Business Wire News

DALLAS--(BUSINESS WIRE)--New Concept Energy, Inc. (NYSE American: GBR), (the “Company” or “NCE”) a Dallas-based company, today reported Results of Operations for the first quarter ended March 31, 2022.


During the three months ended March 31, 2022, the Company reported a net income applicable to common shares for the three months ended March 31, 2022 of $5,000, compared to net income from continuing operations of $79,000 for the three months ended March 31, 2021.

The Company reported net income from continuing operations of $79,000 for three months ended March 31, 2021, as compared to a net loss of ($34, 000) for the similar period in 2020.

At March 31, 2022, the Company reported current assets of $3.9 million and current liabilities of $96,000.

For the three months ended March 31, 2022 the Company had rental Income of $25,000 and management fee income of $20,000.

About New Concept Energy, Inc.

New Concept Energy, Inc. is a Dallas-based company which owns real estate in West Virginia and provides management services for a third party oil and gas company. For more information, visit the Company’s website at www.newconceptenergy.com.

 

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(amounts in thousands)

March 31,
2022

 

December 31,
2021

Assets

(Unaudited)

 

(Audited)

 
Current assets
Cash and cash equivalents

$

254

$

252

Accounts Receivable

 

22

 

 

-

 

Note receivable - related party

 

3,542

 

 

3,560

 

Other current assets

 

38

 

 

-

 

Total current assets

 

3,856

 

 

3,812

 

 
Property and equipment, net of depreciation
Land, buildings and equipment

 

640

 

 

643

 

 
Total assets

$

4,496

 

$

4,455

 

 

 

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS - CONTINUED
(dollars in thousands, except par value amount)
 
March 31
2022
December 31,
2021
(Unaudited) (Audited)
Liabilities and stockholders' equity
 
Current liabilities
Accounts payable - (including $8 and $3 due to related parties in 2022 and 2021)

$

74

 

$

28

 

Accrued expenses

 

22

 

 

32

 

Total current liabilities

 

96

 

 

60

 

 
 
Stockholders' equity
Preferred stock, Series B

 

1

 

 

1

 

Common stock, $.01 par value; authorized, 100,000,000
shares; issued and outstanding, 5,131,934 shares
at March 31, 2022 and December 31, 2021

 

51

 

 

51

 

Additional paid-in capital

 

63,579

 

 

63,579

 

Accumulated deficit

 

(59,231

)

 

(59,236

)

 
Total shareholders' equity

 

4,400

 

 

4,395

 

 
Total liabilities & equity

$

4,496

 

$

4,455

 

 

 

NEW CONCEPT ENERGY, INC AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF OPERATIONS

(unaudited)

(amounts in thousands, except per share data)
 

For the Three Months
ended March 31,

2022

 

2021

Revenue
Rent

$

25

 

$

26

 

Management fees

 

20

 

 

-

 

Total Revenues

 

45

 

 

26

 

 
Operating expenses
Operating expenses

 

12

 

 

18

 

Corporate general and administrative

 

80

 

 

74

 

Total Operating Expenses

 

92

 

 

92

 

Operating (loss)

 

(47

)

 

(66

)

 
Other income (expense)
Interest income from related parties

 

52

 

 

56

 

Interest expense

 

-

 

 

(2

)

Other income (expense), net

 

-

 

 

91

 

 

52

 

 

145

 

 
Earnings (loss) applicable to common shares

 

5

 

 

79

 

 
 
Net income (loss) per common share-basic and diluted

$

0.01

 

$

0.01

 

 
Weighted average common and equivalent shares outstanding - basic

 

5,132

 

 

5,132

 

 

 


Contacts

New Concept Energy Inc.
Investor Relations
Gene Bertcher, (800) 400-6407
This email address is being protected from spambots. You need JavaScript enabled to view it.

First project site in Louisiana upsized and expanded to a potential of 1,168 MWh, which reflects a capacity increase versus previous scope of 500 MWh for behind-the-meter green hydrogen production

Adds up to $217 million of potential project revenue to the previously announced revenue opportunity of $520M over all three projects for a total of up to $737M

LUGANO, Switzerland & WESTLAKE VILLAGE, Calif. & WASHINGTON--(BUSINESS WIRE)--$NRGV--Energy Vault Holdings, Inc. (NYSE: NRGV, NRGV WS) (“Energy Vault), a leader in sustainable, grid-scale energy storage solutions, today announced an increase in scope for its initial energy storage project with DG Fuels LLC (“DG Fuels”) in Louisiana. As previously announced in October 2021, Energy Vault and DG Fuels, an emerging leader in renewable hydrogen and biogenic based, synthetic sustainable aviation fuel and diesel fuel, entered into an energy storage system agreement to support the production of green hydrogen for sustainable aviation fuel (“SAF”) across three projects, which have an expected opportunity of up to $520 million in revenue.


Under the terms of the original agreement, Energy Vault agreed to provide 1,600 megawatt hours (MWh) of energy storage to support DG Fuels across three SAF projects, with the first project originally slated for 500 MWh in Louisiana. In October 2021, Energy Vault invested alongside Black & Veatch and HydrogenPro AS in a financing round for DG Fuels to support its continued development of the first SAF project in Louisiana. Under the terms of the project expansion, the SAF project is being developed to support up to 73 megawatts (MW) for 16 hours, reflecting a total of 1,168 MWh in storage capacity. The companies plan to follow the Louisiana project with additional projects in British Columbia and Ohio, with an opportunity for total storage capacity of 2,234 MWh overall and up to $737 million in potential project revenue over time.

The increased scope of the Louisiana project was enabled by joint Front End Loading (FEL2) engineering optimization between Energy Vault, DG Fuels and its engineering partners. This optimization resulted in a system efficiency gain of approximately 14% fuel yield to 11,650 barrels per day, and increased behind-the-meter electric power needs by an additional 50 MW (800 MWh). The additional electric power requirements will be supported by up to 200 MWh of storage utilizing Energy Vault’s EVx™ gravity-based energy storage technology, powered by behind-the-meter solar.

This first-of-its kind project is a game changer for the production of sustainable aviation fuels and our EVx™ technology and energy management software platform, which will play a critical role in bringing the project to fruition with sustainable and economic long-duration energy storage,” said Robert Piconi Chairman, Co-Founder and CEO, Energy Vault. “The partnership and collaboration with DG Fuels has been outstanding. The transportation sector is one of the largest contributors to greenhouse gas emissions and a critical segment that we are targeting globally in fulfilling our company mission of decarbonization. We are excited to play an important role here in supporting DG Fuels and their partners to enable the production of green hydrogen that supports the delivery of clean, sustainable fuel to the aviation sector.”

Michael C. Darcy, CEO of DG Fuels said, “At DG Fuels we’ve developed and recently improved our carbon conversion fuel production process that is targeting a 97% carbon conversion efficiency and 2.5% carbon mineralization, which reduces the amount of feedstock required to produce our SAF and lowers our cost of production. All this is to be accomplished without affecting food production. The project is expected to be anchored by our existing and growing list of long-term offtake customers.”

About Energy Vault

Energy Vault develops and deploys turnkey sustainable energy storage solutions designed to transform the world’s approach to utility-scale energy storage in realizing decarbonization while maintaining grid resiliency. The company’s proprietary energy management system and optimization software suite is technology agnostic in its ability to orchestrate various generation and energy storage resources to help utilities, independent power producers and large industrial energy users to significantly reduce their levelized cost of energy while maintaining power quality and grid reliability. Energy Vault’s EVx™ gravity energy storage system utilizes eco-friendly materials with the ability to integrate waste materials for beneficial re-use. Energy Vault is facilitating the shift to a circular economy while accelerating the clean energy transition for its customers. For additional information, please visit: www.energyvault.com

About DG Fuels

DG Fuels is building a zero-CO2 life cycle emissions synthetic fuel system based on high carbon conversion technology reaching 97% efficiency. The DG Fuels’ technology does not require the development of new engines or an expanded hydrogen transportation and storage infrastructure. DG Fuels’ innovative technology produces a hydrogen via biogenic water electrolysis and biomass derived carbon replacement fuel for aircraft, and potentially for locomotives, vessels and trucks as well.

DG Fuels delivers a significant value proposition to end-customers, including meaningful environmental benefits and the ability to materially address sustainability goals. If successful, DG Fuel’s carbon efficient solution will tie together all critical elements to power, fuel, and provide SAF to its customers. Learn more at www.dgfuels.com.

Forward-Looking Statements

This press release contains forward-looking statements that involve risks, uncertainties, and assumptions including statements regarding our future expansion, deployments and capabilities. There are a significant number of factors that could cause actual results to differ materially from the statements made in this press release, including: risks related to the deployment of the EVx systems in the expanded project announced in this press release, risks related to Energy Vault’s ability to obtain and maintain a performance bond; risks related to timing delays that impact the sales price due to Energy Vault under its announced agreement with DG Fuels, ability to negotiate definitive contractual arrangements with potential customers, including a purchase and sale agreement with DG Fuels that is contemplated by the announced agreement, the uncertainty of projected financial information, unforeseen delays in the project, whether the project will be constructed on time or whether it will operate as planned or ever achieve commercial scale, developments and changes in the general market, the continuing impact of COVID-19, political, economic, and business conditions; our limited operating history as a public company; and our ability to retain qualified personnel. Additional risks and uncertainties that could affect our financial results are included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on February 14, 2022, as amended on March 31, 2022, which is available on our website at investors.energyvault.com and on the SEC's website at www.sec.gov. Additional information will also be set forth in other filings that we make with the SEC from time to time. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by applicable law.


Contacts

Investors
This email address is being protected from spambots. You need JavaScript enabled to view it.

Media
This email address is being protected from spambots. You need JavaScript enabled to view it.

HOUSTON--(BUSINESS WIRE)--Solaris Oilfield Infrastructure, Inc. (NYSE:SOI) (“Solaris”) announced today that its Board of Directors has declared a quarterly cash dividend of $0.105 per share of Class A common stock, to be paid on June 17, 2022 to holders of record as of June 7, 2022. A distribution of $0.105 per unit has also been approved for holders of units in Solaris Oilfield Infrastructure, LLC, which is subject to the same payment and record dates.

About Solaris Oilfield Infrastructure, Inc.

Solaris Oilfield Infrastructure, Inc. (NYSE:SOI) provides mobile equipment that drives supply chain and execution efficiencies in the completion of oil and natural gas wells. Solaris’ patented equipment and services are deployed in many of the most active oil and natural gas basins in the United States. Additional information is available on our website, www.solarisoilfield.com.


Contacts

Yvonne Fletcher
Senior Vice President, Finance and Investor Relations
(281) 501-3070
This email address is being protected from spambots. You need JavaScript enabled to view it.

DUBLIN--(BUSINESS WIRE)--The "U.S. Carbon Dioxide Market Size, Share & Trends Analysis Report by Source (Hydrogen, Ethyl Alcohol, Ethylene Oxide, SNG), by Application (Food & Beverages, Fire Fighting, Oil & Gas, Medical, Rubber), and Segment Forecast, 2022-2030" report has been added to ResearchAndMarkets.com's offering.


The U.S. carbon dioxide market size is expected to reach USD 6.59 billion by 2030, registering a CAGR of 8.4%.

Increasing usage of carbon dioxide for Enhanced Oil Recovery (EOR) in oil & gas plants is anticipated to result in the growth of the market. In terms of revenue, the hydrogen segment accounted for a significant share in 2021.

The growth of this segment can be attributed to the presence of leading hydrogen-producing companies in the country that have CO2 manufactured as a byproduct during hydrogen production.

Substitute Natural Gas (SNG) is expected to be one of the major sources of the production of CO2 in the U.S. This is due to a rise in the discovery of natural gas reserves in the U.S. with the deployment of shale technology.

The oil & gas application segment accounted for a significant share in 2021 owing to the application of carbon dioxide-based EOR in oil fields of the U.S. for efficient and effective oil production. Moreover, the usage of CO2 in the food & beverages and medical industries is anticipated to increase in the U.S. over the forecast period.

The growth of this segment can be attributed to the presence of a large base of food and beverage manufacturing facilities in the country, which is projected to expand further over the forecast period. The spread of COVID-19 hindered the growth of the market in 2020 and 2021 owing to the factors, such as the reduction in demand for CO2 in the country owing to lockdowns.

