DALLAS & LANGFANG, China--(BUSINESS WIRE)--Energy Transfer LP (NYSE: ET), ENN Natural Gas (ENN NG 600803.SH) and ENN Energy Holdings Limited (ENN Energy 2688.HK) today announced that ENN NG and ENN Energy have entered into LNG Sale and Purchase Agreements with Energy Transfer LNG Export, LLC (ET LNG), a subsidiary of Energy Transfer LP, related to its Lake Charles LNG project.
Under the two SPAs, ET LNG is expected to supply 1.8 million tonnes of LNG to ENN NG, and 0.9 million tonnes of LNG to ENN Energy, per annum on a free-on-board (FOB) basis. The purchase price is indexed to the Henry Hub benchmark plus a fixed liquefaction charge. Both SPAs are for a term of 20 years, and first deliveries are expected to commence as early as 2026. The SPAs will become fully effective upon the satisfaction of the conditions precedent by ET LNG, including reaching FID.
“The signing of these long-term SPAs will further enrich ENN’s LNG resources, expand resource supply channels, and improve ENN’s natural gas supply capacity to meet the rapidly growing natural gas demand in the domestic market,” said Zheng Hongtao, President of ENN NG and Vice Chairman of the Board of Directors of ENN Energy Holdings. “It also provides our customers with better resources and services, ensures natural gas supply nationwide, and contributes to the low-carbon transformation of energy structure.”
“We are very pleased to have ENN as a customer. The execution of these two SPAs represents a significant event in moving the Lake Charles LNG project towards FID. We are experiencing strong demand for long-term offtake contracts for Lake Charles LNG and we are optimistic that we will be in a position to take a positive FID by year end,” said Tom Mason, President of ET LNG. “The Lake Charles LNG project is expected to be financed primarily through infrastructure funds and strategic partners, with Lake Charles LNG retaining an equity stake and operatorship of the liquefaction facility.”
Energy Transfer is one of the largest and most diversified midstream energy companies in North America, with a strategic footprint in all of the major U.S. production basins. The core operations include complementary natural gas midstream, intrastate and interstate transportation and storage assets; crude oil, natural gas liquids (NGL) and refined product transportation and terminalling assets; and NGL fractionation. The company owns and operates approximately 120,000 miles of pipelines and associated energy infrastructure across 41 states transporting approximately 30% of the United States’ oil and natural gas.
Lake Charles LNG will be constructed on the existing brownfield regasification facility and will capitalize on four existing LNG storage tanks, two deep water berths and other LNG infrastructure. Lake Charles LNG will also benefit from its direct connection to Energy Transfer’s existing Trunkline pipeline system that in turn provides connections to multiple intrastate and interstate pipelines. These pipelines allow access to multiple natural gas producing basins, including the Haynesville, the Permian and the Marcellus Shale.
ENN NG has an annual LNG distribution capacity of over 10 bcm and runs the first large-scale private LNG terminal in China -- Zhoushan LNG Terminal. Its business layout covers the entire natural gas value chain, including distribution, trading, storage and transportation, and production and engineering.
Relying on industry best practices, ENN NG has built an intelligent operation platform for the natural gas industry – GreatGas.cn, which accelerates the aggregation of demand, resources, reserves, and delivery ecology of the natural gas industry. It also innovates and develops digital intelligence services, and promotes the digital intelligence upgrade of the natural gas industry. In 2021, ENN NG’s total natural gas sales volume was 37.2 bcm, accounting for approximately 10% of China’s total natural gas consumption.
About Energy Transfer
Energy Transfer LP (NYSE: ET) owns and operates one of the largest and most diversified portfolios of energy assets in North America, with a strategic footprint in all of the major U.S. production basins. Energy Transfer is a publicly traded limited partnership with core operations that include complementary natural gas midstream, intrastate and interstate transportation and storage assets; crude oil, natural gas liquids (NGL) and refined product transportation and terminalling assets; and NGL fractionation. Energy Transfer also owns Lake Charles LNG Company, as well as the general partner interests, the incentive distribution rights and 28.5 million common units of Sunoco LP (NYSE: SUN), and the general partner interests and 46.1 million common units of USA Compression Partners, LP (NYSE: USAC). For more information, visit the Energy Transfer LP website at energytransfer.com.
About ENN Natural Gas
As one of the largest independent energy companies in China, ENN Natural Gas’s business layout covers the full natural gas value chain, from downstream distribution, to midstream transportation and storage, and upstream production and procurement. As of 31 December 2021, through its subsidiary, ENN Energy Holdings Limited, one of the largest natural gas distributors in China, ENN Natural Gas owns 252 city-gas projects in China, serving a population of 124 million. ENN Natural Gas owns and operates Zhoushan LNG Terminal in Zhejiang Province, China. During 2021, ENN Natural Gas’s total natural gas sales volume was 37.2 bcm, accounting for about 10% of China’s total consumption.
Forward Looking Statements
This press release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal law. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management’s control. An extensive list of factors that can affect future results are discussed in the Partnership’s Annual Report on Form 10-K and other documents filed from time to time with the Securities and Exchange Commission. In addition to the risks and uncertainties previously disclosed, the Partnership has also been, or may in the future be, impacted by new or heightened risks related to the COVID-19 pandemic, and we cannot predict the length and ultimate impact of those risks. The Partnership undertakes no obligation to update or revise any forward-looking statement to reflect new information or events.
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MACON, Ga.--(BUSINESS WIRE)--Blue Bird Corporation (Nasdaq: BLBD), the leader in electric and low-emission school buses, has received the single largest order of electric school buses from a school district in its history. Modesto City Schools in California purchased 30 zero-emission school buses. The order enables the school district to rapidly convert nearly 50% of its diesel-powered bus fleet to clean energy. Thereby, Modesto City Schools will considerably reduce harmful greenhouse gas emissions while improving community health.
Modesto City Schools will benefit from significant cost saving opportunities by reducing or eliminating the fuel and maintenance costs tied to traditional diesel-powered vehicles. Select Blue Bird customers reported fuel costs of up to 49 cents per mile for their diesel buses, compared to an average 14 cents per mile in energy costs for electric buses. Modesto City Schools anticipates saving more than $250,000 a year in fuel costs alone by converting nearly half of its diesel-powered fleet to electric vehicles.
“The price of diesel fuel continues to skyrocket. Our Sustainability projects are designed to address climate change, reduce air pollution, and lead the next generation of students in learning about a Sustainable lifestyle with renewable energy, carbon reduction, and clean mobility options,” said Tim Zearley, Associate Superintendent of Business Services, Modesto City Schools. “I’m proud that Modesto City Schools is leading the way in Public Education Sustainability Initiatives in Stanislaus County.”
“Blue Bird is recognized as a technology leader and innovator of low- and zero-emission school buses in North America,” said Matthew Stevenson, president and CEO, Blue Bird Corporation. “We are pleased to help Modesto City Schools turn its vision of clean and sustainable school bus transportation into reality. Soon, nearly 30,000 school children in California’s Central Valley will enjoy emission-free transportation and cleaner communities.”
Modesto City Schools purchased Blue Bird All American Type D electric school buses. The district anticipates delivery of the zero-emission vehicles in the fourth quarter 2022. Blue Bird electric buses can carry a maximum of 84 passengers for up to 120 miles on a single charge. They take between three and eight hours to fully recharge depending on the charging infrastructure.
Blue Bird’s electric school buses were partially funded by California’s Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP). The California Air Resources Board (CARB) launched the program in 2009. HVIP is administered by CALSTART, a national clean transportation nonprofit consortium.
About Blue Bird Corporation
Blue Bird (NASDAQ: BLBD) is recognized as a technology leader and innovator of school buses since its founding in 1927. Our dedicated team members design, engineer and manufacture school buses with a singular focus on safety, reliability, and durability. Blue Bird buses carry the most precious cargo in the world – the majority of 25 million children twice a day – making us the most trusted brand in the industry. The company is the proven leader in low- and zero-emission school buses with more than 20,000 propane, natural gas, and electric powered buses in operation today. Blue Bird is transforming the student transportation industry through cleaner energy solutions. For more information on Blue Bird's complete product and service portfolio, visit www.blue-bird.com. For Blue Bird's line of emission-free electric buses, visit www.bluebirdelectricbus.com.
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KENNESAW, Ga.--(BUSINESS WIRE)--As he lies in state today, Yamaha Marine honors the late Congressman Don Young (R-Alaska), the longest serving member of Congress and dean of the House, for his unwavering commitment to conservation, the example he provided as a true servant of his constituents and the way he energized those he met.
“We are thankful for Congressman Young’s legacy of conservation, but he also inspired us to improve our level of service to customers in Alaska,” said Ben Speciale, President, Yamaha U.S. Marine Business Unit. “His comments about the need for products to be more easily serviced in remote locations in the state encouraged us to redouble our efforts to train technicians in Alaska.”
Young’s passion and commitment to his constituents was unmatched. With keen foresight into the future needs and opportunities of Alaskans, Young was a key proponent for accelerating Yamaha Marine’s technician training programs. Today there are more than 70 recent Yamaha graduate technicians in the state, including the next generation graduating from Yamaha Marine Technical School partner Prince William Sound College in Valdez. Additional technician training programs are underway.
Young served as chairman of the House Natural Resources Committee from 1995 to 2001 and then as the chairman of the House Transportation and Infrastructure Committee from 2001-2007.
Yamaha Marine products are marketed throughout the United States and around the world. Yamaha Marine Engine Systems, based in Kennesaw, Ga., supports its 2,000 U.S. dealers and boat builders with marketing, training and parts for Yamaha’s full line of products and strives to be the industry leader in reliability, technology and customer service. Yamaha Marine is the only outboard brand to have earned NMMA®’s C.S.I. Customer Satisfaction Index award every year since its inception. Visit www.yamahaoutboards.com.
REMEMBER to always observe all applicable boating laws. Never drink and drive. Dress properly with a USCG-approved personal floatation device and protective gear.
