NEW YORK, ATLANTA, HOUSTON & LONDON--(BUSINESS WIRE)--Plug Power (NASDAQ: PLUG), Chart Industries, Inc. (NYSE: GTLS) and Baker Hughes (NYSE: BKR), are announcing their intention to become cornerstone investors in the formation of the FiveT Hydrogen Fund (“FiveT” or “the Fund”), a unique new clean-hydrogen-only private infrastructure fund dedicated to delivering clean hydrogen infrastructure projects at scale.
Plug Power intends to commit €160 million ($200 million), and Chart Industries and Baker Hughes each intend to commit €50 million respectively ($60 million), recognising the unique value proposition that FiveT will bring to the hydrogen sector. These investments enable FiveT to establish itself at the heart of the hydrogen industry and help advance a broader global mission to address climate change and accelerate the energy transition. This Euro-denominated Fund, offered only to qualifying and verified investors, has the ambition to raise a total of €1 billion from both financial and industrial investors.
The energy industry and many corporations broadly agree the hydrogen economy needs to build scale at speed to succeed and become a key part of the solution to building a net-zero global economy. Investors have an important role to play in driving success, and smart collaboration between financial and strategic stakeholders in hydrogen infrastructure can unlock the potential of the broader hydrogen economy, accelerating the pace of investment and supporting a net-zero emissions future. Plug Power, Chart Industries and Baker Hughes are early cornerstone investors in the Fund, helping it to establish its market presence and enabling the first stages of its investment activity.
The Fund will exclusively finance projects in the production, storage and distribution of clean hydrogen. Projects will aim to achieve strong infrastructure returns and deliver true sustainability for a lasting impact on environment, society and businesses. The Fund will continually seek alliances with industrial companies looking to build the hydrogen energy supply chain and form alliances to grow projects at scale.
“Plug Power established the first commercial market for fuel cells and is now building the first green hydrogen generation network across the United States,” said Andy Marsh, CEO of Plug Power. “We are now one of the original investors in the first significant fund to support funding hydrogen infrastructure projects. FiveT was an early investor in the hydrogen industry and is leveraging its knowledge and Pierre Etienne’s leadership in the industry to build the team and create the best in class infrastructure fund in this field. We believe this fund will help accelerate the construction of hydrogen infrastructure globally which will support rapid deployment of fuel cell applications.”
“After over 50 years of Chart manufacturing hydrogen equipment, we are thrilled to see the traction that hydrogen is getting as a key power source in the clean energy transition,” stated Jill Evanko, Chart’s CEO and President. “We are participating as an early investor in the FiveT Hydrogen Fund, as we believe this fund will be an important step in the acceleration of the buildout of the global hydrogen infrastructure. Why FiveT Hydrogen? We believe the coupling of Pierre-Etienne Franc’s extensive experience in building the hydrogen marketplace with other key players in the industry is a recipe for success.”
“To drive the energy transition forward requires innovative models for collaboration and investment, and new energy frontiers like hydrogen will progress faster when key players come together,” said Lorenzo Simonelli, chairman and CEO of Baker Hughes. “The FiveT Hydrogen Fund will combine the financial strength as well as the strategic and technical expertise of our companies to help advance hydrogen in new ways. As an energy technology company with almost 60 years’ experience in the hydrogen space, Baker Hughes is pleased to continue our commitment to a net-zero future with our intended investment in FiveT. This is another good example of our approach to new frontiers where we are making calculated, strategic bets to drive the energy transition forward.”
By combining deep financial strength and investment rigor with unparalleled knowledge of and access to the hydrogen market and its technology, the Fund is expected to be a catalyst for both the financing and building of hydrogen infrastructure projects. The Fund is led by Pierre Etienne Franc, who was, up to the 31st of March, the vice president of Hydrogen Energy for Air Liquide and co-secretary of the Hydrogen Council.
“We are very pleased to receive such interest from these highly respected firms. This confirms that this is absolutely the right time to unlock the hydrogen economy potential for society, investors, policy makers and corporates, alike,” said Pierre Etienne Franc, CEO of FiveT Hydrogen Fund. “We all know that this moment in the hydrogen journey requires a very innovative approach to infrastructure investment. FiveT ambition is indeed to put forward a distinctive fund value proposition for financial and industrial LPs wishing to be the hydrogen infrastructure key players. We expect to welcome future commitments from EU and Asian strategic partners who are actively working on infrastructure projects and initiatives,” he added.
FiveT will communicate more broadly about the project in the coming days. The Fund is expected to close in the third quarter 2021, with first cash contributed by investors by early 2022 and drawn as required for investment over several years.
FORWARD-LOOKING STATEMENTS
Certain statements made in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning business plans of Plug Power, Chart Industries and Baker Hughes (hereinafter, collectively and individually referred to as the “Company”), including statements regarding completed acquisitions, cost synergies and efficiency savings, objectives, future orders, revenues, margins, earnings or performance, liquidity and cash flow, capital expenditures, business trends, clean energy market opportunities and governmental initiatives, including executive orders and other information that is not historical in nature. Forward-looking statements may be identified by terminology such as "may," "will," "should," "could," "expects," "anticipates," "believes," "projects," "forecasts," “outlook,” “guidance,” "continue," “target,” or the negative of such terms or comparable terminology.
Forward-looking statements contained in this press release or in other statements made by the Company are made based on management's expectations and beliefs concerning future events impacting the Company and are subject to uncertainties and factors relating to the Company's operations and business environment, all of which are difficult to predict and many of which are beyond the Company's control, that could cause the Company's actual results to differ materially from those matters expressed or implied by forward-looking statements. Factors that could cause the Company’s actual results to differ materially from those described in the forward-looking statements include: the Company’s ability to successfully integrate recent acquisitions and achieve the anticipated revenue, earnings, accretion and other benefits from these acquisitions; slower than anticipated growth and market acceptance of new clean energy product offerings; risks relating to the recent outbreak and continued uncertainty associated with the coronavirus (COVID-19) and the other factors discussed in Item 1A (Risk Factors) in the Company’s most recent Annual Report on Form 10-K filed with the SEC and Quarterly Reports on Form 10-Q, which should be reviewed carefully. The Company undertakes no obligation to update or revise any forward-looking statement.
About Plug Power
Plug Power is building the hydrogen economy as the leading provider of comprehensive hydrogen fuel cell (HFC) turnkey solutions. The company’s innovative technology powers electric motors with hydrogen fuel cells amid an ongoing paradigm shift in the power, energy, and transportation industries to address climate change and energy security, while providing efficiency gains and meeting sustainability goals. Plug Power created the first commercially viable market for hydrogen fuel cell (HFC) technology. As a result, the company has deployed over 40,000 fuel cell systems for e-mobility, more than anyone else in the world, and has become the largest buyer of liquid hydrogen, having built and operated a hydrogen highway across North America. Plug Power delivers a significant value proposition to end-customers, including meaningful environmental benefits, efficiency gains, fast fuelling, and lower operational costs. Plug Power’s vertically integrated GenKey solution ties together all critical elements to power, fuel, and provide service to customers such as Amazon, BMW, The Southern Company, Carrefour, and Walmart. The company is now leveraging its know-how, modular product architecture and foundational customers to rapidly expand into other key markets including zero-emission on-road vehicles, robotics, and data centers.
About Chart Industries, Inc.
Chart Industries, Inc. is a leading independent global manufacturer of highly engineered equipment servicing multiple applications in the Energy and Industrial Gas markets. Our unique product portfolio is used in every phase of the liquid gas supply chain, including upfront engineering, service and repair. Being at the forefront of the clean energy transition, Chart is a leading provider of technology, equipment and services related to liquefied natural gas, hydrogen, biogas and CO2 Capture amongst other applications. We are committed to excellence in environmental, social and corporate governance (ESG) issues both for our company as well as our customers. With over 25 global locations from the United States to Asia, Australia, India, Europe and South America, we maintain accountability and transparency to our team members, suppliers, customers and communities. To learn more, visit http://ir.chartindustries.com/.
About Baker Hughes
Baker Hughes (NYSE: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and with operations in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.