However, an increase in demand for CO2 from the manufacturers of pharmaceuticals and essential commodities, such as fire safety products, has been witnessed in the U.S., as well as across the world.

U.S. Carbon Dioxide Market Report Highlights

  • In terms of revenue, the food & beverages application segment dominated the global market in 2021
  • The hydrogen source segment accounted for the second-largest share of the global market revenue in 2021
  • The growth of this segment can be attributed to the presence of leading hydrogen-producing companies in the country that have CO2 manufactured as a byproduct
  • In terms of revenue, the SNG segment accounted for the maximum revenue share in 2021. SNG is derived from the gasification of coal and emits byproducts, such as CO2, hydrogen, carbon monoxide, and methane
  • The rubber industry uses CO2 to clean the rubber molds and to remove flash from rubber objects by tumbling them with crushed dry ice in a rotating drum

Key Topics Covered:

Chapter 1 Methodology and Scope

Chapter 2 Executive Summary

Chapter 3 U.S. Carbon Dioxide Market Variables, Trends, and Scope

Chapter 4 U.S. Carbon Dioxide Market: By Sources Estimates & Trend Analysis

Chapter 5 U.S. Carbon Dioxide Market: By Application Estimates & Trend Analysis

Chapter 6 Competitive & Vendor Landscape

Chapter 7 Company Profiles

  • Linde plc
  • Air Products Inc.
  • Air Liquide
  • Matheson Tri-Gas, Inc.
  • Messer
  • Continental Carbonic Products, Inc.
  • Greco Gas Inc.
  • Taiyo Nippon Sanso Corporation
  • Universal Industrial Gases, Inc.
  • Zephyr Solutions, LLC

For more information about this report visit https://www.researchandmarkets.com/r/v9ik37


Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

EDEN PRAIRIE, Minn.--(BUSINESS WIRE)--#CHRobinson--C.H. Robinson (NASDAQ: CHRW) announced that the company will participate in virtual fireside chats at the following investor conferences:


  • 29th Annual Bank of America Transportation, Airlines and Industrials Conference on Thursday, May 19, 2022, at 3:00 p.m. Eastern Time
  • 2022 Wolfe Research Global Transportation Conference on Wednesday, May 25, 2022, at 10:55 a.m. Eastern Time

Live webcasts of the fireside chat discussions will be available at investor.chrobinson.com. Replays of the webcasts will be available for a limited time following the live discussions.

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


Contacts

Chuck Ives, Director of Investor Relations
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Startup developing low-cost DAC technology that runs purely on electricity and will unlock CCUS opportunities through decentralised deployment

LONDON--(BUSINESS WIRE)--Mission Zero Technologies (MZT), a UK-based direct air capture (DAC) technology startup announced today the close of its USD $5M seed financing round with investment from Breakthrough Energy Ventures (BEV) and Anglo American. MZT will use the new investment to expand and accelerate its scale-up R&D activities and business operations, and to support its delivery of both the designed 120 tons/year pilot plant and a subsequent planned first commercial project. As part of the current round, the company welcomes two experienced additions as Board members: Dr Mark Hartney from BEV and Mark Freed from Anglo American to provide expert steering for the company’s rapid growth.


MZT was created in 2020 from a collaboration between global mining company Anglo American and venture creators Deep Science Ventures (DSV), whereby the two partners joined forces as part of a framework dedicated to identifying impactful ideas and creating transformational ventures with the aim to accelerate decarbonization pathways across key industries. Prior capital was provided through pre-seed investment from Anglo American and DSV. MZT has also received a grant from the payments company Stripe for carrying out early-stage R&D, and via non-dilutive funding provided by the UK's Department for Business, Energy, and Industrial Strategy (BEIS) to design a first pilot plant. Most recently, MZT’s 1000 t/y carbon removal collaboration with carbon sequestration company 44.01 entitled Project Hajar was awarded $1M as one of fifteen Milestone Prize winners for the XPRIZE Carbon Removal, a $100M competition backed by entrepreneur Elon Musk and the Musk Foundation.

“Going from concept to pilot and then to commercial scale in less than half a decade speaks volumes about how the world views our market’s potential as hyper-critical,” said Dr Shiladitya Ghosh, CPO of MZT, armed with prior CCS experience and an MBA background. “This milestone is the first of many in our journey to fulfilling that potential aided with early backing from government, industry, and society.”

Engineered carbon removal approaches such as DAC are critical for meeting global Net Zero ambitions as they can counterbalance industrial emissions that are the most difficult to directly abate, such as those associated with aviation and shipping. To achieve this, the United Nations body for assessing the science related to climate change - the Intergovernmental Panel on Climate Change (IPCC) - expects that global DAC capacity to the tune of at least 5 gigatonnes/year will be required before 2050, necessitating a multi-trillion-dollar carbon capture, utilisation and storage (CCUS) industry. MZT projects that its solution, at scale, will play a major role in this market by capturing atmospheric CO2 at well under $100/ton and delivering it on-site to end users or sequestration facilities.

“It goes without saying that climate change is the existential crisis of our time - anthropogenic emissions are slowly baking us all to death. We need to get really good at capturing and using our own emissions and channel them into a Gigatonne-scale supply chain of CO2 to feed the growing opportunity of CCUS – this is ultimately what is required to decarbonise our lives,” said Dr. Nicholas Chadwick, CEO of MZT, who has previous experience in materials science, carbon capture, and technology development. “We’re thrilled to bring on BEV alongside our existing investors in our shared vision of a world where CO2 emissions are an opportunity not a threat. Fundamentally CO2 must become the carbon backbone of everything we make, do, and consume.”

From a technical perspective, MZT’s brand of electrochemical DAC sets out to eliminate scale-up constraints from the get-go. It is fully electric to leverage growing renewable and low-carbon electricity supply globally, it can continuously provide high-grade CO2 that easily integrates downstream, and it has a highly compact footprint allowing greater utilisation of available land. Their innovations also enable drastically reduced energy footprints, minimise plant complexity by reducing the number of unit operations in their process, and bring in the stability of existing manufacturing supply chains to de-risk the growth of their technology.

“MZT has combined mature technologies with innovative yet simple chemistry to create a heat-free, modular, and energy-efficient DAC process that is economical and works at ambient conditions,” said Dr. Gaël Gobaille-Shaw, CTO of MZT, who has an extensive background in CO2 electrochemistry and has previously helped cofound a green H2 startup. “By making use of existing technology and widely available chemicals, we can rapidly scale-up and deploy our plants to contribute to the large-scale removal required within our tight planetary deadline.”

The onboarding of one of the world’s premier clean energy and climate-aligned funds in BEV puts MZT in the esteemed company of other portfolio members that are also leading the development of parallel carbon removal approaches or building out critical carbon utilisation and sequestration pathways. This is combined with the continuing support from Anglo American's team working specifically to accelerate decarbonization pathways through targeted investments and venture building activities.

“Mission Zero’s solution has the potential for the lowest energy required to capture CO2 since electricity rather than heat is used to recover the CO2. This makes it easy to site anywhere so it’s a very flexible application and its core process is the same at almost any scale,” said Carmichael Roberts of Breakthrough Energy Ventures. “We’re looking forward to working with the Mission Zero team to help add their product to the DAC arsenal of solutions to meet the goal of global net zero emissions.”

“Whether we're thinking about servicing the voluntary market or supplying pure, green commodity CO2; engineered approaches to capture carbon dioxide directly from the atmosphere are critical. It's no coincidence that Mission Zero appears to break traditional trade-offs associated with DAC,” said Dominic Falcão, Founding Director at DSV. “The whole company, from team to technology, was designed from first principles to circumvent the critical constraints in these markets specifically, using less heat, using fewer bespoke components, occupying a smaller footprint: built not from a research discovery but specifically designed to fulfil a present and growing market need. We have the greatest respect both for the team and the new investors joining us on the journey.”

MZT welcomes conversations with interested CCUS partners, project developers, and equipment vendors internationally. To support its growth, MZT is also currently recruiting for several open positions. To learn more and join the team, please visit: missionzero.tech/careers-active.

About Mission Zero Technologies

Based in London, UK, Mission Zero is a young and exciting DAC startup with a patent-pending breakthrough technology and is on a mission to close the carbon cycle. Since its incorporation in the summer of 2020 by spinning out from DSV, the company has won various accolades and been featured on multiple shortlists including the 2020 Diamond List. The company is currently developing its first pilot for launch in 2023 in Thetford, UK, in partnership with O.C.O Technology.

About Breakthrough Energy Ventures

Founded by Bill Gates and backed by many of the world’s top business leaders, BEV has raised more than $2 billion in committed capital to support cutting-edge companies that are leading the world to net-zero emissions. BEV is a purpose-built investment firm that is seeking to invest, launch and scale global companies that will eliminate GHG emissions throughout the economy as soon as possible. BEV seeks true breakthroughs and is committed to supporting these entrepreneurs and companies by bringing to bear a unique combination of technical, operational, market and policy expertise.

BEV is a part of Breakthrough Energy, a network of investment vehicles, philanthropic programs, policy advocacy and other activities committed to scaling the technologies we need to reach net-zero emissions by 2050. Visit www.breakthroughenergy.org to learn more.

About Anglo American

Anglo American is a leading global mining company and our products are the essential ingredients in almost every aspect of modern life. Our portfolio of world-class competitive operations, with a broad range of future development options, provides many of the future-enabling metals and minerals for a cleaner, greener, more sustainable world and that meet the fast growing every day demands of billions of consumers. With our people at the heart of our business, we use innovative practices and the latest technologies to discover new resources and to mine, process, move and market our products to our customers – safely and sustainably.

As a responsible producer of diamonds (through De Beers), copper, platinum group metals, premium quality iron ore and metallurgical coal for steelmaking, and nickel – with crop nutrients in development – we are committed to being carbon neutral across our operations by 2040. More broadly, our Sustainable Mining Plan commits us to a series of stretching goals to ensure we work towards a healthy environment, creating thriving communities and building trust as a corporate leader. We work together with our business partners and diverse stakeholders to unlock enduring value from precious natural resources for the benefit of the communities and countries in which we operate, for society as a whole, and for our shareholders. Anglo American is re-imagining mining to improve people’s lives: https://www.angloamerican.com.

About Deep Science Ventures

Deep Science Ventures is creating a future where humanity and the planet thrive, combining available scientific knowledge and founder-type scientists into high-impact ventures. Deep Science Ventures operates in 4 sectors: Agriculture, Computation, Energy and Pharmaceuticals, tackling the challenges defining those areas by taking a first-principles approach and partnering with leading institutions. Visit https://deepscienceventures.com to learn more.


Contacts

Dr Shiladitya Ghosh
This email address is being protected from spambots. You need JavaScript enabled to view it.

TAMPA, Fla.--(BUSINESS WIRE)--Overseas Shipholding Group, Inc. (NYSE: OSG) (the “Company” or “OSG”) announces that its Annual Meeting of Stockholders will be held virtually on Wednesday, June 1, 2022 at 9:30 a.m. Eastern Time (“ET”). Any stockholder wishing to participate in the Annual Meeting may do so by means of remote communication. The Company determined to continue to hold its meeting virtually.


To participate in the Annual Meeting of Stockholders remotely, dial (844) 200-6205 for US/Canada callers and (929) 526-1599 for international callers and enter Access Code 885895. Please dial in ten minutes prior to the start of the call. Stockholders and other interested parties can listen to a live webcast of the Meeting from the Investor Relations section of the Company’s website at www.osg.com. Stockholders can ask questions by using the call in option. The call is hosted by Q4 with a moderator who will provide instructions on how to ask a question when the Q&A section of the meeting is set to begin. If you are having technical difficulties in joining the meeting, you should email This email address is being protected from spambots. You need JavaScript enabled to view it. and someone will be available to assist.

As noted in our Proxy Statement for the Meeting, it is possible to vote by telephone or over the Internet, and we urge you to vote as soon as possible by either of these methods. A stockholder who wishes to vote on the date of the Annual Meeting or who wishes to change his or her vote may do so by sending an email to This email address is being protected from spambots. You need JavaScript enabled to view it. and attaching either your proxy card or your voting instruction form and the legal proxy provided by your bank, broker or other nominee. This information is necessary in order for your vote to be validated and counted. Your email must be submitted by 9:35 a.m. ET on Wednesday, June 1, 2022.

