambots. You need JavaScript enabled to view it.
City of El Campo, TX: Brittni Nanson, Director of Finance, 979-541-5003, This email address is being protected from spambots. You need JavaScript enabled to view it.
AUSTIN, Texas--(BUSINESS WIRE)--#ecommerce--Carriers are facing a peak shipping season loaded with more obstacles than ever before. From port congestion to severe weather to a truck driver shortage, shippers face an endless string of challenges during their busiest time of year. Unprecedented demand has combined with reduced capacity to drive shipping costs to an all-time high.
Shipwell, an industry leader in cloud-based shipping and logistics, provides a solution that helps shippers break from peak season chaos, source much-needed capacity and deliver their goods on time, every time.
The biggest dilemma carriers face during peak season is finding capacity while avoiding surging prices. Three main factors drive this problem:
“Customer expectations are at a level that we’ve never seen before, and shippers are going all-out to try to meet those expectations while managing overwhelming constraints,” said Shipwell CEO and co-founder Greg Price. “Shipwell can help them meet those expectations by overcoming capacity constraints and giving them a level of visibility into their shipments so they can stay ahead of any issues that arise.”
Premium Capacity, Advanced Visibility Result In Savings on Up to 25% of Freight Spend
To address the problems that carriers face, Shipwell’s platform focuses on innovative solutions for capacity and visibility, starting with a diversified carrier network.
The newest addition to Shipwell's advanced visibility capabilities is Responsive ETAs, which provide shippers with at-a-glance status updates for estimated arrival times for shipments en route. Logistics managers can now see which shipments are on time, which are running late and which are at risk of missing their scheduled delivery time, all directly on the Shipwell platform.
Along with providing at-a-glance statuses in multiple locations on the Shipwell platform, what sets Responsive ETAs apart is the amount of data that goes into calculating them. In addition to point-in-time location, Responsive ETAs actively monitor variables like traffic and weather conditions to factor in potential upcoming issues that would cause shipments to miss their scheduled delivery time.
Shipwell’s fully connected solutions make it possible to automate the entire shipping process in one place and ultimately lower costs with powerful insights and analytics, all without having to rip and replace.
To learn more about how Shipwell is providing shippers with the tools they need to keep their supply chains on track, go to shipwell.com.
About Shipwell
Shipwell is transforming the supply chain industry with a cloud-based shipping solution that grows with your business. Our connected SaaS platform combines the features and functionality of a TMS with advanced visibility and an integrated partner network in a simple solution that uses data analytics and workflow automation to maximize efficiencies and reduce total cost of ownership. Our innovative architecture delivers actionable, data-driven insights so customers can focus on high-priority tasks, identify and resolve transportation issues, and quickly access capacity. From order management to financial reconciliation, Shipwell’s platform saves time, reduces cost, and optimizes the shipping experience throughout the entire supply chain. Shipwell is proud to be recognized as a Niche Player in the 2021 Gartner Magic Quadrant for TMS, as well as a Forbes 2020 Next Billion-Dollar Startup.
For more information about Shipwell, visit shipwell.com, or connect with us on Twitter @shipwell, LinkedIn, and Facebook.com/Shipwellinc.
Treble
Matt Grant
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OAKLAND, Calif.--(BUSINESS WIRE)--Navis, the provider of operational technologies and services that unlock greater performance and efficiency for leading organizations throughout the global shipping industry, announced that Victoria International Container Terminal (VICT) – the first fully automated terminal in Australia– has completed its automation upgrade of Navis’ N4 TOS. This modernization effort notes VICT’s ongoing commitment to optimizing operations, reducing turnaround times and delivering unprecedented efficiency in key areas of the terminal – including the gate and container yard.
VICT is located at Webb Dock in the Port of Melbourne, the largest container port in Australia. The terminal’s owner, International Container Terminal Services Inc. (ICTSI), implemented N4 at its state-of-the-art greenfield project to help power its planned, fully automated container terminal. Since becoming operational, the terminal has continued to set benchmarks handling the largest vessel in capacity, highest exchange in a single call and the longest vessel to call at the port.
VICT’s value of service is key to the Victorian, Tasmanian and Australian supply chain in the Port of Melbourne, therefore improving its ability to handle increased capacity, safely and efficiently, is critical to its customers. Now that the terminal is preparing for its phase three expansion, VICT’s relationship with critical automation suppliers, like Navis, is vital to constantly improve services to maintain and service growth in the port.
