HAMILTON, Bermuda--(BUSINESS WIRE)--Valaris Limited (NYSE: VAL) (“Valaris” or the “Company”) announced today new contracts and contract extensions, with expected associated contract backlog to Valaris of approximately $275 million, awarded subsequent to issuing the Company’s most recent fleet status report on October 31, 2022. Contract backlog excludes lump sum payments such as mobilization fees and capital reimbursements.
Valaris Contracts
ARO Drilling Contracts
About Valaris Limited
Valaris Limited (NYSE: VAL) is the industry leader in offshore drilling services across all water depths and geographies. Operating a high-quality rig fleet of ultra-deepwater drillships, versatile semisubmersibles and modern shallow-water jackups, Valaris has experience operating in nearly every major offshore basin. Valaris maintains an unwavering commitment to safety, operational excellence, and customer satisfaction, with a focus on technology and innovation. Valaris Limited is a Bermuda exempted company (Bermuda No. 56245). To learn more, visit our website at www.valaris.com.
Cautionary Statements
Statements contained in this press release that are not historical facts are 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 include words or phrases such as "anticipate," "believe," "estimate," "expect," "intend," “likely,” "plan," "project," "could," "may," "might," “should,” “will” and similar words. The forward-looking statements contained in this press release are subject to numerous risks, uncertainties and assumptions that may cause actual results to vary materially from those indicated, including the cancellation, suspension, renegotiation or termination of drilling contracts and programs, including drilling contracts which grant the customer termination rights if final investment decision (FID) is not received with respect to projects for which the drilling rig is contracted; oil and natural gas price volatility, customer demand for drilling rigs; downtime and other risks associated with offshore rig operations; severe weather or hurricanes; changes in worldwide rig supply, competition and technology; risks inherent to shipyard rig reactivation, upgrade, repair or maintenance; our ability to enter into, and the terms of, future drilling contracts; suitability of rigs for future contracts; governmental regulatory, legislative and permitting requirements affecting drilling operations; our ability to obtain financing, fund capital expenditures and pursue other business opportunities; the effects of our emergence from bankruptcy on the Company's business, relationships, comparability of our financial results and ability to access financing sources; actions taken by regulatory authorities or other third parties; the COVID-19 global pandemic and the related public health measures implemented by governments worldwide; increased scrutiny of Environmental, Social and Governance (“ESG”) practices and reporting responsibilities; changes in customer strategy; future levels of offshore drilling activity; governmental action, civil unrest and political and economic uncertainties; terrorism, piracy and military action; environmental or other liabilities, risks or losses; debt agreement restrictions that may limit our liquidity and flexibility; failure to satisfy our debt obligations; and cybersecurity risks and threats. In addition to the numerous factors described above, you should also carefully read and consider “Item 1A. Risk Factors” in Part I and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II of our most recent annual report on Form 10-K, which is available on the Securities and Exchange Commission’s website at www.sec.gov or on the Investor Relations section of our website at www.valaris.com. Each forward-looking statement speaks only as of the date of the particular statement and we undertake no obligation to update or revise any forward-looking statements, except as required by law.
Investor & Media Contacts:
Darin Gibbins
Vice President - Investor Relations and Treasurer
+1-713-979-4623
Tim Richardson
Director - Investor Relations
+1-713-979-4619
NASHVILLE, Tenn.--(BUSINESS WIRE)--Meta Platforms, Inc. (Nasdaq: META) today announced seven new solar projects in Georgia and Tennessee totaling 720 megawatts (MWAC) to support its regional operations with 100% renewable energy. Silicon Ranch, one of the nation’s largest independent power producers, is partnering with Walton Electric Membership Corporation (EMC) and the Tennessee Valley Authority (TVA) to supply the renewable power to serve Meta’s data centers in Georgia and the Tennessee Valley, respectively. As part of the agreements, Silicon Ranch will fund, build, own, operate, and maintain the solar facilities over the life of each of the seven projects, bringing significant investment to rural communities throughout the region.
In Georgia, Walton EMC recently executed contracts with Silicon Ranch on behalf of Meta (formerly the Facebook company) for three new solar facilities totaling 560 MWAC as part of the electric cooperative’s agreement to supply Meta with 100% renewable energy. Silicon Ranch will work with Walton EMC to deliver projects in each of the next three years to support Meta’s operations.
TVA recently signed agreements with Silicon Ranch on behalf of Meta for four new solar facilities in Tennessee totaling 160 MWAC under TVA’s Green Invest program, which helps customers such as Meta meet their long-term sustainability goals with new utility-scale solar projects located within the Tennessee Valley. Silicon Ranch will partner with TVA and local power companies to deliver all four projects in 2024 to support Meta’s operations in Tennessee and Alabama.
The announcement of the seven new projects coincides with the nearing completion of two additional solar facilities by Silicon Ranch that serve Meta’s operations: the 125 MWAC DeSoto I Solar Farm in partnership with Walton EMC in Lee County, Georgia, and the 70 MWAC McKellar Solar Farm with TVA in Madison County, Tennessee. Despite supply chain constraints that caused project delays across the solar industry, Silicon Ranch placed both projects in service on schedule, a feat the company has accomplished with every project it has signed since beginning operations in 2011.
“We are proud of the work we have done with Walton EMC and TVA to accelerate the transition to renewables in Georgia and the Tennessee Valley,” said Urvi Parekh, Head of Renewable Energy at Meta. “As we continue to support our global operations with 100% renewable energy, we are pleased to expand our partnership with Silicon Ranch, a trusted partner who shares our commitment to have a positive impact on the communities where we locate.”
Including the seven projects announced today, Meta is partnering with Silicon Ranch on 16 solar facilities to serve its operations in Georgia and the Tennessee Valley. In total, the portfolio has a capacity of approximately 1,500 MWAC. Eight of the projects are now operational, generating approximately 630 MWAC of solar energy, and each of the plants integrates Silicon Ranch’s transformative Regenerative Energy® model of land management, a holistic approach to design, construction, and operations that co-locates renewable energy production with regenerative agriculture practices.
“Silicon Ranch is honored by the confidence and trust that Meta continues to place in our company to execute on their behalf, and we are grateful to be part of this compelling economic development story with them as well as with our utility partners Walton EMC and TVA,” said Reagan Farr, President and CEO of Silicon Ranch. “Meta’s commitment to support their operations with 100% renewable energy is directly responsible for our own commitment to invest more than $2.3 billion across more than a dozen rural communities in Georgia, Tennessee, and Kentucky. As a company that calls this region home, we look forward to being active members of each community for decades to come.”
“As an electric cooperative, Walton EMC is driven by our ‘concern for community’ and our devotion to serving the needs of our member-owners, and our partnership with Meta and Silicon Ranch enables us to honor our commitments to these principles and values,” said Ronnie Lee, CEO of Walton EMC. “Walton EMC is proud of the meaningful work we are doing together, and we are grateful to each of our partners for the significant investments they are making in our service territory and across the state, reinforcing and strengthening Georgia’s claim as the number one state for business.”
“TVA is building the energy system of the future, and this public-private partnership with Meta and Silicon Ranch demonstrates the strength of TVA’s public power model to attract capital investment and high-quality jobs into the communities we serve while helping businesses meet their sustainability goals,” said Doug Perry, Senior Vice President of Commercial Energy Solutions for TVA. “We thank our partners Meta and Silicon Ranch for sharing our commitment to make our region the best place in the country to live, work, and raise a family.”
The recently completed projects and the seven new facilities announced today expand Meta’s renewable energy leadership, as highlighted by the Solar Energy Industries Association (SEIA) in its recently published Solar Means Business 2022 report. According to SEIA, Meta has procured more solar and brought more solar capacity online since 2020 than any other business in the U.S.
About Silicon Ranch
Founded in 2011, Silicon Ranch is a fully integrated provider of customized renewable energy, carbon, and battery storage solutions for a diverse set of partners across North America. The company is one of the largest independent power producers in the country, with a portfolio that includes more than five gigawatts of solar and battery storage systems that are contracted, under construction, or operating across the U.S. and Canada. Silicon Ranch owns and operates every project in its portfolio and has maintained an unblemished track record of project execution, having successfully commissioned every project it has contracted in its history. In recognition of its holistic approach to land management, which the company has trademarked Regenerative Energy®, Silicon Ranch was named 2020’s “Most Forward-Thinking” company by Solar Power World. In 2021, Silicon Ranch acquired Clearloop, which helps businesses of all sizes reclaim their carbon footprint with a direct investment in building new solar projects while expanding access to clean energy. To learn more, visit siliconranch.com, regenerativeenergy.org, and clearloop.us, and follow on Facebook and Instagram.
About Walton EMC
Walton EMC is an innovative, customer-owned and -focused electric utility serving accounts in 10 Northeast Georgia counties between Atlanta and Athens. In its long history of meeting customer-owners’ needs, the cooperative established successful natural gas and security subsidiaries as well as nationally recognized solar initiatives. For more information, visit waltonemc.com.
About Tennessee Valley Authority (TVA)
The Tennessee Valley Authority is a corporate agency of the United States that provides electricity for business customers and local power distributors serving nearly 10 million people in parts of seven southeastern states. TVA receives no taxpayer funding, deriving virtually all its revenues from sales of electricity. In addition to operating and investing its revenues in its electric system, TVA provides flood control, navigation, and land management for the Tennessee River system, and assists local power companies and state and local governments with economic development and job creation.
