ORANGE, Conn.--(BUSINESS WIRE)--AVANGRID (NYSE: AGR), a leading sustainable energy company and part of the Iberdrola Group, today released the following statement regarding its clean energy investments in Massachusetts and the path forward for the Commonwealth Wind project.
“We are proud that our joint venture, the nation-leading Vineyard Wind 1 project, will bring 800 Megawatts (MW) of offshore wind to and create 3,600 jobs for Massachusetts. The project has achieved material milestones, including the securing of 62 GE Haliade-X turbines, receipt of all federal, state, and local permits, and commencing of undersea cable installation. We’re projecting delivering first power to the grid late 2023, achieving Commercial Operation in 2024. And recently, we announced that AVANGRID will lead the operations and maintenance of the project, tapping into our global expertise to become the first offshore O&M operator in the U.S. We are proud that Vineyard Wind 1 is a turning point moment for the U.S. and launches a brand new American clean energy industry that will create thousands of jobs, improve our energy security, and help address the climate emergency.
In addition to Vineyard Wind 1, AVANGRID has also invested in the New England Clean Energy Connect (NECEC) hydroelectric line, and the Commonwealth Wind project, bringing its total of proposed investment in the region to $10 billion – demonstrating the company’s steadfast commitment to helping Massachusetts meet its nation-leading climate and clean energy goals We continue to battle incumbent energy interests, including fossil fuel opposition, to bring the 1200 MW cost-effective NECEC hydroelectric project forward.
Regarding Commonwealth Wind, we know how important this project is to ensure that Massachusetts can meet its climate goals, have cost-effective pricing for ratepayers, and jump start economic development, including the redevelopment of Salem Harbor as an offshore wind marshalling port and the development of a cable manufacturing facility at Brayton Point. We have a path forward to ensure that we can finance and build this project to deliver 1200 MW of emissions free, cost-effective energy resources, helping Massachusetts achieve the state’s climate law and targets for 2030. Despite unprecedented challenges in the global economy in the form of supply chain disruptions, historic levels of inflation, and rising interest rates, AVANGRID has engaged in good-faith and productive discussions with Massachusetts state officials regarding these challenges and the need to restore the project to economic viability. AVANGRID appreciates their engagement as we worked to find a path forward for the project having invested millions of dollars already in its permitting and development. As building Commonwealth Wind remains our objective, AVANGRID has been disappointed in the Electric Distribution Companies’ refusal to immediately engage on this matter.
To advance this project as expeditiously as possible, AVANGRID today filed a motion with the DPU to dismiss its review of the Commonwealth Wind contracts, which will allow all parties an opportunity to pursue an expedient path forward – opening the path to inclusion of the 1200 MW in the upcoming offshore wind solicitation slated for April 2023. With this step, a competitive process that accounts for the unprecedented changes will ensure that a clean energy project can be built to serve the Commonwealth’s energy needs. AVANGRID is committed to bidding Commonwealth Wind into that solicitation, and has the utmost confidence, given the advanced stage of the project and its inherent benefits, that it can address the current economic challenges facing the project and offer the most cost-effective pricing; a superior timeline for completion that positions Massachusetts to meet its ambitious 2030 climate target; and the creation of thousands of jobs and transformational economic development opportunities.
We thank the Baker Administration, the Attorney General’s Office, and the incoming Administration of Governor-elect Maura Healey for their work on behalf of the people of the Commonwealth. We are proud of the remarkable partnership we have built with Massachusetts as we work together to launch a nascent offshore wind industry for the United States, and we remain committed as ever to reinforcing our bond and advancing our shared goal of a better, brighter clean energy future.”
About AVANGRID: AVANGRID, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $40 billion in assets and operations in 24 U.S. states, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs more than 7,000 people and has been recognized by JUST Capital in 2021 and 2022 as one of the JUST 100 companies – a ranking of America’s best corporate citizens. In 2022, AVANGRID ranked second within the utility sector for its commitment to the environment and the communities it serves. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2022 for the fourth consecutive year by the Ethisphere Institute. For more information, visit www.avangrid.com.
About Iberdrola: Iberdrola is one of the world's biggest energy companies and a leader in renewables, spearheading the energy transition to a low carbon economy. The group supplies energy to almost 100 million people in dozens of countries. With a focus on renewable energy, smart networks and smart solutions for customers, Iberdrola’s main markets include Europe (Spain, the United Kingdom, Portugal, France, Germany, Italy and Greece), the United States, Brazil, Mexico and Australia. The company is also present in growth markets such as Japan, Taiwan, Ireland, Sweden and Poland, among others.
With a workforce of nearly 40,000 and assets in excess of €141.7 billion, across the world, Iberdrola helps to support 400,000 jobs across its supply chain, with annual procurement of €12.2 billion. A benchmark in the fight against climate change, Iberdrola has invested more than €130 billion over the past two decades to help build a sustainable energy model, based on sound environmental, social and governance (ESG) principles.
MEDIA:
Kim Harriman
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Syntax will enable production control from the cloud in 2023 with a custom template for over 80 Siemens Energy locations worldwide
MONTREAL--(BUSINESS WIRE)--Syntax, the leading multi-cloud and multi-ERP managed cloud provider for mission-critical applications, today announced a partnership with Siemens Energy to design and implement its new SAP Digital Manufacturing Cloud (DMC) infrastructure for over 80 production sites globally.
Syntax will execute the SAP DMC subscription contract for five pilot plants located in Germany, Mexico, and the United Kingdom. These sites reflect the enormously wide range of Siemens Energy’s requirements as Syntax gathers critical process data for analysis, process modeling and execution, and resource coordination.
During this period, Syntax will also provide expertise in the integration of manufacturing processes for the company, creating a strong foundation for a digital factory implementation through the creation of a standard template. This Siemens Energy template, which is set to be developed before the end of 2023, will gradually be rolled out globally over a period of seven years.
"We are very proud that Siemens Energy has chosen Syntax for this strategic and important global initiative," says Ralf Sürken, CEO Europe, Syntax. “The combination of SAP know-how, industry experience and global positioning that Syntax brings to the table is unique – especially with the addition of our recently-founded global Center of Excellence for Manufacturing and participation in global certification programs.”
As one of the world’s leading energy technology companies, Siemens Energy operates globally along nearly the entire energy value chain. Its products include gas turbines, steam turbines, generators, transformers, and compressors. Siemens Energy’s stake in Siemens Gamesa Renewable Energy makes it a global market leader in renewable energies including conventional and renewable energy technology, such as gas and steam turbines, hybrid power plants operated with hydrogen, and power generators and transformers.
"We chose to partner with Syntax because of its holistic approach to digital transformation, and its high level of expertise and extensive experience with projects related to the SAP Digital Manufacturing Cloud," explains Matthias Hammes, IT project manager, Siemens Energy. “As an important part of our sustainable digitization strategy within the production areas, this project is of great strategic importance for Siemens Energy. Using the same systems at all production sites is the basis for notably better cooperation, protection against cybersecurity threats, and more efficient interests of the customer."
With the many years of experience and proven multi-cloud expertise, Syntax understands industrial settings and knows how to implement customers’ best business solutions in appropriate SAP systems. As a global IT service provider, Syntax is increasingly aware and remains focused on supporting customers and partners with an eye on social and environmental impacts of the products and services they buy, build and use.
About Syntax:
Syntax provides comprehensive technology solutions and trusted professional, advisory, and application management services to power businesses’ mission-critical applications in the cloud. With 50 years of experience and 700+ customers around the world, Syntax has deep expertise in implementing and managing multi-ERP deployments in secure private, public, or hybrid environments. Syntax partners with SAP, Oracle, JD Edwards, AWS, Microsoft, and other global technology leaders to ensure customers’ applications are seamless, secure, and at the forefront of enterprise technology innovation. Learn more about Syntax at www.syntax.com.
About Siemens Energy
Siemens Energy is one of the world's leading energy technology companies. The company works together with its customers and partners on the energy systems of the future, thereby supporting the transition to a more sustainable world. With its portfolio of products, solutions and services, Siemens Energy covers almost the entire energy value chain - from energy generation to energy transmission and storage. The portfolio includes conventional and renewable energy technology, such as gas and steam turbines, hydrogen-powered hybrid power plants, generators and transformers. More than 50 percent of the portfolio is already decarbonized. Through the majority stake in the listed Siemens Gamesa Renewable Energy (SGRE), Siemens Energy is one of the world market leaders in renewable energies. An estimated one sixth of the world's electricity generation is based on technologies from Siemens Energy. Siemens Energy employs around 92,000 people in more than 90 countries worldwide and generated sales of 29 billion euros in the 2022 fiscal year.