An audio replay of the Annual Meeting of Stockholders will be available starting at 11:00 a.m. ET on Wednesday, June 1, 2022 until June 8, 2022 by dialing (866) 813-9403 for US/Canada callers and (929) 458-6194 for international callers and entering Access Code 849003.

About Overseas Shipholding Group, Inc.

Overseas Shipholding Group, Inc. (NYSE: OSG) is a publicly traded company providing energy transportation services for crude oil and petroleum products in the U.S. Flag markets. OSG is a major operator of tankers and ATBs in the Jones Act industry. OSG’s 22 vessel US Flag active fleet consists of three crude oil tankers doing business in Alaska, two conventional ATB, two lightering ATBs, three shuttle tankers, ten MR tankers, and two non-Jones Act MR tankers that participate in the U.S. Maritime Security Program. OSG also currently owns and operates one Marshall Islands flagged MR tanker which trades internationally.

OSG is committed to setting high standards of excellence for its quality, safety and environmental programs. OSG is recognized as one of the world’s most customer-focused marine transportation companies and is headquartered in Tampa, FL. More information is available at www.osg.com.


Contacts

Investor Relations & Media Contact:
Susan Allan, Overseas Shipholding Group, Inc.
(813) 209-0620
This email address is being protected from spambots. You need JavaScript enabled to view it.

BOWLING GREEN, Ohio--(BUSINESS WIRE)--A-Gas, a world leader in the supply and lifecycle management of Halon based fire suppressant gases has acquired the business of Halon.US., Inc in California. Halon.US currently recovers Halon 1301, Halon 1211, and other fire suppressant gases from the US and international partners and supplies these to customers around the world and across multiple critical industries. A-Gas is excited to add the founder and CEO Steve Newhouse to its existing Fire Suppression leadership team and Damian Marquez to the existing Fire Suppression business development team and transition the customers of Halon.US as direct customers of A-Gas.


Group Chief Executive Officer of A-Gas, Jack Govers, commented, “This is an exciting expansion of our global Fire Suppression business and demonstrates our ongoing commitment to sourcing high-quality recovered material for our customers that rely on us. We are delighted to be able to expand and offer the services we have successfully developed to new customers in the US.”

Mike Armstrong, A-Gas US Managing Director, commented, “A-Gas has been a long-term reclaimer and supplier of fire suppressant gases to the aviation and oil and gas industries in the US. This acquisition expands our capabilities, particularly on the international sourcing front, and brings some exciting new customers to A-Gas. We look forward to supporting these customers with our services on an ongoing basis. This acquisition means that our Fire Suppressant business is strategically positioned for the long term. We welcome Steve to A-Gas and look forward to continuing to work with him in the future.”

Steve Newhouse, Halon.US., Inc CEO, commented, “A-Gas is a natural home for the business I have developed, and I look forward to continuing to grow our service to all of our customers in the future.”

This is A-Gas' ninth acquisition since the investment by Private Equity firm KKR. Recent acquisitions include VEMAC Services in Singapore in 2019, H3R Clean Agents in the US, a site and reclamation facility in Italy, Salience Solutions in Australia in 2021, and Fuso.co.Ltd in Japan in January 2022.

About A-Gas:

A-Gas (US), headquartered in Bowling Green, Ohio, is a trading subsidiary of A-Gas International (headquartered in Bristol, UK) and is the World’s largest refrigerant recovery and reclamation company. The company’s core business offers environmental solutions and lifecycle management services for ozone depleting substances and global warming agents including CFCs, HCFCs, HFCs, and Halons in the HVAC/Refrigeration and Fire Suppression Industries. For more information about A-Gas, please visit www.agas.com/us


Contacts

PR Contact
Jaclyn Schilkey
This email address is being protected from spambots. You need JavaScript enabled to view it.
419-704-4737

Bidgely will utilize their first-of-its-kind load management technology to assist in the large scale EV adoption in Connecticut

ORANGE, Conn.--(BUSINESS WIRE)--The United Illuminating Company (UI) – a subsidiary of AVANGRID, Inc. (NYSE: AGR) – is partnering with Bidgely to help implement the first electric vehicle (EV) managed charging program in Connecticut. The program, established by the Connecticut Public Utilities Regulatory Authority (PURA), leverages both behavioral and managed charging strategies designed to shift customers’ EV loads to off-peak periods.



This effort is part of a larger collaboration between UI, the PURA and other stakeholders to develop statewide electric vehicle (EV) charging infrastructure, which will support the state’s goal of having 125,000 to 150,000 electric vehicles on roads by 2025. The Connecticut Electric Vehicle Managed Charging Program launched on January 1, 2022, with managed charging set to begin this June.

“I am excited that Bidgely is bringing their cutting-edge technology to the EV charging program in Connecticut,” added Frank Reynolds, President & CEO of UI. “Together, we can continue to put this state on the map as a leader in a clean energy future for the region.”

By applying Bidgely’s UtilityAI™ Platform to UI’s existing Advanced Metering Infrastructure (AMI) data, UI will be able to detect EV ownership throughout its service territory and drive participation in UI’s managed charging programs.

“As more of our customers become EV owners, we need to develop strategies that manage the impacts of wide-scale charging on the grid while giving customers choice and control. This program incentivizes customers to charge during off-peak hours through behaviorally focused messages that encourage load shifting and direct managed charging via cutting-edge telematic technology,” said Rick Rosa, AVANGRID’s EV manager. “Bidgely provides a scalable, cost-effective solution that works for all customers while minimizing impacts to the grid from the inevitable wide-scale adoption of EVs.”

UI and Bidgely were able to effectively design a customized solution for a two-tiered approach that includes behavioral and managed charging. Bidgely’s patented technology allows UI to identify current EV owners based on usage and target them with information about how they can manage their usage and minimize costs. Customers who opt-in will receive email notifications for on-peak charging, monthly summary reports, and access to web-based activity. Equipped with this information, customers can make charging decisions best suited to their needs. For customers who opt-in to managed charging, UI will remotely manage vehicle charging for optimal grid flexibility, which will help minimize customer costs and ensure energy supply is balanced during peak periods. Both charging groups are structured with monetary incentives for enrollment and off-peak charging.

“We applaud UI, Connecticut and their industry partners for their leadership in developing a landmark EV charging program,” said Gautam Aggarwal, chief revenue officer for Bidgely. “We are proud to be part of a collaboration that strongly demonstrates how utilities, regulators and technology providers can together drive customer value while preparing for distribution system management approaches that can support significant EV growth.”

This new partnership with Bidgely is one of the many ways UI and AVANGRID are accelerating the adoption of EVs. AVANGRID’s EV Roadmap identifies the company’s path to becoming an industry leader in developing and integrating EV infrastructure and technology to support growth of the EV market while reducing emissions associated with transportation for the communities they serve. The AVANGRID family of companies are also members of the Electric Highway Coalition, a partnership of utilities working together to build a network of rapid EV charging stations across the country.

Visit The Connecticut Electric Vehicle Managed Charging Program from United Illuminating (UI) for detailed information or enrollment. To learn how Bidgely helps utilities implement load shifting and grid management solutions, download Bidgely’s Electric Vehicle Playbook.

About UI: The United Illuminating Company (UI) is a subsidiary of AVANGRID, Inc. Established in 1899, UI operates approximately 3,600 miles of electric distribution lines and 138 miles of transmission lines. It serves approximately 341,000 customers in the greater New Haven and Bridgeport areas of Connecticut. UI received the Edison Electric Institute’s Emergency Response Award in 2019 and 2021. For more information, visit www.uinet.com.

About Bidgely: Bidgely is an AI-powered SaaS Company accelerating a clean energy future by enabling energy companies and consumers to make data-driven energy-related decisions. Powered by our unique patented technology, Bidgely’s UtilityAI™ Platform transforms multiple dimensions of customer data - such as energy consumption, demographic, and interactions - into deeply accurate and actionable consumer energy insights. We leverage these insights to empower each customer with personalized recommendations, tailored to their individual personality and lifestyle, usage attributes, behavioral patterns, purchase propensity, and beyond. From a Distributed Energy Resources (DER) and Grid Edge perspective, whether it is smart thermostats to EV chargers, solar PVs to TOU rate designs and tariffs; UtilityAI™ energy analytics provides deep visibility into generation, consumption for better peak load shaping and grid planning, and delivers targeted recommendations for new value-added products and services. With roots in Silicon Valley, Bidgely has over 17 energy patents, $75M+ in funding, retains 30+ data scientists, and brings a passion for AI to utilities serving residential and commercial customers around the world. For more information, please visit www.bidgely.com or the Bidgely blog at bidgely.com/blog.

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 US 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 approximately 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 UN’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.


Contacts

Media Contacts:
Gage Frank
This email address is being protected from spambots. You need JavaScript enabled to view it.; (203) 506-3904

Christine Bennett
Bidgely
This email address is being protected from spambots. You need JavaScript enabled to view it.

NORTH CHARLESTON, S.C.--(BUSINESS WIRE)--Ingevity Corporation (NYSE:NGVT) today announced an environmental product declaration (EPD) was published for its Evotherm® M1 Warm Mix Asphalt (WMA) technology. The Evotherm M1 EPD distinguishes Ingevity as the first chemical additive supplier to be included in the National Asphalt Pavement Association’s (NAPA) Emerald Eco-Label tool that provides supply chain-specific upstream environmental data for asphalt mixtures.


The EPD for Evotherm M1 denotes Ingevity’s compliance with environmental impact assessment standards for manufacture of the warm mix additive by measuring and reporting the cradle-to-gate impacts of manufacturing and packaging, and assessing the material, energy, waste and emissions impacts of processing and transporting the raw additive materials. A prior study conducted by consulting firm ERM, London, U.K., determined that the use of Evotherm M1 warm mix asphalt additive offsets the volume of greenhouse gases (GHG) generated in its manufacture by a factor range of 18 to 23.

The Emerald Eco-Label tool is a web-based software program that allows asphalt mixture producers to develop verified plant-specific and mix-specific EPDs that quantify the environmental impacts of the asphalt mixtures, helping asphalt producers assist their customers in meeting their environmental goals. Integrating Ingevity’s EPD for Evotherm M1 into the Emerald Eco-Label tool provides upstream data for asphalt mixtures that contain Evotherm M1.

At Ingevity, we are committed to producing products that exceed the industry’s sustainability standards,” said Andrew Crow, vice president, Pavement Technologies. “The Evotherm M1 EPD and its inclusion in NAPA’s Emerald Eco-Label tool is critical as government agencies and international organizations continue to demand more transparent and sustainable solutions in the asphalt industry. We will continue to work with sustainability experts and industry organizations on qualifying EPDs for additional products to enable our customers to enhance their products’ performance and achieve sustainability goals.”

Ingevity’s decision to publish the EPD for Evotherm M1 demonstrates the industry’s commitment to transparency and sustainability,” said Richard Willis, NAPA’s vice president for Engineering, Research, and Technology. “Additionally, it aligns with NAPA’s The Road Forward initiative, which launched this year and challenges the asphalt pavement community to achieve net zero carbon emissions during asphalt production and construction by 2050.”

Having Ingevity’s Evotherm M1 as the first chemical additive supplier in our Emerald Eco-Label software enhances the tool for asphalt mixture producers by filling an important data gap for upstream materials. It also charts a path that other organizations can follow to integrate supply chain-specific data into EPDs for asphalt mixtures,” said Joseph Shacat, NAPA’s director of Sustainable Pavements.

Ingevity’s Evotherm M1 WMA technology provides comprehensive benefits that surpass conventional hot mix asphalt such as lowering paving temperatures, reducing environmental emissions, creating a fume-free work environment for crews and surrounding businesses and neighborhoods, and building longer-lasting roads.

For more information on Evotherm and to access the Evotherm M1 EPD, please visit the Evotherm page on the Ingevity website.

Ingevity: Purify, Protect and Enhance

Ingevity provides products and technologies that purify, protect, and enhance the world around us. Through a team of talented and experienced people, we develop, manufacture and bring to market solutions that help customers solve complex problems and make the world more sustainable. We operate in two reporting segments: Performance Chemicals, which includes specialty chemicals and engineered polymers; and Performance Materials, which includes high-performance activated carbon. These products are used in a variety of demanding applications, including asphalt paving, oil exploration and production, agrochemicals, adhesives, lubricants, publication inks, coatings, elastomers, bioplastics and automotive components that reduce gasoline vapor emissions. Headquartered in North Charleston, South Carolina, Ingevity operates from 25 locations around the world and employs approximately 1,850 people. The company is traded on the New York Stock Exchange (NYSE:NGVT). For more information visit www.ingevity.com.