© 2022 Yamaha Motor Corporation, U.S.A. All rights reserved.
This document contains many of Yamaha's valuable trademarks. It may also contain trademarks belonging to other companies. Any references to other companies or their products are for identification purposes only and are not intended to be an endorsement.
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Yamaha Marine Engine Systems
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HOUSTON--(BUSINESS WIRE)--Consolidated Asset Management Services (CAMS), a fully-integrated service provider for owners of energy and infrastructure assets, announced today that it has been awarded contracts by affiliates of ArcLight Capital Partners, LLC (ArcLight) to provide operations and maintenance (O&M) and asset management services for power generating assets representing over 10 gigawatts (GW) of capacity.
The facilities are well diversified across markets, technology and fuel type and will allow for the integration of intermittent renewable resources over the coming years.
“We are excited to manage and operate this fleet of energy assets that provide reliable power throughout the U.S.,” said CAMS Chief Operating Officer Greg Bobrow. “We have an extensive and successful track record of providing sustainable, value-added services for owners of energy infrastructure assets and are pleased to be involved with these portfolios that also have the ability to support the transition to renewable sources of generation.”
ArcLight is a leading private equity firm focused on energy and energy transition infrastructure. An ArcLight spokesperson noted that the acquisitions of the portfolios required a collaborative effort and were substantial milestones for ArcLight and CAMS.
“We want to highlight the support, leadership and coordination the CAMS team provided through each phase of the process,” the spokesperson said. “From due diligence to the early stages of our ownership, CAMS has been helpful, responsive and very strong on the transition and operational leadership. CAMS was a critical team member in successfully completing these acquisitions.”
CAMS has experience managing and operating hundreds of conventional and renewable power generation assets with over 51 GW of generating capacity. The company has been awarded 75 industry best practice awards since 2013 and has $20 billion of assets under management.
About CAMS
CAMS is a privately held company providing Operations and Maintenance (O&M), Asset Management, Environmental, Social, and Governance (ESG), and Optimization services for energy and infrastructure assets. Our founding principle is to add value through superior management and operation of our clients’ energy infrastructure assets. To this end, we empower our employees to pursue creative and sustainable business practices in the field and at our corporate office that contribute to operational excellence, financial performance, a safe workplace, and a better community and environment. We do not take this responsibility lightly: We treat the assets with which we are entrusted as our own. For additional information, visit www.camstex.com.
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HOUSTON--(BUSINESS WIRE)--Today Western Midstream Partners, LP (NYSE: WES) (“WES” or the “Partnership”) announced that on March 30, 2022, Daniel Jenkins, Director of Investor Relations, and Shelby Keltner, Investor Relations Manager, will participate in one-on-one and group sessions at the US Capital Advisors Midstream Corporate Access Day event.
On April 12, 2022, Michael Ure, President and Chief Executive Officer, and Mr. Jenkins will participate in a group session at the 2022 Wells Fargo Houston Midstream Management Meetings event.
ABOUT WESTERN MIDSTREAM
Western Midstream Partners, LP (“WES”) is a Delaware master limited partnership formed to acquire, own, develop, and operate midstream assets. With midstream assets located in the Rocky Mountains, North-central Pennsylvania, Texas, and New Mexico, WES is engaged in the business of gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilizing, and transporting condensate, NGLs, and crude oil; and gathering and disposing of produced water for its customers. In addition, in its capacity as a processor of natural gas, WES also buys and sells natural gas, NGLs, and condensate on behalf of itself and as an agent for its customers under certain of its contracts.
For more information about Western Midstream Partners, LP and Western Midstream Flash Feed updates, please visit www.westernmidstream.com.
Kristen Shults
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Daniel Jenkins
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Export Development Canada, Royal Bank of Canada and The Toronto-Dominion Bank join Evok Innovations’ second fund as limited partners (LPs) alongside returning LPs Suncor Energy and Cenovus Energy
VANCOUVER, British Columbia--(BUSINESS WIRE)--Evok Innovations (Evok), a venture firm committed to developing and deploying cutting-edge clean energy technology, today announced a first close of its $300 million Fund II, with half the capital committed by a group of strategic investors.
Fund II includes significant participation by Export Development Canada (EDC), Royal Bank of Canada (RBC) and The Toronto-Dominion Bank (TD), alongside returning investors Suncor and Cenovus.
The fund will target early-stage investments across North America in key industrial decarbonization verticals, including carbon capture use and storage (CCUS), low-carbon fuels, clean energy and grid innovations, mobility, and advanced materials and circularity.
Launched in 2016 through a partnership between Suncor, Cenovus and the BC Cleantech CEO Alliance, Evok’s inaugural $100 million CAD fund aimed to accelerate the development of critical energy transition technologies across North America. The fund has made 16 investments in critical decarbonization technologies ranging from clean hydrogen and carbon-to-value to long-duration energy storage.
“We are pleased to have our founding investors returning to participate in our second fund, which we see as a testament to our approach and their confidence in our ability to drive large-scale industrial decarbonization while generating market-leading returns,” said Marty Reed, Founding Partner of Evok. “Alongside our returning investors, the addition of EDC, RBC and TD will bring new strategic strength to our fund.”
Many of Evok’s portfolio companies from the first fund have been recognized for their impact. One such example is Twelve, an innovative company developing carbon transformation technologies. Twelve was recently named one of Fast Company’s three most innovative companies in the world, and the first in the energy sector. Several companies in the portfolio, including Twelve and Quidnet Energy, a long-duration energy storage company, have recently signed major commercial contracts that signal strong market demand for viable decarbonization solutions.
Evok Fund II is led by Mike Biddle, Naynika Chaubey, Jane Kearns and Marty Reed, entrepreneurs and climate investors with decades of experience scaling cleantech companies.
“As a founding partner of Evok Fund I, Suncor is pleased to continue working alongside Cenovus on our joint commitment to fund innovation in the low carbon technology space,” said Kris Smith, Executive Vice President - Downstream, Suncor. “Major drivers of Evok’s success to date include their leadership’s experience in low carbon technology, their ability to collaborate with industry, and their capacity to partner closely with founders as they de-risk and scale their technologies.”
To date, Evok’s portfolio companies have raised more than $500 million CAD to scale and commercialize their technologies, from investors including Breakthrough Energy Ventures, Microsoft, OGCI, Capricorn, MIT’s The Engine, and DCVC.
“Evok’s team has the technical expertise and network to scale-up the development of technologies supporting the energy transition across North America,” said Carl Burlock, EDC’s Executive Vice-President and Chief Business Officer. “EDC is pleased to be a major investor in this fund as part of our climate change commitments to support technologies which will reduce carbon emissions.”
About Evok Innovations
Founded in 2016, Evok Innovations (Evok) was built around a mission of protecting the environment and strengthening the economy. Driven by global momentum toward a net zero future, Evok has established itself as a leader in industrial innovation and decarbonization, including next-generation sectors such as hydrogen and carbon capture.
Building on our legacy, Evok continues to accelerate the energy transition with our team of technologists, company builders and investors. Please visit evokinnovations.com.
About EDC
Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian companies of all sizes succeed on the world stage. As international risk experts, we equip Canadian companies with the tools they need – the trade knowledge, financing solutions, equity, insurance, and connections – to grow their business with confidence. Underlying all our support is a commitment to sustainable and responsible business.
For more information and to learn how we can help your company please visit edc.ca.
About Royal Bank of Canada
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 88,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank, and one of the largest in the world based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our 17 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com.
We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/community-social-impact/.
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group ("TD" or the "Bank"). TD is the fifth largest bank in North America by assets and serves more than 26 million customers in three key businesses operating in a number of locations in financial centers around the globe: Canadian Retail, including TD Canada Trust, TD Auto Finance Canada, TD Wealth (Canada), TD Direct Investing, and TD Insurance; U.S. Retail, including TD Bank, America's Most Convenient Bank®, TD Auto Finance U.S., TD Wealth (U.S.), and an investment in The Charles Schwab Corporation; and Wholesale Banking, including TD Securities. TD also ranks among the world's leading online financial services firms, with more than 15 million active online and mobile customers. TD had CDN$1.8 trillion in assets on January 31, 2022. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges. For more information, please visit td.com.
About Cenovus Energy
Cenovus Energy Inc. is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States. The company is focused on managing its assets in a safe, innovative and cost-efficient manner, integrating environmental, social and governance considerations into its business plans. Cenovus common shares and warrants are listed on the Toronto and New York stock exchanges, and the company’s preferred shares are listed on the Toronto Stock Exchange. For more information, please visit cenovus.com.
About Suncor Energy
Suncor Energy is Canada’s leading integrated energy company. Suncor’s operations include oil sands development. production and upgrading, offshore oil and gas production, petroleum refining in Canada and the U.S. and the company’s Petro‑Canada retail and wholesale distribution networks, including Canada’s Electric Highway, a coast-to-coast network of fast-charging EV stations. Suncor is developing petroleum resources while advancing the transition to a low-emissions future through investment in power, renewable fuels and hydrogen. Suncor also conducts energy trading activities focused principally on the marketing and trading of crude oil, natural gas, byproducts, refined products and power. Suncor has been recognized for its performance and transparent reporting on the Dow Jones Sustainability index, FTSE4Good and CDP.
Suncor’s common shares (symbol: SU) are listed on the Toronto and New York stock exchanges.
For more information, please visit suncor.com.
Mark Firmani
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JACKSONVILLE, Fla.--(BUSINESS WIRE)--$RDW--Redwire Corporation (NYSE: RDW), a leader in space infrastructure for the next generation space economy, is supplying solar array technology that will power the newest of PlanetiQ's weather and climate monitoring satellites, GNOMES-3, which is aboard the Transporter 4 launch scheduled to lift off on April 1, 2022 from Cape Canaveral Space Force Station in Florida. GNOMES-3, the third satellite in the GNSS Navigation and Occultation Measurement Satellite series, is designed to collect more than 2,500 radio occultation measurements of Earth's atmosphere each day. Redwire solar arrays also powered the previous satellite in the series, GNOMES-2, which launched in 2021.
