Company Plans to Achieve 100% Recyclable, Reusable or Compostable Meal Kit Packaging by 2025
NEW YORK--(BUSINESS WIRE)--Blue Apron (NYSE: APRN) today announced a new sustainable packaging goal for its meal kit boxes of 100% recyclable, reusable or compostable by the end of 2025. The company also strives to use 75% post-consumer recycled content, by weight, in its meal kit boxes by the end of 2025.
By establishing these goals, Blue Apron is the first major meal kit company in the United States to announce time-bound targets around packaging goals.
“With these new goals, we are building on our history of sustainability through food waste reduction, packaging improvements, and ingredient standards,” said Linda Findley Kozlowski, Blue Apron’s President and Chief Executive Officer. “We estimate that our meal kit packaging is currently 85% recyclable by weight, and we are the first major meal kit company in the United States to use only drain safe frozen gel packs in all of our boxes. While we’ve made significant progress, we recognize that our next big opportunity is further improvements in packaging across our business.”
Delivering high-quality, responsibly-sourced ingredients while minimizing environmental impact has always been a priority at Blue Apron. The company became the first major meal kit company to join the U.S. Food Loss & Waste 2030 Champions in 2016, and it estimates that it had exceeded its goal of reducing food waste in its fulfilment center operations by 50% between 2017 and 2019. In addition, cooking Blue Apron meal kit recipes could reduce a person’s carbon footprint by an estimated 25%, compared to preparing the same meal from ingredients purchased from a grocery store.* The company is also the only major meal kit company in the United States to have publicly established goals around animal welfare standards.
Setting the new packaging goals is one of the priorities of Blue Apron’s corporate social and environmental impact program, Aprons For All. The company is dedicated to managing the environmental and social impacts of its business to support an ethical, resilient food system. To learn more about Aprons For All, visit blog.blueapron.com/aprons-for-all.
“Carbon offsets are not the sole solution to improving sustainability,” continued Findley Kozlowski. “We are working to reduce the environmental impact of the full production and waste process in our operations to minimize our impact right from the start of the cycle.”
To achieve its new packaging goals for its meal kits, Blue Apron plans to continue to build on its progress by:
Full details of Blue Apron’s packaging commitment can be found at blog.blueapron.com/sustainable-packaging-goals.
*According to a University of Michigan paper published in 2019, which can be found at https://bit.ly/3x5pGjf.
About Blue Apron
Blue Apron’s vision is “better living through better food.” Launched in 2012, Blue Apron offers fresh, chef-designed recipes that empower home cooks to embrace their culinary curiosity and challenge their abilities to see what a difference cooking quality food can make in their lives. Through its mission to spark discovery, connection and joy through cooking, Blue Apron continuously focuses on bringing incredible recipes to its customers, while minimizing its carbon footprint, reducing food waste, and promoting diversity and inclusion.
Forward-Looking Statement
This press release includes statements concerning Blue Apron Holdings, Inc. and its future expectations, plans and prospects that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "should," "expects," "plans," “forecasts,” "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," or "continue," or the negative of these terms or other similar expressions. Blue Apron has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that it believes may affect its business, financial condition and results of operations. These forward-looking statements speak only as of the date of this press release and are subject to a number of risks, uncertainties and assumptions including, without limitation, the company’s ability to procure sufficient amounts of recyclable, reusable or compostable packaging materials and/or packaging materials made of post-consumer recycled content by weight; any material and adverse impact due to the COVID-19 pandemic or otherwise on the company’s operations or the operations of the company’s current or future packaging suppliers including as a result of insufficient labor, whether as a result of heightened absenteeism or challenges in recruiting and retention or otherwise; its expectations regarding, and the stability of, the company and its packaging suppliers’ supply chain, including potential shortages or interruptions in the supply or delivery of packaging materials; the company’s ability to comply with modified or new laws and regulations applying to its business; and other risks more fully described in the company’s Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC on February 23, 2021 and the company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 filed with the SEC on May 6, 2021, and in other filings that the company may make with the SEC in the future. The company assumes no obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise.
Media Contact
Muriel Lussier
Blue Apron
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Joseph Jaffoni, Richard Land, James Leahy
JCIR
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ISG Provider Lens™ report finds service providers helped utilities build work-from-anywhere and multichannel customer service platforms during lockdowns
STAMFORD, Conn.--(BUSINESS WIRE)--$III #CustomerInformationSystems--The COVID-19 pandemic triggered a new round of digital transformation at North America’s utilities, which were already modernizing and responding to climate-change challenges, according to a new report published today by Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm.
The 2021 ISG Provider Lens™ Utilities Industry – Services and Solutions report for North America finds lockdowns and social-distancing requirements revealed new vulnerabilities in an industry that traditionally has focused on the risks of weather and natural disasters, the report says. In response, utilities broadened their digital transformation efforts to strengthen supply chains, workforce collaboration, customer service, cybersecurity and other aspects of the business.
“Enabling remote work and improving the customer experience are major steps in utility modernization,” said Bob Lutz, partner in ISG’s Energy and Utilities Industry vertical. “Successful players are making changes across the board to meet the new challenges.”
Providers of IT and digital transformation services have helped utilities respond to the pandemic by building agile work-from-anywhere models with enhanced cybersecurity and service continuity, the report says. They are also assisting in the development of digital customer service platforms for a more seamless multichannel customer experience that includes voice, text, chatbots, social media and in-person contact.