“By continuing to optimize through automation upgrades and continuous improvement analysis, VICT strives to deliver the best possible service to our customers,” said Jon Wheeler, COO at VICT. “By upgrading our TOS through constant collaboration between Navis and our internal automation team, VICT’s focus is to consistently improve operational safety and productivity efficiencies for all our stakeholders. Since the upgrade, we have seen continuity in uptime, reduced exception handling, berth productivity improvement, and greater efficiencies with our industry leading landside operation of multiple containers. We are looking forward to working with Navis and enhancing our waterside operations further.”
The latest enhancements at VICT include an upgrade to N4 3.8 AutoShuttle scheduler which improves the user experience, reducing exception handling by automating workflows. Additional benefits include an optimal AutoShuttle dispatch, increased system robustness and uptime and shortened truck turnaround time for trucks with multiple transactions.
“It is truly incredible to see how far VICT has come in just a few short years, from greenfield site to a leading powerhouse, setting the standard for automation for container terminals globally,” said Charles Gerard, Vice President and General Manager Asia Pacific, Navis. “The industry continues to battle disruption and constraints as fallout from the pandemic and VICT remains committed to doing its part to facilitate trade. The terminal is ensuring that vessels are processed in a timely manner and essential goods coming through the port get where they are needed most. Using the most advanced technology, including N4, to fully automate its processes and deliver extra capacity to the port, VICT acts as a safe and reliable gateway to keep goods flowing in and out of the country.”
For more information visit www.navis.com.
About Navis, LP
Navis is a provider of operational technologies and services that unlock greater performance and efficiency for the world’s leading organizations across the cargo supply chain. Navis combines industry best practices with innovative technology and world-class services, to enable our customers, regardless of cargo type, to maximize performance and reduce risk. Through its holistic approach to operational optimization, Navis customers benefit from improved visibility, velocity and measurable business results. Whether tracking cargo through a terminal, improving vessel safety and cargo capacity, optimizing rail network planning and asset utilization, automating equipment operations, or managing multiple terminals through an integrated, centralized solution, Navis helps all customers streamline operations. www.navis.com.
Jennifer Grinold
Navis, LLC
T+1 510 267 5002
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Katie Vroom
Gregory FCA
T+1 212 398 9680
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Companies bring combined expertise in electric vehicle smart charging and Energy as a Service infrastructure solutions to growing North American market
BELMONT, Calif. & SILVER SPRING, Md.--(BUSINESS WIRE)--AlphaStruxure and The Mobility House announced today a strategic partnership to streamline the development of electric fleets with clean energy microgrids plus intelligent charging systems. With North America projected to see nearly 15 million electric vehicles in fleets by 2040, transit and fleet operators now have the opportunity to further reduce carbon emissions and increase operational resilience by charging electric vehicles with on-site renewable energy. The Mobility House’s intelligent charging solution wrapped into AlphaStruxure’s powerful Energy as a Service (EaaS) transportation electrification microgrid approach is already contracted for the Brookville Smart Energy Bus Depot, one of the most large-scale fleet electrification projects underway in North America.
“As the trusted partner in energy transformation, AlphaStruxure collaborates with our clients to design fully customized and integrated energy solutions that meet current and future fleet operation requirements,” said Juan Macias, CEO of AlphaStruxure. “AlphaStruxure combines the technical, financial and contractual capabilities of The Carlyle Group, Schneider Electric and select industry-leading technology partners like The Mobility House to deliver best-in-class, bespoke Energy as a Service solutions that accelerate the transition of fleets to ZEV."
AlphaStruxure’s Energy as a Service approach provides a holistic solution for fleet operators to leverage distributed energy resources to create more sustainable, resilient and reliable energy infrastructure. AlphaStruxure’s EaaS model allows fleet operators to take advantage of renewable energy with no upfront capital outlay, while The Mobility House provides an intelligent charge management interface between AlphaStruxure’s microgrids and the zero emissions vehicles.
“Together, we are reimagining the charging landscape for electric fleets, setting the foundation for a compelling industry offering that blends our EV energy management expertise with AlphaStruxure’s extensive technical and financial capabilities,” said The Mobility House U.S. Managing Director Gregor Hintler. “The Mobility House’s hardware-agnostic approach and open interface system allows us to integrate with a wide variety of innovative charging solutions like with AlphaStruxure, who has been an incredible partner to us for these past several years.”
The Mobility House’s Charging and Energy Management solution ChargePilot allows system operators to optimize charging for electric vehicle fleets of any size to ensure all vehicles remain readily available for scheduled routes. ChargePilot is deployed at over 500 sites around the globe, successfully managing some of the largest operating U.S. and Dutch electric transit fleets as well as the entire electric fleet of the Austrian Postal Service.
