CAMPBELL, Calif.--(BUSINESS WIRE)--ChargePoint Holdings, Inc. (NYSE: CHPT), a leading electric vehicle (EV) charging network, participated in the Bloomberg New Energy Finance (BNEF) Summit in San Francisco on Monday, January 31, 2022.
ChargePoint Chief Marketing Officer Colleen Jansen spoke during the expert panel titled “Delivering Charging Infrastructure for All.'' Moderated by BloombergNEF’s Electrified Transport specialist Ryan Fisher, the panel discussed critical success factors in the expansion of electrification. Jansen was joined by other leading experts from General Motors and Energy Impact Partners.
During the panel, she shared ChargePoint’s leadership in all facets of charging fleets and passenger vehicles whether at home, at work and around town, as well as its technology investments in creating a driver experience that is smart, intuitive and integrated. “Software is the magic that makes it all work,” said Jansen, speaking on electrification during the hybrid event to more than 1,000 registered attendees.
Such discussions around infrastructure are prompted by recent EV momentum. In research conducted by BNEF, passenger EV sales in Europe & North America grew 48 percent year over year from between Q3 2020 and Q3 2021. BNEF has also predicted that passenger EV sales will hit 14 million in 2025, an increase from 3.1 million in 2020.
Since 2008, the BNEF Summit has convened leading minds across the transportation category to share insights, focusing this year’s summit on capitalizing on technological change and shaping a cleaner future. This is the second consecutive year ChargePoint has been invited to speak at this industry setting event.
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 available today. 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 approximately every two seconds. For more information, visit the ChargePoint pressroom, the ChargePoint Investor Relations site, or contact This email address is being protected from spambots. You need JavaScript enabled to view it. or This email address is being protected from spambots. You need JavaScript enabled to view it. or This email address is being protected from spambots. You need JavaScript enabled to view it..
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HOUSTON--(BUSINESS WIRE)--Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood”) announced today, following the completion of its acquisition of Oasis Midstream Partners LP (“Oasis Midstream”), changes to the Board of Directors of its general partner.
In connection with the recently closed merger with Oasis Midstream, Oasis Petroleum Inc. (Nasdaq: OAS) (“Oasis Petroleum”) received the contractual right to appoint two members to the Crestwood Board of Directors, subject to ongoing ownership thresholds. As a result, Crestwood is pleased to welcome Mr. John Jacobi and Mr. John Lancaster, Jr. to the Crestwood board, effective February 1, 2022.
Mr. Jacobi will serve on the Sustainability Committee of the Crestwood board. He currently serves on the board of Oasis Petroleum, where he is the Chair of Compensation Committee and a member of the Audit & Reserves Committee. Mr. Jacobi brings significant experience in the energy industry, particularly through his knowledge and expertise in exploration and production sector, and currently serves as the President and CEO of Javelin Energy Partners, a subsidiary of Crescent Energy. In 2013, Mr. Jacobi co-founded Covey Park Energy, Inc. and served as its co-CEO and board member until the company was sold to Comstock Resources in 2019. Mr. Jacobi started his career with Woolf & McGee Inc. and later founded Jacobi-Johnson Energy, Inc. which was then sold to EXCO Resources. Mr. Jacobi has previously served on the board of directors of Comstock Resources and Pioneer Energy Services Corp, and he holds a Bachelor of Science in Biology from West Texas A&M University.
Mr. Lancaster will serve on the Compensation and Finance Committees of the Crestwood board. He currently serves on the board of Oasis Petroleum as a member of the Compensation Committee and the Nominating, Environmental, Social & Governance Committee. Mr. Lancaster contributes significant financial knowledge and investment experience to the Crestwood board. He is currently a Managing Partner of Oyster Creek, LLC, an investment and advisory firm established in 2020, and serves on the Board of Directors for Aquadrill LLC, a provider of deepwater offshore drilling services globally. Mr. Lancaster was previously with Riverstone Holdings, LLC, where he spent 20 years investing in and developing companies across the energy industry, including the midstream sector in North America and Europe. He has previously served as a director of Magellan Midstream Partners, L.P., Cobalt International Energy, Inc., Liberty Oilfield Services, Petroplus Holdings AG, as well as numerous private companies. Mr. Lancaster holds a Bachelor of Business Administration from the University of Texas and a Master of Business Administration from Harvard Business School.
“As we close the Oasis Midstream merger, I am pleased to welcome John Jacobi and John Lancaster to the Crestwood board. They are veterans of the energy industry and we will benefit from their extensive experience in the upstream and financial sectors. The addition of these independent directors will further strengthen Crestwood’s leading MLP corporate governance model and our important working relationship with Oasis Petroleum. The new Crestwood board, comprised of a combination of legacy Crestwood directors, recently recruited independent directors and Oasis Petroleum appointees will be well suited to drive Crestwood’s long-term strategy through a disciplined, returns focused business model of generating positive free cash flow while maintaining financial strength and flexibility, as we focus on building unitholder value,” stated Robert G. Phillips, Chairman, Founder and Chief Executive Officer of Crestwood’s general partner.
Additionally, effective January 31, 2022, Mr. Alvin Bledsoe has resigned from the Board of Directors and as Chair of the Audit Committee. Mr. Bledsoe’s resignation was as result of a post-merger potential independence issue related to Oasis Petroleum’s current audit firm and was not due to any disagreement or concern regarding Crestwood, its auditors, or its management team. Ms. Angela Minas, currently a member of the Audit Committee, will take over the role of Chair.
Mr. Phillips added, “On behalf of the Crestwood organization, I want to thank Al Bledsoe for his many years of dedicated service to the Crestwood board. As an original director of Quicksilver Gas Services, a Crestwood predecessor company acquired in 2010, Al has provided wise counsel and seasoned perspective to our management team as we shaped the partnership over the last decade through multiple acquisitions and divestitures. With his help, our board has provided solid strategic guidance to position the company where it is today as a midstream leader in sustainability, transparency and operational excellence.”
Following these changes, the Crestwood Board of Directors will consist of ten members of which 90% are independent, 30% are female representatives, and 50% have three or less years of tenure. In 2021, Crestwood transitioned to a publicly elected board and will hold its first board elections and annual unitholders meeting in May 2022.
About Crestwood Equity Partners LP
Houston, Texas, based Crestwood Equity Partners LP (NYSE: CEQP) is a master limited partnership that owns and operates midstream businesses in multiple shale resource plays across the United States. Crestwood is engaged in the gathering, processing, treating, compression, storage and transportation of natural gas; storage, transportation, terminalling and marketing of NGLs; gathering, storage, terminalling and marketing of crude oil; and gathering and disposal of produced water. Visit Crestwood Equity Partners LP at www.crestwoodlp.com; and to learn more about Crestwood’s sustainability efforts, please visit https://esg.crestwoodlp.com.
Forward Looking Statements
This press release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal securities law. Such forward-looking statements include, among others, statements regarding the expected benefits of the transaction with Oasis Midstream and the timing thereof, and 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. These risks and assumptions are described in Crestwood’s annual reports on Form 10-K and other reports that are available from the United States Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management’s view only as of the date made. We undertake no obligation to update any forward-looking statement, except as otherwise required by law.
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PARIS & ARNHEM, Netherlands & NEW YORK--(BUSINESS WIRE)--Allego Holding B.V. ("Allego" or the "Company"), a leading pan-European electric vehicle ("EV”) charging network, which announced its proposed business combination with Spartan Acquisition Corp. III (NYSE: SPAQ), today announced it had hired Manish A. Somaiya as Group Head of Investor Relations and Capital Markets, effective January 10, 2022.
"I am pleased to welcome Manish to the Allego team," said Mathieu Bonnet, CEO of Allego. "He brings a significant amount of expertise and leadership given his excellent track record of building trusted relationships with investors, analysts, and the financial community throughout his career. We believe Manish will help us build world-class investor relations and capital markets function, as we capitalize on our strong leadership position as a leading EV charging network in Europe and execute on our go-to-market strategy to drive long-term shareholder value."
"I am excited to join Allego, with its technological edge as a leader in the European fast and ultra-fast EV charging market with an established operating history and significant industry tailwinds," said Somaiya. “I am looking forward to creating a top-tier platform for a transparent and proactive communications strategy with all stakeholders by partnering with relevant professionals across the organization.”
Ton Louwers, CFO of Allego, to whom Somaiya will report, stated, "I am thrilled to have Manish on board at a pivotal time for the company and look forward to working collaboratively to optimize growth opportunities with the combined finance and business development teams and maintain access to providers of capital.”
As a Managing Director at Citigroup Global Markets, Bank of America Securities, and a senior executive at J.P. Morgan Securities, Somaiya brings more than 20 years of experience in investment research and capital markets. At Citi, Somaiya was a senior liaison for institutional clients and led cross-asset research partnerships while maintaining award-winning sector coverage. He recently worked with growth companies on capital raising and corporate development.