Meta
Melanie Roe
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Silicon Ranch Corporation
Katie Jacobs/Quarter Horse PR
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Walton EMC
Savannah Chandler
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Tennessee Valley Authority
Scott Fielder
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(901) 414-6964
HOUSTON--(BUSINESS WIRE)--JERA Americas, the Houston-based subsidiary of global energy leader JERA, has made progress on its efforts to support a transition to a cleaner energy economy.
Canal and Bucksport Generating Facilities Acquisition
JERA Americas closed on its acquisition of a 1,633 megawatt (MW) thermal power portfolio in New England: Canal 1 (566 MW), Canal 2 (559 MW) and Canal 3 (333 MW) in Sandwich, Mass. and Bucksport (175 MW) in Bucksport, Maine.
Canal, with its location on Cape Cod, can serve as a critical site for enabling offshore wind using existing infrastructure. Bucksport, with its existing transmission interconnection, can also serve as a link for renewables to connect with the electric grid.
“Using existing large-scale power projects that do not require construction of new power transmission networks is an important part of aiding a clean transformation in New England,” said Steven Winn, JERA Americas Chief Executive Officer. “We are committed to transitioning the existing units to greener forms of energy as well as employing the attributes of the sites to enable renewable energy development in New England.”
Zenobē Battery Projects MOU
JERA Americas has entered into an agreement with Zenobē, a leading international EV fleet and battery storage specialist, to develop battery storage projects. The companies will work together to develop utility-scale, grid-connected, standalone and hybrid battery storage projects in both New York and New England to underpin renewable energy adoption. The companies will also look to identify other opportunities across the US, including co-location of battery storage and renewable energy technologies, and battery development acquisitions.
“Developing battery storage projects with Zenobē provides us with an additional solution to help support a robust rollout of renewable and clean energy technology projects where they are most needed, said Winn. “We will continue to pursue commercially viable decarbonization paths including battery storage solutions with Zenobē, large scale renewable projects, blending hydrogen in gas turbines, and using low carbon biofuels in place of traditional fuels.”
JERA Americas, and its parent company JERA, plan to achieve net zero CO2 emission electricity by 2050 and have accelerated progress toward that goal. In the past year, JERA Americas has achieved substantial progress constructing a 300 MW wind power project in TX and announced hydrogen blending projects at natural gas generation facilities in the northeastern US. The Company also announced it is collaborating with ConocoPhillips on a proposed facility on the US Gulf Coast. If constructed, the facility would produce hydrogen and convert it to clean ammonia. Potential long-term customers could include JERA and Uniper. The goal of the proposed project would be to accelerate the production and supply of low-carbon fuels for domestic and international use.
ABOUT JERA AMERICAS
JERA Americas is supporting an energy transition in an environmentally and socially responsible manner. The Company is a subsidiary of Tokyo-based JERA, which stands for Japan’s Energy for a New Era, and produces about 30% of all electricity in Japan. JERA is committed to achieving net zero CO2 emissions from its domestic and overseas businesses by 2050 and is contributing to the development of a sustainable society. For more information contact This email address is being protected from spambots. You need JavaScript enabled to view it.. Or you may or follow JERA Americas on LinkedIn or visit https://www.jera.co.jp/english/corporate/.
ABOUT ZENOBĒ ENERGY LTD:
Zenobē is an international EV fleet and battery storage specialist, headquartered in the UK with operations in Europe and Australasia. It has c. 1.6GW in construction and development in the UK which equates to c. 25% market share forecast by 2026. It has around 25% market share of the UK EV bus sector and c.580 electric vehicles contracted globally. The company is the largest owner and operator of EV buses in the UK, Australia and New Zealand.
The company’s pioneering battery storage offering enables power grid operators to provide clean, secure and affordable power, accelerating the global transition to Net Zero energy systems. Zenobē’s fleet solution is driving the adoption of electric vehicles and reducing emissions from the transport and logistics sectors. Its ETaaS (Electric Transport-as-a-Service) solution provides fleet operators and local authorities with a full solution for a pay-per-month fee including charging infrastructure, battery replacement and award-winning software. Zenobē is also a leader in second life battery repurposing EV batteries after their first life, providing incremental power solutions to large business and the film and events industries. For more information, please visit www.zenobe.com.
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TULSA, Okla.--(BUSINESS WIRE)--Williams (NYSE: WMB) today announced that it has reached an agreement to acquire MountainWest Pipelines Holding Company (MountainWest) from Southwest Gas Holdings, Inc. (NYSE: SWX), in a transaction including $1.07 billion of cash and $0.43 billion of assumed debt, for an enterprise value of $1.5 billion. MountainWest comprises roughly 2,000-miles of interstate natural gas pipeline systems primarily located across Utah, Wyoming and Colorado, totaling approximately 8 Bcf/d of transmission capacity. MountainWest also holds 56 Bcf of total storage capacity, including the Clay Basin underground storage reservoir, providing valuable service to western markets. The acquisition price represents an approximate 8x estimated 2023 EBITDA multiple.
“Our natural gas focused strategy is anchored in having the right assets in the right places to serve our nation’s growing demand for clean, affordable and abundant natural gas. MountainWest is complementary to our current footprint, providing us with infrastructure for natural gas deliveries across key demand markets, including into Salt Lake City,” said Alan Armstrong, Williams president and Chief Executive Officer. “We also see this acquisition as an opportunity to bring value to both Williams and MountainWest customers as we integrate business processes and systems, allowing us to potentially offer new flow paths for next generation natural gas that could create additional market optionality for our shippers.”
The transaction is expected to close in 2023, following satisfaction of customary closing conditions, including regulatory approvals and the expiration or termination of any applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
For additional resources about this announcement please visit the Williams' Investor Relations website.
Advisors
TD Securities and J.P. Morgan served as co-financial advisors to Williams; Moelis & Company and Lazard Freres & Co. LLC served as co-financial advisors to Southwest Gas Holdings. Williams was represented by Davis Polk & Wardwell LLP; Southwest Gas Holdings was represented by Morrison & Foerster LLP.
About Williams
Williams (NYSE: WMB) is committed to being the leader in providing infrastructure that safely delivers natural gas products to reliably fuel the clean energy economy. Headquartered in Tulsa, Oklahoma, Williams is an industry-leading, investment grade C-Corp with operations across the natural gas value chain including gathering, processing, interstate transportation and storage of natural gas and natural gas liquids. With major positions in top U.S. supply basins, Williams connects the best supplies with the growing demand for clean energy. Williams owns and operates more than 30,000 miles of pipelines system wide – including Transco, the nation’s largest volume and fastest growing pipeline – and handles approximately 30 percent of the natural gas in the United States that is used every day for clean-power generation, heating and industrial use.
About Southwest Gas Holdings, Inc.
Southwest Gas Holdings, Inc. (NYSE: SWX), through its subsidiaries, engages in the business of purchasing, distributing and transporting natural gas, and providing comprehensive utility infrastructure services across North America. Southwest Gas Corporation, a wholly owned subsidiary, safely and reliably delivers natural gas to over two million customers in Arizona, California and Nevada. The Company's MountainWest subsidiary provides natural gas storage and interstate pipeline services within the Rocky Mountain region.
Portions of this document may constitute “forward-looking statements” as defined by federal law. Although the company believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. Any such statements are made in reliance on the “safe harbor” protections provided under the Private Securities Reform Act of 1995. Additional information about issues that could lead to material changes in performance is contained in the company’s annual and quarterly reports filed with the Securities and Exchange Commission.
MEDIA:
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800-945-8723
INVESTOR CONTACT:
Danilo Juvane
918-573-5075
Grace Scott
918-573-1092
PARIS--(BUSINESS WIRE)--Technip Energies (PARIS:TE) has been selected by Renexia to perform the front-end engineering and design (FEED) for the Med Wind floating offshore wind project, located in the Mediterranean Sea, 60 kilometers off the west coast of Sicily.
The scope of work covers the FEED for the 190 floating foundations and moorings for the wind turbines and the conceptual design for the floating offshore sub-stations.
The design of the floating foundation will be based on Technip Energies’ in-house floater technology INO15™, a three-column semi-submersible floater that is well suited to large series production.
Renexia, a subsidiary of Toto Group, is an Italian company specialized in the development and management of renewable energy plants. In April 2022, Renexia completed the Mediterranean’s first marine wind farm in Taranto (Puglia).
The Med Wind project is located in the Strait of Sicily and will have an installed power capacity of 2.8 GW, which is equivalent to powering more than 3 million Italian households.
Laure Mandrou, SVP Carbon Free Solutions of Technip Energies, commented: “We are pleased to have been selected by Renexia for the largest floating offshore wind development in the Mediterranean Sea. By leveraging our in-house technology, combined with our engineering and design capabilities, we are glad to support such a major development which will play a key role in achieving Italy’s ambitious renewable energies development plan and national decarbonization goals.”
About Technip Energies
Technip Energies is a leading Engineering & Technology company for the energy transition, with leadership positions in Liquefied Natural Gas (LNG), hydrogen and ethylene as well as growing market positions in blue and green hydrogen, sustainable chemistry and CO2 management. The company benefits from its robust project delivery model supported by extensive technology, products and services offering.
Operating in 34 countries, our 15,000 people are fully committed to bringing our client’s innovative projects to life, breaking boundaries to accelerate the energy transition for a better tomorrow.