As utilities reduce their dependence on fossil fuels and adopt more wind, solar and other green sources of energy, the operating patterns of both transmission and distribution companies and system operators are changing, according to ISG. This requires them to implement a whole host of new technologies for supply and demand forecasting, situational awareness, automated demand response and other functions. Providers of digital transformation services are using their data management and data science expertise to help utilities develop these capabilities.
Both power and water utilities are rapidly modernizing their networks with smart meters, more sensors and automated outage prediction, the report says. These overhauls also include more advanced analytics, forecasting, modeling and optimization technologies, along with grid resiliency programs for more robust responses to low-probability tail events.
Modernizing customer service infrastructure is another major challenge utilities are taking on, ISG says. Replacing customer information systems (CIS) requires major investments of time and capital, as well as organizational change management to foster acceptance of the new technologies in this traditionally conservative sector. Service providers are helping utilities carry out these changes through training, tools, accelerators and execution frameworks that reduce the risks of CIS transformation.
The 2021 ISG Provider Lens™ Utilities Industry – Services and Solutions report for North America evaluates the capabilities of 37 providers across five quadrants: Digital Transformation Services and Solutions – Large Accounts, Digital Transformation Services and Solutions – Midmarket, Intelligent Business Process Management Solutions, Next-Gen IT Services – Large Accounts, and Next-Gen IT Services - Midmarket.
The report names Accenture, Capgemini, Cognizant, IBM, Infosys, TCS and Wipro as Leaders in three quadrants. Atos, Birlasoft, CGI, EXL, HCL, LTI, Tech Mahindra and WNS are named as Leaders in two quadrants, and Alorica and Teleperformance are named as Leaders in one quadrant each.
In addition, Conduent and Softtek are named as Rising Stars—companies with a “promising portfolio” and “high future potential” by ISG’s definition—in one quadrant each.
Customized versions of the report are available from Infosys, LTI, Wipro and WNS.
The 2021 ISG Provider Lens™ Utilities Industry – Services and Solutions report for North America is available to subscribers or for one-time purchase on this webpage.
About ISG Provider Lens™ Research
The ISG Provider Lens™ Quadrant research series is the only service provider evaluation of its kind to combine empirical, data-driven research and market analysis with the real-world experience and observations of ISG's global advisory team. Enterprises will find a wealth of detailed data and market analysis to help guide their selection of appropriate sourcing partners, while ISG advisors use the reports to validate their own market knowledge and make recommendations to ISG's enterprise clients. The research currently covers providers offering their services globally, across Europe, as well as in the U.S., Germany, Switzerland, the U.K., France, the Nordics, Brazil and Australia/New Zealand, with additional markets to be added in the future. For more information about ISG Provider Lens research, please visit this webpage.
A companion research series, the ISG Provider Lens Archetype reports, offer a first-of-its-kind evaluation of providers from the perspective of specific buyer types.
About ISG
ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 700 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,300 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For more information, visit www.isg-one.com.
Will Thoretz, ISG
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Erik Arvidson, Matter Communications for ISG
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Australian team reselected for another two-year contract.
SAN DIEGO--(BUSINESS WIRE)--Cubic Corporation today announced Cubic Defence Australia has been reselected to deliver contracted civilian simulation support staff in development and delivery of local and distributed simulation-enabled training events for the Royal Australian Navy (RAN).
The two-year contract, valued at approximately AUD $8 million, provides a wide range of simulation planning, technical support, and professional interactors to enhance RAN’s multisite synthetic training events at the Navy Synthetic Warfighting Centre (NSWC).
Since August 2017, Cubic has been embedded in the NSWC organisation using live, virtual and constructive (LVC) simulation technologies, as well as contributing to research and development of future simulation technology. This will enable major and minor fleet units to conduct distributed mission exercises.
“NSWC Cubic continues to foster strong customer relationships at all levels ensuring the team continues to deliver on the Services,” said Miles Macdonald, general manager Cubic Defence Australia.
In addition to its contract with the RAN at NSWC, Cubic contracted support to Fleet Force Generation Directorate (FFGD), located at Fleet Headquarters, Potts Point, NSW. The purpose of FFGD is to enable Fleet Command to deliver the Navy’s warfighting effect by designing, planning and executing exercises necessary to train and deploy a Task Group.
About Cubic Corporation
Cubic is a technology-driven, market-leading provider of integrated solutions that increase situational understanding for transportation, defense C4ISR, and training customers worldwide to decrease urban congestion and improve the militaries’ effectiveness and operational readiness. Our teams innovate to make a positive difference in people’s lives. We simplify their daily journeys. We promote mission success and safety for those who serve their nation.
Media Contact
Cathy Weis
Proposals and Communications Manager
Cubic Defence Australia
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(0429) 197 738
TORONTO--(BUSINESS WIRE)--Superior Plus Corp. (TSX:SPB):
July 2021 Cash Dividend - $0.06 per share
Superior Plus Corp. (“Superior”) today announced its cash dividend for the month of July 2021 of $0.06 per share payable on August 13, 2021. The record date is July 31, 2021 and the ex-dividend date will be July 29, 2021. Superior’s annualized cash dividend rate is currently $0.72 per share. This dividend is an eligible dividend for Canadian income tax purposes.
Upcoming Release of 2021 Second Quarter Results and Conference Call
Superior expects to release its 2021 second quarter results on Wednesday, August 11, 2021 after market close. A conference call and webcast to discuss the 2021 second quarter results is scheduled for 10:30 AM EDT on Thursday, August 12, 2021. To participate in the call, dial: 1-844-389-8661. Internet users can listen to the call live, or as an archived call, on Superior's website at: www.superiorplus.com under the Events section.