GNOMES-3 is part of a 20-satellite constellation that commercial weather satellite operator PlanetiQ plans to have operating in low-Earth orbit by 2024. These satellites are intended to collect high-quality weather, climate and space weather data using radio waves from navigation satellites like those in the GPS, GLONASS and Galileo networks. Data from GNOMES-3 will improve weather forecasting and climate research and allow for closer monitoring of space weather events, such as solar flares and coronal mass ejections, that can seriously affect technology in space and on Earth.
Reliable, durable and effective solar power technology is a key part of operating satellites like GNOMES-3. "The solar arrays Redwire supplied for GNOMES-2 and GNOMES-3 and future radio occultation satellites will lead to improved weather forecasts and climate research," said Tom Campbell, Executive Vice President of Redwire Deployable Solutions. "We are excited to be collaborating with PlanetiQ by powering these important missions and improving life on Earth through innovative space technologies."
The successful launch of GNOMES-3 adds to the growing constellation of weather satellites PlanetiQ is working on. At the same time, work continues toward future GNOMES satellites. Redwire is looking forward to partnering with PlanetiQ on future missions.
The selection of Redwire's solar arrays for the GNOMES project highlights the company's expertise in power generation technologies. Redwire solar arrays, both traditional rigid arrays and flexible solutions like the Roll-Out Solar Array (ROSA), are powering a wide array of spacecraft ranging from weather satellites and the International Space Station to deep space probes.
About Redwire
Redwire Corporation (NYSE: RDW) is a leader in space infrastructure for the next generation space economy, with valuable IP for solar power generation and in-space 3D printing and manufacturing. With decades of flight heritage combined with the agile and innovative culture of a commercial space platform, Redwire is uniquely positioned to assist its customers in solving the complex challenges of future space missions. For more information, please visit www.redwirespace.com.
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NEW YORK--(BUSINESS WIRE)--Today, Capgemini announced a multi-year-long engagement with Wharton’s Venture Lab to identify and mitigate energy transition and sustainability challenges as part of the Snider Consulting Center. This initiative brings together undergraduate and graduate students at the University of Pennsylvania with experts from Capgemini’s Energy and Utilities unit. The groups will explore sustainability solutions across cloud technology, analytics, and intelligent operations and how to expand greenhouse gas reduction initiatives.
Capgemini’s work with Snider Consulting marks the first engagement with Wharton’s entrepreneurship center. As part of the collaboration, students will work with Capgemini solution architects to identify sustainability challenges across numerous global organizations and create a supporting solutions roadmap based on interviews with Penn alumni and Capgemini clients. The joint roadmap will outline approaches to improving data in sustainability reporting, operationalizing IT, and enhancing cybersecurity measures in shared energy grids through IoT, AI, and cloud technology.
“As the entrepreneurship and innovation hub for the University of Pennsylvania, we are excited to share our knowledge, skills, and entrepreneurial spirit with Capgemini,” said Trang Pham, Executive Director at Venture Lab. “Our engagement with Capgemini will allow our students to join the global race to create green business practices, and opens the door to new sustainability programs and partners. We look forward to this collaboration and moving towards a more sustainable future for all.”
Venture Lab is the entrepreneurship center at the Wharton School that serves all students and alumni across the University of Pennsylvania who are interested in entrepreneurship and innovation. It provides entrepreneurial tools, programs, and funding to turn innovative concepts into scalable, sustainable businesses and brings entrepreneurial development to existing companies. Snider Consulting offers students the opportunity to build their consulting skillset through engagements supported by professional advising teams.
“Capgemini is proud to work with Venture Lab as we look at shaping the next chapter of sustainability and energy transition initiatives. This engagement has great potential to provide insights on opportunities and priorities across the energy and utility sectors,” said Elfije Lemaitre, Head of Energy and Utilities at Capgemini Americas. “We are looking forward to implementing this knowledge exchange program with the staff and students at Wharton’s Venture Lab.”
About Capgemini
Capgemini is a global leader in partnering with companies to transform and manage their business by harnessing the power of technology. The Group is guided everyday by its purpose of unleashing human energy through technology for an inclusive and sustainable future. It is a responsible and diverse organization of over 325,000 team members in more than 50 countries. With its strong 55-year heritage and deep industry expertise, Capgemini is trusted by its clients to address the entire breadth of their business needs, from strategy and design to operations, fueled by the fast evolving and innovative world of cloud, data, AI, connectivity, software, digital engineering and platforms. The Group reported in 2021 global revenues of €18 billion.
Get The Future You Want | www.capgemini.com
Elizabeth Renehan
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SAN FRANCISCO & NEW YORK--(BUSINESS WIRE)--Sixth Street, a leading global investment firm with over $60 billion in assets under management, today announced the formation of a dedicated structured products business to further enhance its capabilities as a strategic capital partner and solutions provider at scale.
Sixth Street Structured Products builds upon the firm’s existing expertise and will focus on asset/platform investing and origination across finance markets, including commercial and residential mortgages, renewables and energy finance, consumer asset classes, infrastructure debt, transportation, and commercial equipment.
Michael Dryden, an experienced leader of one of the largest structured finance businesses in financial services, has joined Sixth Street as a Partner to lead the expansion.
“Our thematic investing approach, deep underwriting expertise, and growing insurance capital base will all help drive the expansion of our presence in structured finance markets,” said A. Michael Muscolino, Co-Founder and Partner at Sixth Street. “We have known and greatly respected Mike for a long time, and we are pleased to have someone of his caliber and experience on board to lead this effort.”
Mr. Dryden will be based in New York. Prior to joining Sixth Street, he was global head of securitized products finance at Credit Suisse AG.
“Having worked with the Sixth Street team for many years, I know firsthand their ability to build businesses focused on creating strategic solutions for clients,” said Mr. Dryden. “We look forward to utilizing the deep asset financing and structuring expertise that already exists across the firm to bring new offerings and capabilities to the companies and institutions with which Sixth Street partners.”
The new division complements Sixth Street’s existing strategies dedicated to asset investing, asset-backed lending, direct-to-company financing, and syndicated leveraged loan investing, which have been among the core drivers of the firm’s business since its founding in 2009.
Sixth Street Structured Products will also benefit from the knowledge, resources, and ALM capabilities of Sixth Street’s insurance solutions platform, including its portfolio company Talcott Resolution. Talcott is a strategic risk partner to the insurance industry and, together with its affiliates, manages $113 billion in liabilities and surplus as of December 31, 2021.
About Sixth Street
Founded in 2009, Sixth Street is a global investment firm with over $60 billion in assets under management. The firm uses its long-term flexible capital, data-enabled capabilities, and One Team culture to develop themes and offer solutions to companies across all stages of growth. Sixth Street has more than 350 team members including over 180 investment professionals operating around the world. For more information, visit www.sixthstreet.com or follow us on LinkedIn or Twitter @SixthStreetNews.
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Patrick Clifford
Sixth Street
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WASHINGTON & BRUSSELS--(BUSINESS WIRE)--EIG, a leading institutional investor to the global energy and infrastructure sectors, and Fluxys, a leading energy infrastructure company, today announced that they jointly will acquire an 80% equity stake in GNL Quintero S.A. (“Quintero”), the largest liquefied natural gas (LNG) regasification terminal in Chile, from Enagas Chile SpA and affiliates of OMERS Infrastructure. Terms of the transaction were not disclosed.
Quintero is a key energy infrastructure business supporting Chile’s decarbonization strategy with a bridging fuel that allows for the reconciliation of economic growth with the uptake of renewables and the phasing out of coal. Operational since 2009, Quintero is the largest terminal for receiving and unloading LNG in Chile, as well as for its storage and regasification capacities. The terminal benefits from its strategic location in Quintero Bay, supplying a diversified base of customers in central Chile across residential, commercial, industrial, transportation and power generation sectors. The terminal owns 75% of the country´s LNG regasification capacity and in 2021, 67% of the total natural gas imports (both LNG and pipeline imports) arrived in Chile through this strategic asset. With a daily regasification capacity of 15 million m3, an LNG storage capacity of 334,000 m3 and 2,500 m3 per day of truck loading capacity, the terminal is a reliable supplier of natural gas that contributes to Chile’s energy diversification and security.
Chile has world-class solar and wind resources and a RES capacity equivalent to 4% of total global energy demand. The country is aiming to become one of the world’s three largest green hydrogen producers with plans to install 200 GW of renewable power by 2040 to produce green hydrogen. Chile already has signed several agreements to promote the export of green hydrogen, among others with the Belgian ports of Antwerp/Zeebrugge, Germany, the Port of Rotterdam and South Korea.
The acquisition builds on EIG’s presence in the Chilean market, where the firm owns Cerro Dominador, a groundbreaking solar complex that combines a 100MW photovoltaic (PV) plant with a 110MW concentrated solar power (CSP) plant. The PV plant has been operational since 2017 and the CSP plant was successfully synchronized with Chile’s electricity grid in April 2021. EIG also is a partner in AME S.p.A, a Chile-based project developer and independent power producer. AME co-owns Generadora Metropolitana, the fifth largest electricity generation company in Chile, as well as HIF Global, a leader in the hydrogen and e-fuels sector, with a series of commercial-scale projects in development and expected to reach construction over the next several years.
For Fluxys, the partnership is a forward-looking investment creating a foothold in another country in Latin America where the energy transition stands high on the government agenda. With its abundant solar and wind resources, Chile aims to produce the world’s cheapest green hydrogen. The Belgian Hydrogen Import Coalition with Fluxys as partner has affirmed the competitiveness and feasibility of a green molecule supply chain from Chile to Europe and Belgium.