Siemens Energy is a trademark licensed by Siemens AG.
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HOUSTON--(BUSINESS WIRE)--SLB (NYSE: SLB) will hold a conference call on January 20, 2023 to discuss the results for the fourth quarter and full year ending December 31, 2022.
The conference call is scheduled to begin at 9:30 am US Eastern time and a press release regarding the results will be issued at 7:00 am US Eastern time.
To access the conference call, listeners should contact the Conference Call Operator at +1 (844) 721-7241 within North America or +1 (409) 207-6955 outside of North America approximately 10 minutes prior to the start of the call and the access code is 8858313.
A webcast of the conference call will be broadcast simultaneously at www.slb.com/irwebcast on a listen-only basis. Listeners should log in 15 minutes prior to the start of the call to test their browsers and register for the webcast. Following the end of the conference call, a replay will be available at www.slb.com/irwebcast until February 20, 2023, and can be accessed by dialing +1 (866) 207-1041 within North America or +1 (402) 970-0847 outside of North America and giving the access code 5784911.
About SLB
SLB (NYSE: SLB) is a global technology company that drives energy innovation for a balanced planet. With a global footprint in more than 100 countries and employees representing almost twice as many nationalities, we work each day on innovating oil and gas, delivering digital at scale, decarbonizing industries, and developing and scaling new energy systems that accelerate the energy transition. Find out more at slb.com.
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Differentiating in the market with their green broadband initiative, AcenTek earns top customer innovation honors by leveraging the world’s greenest broadband network architecture to deliver substantial energy savings from the data center to the home network
SAN JOSE, Calif.--(BUSINESS WIRE)--Calix, Inc. (NYSE: CALX) has recognized AcenTek as a “Giant of Sustainability” and a 2022 Customer Innovations Award winner. Announced at Calix ConneXions 2022, the award honors AcenTek for their innovative approach to becoming a “green broadband” service provider. AcenTek leveraged energy-efficient Calix Intelligent Access EDGE™ and Calix Revenue EDGE™ platforms to deliver exceptional energy savings of 73 percent in network access edge energy consumption and 50 percent in the subscriber’s home network. AcenTek differentiates by deploying sustainable broadband technology to deliver amazing Calix managed services to subscribers in an energy-efficient and cost-effective way. By dramatically reducing energy consumption end to end while lowering OPEX, AcenTek is taking giant steps to ensure a sustainable future for their community.
AcenTek’s pioneering green broadband strategy incorporates both the Intelligent Access EDGE and Revenue EDGE platforms to optimize energy savings. As a result, AcenTek is able to:
“We are honored to be recognized by Calix with this award,” said Ethan Webinger, chief operating officer at AcenTek. “Calix has been an invaluable partner as we’ve developed our green broadband initiative and built our green broadband network. We’ve reduced our core routing power footprint by 73 percent by eliminating routing systems with the Intelligent Access EDGE E9-2 system. We’ve also increased network capacity and simplified operations and management as a result of deploying the Network Innovation Platform on all our systems. After 17 years we can confidently say that Calix is the only company that consistently delivers innovative, end-to-end sustainable broadband solutions to rural communities like ours. Where industry giants overlook us, Calix honors us for our commitment to a sustainable future. Thanks to Calix, we will be able to continue our green broadband initiative and grow our value in the community for generations to come.”
AcenTek began in 1950 as the Fillmore County Telephone Cooperative, formed by a group of farmers determined to improve rural telephone service in rural Minnesota. Today, AcenTek (“Ascending Technology”) brings broadband innovation and transformation to 17,000 subscribers in 33 communities.
“We believe that communities should not have to sacrifice sustainability in order to get fast broadband and vital managed services,” said Shane Eleniak, executive vice president of products at Calix. “We have invested more than $1 billion over the past 11 years to develop the world’s greenest subscriber-facing broadband network architecture. With the Intelligent Access EDGE platform, BSPs can consolidate multiple network systems and subscriber functions into the fewest network components—dramatically reducing both energy and OPEX. By partnering with Calix, service providers can deliver the world-class broadband their subscribers demand with the simplest and most efficient operating model in the industry. AcenTek’s innovative next-generation network demonstrates their commitment to sustainability while establishing themselves as a giant in their community. That’s the power of partnerships and innovation.”
Visit the Calix Green Broadband page to learn more about how Calix platforms support green broadband initiatives and sustainability programs.
About Calix
Calix, Inc. (NYSE: CALX)—Calix cloud and software platforms enable service providers of all types and sizes to innovate and transform. Our customers utilize the real-time data and insights from Calix platforms to simplify their businesses and deliver experiences that excite their subscribers. The resulting growth in subscriber acquisition, loyalty, and revenue creates more value for their businesses and communities. This is the Calix mission: To enable broadband service providers of all sizes to simplify, excite, and grow.
This press release contains forward-looking statements that are based upon management’s current expectations and are inherently uncertain. Forward-looking statements are based upon information available to us as of the date of this release, and we assume no obligation to revise or update any such forward-looking statement to reflect any event or circumstance after the date of this release, except as required by law. Actual results and the timing of events could differ materially from current expectations based on risks and uncertainties affecting Calix’s business. The reader is cautioned not to rely on the forward-looking statements contained in this press release. Additional information on potential factors that could affect Calix’s results and other risks and uncertainties are detailed in its quarterly reports on Form 10-Q and Annual Report on Form 10-K filed with the SEC and available at www.sec.gov.
Calix and the Calix logo are trademarks or registered trademarks of Calix and/or its affiliates in the U.S. and other countries. A listing of Calix’s trademarks can be found at https://www.calix.com/pages/trademarks.html. Third-party trademarks mentioned are the property of their respective owners.
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HOUSTON--(BUSINESS WIRE)--Permianville Royalty Trust (NYSE: PVL, the “Trust”) today announced a cash distribution to the holders of its units of beneficial interest of $0.058000 per unit, payable on January 17, 2023 to unitholders of record on December 30, 2022. The net profits interest calculation represents reported oil production for the month of September 2022 and reported natural gas production during August 2022. The calculation includes accrued costs incurred in October 2022.
The following table displays reported underlying oil and natural gas sales volumes and average received wellhead prices attributable to the current and prior month recorded net profits interest calculations.
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Underlying Sales Volumes |
|
Average Price |
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|
Oil |
|
Natural Gas |
|
Oil |
|
Natural Gas |
||||||
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|
Bbls |
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Bbls/D |
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Mcf |
|
Mcf/D |
|
(per Bbl) |
|
(per Mcf) |
||
Current Month |
|
37,419 |
|
1,247 |
|
250,486 |
|
8,080 |
|
$ |
94.66 |
|
$ |
7.20 |
Prior Month |
|
42,594 |
|
1,374 |
|
144,367 |
|
4,657 |
|
$ |
97.06 |
|
$ |
7.05 |
Recorded oil cash receipts from the oil and gas properties underlying the Trust (the “Underlying Properties”) totaled $3.5 million for the current month on realized wellhead prices of $94.66/Bbl, down $0.6 million from the prior month’s oil cash receipts.
Recorded natural gas cash receipts from the Underlying Properties totaled $1.8 million for the current month on realized wellhead prices of $7.20/Mcf, up $0.8 million from the prior month.
Total accrued operating expenses for the period were $2.3 million, a decrease of $0.5 million from the prior period. Capital expenditures increased $0.1 million from the prior period to $0.5 million.
As previously disclosed, COERT Holdings 1 LLC (the “Sponsor”) has established a $1.0 million cash reserve for approved, future development expenses. As operators of the Underlying Properties are still preparing their capital expenditure budgets for the upcoming fiscal year, and given current commodity price volatility, the Sponsor has informed the Trustee that it plans to continue to maintain the $1.0 million reserve to fund incremental future development expenses; however, if those expenses are ultimately delayed or are less than expected, or if the outlook changes, amounts reserved but unspent will be released as an incremental cash distribution in a future period.