Technip Energies is listed on Euronext Paris with American depositary receipts (“ADRs”) trading over-the-counter in the United States. For further information: www.technipenergies.com.
Important Information for Investors and Securityholders
Forward-Looking Statement
This release contains “forward-looking statements” as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements usually relate to future events and anticipated revenues, earnings, cash flows or other aspects of Technip Energies’ operations or operating results. Forward-looking statements are often identified by the words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” “may,” “estimate,” “outlook,” and similar expressions, including the negative thereof. The absence of these words, however, does not mean that the statements are not forward-looking. These forward-looking statements are based on Technip Energies’ current expectations, beliefs and assumptions concerning future developments and business conditions and their potential effect on Technip Energies. While Technip Energies believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting Technip Energies will be those that Technip Energies anticipates. All of Technip Energies’ forward-looking statements involve risks and uncertainties (some of which are significant or beyond Technip Energies’ control) and assumptions that could cause actual results to differ materially from Technip Energies’ historical experience and Technip Energies’ present expectations or projections. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those set forth in the forward-looking statements.
For information regarding known material factors that could cause actual results to differ from projected results, please see Technip Energies’ risk factors set forth in Technip Energies’ filings with the U.S. Securities and Exchange Commission, which include amendment no. 4 to Technip Energies’ registration statement on Form F-1 filed on February 11, 2021.
Forward-looking statements involve inherent risks and uncertainties and speak only as of the date they are made. Technip Energies undertakes no duty to and will not necessarily update any of the forward-looking statements in light of new information or future events, except to the extent required by applicable law.
Investor relations
Phil Lindsay
Vice-President Investor Relations
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Media relations
Stella Fumey
Director Press Relations & Digital Communications
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Jason Hyonne
Press Relations & Social Media Lead
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$225 million dollar expanded supply agreement supports steepening demand for Silicon Carbide across several key industries and among traditional semiconductor companies
DURHAM, N.C.--(BUSINESS WIRE)--Wolfspeed, Inc. (NYSE: WOLF), the global leader in Silicon Carbide technology, today announced the expansion of an existing multi-year, long-term Silicon Carbide wafer supply agreement, now worth approximately $225 million, with a leading power device company. The expanded agreement calls for Wolfspeed to supply the company with 150 mm Silicon Carbide bare and epitaxial wafers, reinforcing the company’s vision for an industry-wide transition from silicon to Silicon Carbide semiconductor power devices.
“Wolfspeed has an unmatched level of experience with Silicon Carbide and, as a result, is a key player in supplying the rapidly growing demand for Silicon Carbide,” said Dr. Cengiz Balkas, SVP and GM of Materials for Wolfspeed. “This agreement further strengthens our long-time cooperation with a best-in-class power semiconductor manufacturer. This well-established partnership, paired with our most recent announcement of a multi-billion-dollar materials expansion in North Carolina, is a huge step forward in our mission of transitioning the industry from silicon to Silicon Carbide.”
Wolfspeed is the global leader in the manufacturing of Silicon Carbide wafers and epitaxial wafers. The recently announced expansion of the company’s Silicon Carbide materials footprint will enhance its market leadership and improve the company’s ability to supply wafers to current and potential customers – a critical part of the larger wide bandgap semiconductor supply chain.
The adoption of Silicon Carbide-based power solutions is rapidly growing across multiple markets, including industrial and automotive. Silicon carbide solutions enable smaller, lighter and more cost-effective designs, converting energy more efficiently to unlock new clean energy applications. To better support these growing markets, device manufacturers are interested in securing access to high-quality Silicon Carbide substrates to support their customers.
The supply agreement enables Silicon Carbide applications in broad markets such as renewable energy and storage, electric vehicles, charging infrastructure, industrial power supplies, traction and variable speed drives.
About Wolfspeed, Inc.:
Wolfspeed (NYSE: WOLF) leads the market in the worldwide adoption of Silicon Carbide and GaN technologies. We provide industry-leading solutions for efficient energy consumption and a sustainable future. Wolfspeed’s product families include Silicon Carbide materials, power devices and RF devices targeted for various applications such as electric vehicles, fast charging, 5G, renewable energy and storage, and aerospace and defense. We unleash the power of possibilities through hard work, collaboration and a passion for innovation. Learn more at www.wolfspeed.com.
Twitter: @Wolfspeed
LinkedIn: @Wolfspeed
Wolfspeed® is a registered trademark of Wolfspeed, Inc.
Forward Looking Statements:
This press release contains forward-looking statements by Wolfspeed involving risks and uncertainties, both known and unknown, that may cause Wolfspeed’s actual results to differ materially from those indicated. Actual results may differ materially due to a number of factors, including the risk we may be unable to manufacture new products with sufficiently low cost to offer them at competitive prices or with acceptable margins; the risk we may encounter delays or other difficulties in ramping up production of our new products; customer acceptance of our new products; the rapid development of new technology and competing products that may impair demand or render Wolfspeed’s products obsolete; and other factors discussed in Wolfspeed’s filings with the Securities and Exchange Commission, including its report on Form 10-K for the year ended June 26, 2022, and subsequent filings. For additional product and company information, please refer to www.wolfspeed.com.
Media Relations:
Melinda Walker
Director, Corporate Communications
818-261-4585
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Investor Relations:
Tyler Gronbach
VP, Investor Relations
919-407-4820
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WASHINGTON--(BUSINESS WIRE)--A Lifetime Achievement Award was presented to Don Stephens, founder of Mercy Ships this past weekend at the opening event of the GE7 Africa Visionary Leaders Annual Summit, held in Washington DC. This award was presented by H.E. Rania Al-Mashat, Minister of International Cooperation of Government of Egypt. Earlier this year the government of Egypt had provided free passage through the Suez Canal for the newest Mercy Ship, the Global Mercy® on the vessel’s maiden voyage.
“Africa is doing better because people from all parts of the world have joined forces to bring change and Mercy Ships is part of this transition,” stated Amy Sarr Fall, organizer of the event. “This event aims to galvanize change makers and bring hope. The awards highlight great initiatives and pay tribute to the main actors behind their success.”
Dr. Pierre M’Pelé, Mercy Ships ambassador for Africa, conveyed a special heartfelt message sung by a dozen African singers who represented the voice of the African people: “We thank Mercy Ships, we thank Don Stephens for the dignity and hope given back to thousands of our brothers and sisters.”
On receipt of the award, Don Stephens said, “On behalf of Mercy Ships and all of the crew who have served on our ships in the past 40 years, we thank you. We now have two world-class hospital ships serving the people of Africa while also training medical professionals. Our mission is to provide hope and healing to the world’s forgotten poor.
Stephens concluded, “Our overarching goal is transformational development. We are in a room tonight filled with a group of transformational leaders. A room of people passionate about various causes. We all have huge responsibilities. Let us all be transformational. I have a favorite African proverb, and I always enjoy concluding with it: If you want to go fast, go alone. If you want to go far, go together. Let’s go far together.”
30 years of Partnership in Africa
Since 1990 to this day, from Lomé in Togo to Dakar in Senegal, the international humanitarian organization Mercy Ships deployed its hospital ships and conducted 33 missions in 14 African countries to provide first-class surgical operations, build medical capacity and foster sustainable development in countries with limited access to surgical care. Its programs provide comprehensive support to countries striving to make health care accessible to all.
Over more than three decades, Mercy Ships has focused its efforts on Africa, working closely with African countries to help them strengthen their health systems, improving skills and training, and infrastructure. Volunteer professionals have performed more than 108,000 transformative surgeries, more than 520,000 dental procedures on nearly 200,000 patients, trained more than 50,000 health professionals, and nearly 7,000 trainers, and supported more than 1,100 agricultural and infrastructure renovation projects.
In partnership with African Heads of State, Mercy Ships also facilitated the Dakar Declaration on Access to Quality Surgical, Obstetric and Anesthetic Care in Africa by 2030 with the hope to see the Africa Union to endorse this milestone declaration towards achieving the Sustainable Development Goal related to health and well-being.
Focus on Emerging Africa
The objective of this gathering, labeled 'The Africa Chapter' and taking place as a side event to the US Leader’s Summit, according to GE7’s director Amy Sarr Fall, is to improve the narrative on Africa and demonstrate through well advanced initiatives, public-private partnerships, and infrastructure projects, that the continent is on an emerging path.
More than 100 African leaders including financial, green energy, and communication gathered at the summit’s invitation-only high-level event held in the nation’s capital to discuss key challenges to sustainable development.
ABOUT MERCY SHIPS
Global health for the last two decades has focused on individual diseases, while surgical care in low-resource countries has not received the attention it needs. Lack of surgical care results in almost 17 million deaths annually.
Mercy Ships is an international faith-based organization that operates hospital ships to deliver free, world-class healthcare services, medical capacity building, and health system strengthening to those with little access to safe surgical care. Since 1978, Mercy Ships has worked in more than 55 countries, with the last three decades focused entirely on partnering with African nations. Each year, volunteer professionals from over 60 countries serve on board the world’s two largest non-governmental hospital ships, the Africa Mercy® and the Global Mercy™. Professionals such as surgeons, dentists, nurses, health trainers, cooks, and engineers dedicate their time and skills to the cause. Mercy Ships has offices in 16 countries and an Africa Bureau. For more information, visit www.mercyships.org and follow us @MercyShips on social media.