About the Corporation
Superior is a leading North American distributor and marketer of propane and distillates and related products and services, servicing over 780,000 customer locations in the U.S. and Canada.
For further information about Superior, please visit Superior’s website at: www.superiorplus.com or contact: Beth Summers, Executive Vice President and Chief Financial Officer, Tel: (416) 340-6015, or Rob Dorran, Vice President, Investor Relations and Treasurer, Tel: (416) 340-6003, E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it., Toll Free: 1-866-490-PLUS (7587).
Forward Looking Information
This news release contains certain forward-looking information and statements that are based on Superior’s current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. In this news release, such forward-looking information and statements can be identified by terminology such as “will”, "expects", "annualized", and similar expressions.
In particular, this news release contains forward-looking statements and information relating to: future dividends which may be declared on Superior’s common shares, the dividend payment, the tax treatment thereof, and the receipt of cash dividends. These forward-looking statements are being made by Superior based on certain assumptions that Superior has made in respect thereof as at the date of this news release, regarding, among other things: the success of Superior’s operations; prevailing commodity prices, margins, volumes and exchange rates; that Superior’s future results of operations will be consistent with past performance and management expectations in relation thereto; the continued availability of capital at attractive prices to fund future capital requirements; future operating costs; that any required commercial agreements can be reached; that all required regulatory and environmental approvals can be obtained on the necessary terms in a timely manner. These forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties, including, but not limited to: the regulatory environment and decisions; non-performance of agreements in accordance with their terms; the impact of competitive entities and pricing; reliance on key industry partners and agreements; actions by governmental or regulatory authorities including changes in tax laws and treatment, or increased environmental regulation; adverse general economic and market conditions in Canada, North America and elsewhere; fluctuations in operating results; labour and material shortages; and certain other risks detailed from time to time in Superior’s public disclosure documents including, among other things, those detailed under the heading "Risk Factors" in Superior’s management's discussion and analysis and annual information form for the year ended December 31, 2020, which can be found at www.sedar.com.
Accordingly, readers are cautioned that events or circumstances could cause results to differ materially from those predicted, forecasted or projected. Such forward-looking statements are expressly qualified by the above statements. Superior does not undertake any obligation to publicly update or revise any forward looking statements or information contained herein, except as required by applicable laws.
Beth Summers, Executive Vice President and Chief Financial Officer
Tel: (416) 340-6015
or
Rob Dorran, Vice President, Investor Relations and Treasurer
Tel: (416) 340-6003
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Toll Free: 1-866-490-PLUS (7587)
Transformational gift supports future expansion at Arkansas Children’s Northwest
SPRINGDALE, Ark.--(BUSINESS WIRE)--J.B. Hunt Transport Services, Inc., a longtime supporter of Arkansas Children’s, announced a new commitment of $1 million annually for five years to support future expansion at Arkansas Children’s Northwest.
This new commitment of $5 million brings J.B. Hunt’s overall investment in Arkansas Children’s Northwest (ACNW) to $10 million. J.B. Hunt made a $5 million leadership gift in 2016 to support the construction of ACNW, and this additional $5 million investment supports future capital expansion.
"J.B. Hunt is proud to extend our support for Arkansas Children’s as it continues advancing pediatric healthcare in this region," said John Roberts, president and CEO of J.B. Hunt. "The hope that these extremely talented, driven professionals bring to our community is very special, and helping Arkansas Children’s expand its services and capabilities will benefit the diverse needs of the Northwest Arkansas community."
J.B. Hunt’s $5 million gift marks the final culminating gift to the Arkansas Children’s Campaign for a Healthier Tomorrow, a bold $250 million campaign designed to support the promise of unprecedented child health for children in Arkansas.
“The J.B. Hunt team has long been committed to Arkansas Children’s. There is a history of investing in community and healthcare. This new $5 million, five-year gift helps ensure Arkansas Children’s Northwest is right-sized to meet the community’s needs,” said Fred Scarborough, president of Arkansas Children’s Foundation. “Northwest Arkansas continues to grow at a rate that outpaces the rest of the state, and Arkansas Children’s Northwest is an integral part of our work to make Arkansas the safest, healthiest place to be a child.”
J.B. Hunt has supported Arkansas Children’s for nearly four decades through annual employee giving campaigns and leadership gifts to support capital projects, programs and services, including the construction of the South Wing on the Arkansas Children’s Hospital campus, the purchase of an Angel One ground ambulance, and the construction of Arkansas Children’s Northwest.
Campaign for a Healthier Tomorrow
The Campaign for a Healthier Tomorrow is a bold $250 million statewide campaign designed to support Arkansas Children’s vision:
Our Promise:
Unprecedented Child Health
Defined and Delivered
By most national measures, Arkansas is one of the least healthy states ranking 40 out of 50 states in child health and well-being. Arkansas Children’s envisions a healthier tomorrow for the more than 700,000 children in Arkansas—for both our patients and the children who will never walk through the doors of Arkansas Children’s.
Mark your calendar for July 14 at 12 p.m. as Arkansas Children’s Foundation celebrates the close of the Campaign for a Healthier Tomorrow and announces the final campaign total. Watch the virtual celebration at archildrens.org/campaign.
