HANGZHOU, China--(BUSINESS WIRE)--Alipay Ant Forest, a green initiative in the Alipay app that encourages users to make low-carbon lifestyle choices, introduced a new option for users to contribute to the restoration of coastal ecosystems.
“By introducing this new option, we are confident that Alipay Ant Forest can play its role as a green platform to encourage more users to participate in not only reforestation and biodiversity conservation, but also marine conservation efforts,” said Cheng Jiang, head of Alipay Ant Forest.
Previously, when users made low-carbon lifestyle choices either through the Alipay app or products or services provided by Alipay Ant Forest’s brand partners, they earned virtual “green energy points“ that could be used to support tree-planting or biodiversity conservation projects operated by Alipay Ant Forest’s environmental partners. Ant Group provides funding for these user-made donations. The low-carbon lifestyle choices include paying utility bills online instead of requesting paper invoices, ordering food delivery with the “no disposable cutlery” and “no plastic packaging” options checked, and purchasing energy efficient home appliances from partner brands.
With this new additional option, users can convert their “green energy points” to grow virtual aquatic plants such as seaweed and eelgrass. Alipay Ant Forest matches these efforts by making donations to support coastal ecosystem restoration projects operated by environmental organizations.
As of August 2021, Alipay Ant Forest worked with over 100 brands and helped over 600 million users plant more than 326 million trees in some of China’s most arid regions, and joined hands with various environmental NGOs to provide shelter for over 1,500 species in 18 protected areas across the country.
In 2019, Alipay Ant Forest won the “UN Champions of the Earth” award – the United Nation’s highest environmental honor – for leveraging digital technology to inspire hundreds of millions of people to take greener actions in their daily lives. Alipay Ant Forest also won the 2019 UN Global Climate Action Award for using digital technologies to scale up climate action.
About Alipay
Alipay is the leading digital platform in China, serving hundreds of millions of users, and connecting them with merchants and partner financial institutions that offer inclusive financial services and digital daily life services such as food delivery, transport, entertainment, and healthcare.
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Ant Group
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Iteris’ Cloud-based Mobility Intelligence SaaS Solution to Provide Critical Transportation Analytics and Speeding Data for Key Arterials and Highways Throughout the City
SANTA ANA, Calif.--(BUSINESS WIRE)--$ITI #IoT--Iteris, Inc. (NASDAQ: ITI), the world’s trusted technology ecosystem for smart mobility infrastructure management, today announced that it has been awarded a contract from the Seattle Department of Transportation (SDOT) for a smart mobility, safety and sustainability program, representing the expansion of Iteris’ software-as-a-service (SaaS) solutions in the Pacific Northwest.
Under the terms of the agreement, Iteris is providing its ClearGuide® SaaS solution that enables visualization of traffic data and analysis to improve mobility, safety and sustainability for Seattle road users. SDOT is using powerful ClearGuide features, including: dynamic maps to support detailed traffic analysis; features to help identify and mitigate congestion; animations to analyze events and optimize response plans; historical trend reports and dynamic congestion charts to track reliability and support planning; and APIs to share this information with other tools, and populate the travel times on the dynamic messaging signs of SDOT and partner agencies, including Washington State DOT.
As part of the citywide safety, mobility and sustainability program, Iteris will deliver its ClearGuide arterial performance measures (APM) and highway performance measures (HPM) modules, as well as its newly launched Speeding Analytics module. With ClearGuide APM and HPM, the city will be able to monitor arterial and highway travel times and reliability, prioritize retiming efforts, identify congestion hotspots and understand how highway traffic impacts surrounding arterials.
In addition, ClearGuide Speeding Analytics will enable SDOT to proactively identify and rank regional speeding hotspots before crashes occur, in support of the U.S. Department of Transportation's National Roadway Safety Strategy, which seeks to address the alarming recent spike in roadway fatalities by implementing safety strategies that bring traffic-related deaths down to zero.
This combination of smart mobility solutions will enable the city to adjust traffic signal timing to accommodate slower-moving road users, and minimize congestion and delays. The reduced congestion, as well as the ability to reduce the risk of collisions at the intersection, will help to improve safety, while also improving air quality through reductions in carbon emissions. The ClearGuide solution is designed to grow and expand to meet the city’s future challenges, as well as ingest a wider range of information, such as data from connected and automated vehicles.
“We are thrilled to be able to support SDOT’s goal of better managing its transportation network by providing critical mobility intelligence for arterials, highways and citywide speeding hotspots,” said Scott Perley, vice president, customer experience and analytics at Iteris. “ClearGuide enables users to receive regular, proactive recommendations through an intuitive user interface and interactive map to improve mobility, safety and sustainability throughout complex transportation networks.”
Over 50 government agencies, municipalities and commercial entities, including Transport Canada, Minnesota DOT, Virginia DOT, South Carolina DOT, the California Department of Transportation (Caltrans), Hillsborough County in Florida, the Pulice-FNF-Flatiron Joint Venture, the OC 405 Partners Joint Venture, and cities like Irvine, CA and Round Rock, TX, use the powerful transportation analytics capabilities of Iteris’ ClearGuide mobility intelligence solution to manage, measure and optimize complex transportation networks.
The ClearGuide solution is a key component of Iteris’ ClearMobility® Platform, the world’s most complete solution to continuously monitor, visualize and optimize mobility infrastructure. ClearMobility applies cloud computing, artificial intelligence, advanced sensors, advisory services and managed services to help ensure roads are safe, travel is efficient, and communities thrive.
About Iteris, Inc.
Iteris is the world’s trusted technology ecosystem for smart mobility infrastructure management. Delivered through Iteris’ ClearMobility Platform, our cloud-enabled end-to-end solutions monitor, visualize and optimize mobility infrastructure around the world, and help bridge legacy technology silos to unlock the future of transportation. That’s why more than 10,000 public agencies and private-sector enterprises focused on mobility rely on Iteris every day. Visit www.iteris.com for more information, and join the conversation on Twitter, LinkedIn and Facebook.
Iteris Forward-Looking Statements
This release may contain forward-looking statements, which speak only as of the date hereof and are based upon our current expectations and the information available to us at this time. Words such as "believes," "anticipates," "expects," "intends," "plans," "seeks," "estimates," "may," “should,” “will,” "can," and variations of these words or similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, statements about the awarded contract and the benefits and impacts of our services and solutions. Such statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict, and actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors.
Important factors that may cause such a difference include, but are not limited to, our ability to provide our services and solutions in a cost-efficient manner; government funding and budgetary delays, issues and timing; the potential impact of product and service offerings from competitors and other competitive pressures; challenges in the development of software-based solutions generally; and the impact of influences and general economic, political, environment, and other conditions in the markets we address. Further information on Iteris, Inc., including additional risk factors that may affect our forward-looking statements, is contained in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K, and our other SEC filings that are available through the SEC’s website (www.sec.gov).
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Anaergia projects helped avoid ~41 times more emissions than what the Company’s operations produced
BURLINGTON, Ontario--(BUSINESS WIRE)--Anaergia Inc. (“Anaergia” or the “Company”) (TSX: ANRG) announced today it has released its 2021 Sustainability (ESG) Report. The Company completed its initial public offering in June of last year. The report highlights Anaergia’s ESG achievements for 2021, including a net total of 465,000 tonnes (CO2e) of greenhouse gas emissions that Anaergia projects helped avoid, which is about 41 times more than what the Company’s operations produced. The analysis includes estimated emissions avoided at facilities under Anaergia’s operational control, as well as third-party facilities commissioned since 2010 that operate using Anaergia’s technologies at design specification. The report also includes an overview of Anaergia’s social and governance practices.
“Our inaugural report is focused on the ‘E’ in ESG, naturally, because our Company was created to address the climate crisis,” said Andrew Benedek, Chairman and CEO of Anaergia. “This report quantifies the effects of Anaergia’s technologies and projects, which address a leading cause of climate change – the problem of methane emissions from waste. We are turning this methane emissions problem on its head. Instead of allowing waste to cause climate change, we are using it to create a much-needed carbon-negative renewable fuel. Doing so can address about two-thirds of all point-source methane emissions.”
Other highlights from the report include:
Note: These capacities include Anaergia Build-Own-Operate (BOO) facilities that are in operation and in execution, as well as third-party facilities commissioned since 2010 that use Anaergia’s technology solutions at design specification
The report can be viewed and downloaded from the Company’s website via https://investors.anaergia.com/sustainability/.
About Anaergia
Anaergia was created to eliminate a major source of greenhouse gases by cost effectively turning organic waste into renewable natural gas (“RNG”), fertilizer and water, using proprietary technologies. With a proven track record from delivering world-leading projects on four continents, Anaergia is uniquely positioned to provide end-to-end solutions for extracting organics from waste, implementing high efficiency anaerobic digestion, upgrading biogas, producing fertilizer and cleaning water. Our customers are in the municipal solid waste, municipal wastewater, agriculture, and food processing industries. In each of these markets Anaergia has built many successful plants including some of the largest in the world. Anaergia owns and operates some of the plants it builds, and it also operates plants that are owned by its customers.
Forward-Looking Statements
This news release contains forward-looking information within the meaning of applicable securities legislation, which reflects the Company’s current expectations regarding future events, including statements relating the ability of our technologies and project to address about two-thirds of all point source methane emissions and our business plans, growth strategies and ESG initiatives. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company’s control. Such risks and uncertainties include, but are not limited to, the factors discussed under “Risk Factors” in the Company’s annual information form dated March 28, 2022 for the fiscal year ended December 31, 2021. Actual results could differ materially from those projected herein. Anaergia does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required under applicable securities laws.
For further information please see: www.anaergia.com
Source: Anaergia Inc.