Laura Rebouché
U.S. National Media Relations Manager
Mercy Ships
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www.mercyships.org/press
Catalyzed by the Inflation Reduction Act (IRA), Cubic Intends to Build 10 GW of Conventional Wafer Capacity, Filling Void in the Domestic Silicon Solar Value Chain
Cubic Attracts New Investors, Synergy Capital and SCG Cleanergy, in Support of Its Silicon Perovskite Tandem Module Development
BEDFORD, Mass.--(BUSINESS WIRE)--Solar manufacturing innovator, CubicPV (“Cubic” or the “Company”), today announced it plans to establish 10 GW of conventional mono wafer capacity in the United States, filling a marked void in the silicon solar value chain and capitalizing on its deep expertise in silicon wafer production. The planned facility, the first of this scale to be announced in the United States, is expected to create 1,500 new direct jobs and meet the anticipated surge in demand for U.S.-produced wafers. Today, there is no high-volume silicon wafer production in the United States, and Cubic is the only U.S. company with a core competency in wafer manufacturing.
“The IRA represents a titanic shift in the global solar landscape, and the U.S. is poised to become the world’s most competitive location to manufacture solar. We’re excited to have a role in the U.S. manufacturing renaissance while accelerating our business plan and supporting the development of our next generation tandem module technology,” said Frank van Mierlo, CEO, Cubic.
Cubic has started facility design, engaged with a construction management firm, and is currently in advanced discussions specific to the location for the facility. The Company expects to finalize the site choice during the first quarter of 2023, beginning construction soon after. Construction is anticipated to be completed in 2024 and the factory to be fully ramped in 2025.
In addition to answering a pronounced need for U.S. wafer production with the 10 GW factory, Cubic will also accelerate its R&D activities specific to tandem module development. To this end, the Company announced it has raised $26M in Series B financing. Private equity fund manager Synergy Capital and SCG Cleanergy, a wholly owned subsidiary of SCG, ASEAN’s leading conglomerate, led the round and were joined by return lead investors including Breakthrough Energy Ventures and Hunt Energy Enterprises.
To date, the solar industry has primarily depended on single junction PV technology or the use of only one light absorbing material, often silicon, to convert sunlight to electricity. This technology is approaching a module efficiency ceiling. Tandem technology introduces a much-needed solution in that it layers two light absorbers into one device, thereby breaking the efficiency barrier of single junction devices and boosting the power output of the end panel. Cubic’s approach to tandem uses the Company’s groundbreaking Direct Wafer and perovskite technologies to create an economically superior, high-efficiency module.
“Synergy is convinced of the power of tandem and its promise to underpin the next era of solar growth. With Direct Wafer and perovskite, Cubic has the key technologies to capture that growth. We are excited to lend our support as the Company establishes its U.S. footprint and drives toward tandem commercialization,” said Sudhir Maheshwari, Managing Partner, Synergy Capital.
“SCG Cleanergy is committed to investing in the next generation of innovative clean energy companies and Cubic’s tandem modules will play a powerful role in our clean energy future,” said Tim McCaffery, Global Investment Director, SCG. “We are impressed with the strength of the Cubic team, the progress of their technologies, and their commitment to innovation. We look forward to supporting the Company through this exciting next phase.”
About CubicPV Inc.
With its world-class knowledge of silicon crystallization and manufacturing, CubicPV is the most experienced wafer producer in North America. The Company’s innovations in solar manufacturing and materials are also creating a solar future defined by more powerful tandem solar modules. CubicPV’s core silicon and perovskite technologies provide the ideal semiconductor combination for high-efficiency tandem modules and lead to dramatic reductions in the cost of clean electricity with lower embedded carbon. The Company has offices in Bedford, Ma., and Dallas. For more information, please visit www.cubicpv.com.
About Synergy Capital
Synergy Capital is a specialized private equity manager investing across the capital structure in the Industrial, Metals and Infrastructure sectors globally. Synergy Capital focuses on critical sectors that generate strong human and economic impact, which are central to enabling the net-zero transition and the development of resilient and sustainable supply chains. For more information, please visit www.synergycapital.co.uk.
About SCG Cleanergy
SCG Cleanergy Company, a wholly owned subsidiary of SCG, was established to provide power solutions from renewable energy including solar and wind energy in Thailand and the ASEAN region and beyond.
Laureen Sanderson, CubicPV
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Recording nearly 50% YoY growth and connecting the supply chains of 50% of the Fortune 500, the world’s leading corporations continue to select FourKites for real-time, end-to-end supply chain visibility
AMSTERDAM--(BUSINESS WIRE)--Leading supply chain visibility company FourKites today announces strong global growth during 2022, as the company executed on its vision for automated, interconnected and collaborative supply chains that span transportation, warehouses, stores, trucks and more. The company realised 70% growth in new customers, with more than 1,200 of the world’s most recognised brands now using FourKites to track more than 3M shipments around the world every day.
Among the new customers who are using FourKites to transform their supply chains are QVC, Ahold Delhaize, Volvo Group, Rohlig Logistics, Fiberpartner, Chevron Corporation, SpaceX, Molson Coors, Bacardi and 3T — further validating Gartner’s ranking of FourKites as a Leader in the 2022 Gartner® Magic Quadrant™ for Real-time Transportation Visibility Solutions, and the visibility provider of choice for customers with the most complex supply chain needs.1
In 2022, FourKites achieved the following in Europe:
Industry giants back FourKites’ long-term vision of supply chain transformation
In addition to strategic investments in 2021 from industry heavyweights Qualcomm Ventures, LLC, Volvo Group Venture Capital AB and Zebra Technologies, over the past year, FourKites inked strategic partnerships with a number of industry titans to continue executing on its bold vision for the future of digital supply chains. These companies include FedEx, Quiet Platforms, Mitsui & Co., Ltd., Sony, Microsoft and Narvar. The real-time supply chain visibility pioneer was also recognised for its industry leadership and ongoing innovation by Gartner, SupplyChainBrain, Blue Yonder, Builtin Chicago, Manhattan Associates and Food Shippers of America.
Unique customer collaboration model continues to deliver industry-first innovations
Close collaboration with customers has been the bedrock of FourKites’ product development since the company’s inception. More than nine out of 10 FourKites customers are active contributors to the company’s IdeaExchange, and FourKites’ Innovation Partner program has generated more than 200 product enhancements from more than 70 companies, including Andersen Corporation, Canfor, Cardinal Health, Ecolab, Henkel, Kimberly-Clark, Smithfield and Sprouts Farmers Market, among others.
New solutions released in 2022 include:
"In the past year, we worked closely with our community of supply chain leaders and partners to introduce valuable solutions and insights to better manage inventory, drive efficiencies in supplier ecosystems, streamline international shipments, improve sustainability — and so much more," says FourKites founder and CEO Mathew Elenjickal. "In 2023, we look forward to helping our customers take the next leap forward in their logistics operations, expanding their insight further into their network and at the SKU level. Together, we will build a more resilient and agile supply chain."
About FourKites
Leading supply chain visibility platform FourKites® extends visibility beyond transportation into yards, warehouses, stores and beyond. Tracking more than 3 million shipments daily across road, rail, ocean, air, parcel and last mile, and reaching over 200 countries and territories, FourKites combines real-time data and powerful machine learning to help companies digitise their end-to-end supply chains. More than 1,200 of the world’s most recognised brands — including 9 of the top-10 CPG and 18 of the top-20 food and beverage companies — trust FourKites to transform their business and create more agile, efficient and sustainable supply chains. To learn more, visit https://www.fourkites.com/.
1 Gartner, Critical Capabilities for Real-Time Transportation Visibility Platforms, Carly West, 24 May 2022.
Scott Johnston
European PR Director for FourKites
+31 62 147 8442
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HOUSTON--(BUSINESS WIRE)--Enterprise Products Partners L.P. (NYSE: EPD) today announced that its operating subsidiary has received the International Sustainability and Carbon Certification (“ISCC”) PLUS certification for facilities within the company’s natural gas liquids fractionation and petrochemical complex in Chambers County, Texas. ISCC PLUS is an internationally recognized sustainability certification system providing traceability along the entire supply chain via a mass balance approach for circular, bio, and bio-circular feedstocks. Obtaining the ISCC PLUS certification allows Enterprise to utilize existing assets and systems to expand services for processing, transportation, and distribution of sustainable products across its pipeline network and export facilities.
“As one of the first US midstream companies to be awarded ISCC PLUS certification, we are further confirming Enterprise’s commitment to being a leader in this evolving energy landscape,” said A. J. “Jim” Teague, co-chief executive officer of Enterprise’s general partner. “Integrating ISCC PLUS certified material into our portfolio of services provides an avenue to bring these high-demand, sustainable products to our customers today, and enhances the long-term, value-added services we can provide through our integrated system.”
Enterprise Products Partners L.P. is one of the largest publicly traded partnerships and a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, refined products and petrochemicals. Services include: natural gas gathering, treating, processing, transportation and storage; NGL transportation, fractionation, storage and marine terminals; crude oil gathering, transportation, storage and marine terminals; petrochemical and refined products production, transportation, storage, and marine terminals and related services; and a marine transportation business that operates on key U.S. inland and intracoastal waterway systems. The partnership’s assets include more than 50,000 miles of pipelines; over 260 million barrels of storage capacity for NGLs, crude oil, refined products and petrochemicals; and 14 billion cubic feet of natural gas storage capacity. Please visit www.enterpriseproducts.com for more information.