About Permianville Royalty Trust
Permianville Royalty Trust is a Delaware statutory trust formed to own a net profits interest representing the right to receive 80% of the net profits from the sale of oil and natural gas production from certain, predominantly non-operated, oil and gas properties in the states of Texas, Louisiana and New Mexico. As described in the Trust’s filings with the Securities and Exchange Commission (the “SEC”), the amount of the periodic distributions is expected to fluctuate, depending on the proceeds received by the Trust as a result of actual production volumes, oil and gas prices, the amount and timing of capital expenditures, and the Trust’s administrative expenses, among other factors. Future distributions are expected to be made on a monthly basis. For additional information on the Trust, please visit www.permianvilleroyaltytrust.com.
Forward-Looking Statements and Cautionary Statements
This press release contains statements that are “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical facts, are “forward-looking statements” for purposes of these provisions. These forward-looking statements include the amount and date of any anticipated distribution to unitholders, expectations regarding the cash reserve for future development expenses and expectations regarding current and future capital expenditures and development activities on the Underlying Properties. The anticipated distribution is based, in large part, on the amount of cash received or expected to be received by the Trust from the Sponsor with respect to the relevant period. The amount of such cash received or expected to be received by the Trust (and its ability to pay distributions) has been and will continue to be directly affected by the volatility in commodity prices, which have experienced significant fluctuation since the beginning of 2020 as a result of a variety of factors that are beyond the control of the Trust and the Sponsor. Low oil and natural gas prices will reduce profits to which the Trust is entitled, which will reduce the amount of cash available for distribution to unitholders and in certain periods could result in no distributions to unitholders. Other important factors that could cause actual results to differ materially include expenses of the Trust, reserves for anticipated future expenses and the effect, impact, potential duration or other implications of the COVID-19 pandemic. In addition, future monthly capital expenditures may exceed the average levels experienced in 2021 and prior periods. Statements made in this press release are qualified by the cautionary statements made in this press release. Neither the Sponsor nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release. An investment in units issued by the Trust is subject to the risks described in the Trust’s filings with the SEC, including the risks described in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on March 25, 2022. The Trust’s quarterly and other filed reports are or will be available over the Internet at the SEC’s website at http://www.sec.gov.
Permianville Royalty Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Sarah Newell 1 (512) 236-6555
PORTSMOUTH, United Kingdom--(BUSINESS WIRE)--#ICPC--Under the theme ‘Submarine Cable Resilience—Back to Basics,’ the International Cable Protection Committee (ICPC) is delighted to announce the 2023 ICPC ‘Call for Papers’ has been officially issued for the forthcoming Plenary that will take place in-person after three years in a virtual setting. ICPC now seeks presentation abstracts from ICPC Member and non-Member organisations including the cable industry, academics, and the science and legal communities.
This year’s annual Plenary will take place in Madrid, Spain from 18th – 20th April 2023. Current ICPC Members, guest observers, invited speakers, and exhibitors from around the world will gather under one roof for three days to listen, learn, and discuss from a diverse set of topics about the vital importance of submarine power and fibre optic cables and their protection worldwide. If interested in presenting at the event, please submit your abstract by 13th January 2023 via the following link where you will also find a detailed ‘Call for Papers’ document which includes suggested presentation topics.
Ahead of the event, ICPC General Manager Mr Ryan Wopschall commented: ‘It has been a long road to get back to this point, but we are doing it—we will be in-person in Madrid in 2023! The Plenary has always been such a valuable venue for discussing the protection of submarine cables. If anything, the pandemic has showed us how vital this infrastructure is, and for that reason we have themed the event around the concept of resilience. As an organisation, we are also resilient, as is the submarine cable industry. Through the pandemic, the ICPC has taken initiatives to sponsor numerous research projects for the benefit of its members, we have maintained our relationships with our affiliate organisations, and our membership has grown to record levels allowing new relationships to be formed. On behalf of the ICPC, we look forward to meeting with new and veteran members, guest and invited speakers, and to rekindle the cornerstone of the ICPC—the annual Plenary.’
About the Plenary. The Plenary will offer participants the opportunities to enhance their industry knowledge by networking with colleagues and customers as well as meeting with exhibitors who will be showcasing their products and services. Delegates will find an agenda full of pertinent presentations, round table debates and interviews.
About the ICPC. The ICPC is the world’s premier submarine cable protection organisation. It was formed in 1958 to promote the protection of submarine cables against human-made and natural hazards. It provides a forum for the exchange of technical, legal, and environmental information about submarine cables and engages with stakeholders and governments globally to promote submarine cable protection. The ICPC has over 190 Members from 69 nations, including cable operators, owners, manufacturers, industry service providers, as well as governments. For further information about the ICPC, see www.iscpc.org and www.linkedin.com/company/icpc-ltd/.
Please send e-mail to: This email address is being protected from spambots. You need JavaScript enabled to view it. for any enquiries. If interested in joining the ICPC, visit: https://iscpc.org/join-the-icpc/.
ICPC:
Ryan Wopschall
ICPC General Manager
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NEW YORK--(BUSINESS WIRE)--#KBRA--KBRA assigns ratings of ‘AAA’ for the Senior Notes (the “Notes”) and ‘A+’ for the Mandatory Redeemable Preferred Shares (“MRPS”) issued by Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP) (“TTP” or the “Fund”). Additionally, KBRA assigns a ‘Stable’ Outlook to the Notes and MRPS.
The Fund is registered under the Investment Company Act of 1940 (the “’40 Act”) and is a closed-end investment fund sponsored by Tortoise Capital Advisors, LLC. The Fund had its Initial Public Offering in October 2011 and its shares are listed on the New York Stock Exchange under the symbol TTP. The Fund invests primarily in equity securities of pipeline companies that transport natural gas, natural gas liquids (NGLs), crude oil and refined products and, to a lesser extent, in other energy infrastructure companies.
Key Credit Considerations
The rating is driven primarily by TTP’s asset coverage, liquidity, and management experience. Since inception through November 2022, the Fund has average senior and total asset coverage of 533% and 408%. Excluding one breach of asset coverage levels in March 2020 as a result of the market volatility experienced during the height of the COVID-19 pandemic and decline in crude oil prices, TTP has remained in compliance with the 1940 Act requirements.
Rating Sensitivities
Changes in asset coverage can occur throughout the life of a transaction. These variations can often be driven by changes to the fund’s NAV, which can be due to actual or anticipated defaults and losses, as well as reassessment of the underlying asset values. The KBRA ratings process, however, incorporates a certain amount of tolerance to changes in asset coverage levels. A deterioration in asset coverage levels below ’40 Act requirements and the Fund manager’s inability to liquidate assets and demonstrate intention to cure within the allowed 30-day period could impact the current ratings.
To access ratings and relevant documents, click here.
Click here to view the report.
Related Publications
Disclosures
A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.
Information on the meaning of each rating category can be located here.
This credit rating is endorsed by Kroll Bond Rating Agency Europe Limited for use in the European Union and by Kroll Bond Rating Agency UK Limited for use in the UK. Information on a credit rating’s endorsement status is available on its rating page at KBRA.com.
Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.
There are certain issuers, entities or transactions rated by KBRA Europe or KBRA UK that may be or have relationships with Shareholders and/or Shareholder-Related Companies, as that term is defined in KBRA’s Shareholder and Shareholder Related Companies for KBRA Europe and KBRA UK Policy and Procedure. Relevant disclosure information may be found here.
About KBRA
Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority pursuant to the Temporary Registration Regime. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.
Analysts
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Business Development
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District to Launch Pilot Program to Evaluate Electric School Bus Fleet Feasibility
MACON, Ga.--(BUSINESS WIRE)--Blue Bird Corporation (Nasdaq: BLBD), the leader in electric and low-emission school buses, has delivered its first electric school bus to Michigan. The state-of-the-art, zero-emission vehicle will serve Dearborn Public Schools and usher in a new era of clean student transportation for the school district. Dearborn Public Schools is the third largest school district in Michigan with 37 neighborhood elementary, middle, and high schools educating more than 20,000 students.