To learn more about AlphaStruxure’s Brookville Smart Energy Depot project with Montgomery County, Maryland, visit alphastruxure.com. For more on The Mobility House's charging and energy management solution, download the whitepaper Smart Charging for Your Electric Buses here: https://bit.ly/3to3Q9s
About AlphaStruxure
AlphaStruxure delivers customized Energy as a Service solutions that transform sustainability, resilience and reliability into a strategic advantage. Serving energy-intensive private and public sector organizations, AlphaStruxure brings together technical, financial and contractual innovation to meet customers’ current and future energy needs without capital expenditure. AlphaStruxure’s mission is to be the trusted partner in energy transformation, combining Schneider Electric’s industry-leading smart energy management and automation technologies with The Carlyle Group’s comprehensive structuring and financing capabilities. For more information, visit www.AlphaStruxure.com.
About The Mobility House
The Mobility House’s mission is to create an emissions-free energy and mobility future. Since 2009, the company has developed an expansive partner ecosystem to intelligently integrate electric vehicles into the power grid, including electric vehicle charger manufacturers, 1,000+ installation partners, 80+ energy suppliers, and automotive manufacturers ranging from Audi to Tesla. The intelligent Charging and Energy Management system ChargePilot and underlying EV Aggregation Platform enable customers and partners to integrate electric vehicles into the grid for optimized and future proof operations. The Mobility House’s unique vendor-neutral and interoperable technology approach to smart charging and energy management has been successful at over 500 commercial installations around the world. The Mobility House has more than 200 employees across its operations in Munich, Zurich and Belmont, Calif. For more information visit mobilityhouse.com.
Christine Bennett for The Mobility House
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Annika Harper for AlphaStruxure
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Despite Restrictions, VNA’s Hubgrade Innovations Made It Possible to Check a California Plant’s Equipment Without In-Person Inspections
BOSTON--(BUSINESS WIRE)--Over the past year, as Veolia North America (VNA) adjusted to the realities of operating in a world restricted by the COVID-19 pandemic, the company turned to innovative technologies to provide essential water and wastewater treatment services to communities across the U.S. and Canada.
Nowhere was this commitment to cutting-edge technology more evident than in Hollister, CA, where VNA has operated and maintained the city’s wastewater treatment plant for more than a decade. Concerned that pandemic restrictions would keep VNA experts from evaluating the plant’s equipment for proper functioning in person, the company used “augmented reality” digital tools to examine critical components with precision.
The tools were developed under VNA’s industry-leading Hubgrade digital platforms, which are transforming water, waste and energy operations. Spurred on by the unpredictable nature of the pandemic, the Hubgrade team at VNA tested sophisticated digital applications to remotely analyze the plant’s equipment. This platform uses ultrasound, vibration and thermal imaging along with inspections to get an accurate remote picture of which plant components were functioning properly, and which required upgrades or repairs.
“Advances in digitalization are transforming traditional ways to operate and maintain our critical infrastructure,” said Veronique Bourgier, who as VNA senior director for strategy and growth oversees the deployment of Hubgrade innovations. “Veolia is leading the way in this effort, particularly in developing solutions to improve and streamline processes at the facilities we operate.”
The pilot, which also reduced expenses that would otherwise be incurred by sending experts to inspect the plant in person, has proven to be such a success that VNA plans to conduct remote assessments at many other water and wastewater plants the company operates. Besides equipment assessments, the technology can also evaluate safety conditions, identifying potential hazards. It will also allow the company to connect site staff quickly with VNA in-house technical experts for the water and wastewater treatment plants it operates across the country.
Check out this case study of the Hollister project to learn more about how the project was conceived and implemented.
About Veolia: The Veolia Group's ambition is to be the benchmark company for the ecological transition. With operations on every continent and almost 179,000 employees, the Group designs and distributes useful, concrete solutions for the management of water, waste, and energy, which help bring about radical change. Through its three complementary activities, Veolia is growing access to resources, preserving the resources available, and renewing them. In 2020, the Veolia Group provided 95 million people with drinking water and 62 million with sanitation; it generated almost 43 million megawatt hours and recycled 47 million tons of waste. Veolia Environnement (Paris Euronext: VIE) posted consolidated sales of €26.010 billion in 2020.
About Veolia North America: A subsidiary of Veolia group, Veolia North America (VNA) offers a full spectrum of water, waste and energy management services, including water and wastewater treatment, commercial and hazardous waste collection and disposal, energy consulting and resource recovery. VNA helps commercial, industrial, healthcare, higher education and municipality customers throughout North America. Headquartered in Boston, Mass., Veolia North America has more than 7,000 employees working at more than 250 locations across the continent. www.veolianorthamerica.com
Matt Burgard
(203) 859-4168
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