Plug Power - Media Relations:
Ian Martorana
The Bulleit Group
(415) 237-3681
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Chart Industries, Inc. - Investor Relations:
Wade Suki
Director of Investor Relations
832-524-7489
Baker Hughes - Investor Relations:
Jud Bailey
+1 281-809-9088
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Baker Hughes - Media Relations:
Thomas Millas
+1 713-879-2862
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FiveT Hydrogen – Media Relations:
Louisa Feltes – FTI Consulting
+44 7843 385075
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CLARKSTON, Mich.--(BUSINESS WIRE)--#Advisory--SideKick Operators (“SideKick”), the Texas-based strategic investment and advisory firm, is excited to announce its recent partnership with the Oscar W. Larson Company (“Oscar Larson” or the “Company) and Trive Capital (“Trive”). Founded in 1946 and headquartered in Clarkston, Michigan, Oscar Larson is a growing and leading end-to-end provider of installation, testing, inspection, planned maintenance and repair services for fuel infrastructure across North America
SideKick chairman Phil Miner said, “We are thrilled to become partners with the Oscar Larson and Trive team. They put people first and lead with a service first mentality.”
SideKick is a co-investor alongside Trive and the shareholders of the Oscar W. Larson Company. SideKick is also serving as a strategic advisor to the Oscar Larson management team as the company expands nationally and broadens their offerings to better meet the needs of their customers.
President Charles Burns said, “We are excited about our partnership with Trive and Sidekick. Our teams share a passion for unrivaled service. We believe that this is the right combination to accelerate our growth and expansion.”
About SideKick Operators
For more than 4 decades, the partners of SideKick Operators have been building long lasting and sustainable companies across North America. SideKick is a strategic firm investing in mission critical trades providing repair, maintenance, inspection, and testing services. The company joins in partnership with business leaders to build national brand reputations through operational excellence. SideKick comes from a history with a deep rooted appreciation for founder and family-owned businesses.
About Trive Capital
Trive Capital is a Dallas, Texas based private equity firm managing approximately $2 billion in aggregate capital commitments. Trive focuses on investing equity and debt in what it sees as strategically viable middle-market companies with the potential for transformational upside through operational improvement. We seek to maximize returns through a hands-on partnership that calls for identifying and implementing value creation ideas.
The Trive team is comprised of seasoned investment professionals who have been involved in over 100 middle-market transactions representing in excess of $6 billion in revenue across Trive’s targeted industry sectors and situations.
About Oscar Larson
Founded in 1946 and headquartered in Clarkston, Michigan, Oscar Larson is a leading end-to-end equipment distributor and provider of installation, testing, inspection, maintenance and repair services to fuel infrastructure and other customers across the Midwest.
For inquiries, please contact Morgan McGee – This email address is being protected from spambots. You need JavaScript enabled to view it.
Cloud-native and analytics-driven solution is a catalyst for innovation and digital transformation
BURLINGTON, Mass.--(BUSINESS WIRE)--#QMS--ETQ, the leading quality management system (QMS) provider, today announced Reliance NXG, the next generation of the world’s most comprehensive, flexible and proven quality management software for quality-centric customers in manufacturing, life sciences, electronics, food and beverage, automotive, aerospace, and more than a dozen additional industries. The latest version of Reliance is a fully multi-tenant SaaS offering that delivers the limitless power of cloud-native technology to supercharge quality processes and reduce technology risk, while extending the rapid user acceptance for which Reliance is known.
Myriad market dynamics underpinned the strategy behind the development of Reliance NXG, including:
Introducing the Next Generation of ETQ Reliance Quality Management Software
After extensive customer research and analysis of broader industry trends, ETQ has delivered the next generation of Reliance, its flagship quality management system. ETQ customers have long relied on Reliance’s comprehensive, cross-industry portfolio of QMS applications to advance their quality programs and meet critical business goals. With Reliance NXG, customers can now accelerate their quality journey into the resilient and adaptable world of cloud-native quality and safety management, advanced analytics, controlled ubiquitous access and enterprise digital transformation. With a clear product and technology vision ahead, customers will be able to effectively future-proof their quality management systems and provide a powerful catalyst to digital transformation in their organizations.
Notably, the company has developed this release in a way that allows customers to easily upgrade, preserving their existing investments in quality workflows and configurations by building on the strengths of the current code base. This simple and direct path to a cloud-native enterprise software environment is an accomplishment that is unique not only to the quality management world but to enterprise software, in general.
ETQ Reliance NXG provides a comprehensive, flexible and proven software system that can adapt quickly to market shifts, technology changes, and unique customer requirements, and serves as a catalyst for digital transformation through advanced analytics and enterprise-wide integration. Additionally, for digital transformation to take hold in an organization, a genuine next-generation QMS must allow easy and productive engagement of all stakeholders inside and outside the organization to spur continuous improvement and pathways to excellence.
The technological foundation of Reliance NXG is based on four value pillars: usability, flexibility, visibility and scalability, enabled by advanced cloud-native technologies and a transformational vision.
Reliance NXG provides rapid time-to-value to multiple organizational stakeholders. Quality leaders immediately benefit from stronger QMS capabilities and usability to drive higher returns on quality investments across the full product lifecycle. IT leaders will welcome the advanced cloud-native technologies, enhanced security and scalability that support their technical and digital transformation requirements. Senior executives will now have the strategic visibility that drives continuous improvement and a culture of quality throughout the organization.
“With Reliance NXG, we are working with our customers to create a scalable, secure, flexible and analytics-driven quality organization of the future,” said Rob Gremley, CEO, ETQ. “ETQ’s experience in providing comprehensive and agile quality management to a broad range of industries allows us to bring global QMS best-practices to all our customers. In effect, we’re not just selling software, we are selling a future-proof pathway to excellence that starts with the next-generation of quality management.”
Availability
ETQ Reliance NXG is available immediately directly from ETQ and its strategic solution provider partners.
ETQ Reliance NXG Webinar
ETQ will be hosting a webinar on April 21 at 1:00 p.m. ET to present ETQ Reliance NXG. Please register for the webinar here.
About ETQ
ETQ is the leading provider of quality, EHS and compliance management software, trusted by the world’s strongest brands. Nearly 600 global companies, spanning industries including pharmaceuticals, electronics, heavy industry, food and beverage, and medical devices, use ETQ to secure positive brand reputations, deliver higher levels of customer loyalty and enhance profitability. ETQ Reliance offers built-in best practices and powerful flexibility to drive business excellence through quality. Only ETQ lets customers configure industry-proven quality processes to their unique needs and business vision. ETQ was founded in 1992 and has main offices located in the U.S. and Europe. To learn more about ETQ and its various product offerings, visit www.etq.com.
Chris Nahil
ETQ
781-488-5050 ext. 648
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FORT WORTH, Texas--(BUSINESS WIRE)--FTS International, Inc. (NYSE American: FTSI) hosted a leading global automobile manufacturer at its National Operations Center (NOC) in Fort Worth, which serves as the hub for FTSI’s automation platform, to showcase its data and analytics capabilities.
Last month, FTSI initiated its innovative machine health automation technology and KCF MachineIQ™ on its first fleet, working for Devon Energy, and is now rolling out this technology across all its fleets.
While the automotive industry is well known for its automation technologies, FTSI has brought a level of machine health analytics to the industrial space that surpasses even those in global companies several orders of magnitude larger.
“Traditional automation programs follow commands based on simple parameters such as cycle times and speed settings,” explained Larry Carroll, FTSI’s Director of Innovation, “but these traditional programs are blind to machine health faults and catastrophic failure.”
The hydraulic fracturing industry, with its extreme conditions, leaves machinery especially susceptible to breakdowns, which is why FTSI has invested resources over the last three years in the machine learning and analytics necessary to drive more intelligent equipment automation commands. Mr. Carroll continued, “While these fault algorithms and automation commands are helping FTSI today, there’s no reason other industries cannot benefit from the technical foundation we’ve created.”
While the automobile manufacturer’s name remains confidential, one of this global organization’s senior executives commented, “Today’s visit was eye opening. FTSI is at the cutting-edge of machine health innovation.”
About FTS International, Inc.
Headquartered in Fort Worth, Texas, FTS International is a pure-play hydraulic fracturing service company with operations across multiple basins in the United States.
To learn more, visit www.FTSI.com.
Lance Turner
Chief Financial Officer
817-862-2000
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DULUTH, Minn.--(BUSINESS WIRE)--ALLETE Inc. has released its 2020 corporate sustainability report highlighting the company’s performance related to energy and the environment, social responsibility, and best-practices governance.
The enhanced 2020 report includes both a narrative and supporting metrics compiled in accordance with industry guidance on climate-related financial disclosures and sustainability accounting standards. The “2020 Corporate Sustainability Report: People. Planet. Prosperity” makes it easier for investors and other interested individuals and entities to review the progress, accomplishments, opportunities and goals of ALLETE and its business units, ALLETE Clean Energy; BNI Energy; Minnesota Power; and Superior Water, Light and Power.