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Equinor, the NYU Tandon School of Engineering, NOWRDC Create Partnership Supported by NYCEDC to Advance Offshore Wind Technology
NEW YORK--(BUSINESS WIRE)--Equinor, together with its partner bp, today announced the launch of a New York-based Offshore Wind Innovation Hub that will facilitate partnerships with start-ups that bring new technological solutions to the rapidly growing US offshore wind industry. The initiative springs from a new three-year partnership between Equinor, the Urban Future Lab (UFL) at the NY Tandon School of Engineering, and the National Offshore Wind R&D Consortium (NOWRDC), supported by New York City Economic Development Corporation (NYCEDC).
The new Innovation Hub will leverage the success of the Urban Future Lab in promoting and helping the launch of cleantech start-ups, fostering collaboration with the international incubator community to cultivate pilots and demonstration projects that accelerate advances in offshore wind.
The Innovation Hub will create a physical location for offshore wind programming and serve as a center for the industry’s innovation ecosystem. The Hub will host educational programming, workshops and curricula for the startups, as well as networking opportunities with industry participants. It will be located adjacent to Equinor and bp’s new project office in Sunset Park.
Equinor is leading the initiative on behalf of its 50-50 strategic partnership with bp. Together, the companies are developing the Beacon Wind and Empire Wind projects, which will supply 3.3 gigawatts (GWs) of renewable energy to New York—enough to power nearly two million homes.
“Offshore wind is increasingly accepted as a viable new source of renewable energy, but the industry has evolved by harnessing the power of nature through cutting-edge technological solutions,” said Siri Espedal Kindem, President of Equinor Wind U.S. “Equinor and bp are thrilled to launch this partnership in an effort to push the envelope even further by nurturing innovative new ideas from around the world that will help drive technological growth and efficiency even further. Establishing this innovation hub is just one way we are accelerating the development of the offshore wind industry in New York and beyond.”
“NOWRDC is pleased to provide its support to the Innovation Hub and its future cohorts,” said Robert Catell, Chair of the National Offshore Wind Research and Development Consortium.
“NYCEDC is committed to accelerating equitable innovation in New York City’s growing offshore wind industry,” said New York City Economic Development Corporation COO Melissa Burch. “We look forward to supporting the Innovation Hub’s partners in building a program that ensures a diverse startup ecosystem with a curriculum that focuses on generating shared equity for all New Yorkers.”
Doreen M. Harris, President and CEO, NYSERDA said, “New York is committed to being the nation’s hub for offshore wind development, setting a template for the green economy and the clean energy grid of the future. We applaud the efforts of Equinor and bp, NYU’s Urban Future Lab, NOWRDC, and NYCEDC to grow this industry by harnessing the intellectual and entrepreneurial power of New Yorkers.”
“The benefits of this program to the citizens of NYS are twofold. Not only will the Equinor/bp projects bring us clean, renewable energy, but the Innovation Hub will be an important step in building a new wind industry based in NY. The nascent technologies that are necessary for successful deployment will find a receptive home and business development services at the Hub,” said Pat Sapinsley, Managing Director, Cleantech Initiatives, NYU Urban Future Lab.
In the coming months, the partners will develop a call for applications to identify and select industry-leading startups whose technologies address key challenges facing US offshore wind. Once chosen, these startups will receive tailored support and unique programming that draws on UFL’s network of mentors, NOWRDC industry community, and key policy figures in the technology areas identified for the cohort – laying the groundwork for potential partnerships between Equinor and the participating startups.
About Empire Wind and Beacon Wind
Empire Wind and Beacon Wind are 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).
Beacon Wind is located more than 60 miles east of Montauk Point and 20 miles south of Nantucket and covers 128,000 acres. The lease was acquired in 2019 and has the potential to be developed with a total capacity of more than 2 GW. This first phase, Beacon Wind 1, is currently under development; it will have an installed capacity of 1,230 MW.
For more information, please visit www.beaconwind.com and www.empirewind.com.
About Equinor Renewables US
Equinor is one of the largest offshore wind developers in the United States, where it operates two lease areas, Empire Wind and Beacon Wind.
Equinor is actively developing three projects: Empire Wind 1, Empire Wind 2, and Beacon Wind 1. Once completed, these projects will produce enough electricity to power about 2 million New York homes, and will help generate more than $1 billion in economic output to New York State.
The United States is an attractive growth market for Equinor, a leader in offshore wind, with an ambition to install 12-16 GW of renewables capacity globally by 2030.
About bp
bp’s ambition is to become a net zero company by 2050 or sooner, and to help the world get to net zero. bp is America’s largest energy investor since 2005, investing more than $130 billion in the economy and supporting about 230,000 jobs. For more information on bp in the US, visit www.bp.com/us.
About The National Offshore Wind Research and Development Consortium
The National Offshore Wind Research and Development Consortium, established in 2018, is a not-for-profit public-private partnership focused on advancing offshore wind technology in the United States through high impact research projects and cost-effective and responsible development to maximize economic benefits. Funding for the Consortium comes from the U.S. Department of Energy and the New York State Energy Research and Development Authority (NYSERDA), with each providing $20.5 million, as well as contributions from the Commonwealths of Virginia and Massachusetts and the States of Maryland and Maine, and New Jersey, bringing total investment to approximately $47 million. For more information, please visit nationaloffshorewind.org
About the Urban Future Lab at NYU Tandon School of Engineering
Founded in 2009, the Urban Future Lab at NYU Tandon School of Engineering is New York City’s longest running cleantech startup incubator. As an integral part of the NYU Tandon Future Labs network (https://futurelabs.nyc/), UFL provides unmatched access to industry stakeholders, strategic advice, marketing and branding support, investor networks, and a community of like-minded founders. Our portfolio includes industry-leading startups in the areas of renewable energy, smart buildings, agriculture, transportation, and resource-efficiency. The Urban Future Lab is leading the way to a more sustainable world by connecting people, capital, and purpose to advance market-ready solutions to address climate change. For more information, please visit ufl.nyc or find us on Twitter. For more information about NYU Tandon please visit engineering.nyu.edu.
About the New York University Tandon School of Engineering
The NYU Tandon School of Engineering dates to 1854, the founding date for both the New York University School of Civil Engineering and Architecture and the Brooklyn Collegiate and Polytechnic Institute. A January 2014 merger created a comprehensive school of education and research in engineering and applied sciences as part of a global university, with close connections to engineering programs at NYU Abu Dhabi and NYU Shanghai. NYU Tandon is rooted in a vibrant tradition of entrepreneurship, intellectual curiosity, and innovative solutions to humanity’s most pressing global challenges. Research at Tandon focuses on vital intersections between communications/IT, cybersecurity, and data science/AI/robotics systems and tools and critical areas of society that they influence, including emerging media, health, sustainability, and urban living. We believe diversity is integral to excellence, and are creating a vibrant, inclusive, and equitable environment for all of our students, faculty and staff. For more information, visit engineering.nyu.edu.
For media inquiries, please contact:
Lauren Shane, senior communications manager, Equinor Renewables US:
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Kori Groenveld, Program Manager, National Offshore Wind Research & Development Consortium
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BitNile subsidiary, Digital Power Lending, agrees to purchase $12 million in Ecoark preferred stock
Ecoark subsidiary, Agora Digital, expects to deploy power capacity up to 78MW to power BitNile crypto miners
Ecoark to deploy significant capital to its subsidiary, White River, for oil drilling projects
LAS VEGAS--(BUSINESS WIRE)--$AGH #Agora_Digital--BitNile Holdings, Inc. (NYSE American: NILE), a diversified holding company (“BitNile” or the “Company”) today announced a strategic partnership and investment into Ecoark Holdings, Inc. (“Ecoark”) (NASDAQ: ZEST). BitNile’s subsidiary, Digital Power Lending, LLC (“DP Lending”) has agreed to purchase $12,000,000 of a new series of convertible preferred stock of Ecoark, which will be paid no later than June 29, 2022. Pursuant to a mutually agreed upon use of proceeds, Ecoark intends to deploy significant proceeds via its subsidiary White River Holdings Corp. (“White River”) towards an oil drilling program across its cumulative 30,000 acres of active mineral leases at both shallow, intermediate, and deep levels. Ecoark will also deploy additional proceeds via its subsidiary Agora Digital Holdings, Inc. (“Agora Digital”) to provide BitNile with up to 78 megawatts (“MW”) of power within the State of Texas for digital asset mining capacity, subject to BitNile proceeding with this facility after having conducted the requisite due diligence. The Agora Digital power capacity would, if the project proceeds as presently anticipated, expedite BitNile’s recently announced plans to significantly expand its Bitcoin mining production capacity, including growing its number of deployed Bitcoin miners to 20,600, representing an expected mining production capacity of approximately 2.24 exahashes per second. Further details and transaction documents will be provided via regulatory filings at a later date in accordance with Securities and Exchange Commission rules.
The Company’s Founder and Executive Chairman, Milton “Todd” Ault, III stated, “I’m very pleased to be partnering with Ecoark on this transaction and future business endeavors. I feel that the allocation of this $12,000,000 in capital to Ecoark will create significant shareholder value for both BitNile and Ecoark shareholders as White River attempts to extract its significant oil reserves from its mineral leased properties at historically high energy prices.” The Company’s Vice Chairman and CEO, William Horne, stated, “I feel that there are significant synergies between BitNile and Agora Digital where our cache of digital asset miners and Agora’s power capacity at extremely low power rates can expedite both businesses’ expansion and market share in the digital asset sector.”
Ecoark’s Founder, Chairman and CEO, Randy May, stated, “I am grateful to have met Todd Ault recently and to have worked so closely the last few weeks structuring this mutually beneficial transaction. I feel that there is a lot of untapped value within Ecoark across all of our subsidiaries that is not being currently realized by the market, and the BitNile investment and strategic partnership will greatly expedite the unlocking of that shareholder value.” Agora Digital’s CEO, Brad Hoagland, stated, “We are excited to be partnering with BitNile to further establish our company as the only power-centric digital asset company in the public market.”