“We are thrilled by the opportunity to invest in Quintero, a company that aligns perfectly with our focus on strategic, high-quality infrastructure that is critical to the region it serves and yields attractive, contracted cash flows,” said R. Blair Thomas, EIG’s Chairman and CEO. “We are pleased to be partnering again with Fluxys, a world-class operational partner, to help Quintero support Chile’s energy needs and transition goals with reliable energy. Quintero’s strong presence in natural gas infrastructure serves as an attractive launching point to expand its presence in related and adjacent sectors, including storage, truck loading and regasification, as well as to develop production capacity for green hydrogen, where Quintero has significant potential to be a domestic leader in the nascent industry.”
“With 3 LNG terminals in Europe, our ambition to invest outside Europe and to become the transporter of new energy carriers, Quintero is a perfect fit with our strategy for growth in view of the low carbon future”, said Pascal De Buck, Fluxys’ Managing Director and CEO. “We want to deploy and expand our industrial expertise worldwide and are excited to partner with EIG as leading global energy infrastructure investor already intensively involved in energy transition projects in Chile. Our partnership in Quintero brings Fluxys closer to hydrogen developments in Chile and supports the import of hydrogen in Belgium. We are looking forward to collaborating and developing new opportunities with Quintero’s management and workforce.”
The transaction is expected to close in the second half of 2022, subject to customary closing conditions, including any required merger control and related regulatory approvals.
Citigroup Global Markets Inc. acted as financial advisor to EIG and Fluxys in connection with the transaction. White & Case LLP served as EIG’s legal advisor and Linklaters LLP served as Fluxys’ legal advisor.
About EIG
EIG is a leading institutional investor to the global energy and infrastructure sectors with $23.0 billion under management as of December 31, 2021. EIG specializes in private investments in energy and energy-related infrastructure on a global basis. During its 40-year history, EIG has committed $39.7 billion to the energy sector through 379 projects or companies in 38 countries on six continents. EIG’s clients include many of the leading pension plans, insurance companies, endowments, foundations and sovereign wealth funds in the U.S., Asia and Europe. EIG is headquartered in Washington, D.C. with offices in Houston, London, Sydney, Rio de Janeiro, Hong Kong and Seoul. For additional information, please visit www.eigpartners.com.
About Fluxys
Headquartered in Belgium, Fluxys is a fully independent energy infrastructure group with 1,300 employees active in gas transmission & storage and liquefied natural gas terminalling. Through its associated companies across the world, Fluxys operates 12,000 kilometers of pipeline and liquefied natural gas terminals totaling a yearly regasification capacity of 29 billion cubic meters. Among Fluxys’ subsidiaries is Euronext listed Fluxys Belgium, owner and operator of the infrastructure for gas transmission & storage and liquefied natural gas terminalling in Belgium.
As a purpose-led company, Fluxys, together with its stakeholders, contributes to a better society by shaping a bright energy future. Building on the unique assets of gas infrastructure and its commercial and technical expertise, Fluxys is committed to transport hydrogen, biomethane or any other carbon-neutral energy carrier as well as CO2, accommodating the capture, usage and storage of the latter. www.fluxys.com.
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Emerson Thermostats to Increase Sustainability and Reliability in Itron’s Bring Your Own Device and Direct Install DR and DER Programs
LIBERTY LAKE, Wash.--(BUSINESS WIRE)--#DER--Itron, Inc. (NASDAQ: ITRI), which is innovating the way utilities and cities manage energy and water, is collaborating with Emerson, a global technology and engineering leader, to offer reliable thermostats as part of Itron’s Bring Your Own Device (BYOD), direct install demand response (DR) and distributed energy resource (DER) programs. With thermostats controlling about 50% of a home’s energy usage*, offering Emerson’s Sensi™ smart thermostat and Sensi™ Touch smart thermostats as part of any utility’s energy management portfolio gives consumers more control and visibility into their energy usage and allows utilities to improve grid reliability and sustainability. They also provide a means for cost-effective, customer-focused incentive programs that manages air conditioning or heating load throughout a service territory.
Itron’s newly developed DER Optimizer solution, which is powered by its industry-leading demand response platform, IntelliSOURCE®, will be fully integrated to provide direct control and management of Emerson’s Sensi thermostats for BYOD and direct install programs. BYOD solutions give utilities the ability to easily include retail Wi-Fi thermostats and other third-party devices in new or existing DR, DER and energy efficiency programs. As part of a BYOD program, consumers who purchase an Emerson Sensi smart thermostat or Sensi Touch smart thermostat through retail outlets can seamlessly connect the device to their Wi-Fi. With the direct install model, utility companies have the option to install Emerson smart thermostats for participating customers, while the utility retains ownership of the thermostat in the consumer home.
Emerson’s smart thermostats, when used in conjunction with Itron’s DER Optimizer solution, give consumers control over their energy usage through the Sensi app or through the utility’s mobile app and provides utilities with a flexible resource to achieve their program goals.
“We are excited to have Emerson’s Sensi thermostats join our ecosystem of third-party devices for Itron’s BYOD and direct install DR programs. The programs not only give utilities the opportunity to better engage with their customers, but also allow utilities to maintain supply and demand, and ensure grid reliability,” said Don Reeves, senior vice president of Outcomes at Itron. “Sensi smart thermostats are a great addition to our DR programs, featuring easy installation and intuitive controls compatible with other home automation systems.”
“Our advanced technologies make it possible for consumers to create their ideal home environment and lower their energy footprint,” said Craig Rossman, president of comfort control at Emerson. “In collaboration with Itron, which is dedicated to creating a more resourceful world, we are able to enhance demand response programs with the latest smart thermostat technology to help improve grid reliability and sustainability.”
Itron’s Distributed Energy Management (DEM) group is a leading provider of utility technologies and services, with 25 active DR/DER programs controlling over 2 million behind-the-meter devices.
To learn more about Itron’s programs, visit https://www.itron.com/solutions/what-we-enable/dem.
About Itron
Itron enables utilities and cities to safely, securely and reliably deliver critical infrastructure solutions to communities in more than 100 countries. Our portfolio of smart networks, software, services, meters and sensors helps our customers better manage electricity, gas and water resources for the people they serve. By working with our customers to ensure their success, we help improve the quality of life, ensure the safety and promote the well-being of millions of people around the globe. Itron is dedicated to creating a more resourceful world. Join us: www.itron.com.
Itron® is a registered trademark of Itron, Inc. All third-party trademarks are property of their respective owners and any usage herein does not suggest or imply any relationship between Itron and the third party unless expressly stated.
* Source: “Use of energy explained: Energy use in homes” U.S. Energy information Administration 2015
Itron, Inc.
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ChargePoint will work with Gatik to establish electric vehicle charging infrastructure and integrated services for Gatik’s customers in the U.S. and Canadian markets
CAMPBELL,Calif. & MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--ChargePoint (NYSE: CHPT), a leading electric vehicle (EV) charging network, and Gatik today announced a strategic partnership to develop an electric ecosystem for autonomous vehicles designed to maximize sustainability, operational efficiency and economics for ChargePoint and Gatik’s customers across North America. Through the partnership, infrastructure and integrated services will play a significant role in helping to decarbonize the B2B short-haul logistics sector and will offer a simple and seamless solution to help Gatik and ChargePoint’s customers meet their corporate sustainability goals.
“Our partnership with Gatik will help more fleets to realize their e-mobility and decarbonization goals,” said Rich Mohr, Vice President, Fleet at ChargePoint. “ChargePoint has proven experience across multiple customer applications and use cases. Together, ChargePoint and Gatik will provide industry-leading infrastructure and technologies for forward-thinking fleets.”
“Gatik’s autonomous electric fleet is uniquely positioned to increase efficiency and reliability across the supply chain’s middle mile, and drive sustainability across critical operational metrics for our customers,” said Arjun Narang, Co-founder and CTO at Gatik. “Our partnership with ChargePoint will ensure that we’re not only meeting intensifying demand for our product offering and service, but offering our customers access to national charging infrastructure and a wealth of technical advantages to support them in meeting their corporate sustainability goals.”
Customers transporting goods in Gatik’s autonomous electric fleet will have access to ChargePoint’s expertise in site design, interoperability validation, and lower investment costs. Gatik will also have access to a nationwide charging network and fleet-specific software that provides telematics intelligence configurable to each customer’s operations, as well as modular charging hardware to minimize upfront costs by reducing required electrical capacity. This strategic electric ecosystem collaboration for the middle mile will play a key role in the electrified logistics sector.
Powered by ChargePoint’s scalable and reliable charging technology, Gatik launched its first autonomous electric box trucks with Walmart in 2021, a groundbreaking solution offering hyper-efficient goods movement, significant emissions reductions and impactful savings on fuel and powertrain maintenance costs. As the retail, E-commerce and logistics sectors look to decrease their carbon footprints, demand for Gatik’s product offering among national retail and E-Commerce giants has soared, leading to rapid expansion of ChargePoint’s infrastructure at Gatik’s vehicle depots and customer locations across existing and emerging markets.
With consumer expectations for real-time access to goods increasing faster than the most confident predictions, there has been an influx of freight-moving vehicles added to North America’s roads. This has made sustainability both a collective challenge and a collective responsibility for leaders in the logistics industry to contend with. Gatik’s partnership with ChargePoint ensures customers have access to Gatik’s class 3-6 autonomous electric fleet and ChargePoint’s charging infrastructure and integrated services to support a cleaner, more efficient and sustainable logistics sector.
About Gatik
Gatik, the leader in autonomous middle mile logistics, delivers goods safely and efficiently using its fleet of light and medium duty trucks. The company focuses on short-haul, B2B logistics for Fortune 500 retailers and in 2021 launched the world’s first fully driverless commercial delivery service with Walmart. Gatik’s Class 3-6 autonomous box trucks are commercially deployed in multiple markets including Texas, Arkansas, Louisiana and Ontario. Gatik has raised a total of $114.5 million and is backed by Koch Disruptive Technologies, Innovation Endeavors, Wittington Ventures and others, and partnered with industry leaders including Ryder, Goodyear and Isuzu. Founded in 2017 by veterans of the autonomous technology industry, the company has offices in Mountain View and Toronto. Gatik was recognized on the 2021 Forbes AI 50 list and as a World Economic Forum Technology Pioneer.