ABOUT ARKANSAS CHILDREN’S
Arkansas Children's, Inc., is the only healthcare system in the state solely dedicated to caring for Arkansas' more than 700,000 children. The private, non-profit organization includes two pediatric hospitals, a pediatric research institute and USDA nutrition center, a philanthropic foundation, a nursery alliance, statewide clinics, and many education and outreach programs—all focused on fulfilling a promise to define and deliver unprecedented child health. Arkansas Children’s Hospital (ACH) is a 336-bed, Magnet-recognized facility in Little Rock operating the state’s only Level I pediatric trauma center; the state's only burn center; the state's only Level IV neonatal intensive care unit; the state's only pediatric intensive care unit; the state’s only pediatric surgery program with Level 1 verification from the American College of Surgeons (ACS); the state’s only magnetoencephalography (MEG) system for neurosurgical planning and cutting-edge research; and the state's only nationally recognized pediatric transport program. Additionally, ACH is nationally ranked by U.S. News & World Report in four pediatric subspecialties (2021–2022): Cardiology & Heart Surgery, Nephrology, Pulmonology & Lung Surgery, and Urology. ACH is one of only five hospitals in the nation that have achieved Magnet Status, ACS Level 1 verification and a Beacon Award from the American Association of Critical-Care Nurses. Arkansas Children’s Northwest (ACNW), the first and only pediatric hospital in the Northwest Arkansas region, is a level IV pediatric trauma center. ACNW operates a 24-bed inpatient unit; a surgical unit with five operating rooms; outpatient clinics offering over 20 subspecialties; diagnostic services; imaging capabilities; occupational therapy services; and Northwest Arkansas' only pediatric emergency department, equipped with 30 exam rooms. Generous philanthropic and volunteer engagement has sustained Arkansas Children's since it began as an orphanage in 1912, and today ensures the system can deliver on its promise of unprecedented child health. To learn more, visit archildrens.org.
ABOUT J.B. HUNT
J.B. Hunt Transport Services, Inc., an S&P 500 company, provides innovative supply chain solutions for a variety of customers throughout North America. Utilizing an integrated, multimodal approach, the company applies technology-driven methods to create the best solution for each customer, adding efficiency, flexibility, and value to their operations. J.B. Hunt services include intermodal, dedicated, refrigerated, truckload, less-than-truckload, flatbed, single source, final mile, and more. J.B. Hunt Transport Services, Inc. stock trades on NASDAQ under the ticker symbol JBHT and is a component of the Dow Jones Transportation Average. J.B. Hunt Transport, Inc. is a wholly owned subsidiary of JBHT. For more information, visit www.jbhunt.com.
Shannon Porter
Arkansas Children’s Foundation
(501) 364-1490 office
(281) 731-2526 cell
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Brittnee Davie
Vice President – Marketing
479.419.3178
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DUBLIN--(BUSINESS WIRE)--The "Inland Water Freight Transport Global Market Report 2021: COVID-19 Impact and Recovery to 2030" report has been added to ResearchAndMarkets.com's offering.
The global inland water freight transport market is expected to grow from $17.89 billion in 2020 to $18.66 billion in 2021 at a compound annual growth rate (CAGR) of 4.3%.
Major players in the inland water freight transport market are American Commercial Barge Line; Ingram Barge, Kirby Inland Marine; American River Transportation; CMA CGM Group; McKeil Marine Limited; AP Moller - Maersk A/S; Rhenus Group and Imperial Logistics International.
The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $22.29 billion in 2025 at a CAGR of 4.5%.
The inland water freight transport market consists of sales of inland water freight transportation services and related goods by entities (organizations, sole traders, and partnerships) that provide inland water transportation of cargo on lakes, rivers, or intra-coastal waterways. Only goods and services traded between entities or sold to end consumers are included.
The development of information technology platforms for better vessel management is an emerging trend in the inland water freight transport market. According to the United Nations Conference on Trade and Development (UNCTAD) in 2019, about 80% of global trade by volume was carried by waterways with a fleet of 95402 ships. Information technology on ships is used for- fuel optimization and monitoring vessel performance, recognizing scanned copies and photos of documents, customer relationship management, warehouse management, and Que management system.
Few significant online apps and portals used for operations management on the ship are - BunkerEx, an online portal for ship owners helping in finding optimal bunker port; Nautilus Labs, takes data from sensors, manual reports, and market information to get a unified fleet intelligence picture; and Radiantfleet, with its software, helps in digitizing workflows, cut cost and improve budgeting. Therefore, the combination of digital and physical connectivity helps carriers and seaports to integrate their processes with shippers and track devices for containers and cargos.
The inland water freight transport market covered in this report is segmented by type of transportation into liquid bulk transportation; dry bulk transportation. It is also segmented by fuel into heavy fuel oil; diesel; biofuel; others and by vessel type into cargo ships; container ships; tankers; others.
Key Topics Covered:
1. Executive Summary
2. Inland Water Freight Transport Market Characteristics
3. Inland Water Freight Transport Market Trends and Strategies
4. Impact of COVID-19 on Inland Water Freight Transport
5. Inland Water Freight Transport Market Size and Growth
5.1. Global Inland Water Freight Transport Historic Market, 2015-2020, $ Billion
5.1.1. Drivers of the Market
5.1.2. Restraints on the Market
5.2. Global Inland Water Freight Transport Forecast Market, 2020-2025F, 2030F, $ Billion
5.2.1. Drivers of the Market
5.2.2. Restraints on the Market
6. Inland Water Freight Transport Market Segmentation
6.1. Global Inland Water Freight Transport Market, Segmentation by Type of Transportation, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
6.2. Global Inland Water Freight Transport Market, Segmentation by Fuel, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
6.3. Global Inland Water Freight Transport Market, Segmentation by Vessel Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7. Inland Water Freight Transport Market Regional and Country Analysis
7.1. Global Inland Water Freight Transport Market, Split by Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7.2. Global Inland Water Freight Transport Market, Split by Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/dto3mh
ResearchAndMarkets.com
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Company submits concepts for projects nationwide as part of U.S. Department of Energy RFI to enable low cost, clean hydrogen at scale
ORANGE, Conn.--(BUSINESS WIRE)--AVANGRID, Inc. (NYSE: AGR), a leading sustainable energy company, announced today that it has submitted multiple responses as part of the U.S. Department of Energy’s Request for Information (RFI) on ways to enable low-cost clean hydrogen at scale, outlining green hydrogen concepts for Connecticut, New York, Maine, Oregon and the Gulf Coast.