About BitNile Holdings, Inc.
BitNile Holdings, Inc. is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact. Through its wholly and majority-owned subsidiaries and strategic investments, BitNile owns and operates a data center at which it mines Bitcoin and provides mission-critical products that support a diverse range of industries, including defense/aerospace, industrial, automotive, telecommunications, medical/biopharma and textiles. In addition, BitNile extends credit to select entrepreneurial businesses through a licensed lending subsidiary. BitNile’s headquarters are located at 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141; www.BitNile.com.
About Ecoark Holdings, Inc.
Founded in 2011, Ecoark is a diversified holding company. The company has three wholly owned principal subsidiaries: Zest Labs, Inc. (“Zest Labs”), Banner Midstream Corp (“Banner Midstream”) and Agora Digital Holdings Inc. (“Agora”). Zest Labs, offers the Zest Fresh™ solution, a breakthrough approach to quality management of fresh food, is specifically designed to help substantially reduce the $161 billion amount of food loss the U.S. experiences each year. Banner Midstream is engaged in oil and gas exploration, production and drilling operations on over 30,000 cumulative acres of active mineral leases in Texas, Louisiana and Mississippi. Banner Midstream also provides transportation and logistics services and procures and finances equipment to oilfield transportation services contractors. Agora was formed to acquire its new cryptocurrency mining subsidiary, Bitstream Mining LLC. ZEST FRESH™ and Zest Labs™ are trademarks of Zest Labs, Inc.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding Ecoark’s planned use of proceeds, acceleration and expansion of the businesses of both Ecoark and BitNile, the ability to Ecoark to capitalize on oil reserves, and the expectation of enhancing shareholder value of each company. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties. Forward-looking statements speak only as of the date they are made, and neither BitNile nor Ecoark undertake any obligation to update any of these statements publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. In addition to risks relating to the continuation of high oil prices and state regulation of bitcoin mining, investors should review risk factors, that could affect either or both of the BitNile’s and Ecoark’s respective businesses and financial results which are included in BitNile’s and Ecoark’s respective filings with the U.S. Securities and Exchange Commission, including, but not limited to, their respective Forms 10-K, 10-Q and 8-K. All such filings are available at www.sec.gov and on the companies’ websites at www.BitNile.com and www.ecoarkusa.com, respectively.
BitNile Holdings Investor Contact:
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THE WOODLANDS, Texas--(BUSINESS WIRE)--Excelerate Energy, Inc. (NYSE: EE) today announced that Steven Kobos, President and CEO, and Dana Armstrong, Chief Financial Officer, will participate at the following upcoming investor conference:
J.P. Morgan 2022 Energy, Power & Renewables Conference | InterContinental New York Barclay, NYC
Participation Date: June 22–23, 2022
Format: 1x1 meetings with investors
ABOUT EXCELERATE ENERGY:
Excelerate Energy, Inc. is a U.S.-based LNG company located in The Woodlands, Texas. Founded in 2003 by George B. Kaiser, Excelerate is changing the way the world accesses cleaner forms of energy by providing integrated services along the LNG value chain with an objective of delivering rapid-to-market and reliable LNG solutions to customers. Excelerate offers a full range of flexible regasification services from FSRU to infrastructure development to LNG supply. Excelerate has offices in Abu Dhabi, Antwerp, Boston, Buenos Aires, Chattogram, Dhaka, Doha, Dubai, Ho Chi Minh City, Manila, Rio de Janeiro, Singapore, and Washington, DC. For more information, please visit www.excelerateenergy.com.
Investors
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Excelerate Energy
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AKRON, Ohio--(BUSINESS WIRE)--Babcock & Wilcox (B&W) (NYSE: BW) has been named one of America’s Most Trustworthy Companies by Newsweek.
“For more than 155 years, Babcock & Wilcox has been known as a global leader in advanced technology, world-class engineering and for the reliability of our products and services,” said B&W Chairman and Chief Executive Officer, Kenny Young. “B&W is trusted and relied upon by customers in a broad range of industries – including utilities, clean energy providers, manufacturers and other industrial companies – and we are extremely proud of our reputation and the trust placed in us by our customers.”
“Our company and our employees have cultivated that reputation through the innovation of cutting-edge technologies for power generation, renewable energy, environmental controls, carbon capture and other applications, as well as with our commitment to safety, integrity and ethics in everything we do,” Young said. “It’s an honor to have earned a spot alongside a number of our top U.S. customers on Newsweek’s list of highly respected and trusted companies, and we’re excited about continuing to serve these customers with advanced solutions to meet the energy generation, environmental and decarbonization needs of their businesses.”
Newsweek’s 2022 list of America’s Most Trustworthy Companies is based on surveys of 50,000 U.S. residents and their opinions of publicly traded U.S. corporations with $500 million or more in annual revenues. According to Newsweek and its survey partner Statista, survey participants were asked for their opinions about whether “individual companies treated their customers fairly, treated their employees fairly and would be good long-term investments.” Companies were then ranked based on survey results.
About Babcock & Wilcox
Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises, Inc. is a leader in energy and environmental products and services for power and industrial markets worldwide. Follow us on LinkedIn and learn more at babcock.com.
Investor Contact:
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Babcock & Wilcox
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Approach Enables Companies to Flexibly Shape their Digital Transformation Journey with Plex Cloud-native Platform
MILWAUKEE--(BUSINESS WIRE)--Plex Systems, a Rockwell Automation company and a leader in cloud-delivered smart manufacturing solutions, today announced a new modularization approach for its Smart Manufacturing Platform to enable accessibility and scalability for digital transformation in manufacturing. This approach, enabled by Plex’s innovative cloud-native platform, more closely aligns with customers’ needs as they build their smart manufacturing technology strategy, including a focus on flexibility, quick implementation, and ease of entry with a path to grow.
With Plex, manufacturers can start their digital transformation in a number of ways. For example, they can initially implement quality management (QMS) or manufacturing execution (MES) systems – common entry points for most manufacturers – and from there add capabilities, such as production monitoring, asset performance management, or supply chain planning. With this approach, companies pick the starting point that best meets their needs and then can scale into additional connected solutions over time. Plex uniquely enables new capabilities to simply be activated versus “installed” and for data and governance rules to flow seamlessly throughout the system.
Three examples of the new modular solutions include:
“Plex was built from the ground up for manufacturers with flexibility and scalability in mind, as evidenced by our cloud-first multi-tenant architecture. Modularization takes this a step further with numerous starting points for companies at any stage to begin or expand their digital transformation journey,” said Nathan Pieri, chief product officer and vice president, applications, Rockwell Automation. “We took an outside-in look at understanding customer challenges and aligned our approach to help them manage their entire lifecycle and deliver positive business outcomes every step of the way. By providing manufacturers with easier points of entry and an elastic building block approach, companies can focus on their immediate Industry 4.0 transformation needs with options to add more capabilities as they need them, all seamlessly within our secure manufacturing cloud.”
"This approach solves a major need for manufacturers, addressing prioritized pain points immediately while providing a simple path to broader capabilities as needed. Plex is distinctive in its multi-tenant SaaS approach, enabling modular capability expansion without complicated integrations," said Reid Paquin, Research Director at IDC.
“The new modular approach, from production monitoring to full ERP and everything in between, ensures we can help customers quickly solve their most pressing pain points with one, many or all of our innovative smart manufacturing solutions, meeting them where their needs are and supporting them as they grow,” commented Ron Pascuzzi, chief customer officer, Plex Systems. “Plex’s customer-led approach to our product strategy is affirmed by offering a fast path to start their digital transformation journey.”
Plex is a cloud pioneer that uniquely offered its innovative QMS and MES capabilities as part of its ERP solution in a multi-tenant SaaS environment for over twenty years. This modular approach demonstrates the unparalleled flexibility available with a cloud solution and gives manufacturers the ability to continue to implement all these capabilities at once or compose the solution they need with seamless scale.
Attendees of ROKLive, a Rockwell Automation and Plex Systems event taking place in Orlando, Florida, June 13 to 16, can learn more about and see these advancements in action in the expo and demo hall.
About Plex Systems
Plex Systems, Inc., a Rockwell Automation Company, is a leader in cloud-delivered smart manufacturing solutions, empowering the world's manufacturers to make awesome products. Our platform gives manufacturers the ability to connect, automate, track, and analyze every aspect of their business to drive transformation. The Plex Smart Manufacturing Platform includes solutions for MES, ERP, quality, supply chain planning and management, asset performance management, production monitoring, process automation and analytics to connect people, systems, machines and supply chains, enabling them to lead with precision, efficiency and agility. To learn more, visit www.plex.com.
About Rockwell Automation
Rockwell Automation, Inc, (NYSE: ROK), is a global leader in industrial automation and digital transformation. We connect the imaginations of people with the potential of technology to expand what is humanly possible, making the world more productive and more sustainable. Headquartered in Milwaukee, Wisconsin, Rockwell Automation employs approximately 25,000 problem solvers dedicated to our customers in more than 100 countries. To learn more about how we are bringing the Connected Enterprise to life across industrial enterprises, visit www.rockwellautomation.com.
Diana Robbins
Plex Systems, Inc., a Rockwell Automation company
+1.248.221.3059
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U.S. Department of Defense Strategic Capabilities Office Selects BWXT to Manufacture and Deliver Project Pele Prototype Reactor to Idaho National Laboratory in 2024
LYNCHBURG, Va.--(BUSINESS WIRE)--$BWXT--BWX Technologies, Inc. (NYSE: BWXT) will build the first advanced nuclear microreactor in the United States under a contract awarded by the U.S. Department of Defense (DoD) Strategic Capabilities Office (SCO). The Project Pele full-scale transportable microreactor prototype will be completed and delivered in 2024 for testing at the Idaho National Laboratory.