Dearborn Public Schools received an advanced Blue Bird All American RE electric school bus. The school bus can carry a maximum of 84 passengers for up to 120 miles on a single charge. The vehicle takes between three and eight hours to fully recharge depending on the charging infrastructure.
“We are thrilled to add the first electric vehicle to our school bus fleet and to test the school bus in our real-world environment year-round,” said Dr. Glenn Maleyko, superintendent of Dearborn Public Schools. “Electric school buses help reduce harmful greenhouse gas emissions. Today marks an important step as we start to evaluate this new technology.”
“Blue Bird is recognized as a technology leader and innovator of zero-emission school buses in North America,” said Britton Smith, senior vice president of electrification and chief strategy officer of Blue Bird Corporation, which has more than 850 electric-powered school buses in operation today. “We are excited to deliver our first electric bus to Michigan, a state on the cutting edge of automotive innovation and eMobility. Blue Bird continually expands its electric vehicle footprint and market reach. Today, Blue Bird electric buses transport thousands of school children every day in the majority of U.S. states.”
Dearborn Public Schools has solely relied on Blue Bird for more than 30 years to meet its student transportation needs and currently maintains a fleet of more than 70 Blue Bird buses. The transition to electric vehicles will help the school district to reduce harmful greenhouse gas emissions while improving student and community health.
Blue Bird’s electric school bus was partially funded by a $300,000 grant through the U.S. Environmental Protection Agency’s (EPA) 2021 American Rescue Plan Electric School Bus Rebate program. The EPA recently awarded extra funding to Dearborn Public Schools for up to 18 additional electric school buses through the 2022 Clean School Bus Rebate program. The EPA classifies Dearborn Public Schools as a priority district since about 70 percent of the families in the district are low-income.
Dearborn Public Schools anticipates benefiting from significant cost saving opportunities by reducing or eliminating the fuel and maintenance costs tied to traditional diesel-powered vehicles. Select Blue Bird customers reported fuel costs of up to 49 cents per mile for their diesel buses, compared to an average 14 cents per mile in energy costs for electric buses.
About Blue Bird Corporation
Blue Bird (NASDAQ: BLBD) is recognized as a technology leader and innovator of school buses since its founding in 1927. Our dedicated team members design, engineer and manufacture school buses with a singular focus on safety, reliability, and durability. Blue Bird buses carry the most precious cargo in the world – the majority of 25 million children twice a day – making us the most trusted brand in the industry. The company is the proven leader in low- and zero-emission school buses with more than 20,000 propane, natural gas, and electric powered buses in operation today. Blue Bird is transforming the student transportation industry through cleaner energy solutions. For more information on Blue Bird's complete product and service portfolio, visit www.blue-bird.com.
About Dearborn Public Schools
Dearborn Public Schools is the third largest school district in Michigan with more than 20,000 students. The district operates 37 schools across 36 buildings. We provide services ranging from the free preschool for qualified families to free early college programs that allow any able high school student to earn an associate degree or trade certificate before they graduate high school. The district’s Vision Statement has become a popular inspiration for the students and staff in the Dearborn Public Schools: Students First: Inspire, Educate, Celebrate. For more information, visit https://dearbornschools.org.
Blue Bird Media Contact
Julianne Barclay
TSN Communications
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Dearborn Public Schools Media Contact
David Mustonen
Communications Director
Dearborn Public Schools
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DUBLIN--(BUSINESS WIRE)--The "Global Pipeline Processing and Pipeline Services Market 2022-2026" report has been added to ResearchAndMarkets.com's offering.
The pipeline processing and pipeline services market is poised to grow by $982.99 million during 2022-2026, accelerating at a CAGR of 5.17% during the forecast period.
This report on the pipeline processing and pipeline services market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors. The report offers an up-to-date analysis of the current global market scenario, the latest trends and drivers, and the overall market environment.
The market is driven by an increasing preference for pipeline transportation, increasing oil and gas E and P activities, and developments in cross-border and cross-country pipeline infrastructure.
The pipeline processing and pipeline services market analysis includes type segment and geographic landscape. This study identifies the technological advances in pipeline inspection as one of the prime reasons driving the pipeline processing and pipeline services market growth during the next few years. Also, safer and continuous transportation and increasing incidents of pipeline ruptures will lead to sizable demand in the market.
Companies Mentioned
The analyst presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters. This report covers the following areas:
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.
The analyst presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers. The data presented is comprehensive, reliable, and a result of extensive research - both primary and secondary. The analyst's market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast the accurate market growth.
Key Topics Covered:
1 Executive Summary
1.1 Market overview
2 Market Landscape
2.1 Market ecosystem
3 Market Sizing
3.1 Market definition
3.2 Market segment analysis
3.3 Market size 2021
3.4 Market outlook: Forecast for 2021-2026
4 Five Forces Analysis
5 Market Segmentation by Type
6 Customer Landscape
6.1 Customer landscape overview
7 Geographic Landscape
8 Drivers, Challenges, and Trends
8.1 Market drivers
8.2 Market challenges
8.3 Impact of drivers and challenges
8.4 Market trends
9 Vendor Landscape
9.1 Overview
9.2 Vendor landscape
9.3 Landscape disruption
9.4 Industry risks
10 Vendor Analysis
11 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/xci9
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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ECU360’s Domestic Transportation Solution will help shippers in securing a truckload in real time with guaranteed capacity by providing accurate data on a real-time basis eliminating the hassle of managing and coordinating with multiple carriers.
MIAMI--(BUSINESS WIRE)--#AllcargoLogistics--ECU Worldwide’s Digital Logistics Platform – ECU360 has launched Domestic Transportation Solution to connect shippers with carriers across the length and breadth of the United States. The solution is built in partnership with ECU Trucking and launched on ECU360’s platform to streamline and automate the cumbersome process of finding carriers or shippers, ability to track the shipment end-to-end, and obtain quotes for shipping goods.
Surface transportation in the United States has a spend of US$ 800 billion and is prone to frequent fragmentation, giving rise to the cycles of boom and bust. Trucks are the lynchpins of the American economy and over 72% of consumable goods are moved through different parts of the country through it. They are a critical component of the supply-chain for goods arriving on ships, both domestic and international.
With this new launch, ECU360 wants to empower freight forwarders with a digital solution that helps in booking their required load to the destination along with transparency in rates. It cuts down the tedious process of obtaining quotes to tracking the status of the shipment at a click of button and within few seconds. The platform is end-to-end and enables freight forwarders to manage and optimize their on-ground transportation needs across the zip codes in partnership with over 120 Intermodal carriers with a click of button, stevedoring companies, and portside operation facilities to provide complete service and coverage for all USA/Canada ports and ramps.
Niels Nielsen, Regional Head USA & Canada, ECU Worldwide, said, “We are enabling shippers by providing them with the accurate data on a real-time basis, and empowering them with an on-ground logistics solution that is built to suit their requirement, giving them flexibility and control over the movement of their freight. Digitalization is the future of freight, enabling automation of capacity booking, shipment visibility, and analytics. The launch of trucking services on ECU360 is the due course of evolution and the response from the customers has been encouraging as they adopt the platform.”
Digitalization is disrupting industries worldwide, including logistics. ECU Worldwide, with its digital-first approach, continues to enhance and upgrade its proprietary state-of-the-art digital logistics platform ECU360 with integrated services, which offers shippers and freight forwarders key features like quick quotes, instant bookings for door-to-door deliveries in over 50 markets, advanced track and trace, and access to a network that operates in 180 countries.
Founded in 1987, ECU Worldwide is Allcargo Logistics’ wholly-owned global subsidiary. It is one of the major players in multi-modal transport and global leaders in LCL consolidation assuring smooth, safe and end to end coordination for its customer's cargo. As one of the leaders in the Cargo logistics industry, ECU Worldwide leverages its synergies with in-depth knowledge of local markets and vast experience in global logistics to deliver the best through its services. The company boasts of 300+ offices in 160+ countries at 530+ destinations with 2400+ trade lanes converging their international standard expertise with over 3500+ dedicated employees from across continents.
Media Contact
Pooja Singh
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BOSTON--(BUSINESS WIRE)--SES AI Corporation (“SES AI”) (NYSE: SES), a global leader in the development and manufacturing of high-performance Li-Metal batteries for electric vehicles (EV) and other applications, hosted its second annual Battery World event and announced its progress towards the commercialization of its Li-Metal battery technology.