“We believe the time for green hydrogen as a viable clean energy fuel has come,” AVANGRID CEO Dennis V. Arriola said. “Our partners at Iberdrola in Spain and at ScottishPower in the UK are already developing commercial scale green hydrogen projects. For example, Iberdrola is building the largest plant producing green hydrogen for industrial use in Europe. AVANGRID’s access to this global expertise, combined with our U.S. based partners and supporters, provides us with a unique advantage to help accelerate the commercial production of green hydrogen in the U.S.”
Multiple project concepts submitted by AVANGRID as part of the RFI are outlined below.
Connecticut -- Electrolyzer and Hydrogen Storage
One of AVANGRID’s RFI responses proposes constructing a 20 MW electrolyzer and hydrogen storage facility for its Connecticut gas and electric utilities, potentially powered by renewable energy from offshore wind and supplemented by additional solar or grid-based renewable electricity. It is estimated the project could produce roughly 2.9 million kg of hydrogen per year, yielding an annual emissions reduction of approximately 25,000 tons of CO2 and potentially creating 400 – 800 jobs in economically disadvantaged communities.
New York – Utilizing Hydrogen for Transportation in Rochester
In collaboration with local area transportation authorities in Rochester, New York, Rochester Gas & Electric (RG&E) is assessing opportunities to construct a multi-use hydrogen production and distribution facility, which could support a range of hydrogen uses, including transportation applications to meet zero-emissions fleet goals.
Maine – Exploring Hydrogen for Multiple Applications
In Maine, AVANGRID’s local subsidiary, Central Maine Power (CMP), has begun exploring how to collaboratively help advance green hydrogen consumption in existing manufacturing processes, for enhanced renewable natural gas production, and in transportation applications such as trucking and aviation.
Gulf Coast – Leveraging Avangrid Renewables Wind Generation to Develop Green Hydrogen and Green Ammonia
Representing its nationwide presence and leading renewables fleet, Avangrid Renewables has additionally identified opportunities to support green hydrogen for industrial use on the Gulf Coast and provide cleaner solutions that strengthen the U.S.’s domestic energy leadership.
For instance, a large-scale electrolysis project in Corpus Christi, Texas would convert low-cost Texas wind power into green hydrogen and ultimately into green ammonia. The ambitious commercial-scale project demonstrates the scalability of the technology, its path to cost-competitiveness, and green hydrogen’s value as an important component in an economywide clean energy transition.
Oregon – Leveraging Klamath Cogeneration Plant for Hydrogen Production
In Oregon, AVANGRID’s RFI response proposes the colocation of green hydrogen production at Avangrid Renewables’ Klamath Cogeneration Plant. The intent would be to make the facility a source for fuel flexibility as the combined-cycle natural gas plant balances the intermittency of the energy generated by AVANGRID’s 1,300 MW Northwest wind farm fleet. The proposed project would include a ~20 MW electrolyzer to enable a two percent blend of green hydrogen into the plant’s fuel supply. This project has the potential to generate 3,000 metric tons of green hydrogen annually.
The DOE’s RFI seeks information from industry, investors, developers, academia, research laboratories, government agencies, and other stakeholders on potential hydrogen demonstration projects in the United States. It is part of the DOE’s recently announced Energy Earthshot Initiative to accelerate breakthroughs of more abundant, affordable, and reliable clean energy solutions within the decade.
About AVANGRID: AVANGRID, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT, with approximately $38 billion in assets and operations in 24 U.S. states, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs approximately 7,000 people and has been recognized by Forbes and Just Capital as one of the 2021 JUST 100 companies – a list of America’s best corporate citizens – and was ranked number one within the utility sector for its commitment to the environment and the communities it serves. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2021 for the third consecutive year by the Ethisphere Institute. For more information, visit www.avangrid.com.
Media:
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EnterSolar and all EDF Renewables North America onsite activities regrouped as PowerFlex to create a one-stop-shop for businesses looking to transition to clean energy with solar, storage and electric vehicle charging
SAN DIEGO--(BUSINESS WIRE)--#cleanenergy--EDF Renewables North America today announced that its PowerFlex subsidiary has expanded its offerings to provide customers with a complete product suite that now includes onsite solar, in addition to its existing offerings of battery storage, electric vehicle charging, microgrids, and energy management systems. To enable this expansion, EnterSolar, another EDF Renewables subsidiary, will use the PowerFlex brand and bring its 15-year track record of providing behind-the-meter solar solutions for corporate clients. PowerFlex is now a one-of-a-kind provider that offers turnkey solutions for a comprehensive range of onsite energy needs.
By consolidating the full suite of Corporate and Industrial (C&I) energy solutions under one roof, PowerFlex allows customers to purchase a standalone product or bundled package that saves energy costs while reducing their carbon footprint. Thanks to its proprietary software, PowerFlex can provide customer-focused onsite renewable infrastructure that expands and grows with a client’s needs over time.
PowerFlex now has a combined track record that includes 400+ MW of commercial solar installed; 40+ MWh of onsite storage in operation, construction or contracted; more than 6,000 smart EV charging stations installed; and several microgrids contracted for installation this year. Products include an integrated Energy Management System (EMS) that utilizes real-time data to make critical decisions that optimize energy savings for our customers.