This press release includes “forward-looking statements” as defined by the Securities and Exchange Commission. All statements, other than statements of historical fact, included herein that address activities, events, developments or transactions that Enterprise and its general partner expect, believe or anticipate will or may occur in the future are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from expectations, including required approvals by regulatory agencies, the possibility that the anticipated benefits from such activities, events, developments or transactions cannot be fully realized, the possibility that costs or difficulties related thereto will be greater than expected, the impact of competition, and other risk factors included in Enterprise’s reports filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. Except as required by law, Enterprise does not intend to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
Randy Burkhalter, Investor Relations, (713) 381-6812 or (866) 230-0745, This email address is being protected from spambots. You need JavaScript enabled to view it.
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PARIS & STUTTGART, Germany--(BUSINESS WIRE)--#GEGrid--To continue operating the power grid safely and reliably in the future, GE Renewable Energy’s Grid Solutions business (NYSE: GE) and the transmission system operator TransnetBW have signed a contract for a turnkey solution to redesign the Pulverdingen 380 kV substation in the vicinity of Markgröningen, about 15 km northwest of Stuttgart.
The Pulverdingen substation needs to be redesigned for larger capacities and greater power fluctuations. As part of this redesign, the substation’s almost 50-year-old switchgear, will be upgraded and expanded during operation.
To support TransnetBW’s priorities to ramp up capacity, GE’s Grid Solutions team will design, produce, supply and commission 26 bays of 380 kV air-insulated switchgear (AIS) with associated buildings and control cabinets. Also in the plan is a 380 kV cable connection between the 380 kV/220 kV transformer and respective 380 kV switch panel. The overhead line connection to the substation will be executed in three phases. The erection of temporary overhead lines for several years is required in some cases to ensure safe operation of the switchgear during the construction period. The construction work is expected to take one decade, until the end of 2033.
This contract for a turnkey solution aligns with GE’s commitment to provide scalable power solutions to its customers that support the transformation of their electricity grids. The upgrade and expansion of the Pulverdingen substation will significantly improve short-circuit resistance, transmission capacity and voltage control.
"The Pulverdingen substation will strengthen the security of power supply in the Stuttgart area in the long term," said Christopher Kunstmann, project manager at TransnetBW.
“TransnetBW’s expansion plans for Germany’s electricity grid will provide a better network resiliency and power supply security in this region,” said Philippe Piron, CEO of GE Grid Solutions and Power Conversion. “For our team, this agreement represents not only our deep commitment to support TransnetBW in Germany but constitutes the example of the long-term partnerships GE Grid Solutions wants to adopt with key European customers, implementing key regional infrastructure to deliver reliable, stable and efficient energy transmission.”
GE Grid Solutions provides complete, engineered solutions for high voltage (HV) substations to power generation companies, utilities, and industries, bringing together the right mix of high-voltage products through expert engineering and full project management.
Allison J. Cohen
GE Renewable Energy, Grid Solutions business
External Communications Manager
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The partnership comes in anticipation of new federal regulations requiring publicly traded companies to disclose greenhouse gas emissions
SAN FRANCISCO & LONDON--(BUSINESS WIRE)--Watershed, the leading enterprise climate platform, and Workiva (NYSE:WK), the world’s leading platform for regulatory, financial, and ESG reporting, today announced a strategic partnership that provides joint customers with a unified solution for consolidated, audit-grade carbon emissions reporting.
Watershed, which provides enterprise climate management for more public companies than any other solution, will complement Workiva's trusted ESG reporting platform by allowing joint customers to aggregate Watershed’s carbon data into Workiva. Workiva's integrated reporting platform streamlines processes and connects data and teams to enable investor-grade, audit-ready reporting. Joint customers will be able to bring together best-in-class solutions and data into one reporting platform to ensure they meet their ongoing ESG disclosures, accelerate climate action, and future-proof their businesses within the rapidly-evolving regulatory landscape.
The partnership comes at a critical time amid proposed regulations from the U.S. Securities and Exchange Commission (SEC) to formalize and mandate carbon emissions disclosures by publicly traded companies, as well as the European Union’s Corporate Sustainability Reporting Directive (CSRD), both of which are addressed by the Watershed and Workiva partnership.
“We’re excited to partner with Workiva to ensure our joint customers are well-prepared for a complex and evolving disclosure landscape,” said Watershed co-founder Taylor Francis. “Together, we’re delivering a solution that both streamlines compliance and enables more actionable decarbonization as businesses work to minimize climate risks and maximize transition opportunities.”
"ESG reporting is complex, requiring the ingestion, capture, management, and reporting of financial and non-financial data from many disparate sources. Workiva’s end-to-end platform powers transparent reporting by enabling customers to streamline the flow of data, ensure accuracy to meet evolving ESG disclosure requirements, and validate data for assurance,” said Julie Iskow, President & COO of Workiva. “By partnering with Watershed, we will collectively help our mutual customers make better data-driven decisions for their companies and the environment.”
Watershed was purpose-built to meet the most rigorous regulatory standards. Watershed uses the latest climate science and auditor-approved methodologies to produce highly granular carbon footprints based on customers’ financial and operational data. This Greenhouse Gas Protocol (GHGP)-compliant measurement can then be applied to multiple reporting frameworks, including the Task Force on Climate-Related Financial Disclosures (TCFD), Carbon Disclosure Project (CDP), Science-Based Targets Initiative (SBTi), Sustainability Accounting Standards Board (SASB), and Global Reporting Initiative (GRI). Customers also have access to Watershed Marketplace, Watershed’s suite of highly-vetted renewable energy and carbon removal offerings.
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ABOUT WATERSHED: Watershed is the enterprise climate platform. Leading companies like Walmart, Airbnb, Stripe, Klarna, and Block use our software to run end-to-end climate programs with quantifiable results. Watershed delivers granular, audit-grade carbon measurement; one-click disclosure and reporting; and real emissions reduction—all in a single, intuitive, enterprise-grade software platform. Watershed customers have access to our exclusive marketplace of scientifically vetted, high-additionality carbon removal projects and high-quality offsets; in-house climate and policy expertise; and ongoing support throughout their climate journey. For more information, please visit https://watershed.com/.
ABOUT WORKIVA: Workiva Inc. (NYSE:WK) is on a mission to power transparent reporting for a better world. We build and deliver the world’s leading regulatory, financial, and ESG reporting solutions to meet stakeholder demands for action, transparency, and disclosure of financial and non-financial data. Our cloud-based platform simplifies the most complex reporting and disclosure challenges by streamlining processes, connecting data and teams, and ensuring consistency. Learn more at workiva.com.
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BOSTON--(BUSINESS WIRE)--4AIR, the first and only rating system focused on comprehensive sustainability in aviation, today announced that it has launched a Regulatory Monitoring & Compliance Program. The new turnkey compliance program helps operators monitor their potential obligations to rapidly changing and multiplying national or transnational aircraft emissions reporting requirements and to fulfill those obligations automatically, accurately and efficiently.
As governments fight climate change, they are establishing and expanding emissions trading schemes (ETS) and other regulatory programs that require operators to report and address their aircraft emissions. The compliance reporting requirements have multiplied in recent years, and a reporting obligation could be triggered by something as simple as flying to, from or within a participating country. The 4AIR Regulatory Compliance Program automatically monitors operators’ flight activity to check and forecast any potential compliance obligations and then helps them meet reporting requirements.
The program is limited not only to aviation regulatory programs. As more corporations disclose and make progress towards their own decarbonization goals, corporate flight departments and other operators need accurate reporting data to share with their Environment, Social and Governance (ESG) departments. 4AIR automatically aggregates necessary data and shares reporting guidelines for ESG departments, including emission reductions from the use of Sustainable Aviation Fuel (SAF). 4AIR aggregates and verifies required documentation for claiming reductions from SAF against aviation regulatory obligations and voluntary reporting schemes.
“4AIR’s purpose is to make sustainability more accessible and turnkey, and so far that has been focused on aligned-voluntary programs that meet or exceed industry goals,” said Kennedy Ricci, 4AIR’s President. “With the growing number of environmental regulatory obligations and their changing requirements, we wanted to add a turnkey tool for compliance with regulatory requirements as well to ensure our clients are always armed with the information needed to validate their sustainability efforts.”
How It Works
4AIR’s subscription-based Regulatory Monitoring & Compliance Program monitors flying activity and destinations to alert aircraft owners and operators of potential compliance obligations. Should a threshold be triggered or an aircraft be flown in a country or region which requires reporting of emissions, 4AIR alerts the subscriber and provides a full-service package for compliance. The program includes:
4AIR will draft the necessary monitoring procedures, provide internal quality assurance checks, complete annual reports, bring in third-party auditors, provide allowances and ensure operators are compliant in light of changing and expanding environmental obligations.
4AIR alleviates the burden on operators in keeping track of the many emissions trading programs and their changing scopes, ensuring operators are flying compliant. It serves as a regulatory autopilot for global emissions trading systems including:
“4AIR is about making sustainability turnkey in all its forms, and this includes regulatory and corporate ESG reporting requirements. Especially as more regions, states and countries are changing thresholds and implementing new – and occasionally overlapping – environmental reporting programs, our program is designed to take that compliance burden off of our partners,” said Nancy Bsales, 4AIR’s Chief Operating Officer.
For more information on the 4AIR Regulatory Monitoring & Compliance Program, visit https://www.4air.aero/regulatory-compliance.