Somaiya holds an MBA from TRIUM global executive program, an 18-month joint-degree with N.Y.U. Stern School, the London School of Economics and Political Science, and H.E.C. Paris School of Management. He received his undergraduate degree in finance and international business from N.Y.U Stern School.
About Allego
Allego delivers charging solutions for electric cars, motors, buses and trucks, for consumers, businesses and cities. Allego’s end-to-end charging solutions make it easier for businesses and cities to deliver the infrastructure drivers need, while the scalability of our solutions makes us the partner of the future. Founded in 2013, Allego is a leader in charging solutions, with an international charging network comprised of more than 26,000 charge points operational throughout Europe – and growing rapidly. Our charging solutions are connected to our proprietary platform, EV-Cloud, which gives us and our customers a full portfolio of features and services to meet and exceed market demands. We are committed to providing independent, reliable and safe charging solutions, agnostic of vehicle model or network affiliation. At Allego, we strive every day to make EV charging easier, more convenient and more enjoyable for all.
About Spartan Acquisition Corp. III
Spartan Acquisition Corp. III is a special purpose acquisition entity focused on the energy value-chain and was formed for the purpose of entering into a merger, amalgamation, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Spartan is sponsored by Spartan Acquisition Sponsor III LLC, which is owned by a private investment fund managed by an affiliate of Apollo Global Management, Inc. (NYSE: APO). For more information, please visit www.spartanspaciii.com.
Forward-Looking Statements.
This communication includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Spartan Acquisition Corp. III’s (“Spartan”) and Allego Holding B.V.’s, a Dutch private limited liability company (“Allego”), actual results may differ from their expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, Spartan’s and Allego’s expectations with respect to future performance and anticipated financial impacts of the proposed business combination, the satisfaction or waiver of the closing conditions to the proposed business combination, and the timing of the completion of the proposed business combination.
These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially, and potentially adversely, from those expressed or implied in the forward-looking statements. Most of these factors are outside Spartan’s and Allego’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (i) the occurrence of any event, change, or other circumstances that could give rise to the termination of the Business Combination Agreement and Plan of Reorganization (the “BCA”); (ii) the outcome of any legal proceedings that may be instituted against Athena Pubco B.V., a Dutch limited liability company (the “Athena Pubco”) and/or Allego following the announcement of the BCA and the transactions contemplated therein; (iii) the inability to complete the proposed business combination, including due to failure to obtain approval of the stockholders of Spartan, certain regulatory approvals, or the satisfaction of other conditions to closing in the BCA; (iv) the occurrence of any event, change, or other circumstance that could give rise to the termination of the BCA or could otherwise cause the transaction to fail to close; (v) the impact of the COVID-19 pandemic on Allego’s business and/or the ability of the parties to complete the proposed business combination; (vi) the inability to obtain or maintain the listing of Athena Pubco’s common shares on the New York Stock Exchange following the proposed business combination; (vii) the risk that the proposed business combination disrupts current plans and operations as a result of the announcement and consummation of the proposed business combination; (viii) the ability to recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things, competition, the ability of Allego to grow and manage growth profitably, and to retain its key employees; (ix) costs related to the proposed business combination; (x) changes in applicable laws or regulations; and (xi) the possibility that Allego, Spartan or Athena Pubco may be adversely affected by other economic, business, and/or competitive factors. The foregoing list of factors is not exclusive. Additional information concerning certain of these and other risk factors is contained in Spartan’s most recent filings with the SEC and in the registration statement on Form F-4 (the “Form F-4”), including the proxy statement/prospectus forming a part thereof filed by Athena Pubco in connection with the proposed business combination on September 30, 2021 and the amendments filed in connection therewith. All subsequent written and oral forward-looking statements concerning Spartan, Allego or Athena Pubco, the transactions described herein or other matters and attributable to Spartan, Allego, Athena Pubco or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Each of Spartan, Allego and Athena Pubco expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in their expectations with respect thereto or any change in events, conditions, or circumstances on which any statement is based, except as required by law.
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DUBLIN--(BUSINESS WIRE)--The "Marine Composites Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global marine composites market reached a value of US$ 4.6 Billion in 2021. Looking forward, the publisher expects the market to reach US$ 5.8 Billion by 2027, exhibiting a CAGR of 4.1% during 2022-2027.
Companies Mentioned
Keeping in mind the uncertainties of COVID-19, they are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor
Marine composites refer to a mixture of fibers and resin materials that are used to shape and reinforce marine components. Ferrocement, glass-reinforced plastic, wood fibers, carbon composites and aramid fiber are some of the most commonly used marine components. They are usually manufactured using polyester, vinyl ester, epoxy, thermoplastic, acrylic and phenolic resins. They are also used for manufacturing gratings, ducts, shafts, piping and hull shells. These composite-based parts are used for assembling powerboats, sailboats and cruise ships as they offer advantageous properties, such as high mechanical strength, fuel efficiency, reduction in the overall weight, corrosion resistance, and customizability
One of the key factors creating a positive outlook for the market is the significant growth in the maritime industry across the globe. Furthermore, the growing demand for high speed, power and luxury boats and yachts is also providing a boost to the market growth. Marine composites are extensively used for manufacturing recreational boats that have a high strength-to-weight ratio, fuel-efficiency, improved noise damping features and lower magnetic signature. In line with this, increasing marine transportation activities and cargo movement across borders is contributing to the market growth.
Composites, such as fiber-reinforced composites, are being increasingly used as they can withstand extreme pressures from winds, waves and tides and maintain their physical properties when submerged in saltwater. Additionally, various product innovations, such as the development of marine composites using renewable materials and vacuum infusion, are acting as another growth-inducing factor. These composites provide additional stiffness, vibration damping, water repellency and impact and abrasion resistance.
Key Questions Answered in This Report:
Key Topics Covered:
1 Preface
2 Scope and Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Marine Composites Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Composite Type
7 Market Breakup by Fiber Type
8 Market Breakup by Resin Type
9 Market Breakup by Vessel Type
10 Market Breakup by Region
11 SWOT Analysis
12 Value Chain Analysis
13 Porters Five Forces Analysis
14 Price Indicators
15 Competitive Landscape
15.1 Market Structure
15.2 Key Players
15.3 Profiles of Key Players
For more information about this report visit https://www.researchandmarkets.com/r/jwybe1
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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LONG BEACH, Calif.--(BUSINESS WIRE)--At the request of the Biden-Harris Administration Supply Chain Disruptions Task Force, the West Coast MTO Agreement (WCMTOA) announced that it will again adjust the OffPeak program in response to the Task Force’s national supply chain analysis. The Task Force considers the PierPass OffPeak program as one link in the complex national supply chain that can assist with the objective of getting the entire supply chain to operate 24/7.
On Nov. 10, in response to an earlier request from the Task Force, WCMTOA announced that the Traffic Mitigation Fee (TMF) would be temporarily adjusted to $78.23 per TEU (twenty-foot equivalent unit) between Dec. 1 and Jan. 31, and would be charged only on weekdays during the daytime shift. Under this temporary adjustment, filed in November with the Federal Maritime Commission (FMC), the TMF was scheduled to revert to its previous levels after the holidays on Feb. 1. That change took place today, with the rate returning to $34.21 per TEU or $68.42 for all other sizes of container and payable throughout all hours of terminal operation. Under this version of the program, traffic is mitigated to the off-peak shifts using appointments.
On Jan. 21, the Biden-Harris Administration Supply Chain Disruptions Task Force’s Port Envoy requested that WCMTOA continue efforts to incentivize more truck trips to the off-peak shifts by continuing to waive its TMF during the second and third shift operations. Regulatory review requires a period of time for the FMC to review the request. Therefore, subject to regulatory clearance by the FMC, the rate will once again change on Feb. 14 to $78.23 per TEU (twenty-foot equivalent unit) and will be charged only on weekdays during the daytime shift.
Under the original PierPass OffPeak Program established in 2005 to mitigate severe traffic congestion around the ports, incentive pricing (charging a TMF for weekday, daytime container moves) was used to enable and drive traffic to new night shifts. After extensive consultations with supply chain participants, OffPeak 2.0 was introduced in 2018 to address supply chain requests that the program mitigate traffic with appointment systems instead of incentive pricing. The change also sought to eliminate the problematic truck bunching that occurred between shifts with the previous program.
Containers exempt from the TMF include empty containers, domestic and transshipment cargo, and import cargo or export cargo that transits the Alameda Corridor in a container and is subject to a fee imposed by the Alameda Corridor Transportation Authority. Empty chassis and bobtail trucks are also exempt.
PierPass is a not-for-profit company created by marine terminal operators at the Port of Los Angeles and Port of Long Beach to address multi-terminal issues such as congestion, air quality and security. The West Coast Marine Terminal Operator Agreement (WCMTOA) is filed with the Federal Maritime Commission and comprises the 12 international MTOs serving the Los Angeles and Long Beach ports.