“We laid out our vision for integrated distributed energy in 2015, when EDF Renewables started to expand into distributed solar,” said Raphael Declercq, Executive Vice President, EDF Renewables Distributed Solutions. “Our offerings were broadened to commercial and industrial customers with the acquisition of EnterSolar, and now we are uniquely positioned to offer our customers a one-stop-shop solution for all their onsite clean energy needs.”
From system design and engineering, to project financing and post-installation asset management, PowerFlex’s seasoned team makes integrating renewable energy systems easy from start to finish.
Declercq continues, “As the demand for flexible clean energy solutions grows, it is a natural evolution to consolidate the skills and talents we have on our team. Our expertise now spans from software development to project construction and operations.”
The PowerFlex team is committed to serving clients turnkey solutions for their onsite energy needs and providing customers with a seamless and profitable transition to clean energy.
About PowerFlex:
PowerFlex delivers commercial and industrial customers a full range of turnkey clean energy solutions: solar, storage, smart EV charging, microgrids, and energy management systems. The Company was founded in 2017 by a Caltech research group who developed a patented Adaptive Load Management (ALM) technology to optimize power consumption across a large network of charging stations. PowerFlex Systems was acquired by EDF Renewables North America in 2019, and consolidated with EnterSolar, a leading commercial solar developer, in 2021 to expand its onsite solar offerings. For more information, visit www.powerflex.com. Connect with us on LinkedIn, Facebook and Twitter.
EDF Renewables North America is a market leading independent power producer and service provider with 35 years of expertise in renewable energy. The Company delivers grid-scale power: wind (onshore and offshore), solar photovoltaic, and storage projects; distributed solutions: solar and storage; and asset optimization: technical, operational, and commercial expertise to maximize performance of generating projects. The Company’s PowerFlex subsidiary offers a full suite of onsite energy solutions for commercial and industrial customers: solar, storage, EV charging, energy management systems, and microgrids. EDF Renewables’ North American portfolio consists of 20 GW of developed projects and 13 GW under service contracts. EDF Renewables North America is a subsidiary of EDF Renouvelables, the dedicated renewable energy affiliate of the EDF Group. For more information visit: www.edf-re.com. Connect with us on LinkedIn, Facebook and Twitter.
Sandi Briner, +1 858-521-3525
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The program’s ninth cohort will receive non-dilutive funding for research and development at Donald Danforth Plant Science Center and the National Renewable Energy Laboratory
DENVER--(BUSINESS WIRE)--Global food demand is anticipated to grow by 60 percent within the next 30 years. To meet the demand sustainably, the Wells Fargo Innovation Incubator (IN2), a technology incubator and platform funded by the Wells Fargo Foundation and co-administered by the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL), today announced that it has selected five new startups to participate in the program. The ninth IN2 cohort is developing technologies to help make indoor agriculture more sustainable.
“Indoor agriculture provides several environmental and operational benefits, but these processes typically produce more greenhouse gas emissions than field-grown systems,” said Trish Cozart, IN2 program manager at NREL. “It’s critical to make indoor agriculture more sustainable, as land degradation and water shortages threaten the agriculture industry’s ability to feed a growing population. The companies in IN2’s ninth cohort are addressing this problem through innovative technologies.”
The selected companies will receive up to $250,000 in non-dilutive funding from Wells Fargo and will conduct research and development activities at NREL and the Donald Danforth Plant Science Center in St. Louis, Missouri, a program partner and the world’s largest independent plant science research institute. They will also join a cleantech ecosystem that includes industry experts, investors, technology bankers, demonstration partners, and a nationwide Channel Partner network of more than 60 cleantech and agtech business incubators, accelerators, and university programs.
“This year, IN2 is focused on validating technologies that address key challenges in the indoor agriculture industry, including environmentally and financially sustainable ways to deliver light, control growth environments, evaluate environmental impacts and solve the need for crop varieties that are well-adapted for indoor environments,” said Claire Kinlaw, director of Innovation Commercialization at the Donald Danforth Plant Science Center.
Originally nominated by program Channel Partners, the companies underwent in-depth review by Wells Fargo, NREL, IN2, and Donald Danforth Plant Science Center’s expert industry advisory board. The selected startups are:
“We need to accelerate technology innovation and invest in new ideas to improve food security and sustainability worldwide,” said Jenny Flores, head of Small Business Growth Philanthropy at Wells Fargo. “IN2 is uniquely positioned to identify companies with promising new technologies that can reduce the environmental impact of indoor food production and provide startups with the resources required to get to market, faster.”
With the addition of these five companies, IN2’s total portfolio now includes 56 startups. Since joining the IN2 program, portfolio companies have raised $1.1 billion in external follow-on funding — equivalent to an average of more than $95 for every $1 awarded by Wells Fargo through IN2.
About the Wells Fargo Innovation Incubator (IN2)
The Wells Fargo Innovation Incubator (IN2) is a $50 million technology incubator and platform funded by the Wells Fargo Foundation. Co-administered by and housed at the National Renewable Energy Laboratory (NREL) in Golden, Colorado, IN2’s mission is to speed the path to market for early-stage, clean-technology entrepreneurs. Launched in 2014 with an initial focus on supporting scalable solutions to reduce the energy impact of commercial buildings, IN2 has since expanded its focus to advance technologies that address the sustainable production of agriculture and housing affordability. For more information, visit in2ecosystem.com.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets and proudly serves one in three U.S. households and more than 10% of all middle market companies and small businesses in the U.S. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 30 on Fortune’s 2020 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health and a low-carbon economy. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories. Additional information may be found at www.wellsfargo.com | Twitter: @WellsFargo.