About 4AIR
4AIR is an industry pioneer offering sustainability solutions beyond just simple carbon neutrality. Its industry-first framework seeks to address climate impacts of all types and provides a simplified and verifiable path for private aviation industry participants to achieve meaningful aircraft emissions counteraction and reduction.
The 4AIR framework offers four levels, each with specific, science-based goals, independently verified results and progressively greater impacts on sustainability that make it easy for private aviation users to pursue sustainability through access to carbon markets, use of Sustainable Aviation Fuel, support for new technologies and other strategies.
For more information, visit us at www.4air.aero.
Media Contact:
Erin Daigle
The Hubbell Group, Inc.
Mobile: 781-815-2827
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Company will perform operational testing and evaluation for TSA systems
RESTON, Va.--(BUSINESS WIRE)--Science Applications International Corp. (NYSE: SAIC) has been awarded a blanket purchase agreement by the Transportation Security Administration (TSA) with an estimated value of $150 million, to continue performing operational testing and evaluation of TSA airport screening equipment and non-screening systems.
“We continue to use our technology to support TSA’s mission of securing people and commerce in our nation’s airports,” said Bob Genter, president, Defense and Civilian Sector at SAIC. “SAIC’s cost-effective system evaluation capabilities support essential airport screening equipment used every day to protect travelers in the U.S., as well as non-screening systems that support critical DHS and TSA operations.”
Under this agreement, SAIC will provide test planning, execution, data analysis and evaluation of passenger and baggage screening equipment. Additionally, this blanket purchase agreement will ensure TSA continues to receive the critical support needed to validate the operational effectiveness, suitability and cyber resilience of systems used to protect the nation’s transportation of people and cargo.
About SAIC
SAIC® is a premier Fortune 500® technology integrator driving our nation’s technology transformation. Our robust portfolio of offerings across the defense, space, civilian and intelligence markets includes secure high-end solutions in engineering, digital, artificial intelligence and mission solutions. Using our expertise and understanding of existing and emerging technologies, we integrate the best components from our own portfolio and our partner ecosystem to deliver innovative, effective and efficient solutions that are critical to achieving our customers' missions.
We are approximately 26,000 strong; driven by mission, united by purpose, and inspired by opportunities. SAIC is an Equal Opportunity Employer, fostering a culture of diversity, equity and inclusion, which is core to our values and important to attract and retain exceptional talent. Headquartered in Reston, Virginia, SAIC has annual revenues of approximately $7.4 billion. For more information, visit saic.com. For ongoing news, please visit our newsroom.
Forward-Looking Statements
Certain statements in this release contain or are based on “forward-looking” information within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by words such as “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “guidance,” and similar words or phrases. Forward-looking statements in this release may include, among others, estimates of future revenues, operating income, earnings, earnings per share, charges, total contract value, backlog, outstanding shares and cash flows, as well as statements about future dividends, share repurchases and other capital deployment plans. Such statements are not guarantees of future performance and involve risk, uncertainties and assumptions, and actual results may differ materially from the guidance and other forward-looking statements made in this release as a result of various factors. Risks, uncertainties and assumptions that could cause or contribute to these material differences include those discussed in the “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Legal Proceedings” sections of our Annual Report on Form 10-K, as updated in any subsequent Quarterly Reports on Form 10-Q and other filings with the SEC, which may be viewed or obtained through the Investor Relations section of our website at saic.com or on the SEC’s website at sec.gov. Due to such risks, uncertainties and assumptions you are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof. SAIC expressly disclaims any duty to update any forward-looking statement provided in this release to reflect subsequent events, actual results or changes in SAIC’s expectations. SAIC also disclaims any duty to comment upon or correct information that may be contained in reports published by investment analysts or others.
Media:
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VANCOUVER, British Columbia--(BUSINESS WIRE)--$LPEN--Loop Energy™ (TSX: LPEN), a designer and manufacturer of hydrogen fuel cells, is delighted to announce the addition of Paul Cataford to its Board of Directors. Paul Cataford is a seasoned financial and business executive with over 30 years of success in finance, governance and strategy, specializing in emerging and high-growth technology-based companies. Cataford’s prior experience includes senior executive and board of directors positions with public and private companies including Titan Medical Inc. (NASDAQ and TSX) & Sierra Wireless Inc. (NASDAQ and TSX)
Cataford’s appointment continues the evolution of Loop Energy’s Board of Directors that began this year with the appointment of technology industry veteran Kent Thexton as the Chair of the Board. In conjunction with this appointment Allan Collings and Peter Johansson have resigned from the board.
“To provide guidance to Loop Energy in its next stage of growth, it is important to strengthen the board with depth of expertise across operations, technical and capital markets, along with the highest standards of corporate governance.” said Loop Energy Chairman of the Board Kent Thexton. “I want to extend my gratitude to Allan Collings and Peter Johansson for their dedication to the board, and am excited to welcome Paul Cataford to the company.”
Over the first nine months of 2022, Loop Energy has achieved significant growth including the quadrupling of purchase orders year-over year, doubling of its customer base, and posting a 2.5-time increase in unit sales year-over-year. Building on this foundation, Loop Energy’s strategy for 2023 will significantly intensify the focus of its corporate resources to support near- and mid-term growth markets such as EMEA, while taking a strategic readiness stance in the longer-term opportunity markets such as China.
Loop Energy President & CEO Ben Nyland added: ”With a solid set of customers in EMEA and a strong pipeline of meaningful opportunities, we are taking a more focused approach in our deployment of resources to provide Loop Energy a longer runway from our funds on hand, and a clear path to achieve profitability with near- and mid-term growth.”
In addition to the Loop Energy board appointment, Paul Cataford will also be joining the company’s executive management team as its interim Chief Financial Officer and Corporate Secretary. Paul Cataford’s track record of raising capital for emerging technology companies in Canada and the US, negotiating and closing deals with strategic partners and investors and engaging government sources of non-dilutive funding, along with his expertise and relationship with the capital markets in North America and globally, will bring significant value to Loop Energy as the company enters its next stage of growth. Paul Cataford replaces Damian Towns effective immediately.
“Paul’s exceptional leadership in finance and growth management will be critical as Loop Energy enters its next stages of growth,” said Loop Energy President & CEO Ben Nyland. “I am immensely thankful to Damian for his contributions and wish him well in his future endeavors. I am excited to welcome Paul and to work with him to take this company to the next level.”
About Loop Energy Inc.
Loop Energy is a leading designer and manufacturer of hydrogen fuel cell systems targeted for the electrification of commercial vehicles, including light commercial vehicles, transit buses and medium and heavy-duty trucks. Loop Energy’s products feature the company’s proprietary eFlow™ technology in the fuel cell stack’s bipolar plates. At the core of this innovation is its modified geometry that delivers improved uniform current density across the entire active area and increases gas velocity throughout the plate to enhance performance and water management. This innovative design provides OEMs and fleet operators with new levels of fuel efficiency, peak power and durability. For more information about how Loop Energy is driving towards a zero-emissions future, visit www.loopenergy.com.
Source: Loop Energy Inc.
Forward Looking Information
This press release contains forward-looking information within the meaning of applicable securities legislation, which reflect management’s current expectations and projections regarding future events. Particularly, statements regarding the Company’s expectations of future results, performance, achievements, prospects or opportunities or the markets in which we operate is forward-looking information, including without limitation, purchase orders, cost reduction, profitability and revenue targets; our future growth prospects and business outlook including without limitation the expected demand for our products, the allocation of resources and funds, the expected timeline for profitability, the planned growth of our customer base and the expected growth of our operations globally. Forward-looking information is based on a number of assumptions (including without limitation assumptions with respect the current and future performance of the Company’s products, growth in demand for the Company’s products, the Company’s ability to execute on its strategy, achieve its targets and progress existing and future customers through the Customer Adoption Cycle in a timely way, and is subject to a number of risks and uncertainties, many of which are beyond the Company’s control and could cause actual results and events to vary materially from those that are disclosed, or implied, by such forward‐looking information. Such risks and uncertainties include, but are not limited to, the realization of electrification of transportation and hydrogen adoption rates, the elimination of diesel fuel and ongoing government support of such developments, the expected growth in demand for fuel cells for the commercial transportation market, our ability to obtain future patent grants for our proprietary technology and the effectiveness of current and future patents in protecting our technology and the factors discussed under “Risk Factors” in the Company’s Annual Information Form dated March 23, 2022. Loop disclaims any obligation to update these forward-looking statements.
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HAMILTON, Bermuda--(BUSINESS WIRE)--Valaris Limited (NYSE: VAL) (“Valaris” or the “Company”) announced today that it has issued its 2021 Sustainability Report. The Sustainability Report can be found on the "Safety & Environment ‒ Sustainability" page of the Valaris website at www.valaris.com.
President and Chief Executive Officer, Anton Dibowitz said, “We are committed to making progress on our sustainability journey, and we have a strong framework in place to advance our program. This includes a dedicated ESG board committee, an executive management position focused on sustainability and new energy and a cross-functional working group that identifies and evaluates opportunities to promote sustainable business practices that support our purpose of providing responsible solutions that deliver energy to the world.”
About Valaris Limited
Valaris Limited (NYSE: VAL) is the industry leader in offshore drilling services across all water depths and geographies. Operating a high-quality rig fleet of ultra-deepwater drillships, versatile semisubmersibles and modern shallow-water jackups, Valaris has experience operating in nearly every major offshore basin. Valaris maintains an unwavering commitment to safety, operational excellence, and customer satisfaction, with a focus on technology and innovation. Valaris Limited is a Bermuda exempted company (Bermuda No. 56245). To learn more, visit our website at www.valaris.com.