For more information, please see www.pierpass.org.
PierPass Customer Service Number: 877-863-3310
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WILLISTON, Vt.--(BUSINESS WIRE)--$SIRC #benzinga--iSun, Inc. (NASDAQ: ISUN) (the “Company”, or “iSun”), a leading solar energy and clean mobility infrastructure company with 50-years of construction experience in solar, electrical and data services, today released certain preliminary operating results for the fourth quarter and year ending December 31, 2021.
Highlights:
Based on preliminary unaudited results for the fourth quarter of 2021, iSun estimates fourth quarter revenues at approximately $24.5 million to $27.0 million, gross margins at approximately 19% to 21% and net loss will be approximately $1.8 million. iSun estimates year end revenues at approximately $42.8 million to $45.3 million, gross margins at approximately 13% to 15% and net loss will be approximately $6.9 million. The largest contributors impacting the net loss for the fourth quarter are one-time expenses attributable to expenses related to the acquisition of Solar Communities, Inc.
“The fourth quarter was iSun’s first opportunity to deploy the platform built by our team throughout 2021,” commented Jeffrey Peck, iSun’s Chief Executive Officer. “The anticipated revenue results have exceeded our expectations on a quarterly and annual basis. With these anticipated results, we were able to deliver the biggest quarter in company history and exceed our previously released 2021 revenue guidance. We are excited to continue our growth trajectory and remain confident in our previously announced revenue guidance of $165 million for 2022. We continue to be a trusted partner for solar solutions for new and existing customers, as evidenced by our recent $29.3 million contract for electric vehicle infrastructure support. We appreciate the ongoing support of our shareholders and remain focused on building long-term value for investors.”
About iSun Inc.
Since 1972, iSun has accelerated the adoption of proven, life-improving innovations in electrification technology. iSun has been the trusted electrical contractor to Fortune 500 companies for decades and has installed clean rooms, fiber optic cables, flight simulators, and over 400 megawatts of solar systems. The Company has provided solar EPC services across residential, commercial & industrial, and utility scale projects and provides solar electric vehicle charging solutions for both grid-tied and battery backed solar EV charging systems. iSun believes that the transition to clean, renewable solar energy is the most important investment to make today and is focused on profitable growth opportunities. Please visit www.isunenergy.com for additional information.
Forward Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, effective tax rate, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.
The forward-looking statements included in this press release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the risk factors described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.
All forward-looking statements included in this press release are based on information currently available to us, and we assume no obligation to update any forward-looking statement except as may be required by law.
IR Contact:
Tyler Barnes
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HOUSTON--(BUSINESS WIRE)--Westlake Chemical Corporation (NYSE: WLK) today announced that it has completed the acquisition of Hexion Inc.’s global epoxy business for approximately $1.2 billion in an all-cash transaction. Based in Rotterdam, The Netherlands, the epoxy business, which will be branded as Westlake Epoxy, is an industry leader in the manufacture and development of specialty resins, coatings and composites for a variety of industries, including high-growth and sustainability-oriented end-uses such as wind turbine blades and light-weight automotive structural components.
“With this transaction, Westlake will significantly expand its integrated business by adding a leading downstream portfolio of coatings and composite products,” said Westlake President and Chief Executive Officer Albert Chao. “Light-weighting is a critical feature for the manufacture of structural components for automobiles and for renewable energy, particularly the composite blades used by wind turbines, and epoxies are key ingredients for these sustainable products. The industries served by Westlake Epoxy are very attractive and the business is expected to be a synergistic addition to Westlake’s existing businesses. We welcome the epoxy employees to the Westlake family and look forward to realizing the tremendous opportunities to grow the combined businesses.”
Westlake Epoxy is a global leading producer of epoxy resins, modifiers and curing agents for high-performance materials, coatings and composites. The fully-integrated business includes upstream base epoxy resins and intermediates delivered as liquid or solid epoxy resins, as well downstream specialty epoxy resins used in coatings and composites. Westlake Epoxy serves numerous industries, including adhesives; aerospace; automotive; civil engineering and construction; composite and wind energy; electronics; electrical laminates; as well as marine and protective coatings.
The acquisition comes after Westlake closed in the third and fourth quarters of 2021 on its acquisitions of the building products businesses of Boral North America; Dimex LLC, which processes recycled plastic materials to manufacture home and lifestyle products, such as landscape edging, home and office matting, and marine deck edging; and LASCO Fittings LLC, a leading manufacturer of injected-molded PVC fittings.
About Westlake
Westlake is a global manufacturer and supplier of materials and innovative products that enhance life every day. Headquartered in Houston, we provide the building blocks for vital solutions — from building and construction, to packaging and healthcare, to automotive and consumer. For more information, visit the company's website at www.westlake.com.
Forward-Looking Statements
The statements in this release that are not historical statements, including statements regarding the expected benefits of the transaction, including expected synergies and growth, are forward-looking statements within the meaning of the federal securities laws. These forward-looking statements are subject to significant risks and uncertainties, many of which are beyond Westlake’s control. Actual results could differ materially based on risks and uncertainties described in Westlake’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, which was filed with the Securities and Exchange Commission (“SEC”) in February 2021, Quarterly Reports on Form 10-Q for the quarters ended March 31, 2021, June 30, 2021, and September 30, 2021, which were filed with the SEC in May 2021, August 2021, and November 2021, respectively, recent Current Reports on Form 8-K, and Westlake’s other SEC filings. These filings also discuss some of the important risk factors and other factors that may affect Westlake’s business, results of operations and financial condition. Westlake undertakes no obligation to revise or update publicly any forward-looking statements for any reason.
Media Relations – L. Benjamin Ederington – 1-713-960-9111
Investor Relations – Steve Bender – 1-713-960-9111
HOUSTON--(BUSINESS WIRE)--Datagration Solutions, Inc. ("Datagration" or "The Company") announced today the closing of additional equity financing to support the growth of its business with funds slated to further advance the PetroVisor™ Platform, add to its implementations and customer success group and recruit additional global sales resources. All major existing investors, including Quantum Energy Partners' Innovation Fund, participated in the fundraising and several new investors, led by Houston-based EIV Capital, an energy-focused private equity firm.
Launched in late 2020, Datagration has already delivered significant value for multiple upstream companies globally. PetroVisor's ability to consolidate and integrate disparate data systems in a unique, scalable, and flexible format brings substantial customer value. This functionality is the key feature that enables powerful analytics, workflow automation, and AI/ML across disciplines and functions.
Datagration will use a portion of its new funding to grow its portfolio of platform-native apps and expand the use of its Unified Data Model (UDM) that can influence operational and process changes to improve asset productivity and profitability.
"E&P companies have expressed their frustration with one-off, point solutions. PetroVisor is a modernized, open, agnostic SaaS platform everyone uses in an oil and gas company, from the CEO to the Production Superintendent," said Peter Bernard, Chairman & CEO of Datagration.
"PetroVisor integrates engineering, geological, financial, accounting, production information, all key data into one version of the truth," continued Bernard. "It is deployed on any cloud, not user-defined, uses ML/AI technology, and E&P companies no longer have to worry about 'vendor lock-in.'"
"We believe the PetroVisor platform will be a game-changer for energy companies, enabling them to make better decisions through data consolidation and powerful analytics. We look forward to working with Peter and his team to support Datagration's continued growth," said Patricia Melcher, Managing Partner, EIV Capital.
"Oil and gas companies that do not embrace advanced data analytics today will soon be left behind as much of the industry has woken up to the tremendous power of data," said Jeffrey Harris, who oversees Quantum's Innovation Fund. "Our follow-on investment in Datagration is evidence of the PetroVisor platform's rising momentum and product leadership in this space."
ABOUT DATAGRATION
Datagration provides the world's Oil and Gas companies with the tools they need to integrate and model data into meaningful insights and decisions daily. Our team of data scientists, engineers, and technologists work hand in hand with our customers to build a single source of truth used across the organization for data analysis, benchmarking, internal collaboration, financial analysis, and more. To learn more about Datagration and the PetroVisor platform, go to www.datagration.com.
ABOUT EIV CAPITAL
Founded in 2009, EIV Capital is a Houston, Texas-based private equity firm specializing in providing growth equity to the North American energy industry. EIV Capital focuses on investments in businesses which create value through infrastructure, innovation or efficiency. The firm's management has extensive experience leading and investing in successful companies across the energy value chain. For more information, visit www.eivcapital.com.
ABOUT QUANTUM INNOVATION FUND
The Quantum Innovation Fund is a joint venture between Quantum Energy Partners and Jeffrey Harris's Global Reserve Group. Quantum Energy Partners is a leading provider of private equity capital to the global energy industry, having managed together with its affiliates more than $17 billion in equity commitments since inception. For more information on Quantum Energy Partners and the Quantum Innovation Fund, please visit www.quantumep.com.