Contacts

Caroline Monahan
843-740-2068
This email address is being protected from spambots. You need JavaScript enabled to view it.

Investors:
John Nypaver
843-740-2002
This email address is being protected from spambots. You need JavaScript enabled to view it.

CHONGQING, China--(BUSINESS WIRE)--On 13 May, the 26th Iran Oil, Gas, Refining and Petrochemicals Show was held at the Tehran International Exhibition and Convention Centre in Iran.

Organized by the Iranian Ministry of Petroleum, the show brought together many of the best international equipment suppliers and professional buyers, attracting over 2,000 companies from 35 countries and over 170,000 visitors. Many internationally renowned companies attended the show, including Shell, BP, Total, and ENI.

Iran Oil Show is not only huge in scale and number of participants but also extremely professional, diverse, and influential in the market. It is the largest and most influential oil, gas, and petrochemical show in Iran and the Middle East. Besides, it is one of the most important oil and gas shows in the world.

At this year's show, the petrochemical intelligent explosion-proof inspection robot made a shining appearance and received strong interest and extensive attention from visitors and demand companies. It is the focus of attention at this show.

The robot, exhibited by Chinese robot company Chongqing Sevnce Technology Co., Ltd, is equipped with Ex d IIB T4 Gb China explosion-proof certification as well as IP65 waterproof and dustproof certification. It is equipped with various intelligent sensing devices, which can accurately identify and collect data for analysis of various meters, liquids, and gases. Not only does it reduce human cost investment, but it also effectively avoids high risks in production.

The head of Sevnce international business explained the robot’s product information technology advantages and practical application cases to the audience in detail. Many customers were very interested in the products, so they asked about the product details, performance, price, delivery date and talked about their specific needs before the booth. They hoped to take this opportunity to have in-depth cooperation.

Through the communication at this year's Iran Oil Show, the explosion-proof intelligent inspection robots of Sevnce Petrochemical are expected to penetrate the production and applications of oil, gas, and chemical enterprises in Iran and even worldwide, realizing digitization, intelligent, and safe industrial development.


Contacts

Chongqing Sevnce Technology Co., Ltd
Jake Lu
This email address is being protected from spambots. You need JavaScript enabled to view it.
https://www.sevnce.com/en/
0086+13618393131

SAN RAMON, Calif.--(BUSINESS WIRE)--Chevron Products Company, a division of Chevron U.S.A. Inc., announced the release of a new package design for its full line of Chevron Delo® heavy duty diesel engine oils – including the new Delo 400 XSP SAE 15W-40 full synthetic, high-performance engine oil for diesel pick-up trucks. The 1-gallon jug will feature a two-handle system for improved handling and a smoother “no-glug” pour. Both the 1- and 2.5-gallon jugs include new label designs for easier product selection and will feature a QR code for immediate access to comprehensive product details. The transition to the new packaging will take place beginning this month.


“We’re excited to announce the launch of the new ergonomically-improved 1-gallon and 2.5-gallon jugs across our Chevron Delo® product line,” said Jason Gerig, Chevron commercial sector manager. “After extensive packaging research and gathering of customer feedback, we landed on a design that improves product handling, decreases any glug that can lead to spills, and provides an overall better user experience.”

Better performance inside and out

The new Delo® product line package design includes:

  • Two-handle 1-gallon jug to accommodate customers’ requests for a more confident pour, a better grasp and easier carrying
  • Air-scoop opening that decreases risk of spilling or glugging
  • Updated product shape for better storage, better fit on the shelf, and less space needed
  • Updated label design for easier selection of the right product
  • QR code on front label to provide customer with quick access to proof of performance, application and use data points.

About Chevron Products Company

Chevron Products Company is a division of an indirect, wholly owned subsidiary of Chevron Corporation (NYSE: CVX) headquartered in San Ramon, CA. A full line of lubrication and coolant products are marketed through this organization. Select brands include Havoline®, Delo® and Havoline Xpress Lube®. Chevron Intellectual Property LLC owns patented technology in advanced lubricants products, new generation base oil technology and coolants.


Contacts

Bobbi Hochberg, BCW on behalf of Chevron Lubricants
(347) – 525 – 5161 | This email address is being protected from spambots. You need JavaScript enabled to view it.

First U.S. Stream and First in Biochar Carbon Removals Technology


TORONTO--(BUSINESS WIRE)--$NETZ #NETZ--Carbon Streaming Corporation (NEO: NETZ) (OTCQB: OFSTF) (FSE: M2Q) (“Carbon Streaming” or the “Company”) is pleased to announce that it has entered into a carbon credit streaming agreement (the “Stream Agreement”) with a subsidiary of Restoration Bioproducts LLC (“Restoration Bioproducts”) to support construction of a biochar production facility in Virginia (the “Project”).

Biochar, short for biological charcoal, is produced by heating organic feedstocks in a limited oxygen atmosphere, resulting in a very stable form of carbon that prevents the release of greenhouse gases into the atmosphere for centuries, making it valuable for sequestration purposes. CO2 Removal Certificates (“CORCs”) are expected to be verified under independent standard Puro.earth, the leading standard for Biochar projects.

Investment Highlights:

  • This is the Company’s first carbon stream on a biochar carbon removals project, providing diversification across a new project type.
  • This is the Company’s first carbon stream located in the United States, furthering geographic diversification.
  • Carbon Streaming will receive and sell 100% of the CORCs generated by the Project, with ongoing payments to Restoration Bioproducts for each CORC sold under the Stream Agreement.
  • The Project is expected to remove over 161,000 tonnes of CO2 equivalent emissions (“tCO2e”) over the 25-year project life and generate an equivalent number of CORCs.
  • CORCs from other Puro.earth projects are currently selling above US$125/CORC as of April 2022.
  • With the signing of the Stream Agreement, Carbon Streaming is making an initial upfront cash investment of US$0.6 million, with additional milestone payments of US$0.75 million to be paid over the term of the Stream Agreement.

Impact Highlights:

  • The Project is expected to reduce biomass waste and prevent the associated release of carbon dioxide and methane emissions into the atmosphere equivalent to an estimated 6,500 tCO2e per year.
  • It is anticipated that the majority of biochar generated by the Project will be used in agricultural applications to deliver soil enhancement through increased water and nutrient retention and ammonia reduction.
  • The production process generates clean energy that reduces reliance on traditional lower efficiency sources and offers cost savings that contribute to increased community employment.
  • The Project is expected to be a significant employer in the local community.

“It’s with great excitement that we announce our first carbon stream in a carbon removals project in America,” said Justin Cochrane, Carbon Streaming Founder and CEO. “Biochar projects can sequester and store carbon for centuries and will play a vital role in the efforts to offset global emissions. We are delighted to be partnering with Restoration Bioproducts to scale this carbon removals innovation and provide significant community and environmental benefits.”

Jeff Waldon, Restoration Bioproducts Managing Partner, commented, “We are very pleased and excited to enter this new relationship with Carbon Streaming. We believe biochar and renewable energy are important strategies for addressing climate change, and carbon finance through Carbon Streaming will help enable company expansion into Virginia. Our model fits well with rural community development both in the US and internationally, and the international reach that Carbon Streaming provides will enable us to grow well beyond Virginia in the future.”

Closing of the Stream Agreement is subject to customary conditions with closing anticipated to occur within a week.

About Carbon Streaming

Carbon Streaming is a unique ESG principled company offering investors exposure to carbon credits, a key instrument used by both governments and corporations to achieve their carbon neutral and net-zero climate goals. Our business model is focused on acquiring, managing and growing a high-quality and diversified portfolio of investments in projects and/or companies that generate or are actively involved, directly or indirectly, with voluntary and/or compliance carbon credits.

The Company invests capital through carbon credit streaming arrangements with project developers and owners to accelerate the creation of carbon offset projects by bringing capital to projects that might not otherwise be developed. Many of these projects will have significant social and economic co-benefits in addition to their carbon reduction or removal potential.

To receive corporate updates via e-mail as soon as they are published, please subscribe here.

About Restoration Bioproducts

Restoration Bioproducts LLC is a sustainability company that develops pyrolysis-based projects to refine biomass into higher value products. Those products include biochar, bio-oil, wood vinegar, heat and/or power. Carbon finance is a part of the equation. Each project is a stand-alone entity with its own unique feedstock and product mix. The scale of the projects fits well within small rural communities where jobs and economic development are needed. The products help address climate change, reduce the use of toxic substances in the environment, increase farm profitability, and improve water quality.

Restoration Bioproducts LLC is a partnership between FDC Enterprises, a biomass production and logistics firm based in Ohio, USA, and Langseth Engineering PLLC, an engineering firm focused on biomass energy applications. More information about Restoration Bioproducts can be found here.

Advisories

The references to third party websites and sources contained in this news release (including information with regards to Restoration Bioproducts) are provided for informational purposes and are not to be considered statements of the Company.

Cautionary Statement Regarding Forward-Looking Information

This news release contains certain forward-looking statements and forward-looking information (collectively, “forward-looking information”) within the meaning of applicable securities laws. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future, including, without limitation, statements and figures related to future CORC generation and tCO2e emissions reductions from the Project; the ability for the Project to be independently verified by the Puro.earth standard; timing to meet additional payment milestones; quality of the CORCs generated by the Project; expected benefits of reducing biomass waste; use of biochar generated by the Project; timing of closing; and the generation of local community benefits and employment.

When used in this news release, words such as “estimates”, “expects”, “plans”, “anticipates”, “will”, “believes”, “intends” “should”, “could”, “may” and other similar terminology are intended to identify such forward-looking statements. This forward-looking information is based on the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. They should not be read as a guarantee of future performance or results, and will not necessarily be an accurate indication of whether or not such results will be achieved. Factors that could cause actual results or events to differ materially from current expectations include, among other things: dependence on key management; limited operating history for the Company’s current strategy; concentration risk; inaccurate estimates of growth strategy, including the ability of the Company to source appropriate opportunities/investments; volatility in prices of carbon credits and demand for carbon credits; general economic, market and business conditions; failure or timing delays for projects to be validated and ultimately developed or greenhouse gases emissions reductions and removals to be verified and carbon credits issued; uncertainties and ongoing market developments surrounding the regulatory framework applied to the verification, and cancellation of carbon credits and the Company’s ability to be, and remain, in compliance; actions by governmental authorities, including changes in or to government regulation, taxation and carbon pricing initiatives; uncertainties surrounding the ongoing impact of the COVID-19 pandemic; foreign operations and political risks; risks arising from competition and future acquisition activities; due diligence risks, including failure of third parties’ reviews, reports and projections to be accurate; global financial conditions, including fluctuations in interest rates, foreign exchange rates and stock market volatility; dependence on project developers, operators and owners, including failure by such counterparties to make payments or perform their operational or other obligations to the Company in compliance with the terms of contractual arrangements between the Company and such counterparties; failure of projects to generate carbon credits, or natural disasters such as flood or fire which could have a material adverse effect on the ability of any project to generate carbon credits; change in social or political views towards climate change and subsequent changes in corporate or government policies or regulations; operating and capital costs; potential conflicts of interest; unforeseen title defects; the Company’s ability to complete proposed acquisitions and the impact of such acquisitions on the Company’s business; anticipated future sources of funds to meet working capital requirements; future capital expenditures and contractual commitments; expectations regarding the Company’s growth and results of operations; the Company’s dividend policy; volatility in the market price of the Company’s common shares or warrants; the effect that the issuance of additional securities by the Company could have on the market price of the Company’s common shares or warrants; and the other risks disclosed under the heading “Risk Factors” and elsewhere in the Company’s Annual Information Form dated as of September 27, 2021 filed on SEDAR at www.sedar.com. These risks, as well as others, could cause actual results and events to vary significantly. Accordingly, readers should exercise caution in relying upon forward-looking statements and the Company undertakes no obligation to publicly revise them to reflect subsequent events or circumstances, except as required by law.