Cautionary Statements
Statements contained in this press release that are not historical facts are 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 include words or phrases such as "anticipate," "believe," "estimate," "expect," "intend," “likely,” "plan," "project," "could," "may," "might," “should,” “will” and similar words. The forward-looking statements contained in this press release are subject to numerous risks, uncertainties and assumptions that may cause actual results to vary materially from those indicated, including the cancellation, suspension, renegotiation or termination of drilling contracts and programs, including drilling contracts which grant the customer termination rights if final investment decision (FID) is not received with respect to projects for which the drilling rig is contracted; oil and natural gas price volatility, customer demand for drilling rigs; downtime and other risks associated with offshore rig operations; severe weather or hurricanes; changes in worldwide rig supply, competition and technology; risks inherent to shipyard rig reactivation, upgrade, repair or maintenance; our ability to enter into, and the terms of, future drilling contracts; suitability of rigs for future contracts; governmental regulatory, legislative and permitting requirements affecting drilling operations; our ability to obtain financing, fund capital expenditures and pursue other business opportunities; the effects of our emergence from bankruptcy on the Company's business, relationships, comparability of our financial results and ability to access financing sources; actions taken by regulatory authorities or other third parties; the COVID-19 global pandemic and the related public health measures implemented by governments worldwide; increased scrutiny of Environmental, Social and Governance (“ESG”) practices and reporting responsibilities; changes in customer strategy; future levels of offshore drilling activity; governmental action, civil unrest and political and economic uncertainties; terrorism, piracy and military action; environmental or other liabilities, risks or losses; debt agreement restrictions that may limit our liquidity and flexibility; failure to satisfy our debt obligations; and cybersecurity risks and threats. In addition to the numerous factors described above, you should also carefully read and consider “Item 1A. Risk Factors” in Part I and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II of our most recent annual report on Form 10-K, which is available on the Securities and Exchange Commission’s website at www.sec.gov or on the Investor Relations section of our website at www.valaris.com. Each forward-looking statement speaks only as of the date of the particular statement and we undertake no obligation to update or revise any forward-looking statements, except as required by law.
Investor & Media Contacts:
Darin Gibbins
Vice President - Investor Relations and Treasurer
+1-713-979-4623
Tim Richardson
Director - Investor Relations
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BARCELONA, Spain--(BUSINESS WIRE)--Wallbox (NYSE:WBX), a leading provider of electric vehicle (EV) charging and energy management solutions worldwide, today announced the appointment of Cesar Ruipérez to the Wallbox Board of Directors and named him as Chairperson of Wallbox’s Nominating and Corporate Governance Committee. He will fill the seat previously held by Diego Diaz.
Mr. Ruipérez has served as a Director of Corporate Development at Iberdrola, S.A., a Spanish multinational electric utility company, since October 2008. At Iberdrola, Mr. Ruipérez has led various acquisitions, divestments and joint ventures in different geographies and business segments. Prior to joining Iberdrola, from September 2005 to October 2008, Mr. Ruipérez served as an analyst at Deloitte and 360 Corporate in the mergers and acquisitions departments, advising industrial customers and financial sponsors in various transactions, including acquisitions, divestments and restructurings. Mr. Ruipérez holds an International Business Administration degree from Universidad Pontificia Comillas in Madrid (ICADE) and Dublin City University (DCU).
“I am incredibly honored to serve on the Wallbox Board of Directors,” said Cesar Ruipérez. “The future is electric, and Wallbox continues to revolutionize the electric vehicle charging industry with its innovative solutions. Since the beginning, Iberdrola has been a reference shareholder in the company.”
“I would like to thank Diego, who has been with us since the beginning, for his guidance and commitment during his tenure as board member and wish him the best for his future endeavors,” said Enric Asunción, CEO of Wallbox. “I would also like to welcome Cesar Ruipérez, who will bring a valuable perspective as we embark on our next phase of growth and expansion.”
About Wallbox
Wallbox is a global technology company, dedicated to changing the way the world uses energy. Wallbox creates advanced electric vehicle charging and energy management systems that redefine the relationship between users and the network. Wallbox goes beyond charging electric vehicles to give users the power to control their consumption, save money and live more sustainably. Wallbox offers a complete portfolio of charging and energy management solutions for residential, semi-public, and public use in more than 113 countries around the world. Founded in 2015 in Barcelona, where the company’s headquarters are located, Wallbox currently has more than 1,200 employees in its offices across Europe, Asia, and America. For more information, visit www.wallbox.com
Wallbox PR Contact:
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AE’s program awards tuition support, internship opportunities and professional mentoring for students from seven partner universities
DENVER--(BUSINESS WIRE)--Advanced Energy (Nasdaq: AEIS) – a global leader in highly engineered, precision power conversion, measurement and control solutions – launched its 2023 Advanced Energy STEM Diversity Scholarship Program. The program aims to develop emerging talent and promote greater ethnic, racial and gender diversity in STEM (science, technology, engineering and mathematics). In addition to providing each recipient a $20,000 grant towards tuition cost, benefits include professional mentoring and internship opportunities at Advanced Energy.
“The technology industry’s success depends on new ideas coming from a diverse, innovative and entrepreneurial workforce, and we need to be intentional about reaching out to underrepresented groups in the STEM field,” said Randy Heckman, Chief Technology Officer at Advanced Energy. “Our STEM Diversity Scholarship Program aims to expand the talent pipeline and develop students from diverse backgrounds into workforce-ready professionals.”
The 2023 program is currently accepting applications from undergraduate and post-graduate students enrolled at seven partner universities that excel in education and research supporting precision power technologies: the University of Colorado, Colorado State University, University at Buffalo, Rochester Institute of Technology, University of Minnesota, San Jose State University and California Polytechnic State University at San Luis Obispo. The scholarship application submission deadline is January 31, 2023.
This is the third year for this program. Recipients of the Advanced Energy STEM Diversity Scholarships in 2021 and 2022 attended the University at Buffalo, Rochester Institute of Technology, University of Colorado Boulder and Colorado State University.
To learn more about the submission and selection process, visit: https://www.advancedenergy.com/stemscholarship
About Advanced Energy
Advanced Energy Industries, Inc. (Nasdaq: AEIS) is a global leader in the design and manufacture of highly engineered, precision power conversion, measurement and control solutions for mission-critical applications and processes. Advanced Energy’s power solutions enable customer innovation in complex applications for a wide range of industries including semiconductor equipment, industrial production, medical and life sciences, data center computing, networking and telecommunications. With engineering know-how and responsive service and support for customers around the globe, the company builds collaborative partnerships to meet technology advances, propels growth of its customers and innovates the future of power. Advanced Energy has devoted four decades to perfecting power. It is headquartered in Denver, Colorado, USA.
For more information, visit www.advancedenergy.com.
Advanced Energy | Precision. Power. Performance. Trust.
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Simon Flatt
Grand Bridges for Advanced Energy Industries, Inc.
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STAMFORD, CONNECTICUT--(BUSINESS WIRE)--Crane Holdings, Co. (“Crane,” NYSE: CR), a diversified manufacturer of highly engineered industrial products, today announced that Crane Company has filed a Form 10 Registration Statement with the U.S. Securities and Exchange Commission (SEC) relating to the company’s previously announced plan to separate into two simplified businesses to optimize investment and capital allocation, accelerate growth, and unlock shareholder value.
Max Mitchell, Crane’s President and Chief Executive Officer stated: “The public filing of the Form 10 is another important milestone toward the separation transaction to create Crane Company and Crane NXT. We continue to believe that the separation will create two focused businesses, each with differentiated technology, industry leading positions, strong balance sheets and significant opportunities for growth and value creation.”
Update on Previously Announced Separation
On March 30, 2022, Crane announced that its Board of Directors had unanimously approved a plan to pursue a separation into two independent, publicly-traded companies to optimize investment and capital allocation, accelerate growth, and unlock shareholder value.
Upon completion, Crane shareholders will benefit from ownership in two focused and simplified businesses that are both leaders in their respective industries and well-positioned for continued success:
Upcoming Events
Transaction Details
The separation is expected to occur through a tax-free distribution of the Aerospace & Electronics, Process Flow Technologies, and Engineered Materials businesses to the Company’s shareholders. Payment & Merchandising Technologies will be renamed Crane NXT concurrent with the separation, and the Aerospace & Electronics, Process Flow Technologies, and Engineered Materials businesses will be named Crane Company. Upon completion of the separation, shareholders as of the record date will own 100% of the equity in both of the publicly traded companies.
About Crane Holdings, Co.
Crane Holdings, Co. is a diversified manufacturer of highly engineered industrial products. Founded in 1855, Crane provides products and solutions to customers across end markets including aerospace, defense, chemical and petrochemical, water and wastewater, payment automation, and banknote security and production, as well as for a wide range of general industrial and consumer applications. The Company has four business segments: Aerospace & Electronics, Process Flow Technologies, Payment & Merchandising Technologies, and Engineered Materials. Crane has approximately 11,000 employees in the Americas, Europe, the Middle East, Asia and Australia. Crane is traded on the New York Stock Exchange (NYSE:CR). For more information, visit www.craneco.com.