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DALLAS--(BUSINESS WIRE)--Primoris Services Corporation (NASDAQ Global Select: PRIM) (“Primoris” or “Company”) today announced its plans to release financial results for the fourth quarter and full year 2021 on Monday, February 28, 2022, after market close. Copies of the Company’s press release will be available on the Primoris website at www.primoriscorp.com.
Management will host a conference call and webcast on Tuesday, March 1, 2022, at 9:00 a.m. U.S. Central Time (10:00 a.m. U.S. Eastern Time), to discuss the Company’s fourth quarter and full year 2021 results and update its financial outlook. Prepared remarks by Tom McCormick, President and Chief Executive Officer, and Ken Dodgen, Chief Financial Officer, will be followed by a question-and-answer session.
Interested parties are invited to dial-in using 1-833-476-0954, or internationally at 1-236-714-2611, using access code: 1418976, or by asking for the Primoris conference call. The conference call will also be made available through a webcast in the Investor Relations section of the Company’s website.
A replay of the conference call will be available Tuesday, March 1, 2022, beginning at 5:00 p.m. U.S. Central Time for seven days. The phone number for the conference call replay is 1-800-585-8367 or, for calls from outside the U.S., 1-416-621-4642, using access code: 1418976. The replay of the webcast will also be available on the Company’s website following the end of the live call.
ABOUT PRIMORIS
Primoris Services Corporation is a leading specialty contractor providing critical infrastructure services to the utility, energy/renewables and pipeline services markets throughout the United States and Canada. The Company supports a diversified base of blue-chip customers with engineering, procurement, construction and maintenance services. A focus on multi-year master service agreements and an expanded presence in higher-margin, higher-growth markets such as utility-scale solar facility installations, renewable fuels, electrical transmission and distribution systems and communications infrastructure have also increased the Company’s potential for long-term growth. Additional information on Primoris is available at www.primoriscorp.com.
Brook Wootton
Vice President, Investor Relations
Primoris Services Corporation, 214-545-6773
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Backed by $5M Seed Round & Leading-Edge Technology Partner
HOUSTON--(BUSINESS WIRE)--Mothership Incubator (“Mothership”) is an innovative new ERCOT Option 1 Retail Electricity Provider (“REP”) providing white-label retail electric services to mid-size and large industrial customers looking for wholesale retail supply access, and cleantech consumer or electric vehicle brands seeking to monetize their distributed energy resource (DER) assets for grid services and lower their customer acquisition costs.
Mothership’s team is led by Maura Yates, a veteran innovator in the cleantech and retail electricity space, and supported by commodity market and renewable industry veterans, with a specific focus on renewables, DERs, electric vehicles and energy storage. Yates was named ‘Top 40 under 40’ by Renewable Energy Magazine and ‘Top 50 SmartGrid Pioneers’ by SmartGrid Today for her work with solar in ERCOT.
“The energy transition is happening now, and we are creating the next generation of retailers – figuring out their strategy and bringing them to market in the most economic way imaginable,” Yates said.
Lacuna Sustainable Investments, a thesis-driven team of entrepreneurs, investors and operators that seeks to partner with early-stage, innovative renewables infrastructure companies, has committed $5 million of seed funding to Mothership’s operations.
“Mothership is just the kind of company we’re looking to partner with at Lacuna,” said Patrick McConnell, Lacuna Managing Partner. “They have the dynamic vision and deep expertise to bring practical low-carbon and ESG solutions within reach of customers across Texas.”
Mothership’s services include all aspects of owning and running an Option 1 or 2 ERCOT REP, including licensing, collateralization, commodity supply, back-office support, compliance risks and all startup costs.
Mothership has partnered with Energywell, LLC (“Energywell”) to provide technology solutions and back-office operations. Energywell’s customer-facing platform provides unparalleled customer experiences for the modern electricity consumer and the ability to integrate DER assets into the real-time market.
“Mothership Incubator recognizes, as we do, the urgent need for fresh approaches to the way homes and businesses are powered, both from a reliability standpoint and a sustainability perspective,” said Michael Fallquist, Energywell Director & Co-Chief Executive Officer. “We’re confident that combining our platform with their service offerings will produce incredible results for customers and the environment.”
Mothership will be announcing the launch of their first white-label brand, a rooftop solar and battery storage provider, in Spring 2022.
About Mothership Incubator
Mothership Incubator aims to make participating in the retail electricity market simple. We offer wholesale retail electricity supply and white-label retail electricity services to a wide range of entities from mid-size and large commercial and industrial customers to consumer brands to bitcoin miners and more. Join Mothership today at www.MothershipIncubator.com.
About Energywell
Energywell is an energy technology company powering the sustainable energy transition. Energywell combines the financial strength of Oaktree Capital Management and commodities expertise of Hartree Partners with proprietary technology and a seasoned team of energy industry veterans. Energywell intends to scale quickly through opportunistic acquisitions and the development of innovative products and sales channels as well by licensing its proprietary technology to third-parties. For additional information, please visit Energywell’s website at https://www.energywell.com.
About Lacuna Sustainable Investments
Lacuna Sustainable Investments is an investment management firm active in the development, financing, and monetization of companies and projects focused on energy transition opportunities throughout North America. The firm is dedicated to investing in and building great businesses and projects through creating strong partnerships with best-in-class management and development teams. Please visit us online at lacunasustainable.com.
MAURA YATES
CEO, Co-Founder
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602-882-9631
SAN FRANCISCO--(BUSINESS WIRE)--Redaptive, a leader in Energy-as-a-Service, was named a 2022 Global Cleantech 100 Company by Cleantech Group. The 100 companies on the list, selected from more than 10,000 businesses, represent the private, independent, and for-profit companies best positioned to deliver solutions that will take us from commitments to actions in the sprint to net zero.
“Redaptive is honored to be included in Cleantech Group’s prestigious list of companies that are making an impact in reducing carbon emissions and fighting global climate change,” said John Rhow, President and co-founder of Redaptive. “Our mission is to help companies with large real estate portfolios achieve meaningful energy reductions that are economically sustainable.”
The list combines Cleantech Group’s research data with qualitative judgements from nominations and insight from a global, 85-member Expert Panel of leading investors and executives from corporations and industrials active in technology and innovation scouting. From pioneers and veterans to new entrants, the Expert Panel broadly represents the global cleantech community and results in a list with a powerful base of respect and support from many important players within the cleantech innovation ecosystem. The Global Cleantech 100 program is sponsored by Chubb.
“As more companies pledge to eliminate carbon emissions, organizations throughout the world are turning to Redaptive to help them reduce energy waste and operate sustainably,” said Arvin Vohra, CEO of Redaptive.
This is the 13th edition of the widely respected annual guide. This year’s list included entries from 94 countries. The sectors covered include Agriculture & Food, Enabling Technologies, Energy & Power, Materials & Chemicals, Resources & Environment and Transportation & Logistics.
“We have the science and ingenuity to solve most of the issues and there is the investment capital, in both private and public markets, to propel a three-decade transformation, to net zero,” said Richard Youngman, CEO, Cleantech Group. “The 2022 Global Cleantech 100 companies show this in spades. What they, and a hundred others like them, now need is braver regulators, policy makers and procurement departments, to enable such solutions to scale and go down their different cost curves much faster than the current trajectories.”
About Cleantech Group
At Cleantech Group, we provide research, consulting and events to catalyze opportunities for sustainable growth powered by innovation. We bring clients access to the trends, companies and people shaping the future and the customized advice and support businesses need to engage external innovation.
Industries are undergoing definitive transitions toward a more digitized, de-carbonized and resource-efficient industrial future. At every stage from initial strategy to final deals, our services bring corporate change makers, investors, governments, and stakeholders from across the ecosystem, the support they need to thrive in this fast-arriving and uncertain future.
The company was established in 2002 and is headquartered in San Francisco with people based in London, Paris, and Boston.
About Redaptive:
Redaptive is an Energy-as-a-Service provider that funds and installs energy-saving and energy-generating equipment. Redaptive’s programs help many of the world’s most sophisticated organizations reduce energy waste, save money, lower their carbon emissions, and meet their sustainability goals across their entire real estate portfolios. With Redaptive, customers can overcome capital and contractual barriers to achieve energy-saving benefits quickly, all with real-time data powered by ElectronBI, Redaptive’s in-house Data-as-a-Service metering platform. Redaptive was founded in 2015 and is headquartered in San Francisco, CA. For more, visit https://redaptive.com.
Cleantech Group
Laura Dolby
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Redaptive
Barbara Leavitt
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COLUMBUS, Ohio & HOUSTON--(BUSINESS WIRE)--Equinor has signed a memorandum of understanding (MOU) with leading science and technology firm Battelle to advance development of a decarbonized regional energy cluster in the tri-state region of Ohio, Pennsylvania, and West Virginia.