The report is available here and at https://www.allete.com/Sustainability
“ALLETE is putting sustainability into action while honoring our commitment to the climate, our customers and the communities we serve,” said Bethany Owen, ALLETE president and CEO. “Our strategy is robust and flexible, designed to reduce transitional and physical risks associated with climate change while advancing the clean-energy economy. ALLETE is well positioned to enhance and grow our companies by providing sustainable energy solutions to meet changing societal expectations and evolving regulations.”
Actions the company takes beyond reaching important environmental and climate goals also are critically important to how ALLETE views sustainability.
“Our view of sustainability includes supporting our customers and local communities to foster a healthy, equitable society,” Owen said. “Building strong communities goes hand-in-hand with caring for the environment. People, planet, and prosperity are part of who we are and what we do every day. This report highlights that view, a perspective that includes reducing our carbon profile, extensive community involvement, significant corporate giving and advocacy for the region, and a commitment to advance diversity, equity and inclusion.”
Highlights from ALLETE’s sustainability report:
ALLETE’s corporate sustainability report was compiled in accordance with the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD) and the TCFD Implementation Guide. Additional guidance and information were taken from the Sustainability Accounting Standards Board (SASB), as well as ALLETE’s Edison Electric Institute (EEI) Environmental, Social, and Governance (ESG) report.
ALLETE Inc. is an energy company headquartered in Duluth, Minnesota. In addition to its electric utilities, Minnesota Power and Superior Water, Light and Power of Wisconsin, ALLETE owns ALLETE Clean Energy, based in Duluth, BNI Energy in Bismarck, N.D., and has an 8% equity interest in the American Transmission Co. More information about ALLETE is available at www.allete.com. ALE-CORP
The statements contained in this release and statements that ALLETE may make orally in connection with this release that are not historical facts, are forward-looking statements. Actual results may differ materially from those projected in the forward-looking statements. These forward-looking statements involve risks and uncertainties and investors are directed to the risks discussed in documents filed by ALLETE with the Securities and Exchange Commission.
Investor Contact:
Vince Meyer
Director Investor Relations
218-723-3952
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Amy Rutledge
Manager Corporate Communications
218-723-7400
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Adventist Health facility, located in a community heavily damaged by the 2018 Camp Fire, now delivers safe, reliable and clean energy through solar & microgrid project
HOUSTON & ROSEVILLE, Calif.--(BUSINESS WIRE)--#actwithengie--Adventist Health and ENGIE North America today announced the completion of their solar and microgrid project in Paradise, California. The Feather River Health Care facility includes a one-megawatt hour energy storage system combined with 425 kilowatts of solar and new, permanent back-up generator. The new, integrated system is designed to deliver clean energy while ensuring energy resiliency to continue to serve the community during public safety power shutoff (PSPS) events. Adventist Health’s hospital was heavily damaged by one of the most destructive fires in California history, the 2018 Camp Fire, and the Feather River Health Center is now the main location for healthcare services available on the ridge.
“After our Feather River hospital was severely damaged, we wanted to provide better reliability to the community with new solutions that would allow us to be fully operational during any future power outages,” said Tim Williams, Administrative Director, Physician & Outpatient Services, Adventist Health. “Building long-term resiliency is key in this region impacted by risk of natural disasters and subsequent PSPS events. As energy reliability and resiliency planning becomes paramount across the United States, we are gratified by the outcome of this project, but more importantly proud of the immediate impact it will provide the ridge community.”
In case of a power outage, the microgrid controller energy storage system will isolate the facility from the grid, allowing the facility to be powered by solar, the energy storage system and generator thereby creating a microgrid. The microgrid will use its own internal battery storage to stabilize the facility loads and it will also control the generation from both the solar system and the 250 kW permanent generator, allowing Adventist Health to maintain a stable energy source to the facility during the outage. The transfer of power from the utility to the microgrid happens in less than one second, creating a seamless transfer.
“The transition from traditional back-up power solutions to cleaner, healthier, and more intelligent energy systems has recently become much easier and more attainable for facilities of all sizes -- especially critical in the healthcare field,” said Courtney Jenkins, Vice President and General Manager at ENGIE. “ENGIE is proud to provide a reliable framework for how to meet the energy resiliency needs of hospitals and medical facilities, that by definition need to be the most resilient and safe assets in their communities. Helping to demonstrate the power of solar microgrids at the Feather River Health Center has been a meaningful opportunity to support Adventist Health’s impact to the ridge community.
About Adventist Health
Adventist Health is a faith-based, nonprofit integrated health system serving more than 80 communities on the West Coast and Hawaii as well as others across the U.S. through its Blue Zones company, a pioneer in taking a systemic and environmental approach to improving the health of entire cities and communities. Through this work, Adventist Health is leading a 21st century well-being transformation movement. Founded on Seventh-day Adventist heritage and values, Adventist Health provides care in hospitals, clinics, its innovative Adventist Health Hospital@Home program that provides virtual in-patient care at home, home care agencies, hospice agencies and joint-venture retirement centers in both rural and urban communities. Our compassionate and talented team of 37,000 includes associates, medical staff physicians, allied health professionals and volunteers driven in pursuit of one mission: living God's love by inspiring health, wholeness and hope. Together, we are transforming the American healthcare experience with an innovative, yet timeless, whole-person focus on physical, mental, spiritual and social healing to support community well-being.
About ENGIE North America
ENGIE North America Inc. offers a range of capabilities in the United States and Canada to help our customers achieve their sustainability goals as we work together to shape a sustainable future. Our comprehensive services include helping run facilities more efficiently and optimize energy and other resource use and costs; clean power generation; energy storage; and retail energy supply that includes renewable, demand response, and on-bill financing options. Nearly 100% of the company’s power generation portfolio is low-carbon or renewable. ENGIE S.A. is a global organization focused on low-carbon energy and services, that relies on its key businesses (gas, renewable energy, services) to offer competitive solutions to its customers. With 170,000 employees, along with its customers, partners and stakeholders, the group is committed to accelerating the transition to a carbon-neutral world through reduced energy consumption and more environmentally-friendly solutions. For more information on ENGIE North America, please visit our LinkedIn page or Twitter feed, www.engie-na.com and www.engie.com.
Media Contacts:
Anne Smith
ENGIE North America
408-313-8089
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Laurie Anne Allen
Adventist Health Clear Lake
707-995-5879
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SAN RAMON, Calif.--(BUSINESS WIRE)--Chevron Corporation (NYSE: CVX), one of the world’s leading energy companies, will hold its quarterly earnings conference call on Friday, April 30, 2021 at 11:00 a.m. ET (8:00 a.m. PT).
Conference Call Information:
Date: Friday, April 30, 2021
Time: 11:00 a.m. ET / 8:00 a.m. PT
Dial-in # (Listen-only mode): 929-477-0449 or 888-220-8440
Conference ID #: 7513257
Speakers:
Pierre Breber – Vice President and Chief Financial Officer
Roderick Green – General Manager, Investor Relations
To access the live webcast, visit www.chevron.com.
The meeting replay will also be available on the company website under the “Investors” section.
Chevron Corporation is one of the world’s leading integrated energy companies. Through its subsidiaries that conduct business worldwide, the company is involved in virtually every facet of the energy industry. Chevron explores for, produces, and transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants; manufactures and sells petrochemicals and additives; generates power; and develops and deploys technologies that enhance business value in every aspect of the company’s operations. Chevron is based in San Ramon, Calif. More information about Chevron is available at www.chevron.com.
Media Contact:
Sean Comey
+1 (925) 842-5509
Unanimous court holds that structure of U.S. legal system precludes climate tort litigation
SAN RAMON, Calif.--(BUSINESS WIRE)--Today the United States Court of Appeals for the Second Circuit unanimously ruled that the City of New York’s climate change lawsuit against Chevron and a group of other energy producers is without merit and must be dismissed. The court upheld the federal district court’s decision that the City’s claims are barred, holding that municipalities cannot “utilize state tort law to hold multinational oil companies liable for the damages caused by global greenhouse gas emissions.”
While recognizing that “[g]lobal warming is one of the greatest challenges facing humanity today,” the court explained also that “[g]lobal warming presents a uniquely international problem of national concern” and “therefore is not well-suited to the application of state law.” The court rejected the City’s attempt to regulate and recover damages from the targeted defendants’ “admittedly legal commercial conduct in producing and selling fossil fuels around the world,” and noted that “every single person who uses gas and electricity contributes to global warming.” In the process, the court rejected the City’s attempt to “sidestep” the “numerous federal statutory regimes and international treaties” that “provide interlocking frameworks for regulating greenhouse gas emissions, as well as enforcement mechanisms to ensure that those regulations are followed.”