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 and a comprehensive portfolio of charging solutions. ChargePoint’s 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 105 million charging sessions have been delivered, with drivers plugging into the ChargePoint network every two seconds or less. For more information, visit the ChargePoint pressroom, the ChargePoint Investor Relations site, or contact ChargePoint’s North American European press offices or Investor Relations.
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Bird’s e-Scooter Expansions Come as Cities Experience Upticks in Tourism and Commuter Traffic
NEW YORK--(BUSINESS WIRE)--Bird Global, Inc. (NYSE:BRDS), a leader in environmentally friendly electric transportation, today announced the company received approval to double its shared e-scooter fleet size in New York City. Bird today also announced it will scale its e-mobility service in Washington, D.C. by more than 20%.
The expansion announcement comes as daily average ridership of Bird e-scooters in New York City increased by nearly 70% in March compared to February and as NYC DOT plans to move into Phase II of its e-scooter pilot. Phase II will double the program’s footprint in the Bronx to serve an increased number of residents and visitors.
“This administration is committed to reducing our dependency on automobiles and more equitably delivering services across the five boroughs,” said Commissioner Ydanis Rodriguez. “Our e-scooter pilot in the Bronx has been a remarkable success and we’re excited to bring it to even more residents in need of alternate forms of transportation.”
“Ridership in the Bronx has been incredible, demonstrating the very real and complementary benefits that micro-electric transportation can bring both to residents and established transit services in New York City,” said Renaud Fages, Chief Mobility Officer at Bird. “We commend the NYC DOT for expanding the availability of e-scooters into more neighborhoods, and we look forward to continuing our work with them to ensure the program has a positive impact on all New Yorkers.”
Bird also announced it secured approval to scale its e-scooter fleet in Washington, D.C., by more than 20% to provide residents and visitors with an eco-friendly personal transportation option. With the price of gas in D.C. recently reaching an all-time high, Bird has seen daily average ridership in Washington, D.C., increase nearly 48% in March compared to February.
As gas prices soar, commuters are increasingly returning to the office and taking related trips – many of which can be served by cleaner transportation alternatives. At the same time, easing COVID restrictions are allowing for more business and leisure trips. Spring travel is in full effect, with many opting to visit tourist destinations in New York City and the nation’s capital.
About Bird
Bird is an electric vehicle company dedicated to bringing affordable, environmentally friendly transportation solutions such as e-scooters and e-bikes to communities across the world. Founded in 2017 by transportation pioneer Travis VanderZanden, Bird is rapidly expanding. Today, it provides fleets of shared micro electric vehicles to riders in more than 400 cities globally and makes its products available for purchase at www.bird.co and via leading retailers and distribution partners. Bird partners closely with the cities in which it operates to provide a reliable and affordable transportation option for people who live and work there.
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Caitlin Churchill
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Second Exploration Success in 2022
QUITO, Ecuador--(BUSINESS WIRE)--GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator today announced its second hydrocarbon discovery in 2022 in the Perico block (GeoPark non-operated, 50% WI) in Ecuador.
On January 28, 2022, the operator spudded the Tui 1 exploration well, located approximately 7 kilometers south from the Jandaya oil field, discovered in January. The Tui 1 well was drilled and completed to a total depth of 10,975 feet. Production tests in the Basal Tena formation currently show a production rate of 1,240 barrels of oil per day of 27 degrees API with a 1% water cut, after five days of testing. The complete testing program is underway and additional production history will be required to determine stabilized flow rates of the well and the extent of the reservoir.
Current gross light oil production in the Perico block from the two discoveries is approximately 2,000 barrels of oil per day and is already being delivered to a nearby access point on Ecuador’s main pipeline system for sale to export markets.
GeoPark and its partner Frontera Energy Corporation are currently evaluating subsequent activities in the Perico block, including a potential development drilling plan for both the Jandaya and Tui fields.
Additional exploration activities are budgeted to continue in Ecuador during 2022 in the Espejo Block (GeoPark operated, 50% WI) with the ongoing acquisition of 60 sq km of 3D seismic, to be followed by the drilling of the first Espejo block exploration well, expected to spud in the second half of 2022.
The Espejo and Perico blocks are attractive, low-risk exploration blocks located in the Sucumbios Province in the Oriente basin in northeastern Ecuador. The blocks were acquired in the 2019 Intracampos bid round at no upfront cost in exchange for certain drilling commitments and 3D seismic acquisition. They are adjacent to multiple discoveries and prolific producing fields and have access to existing infrastructure with spare capacity and a well-developed service industry.
These activities are part of GeoPark’s self-funded 2022 capital expenditures program of $160-180 million that targets drilling 40-48 gross wells, including an extensive exploration drilling program targeting high-potential, short-cycle and near-field projects on big proven acreage adjacent to GeoPark’s core Llanos 34 block (GeoPark operated, 45% WI) in Colombia plus other exploration targets in Colombia and Ecuador1. On the CPO-5 block (GeoPark non-operated, 30% WI), the Indico 5 well has just been completed with testing expected in the next 5-10 days. Subsequently, the drilling rig is moving to spud the Urraca exploration prospect, the first exploration target of the CPO-5 block in 2022.
James F. Park, Chief Executive Officer of GeoPark, said: “Congratulations to GeoPark’s oil finding team for another exploration success in a region where we see substantial opportunity for expansion and growth. This new discovery in Ecuador – which is already on production and being marketed – represents the type of low risk, quick tie-in, high potential, and profitable exploration projects that we have been consistently adding to our in-house opportunity portfolio over the last years and which provide GeoPark with a reliable and attractive short and medium-term growth fairway. This is the second consecutive exploration success of our busy 2022 work program which targets 15-20 exploration wells, none of which are currently considered in our production or financial guidance for the year.”
NOTICE
Additional information about GeoPark can be found in the “Investor Support” section on the website at www.geo-park.com.
Rounding amounts and percentages: Certain amounts and percentages included in this press release have been rounded for ease of presentation. Percentage figures included in this press release have not in all cases been calculated based on such rounded figures but based on such amounts prior to rounding. For this reason, certain percentage amounts in this press release may vary from those obtained by performing the same calculations using the figures in the financial statements. In addition, certain other amounts that appear in this press release may not sum due to rounding.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION
This press release contains statements that constitute forward-looking statements. Many of the forward- looking statements contained in this press release can be identified using forward-looking words such as ‘‘anticipate,’’ ‘‘believe,’’ ‘‘could,’’ ‘‘expect,’’ ‘‘should,’’ ‘‘plan,’’ ‘‘intend,’’ ‘‘will,’’ ‘‘estimate’’ and ‘‘potential,’’ among others.
Forward-looking statements that appear in a number of places in this press release include, but are not limited to, statements regarding the intent, belief or current expectations regarding various matters, including the expected production rates, production growth, expected schedule or development plan, economic recovery, payback timing, IRR, drilling activities, demand for oil and gas, oil and gas prices, our capital expenditures plan and work program and investment guidelines. Forward-looking statements are based on management’s beliefs and assumptions, and on information currently available to the management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors. Oil and gas production figures included in this release are stated before the effect of royalties paid in kind, consumption, and losses, except when specified.
Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update them considering new information or future developments or to release publicly any revisions to these statements to reflect later events or circumstances, or to reflect the occurrence of unanticipated events. For a discussion of the risks facing the Company which could affect whether these forward-looking statements are realized, see filings with the U.S. Securities and Exchange Commission.
Readers are cautioned that the exploration resources disclosed in this press release are not necessarily indicative of long-term performance or of ultimate recovery. Unrisked prospective resources are not risked for change of development or chance of discovery. If a discovery is made, there is no certainty that it will be developed or, if it is developed, there is no certainty as to the timing of such development. There is no certainty that any portion of the prospective resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources. Prospective resource volumes are presented as unrisked.
________________
1 Please refer to the release published on November 10, 2021 for further details.
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BELOIT, Wis.--(BUSINESS WIRE)--Fairbanks Morse Defense (FMD), a portfolio company of Arcline Investment Management, has promoted Jamie McMullin to President of Services. With an extensive background in marine, naval, aerospace, and defense industries, McMullin will oversee the integration of new services offered by the defense contractor’s recently acquired companies throughout the company’s extensive service network, as well as the deployment of cutting-edge technology to enhance monitoring and maintenance capabilities that help extend asset lifecycles and reduce through-life costs.
In his previous role as Vice President of Business Development and Strategy, McMullin was pivotal in the strategic growth of FMD’s service solutions through acquiring seven companies over the past two years and opening new service and training centers. He also oversaw the successful launch of FM Onboard™. This proprietary mixed reality technology provides users with 24/7 live remote technical support and the ability to access 3D visualizations of ship assets through a mixed reality headset for monitoring and maintenance. FMD is the only naval defense turnkey solutions provider to offer this remote collaboration tool.
McMullin will now focus his attention on integrating the defense contractor’s new services and technology throughout a network that includes six strategically located service centers and approximately 150 field technicians – one of the largest field service crews in the nation. He will also work with FMD to continually expand the company’s offerings in areas such as obsolescence, emissions, and reducing through-life costs.
“Jamie is truly defining what it means for FMD to be a defense contractor of the first rank. He understands the finely tuned balance between service costs and speed of delivery and has already made a huge impact in our ability to provide turnkey service solutions,” said George Whittier, FMD CEO. “I am confident in Jamie’s ability to continue adding and integrating new service solutions that will serve our core customers as they maintain or expand current marine defense programs and launch new ones.”
Before joining FMD in 2021, McMullin served as the Senior Director of Naval Power Systems for Leonardo DRS, a defense contractor specializing in naval power and propulsion systems, transportation and logistics systems, and platform integration expertise. McMullin also spent nearly two decades with Rolls-Royce, ending his tenure as Vice President of naval campaigns and business development.