SCO has partnered with the U.S. Department of Energy to develop, prototype and demonstrate a transportable microreactor that can provide a resilient power source to the DoD for a variety of operational needs that have historically relied on fossil fuel deliveries and extensive supply lines. Transportable microreactors deliver clean, zero-carbon energy where and when it is needed in a variety of austere conditions for not only the DoD, but also potential commercial applications for disaster response and recovery, power generation at remote locations, and deep decarbonization initiatives.
The prototype will be built under a cost-type contract valued at approximately $300 million, depending on options selected, by BWXT Advanced Technologies LLC in facilities in Lynchburg, Virginia and Euclid, Ohio. Over the next two years, BWXT expects that approximately 120 employees will work on the project, including roughly 40 skilled trades, engineers and other positions that will be hired to support this effort and other projects.
“We are on a mission to design, build and test new nuclear technology to protect the environment while providing power, and we are thrilled with this competitively bid award after years of hard work by our design and engineering team,” said Joe Miller, BWXT Advanced Technologies LLC president. “The entire nuclear industry recognizes that advanced reactors are an important step forward to support growing power needs and significant carbon reduction imperatives.”
Safe Design
The high-temperature gas-cooled reactor (HTGR) will operate at a power level between 1 and 5 MWe and will be transportable in commercially available shipping containers. It will be powered by TRISO fuel, a specific design of high-assay low-enriched uranium (HALEU) fuel that can withstand extreme heat and has very low environmental risks.
The transportable reactor core and associated control system is designed to maintain safety under all conditions, including transitional conditions throughout transport. The fuel has been tested and verified to temperatures far exceeding the operating conditions of the reactor.
The transportable design consists of multiple modules that contain the microreactor’s components in 20-foot long, ISO-compliant CONEX shipping containers. The reactor is designed to be safely and rapidly moved by road, rail, sea or air. The entire reactor system is designed to be assembled on-site and operational within 72 hours. Shut down, cool down, disconnection and removal for transport is designed to occur in less than seven days.
Team Members
A diverse team of experienced companies are joining BWXT to support delivery and successful operation of the Project Pele prototype. BWXT is the prime contract and integration lead, and is responsible for reactor module manufacture. Among the other companies playing key roles on the team are:
Testing and Licensing
The reactor and fuel will be safely shipped separately, with fueling to occur at the test site. Once fueled, the system will undergo up to three years of testing at Idaho National Laboratory to confirm performance and operability. The test program will demonstrate that the reactor can produce reliable off-grid electric power. Power generated by the reactor will be transferred to load banks that accurately mimic the operational load that a power source would see in actual application. In addition, the system will be disassembled and re-assembled to prove transportability.
Consistent with the non-commercial nature of the project, testing and operation of this prototype reactor will proceed under authorization by the Department of Energy. The Nuclear Regulatory Commission, consistent with its role as an independent safety and security regulator, is participating in this project to provide SCO with accurate, current information on applicable regulations and licensing processes.
Forward Looking Statement
BWXT cautions that this release contains forward-looking statements, including statements relating to the performance, timing, impact and value, to the extent contract value can be viewed as an indicator of future revenues, of the SCO contract, future work with SCO, or the exercise of any contract options. These forward-looking statements involve a number of risks and uncertainties, including, among other things, modification or termination of the contract, funding of current or future work, and delays in and proving the technology. If one or more of these or other risks materialize, actual results may vary materially from those expressed. For a more complete discussion of these and other risk factors, please see BWXT’s annual report on Form 10-K for the year ended Dec. 31, 2021 and subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. BWXT cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.
About BWXT
At BWX Technologies, Inc. (NYSE: BWXT), we are People Strong, Innovation Driven. Headquartered in Lynchburg, Virginia, BWXT is a Fortune 1000 and Defense News Top 100 manufacturing and engineering innovator that provides safe and effective nuclear solutions for global security, clean energy, environmental remediation, nuclear medicine and space exploration. With approximately 6,700 employees, BWXT has 14 major operating sites in the U.S., Canada and the U.K. In addition, BWXT joint ventures provide management and operations at more than a dozen U.S. Department of Energy and NASA facilities. Follow us on Twitter at @BWXT and learn more at www.bwxt.com.
Media Contact
Jud Simmons
Director, Media & Public Relations
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Investor Contact
Mark Kratz
Vice President, Investor Relations
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PHOENIX--(BUSINESS WIRE)--Proteum Hydrogen Technologies Corp., a subsidiary of Proteum Energy, LLC, and the University of Regina have embarked on a joint project aimed at advancing Proteum’s patented and proprietary steam non-methane reforming (SnMR™) technology.
The project, conducted through the University’s Clean Energy Technologies Research Institute (CETRI), focuses on optimizing performance of Proteum’s commercial system for production of hydrogen from renewable ethanol feedstock. The two-year project was awarded a matching grant from Mitacs, a nonprofit Canadian research organization cultivating partnerships between academia, private industry and government.
“We are pleased and excited to work with such a prestigious research university to enhance hydrogen yields for our projects utilizing ethanol feedstock. Leveraging Proteum’s SnMR technology holds great promise for ethanol producers as the automotive industry moves from gasoline toward zero emissions,” said Proteum’s CEO Laurence B. Tree, II.
“With one of the few hydrogen research pilot plants in Canada, the University of Regina’s Clean Energy Technologies Research Institute is uniquely positioned to collaborate with Proteum to optimize their SnMR process for enhanced hydrogen yields and quality from renewable ethanol,” said CETRI’s Director Dr. Hussameldin Ibrahim. “We look forward to further developing this promising technology.”
About Proteum Energy® – Headquartered in Phoenix Arizona, Proteum is a producer of low-cost, clean hydrogen from residue gas and renewable ethanol. With its patented and proven reformation SnMR™ technology, Proteum can provide fuel cell grade clean hydrogen for heavy-duty transportation, low carbon hydrogen-rich designer fuels for power, and hydrogen for direct injection at natural gas processing plants.
About CETRI –
The Clean Energy Technologies Research Institute is the University of Regina’s low-carbon/clean energy research hub focusing on decarbonization and zero-emission hydrogen technologies, carbon capture and utilization (CCS), and waste-to-renewable fuels and chemicals. CETRI has one of the only hydrogen research pilot plants in Canada, which – in combination with its CCS facilities – enables studies into efficient, feed-flexible blue hydrogen production.
About the University of Regina
The University of Regina—with campuses located on Treaty 4 and Treaty 6 territories, the ancestral lands of the Cree, Saulteaux, Dakota, Lakota and Nakoda nations and the homeland of the Métis—is a comprehensive, mid-sized university with more than 16,000 students and a reputation for excellence and innovation.
Tom Niccoli
(602) 999 7749
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DALLAS--(BUSINESS WIRE)--AECOM (NYSE: ACM), the world’s trusted infrastructure consulting firm, today announced it has been selected by the Greater Toronto Airports Authority (GTAA) to develop a long-term environmental master plan for Toronto Pearson International Airport. The plan will focus on six key areas in support of GTAA’s environmental policy – climate change, carbon neutrality and emissions, strategic energy use, water management, natural environment, and waste management. In this role, AECOM will suggest high level capital projects and operational changes to assist GTAA in meeting its environmental goals.
“GTAA is at the forefront of aviation sustainability, and we are honored to be part of its next chapter as it continues to demonstrate leadership in environmental policies and strategies,” said Frank Sweet, chief executive of AECOM’s global Environment business. “AECOM’s global team of subject matter experts share GTAA’s commitment to environmental stewardship, with extensive experience supporting the sustainability efforts of internationally recognized airports. As we advance our Sustainable Legacies strategy, we are excited to partner with clients like GTAA to deliver a lasting impact for generations to come.”
Under its project scope, AECOM will develop strategic plans for each GTAA environmental focus area that will together form an environmental master plan for Toronto Pearson International Airport. The firm will provide services such as conducting baseline assessments for the focus areas; overseeing peer review and analysis of current strategies; identifying priority areas and related goals; preparing cost/benefit analysis for programs and targets; and recommending systems to monitor performance and communicate key metrics.
“We have partnered with GTAA for decades and look forward to applying this firsthand knowledge of local conditions, design standards, and airline needs to produce a high-quality, high-value product,” said Marc Devlin, chief executive of AECOM’s Canada region. “Our structured project management approach combined with our technical depth, focus on quality, and familiarity of Toronto Pearson’s dynamic operations will allow us to help define environmental and sustainability practices that will help pave the path towards GTAA achieving its ambitious and innovative best-in-class goals.”
AECOM project consultants include the International Aviation Waste Management Association, which is collaborating on the waste management plan, and GeoProcess Research Associates, which is collaborating on the natural environment management plan. These partners bring considerable experience in the aviation field and specific knowledge of GTAA's operational requirements.
GTAA manages and operates Toronto Pearson International Airport, Canada’s largest airport in terms of total passenger traffic and North America’s second largest in terms of international traffic, pre-pandemic. AECOM’s previous work at Toronto Pearson includes the redevelopment of Terminal 1, where it served as prime consultant responsible for groundside infrastructure; the original Terminal 3; and various roads and transit, water modelling, and critical infrastructure projects.
About AECOM
AECOM (NYSE: ACM) is the world’s trusted infrastructure consulting firm, delivering professional services throughout the project lifecycle – from planning, design and engineering to program and construction management. On projects spanning transportation, buildings, water, new energy, and the environment, our public- and private-sector clients trust us to solve their most complex challenges. Our teams are driven by a common purpose to deliver a better world through our unrivaled technical expertise and innovation, a culture of equity, diversity and inclusion, and a commitment to environmental, social and governance priorities. AECOM is a Fortune 500 firm and its Professional Services business had revenue of $13.3 billion in fiscal year 2021. See how we are delivering sustainable legacies for generations to come at aecom.com and @AECOM.