Contacts

ON BEHALF OF THE COMPANY:
Justin Cochrane, Chief Executive Officer
Tel: 647.846.7765
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.carbonstreaming.com

Leading mobility and logistics company wins FICO® Decisions Award for ESG Champion

MEXICO CITY--(BUSINESS WIRE)--FICO (NYSE: FICO):


Highlights:

  • Traxión reduced deadhead trips by 2.9 million kilometers
  • Traxión expects to reduce costs by USD$2.5M, cut emissions and minimize fleet wear and tear using FICO route optimization
  • The company will decrease empty trips for its vehicles by 20 percent
  • Traxión won a 2022 FICO® Decisions Award for ESG (Environmental, Social, and Governance) Champion

Traxión, the leading mobility and logistics company in Mexico, has used FICO route optimization technology to help it use fewer vehicles, save on fuel costs, cut emissions and reduce fleet wear and tear. The company has already saved 2.9 million kilometers in travel, USD$725,000 in costs and 458 metric tons of emissions after implementing just 11% of the optimal solution. Traxión is on track to reduce empty trips by 20 percent which will save it over 10 million kilometers, USD$2.5M in costs and an impressive 1,580 metric tons of emissions once its operations are fully optimized.

Traxión was able to see a rapid return on investment by implementing the optimization capability within FICO® Platform, a cloud-based decisioning platform that allows companies to centralize and operationalize advanced analytics at speed.

More information: https://www.fico.com/en/products/fico-xpress-optimization

“Designing our logistics planning based on an algorithm was a turning point in the way the company operates,” said Vicente Quiroga Garcia, director of operational excellence at Traxión. “Our team now has all the tools and techniques needed to conduct a large amount of analysis using various scenarios and generate the best route — one that is transparent, fair, and much more efficient in the allocation of units, operators, and kilometers.”

Prior to the implementation, Traxión ’s business leaders knew that the spreadsheet-based program they were using to develop routes and schedules was falling short, as shown by the large number of “deadhead” kilometers; travel by trucks and buses without a cargo or passenger load.

In addition, the spreadsheet macros were often difficult to use, and did not allow for easy integration of new rules and constraints. This was a significant disadvantage during the COVID-19 pandemic, as protocols regarding vehicle disinfection plus physical distancing among employee groups frequently changed the number of routes required.

The optimization of transportation logistics at Traxión was a complex undertaking. An accurate and efficient schedule was needed to fairly distribute workloads for drivers and comply with labor agreements regarding shift length and workdays per week. The solution also needed to meet specific customer requirements, such as driver experience, vehicle features such as air conditioning, and the possibility of applying the customer logo or branding to the bus.

Optimization also needed to account for unforeseeable complications, such as vehicle breakdowns and traffic delays, that impact routing and need to be resolved quickly. At the heart of all these factors is the “Rubik’s Cube” of the routes themselves.

“In the initial phase of the FICO solution integration, Traxión deployed 700 buses from two depots in a municipality to cover 3,300 service routes,” said Garcia. “The second phase was more complex, expanding to 21 municipalities.”

Importantly, when it came to implementation at Traxión the route changes needed to be gradual. Just because an optimization solution can be modelled, does not mean that it can be deployed 100% overnight.

“Drivers pick up passengers, not packages, so passengers need to know the driver and they need to know where to go every week,” added Garcia. “To accommodate this very real human aspect we created a threshold parameter that business users applied to avoid dramatic schedule changes. Schedules were optimized by say, five percent a week, until they reached a point where the solution was 100% optimal.”

So far, Traxión has deployed eleven percent of the optimization solution to 16 out of 19 units. This includes 5,953 buses and 176,109 total services. The largest unit has 19,000 services. At this level of optimization, the Traxión team has already saved 2.9 million kilometers.

The advances in optimization are also contributing significantly to Traxión’s emissions reductions, with 458 metric tons of emissions saved after implementing just 11% of the optimal solution and 1,580 metric tons of emissions expected once its operations are fully optimized. Every kilometer driven by a bus takes 30 cars out of operation, so with a fleet of 6,200 efficiently routed buses, 186,000 cars are kept off the roads saving 1.6 million metric tons of emissions.

“In less than a year, Traxión has improved analytic efficiency and speed to insights by 80 percent,” said Nikhil Behl chief marketing officer at FICO. “This has enabled them to make remarkable improvements while responding to pandemic conditions, which is quite a feat. Their work with optimization shows the potential of FICO’s prescriptive analytics to help firms meet ESG goals and make the world healthier.”

For its achievements, Traxión won a 2022 FICO® Decisions Award for ESG Champion.

“The problem that Traxión was trying to solve was very complex,” said Sheila Leverone, chief marketing officer at eDriving and one of the FICO Decisions Awards judges. “There are a multitude of factors that go into a transportation network optimization such as this. It was obvious that there was some careful thinking by Traxión around the operational considerations and the incremental approach needed to move towards the optimal solution.”

About Traxión

Traxión is the leading mobility and logistics company in Mexico. Traxión integrates highly recognised brands: Muebles y Mudanzas (MYM); Transportadora Egoba; Grupo SID; Auto Express Frontera Norte (AFN); LIPU, Redpack and Autotransportes El Bisonte, Traxión Logitics and Traxporta. It has the broadest portfolio through which it offers a unique and integral solution of cargo and logistics, and personnel and student transportation, consolidating as a one-stop solution.

Traxión is the first ground transportation company on the Mexican Stock Exchange, consolidating as the link between the financial sector and the logistics industry of the country.

About the FICO® Decisions Awards

The FICO Decisions Awards recognize organizations that are achieving remarkable success using FICO solutions. A panel of independent judges with deep industry expertise evaluates nominations based upon measurable improvement in key metrics; demonstrated use of best practices; project scale, depth and breadth; and innovative uses of technology. The 2022 judges are:

  • Sidhartha Dash, research director at Chartis
  • Paul Deall, head of risk, mortgages at Westpac (previous winner)
  • Senthil Erulappan, director, product engineering for merchant, risk and collections at FIS
  • Armando Junior, general manager, risk and compliance at Dock (previous winner)
  • Sheila Leverone, chief marketing officer at eDriving (previous winner)
  • Sibulelo Ncamani, head of operational risk and governance at Absa Bank (previous winner)
  • Graham Rand, operational researcher and editor of Impact
  • Dinesh Suresh, head, digital builds for consumer secured lending at OCBC Bank (previous winner)

The winners of the FICO Decisions Awards will be spotlighted at and win tickets to FICO® World 2022, the Decisions Conference, May 2022 in Orlando, Florida.

About FICO

FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 200 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, manufacturing, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 120 countries do everything from protecting 2.6 billion payment cards from fraud, to helping people get credit, to ensuring that millions of airplanes and rental cars are in the right place at the right time.

Learn more at www.fico.com.

FICO is a registered trademark of Fair Isaac Corporation in the US and other countries.


Contacts

Public Relations – FICO
This email address is being protected from spambots. You need JavaScript enabled to view it.

Press contacts
Olivia Castañón
Porter Novelli for FICO
This email address is being protected from spambots. You need JavaScript enabled to view it.

Marcela Garfias
Porter Novelli for FICO
This email address is being protected from spambots. You need JavaScript enabled to view it.

Supply is intended to support Ameresco’s plans to buildout customer projects requiring BESS

PORTLAND, Ore. & FRAMINGHAM, Mass.--(BUSINESS WIRE)--#batteryenergystorage--Ameresco Inc. (NYSE:AMRC), a leading cleantech integrator, and Powin LLC (Powin), a global leader in the design and manufacture of safe and scalable battery energy storage solutions, today announced that they have signed a long term non-exclusive purchasing framework agreement for Powin to supply Ameresco with 2,500 MWh of its modular BESS Stack750 product as part of its Centipede hardware platform.


The long-term purchase agreement is intended to supply a portion of Ameresco’s BESS needs through mid-2025 and be utilized in Ameresco’s project and asset installations for a wide array of customers ranging from small municipal utilities to large Federal projects. Ameresco chose Powin’s system because the modular design of the Stack750 product is well suited for a variety of Ameresco’s customer needs and requires decreased lead time to deploy, reduced space on-site, and a lower overall capital cost.

“Building on our experience with BESS projects across the globe, we are excited to agree to this supply to help meet our growing demand for battery energy storage technologies as a part of our comprehensive customer solution set,” said Doran Hole, EVP and Chief Financial Officer, Ameresco. “As costs have declined and the technology matured, battery storage has rapidly become a go to clean energy technology. Whether as a standalone system or as part of an integrated solar or microgrid solution, BESS have become an integral technology for customers looking to increase energy resiliency and reliability. This agreement is designed to bolster our BESS availability with a high quality, flexible product and offer advantageous equipment delivery timelines to support our growing base of customers throughout our various vertical markets.”

Earlier this year, Powin announced that it will produce its Centipede platform in North America, further supporting Powin’s ability to navigate supply chain challenges and ensure its customers have the products needed to execute projects. Powin is uniquely positioned to nearshore Stack750 manufacturing due to the company's vertically integrated business model, diversified supply chain and control over the product design. By owning the product design and manufacturing from the Energy Management System (StackOS) down to the Powin battery module, Powin has become an industry leader in BESS safety, product quality, deployment agility and project reliability, passing extraordinary value on to Powin customers like Ameresco.

Geoff Brown, CEO of Powin, stated, “Ameresco has built a reputation as a trusted partner of the U.S. government, major corporations, and utilities in deploying renewable energy projects and battery energy storage systems. We are pleased that the Ameresco has selected Powin as one of their partners as they expand their energy storage business. With our new North American production facility, we plan to provide Ameresco with both the advanced, modular and energy-dense hardware required for their use cases as well as the experience needed to navigate supply chain constraints.”

Over the past decade, Powin has worked to advance its patented battery management technology and develop market-leading product offerings. Headquartered in Oregon, Powin has built over 2,000 MWh of systems in 12 states and 8 countries. Powin has a contracted pipeline to supply over 5,800 MWh of energy storage systems globally over the next three years. To learn more about the use case examples and BESS solutions developed by Ameresco, visit: https://www.ameresco.com/batteries-and-energy-storage/.

About Powin, LLC (Powin):

Powin is a global leader in the design and manufacture of safe and scalable battery energy storage solutions. Our innovative and cost-effective hardware and software are revolutionizing the way energy is generated, transmitted, and distributed, helping the world achieve decarbonization objectives. To learn more, please visit www.powin.com.

About Ameresco Inc.:

Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading cleantech integrator and renewable energy asset developer, owner and operator. Our comprehensive portfolio includes energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions delivered to clients throughout North America and Europe. Ameresco’s sustainability services in support of clients’ pursuit of Net Zero include upgrades to a facility’s energy infrastructure and the development, construction, and operation of distributed energy resources. Ameresco has successfully completed energy saving, environmentally responsible projects with Federal, state and local governments, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco has more than 1,000 employees providing local expertise in the United States, Canada, and Europe. For more information, visit www.ameresco.com.


Contacts

Media:
Ally Copple: This email address is being protected from spambots. You need JavaScript enabled to view it., 713.201.8800
Leila Dillon: This email address is being protected from spambots. You need JavaScript enabled to view it., 508-661-2264

Ameresco Investor Relations:
Eric Prouty, AdvisIRy Partners, 212.750.5800, This email address is being protected from spambots. You need JavaScript enabled to view it.
Lynn Morgen, AdvisIRy Partners, 212.750.5800, This email address is being protected from spambots. You need JavaScript enabled to view it.

Veolia North America is one of only 26 Distinguished Award recipients across Intel’s global supply chain

BOSTON--(BUSINESS WIRE)--Veolia North America is proud to announce that it has earned Intel’s EPIC Distinguished Supplier Award. Through its dedication to excellence, partnership, inclusion, and continuous quality improvement, Veolia North America has achieved a level of performance that consistently exceeds Intel’s expectations.

“As one of only 26 Distinguished Supplier Award recipients across the Intel global supply chain, Veolia North America has been crucial to Intel’s success while offering agility and flexibility during the ongoing volatile supply chain environment,” said Keyvan Esfarjani, EVP and Chief Global Operations Officer at Intel. “They have provided exceptional collaboration and commitment toward safety, quality, diversity and inclusion, and exceeded our expectations in support of Intel’s supply chain operational excellence. Earning this award speaks to their dedication to Intel values and their partnership.”