About the Donald Danforth Plant Science Center
Founded in 1998, the Donald Danforth Plant Science Center is a not-for-profit research institute with a mission to improve the human condition through plant science. Research, education and outreach aim to have impact at the nexus of food security and the environment, and position the St. Louis region as a world center for plant science. The Center’s work is funded through competitive grants from many sources, including the National Institutes of Health, U.S. Department of Energy, National Science Foundation, and the Bill & Melinda Gates Foundation. Follow us on Twitter at @DanforthCenter.
Wells Fargo Media
E.J. Bernacki, 415-823-3523
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IN2 Media
Liz Crumpacker, 646-494-7482
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Donald Danforth Plant Science Center Media
Karla Roeber, 314-406-4287
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WILTON, Conn.--(BUSINESS WIRE)--Signal Mutual, the premier provider of Longshore benefits in the United States, has announced that Justin Gardner has been appointed as Chief Executive Officer (CEO). Justin recently served as Executive Vice President (EVP) and Chief Underwriting Officer and prior to that was an EVP at Willis Re.
As part of the company’s succession plan, Justin will replace Richard Wood, who will continue to serve in an advisory capacity as a Director on Signal’s Board and as CEO of Charles Taylor Insurance Management, maintaining oversight of Charles Taylor’s end-to-end management of insurance programs and its activities and affairs with Signal Mutual.
The company also announced that Phil Schellhorn will assume the role of Chief Underwriting Officer, and Yvonne Poster will join the firm as Chief Financial Officer, both based in Wilton, CT. Phil previously served as Vice President of Underwriting and Member Services for Signal. Yvonne comes from AmTrust Financial Services where she served as the Global Head of Finance Transformation.
Tom Godfrey, Signal Mutual’s Chairman of the Board added, “Signal Mutual has enjoyed over 35 years of remarkable success as the leader in the US Longshore market, much attributed to our superb management team. The Board is excited to congratulate Justin and Phil on their promotions and welcome Yvonne into her new role as CFO. We also gratefully recognize Richard Wood’s twenty years of brilliant work and dedication on behalf of the Mutual.”
About Justin Gardner
Justin joined Signal in 2017 as Executive Vice President and Chief Underwriting Officer. He has twenty-five years of experience in the insurance market—both as a senior underwriter and reinsurance broker. Prior to joining Signal, Justin was Executive Vice President and Head of U.S. Specialty for Willis Re. He also worked at General Reinsurance Corporation for twenty-two years, where he served as Global Ocean Marine Manager and Chief Underwriting Officer.
About Phil Schellhorn
Phil is one of four underwriters at Signal and serves as an Account Executive for Members across the US, ensuring appropriate services are coordinated and delivered to Members of the Association. Additionally, Phil manages the relationship with Mutual’s State Act Companion Program carrier and the development of new product offerings for Signal Members. Phil has nearly 15 years of (re)insurance industry experience and is focused primarily on working with Members and Prospects from the US Great Lakes to the Mid-Atlantic and Northeast.
About Yvonne Poster
Yvonne is a financial executive and CFO/Controller with broad international expertise in the Mutual and Commercial insurance and reinsurance industries. She has over 30 years of experience within the insurance market and a track record of building and managing strong finance teams, partnering with CEOs of growing business units, and leading large finance transformation initiatives. Most recently, Yvonne served as Global Head of Financial Transformation for AmTrust Financial Services, where she led a variety of global systems transformation projects as well as the enterprise financial systems team.
About Signal Mutual
Signal Mutual Indemnity Association Ltd. is the largest self-insured group provider of Longshore benefits in the United States. The Association's Membership is drawn from a broad range of employers throughout the country in the stevedoring, ship repair, and offshore industries. Signal is dedicated to the service and support of these employer Members, who own the Mutual. Signal is a Bermuda domiciled, non-profit mutual organization, authorized by the Department of Labor as a Group Self-Insurer.
About Charles Taylor
Charles Taylor provides insurance services, claims solutions and technology platforms to all parties across the global insurance market. Its technical expertise, technological tools and breadth of solutions enable its clients to outperform, by addressing complexities and challenges across every stage and aspect of the insurance lifecycle and operating model.
Charles Taylor employs approximately 3,100 staff in more than 120 locations spread across 30 countries in Europe, the Americas, Asia Pacific, the Middle East and Africa. It has earned the trust of a diversified, blue-chip international customer base that includes national and international insurance companies, mutuals, captives, MGAs, Lloyd's syndicates and reinsurers, along with brokers, distributors and corporate insureds.
Charles Taylor has been the manager of Signal Mutual since the inception of the mutual in 1986.
Prosek Partners
Ph: 858-373-7052
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The Company Is Expanding to Capitalize on the Growing Demand for Solar and Storage Projects in the U.S.
RADNOR, Pa.--(BUSINESS WIRE)--Community Energy today announced the hiring of six new senior team members to accelerate growth in its solar and storage development business: Chris Caswell, Director, Structured Finance; Walter Crenshaw, Senior Developer; Kevin Delaney, Senior Counsel; Ola Olaniyi, Director of Origination; Michael Warwick, Counsel; and Michael Wolset, Vice President of People and Culture. This news immediately follows Community Energy’s announcement last month that Judy McElroy, national leader in energy storage and CEO of Fractal Energy Storage Consultants, joined its Board of Directors.