Forward-Looking Statements
All statements in this communication other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including any statements of the plans, strategies and objectives for future operations, profitability, strategic value creation, coronavirus impacts, risk profile and investment strategies, and any statements regarding future economic conditions or performance, and the expected financial and operational results of AECOM. Although we believe that the expectations reflected in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Important factors that could cause our actual results, performance and achievements, or industry results to differ materially from estimates or projections contained in our forward-looking statements include, but are not limited to, the following: our business is cyclical and vulnerable to economic downturns and client spending reductions; impacts caused by the coronavirus and the related economic instability and market volatility, including the reaction of governments to the coronavirus, including any prolonged period of travel, commercial or other similar restrictions, the delay in commencement, or temporary or permanent halting of construction, infrastructure or other projects, requirements that we remove our employees or personnel from the field for their protection, and delays or reductions in planned initiatives by our governmental or commercial clients or potential clients; losses under fixed-price contracts; limited control over operations run through our joint venture entities; liability for misconduct by our employees or consultants; failure to comply with laws or regulations applicable to our business; maintaining adequate surety and financial capacity; potential high leverage and inability to service our debt and guarantees; ability to continue payment of dividends; exposure to political and economic risks in different countries, including tariffs; currency exchange rate and interest fluctuations; retaining and recruiting key technical and management personnel; legal claims; inadequate insurance coverage; environmental law compliance and inadequate nuclear indemnification; unexpected adjustments and cancellations related to our backlog; partners and third parties who may fail to satisfy their legal obligations; AECOM Capital’s real estate development; managing pension cost; cybersecurity issues, IT outages and data privacy; risks associated with the benefits and costs of various dispositions such as the sale of our Management Services, self-perform at-risk civil infrastructure, power construction, and oil and gas construction businesses, including the risk that purchase price adjustments, if any, from those transactions could be unfavorable and any future proceeds owed to us as part of those transactions could be lower than we expect; as well as other additional risks and factors that could cause actual results to differ materially from our forward-looking statements set forth in our reports filed with the Securities and Exchange Commission. Any forward-looking statements are made as of the date hereof. We do not intend, and undertake no obligation, to update any forward-looking statement.
Media Contact:
Brendan Ranson-Walsh
Senior Vice President, Global Communications
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Investor Contact:
Will Gabrielski
Senior Vice President, Finance, Treasurer
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FORT WORTH, Texas--(BUSINESS WIRE)--Harnyss, LLC (“Harnyss” or the “Company”), the market leader in solid-state hydrogen storage technologies, announced today the closing of an equity investment from Riverbend Energy Group (“Riverbend”). This investment into Harnyss comes from Riverbend’s newest fund, Energy Transition (Fund X).
Harnyss provides safe, cost-effective, and clean energy hydrogen storage solutions to its customers. The Company’s patented metal hydride alloy formulations have the highest weight density in the market, offer high absorption and desorption kinetics at ambient temperatures, and are non-pyrophoric. The Company’s low pressure storage solution does not require balance of plant equipment, offering customers significant cost advantages and ease of operation. Additionally, Harnyss uses non-rare earth minerals that are abundantly available.
“We are excited to partner with Riverbend’s Energy Transition team in helping us achieve our go-to-market and commercialization goals,” said Kirby Smith, Harnyss Chief Executive Officer. “As we thought about the right partner for this phase of the Company, we wanted experienced investors with a track record in growing and scaling companies within the broader energy transition.”
Harnyss is strategically focused on the market for mobile, remote, space-constrained emergency backup power systems. Harnyss’ advanced hydrogen storage material has been encapsulated into canisters that are rack mountable and, when coupled with a fuel cell, delivers a plug-and-play hydrogen fueled power unit to end-customers. The Company has designed a self-sustaining, independent, green hydrogen power system that is able to capture water from the atmosphere, which is used to produce hydrogen that is stored safely until converted into electricity by a fuel cell. Harnyss is also focused on transportation and mobility applications such as forklifts, drones, electric vehicles, maritime and heavy-duty industrial.
“Harnyss’ leading-edge technology offers a low pressure, high density, safe, and cost-efficient storage solution for the rapidly evolving hydrogen economy,” said Eric Danziger, Managing Director, Energy Transition, Riverbend Energy Group. “Harnyss fits well with the types of businesses and technologies that match our thesis of investing in energy transition service companies across the entire stack of the renewable energy ecosystem.”
About Harnyss
Harnyss is headquartered in Fort Worth, Texas, USA, specializing in solid-state hydrogen storage technologies. Harnyss draws on many years of experience, with a technical team of world-renowned scientists that have played a critical role in advancing metal hydride-based hydrogen storage for several decades. Harnyss leverages its patented hydrogen storage technologies to provide safe, economical and clean energy solutions to help its customers meet their business goals. For more information, visit: www.harnyss.com.
About Riverbend Energy Group
Riverbend Energy Group, based in Houston, Texas, is a multi-faceted investment firm, utilizing risk-weighted deal evaluation processes to deploy capital into a variety of investment theses in the U.S. energy sector. As a trusted name in the energy investment space, Riverbend’s portfolios have included, and continue to include, operated, non-operated, and mineral and royalty assets in traditional energy, as well as investments in the energy transition sector. Since 2003, Riverbend has successfully acquired, developed, and managed over $5 billion of total enterprise value across ten asset portfolios. Riverbend is a direct investor in traditional energy and has longstanding relationships and tools derived from a deep background in the functioning energy industry. Riverbend’s Energy Transition Fund is currently pursuing investment opportunities in the energy transition services space, with a focus on energy management, solar, storage, wind, electric mobility, hydrogen and carbon capture industries. For more information, visit www.riverbendenergygroup.com.
Kirby Smith, CEO
(214) 683-2084
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Eric Danziger, Managing Director, Energy Transition
(713) 874-9000
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TORONTO--(BUSINESS WIRE)--Flow Beverage Corp. (TSX:FLOW; OTCQX:FLWBF) (“Flow” or the “Company”) is pleased to announce its participation in Oppenheimer’s 22nd Annual Consumer Conference on June 15, 2022. The event will be held virtually.
Nicholas Reichenbach, Flow’s founder and Chief Executive Officer, will be making a presentation at the conference at 9AM ET on June 15, 2022. The live webcast of Mr. Reichenbach’s presentation can be accessed here.
About Flow
Flow is one of the fastest-growing premium water companies in North America. Founded in 2014, Flow’s mission since day one has been to reduce environmental impacts by providing sustainably sourced naturally alkaline spring water in a sustainable, 100% recyclable and up to 75% renewable, plant-based pack. Today, the brand is B-Corp Certified with a best-in-class score of 126.5, offering a diversified line of health and wellness-oriented beverage products: original naturally alkaline spring water, award-winning organic flavours, and collagen-infused flavours in sizes ranging from 330-ml to 1-litre. All products contain naturally occurring electrolytes and essential minerals and support Flow’s overarching purpose to “bring wellness to the world through the positive power of water.” Flow beverage products are available online at flowhydration.com and are sold at over 30,500 stores across North America.
For more information on Flow, please visit Flow’s investor relations site at: investors.flowhydration.com.
Cautionary Statement
This press release may contain “forward-looking statements” within the meaning of applicable Canadian securities legislation. Such forward-looking statements include, but are not limited to, information with respect to our objectives and the strategies for achieving those objectives, as well as information with respect to our beliefs, plans, expectations, anticipations, estimates and intentions. Forward-looking statements are typically identified by the use of words such as “may”, “would”, “should”, “could”, “expect”, “intend”, “estimate”, “anticipate”, “plan”, “foresee”, “believe”, or “continue”, although not all forward-looking statements contain these words. Forward-looking statements are provided for the purposes of assisting the reader in understanding Flow and its business, operations, prospects, and risks at a point in time in the context of historical and possible future developments, and the reader is therefore cautioned that such information may not be appropriate for other purposes. Forward-looking statements are based on assumptions and are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking statements. Those risks and uncertainties include the following: impact and spread of COVID-19; ability to achieve and manage growth; failure to expand sales capabilities; changes in consumer preferences; criticism of packaged water; maintain brand image and product quality; constrained or unavailable spring water sources; inability to package products; increased competition; accurately estimating demand; maintaining relationships with distributors and vendors; changing retail landscape; incorrect product design or development; product information misrepresentation; revenues derived entirely from packaged beverages; increases in costs or shortages of materials; fluctuation of quarterly operating results; no assurance of profitability; fluctuations in foreign currency; changes in government regulation; contamination or recalls of ingredients or end products; loss of intellectual property rights; litigation; future tax rates; catastrophic events; climate change; seasonal business; dependence on key information systems and third-party service providers; ability to securely maintain confidential information; maintaining and upgrading information technology systems; conflict of interest; dual class share structure; potential volatility of share price; no assurance of active market for shares; lack of dividends; global financial condition; publication of inaccurate or unfavourable research and reports; operating history; and management and conflict of interests. Consequently, all of the forward-looking statements contained herein are qualified by the foregoing cautionary statements, and there can be no guarantee that the results or developments that we anticipate will be realized or, even if substantially realized, that they will have the expected consequences or effects on our business, financial condition or results of operation. Unless otherwise noted or the context otherwise indicates, the forward-looking statements contained herein are provided as of the date hereof, and we do not undertake to update or amend such forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by applicable law.