Forward-Looking Statements Disclaimer
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include all statements that are not historical statements of fact and those regarding our intent, belief, or expectations, including, but not limited to: statements regarding Crane’s and the ultimate spin-off company’s (“SpinCo”) portfolio composition and their relationship following the business separation; the anticipated timing, structure, benefits, and tax treatment of the separation transaction; benefits and synergies of the separation transaction; strategic and competitive advantages of each of Crane and SpinCo; future financing plans and opportunities; and business strategies, prospects and projected operating and financial results. In addition, there is also no assurance that the separation transaction will be completed, that Crane’s Board of Directors will continue to pursue the separation transaction (even if there are no impediments to completion), that Crane will be able to separate its businesses or that the separation transaction will be the most beneficial alternative considered. We caution investors not to place undue reliance on any such forward-looking statements.
Words such as “anticipate(s),” “expect(s),” “intend(s),” “believe(s),” “plan(s),” “may,” “will,” “would,” “could,” “should,” “seek(s),” and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. These statements are based on management’s current expectations and beliefs and are subject to a number of risks and uncertainties that could lead to actual results differing materially from those projected, forecasted or expected. Although we believe that the assumptions underlying the forward-looking statements are reasonable, we can give no assurance that our expectations will be attained.
Risks and uncertainties that could cause actual results to differ materially from our expectations include, but are not limited to: changes in global economic conditions (including inflationary pressures) and geopolitical risks, including macroeconomic fluctuations that may harm our business, results of operation and stock price; the continuing effects from the coronavirus pandemic on our business and the global and U.S. economies generally; information systems and technology networks failures and breaches in data security, theft of personally identifiable and other information, non-compliance with our contractual or other legal obligations regarding such information; our ability to source components and raw materials from suppliers, including disruptions and delays in our supply chain; demand for our products, which is variable and subject to factors beyond our control; governmental regulations and failure to comply with those regulations; fluctuations in the prices of our components and raw materials; loss of personnel or being able to hire and retain additional personnel needed to sustain and grow our business as planned; risks from environmental liabilities, costs, litigation and violations that could adversely affect our financial condition, results of operations, cash flows and reputation; risks associated with conducting a substantial portion of our business outside the U.S.; being unable to identify or complete acquisitions, or to successfully integrate the businesses we acquire, or complete dispositions; adverse impacts from intangible asset impairment charges; potential product liability or warranty claims; being unable to successfully develop and introduce new products, which would limit our ability to grow and maintain our competitive position and adversely affect our financial condition, results of operations and cash flow; significant competition in our markets; additional tax expenses or exposures that could affect our financial condition, results of operations and cash flows; inadequate or ineffective internal controls; specific risks relating to our reportable segments, including Aerospace & Electronics, Process Flow Technologies, Payment & Merchandising Technologies and Engineered Materials; the ability and willingness of Crane and SpinCo to meet and/or perform their obligations under any contractual arrangements that are entered into among the parties in connection with the separation transaction and any of their obligations to indemnify, defend and hold the other party harmless from and against various claims, litigation and liabilities; and the ability to achieve some or all the benefits that we expect to achieve from the separation transaction.
Readers should carefully review Crane’s financial statements and the notes thereto, as well as the section entitled “Risk Factors” in Item 1A of Crane’s Annual Report on Form 10-K for the year ended December 31, 2021 and the other documents Crane and its subsidiaries file from time to time with the SEC. Readers should also carefully review the “Risk Factors” section of the registration statement relating to the business separation, which has been filed by SpinCo with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.
These forward-looking statements reflect management’s judgment as of this date, and Crane assumes no (and disclaims any) obligation to revise or update them to reflect future events or circumstances.
We make no representations or warranties as to the accuracy of any projections, statements or information contained in this document. It is understood and agreed that any such projections, targets, statements and information are not to be viewed as facts and are subject to significant business, financial, economic, operating, competitive and other risks, uncertainties and contingencies many of which are beyond our control, that no assurance can be given that any particular financial projections ranges, or targets will be realized, that actual results may differ from projected results and that such differences may be material. While all financial projections, estimates and targets are necessarily speculative, we believe that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection, estimate or target extends from the date of preparation. The assumptions and estimates underlying the projected, expected or target results are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the financial projections, estimates and targets. The inclusion of financial projections, estimates and targets in this press release should not be regarded as an indication that we or our representatives, considered or consider the financial projections, estimates and targets to be a reliable prediction of future events.
This press release does not constitute an offer to sell, or a solicitation of an offer to buy, securities for sale.
Non-GAAP Explanation
Crane Holdings, Co. reports its financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). This press release includes certain non-GAAP financial measures, including pre-corporate Adjusted EBITDA margin, that are not prepared in accordance with GAAP. Crane Holdings, Co. calculates “pre-corporate Adjusted EBITDA margin” as pre-corporate Adjusted EBITDA (earnings before interest, tax, depreciation and amortization expenses, before corporate overhead expense which includes director compensation, securities laws compliance costs, audit and professional fees, and other public company costs, and before Special Items which include transaction related expenses such as tax charges, professional fees and incremental corporate costs related to the proposed separation and other potential corporate transactions), divided by sales. These non-GAAP measures are an addition, and not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP and should not be considered as an alternative to operating income, net income or any other performance measures derived in accordance with GAAP.
We believe that pre-corporate Adjusted EBITDA margin on a forward-looking or projected basis provides useful supplemental information to investors about Crane Company and Crane NXT after the proposed separation transaction by presenting a prospective view of each post-separation company’s underlying profitability that is not influenced by: depreciation and amortization related to historical acquisition and capital investment activity, and which may not be representative of future levels of capital investment and acquisition activity post-separation; corporate costs which will be influenced by the corporate structure of each post-separation company that will be determined by management teams and Boards of Directors that have not yet been fully established; and, Special Items primarily related to separation transaction costs that are not related to the underlying and ongoing operations of the post-separation company’s businesses.
Our management uses certain forward looking non-GAAP measures to evaluate projected financial and operating results. However, there are a number of limitations related to the use of these non-GAAP measures and their nearest GAAP equivalents. For example, other companies may calculate non-GAAP measures differently, or may use other measures to calculate their financial performance, and therefore our non-GAAP measures may not be directly comparable to similarly titled measures of other companies. Reconciliations of forward-looking and projected non-GAAP measures, such as pre-corporate Adjusted EBITDA margin, to the closest corresponding GAAP measure are not available without unreasonable efforts due to the high variability, complexity and low visibility with respect to the charges excluded from these non-GAAP measures, which could have a potentially significant impact on our future GAAP results.
Jason D. Feldman
Vice President, Investor Relations
203-363-7329
www.craneco.com
Revolution to Begin Operation in Mid-2023
MIAMI & CRANE, Texas--(BUSINESS WIRE)--Spearmint Energy (“Spearmint”) a next-generation renewable energy company enabling the clean energy revolution through battery energy storage, today announced that it has begun construction of Revolution, its 150 MW, 2-hour battery energy storage project in West Texas, in partnership with Mortenson, a leading power engineering, procurement, and construction (EPC) contractor with deep experience in wind, solar, transmission and distribution, repowering, and battery energy storage.
In November 2022, Spearmint and Mortenson executed an EPC agreement under which Mortenson will design and build Revolution. Specifically, Mortenson will construct the battery storage facility, substation, and transmission line connecting the project to the ERCOT grid. Revolution marks Mortenson’s 20th battery energy storage project.
“We are proud to begin construction of Revolution in close partnership with Mortenson, an industry pioneer with significant expertise engineering and constructing battery energy storage facilities,” said Andrew Waranch, Founder, President, and Chief Executive Officer of Spearmint. “Revolution will provide critical grid resiliency and reliability services to enable the continued deployment of low-cost renewable energy in ERCOT at a time when our nation is grappling with challenges brought by a changing climate, rising oil and natural gas prices, increasing demand for electricity, and the impacts of supply chain constraints, inflation, and tariffs on the construction of new generation facilities. We are pleased to break ground with Mortenson on our inaugural project and are 100% committed to bringing Revolution into service with a pledge to zero injuries.”
Brent Bergland, Vice President of Project Development for Mortenson added, “We are excited to share our best-in-class battery energy storage design and building capabilities to execute Revolution safely and successfully. We look forward to working closely with the Spearmint team to add this much-needed storage asset to the ERCOT grid.”
Located in West Texas, a long-established wind and solar generation hub within the Lower Colorado River Authority’s transmission network, Revolution is expected to be one of the largest batteries in the United States, furthering the growth of “Texas-sized” batteries in ERCOT and across the country. Revolution, which will begin operation in mid-2023, will support a low-cost, clean, and resilient grid for homes and business throughout ERCOT, while shifting energy generated by wind and the sun to times when it is most needed.
About Spearmint Energy
Founded by energy industry veteran Andrew Waranch in partnership with Kevin Kelley, CEO of Roscommon Analytics LLC, Spearmint is a next generation renewable energy company enabling the clean energy revolution through battery energy storage. The Spearmint platform is comprised of three distinct strategies, including battery and solar project development, energy storage offtake, and renewables power trading. For more information, please visit: https://www.spearmintenergy.com/
About Mortenson
Mortenson is a U.S.-based, top-20 builder, developer, and engineering services provider serving the commercial, institutional, and energy sectors. Mortenson’s expanding portfolio of integrated services helps its customers move their strategies forward, ensuring their investments result in high-performing assets. The result is a turnkey partner, fully invested in the business success of its customers. For additional information, visit www.mortenson.com.
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Gasthalter & Co.
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