“Today’s unanimous opinion by a distinguished panel of judges appointed by Presidents from both parties explains in clear detail why the U.S. climate tort lawsuits are meritless, applying established law as agreed upon by the Justice Department under the previous two U.S. Administrations,” said Chevron General Counsel R. Hewitt Pate.
As the court noted, “For over a century, a mostly unbroken string of cases has applied federal law to disputes involving interstate air or water pollution.” And it was fitting, the court concluded, that Congress had, under the Clean Air Act, tasked expert federal agencies with addressing climate change in this “technically complex area of environmental law,” rather than judges, “who lack the scientific, economic, and technological resources to cope with issues of this order.”
Pate added that “Chevron is accelerating its work on today’s energy transition, while continuing to supply oil and natural gas that remains essential for people around the world. We believe that working with the new U.S. Administration, other governments, and other honest stakeholders on constructive global solutions is a better path than meritless, cynical, and wasteful litigation.”
The Court of Appeals’ unanimous decision rejects attempts to invest courts and “vague and indeterminate” state laws with the power to override the extensive and carefully crafted network of federal and international standards that already govern greenhouse gas emissions and promises to keep decisionmaking in this crucial area with the proper federal legislative and agency policymakers. As the Second Circuit explained, “To permit this suit to proceed under state law would further risk upsetting the careful balance that has been struck between the prevention of global warming, a project that necessarily requires national standards and global participation, on the one hand, and energy production, economic growth, foreign policy, and national security, on the other.”
The Second Circuit’s opinion today is the first federal appellate decision on the merits of any of the dozens of near-identical climate change lawsuits that various states, counties, and cities around the country have lodged against Chevron and other energy producers in recent years.
Lead outside counsel for Chevron, Theodore J. Boutrous, Jr., noted that “the unanimous opinion exposes—and correctly rejects—the sleight-of-hand that the plaintiffs have presented to the courts, in which they seek a money judgment based on worldwide emissions that they attribute to the defendants’ lawful energy-producing activities at the same time that they pretend they are not trying to regulate the energy industry. As the Second Circuit found, plaintiffs in these baseless cases cannot use ‘artful pleading’ to escape the fact their claims are federal in nature and legally barred.”
As the court put it: “[T]he City’s complaint whipsaws between disavowing any intent to address emissions and identifying such emissions as the singular source of the City’s harm. But the City cannot have it both ways.” The court firmly rejected the City’s attempts to re-characterize its claims as routine state-law nuisance or misrepresentation torts concerned with local conduct: “Artful pleading cannot transform the City’s complaint into anything other than a suit over global greenhouse gas emissions. It is precisely because fossil fuels emit greenhouse gases—which collectively ‘exacerbate global warming’—that the City is seeking damages.” The court thus rejected the City’s attempts to paint its claims as anything other than an attempt to regulate the national and indeed international energy industry. “Stripped to its essence, then, the question before us is whether a nuisance suit seeking to recover damages for the harms caused by global greenhouse gas emissions may proceed under New York law. Our answer is simple: no.”
Chevron Corporation is one of the world’s leading integrated energy companies. Through its subsidiaries that conduct business worldwide, the company is involved in virtually every facet of the energy industry. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants; manufactures and sells petrochemicals and additives; generates power; and develops and deploys technologies that enhance business value in every aspect of the company’s operations. Chevron is based in San Ramon, Calif. More information about Chevron is available at www.chevron.com.
Braden Reddall, +1-925-413-5671
FORT WORTH, Texas--(BUSINESS WIRE)--Double Eagle III Midco 2 LLC (the “Company” or “Double Eagle”), wholly owned by DoublePoint Energy, LLC (“DoublePoint”), announced that it has entered into a definitive purchase agreement to sell all leasehold interests, subsidiaries and related assets to Pioneer Natural Resources Company (NYSE:PXD) ("Pioneer"). This transaction is valued at approximately $6.4 billion as of April 1, 2021, comprised of approximately 27.2 million shares of Pioneer common stock, $1 billion of cash and approximately $0.9 billion of debt and liabilities. The transaction was unanimously approved by the Board of Directors of each company and is expected to close in the second quarter of 2021, subject to customary closing conditions and regulatory approvals. Double Eagle is backed by equity commitments from funds managed by affiliates of Apollo Global Management, Inc. (NYSE: APO), Quantum Energy Partners, Magnetar Capital, and Blackstone Credit.
Transaction Details
Pioneer will issue approximately 27.2 million shares of common stock in the transaction with an additional $1 billion of cash. After closing, existing Pioneer shareholders will own approximately 89% of the combined company and existing DoublePoint owners will own approximately 11% of the combined company. Pioneer plans to finance the cash portion of the purchase price through a combination of cash on-hand and existing borrowing capacity under its revolving credit facility.
The transaction is structured as the acquisition by a Pioneer subsidiary of 100% of the limited liability company interests of DoublePoint’s wholly owned subsidiary, Double Eagle III Midco 1 LLC.
Cody Campbell and John Sellers, Co-CEO’s of DoublePoint said, “We are proud and appreciative of the work that our team has done to build a company and an asset base that is unparalleled in quality and truly cannot be replicated. We are honored to have the opportunity to combine our business with Pioneer, who we have long admired and regard as the premier operator in the Midland Basin. The fit and the synergies are clear, and we look forward to working with Pioneer to continue creating value.”
Geoffrey Strong, Senior Partner and Co-Head of Infrastructure and Natural Resources of Apollo, commented, “The combination of Pioneer and DoublePoint is compelling from both a financial and operational standpoint and a natural fit for DoublePoint. This acquisition continues the trend of consolidation in the prolific Permian Basin, combining two complementary footprints in a transaction with both top- and bottom-line synergies.”
Dheeraj Verma, President of Quantum Energy Partners added, “Quantum feels very fortunate to have had the opportunity to partner with John, Cody, Josh, Blake, Garrett and their team. Double Eagle built a truly world-class business through strong execution and unmatched creativity. Additionally, we are excited to be shareholders in Pioneer as we are firm believers in their strategy of free cash flow generation that enables a competitive base and strong variable dividend.”
Advisors
J.P. Morgan Securities LLC is serving as lead financial advisor to Double Eagle and sponsors, with Citi and RBC Capital Markets also acting as financial advisors. Vinson & Elkins LLP and Alston & Bird LLP are serving as legal advisors to Double Eagle.
About DoublePoint
DoublePoint is a Fort Worth, Texas based upstream oil and gas company, led by the Double Eagle management team in partnership with FourPoint Energy. DoublePoint is backed by equity commitments from funds managed by affiliates of Apollo Global Management, Inc., Quantum Energy Partners, Magnetar Capital, and Blackstone Credit.
About Apollo Global Management, Inc.
Apollo is a leading global alternative investment manager with offices in New York, San Diego, London, Houston, Bethesda, Los Angeles, Frankfurt, Luxembourg, Madrid, Singapore, Hong Kong, Tokyo, Shanghai, Delhi, and Mumbai. Apollo had assets under management of approximately $455 billion as of December 31, 2020 in its various affiliated private equity, credit, and real estate funds. For more information about Apollo, please visit www.apollo.com.
About Quantum Energy Partners
Founded in 1998, 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, please visit www.quantumep.com. For investor relations, please contact Michael Dalton at (713) 452-2000.
About Magnetar Capital
Founded in 2005, Magnetar is a leading alternative asset manager with approximately $12.9 billion in assets under management as of January 2021. Magnetar's Energy and Infrastructure Group has actively invested in the North American energy and infrastructure sector for 15+ years and has committed over $6 billion across more than 60 private energy, infrastructure and renewables investments. The firm is based in Evanston, Illinois and has offices in London and Houston.
Forward-Looking Statements
This press release contains forward-looking statements based on Double Eagle’s current expectations that involve a number of risks and uncertainties. Generally, forward-looking statements do not relate strictly to historical or current facts and may include words such as “believes,” “will,” “expects,” “anticipates,” “intends” or similar words or phrases. Forward-looking statements in this press release include, but are not limited to, statements regarding the proposed offering and the intended use of proceeds. No forward-looking statement can be guaranteed. Numerous risks, uncertainties and other factors may cause actual results to differ materially from those expressed in any forward-looking statement.