Devan Pennell, Chief Financial Officer
1-844-356-9426
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US investors:
Lynne Collier
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Canadian investors:
Marc Charbin
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Media:
Natasha Koifman
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Company Website: CreekRoadMiners.com
PARK CITY, Utah--(BUSINESS WIRE)--Creek Road Miners, Inc. (OTCQB:CRKR) announces letter to shareholders from its Co-Chief Executive Officers Scott D. Kaufman and John D. Maatta. The text of the letter follows:
To the Shareholders of Creek Road Miners, Inc.:
In the last 7 months, since Creek Road Miners, Inc. (“Creek Road”) launched its inaugural facility in Louisiana, much has taken place. We are excited to share the retrospective details, and to advise you about our plans are for the future.
Notwithstanding market volatility (in the capital markets and in the cryptocurrency and energy markets), we remain firm in our belief that Creek Road is on the right path to build sustained, long-term growth for the Company and value for its shareholders.
Appointment of a Co-CEO
On May 12, 2022, the Creek Road Board appointed John D. Maatta the Co-Chief Executive Officer of the Company to serve alongside Scott D. Kaufman. Because of the large number of significant opportunities before the Company, it made sense to have Mr. Kaufman focus on business development strategic initiatives and growth opportunities, while Mr. Maatta focuses s on the day-to-day business of the Company. As a former CEO of the Company and as a sitting Board Member, he has assumed the Co-CEO duties without the necessity of a learning curve. The company is moving full speed ahead with its growth initiatives and its operational initiatives.
What’s Next for the Company
On May 30, 2022, Creek Road entered into a Binding Memorandum of Understanding to acquire certain energy assets of Highwire Energy Partners, Inc. (“Highwire”) in South Dakota, North Dakota, and Wyoming. Highwire is a Wyoming-based company with expertise locating and analyzing the potential of oil and gas field acquisitions and in overseeing the operation of such facilities. Highwire is especially knowledgeable about the oil and gas industry in the Rocky Mountains and, more specifically, in the states of Wyoming, North Dakota and South Dakota.
In entering into the Highwire transaction, Creek Road delivered-on its objective of acquiring energy-producing assets to power cryptocurrency mining. In anticipation of this next stage of the Company’s growth, Creek Road officially decommissioned its proof-of-concept facility (Modular Data Center or MDC No. 1) in Louisiana. MDC No. 1 is currently in the process of being transported to Meeker, Colorado, where the Company plans to begin operations within the next ten (10) days. The cost factor at the Meeker facility is very desirable and will allow the Company to operate at a favorable cost basis by paying a fixed price of approximately $.0455/kWh. The Wyoming, South Dakota and North Dakota sites will also be priced on a basis that is advantageous to the Company. In Wyoming, Creek Road also has the opportunity to obtain fixed-price electricity at $.056/kWh.
Given the increasing cost of energy worldwide, the opportunity for fixed-and low-price energy production provide Creek Road with a significant cost advantage in conducting it mining Bitcoin operations. Even at current prices (approx. $29,000 per Bitcoin), Creek Road’s mining operations are currently projected to generate a gross profit.
Stock Price
There has been some shareholder communication concerning the significant drop in the Company’s stock price from $2.76 to $1.80 on April 1, 2022. Given that there was not any significant news or events on that date, we found this downward activity to be unusual. After review of the ambient circumstance, we concluded that the dip was occasioned by the actions of one seller liquidating its shares in the Company. There was no apparent or reasonable nexus between the action of such individual shareholder and any prevailing business fundamentals.
Conclusion
There clearly is some broad turbulence and uncertainty in the capital markets. However, we strongly and steadfastly believe that Creek Road continues on a proper trajectory. We have always known that owning and controlling our source of energy is the key to the Company’s near and long-term success. Despite the current ambient market conditions, we remain committed and focused upon identifying and successfully executing on new strategic opportunities, as we smartly operate the existing business of the Company.
Forward-Looking Statements
Certain statements in this letter contain "forward-looking statements" regarding future events and our future results. All statements other than statements of historical facts are statements that could be deemed to be forward-looking statements. These statements are based on current expectations, estimates, forecasts, and projections about the markets in which we operate and the beliefs and assumptions of our management. Words such as "expects," "anticipates," "targets," "goals," "projects", "intends," "plans," "believes," "seeks," "estimates," "endeavors," "strives," "may," or variations of such words, and similar expressions are intended to identify such forward-looking statements. You are cautioned that these forward-looking statements are subject to a number of risks, uncertainties and assumptions that are difficult to predict, estimate or verify. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. Such risks and uncertainties include those factors described in the Company's most recent annual report on Form 10-K, as such may be amended or supplemented by subsequent quarterly reports on Form 10-Q, or other reports filed with the Securities and Exchange Commission. The forward-looking statements are made only as of the date hereof, and we undertake no obligation to publicly release the result of any revisions to these forward-looking statements. For more information, please refer to the Company's filings with the Securities and Exchange Commission.
Investor Relations and Media:
Scott A. Sheikh
Creek Road Miners, Inc.
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NEWTON, Mass.--(BUSINESS WIRE)--TravelCenters of America Inc. (Nasdaq: TA) today announced that Chief Executive Officer Jonathan Pertchik and Chief Financial Officer Peter Crage will be presenting at the Oppenheimer 22nd Annual Consumer Growth and E-Commerce Conference at 12:00 p.m. Eastern Time on Wednesday, June 15, 2022. TA management will also be hosting virtual meetings with investors. For additional information or to schedule a virtual one-on-one meeting with TA management, please contact your Oppenheimer representative.
A live audio webcast of the presentation will be available in a listen-only mode on events page of the company’s website. Participants wanting to access the webcast should visit the company’s website about 15 minutes before the start of the presentation.
About TravelCenters of America Inc.
TravelCenters of America Inc. (Nasdaq: TA) is the nation's largest publicly traded full-service travel center network. Founded in 1972 and headquartered in Westlake, Ohio, its more than 18,000 team members serve guests in over 276 locations in 44 states, principally under the TA®, Petro Stopping Centers® and TA Express® brands. Offerings include diesel and gasoline fuel, truck maintenance and repair, full-service and quick-service restaurants, travel stores, car and truck parking and other services dedicated to providing great experiences for its guests. TA is committed to sustainability, with its specialized business unit, eTA, focused on sustainable energy options for professional drivers and motorists, while leveraging alternative energy to support its own operations. TA operates over 600 full-service and quick-service restaurants and nine proprietary brands, including Iron Skillet® and Country Pride®. For more information, visit www.ta-petro.com.
Kristin Brown, Director, Investor Relations
(617) 796-8251
MONHEIM AM RHEIN, Germany--(BUSINESS WIRE)--Global chemical manufacturer OQ Chemicals is further expanding its management team: Effective immediately, Dr. Albrecht Schwerin will be responsible for operations as the new Chief Operating Officer (COO). With his extensive knowledge and experience in the chemical industry, Dr. Schwerin will significantly contribute to strengthening OQ Chemicals and its global production sites. His core responsibilities include strategic transformation programs and the sustainability initiative "reduce", with which OQ Chemicals is striving for climate neutrality. Until now, the COO function has been performed on an interim basis by Managing Director Dr. Oliver Borgmeier.
"We are very pleased to welcome Dr. Albrecht Schwerin to the OQ Chemicals management team. With his contribution, we will be able to efficiently implement the transformation and growth course we have already started to sustainably lead OQ Chemicals into a successful future. The new structure now allows us to further develop our core competence as one of the leading manufacturers of oxo chemicals and to continue to supply our customers worldwide with high-performance products reliably," commented Dr. Borgmeier.
"Our goal is to transform OQ Chemicals into a modern and climate-neutral company. We will make our organization more agile and efficient to promote sustainable growth and increase our competitiveness. Such changes are only possible with qualified and motivated employees, whom we support to the best of our ability. Our focus is on strengthening oxo intermediates and targeted growth in oxo performance chemicals," said Dr. Schwerin. "It will be an exciting task to drive functional and operational excellence of OQ Chemicals, and I look forward to tackling this challenge together with the leadership team."
Dr. Albrecht Schwerin has more than 25 years of experience in the chemical industry. Most recently, he was managing director and plant manager of Dynamit Nobel GmbH ES, a Novasep Group company. Other positions in his career have included management positions at Henkel, Cognis, Celanese, and Oxea, the predecessor company of OQ Chemicals. Dr. Albrecht Schwerin studied chemistry and holds a doctorate from the Technical University of Darmstadt, Germany. He has received a Global Executive Master of Business Administration (GEMBA) degree from the IESE Business School in Barcelona, Spain. Photo: chemicals.oq.com/media/media-service
About OQ Chemicals
OQ Chemicals (formerly Oxea) is a global manufacturer of oxo intermediates and oxo performance chemicals such as alcohols, polyols, carboxylic acids, specialty esters, and amines. These are used to produce high-quality coatings, lubricants, cosmetic and pharmaceutical products, flavors and fragrances, printing inks, and plastics. OQ Chemicals employs more than 1,400 people worldwide and markets its chemicals in more than 60 countries. The company is part of OQ, an integrated energy company originating in Oman. More information is available at chemicals.oq.com.
OQ Chemicals GmbH
Dr. Ina Werxhausen, Communications and Press Relations
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HOUSTON--(BUSINESS WIRE)--Cheniere Energy, Inc. (“Cheniere” or the “Company”) (NYSE American: LNG) announced today that its subsidiary, Cheniere Marketing, LLC (“Cheniere Marketing”), has entered into a liquefied natural gas (“LNG”) sale and purchase agreement (“SPA”) with Equinor ASA (“Equinor”).