McMullin holds a master’s degree in Aeronautical Engineering from the University of Bristol in the U.K. and a Master of Business Administration from the Boston College - Carroll School of Management. McMullin serves as a mentor and judge for Boston-founded MassChallenge, a multinational non-profit organization whose mission is to support innovation and entrepreneurship through collaboration and development. The organization works to accelerate startups with high potential for widespread impact across business, industry, and economic growth.
About Fairbanks Morse Defense (FMD)
Fairbanks Morse Defense (FMD) builds, maintains, and services the most trusted naval power and propulsion systems on the planet. For more than 100 years, FMD has been a principal supplier of a growing array of leading marine technologies, OEM parts, and turnkey services to the U.S. Navy, U.S. Coast Guard, Military Sealift Command, and Canadian Coast Guard. FMD stands ready to rapidly support the systems that power military fleets without compromising safety or quality. In times of peace and war, the experienced engineers, sailors, and technicians of FMD demonstrate our commitment to supporting the mission and vision of critical global naval operations wherever and whenever needed. FMD is a portfolio company of Arcline Investment Management.
To learn more, visit www.FairbanksMorseDefense.com.
A photo of Jamie McMullin is accessible HERE.
Fairbanks Morse Media Contact:
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SAN JOSE, Calif.--(BUSINESS WIRE)--Impossible Mining announces the completion of key technology milestones as they endeavor to become the world’s first sustainable mining company.
Impossible Mining (YC W2022):
IM is shaping a multi-trillion dollar industry with critical technology that would allow the responsible harvesting of EV metals. Their approach to seabed mining is a timely and exacting move to unite industry and disparate nations as we plan for a future without fossil fuels.
“We are showing the world that a nimble innovator like Impossible Mining can make big changes in the mining industry. By partnering with global leaders like Boskalis, we are paving the way to widespread uptake of our technology that will disrupt the mining industry on both land and underwater - making it more sustainable, more economic, and more secure,” said Oliver Gunasekara, CEO & Co-Founder of Impossible Mining.
“At Boskalis, we know that innovation and disruption are critical to the growth of our company. We are excited to work with Impossible Mining as they develop a transformational approach to sustainable seabed mining,” said Sander Steenbrink, General Manager Corporate Innovation, Research & Development at Boskalis.
“Demonstrating that our robotics manipulator can deliver the throughput required for economic production, while also preserving the seafloor ecosystem, answers the major question our competitors raise about the viability of selective harvesting. We are well on the way to showing that no longer does mineral production have to come at the cost of sustainability,” said Renee Grogan, Chief Sustainability Officer & Co-Founder Impossible Mining.
Robotic arm test tank video
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Marco Larsen
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LEMONT, Ill.--(BUSINESS WIRE)--To maximize its contributions to the nation in attaining a range of urgent goals — from achieving a net-zero greenhouse gas emissions economy to increasing the resilience of infrastructure systems to impacts from climate change and other threats — the U.S. Department of Energy’s (DOE) Argonne National Laboratory has created two new applied science and technology research organizations.
The Nuclear Technologies and National Security (NTNS) directorate, led by Associate Laboratory Director Kirsten Laurin-Kovitz, Ph.D., supports energy system decarbonization through safe deployment of advanced nuclear energy systems with an emphasis on nonproliferation. NTNS is also focused on enhancing critical infrastructure resilience and adaptation to natural hazards and man-made disruptions and addressing chemical, biological, radiological, and nuclear threats.
Under Laurin-Kovitz’s leadership, NTNS will support development of next-generation nuclear reactors and fuel cycles; expand analyses of infrastructure risk, resilience, intelligence, and vulnerability; and provide robust emergency and disaster preparedness and response.
“Argonne’s long-standing, world leading expertise in nuclear energy, coupled with our unique, first-in-class capabilities in nonproliferation and infrastructure science, enable us to deliver innovative, objective science- and engineering-based solutions and inform decisions for a secure and resilient global society,” Laurin-Kovitz said.
The Advanced Energy Technologies (AET) directorate, led by Associate Laboratory Director Suresh Sunderrajan, Ph.D., focuses on decarbonizing the energy system by solving challenges related to renewable energy generation, storage, and distribution; applications such as transportation and buildings; and the development and manufacturing of advanced energy materials.
Sunderrajan will lead AET in working with DOE’s newly created Undersecretary for Infrastructure Office, and the Undersecretary for Science and Innovation Office. Efforts will include developing and deploying low-carbon energy carriers for hard-to-decarbonize areas in transportation and industry; enabling sustainable domestic manufacturing of energy materials; and advancing a decarbonized transportation system.
“Decarbonization of the energy system requires fresh thinking on science and systems as well as commercial technology that does not yet exist,” Sunderrajan said. “We will help enable a sustainable, secure, equitable and prosperous future by focusing on the most pressing energy, mobility, materials and manufacturing challenges.”
“For more than 75 years, the nation has relied on Argonne for broad and deep expertise, enduring scientific leadership, and holistic approaches to address complex challenges,” said Laboratory Director Paul Kearns. “This additional emphasis on applied science and technology will increase our impact, unlocking new frontiers in key areas from decarbonization to clean energy to national security.”
Christopher J. Kramer
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Argonne National Laboratory
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BURLINGTON, Ontario--(BUSINESS WIRE)--Anaergia Inc. (“Anaergia” or the “Company“) (TSX: ANRG), a company that offers integrated waste-to-value solutions to reduce greenhouse gases by cost-effectively turning organic waste into renewable natural gas, fertilizer, and water, today announced its financial results for the three-month and the twelve-month periods ended December 31, 2021. All financial results are reported in Canadian dollars unless otherwise stated. Management of Anaergia notes that these results are being released against the backdrop of dramatic changes that have taken place in energy markets in a few short weeks. In management’s view, energy security will become a dominant force for years to come, and this new reality will have dramatic consequences for Anaergia and other international renewable energy supply companies.
“Anaergia’s fourth quarter shows higher revenues compared to the same quarter in 2020. We did, however, post a lower gross profit due to cost overruns related to atypical issues with the winding down of a large legacy capital sales project in the Netherlands.
“Overall, I’m pleased to report that Anaergia saw a healthy 20% increase in revenues year over year. This was slightly less than we anticipated due to slower ramp-up of volumes at our Rialto Bioenergy Facility (“RBF”) and to global supply chain issues related to the COVID-19 pandemic, both of which are temporary. All indications are that volumes at RBF will accelerate during the year,” said Anaergia’s Chairman and CEO, Andrew Benedek. “I am also happy to note that our Revenue Backlog1 rose to $4.6 billion from $3.5 billion at the end of the third quarter. This was primarily due to the addition of the build-own-operate (“BOO”) project in Tønder, Denmark.
“Anaergia’s portfolio of 13 BOO facilities, operating or under construction across North America and Europe, as well as recent development agreements signed, underscore Anaergia’s global leadership position in large-scale RNG production from solid waste, wastewater, and agri-food sectors,” added Dr. Benedek.
Management of Anaergia believes that in Europe, the tight natural gas markets and the tail winds from the European Union’s resolve to achieve natural gas independence from Russia, present an historic opportunity for Anaergia. This is because European BOO projects are expected to be more profitable than originally anticipated and the number of new opportunities for capital sales and investment is expected to increase dramatically.
As we had previously indicated, assuming a natural gas price in Europe of US$26 /MMBTU, (as forecasted for 2022 by the International Energy Agency, before the current conflict in Ukraine), which is well below the average market price of the last six months, the estimated annualized EBITDA for our seven plants that are starting their ramp-ups during the second quarter of this year would increase from an initially forecasted total of approximately $58 million to approximately $97 million. In addition, the certificates associated with the environmental attributes of RNG are also expected to increase, however, this upside is not included in our forecasted EBITDA increase.
Business Highlights
North America
As noted, during 2021, Anaergia saw a slower-than-anticipated ramp up in volumes of organic waste shipped to the RBF in California because of conditions unique to this facility.
Furthermore, RBF is seeing a ramp up in its waste volumes with gradually increasing feedstock supply from the OREX™ line operated by Waste Management Inc. In addition, a second OREX™ line with Universal Waste Systems Inc. is to be installed this summer and a third OREX™ line is being manufactured for this market and is expected to be operating in late 2022, which will all add to feedstock supply for the RBF. Operating at full capacity, these three OREX™ lines would generate enough feedstock to exceed the capacity of RBF. RBF is continuing to store the RNG that it produces in the gas grid, and sales of this RNG are expected to commence during the fourth quarter of 2022, after final registration under the federal Renewable Identification Number (RIN) and state Low Carbon Fuel Standard (LCFS) programs.
Also in California, operations recently commenced at the SoCal Biomethane facility located at the City of Victorville’s wastewater treatment plant, where RNG is being produced and injected into the natural gas pipeline system.
Construction has commenced at the Rhode Island Bioenergy Facility, which was acquired subsequent to Anaergia’s initial public offering (the “IPO”). Construction activity is underway to convert this plant’s renewable energy output from combined heat and power to RNG, which will be injected into the pipeline of a major utility, under the terms of a 20-year offtake agreement. This construction activity is expected to be completed by mid-2023.
At the Charlotte Bioenergy Facility in North Carolina, also acquired post-IPO, construction is expected to start later this year to convert this plant’s renewable energy output to renewable natural gas (RNG) for pipeline injection, with a similar offtake arrangement in place to that of the Rhode Island Bioenergy Facility.
Together, the Rhode Island and Charlotte facilities, which are owned and operated by Anaergia, account for approximately $670 million of the Company’s revenue backlog.
In addition to the project development agreement for the Kent County Sustainability Park announced in March 2022, Anaergia recently entered into an exclusive development agreement with a 20-year lease to develop a food waste-to-RNG and biosolids-to-fertilizer facility, similar in size to RBF, at the Victor Valley Water Reclamation Authority. This is part of an expansion of the successful partnership and is expected to serve the growing need for organic waste diversion and sustainable biosolids management in Southern California.