Patrick Leach
Corporate Development – Investor Relations
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LONDON & PARIS & HOUSTON--(BUSINESS WIRE)--TechnipFMC (NYSE: FTI) (PARIS: FTI), a global leader in the energy industry, and Bombora, a leading wave energy technology company, have formed a strategic partnership to develop a floating wave and wind power project in support of a more sustainable future.
The relationship brings together TechnipFMC’s unique technologies and experience delivering complex integrated Engineering, Procurement, Construction and Installation (iEPCI™) projects offshore with Bombora’s patented multi-megawatt mWave™ technology that converts wave energy into electricity.
The partnership will initially focus on TechnipFMC and Bombora’s InSPIRE project. With engineering work initiated in November 2020, the partnership is developing a hybrid system utilizing Bombora’s mWave™ technology. The hybrid system demonstrator will deliver 6 megawatts of combined floating wind and wave power, followed by Series 1 and Series 2 commercial platforms which are expected to deliver 12 and 18 megawatts, respectively.
Jonathan Landes, President Subsea at TechnipFMC, commented: “Our core competencies and integration capabilities make us an ideal system architect and partner in developing renewable energy solutions alongside Bombora’s experience and unique, patented mWave™ technology. We are delighted to work on a project that advances our commitment to the environment while contributing toward a more sustainable future.”
Sam Leighton, Bombora’s Managing Director, said: “Bombora is collaborating with TechnipFMC to accelerate development of our floating integrated mWaveTM platform solutions for commercial wind farms. With TechnipFMC’s extensive track record of delivering large-scale projects to the energy sector and Bombora’s innovative mWaveTM technology, we are confident InSPIRE will play a key role in the offshore energy sector.”
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Important Information for Investors and Securityholders
Forward-Looking Statement
This release contains "forward-looking statements" as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. The words “believe”, “estimated” and other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. Such forward-looking statements involve significant risks, uncertainties and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. For information regarding known material factors that could cause actual results to differ from projected results, please see our risk factors set forth in our filings with the United States Securities and Exchange Commission, which include our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any of our forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by law.
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About TechnipFMC
TechnipFMC is a leading technology provider to the traditional and new energy industries, delivering fully integrated projects, products, and services.
With our proprietary technologies and comprehensive solutions, we are transforming our clients’ project economics, helping them unlock new possibilities to develop energy resources while reducing carbon intensity and supporting their energy transition ambitions.
Organized in two business segments — Subsea and Surface Technologies — we will continue to advance the industry with our pioneering integrated ecosystems (such as iEPCI™, iFEED™ and iComplete™), technology leadership and digital innovation.
Each of our approximately 20,000 employees is driven by a commitment to our clients’ success, and a culture of strong execution, purposeful innovation, and challenging industry conventions.
TechnipFMC uses its website as a channel of distribution of material company information. To learn more about how we are driving change in the industry, go to www.TechnipFMC.com and follow us on Twitter @TechnipFMC.
About Bombora and mWave™
Based in Pembroke Dock in West Wales, Bombora is a leading marine energy company that has developed a membrane style wave energy converter called ‘mWave™’.
mWaveTM can be located in both nearshore and offshore sites with good wave resources to generate sustainable clean energy. mWaveTM is unique among wave energy converters as it simultaneously addresses the ‘cost of energy’ and ‘ocean wave survivability’ challenges while delivering a utility scale solution.
Bombora is currently completing the 1.5 megawatt mWaveTM Pembrokeshire Demonstration Project in Wales, part funded by £13.4 million from the European Regional Development Fund (ERDF) through the Welsh Government.
Bombora is progressing further opportunities in Lanzarote, Japan, Ireland and Australia.
For more information, please visit www.inspireoffshoreenergy.com
Images available on request.
TechnipFMC Contacts
Investor relations
Matt Seinsheimer
Vice President Investor Relations
Tel: +1 281 260 3665
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James Davis
Senior Manager Investor Relations
Tel: +1 281 260 3665
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Media relations
Nicola Cameron
Vice President Corporate Communications
Tel: +44 1383 742297
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Brooke Robertson
Public Relations Director
Tel: +1 281 591 4108
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Bombora Contacts
Sam Leighton
Managing Director
T: +44 1646 233140
M: +44 7981 844125
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Ffion Wright
Marketing and Communications Manager
T: +44 1646 233140
M: +44 7890 636898
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KIYOSU, Japan--(BUSINESS WIRE)--Toyoda Gosei Co., Ltd. (TOKYO: 7282) has formulated new medium and long-term CO2 reduction targets it calls “Targets 50 & 50.” It has also set CO2 reduction targets in its 7th Environmental Action Plan1 covering the five years until 2025, and is accelerating efforts for decarbonization.
In moving toward carbon neutrality, Toyoda Gosei set the target of zero CO2 emissions by 2050 in its TG 2050 Environmental Challenge. As a milestone on the way to that goal, it aims to cut CO2 emissions in half by 2030 compared with FY2015 levels. A major part of that effort will be to increase the use of electricity from renewable sources to 50%. These are Toyoda Gosei’s Targets 50 & 50—a 50% decrease in CO2 emissions and 50% renewable energy use. The company is introducing power facilities that use green energy sources and energy-saving production equipment at each plant, implementing production technology innovations such as more compact equipment, and developing products for electric vehicles to increase efficiency. As a target for 2025, it aims to cut CO2 emissions by 25% (compared with FY2015 levels) based on the 7th Environmental Action Plan.
To fulfill its responsibility to explain the risks and opportunities brought about by climate change for its business to stakeholders, the company has completed disclosure of recommended items2 based on the proposals of the Task Force on Climate-related Financial Disclosures (TCFD).3
To help stakeholders better understand Toyoda Gosei’s efforts in this area, the company held an ESG briefing for institutional investors on April 5.
Toyoda Gosei will continue to make its business activities more environment-friendly in helping to bring about a sustainable society.
1 |
Targets include reducing CO2 emissions by 25% compared with 2015 levels. |
2 |
Also posted on the company’s website |
3 |
An organization that seeks disclosure of financial information related to companies’ efforts or impacts with respect to climate change. The awareness that climate change affects financial markets is spreading, and TCFD was established by the Financial Stability Board comprising the financial authorities of major countries. |
Toyoda Gosei Co., Ltd.
Contact: Yusuke Kawahito
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HOUSTON--(BUSINESS WIRE)--Sunnova Energy International Inc. ("Sunnova") (NYSE: NOVA), one of the leading U.S. residential solar and storage service providers, announced today that it completed its previously announced acquisition of SunStreet Energy Group, LLC, Lennar Corporation’s (“Lennar”) (NYSE: LEN and LEN.B) residential solar platform (“SunStreet”), and has become Lennar’s exclusive residential solar and storage service provider for new home communities with solar across the country. Additionally, as part of the transaction, Lennar committed to provide tax equity investments to support Sunnova’s homebuilder customer pipeline.
"We are excited to welcome SunStreet’s team and customers to our Sunnova family and look forward to accelerating the adoption of residential solar and storage service on new homes across the United States,” said William J. (John) Berger, Chief Executive Officer of Sunnova. “Under Sunnova’s ownership, we will bring SunStreet’s proven track record of high-quality, timely installations to even more homebuilders, and deliver existing SunStreet customers the option for new energy services through the addition of battery storage and other core Sunnova offerings. This transaction positions Sunnova to propel customer growth while simultaneously scaling our business and positioning us as a market leader in the homebuilder industry."