Under the SPA, Equinor has agreed to purchase approximately 1.75 million tonnes per annum (“mtpa”) of LNG from Cheniere Marketing on a free-on-board basis for a term of approximately 15 years. The deliveries under the SPA will start in the second half of 2026 and reach the full 1.75 mtpa in the second half of 2027. Half of the volume, or approximately 0.9 mtpa, is subject to Cheniere making a positive final investment decision (“FID”) to construct additional liquefaction capacity at the Corpus Christi LNG Terminal beyond the seven-train Corpus Christi Stage III Project.
“Equinor is one of Europe’s premier energy companies, and we are excited to form a long-term relationship with another strategic customer that shares our ambitions for a sustainable future,” said Jack Fusco, Cheniere’s President and Chief Executive Officer. “This SPA further reinforces Cheniere’s leadership in providing the flexible, reliable and cleaner burning long-term LNG supply sought by our customers across the globe focused on energy security and environmental priorities. The SPA also reflects the urgency in demand for investment in additional LNG capacity, not only for the Corpus Christi Stage III Project, which is nearing FID, but also for capacity beyond the project’s initial seven trains.”
About Cheniere
Cheniere Energy, Inc. is the leading producer and exporter of liquefied natural gas (LNG) in the United States, reliably providing a clean, secure, and affordable solution to the growing global need for natural gas. Cheniere is a full-service LNG provider, with capabilities that include gas procurement and transportation, liquefaction, vessel chartering, and LNG delivery. Cheniere has one of the largest liquefaction platforms in the world, consisting of the Sabine Pass and Corpus Christi liquefaction facilities on the U.S. Gulf Coast, with total production capacity of approximately 45 mtpa of LNG in operation. Cheniere is also pursuing liquefaction expansion opportunities and other projects along the LNG value chain. Cheniere is headquartered in Houston, Texas, and has additional offices in London, Singapore, Beijing, Tokyo, and Washington, D.C.
For additional information, please refer to the Cheniere website at www.cheniere.com and Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, filed with the Securities and Exchange Commission.
About Equinor
Equinor is an international energy company committed to long-term value creation in a low-carbon future. Equinor’s purpose is to turn natural resources into energy for people and progress for society. Equinor’s portfolio of projects encompass oil and gas, renewables and low-carbon solutions, with an ambition of becoming a net-zero energy company by 2050. Equinor is the second largest exporter of pipeline gas to Europe and operator of Europe’s only large-scale LNG plant at Hammerfest, Norway. Headquartered in Stavanger (Norway), Equinor is the leading operator on the Norwegian continental shelf, present in around 30 countries worldwide.
Forward-Looking Statements
This press release contains certain statements that may include “forward-looking statements” within the meanings 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 or present facts or conditions, included herein are “forward-looking statements.” Included among “forward-looking statements” are, among other things, (i) statements regarding Cheniere’s financial and operational guidance, business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding regulatory authorization and approval expectations, (iii) statements expressing beliefs and expectations regarding the development of Cheniere’s LNG terminal and pipeline businesses, including liquefaction facilities, (iv) statements regarding the business operations and prospects of third-parties, (v) statements regarding potential financing arrangements, (vi) statements regarding future discussions and entry into contracts, (vii) statements relating to Cheniere’s capital deployment, including intent, ability, extent, and timing of capital expenditures, debt repayment, dividends, and share repurchases, and (viii) statements regarding the COVID-19 pandemic and its impact on our business and operating results. Although Cheniere 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. Cheniere’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere’s periodic reports that are filed with and available from 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 under the securities laws, Cheniere does not assume a duty to update these forward-looking statements.
Cheniere Energy, Inc.
Investors
Randy Bhatia, 713-375-5479
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Media Relations
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Final contracted ASIC Bitcoin Miner Shipment from Canaan received, Mawson now assessing attractive spot market for future ASIC Bitcoin Miner purchases
Mawson now has approximately 40,000 ASIC Bitcoin Miners deployed at its facilities across its Self-Mining and Hosting Co-location businesses
Mawson Self-Mining and Hosting Co-location operating at approximately 3.1 Exahash as at end May, expected to be at approximately 3.35 Exahash by end June
Mawson’s 100% renewable energy Bitcoin Mining facility in Australia expected to be fully operational in June at approximately 0.4 Exahash
Mawson has sold approximately 1975 ASIC Bitcoin miners in exchange for 33% of the equity in Tasmania Data Infrastructure Pty Ltd (TDI), a 100% renewable energy Bitcoin Miner located in Australia
SYDNEY & NEW YORK--(BUSINESS WIRE)--Mawson Infrastructure Group Inc. (NASDAQ:MIGI) (“Mawson”), a digital infrastructure provider, is pleased to provide an ASIC Bitcoin Miner shipment, deployment and operational update.
Mawson has now received the final shipment of A1246 ASIC Bitcoin Miners from Canaan, with the final batch of orders placed in 2021 being deployed across the company’s operations in the coming months.
Current Bitcoin and broader market movements has seen ASIC Bitcoin Miner pricing fall significantly, placing Mawson in a strong position to acquire new ASIC Bitcoin Miners at attractive prices at the appropriate time.
Mawson now has approximately 40,000 ASIC Bitcoin Miners deployed across its Self-Mining and Hosting Co-location business, operating at a combined total of approximately 3.1 Exahash across all operations.
Mawson’s Hosting Co-location business continues to scale up, with over 56 megawatts rapidly deployed over the last 3 months, providing an additional revenue stream for the company over and above Mawson’s Bitcoin Self-Mining operations.
Mawson’s Australian operations are expected to be fully operational by the end of June, with approximately 5,376 ASIC Bitcoin Miners in place at site, currently operating at 0.2 Exahash, expected to rise to 0.4 Exahash by June 30, producing approximately 1.7 Bitcoin per day from this facility alone based on current network difficulty.
Mawson also this month announced it is to become a 33% shareholder of Tasmania Data Infrastructure Pty Ltd (“TDI”), where Mawson has sold approximately 1975 ASIC Bitcoin Miners and will provide a license for TDI to utilize Mawson’s Modular Data Center and associated technology in exchange for 33% of the equity in TDI. TDI is developing a large scale, 100% renewable energy Bitcoin Mining Facility in Tasmania, Australia. Site works are expected to begin in Q3 2022.
James Manning, CEO and Founder of Mawson, said, "Having now received the final shipment of A1246 ASIC Bitcoin Miners from Canaan, we are now in a position to acquire new Bitcoin Miners at low prices at the appropriate time. This flexibility puts us in a solid position to take advantage of market conditions as they unfold. Our Hosting Co-location has been the focus of the current quarter, we now shift that focus to growing our Self-Mining operations sensibly.”
About Mawson Infrastructure
Mawson Infrastructure Group (NASDAQ: MIGI) is a digital infrastructure provider, with multiple operations throughout the USA and Australia. Mawson’s vertically integrated model is based on a long-term strategy to promote the global transition to the new digital economy. Mawson matches sustainable energy infrastructure with next-generation mobile data centre (MDC) solutions, enabling low-cost Bitcoin production and on-demand deployment of infrastructure assets. With a strong focus on shareholder returns and an aligned board and management, Mawson Infrastructure Group is emerging as a global leader in ESG focused Bitcoin mining and digital infrastructure.
For more information, visit: www.mawsoninc.com
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Mawson cautions that statements in this press release that are not a description of historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words referencing future events or circumstances such as “expect,” “intend,” “plan,” “anticipate,” “believe,” and “will,” among others. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon Mawson’s current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, the possibility that Mawson’s need and ability to raise additional capital, the development and acceptance of digital asset networks and digital assets and their protocols and software, the reduction in incentives to mine digital assets over time, the costs associated with digital asset mining, the volatility in the value and prices of cryptocurrencies and further or new regulation of digital assets. More detailed information about the risks and uncertainties affecting Mawson is contained under the heading “Risk Factors” included in Mawson’s Annual Report on Form 10-K filed with the SEC on March 1, 2021 and Mawson’s Quarterly Report on Form 10-Q filed with the SEC on May 16, 2022, and in other filings Mawson has made and may make with the SEC in the future. One should not place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Mawson undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as may be required by law.
Investor Contact:
Brett Maas
646-536-7331
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www.haydenir.com
ChargePoint will help develop NECA trainings for its contractors, including the Electric Vehicle Infrastructure Training Program (EVITP)
CAMPBELL, Calif.--(BUSINESS WIRE)--ChargePoint (NYSE: CHPT), a leading electric vehicle (EV) charging network, today announced a new partnership with the National Electrical Contractors Association (NECA), the voice of the $202 billion electrical construction industry with 118 local chapters, to accelerate the deployment of EV charging. Through the partnership, ChargePoint and NECA will develop training programs for its electrical contractor members who install EV charging infrastructure and be a resource in NECA’s Industry Alliance Network (IAN), which connects NECA contractors to companies at the forefront of the electrical industry.
This partnership comes as the federal government prepares to invest billions of dollars in EV charging through the Bipartisan Infrastructure Law, including $7.5 billion for highway and community charging and billions more to electrify private and government fleets.
“Through this collaboration, we are connecting our technical experts with NECA’s network of thousands of electrical contractors, who are key partners that ensure connected, software-enabled charging solutions are installed proficiently in communities across the country,” said Anthony Harrison, senior director of North American policy for ChargePoint. “Together with NECA, ChargePoint is ensuring electrical contractors have the technical expertise needed to further accelerate deployment of EV charging infrastructure and enable charging everywhere drivers live, work, and play.”
“At NECA, a key value we provide is connecting our members with the products and services that are leading our industry,” said NECA CEO David Long. “The Industry Alliance Network opens new avenues to deepen the conversation between these brands and NECA contractors. It is NECA National’s goal to provide solutions with increased access and attention within our industry.”
ChargePoint will provide the association’s members with the necessary training and education on how to deploy EV charging across the country. ChargePoint believes its partnership with NECA will impact the electrical construction industry by leveraging NECA’s network, digital marketing, social media, and communications platform in order to expand EV charging infrastructure farther and wider than ever before.