“The Appalachian Basin is an important energy-producing region that also shows great promise in being a leader for the decarbonization of American industry,” said Chris Golden, Equinor U.S. country manager. “Our regional hub vision will meet tomorrow’s energy demands while maintaining America’s industrial competitiveness within a net-zero scenario.”
“Collaborating with Battelle, a like-minded organization with extensive experience in key low-carbon initiatives, brings us closer to delivering on our ambitions,” Golden said.
The partnership between Equinor, a global broad energy company, with offices in Hannibal, Ohio and Triadelphia, West Virginia and Columbus, Ohio-based Battelle, the world’s largest independent research and development company, will enable the timely and progressive development of one of the first low-carbon industrial regions in the United States.
“We’re thrilled to be working on such an important technology challenge with a company of Equinor’s stature,” said John Tombari, division manager for Battelle’s Carbon Management business. “We look forward to a long-lasting collaboration that will have real impact.”
Under the agreement, Equinor and Battelle will undertake feasibility studies to examine the regional potential for carbon capture and storage (CCS) and collaborate on stakeholder outreach.
Battelle is a leader in geologic carbon dioxide capture, use and storage with more than 100 projects worldwide over the past 20 years.
Equinor has decades of experience with CCS projects of various sizes, from research and development to operations. Since 1996, Equinor has captured and safely stored more than 23 million tons of CO2.
About Equinor
Equinor is a global energy company committed to providing affordable energy for societies and taking a leading role in the energy transition. Headquartered in Norway, we’re on a journey to net zero emissions through optimizing our oil and gas portfolio, accelerating growth in renewables and pioneering developments in carbon capture and hydrogen. With over 35 years history in the US, our world-class portfolio stretches across oil and gas, offshore wind, and low-carbon value chains. Learn more at equinor.com.
About Battelle
Every day, the people of Battelle apply science and technology to solving what matters most. At major technology centers and national laboratories around the world, Battelle conducts research and development, designs and manufactures products, and delivers critical services for government and commercial customers. Headquartered in Columbus, Ohio since its founding in 1929, Battelle serves the national security, health and life sciences, and energy and environmental industries. For more information, visit www.battelle.org.
Ola Morten Aanestad
+47 480 80 212
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Katy Delaney
(614) 424-7208
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T.R. Massey
(614) 424-5544
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EcoVadis Network Impact Report: Sustainability Best Practice Metrics Rise Sharply, as Score Improvements Triple Since 2016
PARIS & NEW YORK--(BUSINESS WIRE)--#ESG--The second annual EcoVadis Network Impact Report, released today, shows rapid acceleration in the “scaling up” of sustainability impacts, such as the increased use of reuse & recycle measures, increased implementation of equality programs, and more. Since 2016, several positive environmental and social actions have risen sharply and the total scope of score improvement has tripled across the EcoVadis network.
The Impact Report outlines EcoVadis’ "Model for Impact" for how organizations can drive positive change through sustainable procurement and similar business relationships. It summarizes key actions and outcomes that are facilitated and tracked in the EcoVadis Ratings platform. This acceleration in positive impact is the result of not only quantitative growth within the EcoVadis network, but also new dimensions that increase the breadth and depth of collaboration and improvement in sustainable business practices.
Highlights from EcoVadis’ network in 2021 (compared to 2020) include:
The Impact Report details a new metric: As improvement in sustainability practices is a core indicator of the capacity to drive impact, EcoVadis monitors Improvement Magnitude which measures the total scope of score improvement across its network. Improvement Magnitude is the number of companies who improve their score in a given month multiplied by the average increase in score in the same period. Monthly Impact Magnitude increased from 2,657 in December of 2016 to 6,381 in December of 2021.
“Businesses and governments are feeling immense pressure to break down broad commitments into tactical targets and action plans – particularly in the value chain – and start executing and reporting on them,” said Pierre-François Thaler, Co-Founder and Co-CEO of EcoVadis. “By designing sustainable procurement strategies around performance and positive impact, organizations in the network are far better equipped to translate ambition into action and realize the positive environmental and social outcomes described in the report.”
EcoVadis’ approach is to “meet companies where they are” – across not only all industries, sizes, and locations, but regardless of their starting maturity – and support their sustainability improvement journey. Using a holistic ratings methodology, EcoVadis rates companies’ sustainability performance on a scale of 0 to 100. The rating focuses on 21 sustainability criteria that are grouped into four themes: Environment, Labor & Human Rights, Ethics and Sustainable Procurement, and are based on international sustainability standards. With each rating and improvement cycle, they build resilience, enhance value creation, and drive positive impact for the planet and society. In addition to quantitative growth in the size of the network, the EcoVadis impact model scaled up along these other dimensions:
“Our customers across the network have done tremendous work to achieve these results,” continued Thaler. “We are eager to deliver this year some key platform and reporting enhancements that will empower them to analyze and monitor impact metrics, such as those detailed in this report, at the company and industry level.”
For more information on how EcoVadis helps promote a greater understanding of impact at scale across its network, read the second annual EcoVadis Network Impact Report here.
About EcoVadis
EcoVadis is the world's most trusted provider of business sustainability ratings. Global supply chains, financial institutions and public organizations rely on EcoVadis to monitor and improve the sustainability performance of their business and trading partners. Backed by a powerful technology platform, EcoVadis’ evidence-based ratings are validated by a global team of experts, and are adapted to more than 200 industry categories, 160 countries, and companies of all sizes. Its actionable scorecards provide benchmarks, insights, and a guided improvement journey for environmental, social and ethical practices. Industry leaders such as Amazon, Johnson & Johnson, L’Oréal, Unilever, LVMH, Salesforce, Bridgestone, BASF, and ING Group are among the 90,000 businesses that collaborate with EcoVadis to drive resilience, sustainable growth and positive impact worldwide. Learn more on ecovadis.com, Twitter or LinkedIn.
Press Inquiries
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Chrissy Azevedo
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An EV manufacturing veteran who has managed 45 factories in 15 countries across multiple industries, Ensign will scale manufacturing operations at Moxion’s first two production facilities in the US.
RICHMOND, Calif.--(BUSINESS WIRE)--Moxion Power, the leading manufacturer of mobile battery technology, announced today that Josh Ensign will join its management team as Chief Operating Officer effective March 1st. A military veteran and former executive of Honeywell International, Tesla Motors, and Proterra, Ensign has developed an impressive track record of building and scaling manufacturing capacity and managing the associated supply chains for some of the leading innovators in the electric vehicle industry. His experience spans 45 factories in 15 countries, including 2 dedicated module and battery pack manufacturing facilities for Proterra over the last 5 years.
“Josh’s operational and manufacturing expertise in the EV industry is second to none,” said Alex Meek, President of Moxion Power. “We’re thrilled to have him join our leadership team as we enter one of the most exciting phases of growth for our business.”
Ensign will oversee production activities at Moxion’s Richmond facility and its 2nd production facility at a soon-to-be-announced location in the US, which is expected to be commissioned in 2024. Ensign’s extensive experience across supply chain, procurement, and manufacturing will support Moxion’s rapid growth. Under his leadership, Moxion expects to increase domestic production volumes by a factor of 10x to become the largest battery module manufacturing company outside of the automotive industry.
“I love leveraging my background in manufacturing to disrupt industries that pollute the environment, making Moxion the perfect opportunity for me. They have a category-defining product and an impressive sales backlog, and I’m excited to help them scale their manufacturing plan to capitalize on the opportunity,” added Josh Ensign.
While serving as COO and more recently as the President of Proterra, Ensign helped build the Silicon Valley electric transit bus pioneer into the largest electric bus manufacturer in the US. As the VP of Manufacturing at Tesla, Ensign was responsible for all manufacturing activities at the Fremont production facility, including powertrain and battery module manufacturing. During his tenure at Tesla, he oversaw the installation of the current Model S high-volume production line, the launch of both the dual-motor platform and the Model X, and the establishment of Tesla’s new seat manufacturing facility. Prior to his distinguished career leading some of the most innovative EV companies in Silicon Valley, Ensign led global operations across the automotive and aerospace business units of Honeywell International. He has extensive functional experience in supply chain, logistics, purchasing, and manufacturing operations and has lived and operated abroad in Europe and China.
“Electrification is one of the most important forces of our lifetime,” said Paul Huelskamp, CEO of Moxion. “At the heart of this paradigm shift is the ability to choose a cleaner, more sustainable way to move energy through society. Moxion is uniquely positioned to address this opportunity, and with Josh on board, we’ll be addressing this opportunity at scale.”
For more information about Moxion Power, please visit https://www.moxionpower.com/.
About Moxion Power:
Moxion Power manufacturers mobile battery technology, enabling last-mile electrification for customers in industries such as construction, transportation, events & entertainment, film production and telecommunications. Moxion is backed by Energy Impact Partners, Tamarack Global, Liquid 2 Ventures, and Y Combinator. Moxion’s founding team members have backgrounds in vehicle electrification, battery systems, automotive manufacturing, and renewable energy project finance.