SunStreet has a distinct understanding of homebuilding operations that has earned the company a reputation for being a proven leader in the residential solar market for homebuilders. This acquisition provides a new strategic path that will allow Sunnova to generate significant stockholder value, increase customer growth, and develop clean and resilient residential microgrids. As Sunnova’s business impact grows, so too will its positive social and environmental impact, helping the company achieve its overarching mission of powering energy independence.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expect," "plan," "anticipate," "going to," "could," "intend," "target," "project," "contemplates," "believe," "estimate," "predict," "potential" or "continue" or the negative of these words or other similar terms or expressions. Similarly, statements herein that describe the acquisition, including its financial and operational impact, impacts on stockholder value or customer growth, and other statements of the parties’ or management’s plans, expectations, objectives, projections, beliefs, intentions, goals, and statements about the benefits of the acquisition, statements that describe the strategic partnership, including its financial and operational impact, the terms of the strategic partnership, including exclusivity and duration, new energy technologies, any commitments with respect to tax equity, the ownership of Sunnova stock by Len X, LLC (“LENX”), the scaling of Sunnova’s business, potential customer growth, market position and other statements that are not historical facts are also forward-looking statements. It is uncertain whether any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what impact they will have on the results of operations and financial condition of Sunnova, SunStreet, Lennar, LENX or the price of Sunnova stock or Lennar stock. Sunnova's expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including, but not limited to, the unpredictability of the commercial success of Sunnova’s, SunStreet’s, Lennar’s or LENX’s respective businesses or operations; potential adverse reactions or changes to business or employee relationships, including those resulting from the completion of the acquisition; the risk that any announcements relating to the acquisition could have adverse effects on the market price of common stock of Sunnova; the favorability to either party of the terms of the strategic partnership, the ability to successfully integrate the businesses; the ability of Sunnova to implement its plans, forecasts and other expectations with respect to SunStreet’s business or the strategic partnership following the completion of the acquisition and realize expected benefits; the diversion of management’s attention from ongoing business operations and opportunities; the impact of COVID-19; competition and fluctuations in the solar and home-building markets; availability of capital; ability to attract and retain dealers and customers and our dealer and strategic partner relationships; and litigation relating to the acquisition and the strategic partnership. These forward-looking statements speak only as of the date of this communication, and Sunnova expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Sunnova’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Please refer to the publicly filed documents of Sunnova and Lennar, including the most recent Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q, for additional information about Sunnova and Lennar and about the risks and uncertainties related to the businesses of Sunnova and Lennar which may affect the statements made in this communication.
About Sunnova
Sunnova Energy International Inc. (NYSE: NOVA) is a leading residential solar and energy storage service provider with customers across the U.S. and its territories. Sunnova's goal is to be the source of clean, affordable and reliable energy with a simple mission: to power energy independence so that homeowners have the freedom to live life uninterruptedTM.
Investor & Analyst Contact
Rodney McMahan
Vice President, Investor Relations
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281.971.3323
Press & Media Contact
Alina Eprimian
Media Relations Manager
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RHOME, Texas--(BUSINESS WIRE)--#Circulareconomy--A-Gas has completed the construction of its latest refrigeration separation towers at its Rhome, Texas plant, located outside of Dallas/Fort Worth. The multi-million-dollar project, which began last year, represents A-Gas’ continued commitment to deliver cutting-edge technology aimed at substantially increasing the quantity of reclaimed refrigerant gases.
The new separators are expected to be operational in April and will more than double the separation capacity at the current site. Mike Armstrong, President, A-Gas in the Americas commented: “The demand for high-quality reclaimed refrigerants grows yearly. As the United States prepares to enter its virgin HFC phasedown, this system will provide an efficient and valuable service to our customers and supply partners. Industry experts know that refrigerants saved from disposal and returned to use as reclaimed gas can make a direct contribution to the reduction in use of virgin refrigerants and help the industry manage within the limits imposed by the phasedown.”
The new equipment will enable reclamation of mixed refrigerants received from customers across the United States. Even the most complicated mixes of refrigerants, including HCFCs, HFCs, and HFOs can be separated into valuable components and reconstituted into AHRI-700 certified products through this technology. In bringing this capability online, millions of pounds of refrigerant can be safely returned to the marketplace annually.
Using reclaimed material is part of the cooling industry’s sustainable future. Through the increased recovery and reclamation of refrigerants A-Gas is putting in place the building blocks to adopt a more holistic approach. Taylor Ferranti, Vice President of Refrigerants at A-Gas noted, “This technology ushers in a new era of green refrigerants in the United States and ensures our valued customers access to a long-term, sustainable supply of reclaimed refrigerants for all of their needs, in a highly efficient, and environmentally friendly way. Our investment reflects our commitment to the circular economy, to find and recover product through our Rapid Recovery network and reprocess that material for future use.”
Taylor continues, “The use of reclaimed materials reduces the need to produce virgin refrigerants. Through utilizing existing product, we are able to minimize waste, extend product lifecycles, limit emissions and provide more environmentally conscious solutions to our customers. It’s a safe and effective means to support businesses that are looking to lower their environmental impact, while providing progressive refrigerant management in North America.”
A-Gas is leading the way in managing the refrigerant lifecycle process through its reclamation capability, while continuing to source the next generation products to support their customers who are ready to transition to an alternative refrigerant.
About A-Gas:
A-Gas (U.S.), headquartered in Bowling Green, Ohio, is a trading subsidiary of A-Gas International (headquartered in Bristol, UK) and is the World’s largest refrigerant recovery and reclamation company. The company’s core business offers environmental solutions and lifecycle management services for ozone depleting substances and global warming agents including CFCs, HCFCs, HFCs and Halons in the HVAC/Refrigeration and Fire Suppression Industries. For more information about A-Gas, please visit www.agas.com/us
Jaclyn Schilkey
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419-704-4737
DALLAS & HOUSTON--(BUSINESS WIRE)--Energy Transfer LP (NYSE: ET) and Centurion Pipeline L.P. ("Centurion") announced today that they will post a joint tariff for crude oil transportation service from ET’s terminals in Platteville, Colorado and Cushing, Oklahoma to ET’s Nederland, Texas terminal.
The joint tariff service utilizes existing ET and Centurion pipeline assets that will be linked together via new connections in Oklahoma. The joint tariff service is expected to commence service by June 1, 2021. The joint tariff service may also be expanded to include an origin point of Guernsey, Wyoming. For parties interested in becoming a committed shipper, please contact Misbah Tukdi at This email address is being protected from spambots. You need JavaScript enabled to view it. or Scott Hutson at This email address is being protected from spambots. You need JavaScript enabled to view it..
About Energy Transfer LP
Energy Transfer LP (NYSE: ET) owns and operates one of the largest and most diversified portfolios of energy assets in the United States, with a strategic footprint in all of the major domestic production basins. ET is a publicly traded limited partnership with core operations that include complementary natural gas midstream, intrastate and interstate transportation and storage assets; crude oil, natural gas liquids (NGL) and refined product transportation and terminalling assets; NGL fractionation; and various acquisition and marketing assets. ET, through its ownership of Energy Transfer Operating, L.P., also owns Lake Charles LNG Company, as well as the general partner interests, the incentive distribution rights and 28.5 million common units of Sunoco LP (NYSE: SUN), and the general partner interests and 46.1 million common units of USA Compression Partners, LP (NYSE: USAC). For more information, visit the Energy Transfer website at energytransfer.com.
About Centurion Pipeline L.P.
Centurion Pipeline L.P. is a crude oil pipeline operator that owns and operates approximately 3,000 miles of pipeline extending from southeast New Mexico across the Permian Basin of West Texas to delivery points at Midland, Texas, Cushing, Oklahoma, and Crane, Texas. With a significant crude oil storage facility in Midland, TX that has the capability to store approximately two million barrels of multiple qualities of crude oil, the company is well positioned to accommodate customer demand and provide connectivity to every long-haul pipeline from the Permian to the Texas Gulf Coast. Centurion is a wholly owned subsidiary of Lotus Midstream, LLC.
Energy Transfer Forward-Looking Statements
This news release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal law. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management’s control. An extensive list of factors that can affect future results are discussed in the Partnership’s Annual Report on Form 10-K and other documents filed from time to time with the Securities and Exchange Commission, including the Partnership’s Quarterly Report on Form 10-Q to be filed for the current period. In addition to the risks and uncertainties previously disclosed, the Partnership has also been, or may in the future be, impacted by new or heightened risks related to the COVID-19 pandemic, and we cannot predict the length and ultimate impact of those risks. The Partnership undertakes no obligation to update or revise any forward-looking statement to reflect new information or events.
Energy Transfer Contacts
Investor Relations:
Bill Baerg
Brent Ratliff
Lyndsay Hannah
214-981-0795
Media Relations:
Vicki Granado
214-840-5820
Centurion Contact
Media Contact:
Casey Nikoloric
303.507.0510 m
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COLUMBUS, Ind.--(BUSINESS WIRE)--Today, Cummins Inc. (NYSE: CMI) Chairman and CEO, Tom Linebarger issued the following statement:
“Cummins supports the Business Roundtable’s recent statement on the importance of voting, and we agree “the right to vote is the essence of a democratic society.” We are active in, and support, efforts to advance voter accessibility and to make this fundamental right more broadly available. We are stronger as a nation when more people vote and are engaged in the civic process. We believe efforts to restrict voting access are discriminatory, largely aimed at our Black and brown citizens, and have no place in the inclusive communities we are committed to building.