ChargePoint joins NECA’s 18 Ambassadors and nine Affiliates. More companies are expected to join the program in the second quarter of the year. For more on the NECA IAN, visit https://www.necanet.org/partnerships/industry-alliance-network
About ChargePoint
ChargePoint is creating a new fueling network to move people and goods on electricity. Since 2007, ChargePoint has been committed to making it easy for businesses and drivers to go electric with one of the largest EV charging networks in North America and Europe and a comprehensive portfolio of charging solutions. The ChargePoint cloud subscription platform and software-defined charging hardware are designed to include options for every charging scenario from home and multifamily to workplace, parking, hospitality, retail and transport fleets of all types. Today, one ChargePoint account provides access to hundreds of thousands of places to charge in North America and Europe. To date, more than 113 million charging sessions have been delivered, with drivers plugging into the ChargePoint network every second or less. For more information, visit the ChargePoint pressroom, the ChargePoint Investor Relations site, or contact the ChargePoint North American or European press offices or Investor Relations.
About the National Electrical Contractors Association
NECA is the voice of the $202 billion electrical construction industry that brings power, light and communication technology to buildings and communities across North America. NECA's national office and 118 local chapters advance the industry through advocacy, education, research and standards development. Go to www.necanet.org for more information.
Forward-Looking Statements
This press release contains forward-looking statements that involve risks, uncertainties, and assumptions including statements regarding ChargePoint’s plans with the NECA’s training program and the potential success or impact of any such programs on facilitation or deployment of electric vehicle charging, infrastructure, or market opportunity. Any statements that are not of historical fact may be forward-looking statements. Words used such as “anticipates,” “believes,” “continues,” “designed,” “estimates,” “expects,” “goal,” “intends,” “likely,” “may,” “ongoing,” “plans,” “projects,” “pursuing,” “seeks,” “should,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these words. All forward-looking statements are based on our current assumptions, expectations and beliefs, and involve substantial risks and uncertainties that may cause results, performance or achievement to materially differ from those expressed or implied by these forward-looking statements. There are a significant number of factors that could cause actual results to differ materially from the statements made in this press release, including: the impact of the ongoing COVID-19 pandemic, geopolitical events including the Russian invasion of Ukraine, macroeconomic trends including changes in inflation or interest rates, or other events beyond our control on the overall economy, our business and those of our customers and suppliers, including due to supply chain disruptions and expense increases; our dependence on widespread acceptance and adoption of EVs and increased installation of charging stations; overall demand for EV charging and the potential for reduced demand for EVs if governmental rebates, tax credits and other financial incentives are reduced, modified or eliminated or governmental mandates to increase the use of EVs or decrease the use of vehicles powered by fossil fuels, either directly or indirectly through mandated limits on carbon emissions, are reduced, modified or eliminated; the development, adoption and/or commercialization of fueling alternatives to electric vehicle charging; supply chain interruptions and expense increases; and unexpected delays in new product introductions. Additional risks and uncertainties that could affect our projections in this press release are included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our most recent Form 10-Q filed with the Securities and Exchange Commission (“SEC”) on June 7, 2022, which is available on our website at investors.chargepoint.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.
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NECA
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ChargePoint
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VP, Communications
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The U.S. Department of Energy’s Loan Programs Office makes its first loan in ten years to the development of the world’s largest green hydrogen hub in Utah.
SALT LAKE CITY--(BUSINESS WIRE)--#ChangeInPower--Mitsubishi Power Americas and Magnum Development today announced the closing of a $504.4 million loan guarantee from U.S. Department of Energy’s (DOE) Loan Programs Office to Advanced Clean Energy Storage I, LLC to develop the world’s largest industrial green hydrogen facility in central Utah. DOE’s loan is its first in more than ten years for a renewable energy project.
In April 2022, DOE’s Loan Programs Office issued a conditional commitment for ACES I. The loan closed on June 3, 2022, highlighting the Administration and the Energy Department’s commitment towards supporting the clean hydrogen sector. This loan helps generate a viable market for hydrogen and will make it scalable in the western United States and electrical grid, creating the fundamental infrastructure necessary to deploy this zero-carbon energy source.
“The Advanced Clean Energy Storage team, with its world-class industry partners, is excited to secure this loan by DOE to develop the first phase of the world’s largest renewable hydrogen energy hub,” said Michael Ducker, Senior Vice President of Hydrogen Infrastructure for Mitsubishi Power Americas and President of Advanced Clean Energy Storage I. “This step creates a path to accelerate the long-term hydrogen market and clean energy landscape to expand decarbonization across the United States.”
U.S. Secretary of Energy Jennifer M. Granholm said, “Since President Biden’s first day in office, DOE has made it a priority to leverage the potential of the Loan Programs Office to fund emerging technologies that will deploy clean and reliable energy to Americans. Accelerating the commercial deployment of clean hydrogen as a zero-emission, long-term energy storage solution is the first step in harnessing its potential to decarbonize our economy, create good paying clean energy jobs and enable more renewables to be added to the grid.”
The Advanced Clean Energy Storage hub will help the clean energy transition by supporting the Intermountain Power Agency’s IPP Renewed Project—upgrading to an 840 megawatt (MW) hydrogen-capable gas turbine combined cycle power plant. The plant will initially run on a blend of 30% green hydrogen and 70% natural gas starting in 2025 and incrementally expand to 100% green hydrogen by 2045.
The hub will produce up to 100 metric tonnes per day of green hydrogen from renewable energy using electrolysis. Green hydrogen can then be stored in two massive salt caverns, each capable of storing 150 gigawatt hours (GWh) of energy, resulting in the world’s single largest hydrogen storage site and providing capabilities for seasonal shifting of excess renewable energy. The long-duration energy storage capability of the salt caverns will help improve resource adequacy and decrease costs by capturing excess renewable power when it is abundant and dispatching it back on the grid when it is needed.
“This joint venture is historic for Mitsubishi Power Americas and the future of global hydrogen deployment,” says Bill Newsom, President and CEO of Mitsubishi Power Americas. “We’re proud to partner with Magnum Development and provide the hydrogen equipment to further advance carbon-free hydrogen as a cornerstone of our future energy supply and help chart the path towards net zero. This project sets the industry gold standard for hydrogen deployment, helping to combat the impacts of climate change and advance human prosperity.”
The development and operation of the Advanced Clean Energy Storage hub will help spur economic development locally by creating up to 400 local construction jobs throughout the 3-year construction cycle, and it will employ a projected 25 full-time operations and maintenance personnel to provide 24/7 operations and maintenance of the facility. Additionally, property tax revenue collected by Millard County, Utah, will contribute to services that benefit all nearby Utahns, which typically include law enforcement and emergency response, infrastructure, and other services.
“Magnum Development has enjoyed a synergistic relationship with the City of Delta and Millard County since 2008,” said Craig Broussard, CEO of Magnum Development and ACES Delta. “In addition, royalties paid from our operations go to our mineral estate partner, the Utah School and Institutional Trust Lands Administration, to provide funding for the Utah educational system. Over the next three decades significant taxes and royalties will flow from this initial phase of green hydrogen development at our site.”
For more information and to stay up to date with the development of the hydrogen hub, visit www.aces-delta.com.
About Mitsubishi Power Americas, Inc.
Mitsubishi Power Americas, Inc. (Mitsubishi Power) headquartered in Lake Mary, Florida, employs more than 2,300 power generation, energy storage, and digital solutions experts and professionals. Our employees are focused on empowering customers to affordably and reliably combat climate change while also advancing human prosperity throughout North, Central, and South America. Mitsubishi Power’s power generation solutions include gas, steam, and aero-derivative turbines; power trains and power islands; geothermal systems; PV solar project development; environmental controls; and services. Energy storage solutions include green hydrogen, battery energy storage systems, and services. Mitsubishi Power also offers intelligent solutions that use artificial intelligence to enable autonomous operation of power plants. Mitsubishi Power is a power solutions brand of Mitsubishi Heavy Industries, Ltd. (MHI). Headquartered in Tokyo, Japan, MHI is one of the world’s leading heavy machinery manufacturers with engineering and manufacturing businesses spanning energy, infrastructure, transport, aerospace, and defense. For more information, visit the Mitsubishi Power Americas website and follow us on LinkedIn.
About Magnum Development
Magnum Development, LLC is developing the only known “Gulf Coast” style domal-quality salt formation in the western United States. Magnum was founded in 2008 to create an energy hub centered around a large, little known salt body near Delta, Utah. Site viability and profitability has been proven with one business, Magnum NGLs, LLC, which was successfully developed, brought to commercialization, and sold in 2015. In March 2018, Magnum Development entered into a joint venture with Sawtooth by contributing its refined products business for an 8% ownership interest in the Sawtooth JV. A second JV was formed with Mitsubishi Power Americas, Inc. in 2019 to add the production and storage of fossil-free energy to the energy hub’s portfolio of products. As the Delta, Utah, energy hub grows Magnum will pursue additional strategic partners to broaden the strengths and products of the enterprise.
About ACES Delta
ACES Delta is a joint venture between Mitsubishi Power Americas and Magnum Development. ACES Delta is developing the world’s largest renewable energy hub to produce, store, and deliver green hydrogen to the western United States. Located in Delta, Utah, the Advanced Clean Energy Storage hub will serve as the country’s largest hydrogen gas and storage hub, initially providing over 300 GWh of clean renewable energy storage to the region. For more information, visit www.aces-delta.com.
Mitsubishi Power Americas
Christa Reichhardt
+1 407-484-5599
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Magnum Development
Michelle Judd
+1 801-748-5561
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Haddington Ventures
Sam Pyne
+1 713-532-7992
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