During his Keynote speech, Dr. Qichao Hu, Founder and CEO of SES AI, disclosed the Company’s new facility in Chungju, South Korea. Equipped with expanded in-house manufacturing capability, the new facility further enhances SES AI’s global cell engineering capability, serving as a strong complement to SES AI’s Shanghai Giga in the steady production of large-format 50Ah and 100Ah Li-Metal cells. The added manufacturing capacity in South Korea will also strengthen ties with SES AI’s joint development agreement OEMs, GM, Hyundai and Honda.
Through the development of enhanced engineering capability, the initial data of SES AI’s large-format cells continue to show encouraging potential of Li-Metal chemistry. The 50Ah cells boast excellent performance in cold weather climates of -30oC and in high power discharge under room temperature, both achieved at a high energy density. In terms of safety, the 50Ah cells passed third-party abuse tests including nail penetration, overcharge, external short circuit and thermal stability. SES AI believes it is the first Li-Metal battery manufacturer in the world to secure the UN38.3 transport certification for large-format Li-Metal cells.
Hu also showcased a video featuring a successful Electric Vertical Take Off and Landing (eVTOL) aircraft test flight powered by SES AI's 100Ah Li-Metal battery pack and AI-powered safety software Avatar. “Li-Metal is not an individual technology or a collection of individual technologies, it has to be a system.” said Hu. SES AI’s systemic approach is key to its leadership in next generation battery technology. The Avatar software collects data across the manufacturing process - from raw materials to applications for battery health monitoring. SES AI has been training data of 4Ah Li-Metal cells since 2019 with the accuracy of failure prediction approaching nearly 99%. With large-format cells, the failure prediction went from 0 to 60% in only a few months with much room for optimization.
“We have learned a lot this year, in particular the importance of building a robust supply chain to achieving commercialization of Li-Metal battery technology. We have taken meaningful steps towards having more control over our supply chain, and are excited by how it will accelerate the development of our batteries in 2023. The electric vehicle revolution is coming, and the more we can all do to diversify the global supply chain, the sooner it will arrive.” said Hu.
The event also featured a panel discussion joined by leading representatives from across the EV ecosystem from upstream mining industry players to downstream auto OEMs.
A replay of the whole session is available on SES AI’s official YouTube channel (https://youtu.be/NkqzHdYPq64).
About SES AI
SES AI is a global leader in development and production of high-performance Li-Metal rechargeable batteries for electric vehicles (EVs) and other applications. Founded in 2012, SES AI is an integrated Li-Metal battery manufacturer with strong capabilities in material, cell, module, AI-powered safety algorithms and recycling. Formerly known as SolidEnergy Systems, SES AI is headquartered in Boston, MA and has operations in Singapore, Shanghai, and South Korea. To learn more about SES AI, please visit: ses.ai/investors/
SES AI may use Its website as a distribution channel of material company Information. Financial and other important information regarding SES AI is routinely posted on and accessible through SES AI’s website at ses.ai. Accordingly, investors should monitor this channel, in addition to following SES AI’s press releases, Securities and Exchange Commission filings and public conference calls and webcasts.
Forward-looking statements
All statements other than statements of historical facts contained in this press release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements relating to expectations for future financial performance, business strategies or expectations for our business. These statements are based on the beliefs and assumptions of the management of SES AI. Although SES AI believes that its plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, it cannot provide assurance that it will achieve or realize these plans, intentions or expectations. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this press release, words such as “anticipate”, “believe”, “can”, “continue”, “could”, “estimate”, “expect”, “forecast”, “intend”, “may”, “might”, “plan”, “possible”, “potential”, “predict”, “project”, “seek”, “should”, “strive”, “target”, “will”, “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.
You should not place undue reliance on these forward-looking statements. Should one or more of a number of known and unknown risks and uncertainties materialize, or should any of our assumptions prove incorrect, our actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include, but are not limited to the following risks: changes in domestic and foreign business, market, financial, political and legal conditions, including but not limited to the ongoing conflict between Russia and Ukraine; risks relating to the uncertainty of the projected financial information with respect to SES AI; risks related to the development and commercialization of SES AI’s battery technology and the timing and achievement of expected business milestones; the effects of competition on SES AI’s business; the ability of SES AI to issue equity or equity-linked securities or obtain debt financing in the future; the ability of SES AI to integrate its products into electric vehicles (“EVs”); the risk that delays in the pre-manufacturing development of SES AI’s battery cells could adversely affect SES AI’s business and prospects; potential supply chain difficulties; risks resulting from SES AI’s joint development agreements and other strategic alliances and investments; the quickly evolving battery market; SES AI’s ability to accurately estimate future supply and demand for its batteries; SES AI’s ability to develop new products on an ongoing basis in a timely manner; product liability and other potential litigation, regulation and legal compliance; SES AI’s ability to effectively manage its growth; SES AI’s ability to attract, train and retain highly skilled employees and key personnel; the willingness of vehicle operators and consumers to adopt EVs; developments in alternative technology or other fossil fuel alternatives; SES AI’s ability to meet certain motor vehicle standards; a potential shortage of metals required for manufacturing batteries; risks related to SES AI’s intellectual property; risks related to SES AI’s business operations outside the United States, including in China and South Korea; the uncertainty in global economic conditions and risks relating to health epidemics, including the COVID-19 pandemic and any operational interruptions; SES AI has identified material weaknesses in its internal control over financial reporting and may identify material weaknesses in the future or otherwise fail to maintain an effective system of internal controls; compliance with certain health and safety laws; changes in U.S. and foreign tax laws; and the other risks described in “Part I, Item 1A. Risk Factors” in our annual report on Form 10-K for the fiscal year ended December 31, 2021 filed with the Securities and Exchange Commission (“SEC”) on March 31, 2022 and other documents filed from time to time with the SEC. There may be additional risks that SES AI presently knows and/or believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect SES AI’s expectations, plans or forecasts of future events and views only as of the date of this press release. SES AI anticipates that subsequent events and developments will cause its assessments to change. However, while SES AI may elect to update these forward-looking statements at some point in the future, SES AI specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing SES AI’s assessments as of any date subsequent to the date of this press release.
Irene Lam
PR Manager
SES AI
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As the Only European Provider of Cerebras Cloud, Green AI Cloud Delivers AI Super Compute in an Easy-to-Use Solution for AI and ML Applications, Data Science and Simulation Workloads
SUNNYVALE, Calif. & STOCKHOLM--(BUSINESS WIRE)--#AI--Cerebras Systems, the pioneer in high performance artificial intelligence (AI) compute, and Green AI Cloud, the most sustainable super compute platform in Europe, today announced the availability of Cerebras Cloud at Green AI. As the first cloud computing provider in Europe to offer the industry-leading CS-2 system, Green AI customers now can easily train GPT-class models much faster than traditional cloud service providers and with significantly less environmental impact.
The Green AI Cloud is a pioneer in clean energy compute. The Green AI Cloud uses only renewable energy (Hydro and Wind Power) in its datacenter placed in the north of Sweden and converts the excess heat from operations into a heated liquid for industrial product manufacturing – resulting in a negative CO2 footprint. With its new Cerebras Cloud offering, customers can now train leading generative Transformer (GPT)-class models, including GPT-J, GPT-3 and GPT-NeoX, with the promise of equivalent carbon offsets through Green AI’s uniquely sustainable and “carbon-intelligent” cloud.
“We are thrilled to offer our customers access to the industry-leading CS-2 system, powered by the 850,000 AI core WSE processor, which will greatly reduce their initial programming work and enable easy integration with existing workflows,” said Jacob Bostrom, Founder and CEO of Green AI Cloud. “By providing the latest and fastest AI technology through our partnership with Cerebras, we continue to not only drive the future of AI innovation, but also the next era of sustainability and environmental responsibility.”
Energy Efficiency and CO2 Reduction – Examples
Safeguarding Data Security and Privacy Regulations
The EU has some of the strictest data privacy and security rules in the world. A cloud provider based in the EU, such as Green AI Cloud, enables customers across the EU to benefit from Cerebras’ industry-leading AI compute and stay within the data privacy structures. Customers across segments, from pharmaceutical to finance services, and energy to heavy manufacturing, now have push-button access to the Cerebras CS-2 system and can use it by the day, week, or month.