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NEW YORK--(BUSINESS WIRE)--Hess Corporation (NYSE: HES) announced today that it has achieved a top score of 100% on the Human Rights Campaign’s (HRC) Corporate Equality Index for 2022 and earned the designation as one of the Best Places to Work for LGBTQ+ Equality. For the third consecutive year, Hess also has earned a place on the Bloomberg Gender-Equality Index (GEI), which tracks the performance of public companies committed to achieve or adopt best in class statistics or policies and to transparency in gender-data reporting.
Hess is one of just five oil and gas producers to be named by the HRC as a Best Place to Work for LGBTQ+ and the only one based in the U.S. to be included in the Bloomberg GEI for gender equality.
“Hess has a longstanding commitment to diversity, equity and inclusion, which we believe creates value for all of our stakeholders and improves performance,” said Tiffanie McDonald, Director of Diversity, Equity and Inclusion at Hess. “This recognition acknowledges that commitment and the progress we continue to make in fostering an inclusive workplace that enables everyone to thrive.”
The HRC’s Corporate Equality Index is considered the foremost U.S. benchmarking survey and report measuring corporate policies and practices related to LGBTQ+ workplace equality. The index includes 1,271 U.S.-based companies, more than half of which have global operations. The full report is available online at www.hrc.org/cei.
Bloomberg’s GEI is a modified market capitalization-weighted index tracking the performance of public companies across all sectors in 45 countries and regions that are committed to transparency in gender-data reporting. More information about the GEI is available at www.bloomberg.com/gei.
Hess Corporation is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas. More information about Hess Corporation is available at http://www.hess.com.
Media:
Lorrie Hecker
(212) 536-8250
Migdal Insurance, Israel’s leading insurance company, has committed to invest up to $75 million into Phase II of Doral LLC’s Mammoth Solar project (known as Mammoth South) in Northwest Indiana, as part of its ESG Policy. The new investment will expand Migdal’s investment in the entire Mammoth Solar project to up to $175 million.
PHILADELPHIA--(BUSINESS WIRE)--Migdal Insurance, Israel’s largest insurance company, with assets under management of $90 billion, has expanded its strategic partnership with Doral Renewables LLC (dba Doral LLC) by committing to an investment of up to $75 million in the second phase of the company’s Mammoth Solar project (which phase is known as the 300 MW Mammoth South project) in Northwest Indiana. Migdal has committed to contribute up to $75 million of the project’s capital cost in exchange for a 22.5% ownership stake in the project. The new agreement will result in Migdal increasing its direct investment in the Mammoth Solar project, one of the largest solar projects in the country, to up to $175 million. The Mammoth Solar project is one of the country’s largest solar farms with over 13,000 acres across Starke and Pulaski Counties in Northwest Indiana. The project is expected to generate 1.3GWac of clean energy, enough to meet the needs of over 230,000 households in the Midwest annually. The project is further projected to encompass an economic investment of approximately $1.5 billion. In October 2021, the company held a ribbon cutting ceremony, featuring the Governor of Indiana, the Honorable Mr. Eric Holcomb and the Israeli Ambassador to the US, Mr. Gilad Erdan.
“Midgal’s investment supports our achievement of becoming a market leader with the best people and a rapidly expanding project portfolio with over $6 billion in construction value. Mammoth Solar, Doral LLC and the renewables market are transforming the world. Indiana is a leader in the energy sector and their efforts to form the strongest industry cluster are working. Doral is creating jobs and revitalizing communities across America.” says Nick Cohen, President and CEO of Doral LLC.
Yaki Noyman, CEO of the Doral Group: “Migdal increasing its investment is a direct expression of the trust offered by Israel’s institutional entities in the renewable energy sector and in Doral in particular. We have chosen partners that are not only interested in generating returns from their investments, but also in its impact on the public and the environment. We continue to initiate and develop more projects in Israel, Europe, and the US”.
Erez Migdali, Deputy CIO and Head of Private Assets at Migdal Insurance: “We are delighted to deepen our investment in Doral LLC’s activities. This significant, growing partnership is an indication of our trust in the renewables industry and in Doral. This investment is in correlation with our ongoing ESG policy, in which we have developed an investment framework of over NIS 3 billion in net positive investments, annually. I have no doubts that this deal, signed in the first days of 2022, is the first among many new investments we intend to promote in the upcoming year."
Doral
Doral LLC was founded in 2019 as a joint venture between Doral Group and Clean Air Generation. Doral LLC currently has approximately 6 gigawatts of projects under development and over 40,000 acres of land control in the U.S. The management team of Doral LLC includes experienced multidisciplinary individuals who worked together for many years in the renewables industry in the US.
Doral Group is a publicly traded company on the Tel Aviv Stock Exchange in Israel (DORL) and is a global renewable energy leader, holding hundreds of long-term revenue generating renewable energy assets. Doral Group is active, inter alia, in Israel, Europe, and the United States. Doral Group is also emerging as a worldwide leader in the field of solar + storage solutions, following its win of Israel’s biggest solar + storage tenders to build approximately 750MW(dc) + 1,400MWh of storage facilities in Israel.
Migdal Insurance
Migdal Insurance is Israel’s largest insurance company and pension manager with AUM of 90 billion dollars, 2.3 million customers and more than 4,900 employees. Migdal has a local corporate rating of Aa1. Migdal was Israel’s first institutional body to announce the adoption of an ESG (Environmental Social and Governance) investment policy over six months ago. Migdal has already made several investments in the field, including a NIS 1 Billion investment in Copenhagen Infrastructure Partners IV, a Danish Fund which is active in renewable energy projects; a $100 Million investment in BayWa Renewable Energy, an international growth company operating in renewable energies and a unique investment of $60 Million in the AMUNDI PLANET Fund which was established in partnership with large global institutional entities to develop “green” bond markets in emerging countries.
Media Contact:
Maya Ziv Wolf
Corporate Media Relations
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CORPUS CHRISTI, Texas--(BUSINESS WIRE)--Pin Oak Group, LLC (“Pin Oak” or the “Company”) announced today that the Company’s Board of Managers has appointed Keith M. Casey as Chief Executive Officer, effective today.
Casey, who will also be a member of the Board of Managers of the Company, is part of a new Executive Leadership Team that includes Christine P. Whelchel as Executive Vice President, Operations; Nathan E. Weeks as Executive Vice President and Chief Financial Officer; Carlos M. Mata, as Executive Vice President, Strategy & Business Development; and Charles A. Cavallo III, as Executive Vice President and General Counsel. They will be reporting directly to Mr. Casey.
“We are extremely pleased to welcome Keith and such a high caliber, experienced team to lead the next phase of growth for Pin Oak,” said Brian A. Falik, Chief Investment Officer – Americas at Mercuria Energy on behalf of the Pin Oak Board of Managers. “Keith and the team bring such a high level of qualifications to continue the operational and commercial successes of Pin Oak in Corpus Christi as well as new ventures ahead.”
Corey Leonard, who has served as CEO since 2019, is leaving the company to pursue other ventures, and the Board of Managers thanked him for his leadership in driving Pin Oak’s growth.
The Company’s new Executive Leadership Team has worked together in various capacities for more than a decade and has over 125 years of collective experience in the midstream and downstream energy sectors. The team shares distinctive track records in strategic growth and corporate transformation as well as a commitment to continuously improving all aspects of business operations and community engagement.
“We are excited to join Pin Oak’s exceptional team and build upon their achievements,” Casey said. “Pin Oak has built a premier asset base in Corpus Christi and an outstanding reputation, which we plan to expand and leverage to create additional value for all of our stakeholders. We are eager to further enhance Pin Oak’s prominence in the natural gas liquids and crude oil value chains to better serve our customers in a manner that forwards their strategic goals and benefits the communities in which we operate.”
About Pin Oak Corpus Christi
Pin Oak is a midstream company with operating terminals in the Corpus Christi and Taft markets with a combined 5.2 million barrels of storage capacity. The Pin Oak Corpus Christi Terminal has 4.0 million barrels of crude, NGL and refined products storage capacity with a host of pipeline connections to the region’s three refineries (Flint Hills Resources, Valero, and CITGO), regional fractionation complexes and the Gray Oak and EPIC Pipeline systems. In addition to its pipeline interconnectivity, Pin Oak provides marine access ranging from regional barges up to Suezmax tankers at its marine facilities, as well as rail and truck unloading/loading solutions. The Pin Oak Taft Terminal has 1.2 million barrels of crude oil storage capacity with strategic connections to Gray Oak Pipeline, Cactus II Pipeline and Flint Hills Resources Midway Station. For more information, please visit www.pinoakterminals.com.