We stand today as advocates for inclusion and equity, as we did in 1963 when our then CEO J. Irwin Miller supported Martin Luther King Jr.’s March on Washington. We have a proud and long history of advocacy for those who are marginalized and oppressed, and we will continue to speak out on their behalf. Diversity, equity and inclusion make our communities stronger and more vibrant. We call on elected officials – at the federal, state and local levels – to advance efforts to provide greater voting access. We also call on leaders of companies and communities in every state around the country to do their part to make it clear that we will not tolerate discriminatory voting practices.
Voting is a core civil rights issue, and we have been engaged in this battle far too long. We will not stop until voting is accessible to all people in our country. Anything less diminishes our democracy.”
About Cummins Inc.
Cummins Inc., a global power leader, is a corporation of complementary business segments that design, manufacture, distribute and service a broad portfolio of power solutions. The company’s products range from diesel, natural gas, electric and hybrid powertrains and powertrain-related components including filtration, aftertreatment, turbochargers, fuel systems, controls systems, air handling systems, automated transmissions, electric power generation systems, batteries, electrified power systems, hydrogen generation and fuel cell products. Headquartered in Columbus, Indiana (U.S.), since its founding in 1919, Cummins employs approximately 57,825 people committed to powering a more prosperous world through three global corporate responsibility priorities critical to healthy communities: education, environment and equality of opportunity. Cummins serves its customers online, through a network of company-owned and independent distributor locations, and through thousands of dealer locations worldwide and earned about $1.8 billion on sales of $19.8 billion in 2020. See how Cummins is powering a world that’s always on by accessing news releases and more information at https://www.cummins.com/always-on.
Jon Mills
Cummins Inc.
Phone: 317-658-4540
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TAMPA, Fla.--(BUSINESS WIRE)--Overseas Shipholding Group, Inc. (NYSE: OSG) (the “Company” or “OSG”) announces that it has filed its Annual Report on Form 10-K today and that it will host a conference call to discuss its fourth quarter and full year 2020 results at 9:30 a.m. Eastern Time (“ET”) on Wednesday, April 7, 2021.
To access the call, participants should dial (844) 850-0546 for domestic callers and (412) 317-5203 for international callers. Please dial in ten minutes prior to the start of the call.
A live webcast of the conference call will be available from the Investor Relations section of the Company’s website at http://www.osg.com.
An audio replay of the conference call will be available starting at 11:30 a.m. ET on Wednesday, April 7, 2021 by dialing (877) 344-7529 for domestic callers and (412) 317-0088 for international callers and entering Access Code 10153746.
About Overseas Shipholding Group, Inc
Overseas Shipholding Group, Inc. (NYSE: OSG) is a publicly traded company providing energy transportation services for crude oil and petroleum products in the U.S. Flag markets. OSG is a major operator of tankers and ATBs in the Jones Act industry. OSG’s 22 vessel U.S. Flag fleet consists of three crude oil tankers doing business in Alaska, two conventional ATBs, two lightering ATBs, three shuttle tankers, ten MR tankers, and two non-Jones Act MR tankers that participate in the U.S. Maritime Security Program. OSG also currently owns and operates two Marshall Islands flagged MR tankers which trade internationally.
OSG is committed to setting high standards of excellence for its quality, safety and environmental programs. OSG is recognized as one of the world’s most customer-focused marine transportation companies and is headquartered in Tampa, FL. More information is available at www.osg.com.
Investor Relations & Media Contact:
Susan Allan, Overseas Shipholding Group, Inc.
(813) 209-0620
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RICHMOND, Va.--(BUSINESS WIRE)--NewMarket Corporation (NYSE: NEU) announced today it expects to release first quarter 2021 earnings at the close of business on Wednesday, April 21, 2021. The earnings announcement will also be available on the Company’s website at www.NewMarket.com the following day. A conference call and Internet webcast is scheduled for 3:00 pm EDT on Thursday, April 22, 2021 to review first quarter 2021 financial results.
You can access the conference call live by dialing 1-844-369-8770 (domestic) or 1-862-298-0840 (international) and requesting the NewMarket conference call. To avoid delays, callers should dial in five minutes early. A teleconference replay of the call will be available until April 29, 2021 at 3:00 p.m. EDT by dialing 1-877-481-4010 domestic and 1-919-882-2331 international. The replay passcode is 40638.
The call will also be broadcast via the Internet and can be accessed through the Company’s website at www.NewMarket.com or https://www.webcaster4.com/Webcast/Page/2001/40638 . A webcast replay will be available for 30 days.
NewMarket Corporation through its subsidiaries, Afton Chemical Corporation and Ethyl Corporation, develops, manufactures, blends, and delivers chemical additives that enhance the performance of petroleum products. From custom-formulated additive packages to market-general additives, the NewMarket family of companies provides the world with the technology to make engines run smoother, machines last longer, and fuels burn cleaner.
NewMarket Corporation
Investor Relations
Brian D. Paliotti, 804-788-5555
Fax: 804-788-5688
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
DALLAS--(BUSINESS WIRE)--Pioneer Natural Resources Company (NYSE:PXD) ("Pioneer" or "the Company") today announced that it has entered into a definitive purchase agreement to acquire the leasehold interests and related assets of DoublePoint Energy (DoublePoint) in a transaction valued at approximately $6.4 billion as of April 1, 2021, comprised of approximately 27.2 million shares of Pioneer common stock, $1 billion of cash and the assumption of approximately $0.9 billion of debt and liabilities.
Scott D. Sheffield, Pioneer’s CEO stated, “DoublePoint has amassed an impressive, high quality footprint in the Midland Basin, comprised of tier one acreage adjacent to Pioneer’s leading position. We are pleased with their decision to become long-term partners with Pioneer in a transaction that will complement our unmatched position in the core of the Permian Basin. Pioneer will incorporate these assets into our investment model, migrating the assets from significant production growth to a free cash flow model, moderating growth for the U.S. shale industry and generating significant value for our shareholders.”
Transaction Enhances Investment Framework
Geoffrey Strong, Senior Partner and Co-Head of Infrastructure and Natural Resources at Apollo, commented, “The combination of Pioneer and DoublePoint is compelling from both a financial and operational standpoint and a natural fit for DoublePoint. This acquisition continues the trend of consolidation in the prolific Permian Basin, combining two complementary footprints in a transaction with both top- and bottom-line synergies.” Dheeraj Verma, President of Quantum Energy Partners added, “we are firm believers in Pioneer’s strategy of free cash flow generation, which enables a competitive base and strong variable dividend.”
Cody Campbell and John Sellers, Co-CEO’s of DoublePoint Energy said, “We are proud and appreciative of the work that our team has done to build a company and an asset base that is unparalleled in quality and truly cannot be replicated. We are honored to have the opportunity to combine our business with Pioneer, who we have long admired and regard as the premiere operator in the Midland Basin. The fit and the synergies are clear, and we look forward to working with Pioneer to continue creating value.”
Transaction Details
Pioneer will issue approximately 27.2 million shares of common stock in the transaction with an additional $1 billion of cash. After closing, existing Pioneer shareholders will own approximately 89% of the combined company and existing DoublePoint owners will own approximately 11% of the combined company. Pioneer plans to finance the cash portion of the purchase price through a combination of cash on-hand and existing borrowing capacity under its revolving credit facility.
The transaction has been unanimously approved Pioneer’s Board of Directors and is expected to close in the second quarter of 2021, subject to customary closing conditions and regulatory approvals.
The transaction is structured as the acquisition by a Pioneer subsidiary of 100% of the limited liability company interests of DoublePoint’s wholly owned subsidiary, Double Eagle III Midco 1 LLC.
Webcast Discussion
In conjunction with this release, the Company posted a pre-recorded webcast and associated investor presentation to its website.
To view the webcast and associated presentation, visit www.pxd.com > Investors > Earnings & Webcasts.
To access the presentation slides, visit www.pxd.com > Investors > Investor Presentations.
The webcast will be archived on Pioneer’s website and can be accessed here. This replay will be available through April 27, 2021.
Pioneer is a large independent oil and gas exploration and production company, headquartered in Dallas, Texas, with operations in the United States. For more information, visit Pioneer’s website at www.pxd.com.
DoublePoint Energy is a Fort Worth, Texas based upstream oil and gas company, led by the Double Eagle management team in partnership with FourPoint Energy. DoublePoint is backed by equity commitments from Apollo Global Management, Inc. (NYSE: APO), Quantum Energy Partners, Magnetar Capital, and GSO Capital Partners, LP.