“Cerebras is committed to delivering AI compute – via cloud, on premise or hybrid – to our customers around the world in the most environmentally efficient way possible,” said Andrew Feldman, co-founder and CEO, Cerebras Systems. “As the leader in energy efficient AI compute, it was an obvious choice to partner with and deliver AI compute to the Green AI Cloud.”
Cerebras recently announced its AI Model Studio, as well as partnerships and wins with Sandia National Laboratory and generative AI pioneer Jasper. At the NeurIPS Conference earlier this month, Cerebras broke new ground demonstrating high sparsity training on GPT class models, showing that GPT models can be trained at 90% sparse, using a fraction of the FLOPs and time, and still achieve the same accuracy.
With customers in North America, Asia, Europe and the Middle East, Cerebras is delivering industry leading AI solutions to a growing roster of customers in the enterprise, government, and high-performance computing (HPC) segments, including Jasper, GSK, AstraZeneca, TotalEnergies, nference, Argonne National Laboratory, Lawrence Livermore National Laboratory, Pittsburgh Supercomputing Center, Leibniz Supercomputing Centre, National Center for Supercomputing Applications, Edinburgh Parallel Computing Centre (EPCC), National Energy Technology Laboratory, Sandia National Laboratory, and Tokyo Electron Devices.
For more information, please visit https://greenai.cloud/.
About Green AI Cloud
Green AI Cloud - a European Cloud Service Provider offering AI Super Compute for the largest AI models available. Green AI Cloud delivers superior cost efficiency while being the greenest CSP in Europe – fully capitalizing on its location in the northern part of Sweden that gives access to green energy, carbon offset facilities and world leading datacenter infrastructure.
About Cerebras Systems
Cerebras Systems is a team of pioneering computer architects, computer scientists, deep learning researchers, and engineers of all types who have come together to build a new class of computer system. That system is designed for the singular purpose of accelerating AI and changing the future of AI work forever, enabling customers to accelerate their deep learning work by orders of magnitude.
Kim Ziesemer
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DUBLIN--(BUSINESS WIRE)--The "Saudi Arabia Green Hydrogen Market: Prospects, Trends Analysis, Market Size and Forecasts up to 2028" report has been added to ResearchAndMarkets.com's offering.
The country research report on Saudi Arabia green hydrogen market is a customer intelligence and competitive study of the Saudi Arabia market. Moreover, the report provides deep insights into demand forecasts, market trends, and, micro and macro indicators in the Saudi Arabia market.
Also, factors that are driving and restraining the green hydrogen market are highlighted in the study. This is an in-depth business intelligence report based on qualitative and quantitative parameters of the market. Additionally, this report provides readers with market insights and a detailed analysis of market segments to possible micro levels. The companies and dealers/distributors profiled in the report include manufacturers & suppliers of the green hydrogen market in Saudi Arabia.
Segments Covered
The report on Saudi Arabia green hydrogen market provides a detailed analysis of segments in the market based on technology, application, and distribution channel.
Segmentation Based on Technology
Segmentation Based on Application
Segmentation Based on Distribution Channel
Highlights of the Report
The report provides detailed insights into:
The report answers questions such as:
1) What is the market size of the green hydrogen market in Saudi Arabia?
2) What are the factors that affect the growth in the green hydrogen market over the forecast period?
3) What is the competitive position in Saudi Arabia green hydrogen market?
4) What are the opportunities in Saudi Arabia green hydrogen market?
5) What are the modes of entering Saudi Arabia green hydrogen market?
Key Topics Covered:
1. Report Overview
1.1. Report Description
1.2. Research Methods
1.3. Research Approaches
2. Executive Summary
3. Market Overview
3.1. Introduction
3.2. Market Dynamics
3.2.1. Drivers
3.2.2. Restraints
3.2.3. Opportunities
3.2.4. Challenges
3.3. PEST-Analysis
3.4. Porter's Diamond Model for Brazil Green Hydrogen Market
3.5. IGR-Growth Matrix Analysis
3.6. Competitive Landscape in Brazil Green Hydrogen Market
4. Brazil Green Hydrogen Market by Technology
4.1. Alkaline Electrolyzer
4.2. Polymer Electrolyte Membrane (PEM) Electrolyzer
4.3. Proton Exchange Membrane Electrolyzer
4.4. Solid Oxide Electrolyzer
5. Brazil Green Hydrogen Market by Application
5.1. Power Generation
5.2. Transportation
5.3. Others
6. Brazil Green Hydrogen Market by Distribution Channel
6.1. Pipeline
6.2. Cargo
7. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/s4xvba
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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Strategies Can Be Replicated Nationwide to Power New Economy
HOUSTON--(BUSINESS WIRE)--Global energy transition management consulting firm Partners in Performance announced it was tapped by the Center for Houston’s Future (CHF) to assess Houston’s potential as a hub for hydrogen and hydrogen equipment manufacturing. The resulting report, “Houston’s Future as a Global Center for Clean Hydrogen Manufacturing, Recycling, and Electrolysis” offers an in-depth analysis of the city’s strategic advantages for becoming a global hydrogen energy hub.
Its findings conclude establishing a global hydrogen hub for hydrogen electrolyzers, storage, and delivery infrastructure is a massive economic opportunity for Houston. It offers recommendations to cement Houston’s leadership in the hydrogen energy ecosystem across the United States and potentially the world.
“Houston is a global center for the energy industry, from exploration & production to finance and infrastructure,” said Brett Perlman, CEO at Center for Houston’s Future. “As the world moves to clean, renewable energy Houston’s commercial and industrial base must transition to producing and delivering the green hydrogen energy that will be as vital to our energy future as fossil fuels are today.”
The U.S. is projected to exceed 100 Megatons of hydrogen manufacturing per year, approximately 20% of the global market. Houston is well-suited to play an outsized role in the U.S due to infrastructure, warehousing and logistics, and a highly skilled labor pool.
The study found other regions in the U.S. similar to Houston could spring up as “hydrogen opportunity zones” and provide similar and complementary services and industries.
“Partners in Performance is proud to support the Center for Houston’s Future in their foundational role in the Hydrogen Economy,” said Chris Millican, director. “We are convinced that Greater Houston is uniquely positioned to be a pathfinder for companies scaling up production within the electrolyzer manufacturing and hydrogen supply value chain. The report indicates it has a head-start and strengths in the H2 market to allow existing and new companies to break through challenges and establish a growth base for this new opportunity.”
The first steps in Houston’s path toward its hydrogen future involve electrolyzer manufacturing, an industry already underway in the area. The report examines other industry-adjacent concerns, and outlines paths Houston and other cities can take to ensure the US remains a leader in clean energy production for decades to come.
The full report, “Houston’s Future as a Global Center for Clean Hydrogen Manufacturing, Recycling, and Electrolysis” is available at www.centerforhoustonsfuture.org/electrolysis.
About Center for Houston’s Future
Center for Houston’s Future, an independent affiliate of the Greater Houston Partnership, focuses on understanding future global trends and their impact on the Houston region. The Center brings business, government, and community stakeholders together to engage in fact-based strategic planning, collaboration, and action on issues of great importance to the region’s success. It engages in research, holds community events and develops leaders. Its current strategic focus areas include energy, climate and energy transition; health and health equity; and the economic importance of immigration
About Partners in Performance
An agile, fast growing international management consultancy, the firm is a leading global player in driving operational excellence for complex organizations. The hardest challenge faced by senior executives with any change initiative is to make it last. By working as true partners with our clients, Partners in Performance enables lasting change in organizations; delivering both commercial impact and inspiring people to transform their behaviors.
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Partners in Performance
Matthew Kraft
646.502.3564
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Center for Houston’s Future
Elizabeth Rhodes
713.582.1605
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A new report by Validere’s Market Fundamentals Team assesses the environmental impacts of potential natural gas projects.
HOUSTON & CALGARY, Alberta--(BUSINESS WIRE)--#emissions--In the latest Validere Insights report, Validere’s Market Fundamentals Team finds that, despite facing public and political challenges to the natural gas industry’s climate benefits, proposed Appalachia-to-Southeast pipelines may provide tangible emissions reduction opportunities.