The Intel EPIC Distinguished Supplier Award recognizes a consistent level of strong performance across all performance criteria. Of the thousands of Intel suppliers around the world, only a few hundred qualify to participate in the EPIC Supplier Program. The EPIC Distinguished Award is the second-highest honor a supplier can achieve. In 2022, only 26 suppliers in the Intel supply chain network earned this award.

To qualify for an Intel EPIC Distinguished Supplier Award, suppliers must exceed expectations, meet aggressive performance goals and score 80 percent or higher in performance assessments throughout the year. Suppliers must also meet 80 percent or more of their improvement plan deliverables and demonstrate formidable quality and business systems.

Get more information about the Intel EPIC Supplier Awards
Find the latest at the Intel Newsroom
Visit the Intel EPIC Supplier Awards page

About Veolia Group

Veolia Group aims to be the benchmark company for ecological transformation. With nearly 179,000 employees worldwide, the Group designs and provides game-changing solutions that are both useful and practical for water, waste and energy management. Through its three complementary business activities, Veolia helps to develop access to resources, preserve available resources and replenish them. In 2020, the Veolia Group supplied 95 million people with drinking water and 62 million people with wastewater services, produced nearly 42 million megawatt hours of energy and treated 47 million metric tons of waste. Veolia Environnement (listed on Paris Euronext: VIE) recorded consolidated revenue of €26.010 billion in 2020 (USD 29.7 billion). www.veolia.com

About Veolia North America

A subsidiary of Veolia Group, Veolia North America (VNA) offers a full spectrum of water, waste and energy management services, including water and wastewater treatment, commercial and hazardous waste collection and disposal, energy consulting and resource recovery. VNA helps commercial, industrial, healthcare, higher education and municipality customers throughout North America. Headquartered in Boston, Mass., Veolia North America has more than 7,000 employees working at more than 250 locations across the continent. www.veolianorthamerica.com


Contacts

Veolia North America
Matt Burgard
(203) 859-4168
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.veolianorthamerica.com

MUNICH & HOUSTON--(BUSINESS WIRE)--The market for battery electric vehicles (BEVs) and stationary battery storage systems is growing rapidly. An integrated approach is vital to ensure the underlying technologies meet the ever-growing sustainability demands. TÜV SÜD, a leading global provider of Testing, Inspection and Certification (TIC) services, has developed a sustainability assessment program for battery production, which is currently being implemented for the first time in a pilot project with Microvast Holdings, Inc. (NASDAQ:MVST), a leading supplier of battery technology for next-generation commercial and special-purpose vehicles.



When developing its sustainability assessment program, TÜV SÜD was guided by the holistic sustainable development goals (SDGs) of the United Nations and took these goals as a basis to define specific criteria and indicators that allowed its technical inspection experts to assess and quantify sustainability.

TÜV SÜD even considered the requirements of the future EU Battery Directive. The TÜV SÜD sustainability assessment program is designed to support manufacturers in developing more sustainable battery production operations which will ultimately encompass not only ecological, but also social and economic aspects.

In a pilot project for the first stage of the sustainability assessment, TÜV SÜD reviewed the current status of corporate sustainability at several of Microvast’s facilities. The pilot project marked the debut of a newly developed SDG assessment tool which enables impartial, holistic, and transparent recording and assessment of the underlying data to be performed. The results of the first stage of the sustainability assessment were summarized in a status report, which Microvast will use as a baseline for advancing its sustainability initiatives.

“Sustainability, sustainable production, and sustainable supply chains are turning into a critical characteristic that delivers competitive edge for companies across all industries,” says Ferdinand Neuwieser, CEO of TÜV SÜD Industrie Service GmbH. “We are honored to carry out this sustainability assessment pilot project. Microvast is highly dedicated to its goal of improving the sustainability of its battery production and this project is an important step toward achieving those goals.”

“Our strategic goal is to establish fully sustainable battery production operations and supply chains on the basis of the United Nations’ sustainable development goals (SDGs),” says Sascha Kelterborn, President & Chief Revenue Officer of Microvast Holdings, Inc. “We are aware of the challenges that await us. The sustainability assessment and the status reports from TÜV SÜD will support us in overcoming these challenges and document our progress on the road to securing a leadership position in the sustainable battery production sector.”

The project will now enter the second stage, which is expected to involve recommendations to further improve the sustainability of Microvast’s production processes.

Note for editorial staff: The press release and high-resolution photo are available on the Internet at www.tuvsud.com/newsroom.

Founded in 1866 as a steam boiler inspection association, the TÜV SÜD Group has evolved into a global enterprise. More than 25,000 employees work at over 1.000 locations in about 50 countries to continually improve technology, systems and expertise. They contribute significantly to making technical innovations such as Industry 4.0, autonomous driving and renewable energy safe and reliable. www.tuvsud.com

Microvast is a technology innovator that designs, develops and manufactures lithium-ion battery solutions. Microvast is renowned for its cutting-edge cell technology and its vertical integration capabilities which extend from core battery chemistry (cathode, anode, electrolyte, and separator) to modules and packs. By integrating the process from raw material to system assembly, Microvast has developed a family of products covering a breadth of market applications, including electric vehicles, energy storage and battery components. Microvast’s strategic ambition is to become a fully sustainable battery company. Microvast was founded in 2006 and is headquartered near Houston, Texas. For more information, please visit www.microvast.com


Contacts

Dr Thomas Oberst
TÜV SÜD AG
Corporate Communications
Westendstr. 199, 80686 Munich
Tel. +49 (0) 89 / 57 91 – 23 72
Fax +49 (0) 89 / 57 91 – 22 69
Email This email address is being protected from spambots. You need JavaScript enabled to view it.
Internet www.tuvsud.com/de

Sarah Alexander
Microvast
Investor Relations
Tel. +1 (346) 309-2562
Email This email address is being protected from spambots. You need JavaScript enabled to view it.
Internet www.microvast.com

DUBLIN--(BUSINESS WIRE)--The "Electric Ships Market to 2028 - COVID-19 Impact and Global Analysis - by Type, Power, Range and Ship Type" report has been added to ResearchAndMarkets.com's offering.


According to this report the market is expected to grow from US$ 3.82 billion in 2021 to US$ 7.76 billion by 2028; it is estimated to grow at a CAGR of 10.3% from 2021 to 2028.

Increasing Regulatory Support from Government Authorities and Industry Associations to Favor Market Growth

Several marine industry associations are focusing on reducing the gas emission from the shipping industry. As per a report published by the Norwegian Ministry of Climate and Environment, in April 2018, International Maritime Organization (IMO) adopted a plan to reduce greenhouse gas emissions from international shipping by ~50% compared with the level in 2008 by the end of 2050.

Additionally, the IMO strategy aims to improve the energy efficiency of each ship and to reduce the carbon intensity of the whole marine industry by reducing emissions per unit of transport work done by ~40% by 2030, and further toward 70% by 2050, according to a report published by the Norwegian Ministry of Climate and Environment. Further, several governments are focusing on reducing the gas emission from the shipping industry.

For instance, according to a report published by the Norwegian Ministry of Climate and Environment, in 2019, the Norway government's focus is on reducing greenhouse gas emissions from domestic shipping and fishing ships by half by 2030 and promoting the development of zero- and low-emission solutions for all vessel categories. For this, the government had allocated NOK 7 million (US$ 0.77 million) to the Green Shipping Programme in the 2019 budget. Therefore, the increasing regulatory support from government authorities and industry associations for reducing greenhouse gas emissions in the shipping industry supports the growth of electric ships by adopting electric or hybrid propulsion systems.

North America has the highest adoption rate of advanced technologies due to governments' favorable policies to boost innovation and strengthen infrastructure capabilities. The COVID-19 pandemic forced the US government to impose several limitations on industrial, commercial, and public activities in the initial phases to control the spread of COVID-19. The record-long US economic expansion came to an end as a result of the COVID-19 pandemic, with effect of a deep recession in 2020. The outlook remains highly uncertain, as it is difficult to determine the social and economic impact of the COVID-19 pandemic, which will depend on the success of containing the outbreak and the measures to restart economic activities.

In 2020, the COVID-19 pandemic adversely affected the growth of the global electric ship market due to the shutdown of manufacturing facilities and trade restrictions. Ship manufacturers had faced short-term operational issues due to supply chain disruption caused by several government initiatives to slow the spread of COVID-19. The shipping industry had become a significant part of several countries' supply chains; it was significantly affected by the COVID-19 pandemic.

The shipping industry depends on production, which was discontinued to prevent people from being affected by SARS-CoV-2, resulting in significant challenges. A South Florida-based cruise ship was affected for the third time, as Florida recorded its highest number of COVID-19 cases. SARS-CoV-2 infected an undisclosed number of passengers and crew of the Carnival Freedom cruise, so the ship was denied entry to Bonaire and Aruba.

The growing maritime tourism industry helps in supporting the electric ships market growth. Thus, during 2021 and 2022, the COVID-19 pandemic will positively impact the market growth. This is expected to normalize the electric ships market growth over the forecast period of 2021-2028.

Reasons to Buy

  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the electric ships market
  • Highlights key business priorities in order to assist companies to realign their business strategies
  • The key findings and recommendations highlight crucial progressive industry trends in the electric ships market thereby allowing players across the value chain to develop effective long-term strategies
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
  • Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution

Market Dynamics

Drivers

  • Rise in Adoption of Hybrid and Electric Propulsion Systems for Retrofitting Ships
  • Increasing Regulatory Support from Government Authorities and Industry Associations

Restraints

  • Limited Range and Capacity of Fully Electric Ships

Opportunities

  • Surge in the adoption of Hybrid-Electric Propulsion Technology for Large Ships

Future Trends

  • Technological Advancements in Energy Storage Devices

Companies Mentioned

  • BAE Systems
  • Duffy Electric Boat Company
  • Fjellstrand As
  • X Shore
  • General Dynamic Electric Boat
  • Hurtigruten
  • Man Energy Solutions
  • Portliner
  • Siemens Energy
  • VARD As

For more information about this report visit https://www.researchandmarkets.com/r/7gjnni


Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.

For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

Announces First CO2 Project

KANSAS CITY, Mo.--(BUSINESS WIRE)--CorEnergy Infrastructure Trust, Inc. (NYSE: CORR, CORRPrA) ("CorEnergy" or the "Company") today announced financial results for the first quarter, ended March 31, 2022.


First Quarter 2022 and Recent Highlights

  • Reported consolidated revenue of $32.9 million for the three months ended March 31, 2022.
  • Generated Net Income of $4.4 million and Adjusted EBITDA of $12.0 million.
  • Published CorEnergy's inaugural ESG report, accessible at corenergy.reit, indicating a lower emission profile than average oil and gas pipelines on a CO2e per MMBTU-mile basis.
  • Signed our first non-binding memorandum of understanding to provide the transportation solution for a carbon sequestration project in California.
  • Declared a first quarter 2022 Common Stock dividend of $0.05 per share and a 7.375% Series A Cumulative Redeemable Preferred Stock dividend of $0.4609375 per depositary share. Both dividends will be paid on May 31, 2022, to stockholders of record on May 17, 2022.

Management Commentary

“Our first quarter results demonstrate the benefit of our reorganized operations and reduced costs, leading to better dividend coverage. Looking to the rest of the year, we see a number of opportunities to positively impact transportation volumes, including the return of volumes on the Amplify pipeline and potential resolution of the permitting case in California,” said Dave Schulte, Chief Executive Officer.

“On the strategic front, we have spoken about our potential for engaging with project developers and have begun working on specific mandates to enable the transportation of CO2. We are pleased to announce that we signed our first non-binding memorandum of understanding to provide the transportation solution for a carbon sequestration project in California. We believe that carbon sequestration projects could enable us to maximize utilization of our pipeline assets and rights of ways.”

First Quarter Performance Summary

First quarter 2022 reflects full impact of the activity from Crimson. First quarter financial highlights are as follows:

 

For the Three Months Ended

 

March 31, 2022

 

 

 

Per Share

 

Total

 

Basic

 

Diluted

Net Income (Attributable to Common Stockholders)

$

(83,667

)

 

$

(0.01

)

 

$

(0.01

)

Net Cash Provided by Operating Activities

$

8,673,048

 

 

 

 

 

Adjusted Net Income1

$

4,664,852

 

 

 

 

 

Cash Available for Distribution (CAD)1

$

2,186,005

 

 

 

 

 

Adjusted EBITDA2

$

12,011,631

 

 

 

 

 

 

 

 

 

 

 

Dividends Declared to Common Stockholders

 

 

$

0.05

 

 

 

1 Adjusted Net Income excludes special items of $300 thousand which are transaction costs; however CAD has not been so adjusted. Reconciliations of Adjusted Net Income and CAD, as presented, to Net Income (Loss) and Net Cash Provided by Operating Activities are included at the end of this press release. See Note 1 below for additional information.