Europe
In Italy, construction of six BOO facilities is continuing, with the first two of these facilities expected to be commissioned in the second quarter of this year. It is anticipated that all six of these facilities will have started operations by the end of 2022.
In Tønder, Denmark, construction continues on what is expected to be one of the largest anaerobic digestion-to-RNG plants in the world. The project is to start generating revenue from RNG sales in the fourth quarter of 2022, although construction activity at this site is to continue until the third quarter of 2023.
Fiscal 2021 Financial Results
Financial highlights:
Three months ended: |
31-Dec-21 |
31-Dec-20 |
% Change |
|||
(In millions of Canadian dollars) |
|
|
|
|||
|
|
|
|
|||
Revenue |
50.2 |
39.9 |
26% |
|||
Gross profit |
6.3 |
9.9 |
-36% |
|||
Gross profit % |
13% |
25% |
|
|||
Income (loss) from operations |
(2.6) |
(2.6) |
|
|||
Net loss |
(7.8) |
(1.6) |
|
|||
Adjusted EBITDA |
0.0 |
1.6 |
|
|||
Twelve months ended: |
31-Dec-21 |
31-Dec-20 |
% Change |
|||
(In millions of Canadian dollars) |
|
|
|
|||
|
|
|
|
|||
Revenue |
153.6 |
128.0 |
20% |
|||
Gross profit |
31.6 |
28.6 |
11% |
|||
Gross profit % |
21% |
22% |
|
|||
Loss from operations |
(8.1) |
(4.4) |
|
|||
Net loss |
(9.4) |
(16.8) |
|
|||
Adjusted EBITDA |
5.0 |
3.1 |
|
|||
Statement of |
|
|
||
Financial Position |
31-Dec-21 |
31-Dec-20 |
||
(In millions of Canadian dollars) |
|
|
||
|
|
|
||
Total Assets |
703.9 |
|
452.2 |
|
Total Liabilities |
367.3 |
|
326.4 |
|
Equity |
336.6 |
|
125.8 |
For a more detailed discussion of Anaergia’s results for the three-month and twelve-month periods ended December 31, 2021, please see the Company’s financial statements and management’s discussion & analysis, which are available at https://www.anaergia.com/investor-relations and on the Company’s SEDAR page at www.sedar.com.
Fiscal 2022 and Fiscal 2023 Guidance Update
Despite the significant incremental growth in project bookings, we are revising our Fiscal 2022 and Fiscal 2023 guidance disclosed in our supplemented base PREP prospectus, dated June 18, 2021, as result of the slower than expected ramp up at the RBF and project execution delays caused by short-term supply chain issues. We still expect a healthy year of growth in Fiscal 2022, with an over 50% increase in revenues relative to Fiscal 2021 and Adjusted EBITDA of over 10% of Fiscal 2022 revenues. For Fiscal 2023, management also expects lower than initially anticipated revenues but expects that Adjusted EBITDA will be within our previous guidance.
For more information, including management’s assumptions relating to the foregoing guidance, please refer to the Company’s management’s discussion and analysis of financial condition and results of operations for the three-month and twelve-month periods ended December 31, 2022, which is available on SEDAR at www.sedar.com.
Non-IFRS Measures
This press release makes reference to certain non-IFRS measures. These measures are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement IFRS measures by providing further understanding of our results of operations from management’s perspective. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our financial information reported under IFRS. We use non-IFRS measures to provide investors with supplemental measures. Management also uses non-IFRS measures internally in order to facilitate operating performance comparisons from period to period, prepare annual operating budgets and assess our ability to meet our future debt service, capital expenditure and working capital requirements. Management believes these non-IFRS measures and industry metrics are important supplemental measures of operating performance because they eliminate items that have less bearing on operating performance and highlight trends in the core business that may not otherwise be apparent when relying solely on IFRS financial measures. Management believes such measures allow for assessment of our operating performance and financial condition on a basis that is more consistent and comparable between reporting periods. We also believe that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of issuers.
Definitions of non-IFRS measures and industry metrics used in this press release are provided below. A reconciliation of the non-IFRS measures used in this press release to the most comparable IFRS measure can be found below under “Reconciliation of Non-IFRS Measures”.
“Adjusted EBITDA” is defined as net earnings before finance costs, taxes and depreciation and amortization adjusted for our normalized proportionate interest in our BOO assets and one-time or non-recurring items, stock-based compensation expense, asset impairment charges and write downs, gains and losses for equity-accounted investees, foreign exchange gains or losses, restructuring costs, ERP customization and configuration costs, litigation and other claims settlements, gains and losses resulting from changes in certain balance sheet valuations (such as derivatives and warrants), acquisition costs and costs related to our initial public offering, including estimated incremental auditing and professional services costs incurred in connection with our initial public offering. For further details, refer to “Reconciliation of Non-IFRS Measures” below.
“Revenue Backlog” is defined as the balance of unrecognized, undiscounted, consolidated revenues from signed contracts in our capital sales and services segments and from our BOO assets that are operational, under construction or financially closed over their remaining useful life. We have conservatively modelled for only 20 years of revenue out of the useful life of the BOO assets.
Conference Call and Webcast
A conference call to review the Company’s results for the fourth quarter of 2021 will take place at 11:00 a.m. (ET) on Monday March 28, 2022, hosted by Chief Executive Officer Andrew Benedek, Chief Operating Officer Yaniv Scherson and Chief Financial Officer Hani Kaissi. An accompanying slide presentation will be posted to the Investor Relations section of our website shortly before the call.
To participate in the call please sign up to receive your personal event-joining details at the following pre-registration link:
To listen to the webcast live:
The webcast will be archived and will be available in the Investor Relations section of our website following the call.
About Anaergia
Anaergia was created to eliminate a major source of greenhouse gases by cost effectively turning organic waste into 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.
For further information please see: www.anaergia.com
Forward-Looking Statements
This news release may contain forward-looking information within the meaning of applicable securities legislation, which reflects the Company’s current expectations regarding future events. 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.
Reconciliation of Non-IFRS Financial Measures
Three months ended: |
31-Dec-21 |
31-Dec-20 |
||||
(In thousands of Canadian dollars) |
|
|
||||
Net income (loss) |
(7,791 |
) |
(1,550 |
) |
||
Finance costs |
307 |
|
(312 |
) |
||
Depreciation and amortization |
982 |
|
1,650 |
|
||
Income tax expense |
3,769 |
|
546 |
|
||
EBITDA |
(2,733 |
) |
334 |
|
||
|
|
|
||||
Share-based compensation expense |
134 |
|
123 |
|
||
Net gain on Fibracast deconsolidation |
- |
|
- |
|
||
(Gain) loss on RBF embedded derivative |
(2,160 |
) |
(9,040 |
) |
||
Stock warrant valuation (gain) loss |
- |
|
6,643 |
|
||
Share of loss in equity accounted investees |
2,190 |
|
1,000 |
|
||
Provision for customer claim |
- |
|
- |
|
||
Other (gains) losses |
1,496 |
|
400 |
|
||
ERP customization and configuration costs |
1,675 |
|
- |
|
||
Costs related to the Offering |
(192 |
) |
- |
|
||
Project development write offs |
- |
|
2,418 |
|
||
Foreign exchange (gain) loss |
(432 |
) |
351 |
|
||
Adjusted EBITDA |
(22 |
) |
1,575 |
|
||
|
|
|
||||
Twelve months ended: |
31-Dec-21 |
31-Dec-20 |
||||
(In thousands of Canadian dollars) |
|
|
||||
Net income (loss) |
(9,382 |
) |
(16,821 |
) |
||
Finance costs |
(917 |
) |
2,158 |
|
||
Depreciation and amortization |
3,354 |
|
3,128 |
|
||
Income tax expense |
3,066 |
|
4,869 |
|
||
EBITDA |
(3,879 |
) |
(6,666 |
) |
||
|
|
|
||||
Share-based compensation expense |
539 |
|
660 |
|
||
Net gain on Fibracast deconsolidation |
(2,346 |
) |
(654 |
) |
||
(Gain) loss on RBF embedded derivative |
(5,673 |
) |
(12,152 |
) |
||
Gain on warrant forfeitures |
(615 |
) |
- |
|
||
Stock warrant valuation (gain) loss |
914 |
|
8,387 |
|
||
Share of loss in equity accounted investees |
4,819 |
|
3,941 |
|
||
Provision for customer claim |
3,473 |
|
- |
|
||
Other (gains) losses |
1,740 |
|
979 |
|
||
ERP customization and configuration costs |
3,171 |
|
1,300 |
|
||
Costs related to the Offering |
4,140 |
|
- |
|
||
Project Development write offs |
- |
|
2,418 |
|
||
Foreign exchange (gain) loss |
(1,248 |
) |
4,873 |
|
||
Adjusted EBITDA |
5,035 |
|
3,086 |
|
||
|
|
|
||||
Source: Anaergia, Inc.
________________________
1 See “Non-IFRS Measures and Industry Metrics” below.
2 “Adjusted EBITDA” is a non-IFRS measure.
For media relations please contact: Melissa Bailey, Director, Marketing & Corporate Communications, This email address is being protected from spambots. You need JavaScript enabled to view it.
For investor relations please contact: This email address is being protected from spambots. You need JavaScript enabled to view it.