The report examines the market and environmental impacts of projects such as the canceled Atlantic Coast Pipeline (ACP) and delayed Mountain Valley Pipeline (MVP), and how they could reduce CO2-equivalent emissions as well as reduce the region’s reliance on coal.
“The burner-tip emissions benefits of ACP and MVP more than outweigh the methane emissions associated with their added gas production,” says Amber McCullagh, Senior Advisor at Validere and an author on the report. “We estimate that MVP and ACP would reduce CO2-equivalent emissions by approximately 8 and 14 Mmt annually, respectively, the equivalent of taking approximately 1.7 million and 3 million cars off the road.”
Additionally, the team analyzes the likely full value chain methane emissions rate for Appalachian gas, using a synthesis of measurement-based national and regional studies to get the full picture of Appalachian producers and midstream operators’ impact on the environment.
The report’s main findings include:
“When accounting for the climate impacts of natural gas pipelines, you need to look at the full picture,” says McCullagh. “Natural gas pipeline development induces changes across the value chain, including in natural gas production, gas pipeline flows, gas- and coal-fired power generation, and even flows of LNG and refined products.”
About Validere
Validere is a measurement, reporting, and verification (MRV) SaaS company that helps energy organizations transform disconnected, incomplete data into clear and immediately actionable pathways to financial and environmental value. Over 50 of North America’s leading energy companies rely on Validere’s technology and multidisciplinary experts to understand their physical and environmental commodities and navigate an increasingly complex environment with clarity and ease. Validere is on a mission to better human prosperity by making the energy supply chain efficient and sustainable. The company has offices in Houston, Calgary, and Toronto.
Media:
Nicole Yager
Validere
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Matthew Juul
Validere
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SAN ANTONIO--(BUSINESS WIRE)--Valero Energy Corporation (NYSE: VLO) announced today that it will host a conference call on January 26, 2023 at 10:00 a.m. ET to discuss 2022 fourth quarter and full year earnings results, which will be released earlier that day, and provide an update on company operations.
Persons interested in listening to the conference call may join the webcast on Valero’s Investor Relations website at investorvalero.com.
About Valero
Valero Energy Corporation, through its subsidiaries (collectively, “Valero”), is a multinational manufacturer and marketer of petroleum-based and low-carbon liquid transportation fuels and petrochemical products, and sells its products primarily in the United States (“U.S.”), Canada, the United Kingdom (“U.K.”), Ireland and Latin America. Valero owns 15 petroleum refineries located in the U.S., Canada and the U.K. with a combined throughput capacity of approximately 3.2 million barrels per day. Valero is a joint venture member in Diamond Green Diesel Holdings LLC, which owns two renewable diesel plants located in the U.S. Gulf Coast region with a production capacity of approximately 1.2 billion gallons per year, and Valero owns 12 ethanol plants located in the U.S. Mid-Continent region with a combined production capacity of approximately 1.6 billion gallons per year. Valero manages its operations through its Refining, Renewable Diesel, and Ethanol segments. Please visit investorvalero.com for more information.
Investors:
Homer Bhullar, Vice President – Investor Relations and Finance, 210-345-1982
Eric Herbort, Director – Investor Relations, 210-345-3331
Gautam Srivastava, Senior Manager – Investor Relations, 210-345-3992
Media:
Lillian Riojas, Executive Director – Media Relations and Communications, 210-345-5002
MINNEAPOLIS--(BUSINESS WIRE)--$CHRW #CHRobinson--C.H. Robinson Worldwide, Inc. (“C.H. Robinson”) (Nasdaq: CHRW) announced today that its Board of Directors has appointed Jim Barber as a new director. Mr. Barber retired as the Chief Operating Officer for United Parcel Service (“UPS”) in January 2020. In this role, he was responsible for international operations, U.S. operations, freight forwarding, distribution and logistics, freight brokerage, customs brokerage and more. Prior to his appointment as COO, Jim served as President of UPS International from 2013-2018, where he had responsibility for distribution, forwarding, small-package delivery, brokerage, customs compliance, and UPS's other service offerings in more than 220 countries and territories outside the U.S.
“We are excited to have Jim join C.H. Robinson’s Board of Directors and look forward to his contributions,” said Scott P. Anderson, Chairman of the Board of C.H. Robinson. “Jim’s background and expertise from 35 years in the transportation and logistics industry will be an asset for our Board. His deep background driving innovative operating models, as well as delivering a great customer experience for both businesses and consumers will serve our company and shareholders well.”
Barber, 62, currently sits on the Board of Directors at US Foods, Inc., serving in this capacity since May 2022, and is a member of US Food’s Compensation and Human Capital Committee. Barber previously served on the boards of UNICEF USA and the Folks Center for International Business at the University of South Carolina. He earned a Bachelors degree in Finance from Auburn University.
“Jim brings a wealth of experience in managing and growing a global, integrated transportation business, as well as delivering a great customer experience,” said Bob Biesterfeld, President and CEO of C.H. Robinson. “We look forward to benefitting from his expertise as we continue to advance our strategic initiatives.”
“I am honored to join C.H. Robinson’s Board of Directors,” said Jim Barber. “C.H. Robinson is a highly regarded market leader known for its customer-centric execution, transformational technology and strong financial performance. I believe the company is well positioned for future success, and I look forward to adding my insights and voice to the Board.”
About C.H. Robinson
C.H. Robinson solves logistics problems for companies across the globe and across industries, from the simple to the most complex. With $28 billion in freight under management and 20 million shipments annually, we are one of the world’s largest logistics platforms. Our global suite of services accelerates trade to seamlessly deliver the products and goods that drive the world’s economy. With the combination of our multimodal transportation management system and expertise, we use our information advantage to deliver smarter solutions for our 100,000 customers and 85,000 contract carriers. Our technology is built by and for supply chain experts to bring faster, more meaningful improvements to our customers’ businesses. As a responsible global citizen, we are also proud to contribute millions of dollars to support causes that matter to our company, our Foundation and our employees. For more information, visit us at www.chrobinson.com (Nasdaq: CHRW).
CHRW-IR
FOR INVESTOR INQUIRIES, CONTACT:
Chuck Ives, Director of Investor Relations
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Gulf Run provides connectivity from natural gas producing regions in the U.S. to the Gulf Coast to meet growing domestic and international demand
DALLAS--(BUSINESS WIRE)--Dallas-based Energy Transfer LP (NYSE: ET) today announced its subsidiary, Gulf Run Transmission LLC has received FERC approval to place the Gulf Run pipeline in service delivering domestically produced natural gas from key U.S. producing regions to meet the rapidly growing demand along the Gulf Coast and international markets. The newly constructed 135-mile, 42-inch natural gas pipeline in Louisiana has a capacity of 1.65 Bcf/day, with potential growth opportunities.
Gulf Run receives natural gas from Energy Transfer’s extensive intrastate and interstate pipeline network, including production directly from the Haynesville Shale. Volumes originating from all the major natural gas basins in the U.S. have access to the pipeline, including the Permian Basin, the Barnett Shale, the Marcellus and Utica shales, East Texas, the Arkoma and the Anadarko basins. The pipeline consists of two zones. Zone 1 connects the Carthage Hub to the Perryville markets and Zone 2 extends south and connects to Golden Pass Pipeline and to Energy Transfer’s Trunkline system. The Zone 1 segment has bi-directional flow capabilities, providing the ability to deliver significant volumes to Perryville as well as to the Golden Pass and Trunkline systems.
Energy Transfer owns and operates approximately 120,000 miles of pipeline and related infrastructure across 41 states transporting natural gas, crude oil, natural gas liquids and refined products. Energy Transfer operates more than 8,800 miles of pipeline in Louisiana.
Energy Transfer LP (NYSE: ET) owns and operates one of the largest and most diversified portfolios of energy assets in the United States, with a strategic footprint in all of the major U.S. production basins. Energy Transfer is a publicly traded limited partnership with core operations that include complementary natural gas midstream, intrastate and interstate transportation and storage assets; crude oil, natural gas liquids (“NGL”) and refined product transportation and terminalling assets; and NGL fractionation. Energy Transfer also owns Lake Charles LNG Company, as well as the general partner interests, the incentive distribution rights and 28.5 million common units of Sunoco LP (NYSE: SUN), and the general partner interests and 46.1 million common units of USA Compression Partners, LP (NYSE: USAC).