Cautionary Statement Regarding Forward-Looking Information
Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements and the business prospects of Pioneer are subject to a number of risks and uncertainties that may cause Pioneer’s actual results in future periods to differ materially from the forward-looking statements. These risks and uncertainties include, among other things, the risk that the companies’ businesses will not be integrated successfully; the risk that the cost savings, synergies and growth from the proposed transaction may not be fully realized or may take longer to realize than expected; the diversion of management time on transaction-related issues; the effect of future regulatory or legislative actions on the companies or the industries in which they operate, including the risk of new restrictions with respect to development activities on the companies’ assets; the risk that Pioneer’s credit ratings may be different from what the Company expects; the risk that a party to the transaction may be unable to obtain governmental and regulatory approvals required for the proposed transaction, or that required governmental and regulatory approvals may delay the proposed transaction or result in the imposition of conditions that could reduce the anticipated benefits from the proposed transaction or cause the parties to abandon the proposed transaction; the risk that a condition to closing of the proposed transaction may not be satisfied; the length of time necessary to consummate the proposed transaction, which may be longer than anticipated for various reasons; potential liability resulting from pending or future litigation; changes in the general economic environment, or social or political conditions, that could affect the businesses; the potential impact of the announcement or consummation of the proposed transaction on relationships with customers, suppliers, competitors, management and other employees; the effect of this communication on Pioneer stock price; transaction costs; volatility of commodity prices; product supply and demand; the impact of a widespread outbreak of an illness, such as the COVID-19 pandemic, on global and U.S. economic activity; competition; the ability to obtain environmental and other permits and the timing thereof; the ability to obtain approvals from third parties and negotiate agreements with third parties on mutually acceptable terms; potential liability resulting from pending or future litigation; the costs and results of drilling and operations; availability of equipment, services, resources and personnel required to perform the companies’ drilling and operating activities; access to and availability of transportation, processing, fractionation, refining, storage and export facilities; Pioneer's ability to replace reserves; implement its business plans or complete its development activities as scheduled; access to and cost of capital; the financial strength of counterparties to Pioneer's credit facility, investment instruments and derivative contracts and purchasers of the companies’ oil, natural gas liquids and gas production; uncertainties about estimates of reserves; identification of drilling locations and the ability to add proved reserves in the future; the assumptions underlying forecasts, including forecasts of production, cash flow, well costs, capital expenditures, rates of return, expenses, cash flow and cash flow from purchases and sales of oil and gas, net of firm transportation commitments; sources of funding; tax rates; quality of technical data; environmental and weather risks, including the possible impacts of climate change; cybersecurity risks; the risks associated with the ownership and operation of the Company's oilfield services businesses and acts of war or terrorism. These and other risks are described in Pioneer's Annual Report on Form 10-K for the year ended December 31, 2020, Quarterly Reports on Form 10-Q filed thereafter and other filings with the United States Securities and Exchange Commission. In addition, the companies may be subject to currently unforeseen risks that may have a materially adverse effect on the combined company. Accordingly, no assurances can be given that the actual events and results will not be materially different than the anticipated results described in the forward-looking statements. Pioneer undertakes no duty to publicly update these statements except as required by law.
Pioneer Natural Resources Company Contacts:
Investors
Neal Shah – 972-969-3900
Tom Fitter – 972-969-1821
Michael McNamara – 972-969-3592
Greg Wright – 972-969-1770
Media and Public Affairs
Tadd Owens – 972-969-5760
DAVIDSON, N.C.--(BUSINESS WIRE)--Ingersoll Rand Inc. (NYSE:IR), a global provider of mission-critical flow creation and industrial solutions, completed the majority interest sale of its High Pressure Solutions (HPS) Segment to the private equity firm American Industrial Partners (AIP), effective April 1. Use of Ingersoll Rand Execution Excellence (IRX) accelerated the timeline to complete the complex transaction and enabled Ingersoll Rand to over deliver on its commitment to close in the first half of 2021.
Ingersoll Rand will retain a 45% common equity interest in the business in accordance with the agreement to sell a majority interest in HPS for approximately $300 million, which the company will use to support core, sustainability-oriented growth initiatives.
This transaction significantly reduces Ingersoll Rand’s direct exposure to the upstream oil and gas market to non-material revenue exposure of <2% of total expected 2021 revenue. In addition:
About Ingersoll Rand Inc.
Ingersoll Rand Inc. (NYSE:IR), driven by an entrepreneurial spirit and ownership mindset, is dedicated to helping make life better for our employees, customers and communities. Customers lean on us for our technology-driven excellence in mission-critical flow creation and industrial solutions across 40+ respected brands where our products and services excel in the most complex and harsh conditions. Our employees develop customers for life through their daily commitment to expertise, productivity and efficiency. For more information, visit www.IRCO.com.
About American Industrial Partners
American Industrial Partners is an operationally oriented private equity firm that makes control investments in industrial businesses serving domestic and global markets. The firm has deep roots in the industrial economy and has been active in private equity investing since 1989. To date, AIP has completed over 100 transactions and currently has more than $7 billion of assets under management on behalf of leading pension, endowment, and financial institutions. For more information on AIP, visit www.americanindustrial.com.
Forward-Looking Statements
This news release contains “forward-looking statements” as that term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995, including but not limited to, statements that relate to the sale of the majority of assets of the High Pressure Solutions segment and the expected benefits of the transaction. These forward-looking statements are based on Ingersoll Rand’s current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially from these current expectations. Such risks and uncertainties, include, but are not limited to: our ability to fully realize the expected benefits of the transaction; negative effects of announcement or consummation of the transaction on the market price of the company’s common stock; significant transaction costs and/or unknown liabilities; general economic and business conditions that may impact the companies in connection with the transaction; unanticipated expenses such as litigation or legal settlement expenses; changes in capital market conditions; and the impact of the transaction on the company’s employees, customers and suppliers. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Additional factors that could cause Ingersoll Rand’s results to differ materially from those described in the forward-looking statements can be found under the section entitled “Risk Factors” in its most recent annual report on Form 10-K filed with the Securities and Exchange Commission (“SEC”), as such factors may be updated from time to time in its periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. The foregoing list of important factors is not exclusive.
Any forward-looking statements speak only as of the date of this release. Ingersoll Rand undertakes no obligation to update any forward-looking statements, whether as a result of new information or development, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.
Media:
Misty Zelent
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Investors:
Chris Miorin
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The impact of the Electrification of Africa could be bigger than the Industrial Revolution
MONTREAL--(BUSINESS WIRE)--#ANSER--Jonathan Kalombo Tshimpaka, the Founder & CEO of Insolation Solaire Inc., a Canadian solar energy startup, signed a Public Private Partnership [PPP] with the Democratic Republic of Congo to deploy its novel solar optical module technology called “Oriens Duo” to test its innovative technology in rural areas of the DRC.
ANSER's, the government’s agency assigned to promote the electrification of Congo’s rural sectors, goal is to supply electricity to approximately 15 million inhabitants living in rural areas by 2024.
ANSER is the state entity that signed the Protocol of Agreement with Insolation Solaire Inc. This partnership will commence with a Pilot Project in an area named Kabeya Kamuanga, in the province of Kasaï in May 2021.
Oriens Duo was invented by the Chief Technical Officer (CTO) of Insolation Solaire Inc., Gilles Leduc. It uses 40% efficient Quantum Dot Triple Junction solar cells coupled with a Winston Cone to concentrate solar radiations towards the substrate. Furthermore, Oriens Duo includes a mechanism of heat transfer to produce thermal energy as a byproduct for the end user, which makes it a hybrid system. The technology enables air conditioner as well, which will be immensely appreciated in Congo where temperatures are very hot and humid.
Insolation Solaire Inc. has captured the essence of evolution and is setting a new standard in the solar industry. As the African market is growing at a staggering rate, the development of novel technologies using a methodology resembling that of Oriens Duo is practically non-existent. Consequently, it is an unprecedented opportunity for Insolation Solaire Inc. to capitalize and forge an enduring empire fueled by the sun.
The political climate of the Democratic Republic of Congo has been stabilizing since the peaceful and mindful strategist, President Felix Antoine Tshilombo Tshisekedi, has been in power and recently been elevated to the status of President of the African Union.
“I believe that President Tshisekedi can unite Africa. Congo being the heart and the trigger of Africa, our work could send shockwaves of a modernization across the continent. Hence, I am wholeheartedly welcoming North American investors to help lay the foundation of this magnificent project,” said the 32 years old CEO, Jonathan Kalombo Tshimpaka.
438-378-7284
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Jonathan K. Tshimpaka
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