City of Bristol selects Ameresco and subcontractor Vattenfall Heat UK, for large multi-pronged approach to build the city’s future smart energy system
FRAMINGHAM, Mass. & BRISTOL, England--(BUSINESS WIRE)--#bristolcityleap--Ameresco, Inc., (NYSE: AMRC), a leading cleantech integrator specializing in energy efficiency and renewable energy, today announced that its subsidiary, Ameresco Ltd., has been selected as a partner in the Bristol City Leap project, a 20-year concession to decarbonize the city. In partnership with numerous City of Bristol stakeholders, Ameresco, in collaboration with Vattenfall Heat UK, will work through a unique public private partnership structure to provide services including energy efficiency upgrades, wind and solar services, project financing, long-term operation and maintenance and more. The Bristol City Leap project is intended to operate over a 20-year term, targeting net zero goals through a series of energy and infrastructure investment opportunities, attracting approximately £1 billion of inward investment.
The project will span the 34 ward areas that make up the City of Bristol. Services will address all sectors of the built environment, including public sector facilities like hospitals, universities, and schools, as well as industrial, commercial and residential buildings throughout the Bristol community. The City Leap program is designed to enable Bristol to experience lower energy costs, cleaner air, improved energy infrastructure and a boost to the local economy through the city-wide decarbonization effort.
Councillor Craig Cheney, Deputy Mayor with responsibility for Finance, Governance and Performance said: “City Leap means large investment in Bristol’s energy systems and our ambitious carbon targets. We are creating a long-term partnership on a scale that will bring investment into the much-needed decarbonization of our energy system.”
“City Leap will have a real impact for Bristol residents including the way people move around the city and the ways that we power and heat our homes. It will help us to move much more quickly towards carbon neutrality, creating a cleaner, greener and healthier city that is truly fit for the future. With City Leap, Bristol will become a focal point for new low carbon technologies and smart energy systems whilst creating thousands of jobs and ensuring a just transition. I’m pleased to see a potential partner that shares our vision for a better, zero-carbon Bristol.”
Ameresco, in partnership with Vattenfall, will work with energy groups, city stakeholders and local Bristol businesses to install a full range of technologies aimed at optimizing city-wide electrical infrastructure. Over the first five years of the partnership, the project is expected to deliver c140,000 tonnes of carbon savings, and c182MW of zero-carbon energy generation. Additionally, the partnership is expected to deliver a wealth of social and economic benefits for the residents and businesses of Bristol, including c£61m of estimated social value, c£55m of contracts to be delivered by local suppliers including an increase in local jobs, apprenticeships and work placements. The development and implementation of ongoing low-carbon, energy resilient investments will help Bristol reach its carbon neutrality goals.
“Our team is thrilled to be a part of such an incredible initiative taken by the City of Bristol that will hopefully open the eyes of neighboring areas to the possibilities that exist within city-wide decarbonization projects,” said Britta MacIntosh, Senior Vice President of Ameresco. “The announcement of the Bristol City Leap project is the first time that a UK city has embarked on such a comprehensive, transformative plan to decarbonize an entire city’s energy system by 2030. We applaud their leadership, innovation and steadfast focus on this plan.”
Mike Reynolds, Managing Director of Vattenfall Heat UK said, “We are very excited to be able to build upon the strong foundations established by Bristol City Council in getting the first district heating networks installed in Bristol. We have big plans to roll out the heat network quickly and at scale to serve the people of Bristol with reliable, affordable low carbon heat. Our partnership with Ameresco means we are able to apply the right technology in the right area of the city—bringing district heating to where it is best suited, as well as individual heat pumps where they are more cost-effective.”
The final award is subject to approval by the City of Bristol Mayor and Cabinet, which is expected on April 5, 2022. To learn more about the energy efficiency solutions offered by Ameresco, visit www.ameresco.com/energy-efficiency/.
About Ameresco, Inc.
Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading cleantech integrator and renewable energy asset developer, owner and operator. Our comprehensive portfolio includes energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions delivered to clients throughout North America and the United Kingdom. Ameresco’s sustainability services in support of clients’ pursuit of Net Zero include upgrades to a facility’s energy infrastructure and the development, construction, and operation of distributed energy resources. Ameresco has successfully completed energy saving, environmentally responsible projects with Federal, state and local governments, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco has more than 1,000 employees providing local expertise in the United States, Canada, and the United Kingdom. For more information, visit www.ameresco.com.
About Vattenfall Heat UK
Vattenfall Heat UK delivers on low-carbon heating, cooling and power solutions through a commitment to enable fossil free living within one generation. We're an energy partner at the forefront of affordable and reliable low-carbon heating in the UK. The growth of our district heating business is accelerating in line with our purpose of powering climate smarter living. Vattenfall Heat UK is part of the wider Vattenfall Group, one of Europe’s largest producers and retailers of electricity and heat with approximately 20,000 employees.
heat.vattenfall.co.uk
www.vattenfall.com/uk
About Bristol City Leap
City Leap is a long-term (20 year) partnership between the Council and a private sector organization to accelerate green energy investment in Bristol and help the council achieve its net zero carbon ambitions. City Leap’s projects and investments will have an impact on many aspects of life for Bristol residents including the way people move around the city (e.g. EV charging points) and the way we power and heat our homes (e.g. mass roll out of solar panels, expanding the city’s heat network and decarbonizing our social housing stock). Our partner will bring investment into the city to deploy solutions which are (or become) commercially viable and deliver significant social value for Bristol’s communities. For initiatives which require government funding, City Leap will demonstrate the ability to move at pace, making Bristol a natural partner to government and an example for other cities and regions to follow.
For the citizens of Bristol, City Leap has the potential to deliver a better quality of life by improving the warmth and comfort of homes, improving air quality and creating thousands of jobs in energy and related supply chains. For investors and partners, City Leap will offer a competitive return on investments, the chance to create and test new energy propositions and business models which are replicable at a national and international scale. Like all cities Bristol’s energy system is set to undergo a transformation. City Leap has the potential to facilitate this change by use of real time data, investment in energy storage and distributed energy generation to create a genuinely smart energy system for Bristol. The council has delivered over £92m worth of low-carbon projects in the last five years and City Leap takes this learning to date, leveraging our expertise to create a much larger and more ambitious program.
Forward Looking Statements
Any statements in this press release about future expectations, plans and prospects for Ameresco, Inc., including statements about the future award of and metrics for the Bristol City Leap project and other statements containing the words “projects,” “believes,” “anticipates,” “plans,” “expects,” “will” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward looking statements as a result of various important factors, including whether the Bristol City Leap project is finally awarded to Ameresco and whether Ameresco can reach agreement governing the project on favorable terms (or at all) and other factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the U.S. Securities and Exchange Commission (SEC) on March 1, 2022. The forward-looking statements included herein represent our views as of the date hereof. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date hereof.
The award was received after December 31, 2021, but this award is not expected to have a material impact to Ameresco’s financial results for the fiscal year ending December 31, 2022. Ameresco is evaluating the expected effect of the agreement on its future financial results and will provide an update on impact of this program as it is contracted over the coming years.
Media:
Ameresco: Leila Dillon, +1 508-661-2264, This email address is being protected from spambots. You need JavaScript enabled to view it.
Vattenfall: Emily Faull, +447816060507, This email address is being protected from spambots. You need JavaScript enabled to view it.
City of Bristol: James Sterling, +447772441759, This email address is being protected from spambots. You need JavaScript enabled to view it.
HAMILTON, Bermuda--(BUSINESS WIRE)--OIL held its March 2022 Board Meeting on Tuesday, March 22nd and its 2022 AGM by virtual means on Thursday, March 24th.
During the Board meeting, the directors approved the Company’s 2021 financial statements, discussed the execution progress of the 5 year Strategic Plan and approved the payment of a $350 million dividend on or before June 30th, 2022 for shareholders of record on March 22nd, 2022.
During the AGM, the Shareholders approved a broadened Definition for Energy Operations that adds biochemicals, biofuels, renewable fuels, hydrogen and carbon capture and/or sequestration to OIL’s existing Energy Operations definition. They also elected a new Board of Directors who will serve for a year ending at the March 2023 AGM.
After the AGM, the newly elected Board met and elected John Weisner as Chair of the Board and Robert Wondolleck as Deputy Chair.
Over the past 12 months, OIL welcomed five new shareholders to the mutual – North West Redwater Partnership, Formosa Plastics, Edison International, Los Angeles Department of Water & Power and CEZ.
For 2021, OIL recorded a $266.0 million underwriting profit. After factoring in net investment gains and administrative expenses, OIL’s net profit for the year was $667.5 million. For additional information about OIL’s 2021 financial results, please visit www.oil.bm to view our audited financial statements.
Bertil Olsson, President and CEO, explained, “The Board decided to authorize the $350 million dividend after carefully reviewing the company’s multi-year Capital Management Plan and while considering future capital needs that may come out of its Strategic Plan which was finalized in December 2021.”
George Hutchings, Senior Vice President and COO commented, “the strong performance in 2021 and the robust capital position of the company has enabled us to once again return a significant amount of capital to our shareholders and demonstrate the superior value of the OIL model.”
For more information about OIL’s property coverages and related value go to www.oil.bm.
Oil Insurance Limited (OIL) insures over $3.6 trillion of global energy assets for more than sixty members with per occurrence property limits up to $450 million totaling more than $22 billion in total A rated property capacity. Members are medium to large sized public and private energy companies with at least $1 billion in physical property assets and an investment grade rating or equivalent. Products/coverage offered include Property (Physical Damage), Windstorm (excluding Offshore GOM), Non Gradual Pollution, Control of Well, Removal of Wreck, Terrorism, Cyber, Construction and Cargo. The industry sectors that OIL protects include Offshore and Onshore Exploration & Production, Refining and Marketing, Petrochemicals, Mining, Pipelines, Electric Utilities, Solar, Offshore and Onshore Wind, Offshore and Onshore Carbon Capture, Hydrogen, Biochemicals/BioFuels/Renewable Fuels, Electrical Storage and other related energy business sectors.
Further inquiries regarding this press release should be directed to George Hutchings, SVP & COO at This email address is being protected from spambots. You need JavaScript enabled to view it. or +1 (441) 295-0905.
George Hutchings, SVP & COO
This email address is being protected from spambots. You need JavaScript enabled to view it.
+1 (441) 295-0905
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