 

2 Adjusted EBITDA excludes special items of $300 thousand which are transaction costs. Reconciliation of Adjusted EBITDA, as presented, to Net Income (Loss) is included at the end of this press release. See Note 2 below for additional information.

Business Development Activities

CorEnergy has identified multiple opportunities for negotiated transactions that could expand the Company's market reach or REIT qualifying revenue sources, including both traditional infrastructure and potential-alternative uses for its rights of way. The Company closely evaluates potential opportunities to ensure alignment with REIT qualifying business activities, and will continue to prudently advance these opportunities.

Outlook

CorEnergy updated its outlook for 2022 to the following, reflecting changes in the timing expectations around the return of Amplify offshore volumes to CorEnergy's systems and a softer volume outlook primarily due to the delayed court proceedings around drilling permits:

  • Expected adjusted EBITDA of $42.0-$44.0 million,
  • Maintenance capital expenditures expected to be in the range of $8.0 million to $9.0 million in 2022; quarterly maintenance costs are not expected to be uniform throughout the year due to project timing,
  • Maintain $0.20/share annual run rate common dividend subject to Board approval on a quarterly basis.

Dividend and Distribution Declarations

The Company currently expects to characterize at least some portion of its 2022 Common Stock and Preferred Stock dividends as Return of Capital for tax purposes.

Common Stock: A first quarter 2022 dividend of $0.05 per share was declared for CorEnergy's common stock. The dividend will be paid on May 31, 2022, to stockholders of record on May 17, 2022.

Preferred Stock: For the Company's 7.375% Series A Cumulative Redeemable Preferred Stock, a cash dividend of $0.4609375 per depositary share was declared. The preferred stock dividend, which equates to an annual dividend payment of $1.84375 per depositary share, will be paid on May 31, 2022, to stockholders of record on May 17, 2022.

Class A-1 Units: Pursuant to the terms of the Crimson transaction, the holders of Crimson Class A-1 Units received a cash distribution of $0.4609375 per unit based on the Company’s declared Series A Preferred dividend.

Class A-2 and Class A-3 Units: Pursuant to the terms of the Crimson transaction, the holders of Crimson Class A-2 and Class A-3 Units did not receive a cash distribution this quarter, since no dividend was declared on the underlying Class B Common Stock.

First Quarter Results Call

CorEnergy will host a conference call on Thursday, May 12, 2022 at 10:00 a.m. Central Time to discuss its financial results. To join the call, dial +1-973-528-0002 at least five minutes prior to the scheduled start time. The call will also be webcast in a listen-only format. A link to the webcast will be accessible at corenergy.reit.

A replay of the call will be available until 10:00 a.m. Central Time on June 12, 2022, by dialing +1-919-882-2331. The Conference ID is 45298. A webcast replay of the conference call will also be available on the Company’s website, corenergy.reit.

About CorEnergy Infrastructure Trust, Inc.

CorEnergy Infrastructure Trust, Inc. (NYSE: CORR, CORRPrA) is a real estate investment trust that owns and operates or leases regulated natural gas transmission and distribution lines and crude oil gathering, storage and transmission pipelines and associated rights-of-way. For more information, please visit corenergy.reit.

Forward-Looking Statements

This press release contains certain statements that may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although CorEnergy believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including, among others, failure to realize the anticipated benefits of the Crimson transaction; the risk that CPUC approval is not obtained, is delayed or is subject to unanticipated conditions that could adversely affect CorEnergy or the expected benefits of the Crimson transaction; risks related to the uncertainty of the projected financial information with respect to Crimson, and those factors discussed in CorEnergy’s reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, CorEnergy does not assume a duty to update any forward-looking statement. In particular, any distribution paid in the future to our stockholders will depend on the actual performance of CorEnergy, its costs of leverage and other operating expenses and will be subject to the approval of CorEnergy’s Board of Directors and compliance with leverage covenants.

Notes

1 Management uses CAD as a measure of long-term sustainable performance. Adjusted Net Income and CAD are non-GAAP measures. Adjusted Net Income represents net income (loss) adjusted for gain on sale of equipment and transaction-related costs. CAD represents Adjusted Net Income adjusted for depreciation, amortization and ARO accretion (cash flows) and deferred tax expense (benefit) less transaction costs; maintenance capital expenditures; preferred dividend requirements and mandatory debt amortization. Reconciliations of Adjusted Net Income and CAD to Net Income (Loss) and Net Cash Provided By Operating Activities are included in the additional financial information attached to this press release.

2 Management uses Adjusted EBITDA as a measure of operating performance. Adjusted EBITDA represents net income (loss) adjusted for items such as loss on impairment of leased property; loss on impairment and disposal of leased property; loss on termination of lease; loss (gain) on extinguishment of debt; and transaction-related costs. Adjusted EBITDA is further adjusted for depreciation, amortization and ARO accretion expense; income tax expense (benefit) and interest expense. The reconciliation of Adjusted EBITDA to Net Income (Loss) is included in the additional financial information attached to this press release.

Consolidated Balance Sheets

 

March 31, 2022

 

December 31, 2021

Assets

(Unaudited)

 

 

Property and equipment, net of accumulated depreciation of $40,964,057 and $37,022,035 (Crimson VIE: $336,342,641, and $338,452,392, respectively)

$

438,593,056

 

 

$

441,430,193

 

Leased property, net of accumulated depreciation of $268,522 and $258,207

 

1,257,505

 

 

 

1,267,821

 

Financing notes and related accrued interest receivable, net of reserve of $600,000 and $600,000

 

993,994

 

 

 

1,036,660

 

Cash and cash equivalents (Crimson VIE: $5,308,695 and $1,870,000, respectively)

 

13,286,081

 

 

 

12,496,478

 

Accounts and other receivables (Crimson VIE: $8,871,936 and $11,291,749, respectively)

 

12,954,640

 

 

 

15,367,389

 

Due from affiliated companies (Crimson VIE: $169,968 and $676,825, respectively)

 

169,968

 

 

 

676,825

 

Deferred costs, net of accumulated amortization of $440,986 and $345,775

 

701,361

 

 

 

796,572

 

Inventory (Crimson VIE: $3,829,532 and $3,839,865, respectively)

 

3,968,235

 

 

 

3,953,523

 

Prepaid expenses and other assets (Crimson VIE: $5,176,012 and $5,004,566, respectively)

 

7,795,241

 

 

 

9,075,043

 

Operating right-of-use assets (Crimson VIE: $5,357,343 and $5,647,631, respectively)

 

5,730,264

 

 

 

6,075,939

 

Deferred tax asset, net

 

134,072

 

 

 

206,285

 

Goodwill

 

16,210,020

 

 

 

16,210,020

 

Total Assets

$

501,794,437

 

 

$

508,592,748

 

Liabilities and Equity

 

 

 

Secured credit facilities, net of deferred financing costs of $1,122,820 and $1,275,244

$

96,877,181

 

 

$

99,724,756

 

Unsecured convertible senior notes, net of discount and debt issuance costs of $2,219,745 and $2,384,170

 

115,830,255

 

 

 

115,665,830

 

Accounts payable and other accrued liabilities (Crimson VIE: $9,730,215 and $9,743,904, respectively)

 

12,986,409

 

 

 

17,036,064

 

Income tax liability

 

141,226

 

 

 

 

Due to affiliated companies (Crimson VIE: $423,491 and $648,316, respectively)

 

423,491

 

 

 

648,316

 

Operating lease liability (Crimson VIE: $5,044,501 and $5,647,036, respectively)

 

5,388,922

 

 

 

6,046,657

 

Unearned revenue (Crimson VIE $205,790 and $199,405, respectively)

 

5,885,621

 

 

 

5,839,602

 

Total Liabilities

$

237,533,105

 

 

$

244,961,225

 

 

 

 

 

Equity

 

 

 

Series A Cumulative Redeemable Preferred Stock 7.375%, $129,525,675 and $129,525,675 liquidation preference ($2,500 per share, $0.001 par value), 10,000,000 authorized; 51,810 and 51,810 issued and outstanding at March 31, 2022 and December 31, 2021, respectively

$

129,525,675

 

 

$

129,525,675

 

Common stock, non-convertible, $0.001 par value; 14,960,628 and 14,893,184 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively (100,000,000 shares authorized)

 

14,960

 

 

 

14,893

 

Class B Common Stock, $0.001 par value; 683,761 and 683,761 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively (11,896,100 shares authorized)

 

684

 

 

 

684

 

Additional paid-in capital

 

335,376,932

 

 

 

338,302,735

 

Retained deficit

 

(324,853,173

)

 

 

(327,157,636

)

Total CorEnergy Equity

 

140,065,078

 

 

 

140,686,351

 

Non-controlling interest (Crimson)

 

124,196,254

 

 

 

122,945,172

 

Total Equity

 

264,261,332

 

 

 

263,631,523

 

Total Liabilities and Equity

$

501,794,437

 

 

$

508,592,748

 

Consolidated Statements of Operations (Unaudited)

 

For the Three Months Ended

 

March 31, 2022

 

March 31, 2021(1)

Revenue

 

 

 

Transportation and distribution

$

29,761,354

 

 

$

21,295,139

 

Pipeline loss allowance subsequent sales

 

2,731,763

 

 

 

1,075,722

 

Lease

 

34,225

 

 

 

474,475

 

Other

 

345,009

 

 

 

195,162

 

Total Revenue

 

32,872,351

 

 

 

23,040,498

 

Expenses

 

 

 

Transportation and distribution

 

13,945,843

 

 

 

10,342,597

 

Pipeline loss allowance subsequent sales cost of revenue

 

2,192,649

 

 

 

948,856

 

General and administrative

 

5,142,865

 

 

 

9,836,793

 

Depreciation, amortization and ARO accretion

 

3,976,667

 

 

 

2,898,330

 

Loss on impairment and disposal of leased property

 

 

 

 

5,811,779

 

Loss on termination of lease

 

 

 

 

165,644

 

Total Expenses

 

25,258,024

 

 

 

30,003,999

 

Operating Income (loss)

$

7,614,327

 

 

$

(6,963,501

)

Other Income (expense)

 

 

 

Other income

$

120,542

 

 

$

63,526

 

Interest expense

 

(3,146,855

)

 

 

(2,931,007

)

Loss on extinguishment of debt

 

 

 

 

(861,814

)

Total Other Expense

 

(3,026,313

)

 

 

(3,729,295

)

Income (Loss) before income taxes

 

4,588,014

 

 

 

(10,692,796

)

Taxes

 

 

 

Current tax expense

 

151,044

 

 

 

27,867

 

Deferred tax expense (benefit)

 

72,213

 

 

 

(26,400

)

Income tax expense, net

 

223,257

 

 

 

1,467

 

Net Income (loss)

 

4,364,757

 

 

 

(10,694,263

)

Less: Net income attributable to non-controlling interest

 

2,060,294

 

 

 

1,605,308

 

Net income (loss) attributable to CorEnergy

$

2,304,463

 

 

$

(12,299,571

)

Preferred stock dividends

 

2,388,130

 

 

 

2,309,672

 

Net loss attributable to Common Stockholders

$

(83,667

)

 

$

(14,609,243

)

 

 

 

 

Net Loss Per Common Share:

 

 

 

Basic

$

(0.01

)

 

$

(1.07

)

Diluted

$

(0.01

)

 

$

(1.07

)

Weighted Average Shares of Common Stock Outstanding:

 

 

 

Basic

 

15,600,926

 

 

 

13,651,521

 

Diluted

 

15,600,926

 

 

 

13,651,521

 

Dividends declared per share

$

0.050

 

 

$

0.050

 

(1) The financial impacts of the Crimson assets only represent the period from February 1, 2021 to March 31, 2021.