Christine P. Whelchel
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210.640.7300 main office
TORONTO--(BUSINESS WIRE)--Viston United Swiss AG (“Viston”), together with its indirect, wholly-owned subsidiary, 2869889 Ontario Inc. (the “Offeror”) is providing an update with respect to certain regulatory filings made in connection with its all-cash offer (the “Offer”) to acquire all of the issued and outstanding common shares (“Common Shares”) of Petroteq Energy Inc. (“Petroteq”) (TSX-V: PQE; OTC: PQEFF; FSE: PQCF), and is announcing that it will mail a notice of variation and extension dated February 1, 2022 (the “Notice of Variation and Extension”) to the registered shareholders of Petroteq, varying certain conditions to the Offer and extending the time for acceptance of the Offer to 5:00 p.m. (Toronto time) on February 28, 2022. The Notice of Variation and Extension will also be filed on Petroteq’s SEDAR profile at www.sedar.com.
Regulatory Update
The Offeror filed its notification under the Investment Canada Act (Canada) (the “ICA”) on December 20, 2021, which has been certified as complete as of that date. The Minister under the ICA has until the end of day (Toronto time) on February 3, 2022, to notify the Offeror that the Offer is or may be subject to a national security review under the ICA. Completion of the Offer is conditional on obtaining ICA Clearance, which means that: (i) the Offeror has not been notified on or before February 3, 2022 that the Offer is or may be subject to a national security review, or (ii) if the Offeror receives notice that the Offer is or may be subject to a national security review, the Offeror has subsequently received approval from the Minister or the Governor-in-Council, as the case may be, that the Offeror is authorized to proceed with the Offer.
On January 20, 2022, the Offeror completed its filing as required under the United States Hart-Scott-Rodino Antitrust Improvements Act of 1976 (“HSR Act”) with the U.S. Federal Trade Commission (the “FTC”) and the Antitrust Division of the Department of Justice (the “DOJ”). The obligation of the Offeror to complete the Offer is, among other things, subject to the condition that any waiting period (including any extension thereof) applicable to the transactions contemplated by the Offer under the HSR Act shall have expired or been terminated and that neither the FTC nor the DOJ shall have commenced proceedings under an applicable antitrust statute to prevent the consummation of the transaction contemplated by the Offer under the HSR Act that have not been resolved. Unless it is extended by the FTC and DOJ, the waiting period will expire at 11:59 p.m. (Toronto time) on February 4, 2022.
On January 5, 2022, the Offeror made a voluntary filing with the Committee on Foreign Investment in the United States (“CFIUS”). CFIUS is a group of Cabinet-level officials in the U.S. government who are authorized to review certain transactions involving foreign investment in the United States, in order to determine the effect of such transactions on the national security of the United States. U.S. counsel to the Offeror was advised by CFIUS that January 13, 2022 would be the first day of the assessment period, which would conclude no later than February 11, 2022. During this period, the Offeror may be requested to provide additional information to CFIUS which may result in the extension of the period.
Notice of Variation and Extension
The Offeror will mail and file the Notice of Variation and Extension to the registered shareholders of Petroteq, varying certain conditions to the Offer and extending the time for acceptance of the Offer to 5:00 p.m. (Toronto time) on February 28, 2022.
The changes to the conditions to the Offer arise from (i) comments received by the Offeror in a comment letter from the United States Securities and Exchange Commission (the “SEC”), and (ii) changes made by Petroteq to the capitalization of Petroteq other than pursuant to the exercise or conversion of the Options, Warrants or the principal amount of the Convertible Debentures (each as defined in the Offer), in contravention of one of the Offeror’s conditions to the Offer. According to Petroteq’s quarterly report on Form 10-Q for the quarter ended November 30, 2021, as filed with the SEC and on SEDAR on January 19, 2022, there were, as of November 30, 2021, a total of 793,577,564 Common Shares on a fully-diluted basis.
While the Offeror is prepared to waive the condition in the Offer in respect of changes to the capitalization of Petroteq up to February 1, 2022 (the date of the Notice of Variation and Extension), the Offeror is asserting that this condition continues to apply with respect to any further changes to the capitalization of Petroteq from and after such date, including without limitation any determination by the Offeror (acting in its reasonable discretion) that, immediately prior to the Expiry Time, there are more than 795,000,000 Common Shares, on a fully-diluted basis.
Offer Remains Open for Acceptance by Petroteq Shareholders; Directors and Officers of Petroteq are Expected to Tender Shares to Offer
The Offeror reminds Shareholders that its significant premium, all cash Offer remains open and, with the deadline to tender approaching, now is the time to tender. Shareholders are also reminded that the board of directors of Petroteq (the “Petroteq Board”) has unanimously recommended that Shareholders accept and deposit their shares to the Offer in Petroteq’s recent Supplement dated December 29, 2021 to the Directors’ Circular dated November 6, 2021 (the “Supplement”). The reasons for the Petroteq Board’s recommendations that holders of Common Shares tender to the Offer are detailed in the Supplement, and are consistent with the reasons stated by the Offeror as to why holders of Common Shares should tender to the Offer. The Offeror also notes that, as disclosed by Petroteq in its press release dated January 26, 2022, the directors of the Petroteq Board intend to tender their Common Shares to the Offer.
Kingsdale Advisors (“Kingsdale”), the Depositary and Information Agent in respect of the Offer, has advised the Offeror that, as of 5:00 p.m. (Toronto time) on January 31, 2022, a total of approximately 144,606,386 Common Shares had been validly tendered and not properly withdrawn. Holders of Common Shares who have previously validly tendered and not withdrawn their shares to the Offer do not need to re-tender their shares or take any other action in response to the extension of the Offer.
Summary of Offer Details
Viston reminds Shareholders of the following key terms and conditions of the Offer:
For More Information and How to Tender Shares to the Offer
Shareholders who hold Common Shares through a broker or intermediary should promptly contact them directly and provide their instructions to tender to the Offer, including any U.S. dollar currency election. Taking no action and not accepting the Offer comes with significant risks of shareholder dilution and constrained share prices. The deadline for Shareholders to tender their shares is February 28, 2022.
For assistance or to ask any questions, Shareholders should visit www.petroteqoffer.com or contact Kingsdale Advisors, the Information Agent and Depositary in connection with the Offer, within North America toll-free at 1-866-581-1024, outside North America at 1-416-867-2272 or by e-mail at This email address is being protected from spambots. You need JavaScript enabled to view it..
Advisors
The Offeror has engaged Gowling WLG (Canada) LLP to advise on certain Canadian legal matters and Dorsey & Whitney LLP to advise on certain U.S. legal matters. Kingsdale Advisors is acting as Information Agent and Depositary.
About the Offeror
The Offeror is an indirect, wholly-owned subsidiary of Viston, a Swiss company limited by shares (AG) established in 2008 under the laws of Switzerland. The Offeror was established on September 28, 2021 under the laws of the Province of Ontario. The Offeror’s registered office is located at 100 King Street West, Suite 1600, 1 First Canadian Place, Toronto, Ontario, Canada M5X 1G5. The registered and head office of Viston is located at Haggenstreet 9, 9014 St. Gallen, Switzerland.
Viston was created to invest in renewable energies and clean technologies, as well as in the environmental protection industry. Viston aims to foster innovative technologies, environmentally-friendly and clean fossil fuels and to help shape the future of energy. Since October 2008, Viston has undertaken its research, development and transfer initiatives in Saint Gallen, Switzerland. Viston has been working to optimize and adapt these technologies to current market requirements to create well-engineered products. Viston’s work also includes the determination of technical and economic risks, as well as the search for financing opportunities.
Caution Regarding Forward-Looking Statements
Certain statements contained in this news release contain “forward-looking information” and are prospective in nature. Forward-looking information is not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties that could cause actual results to differ materially from the future results expressed or implied by the forward-looking information. Often, but not always, forward-looking information can be identified by the use of forward-looking words such as “plans”, “expects”, “intends”, “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking information contained in this news release includes, but is not limited to, statements relating to the expectations regarding the process for, and timing of, obtaining regulatory approvals; expectations relating to the Offer; and the satisfaction or waiver of the conditions to consummate the Offer.