Forward-Looking Statements
This news release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal law. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management’s control. An extensive list of factors that can affect future results are discussed in the Partnership’s Annual Report on Form 10-K and other documents filed from time to time with the Securities and Exchange Commission. In addition to the risks and uncertainties previously disclosed, the Partnership has also been, or may in the future be, impacted by new or heightened risks related to the COVID-19 pandemic, and we cannot predict the length and ultimate impact of those risks. The Partnership undertakes no obligation to update or revise any forward-looking statement to reflect new information or events.
The information contained in this press release is available on our website at www.energytransfer.com.
Investor Relations:
Bill Baerg
Brent Ratliff
Lyndsay Hannah
214-981-0795
Media Relations:
Vicki Granado
Alexis Daniel
214-840-5820
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Acquisition will provide immediate cash flows with opportunities for growth
HOUSTON--(BUSINESS WIRE)--Today, Tallgrass has announced an agreement to purchase the Ruby Pipeline. The acquisition of this asset provides access to established markets, an additional ~1.5 bcf/d of natural gas capacity to the company’s portfolio and immediate and strong cash flow to the company.
The investment will provide Tallgrass a platform to enhance natural gas service to West Coast markets. It also provides a unique opportunity for Tallgrass to utilize Ruby’s 683-mile existing infrastructure network to advance Tallgrass’ initiatives to offer decarbonized energy solutions such as responsibly sourced and renewable natural gas to customers across the U.S.
“Ruby’s capabilities maintain our nation’s energy security and provide long-term opportunities in the transportation of the molecules that will be required in the energy transition,” said Matt Sheehy, President and CEO of Tallgrass. "In addition to gaining new teammates, this acquisition further advances our track record of optimizing existing infrastructure to lead energy solutions.”
The transaction is expected to close in the first quarter of 2023 subject to customary regulatory approvals and closing conditions.
Cautionary Note Concerning Forward-Looking Statements
Disclosures in this news release contain forward-looking statements. All statements, other than statements of historical fact, included in this press release that address activities, events or developments that management expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include the expected benefits of the acquisition, including statements regarding the immediate and strong cash flows, opportunities for growth, access to established markets and the potential utilization of Ruby as a future vehicle for North America’s decarbonization efforts; whether the transaction will close in the first quarter of 2023 or at all; and statements regarding Ruby’s key pipeline employees remaining in place following closing. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Tallgrass, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements, and other important factors that could cause actual results to differ materially from those projected, including those set forth in reports and financial statements made available by Tallgrass. Any forward-looking statement applies only as of the date on which such statement is made, and Tallgrass does not intend to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.
About Tallgrass
Tallgrass is a leading energy infrastructure company focused on safely, reliably and sustainably delivering the energy and services that fuel homes and businesses and enable quality of life. We are committed to being at the forefront of efforts to decarbonize our world. An investor group led by Blackstone Infrastructure Partners, which includes Enagás SA, GIC, NPS and USS, owns the outstanding equity interests in Tallgrass. Learn more at Tallgrass.com.
Tallgrass Media Inquiries
Steven Davidson, 817-988-4284
HOUSTON & VANCOUVER, British Columbia--(BUSINESS WIRE)--Chevron New Energies (CNE), a division of Chevron U.S.A. Inc., and Svante announced that Chevron is the lead investor in Svante’s Series E fundraising round, which raised $318 million that will be used to accelerate the manufacturing of Svante’s carbon capture technology.
“We are advancing a full value chain carbon capture, utilization, and storage (CCUS) business and believe Svante is poised to be a leader in enabling carbon capture solutions,” said Chris Powers, vice president of CCUS with CNE. “Innovation is key to enabling these types of breakthrough technologies and lower carbon solutions, and we look forward to applying our experience and expertise to help drive this effort forward.”
Since its founding in 2007, Svante has developed carbon capture and removal technology using structured adsorbent beds, known as filters. This funding will support Svante’s commercial-scale filter manufacturing facility in Vancouver, which is anticipated to produce enough filter modules to capture millions of tonnes of carbon dioxide (CO2) per year across hundreds of large-scale carbon capture and storage facilities.
“We are proud that Chevron and a group of existing and new strategic and financial investors have demonstrated their confidence in Svante to be a key player in building a commercially viable carbon management industry,” said Claude Letourneau, President and CEO of Svante. “We are working to remove the biggest barriers to rapid deployment of industrial carbon capture by building this manufacturing facility, which we expect will enable us to rapidly expand our order book.”
The size and cost of installing carbon capture technology has been a barrier to industry adoption. Svante’s modular solid sorbent technology is designed to capture CO2 from industrial flue gas. It then concentrates it into a high-purity, 95-percent pipeline-grade CO2 to prepare it for storage or further industrial use. Its approach is tailored specifically to the challenges of separating CO₂ from nitrogen in diluted flue gas, which is typically emitted at low pressures, and in dilute concentrations. Svante’s technology is targeted toward industrial decarbonization activities in fields including hydrogen, pulp and paper, lime, cement, steel, aluminum, and chemicals. Svante’s filters are also available for direct air capture and carbon dioxide removal.
In 2021, Chevron launched CNE to accelerate lower carbon business opportunities in CCUS, hydrogen, renewable fuels and products, offsets, and emerging technologies. Chevron plans to invest $10 billion in lower carbon projects through 2028 and remains committed to collaborating in new ways to accelerate progress.
Chevron Technology Ventures made an initial investment in Svante in 2014. In 2020, Chevron launched a project to pilot Svante technology to capture CO2 from post combustion of natural gas. The project has received funding from the U.S. Department of Energy (project #DE-FE0031944). In collaboration with Svante and the National Energy Technology Laboratory, the technology will be tested at Chevron’s Kern River facility in San Joaquin Valley, California, with startup underway this month.
Other fundraising round participants include existing shareholders Temasek, OGCI Climate Investments, Delek US and Hesta AG, and new investors, 3M Ventures (the venture capital arm of 3M Company), Full Circle Capital, GE Vernova, Japan Energy Fund, Liberty Media, M&G Catalyst, Samsung Engineering, TechEnergy Ventures and United Airlines Ventures. J.P. Morgan Securities LLC served as Svante’s lead placement agent with RBC Capital Markets as co-lead placement agent. Full Circle Capital acted as financial advisor to Svante in connection with the transaction.
About Svante
Svante offers companies in emission-intensive industries a commercially viable way to capture large-scale CO2 emissions from existing infrastructure, either for safe storage or to be used for further industrial use in a closed loop. With the ability to capture CO2 from industrial sources and directly from the atmosphere in an environmentally sustainable way, Svante makes industrial-scale carbon capture and carbon removal a reality. Svante’s Board of Directors includes Nobel Laureate and former Secretary of Energy, Steven Chu. To learn more about Svante, click here or visit www.svanteinc.com.
About Chevron
Chevron (NYSE: CVX) is one of the world’s leading integrated energy companies. We believe affordable, reliable, and ever-cleaner energy is essential to achieving a more prosperous and sustainable world. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We are focused on lowering the carbon intensity in our operations and growing lower carbon businesses along with our traditional business lines. For more information, please visit www.chevron.com.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This news release contains forward-looking statements relating to Chevron’s operations and energy transition plans that are based on management's current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “advances,” “commits,” “drives,” “aims,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential,” “ambitions,” “aspires” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for the company’s products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changes to government policies in the countries in which the company operates; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and actions; disruptions in the company’s global supply chain, including supply chain constraints and escalation of the cost of goods and services; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic and political conditions, including the military conflict between Russia and Ukraine and the global response to such conflict; changing refining, marketing and chemicals margins; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; development of large carbon capture and offset markets; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates, particularly during the COVID-19 pandemic; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce greenhouse gas emissions; the potential liability resulting from pending or future litigation; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; material reductions in corporate liquidity and access to debt markets; the receipt of required Board authorizations to implement capital allocation strategies, including future stock repurchase programs and dividend payments; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 20 through 25 of the company’s 2021 Annual Report on Form 10-K and in subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements.
Chevron
Creighton Welch
Communications Manager
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Svante
Colleen Nitta
Director of Marketing & Communications
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604-970-2813
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