Consolidated Statements of Cash Flows (Unaudited)

 

For the Three Months Ended

 

March 31, 2022

 

March 31, 2021

Operating Activities

 

 

 

Net income (loss)

$

4,364,757

 

 

$

(10,694,263

)

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

 

 

 

Deferred income tax, net

 

72,212

 

 

 

(26,400

)

Depreciation, amortization and ARO accretion

 

4,388,926

 

 

 

3,267,034

 

Loss on impairment and disposal of leased property

 

 

 

 

5,811,779

 

Loss on termination of lease

 

 

 

 

165,644

 

Loss on extinguishment of debt

 

 

 

 

861,814

 

Changes in assets and liabilities:

 

 

 

Accounts and other receivables

 

2,505,213

 

 

 

(344,371

)

Financing note accrued interest receivable

 

 

 

 

(6,714

)

Inventory

 

(14,712

)

 

 

(26,111

)

Prepaid expenses and other assets

 

1,601,151

 

 

 

(70,539

)

Due from affiliated companies, net

 

282,032

 

 

 

1,225,906

 

Management fee payable

 

 

 

 

(363,380

)

Accounts payable and other accrued liabilities

 

(4,056,041

)

 

 

(1,611,539

)

Income tax liability

 

141,226

 

 

 

 

Operating lease liability

 

(657,735

)

 

 

(523,652

)

Unearned revenue

 

46,019

 

 

 

(146,369

)

Net cash provided by (used in) operating activities

$

8,673,048

 

 

$

(2,481,161

)

Investing Activities

 

 

 

Acquisition of Crimson Midstream Holdings, net of cash acquired

 

 

 

 

(68,094,324

)

Purchases of property and equipment, net

 

(1,098,499

)

 

 

(4,625,511

)

Proceeds from sale of property and equipment

 

 

 

 

79,600

 

Proceeds from insurance recovery

 

 

 

 

60,153

 

Principal payment on financing note receivable

 

42,666

 

 

 

32,500

 

Net cash used in investing activities

$

(1,055,833

)

 

$

(72,547,582

)

Financing Activities

 

 

 

Debt financing costs

 

 

 

 

(2,735,922

)

Dividends paid on Series A preferred stock

 

(2,388,130

)

 

 

(2,309,672

)

Dividends paid on Common Stock

 

(744,659

)

 

 

(682,576

)

Reinvestment of Dividends Paid to Common Stockholders

 

207,053

 

 

 

 

Distributions to non-controlling interest

 

(809,212

)

 

 

 

Advances on revolving line of credit

 

2,000,000

 

 

 

3,000,000

 

Payments on revolving line of credit

 

(3,000,000

)

 

 

(3,000,000

)

Principal payments on Crimson secured credit facility

 

(2,000,000

)

 

 

 

Net cash used in financing activities

$

(6,734,948

)

 

$

(5,728,170

)

Net change in Cash and Cash Equivalents

$

882,267

 

 

$

(80,756,913

)

Cash and Cash Equivalents at beginning of period

 

12,496,478

 

 

 

99,596,907

 

Cash and Cash Equivalents at end of period

$

13,378,745

 

 

$

18,839,994

 

 

 

 

 

Supplemental Disclosure of Cash Flow Information

 

 

 

Interest paid

$

4,500,333

 

 

$

4,254,050

 

Income taxes paid (net of refunds)

 

(716

)

 

 

5,026

 

 

 

 

 

Non-Cash Investing Activities

 

 

 

In-kind consideration for the Grand Isle Gathering System provided as partial consideration for the Crimson Midstream Holdings acquisition

$

 

 

$

48,873,169

 

Crimson Credit Facility assumed and refinanced in connection with the Crimson Midstream Holdings acquisition

 

 

 

 

105,000,000

 

Equity consideration attributable to non-controlling interest holder in connection with the Crimson Midstream Holdings acquisition

 

 

 

 

115,323,036

 

Purchases of property, plant and equipment in accounts payable and other accrued liabilities

 

1,178,271

 

 

 

868,190

 

 

 

 

Non-Cash Financing Activities

 

 

 

Change in accounts payable and accrued expenses related to debt financing costs

$

 

 

$

(235,198

)

Non-GAAP Financial Measurements (Unaudited)

The following table presents a reconciliation of Net Income (Loss), as reported in the Consolidated Statements of Operations, to Adjusted Net Income and CAD:

 

For the Three Months Ended

 

March 31, 2022

 

March 31, 2021(1)

Net Income (loss)

$

4,364,757

 

$

(10,694,263

)

Add:

 

 

 

Loss on impairment and disposal of leased property

 

 

 

5,811,779

 

Loss on termination of lease

 

 

 

165,644

 

Loss on extinguishment of debt

 

 

 

861,814

 

Transaction costs

 

300,095

 

 

5,074,796

 

Transaction bonus

 

 

 

1,036,492

 

Adjusted Net Income, excluding special items

$

4,664,852

 

$

2,256,262

 

Add:

 

 

 

Depreciation, amortization and ARO accretion (Cash Flows)

 

4,388,927

 

 

3,267,034

 

Deferred tax expense (benefit)

 

72,213

 

 

(26,400

)

Less:

 

 

 

Transaction costs

 

300,095

 

 

5,074,796

 

Transaction bonus

 

 

 

1,036,492

 

Maintenance capital expenditures

 

1,442,550

 

 

1,442,203

 

Preferred dividend requirements - Series A

 

2,388,130

 

 

2,309,672

 

Preferred dividend requirements - Non-controlling interest

 

809,212

 

 

 

Mandatory debt amortization

 

2,000,000

 

 

 

Cash Available for Distribution (CAD)

$

2,186,005

 

$

(4,366,267

)

(1) The financial impacts of the Crimson assets only represent the period from February 1, 2021 to March 31, 2021.

The following table reconciles net cash provided by (used in) operating activities, as reported in the Consolidated Statements of Cash Flows to CAD:

 

For the Three Months Ended

 

March 31, 2022

 

March 31, 2021(1)

Net cash provided by (used in) operating activities

$

8,673,048

 

 

$

(2,481,161

)

Changes in working capital

 

152,849

 

 

 

1,866,769

 

Maintenance capital expenditures

 

(1,442,550

)

 

 

(1,442,203

)

Preferred dividend requirements

 

(2,388,130

)

 

 

(2,309,672

)

Preferred dividend requirements - non-controlling interest

 

(809,212

)

 

 

 

Mandatory debt amortization included in financing activities

 

(2,000,000

)

 

 

 

Cash Available for Distribution (CAD)

$

2,186,005

 

 

$

(4,366,267

)

 

 

 

 

Other Special Items:

 

 

 

Transaction costs

$

300,095

 

 

$

5,074,796

 

Transaction bonus

 

 

 

 

1,036,492

 

 

 

 

 

Other Cash Flow Information:

 

 

 

Net cash used in investing activities

$

(1,148,498

)

 

$

(72,547,582

)

Net cash used in financing activities

 

(6,734,948

)

 

 

(5,728,170

)

(1) The financial impacts of the Crimson assets only represent the period from February 1, 2021 to March 31, 2021.

The following table presents a reconciliation of Net Income (Loss), as reported in the Consolidated Statements of Operations, to Adjusted EBITDA:

 

For the Three Months Ended

 

March 31, 2022

 

March 31, 2021(1)

Net Income (loss)

$

4,364,757

 

$

(10,694,263

)

Add:

 

 

 

Loss on impairment and disposal of leased property

 

 

 

5,811,779

 

Loss on termination of lease

 

 

 

165,644

 

Loss on extinguishment of debt

 

 

 

861,814

 

Transaction costs

 

300,095

 

 

5,074,796

 

Transaction bonus

 

 

 

1,036,492

 

Depreciation, amortization and ARO accretion

 

3,976,667

 

 

2,898,330

 

Income tax expense, net

 

223,257

 

 

1,467

 

Interest expense, net

 

3,146,855

 

 

2,931,007

 

Adjusted EBITDA

$

12,011,631

 

$

8,087,066

 

(1) The financial impacts of the Crimson assets only represent the period from February 1, 2021 to March 31, 2021.

Source: CorEnergy Infrastructure Trust, Inc.


Contacts

CorEnergy Infrastructure Trust, Inc.
Investor Relations
Debbie Hagen or Matt Kreps
877-699-CORR (2677)
This email address is being protected from spambots. You need JavaScript enabled to view it.

 


NEW YORK--(BUSINESS WIRE)--Empire Offshore Wind, a joint venture between Equinor and bp, has awarded a long-term service operations vessel charter agreement to US marine transportation provider, Edison Chouest Offshore (ECO). The plug-in hybrid service operations vessel (SOV) will be the first in the US offshore wind sector capable of sailing partly on battery power.

The vessel will accommodate up to 60 wind turbine technicians and will be utilized for the safe and efficient operations and maintenance of the Empire Wind 1 and Empire Wind 2 offshore wind farms. The charter agreement has a fixed period of 10 years, with commencement in the mid-2020s.

The US-flagged vessel will be Jones Act compliant and have its home port at the South Brooklyn Marine Terminal (SBMT) in New York. The SOV will be constructed with components from ECO’s extensive supplier base across 34 US states. The supplier estimates that this will generate over 250 high-skilled US jobs during vessel construction. Edison Chouest Offshore is also dedicating considerable effort and resources to recruiting and training vessel crew from the New York region. ECO will operate the vessel from their New York office.

The plug-in hybrid vessel will be the first in the US capable of sailing on battery power for portions of the route. The SOV will sail into the port of SBMT on battery power, recharge the battery using shore power and sail out of New York Harbor. The hybrid vessel is certified to “tier 4 emissions standards”, reaching the highest standard for marine applications.

“Equinor and bp’s agreement with Edison Chouest will generate ripple effects throughout the supply chain, creating jobs in numerous states across the country. With the first of its kind, plug-in hybrid service operations vessel, Empire Wind will reduce potential emissions from our operations in the New York City area. This is another critical step forward in the development of the offshore wind industry, while helping achieve critical state and federal climate goals,” says Teddy Muhlfelder, vice president, Empire Wind and Beacon Wind, Equinor.

“Edison Chouest Offshore will provide a state-of-the-art vessel fit for Empire Wind. We selected Edison Chouest in part for its extensive experience and expertise as a shipbuilder and we look forward to a collaboration beginning with construction and continuing through operations for the next decade or more. This is an important step in our efforts to develop a domestic supply chain in the US for offshore wind,” says Mette H. Ottøy, chief procurement officer, Equinor.

ABOUT EMPIRE WIND

  • Empire Wind is being developed by Equinor and bp through their 50-50 strategic partnership in the US.
  • Empire Wind is located 15-30 miles southeast of Long Island and spans 80,000 acres, with water depths of between approximately 75 and 135 feet. The lease was acquired in 2017. The projects two phases, Empire Wind 1 and 2, have a total installed capacity of more than 2 GW (816 + 1,260 MW).The project will be a major contributor to meeting New York State’s ambitious clean energy and climate goals. When completed, Empire Wind 1 and 2 will power more than 1 million New York homes.
  • For more information on Empire Wind, please visit www.EmpireWind.com.

ABOUT SOUTH BROOKLYN MARINE TERMINAL

  • Equinor and bp are investing in port upgrades to help transform the South Brooklyn Marine Terminal (SBMT) into a world-class offshore wind staging and assembling facility and to become the operations and maintenance (O&M) base both for Equinor and other project developers going forward.
  • SBMT will become one of the largest dedicated offshore wind port facilities in the United States at approximately 73 acres, with the capacity to accommodate wind turbine generator staging and assembly activities at the scale required by component manufacturers.
  • SBMT is being redeveloped together with New York City Economic Development Corporation (NYCEDC) and terminal owner Sustainable South Brooklyn Marine Terminal (SSBMT). SSBMT is a joint venture of Red Hook Terminals and Industry City.

 


Contacts

Lauren Shane
Tel. 917 392 4252
This email address is being protected from spambots. You need JavaScript enabled to view it.

Offshore Source Logo

Offshore Source keeps you updated with relevant information concerning the Offshore Energy Sector.

Any views or opinions represented on this website belong solely to the author and do not represent those of the people, institutions or organizations that Offshore Source or collaborators may or may not have been associated with in a professional or personal capacity, unless explicitly stated.

Corporate Offices

Technology Systems Corporation
8502 SW Kansas Ave
Stuart, FL 34997

info@tscpublishing.com