Although the Offeror and Viston believe that the expectations reflected in such forward-looking information are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking information, and actual results may differ materially from those expressed or implied in such statements. Important factors that could cause actual results, performance or achievements of the Offeror or the completion of the Offer to differ materially from any future results, performance or achievements expressed or implied by such forward-looking information include, among other things, the ultimate outcome of any possible transaction between Viston and Petroteq, including the possibility that Petroteq will not accept a transaction with Viston or enter into discussions regarding a possible transaction, actions taken by Petroteq, actions taken by security holders of Petroteq in respect of the Offer, that the conditions of the Offer may not be satisfied or waived by Viston at the expiry of the Offer period, the ability of the Offeror to acquire 100% of the Common Shares through the Offer, the ability to obtain regulatory approvals and meet other closing conditions to any possible transaction, including any necessary shareholder approvals, potential adverse reactions or changes to business relationships resulting from the announcement, pendency or completion of the Offer transaction or any subsequent transaction, competitive responses to the announcement or completion of the Offer, unexpected costs, liabilities, charges or expenses resulting from the proposed transaction, exchange rate risk related to the financing arrangements, litigation relating to the proposed transaction, the inability to engage or retain key personnel, any changes in general economic and/or industry-specific conditions, industry risk, risks inherent in the running of the business of the Offeror or its affiliates, legislative or regulatory changes, Petroteq’s structure and its tax treatment, competition in the oil & gas industry, obtaining necessary approvals, financial leverage for additional funding requirements, capital requirements for growth, interest rates, dependence on skilled staff, labour disruptions, geographical concentration, credit risk, liquidity risk, changes in capital or securities markets and that there are no inaccuracies or material omissions in Petroteq’s publicly available information, and that Petroteq has not disclosed events which may have occurred or which may affect the significance or accuracy of such information. These are not necessarily all of the important factors that could cause actual results to differ materially from those expressed in any of the Offeror’s forward-looking information. Other unknown and unpredictable factors could also impact its results. Many of these risks and uncertainties relate to factors beyond the Offeror’s ability to control or estimate precisely. Consequently, there can be no assurance that the actual results or developments anticipated by the Offeror will be realized or, even if substantially realized, that they will have the expected consequences for, or effects on, the Offeror, its future results and performance.
Forward-looking information in this news release is based on the Offeror and Viston’s beliefs and opinions at the time the information is given, and there should be no expectation that this forward-looking information will be updated or supplemented as a result of new information, estimates or opinions, future events or results or otherwise, and each of the Offeror and Viston disavows and disclaims any obligation to do so except as required by applicable Law. Nothing contained herein shall be deemed to be a forecast, projection or estimate of the future financial performance of the Offeror or any of its affiliates or Petroteq.
Unless otherwise indicated, the information concerning Petroteq contained herein has been taken from or is based upon Petroteq’s and other publicly available documents and records on file with the Securities Regulatory Authorities and other public sources at the time of the Offer. Although the Offeror and Viston have no knowledge that would indicate that any statements contained herein relating to Petroteq, taken from or based on such documents and records are untrue or incomplete, neither the Offeror, Viston nor any of their respective officers or directors assumes any responsibility for the accuracy or completeness of such information, or for any failure by Petroteq to disclose events or facts that may have occurred or which may affect the significance or accuracy of any such information, but which are unknown to the Offeror and Viston.
Additional Information
This news release relates to a tender offer which Viston, through the Offeror, has made to Shareholders. The Offer is being made pursuant to a tender offer statement on Schedule TO (including the Offer to Purchase and Circular, the Notice of Variation and Extension, the letter of transmittal and other related offer documents) initially filed by Viston on October 25, 2021, and as subsequently amended. These materials, as may be amended from time to time, contain important information, including the terms and conditions of the Offer. Subject to future developments, Viston (and, if applicable, Petroteq) may file additional documents with the SEC. This press release is not a substitute for any tender offer statement, recommendation statement or other document Viston and/or Petroteq may file with the SEC in connection with the proposed transaction.
This communication does not constitute an offer to buy or solicitation of an offer to sell any securities. Investors and security holders of Petroteq are urged to read the tender offer statement (including the Offer to Purchase and Circular, the Notice of Variation and Extension, the letter of transmittal and other related offer documents) and any other documents filed with the SEC carefully in their entirety if and when they become available as they will contain important information about the proposed transaction. Any investors and security holders may obtain free copies of these documents (if and when available) and other documents filed with the SEC by Viston through the web site maintained by the SEC at www.sec.gov or by contacting Kingsdale Advisors, the Information Agent and Depositary in connection with the offer, within North America toll-free at 1-866-581-1024, outside North America at 1-416-867-2272 or by e-mail at This email address is being protected from spambots. You need JavaScript enabled to view it..
Media inquiries:
Hyunjoo Kim
Director, Communications, Marketing & Digital Strategy
Kingsdale Advisors
416-867-2357
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For assistance in depositing Petroteq Common Shares to the Offer:
Kingsdale Advisors
North American Toll Free: 1-866-581-1024
Outside North America: 1-416-867-2272
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www.petroteqoffer.com
HOUSTON--(BUSINESS WIRE)--Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood”) and Oasis Midstream Partners LP (“Oasis Midstream”) announced today that the companies have successfully closed the transactions contemplated by the previously announced merger agreement. As a result of the combination, Crestwood has significantly enhanced its scale and competitive position in the Williston and Delaware Basins, enabling the company to capture expected operational and commercial synergies of approximately $45 million and driving enhanced financial strength and flexibility.
As previously announced, under the terms of the merger agreement, public holders of Oasis Midstream common units will receive 0.8700 Crestwood common units in exchange for each Oasis Midstream common unit. As previously announced, Crestwood unitholders as of the February 7, 2022 record date, including legacy Oasis Midstream unitholders that remain Crestwood unitholders, will receive Crestwood’s $0.625 per limited partner unit distribution, attributed to the fourth quarter 2021 and payable on February 14, 2022. Crestwood will utilize excess available free cash flow from the combined company to make the fourth quarter 2021 distribution payment.
About Crestwood Equity Partners LP
Houston, Texas, based Crestwood Equity Partners LP (NYSE: CEQP) is a master limited partnership that owns and operates midstream businesses in multiple shale resource plays across the United States. Crestwood is engaged in the gathering, processing, treating, compression, storage and transportation of natural gas; storage, transportation, terminalling and marketing of NGLs; gathering, storage, terminalling and marketing of crude oil; and gathering and disposal of produced water. Visit Crestwood Equity Partners LP at www.crestwoodlp.com; and to learn more about Crestwood’s sustainability efforts, please visit https://esg.crestwoodlp.com.
Forward Looking Statements
This press release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal securities law. Such forward-looking statements include, among others, statements regarding the expected synergies and enhanced financial strength and flexibility from the transaction with Oasis Midstream and the timing thereof, and 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. These risks and assumptions are described in Crestwood’s annual reports on Form 10-K and other reports that are available from the United States Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management’s view only as of the date made. We undertake no obligation to update any forward-looking statement, except as otherwise required by law.
Crestwood Equity Partners LP
Investor Contact
Rhianna Disch, 713-380-3006
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Director, Investor Relations
Sustainability and Media Contact
Joanne Howard, 832-519-2211
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Senior Vice President, Sustainability and Corporate Communications
DUBLIN--(BUSINESS WIRE)--The "Nigeria Gas Genset Market Research Report: By Power Rating and Application - Industry Analysis and Growth Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
From an estimated $259.8 million in 2021, the Nigerian gas genset market revenue is set to rise to $514.4 million by 2030, witnessing a CAGR of 7.9% between 2021 and 2030.
The biggest reason behind it will be the rising population and rapid industrialization and urbanization, which are all driving the demand for electricity. Thus, to keep operations running, individuals and commercial and industrial entities are turning to gas gensets.
The need for generators has been strengthened by the inadequate production of electricity at Nigeria's power plants. Moreover, not all of the power that is produced is delivered to users, as the grid infrastructure of the country is rather poor, which results in large transmission losses. Hence, since electricity cuts are a regular feature in the nation, gas gensets continue to witness high sales.
Key Findings of Nigeria Gas Genset Market Report
Gas gensets of power ratings of 1,000 kilovolt-Amperes (kVA) and above witness the highest sales in the nation because of their importance in the energy, manufacturing, and commercial sectors. Commercial applications will witness the fastest growth in the Nigerian gas genset market on account of the high sales of these machines to entities in the telecom and real estate industries.
The growing construction and oil and gas sectors are a key reason for the rising demand for gas gensets. Construction sites, even those that are located in cities, often lack a grid connection, while most oilfields are located at remote places. Therefore, both these sectors require an alternate source of electricity for keeping the machines and operations running nonstop.
The increasing air pollution levels are another key factor behind the high sale of gas gensets in Nigeria. Although gas gensets do emit greenhouse gases (GHGs), the emissions are a lot lower than those of diesel gensets. Thus, with the implementation of strict emission regulations on diesel engines, people in the country are turning to gas gensets, which are, additionally, cheaper to operate because of their high fuel efficiency.
During the COVID-19 pandemic, the Nigerian gas genset market was negatively impacted, as the lockdowns led to the closing of factories and commercial spaces, thereby leading to a reduction in the demand for electricity. Moreover, the restrictions on imports led to a low availability of components with generator manufacturers.
Market Dynamics
Trends
Drivers
Restraints
Opportunities
Impact of COVID-19
Regulatory Framework Analysis
Overview of the Power Sector in Nigeria
Import-Export Analysis
Porter's Five Forces Analysis
In the Nigerian gas genset market, the biggest players include
For more information about this report visit https://www.researchandmarkets.com/r/ptcbnk
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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