Community Energy recently marked the milestone of two gigawatts (AC) of solar projects developed and financed since entering the solar development business in 2010. While leading the development of utility-scale solar in the US east of California, Community Energy completed its first gigawatt of development in about ten years. The company added a second gigawatt in less than two years. In line with this rapid growth and track record of success, Community Energy is building its team to capitalize on growing demand for solar power and battery storage projects nationwide.
Chris Caswell joined Community Energy as Director, Structured Finance, and is leading financial analysis for solar and energy storage development projects, supporting commercial transaction structuring, project financing and M&A transactions with third party investors. Prior to joining Community Energy, Chris was a Director, Finance and Capital Markets at Invenergy and managed the project financings for several of Invenergy’s thermal and wind assets in construction and operations. Before Invenergy, Chris worked in Asset Management and Business Development at NRG Energy, and began his career as an Energy Analyst at Tangent Energy.
Walter Crenshaw joined Community Energy as a Development Director leading development of new solar and storage project opportunities in Virginia and the Southeast. Walter has been in energy for more than 15 years and most recently managed Commercial Affairs for Dominion’s Cove Point LNG pipeline, liquefaction, and export facility. Prior to that he was the Director of Dominion Energy, Inc.’s unregulated generation business development group, responsible for originating and closing 1 GW of new unregulated solar additions to Dominion’s fleet.
Kevin Delaney joined the Community Energy legal team as Senior Counsel handling project development, asset disposition, finance and general corporate matters. Prior to Community Energy, Kevin spent 12 years working in the Corporate & Business Transactions Group at Morgan, Lewis & Bockius representing developers, equity investors and energy companies on all aspects of real estate matters in connection with renewable power generation and conventional power production projects.
Ola Olaniyi, Director of Origination at Community Energy, leads M&A and Project Finance transactions across utility-scale solar and distributed-generation. Prior to Community Energy, Ola served as Managing Director, Asset Acquisition at Safari Energy to oversee the strategic development of the business. Ola has two decades of professional experience in financial services, including leading solar acquisition and investment teams at SunEdison along with prior investment banking and private equity experience at JP Morgan, UBS and Temasek Holdings.
Michael Warwick joined Community Energy as Counsel and supports a wide variety of company legal needs including corporate issues, project development, and project disposition with a particular focus on real estate matters. Prior to joining Community Energy, Michael practiced law with Troutman Pepper, where his practice focused on real estate and corporate matters, with a particular focus on energy projects. Over the course of his career, Michael has assisted with the development, sale, purchase or finance of over 2 GW of renewable energy projects.
Michael Wolset joined Community Energy as Vice President of People and Culture and is responsible for driving a remarkable experience for the candidate and employee lifecycle, including talent acquisition, total rewards, performance management, talent development, and diversity and inclusion. Prior to joining Community Energy, Michael led the Talent function at Billtrust through growth from 130 to 600 employees, while transitioning from a private to public company through the SPAC process.
“We’re thrilled to have Judy, Chris, Walter, Kevin, Ola, Michael and Mike join our family,” said Brent Beerley, President & CEO of Community Energy. “Our people come first and this recent round of recruitment shows that we are committed to building a best-in-class culture and team laser focused on accelerating the transition to a carbon-free grid.”
About Community Energy
Community Energy has been a pioneer in renewable energy generation for 22 years, developing and financing 2.7 GW of renewable energy projects across the United States, including 2 GW of solar, and delivering the first solar and wind projects at scale in 12 states. Community Energy is a pure play developer with a 55+ person team that anticipates, originates, and develops competitively advantaged solar plus storage projects throughout the country. Community Energy has a large and diverse project pipeline in support of its mission to accelerate the transition to a 24/7 carbon-free grid. Community Energy has offices near Philadelphia, PA and in Boulder, CO. For more information, please visit www.communityenergyinc.com.
Amy Lobel
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HALIFAX, Nova Scotia--(BUSINESS WIRE)--Emera Inc.’s (TSX: EMA) latest sustainability report, now available on the company’s website, highlights its 2020 progress toward achieving its Climate Commitment – a set of future-focused carbon reductions goals and a vision to achieve net-zero CO2 emissions by 2050.
Decarbonization has been central to Emera’s strategy for more than 15 years and the 2020 Emera Sustainability Report highlights our ongoing investment in cleaner, more reliable energy as we work toward our vision to achieve net-zero CO2 emissions by 2050. It also outlines our continued support for our communities with $16 million contributed in 2020, with $6 million directed toward COVID-19 relief efforts. We’re also focused on supporting diversity, equity and inclusion at all levels of our business and in our communities.
“ESG is core to strategy, culture and day to day operations at Emera,” Scott Balfour, President and CEO, Emera Inc. “And in many ways, our response to the pandemic has reinforced the strength and resiliency of our business, our strategy and our team.”
This year’s sustainability report highlights Emera’s continued commitment to delivering cleaner and renewable energy, while remaining focused on customer affordability and reliability. It also includes updates on other critical areas of the business including safety and Emera’s ongoing response to the COVID-19 pandemic.
Emera is also making progress on its Diversity, Equity and Inclusion strategy, strengthening its commitment to strong, diverse and inclusive workplaces and communities. The Company has focused on education, recruitment and data collection to drive its approach. In 2020, Emera also established a $5 million fund to support community initiatives to advance inclusion and diversity.
In addition to the oversight provided by Emera’s Board of Directors, in 2020 the Company also established a Sustainability Management Committee, chaired by the CEO and comprised of senior leaders from across the business. The committee oversees ESG initiatives, risks and opportunities across the company.
As with previous reports, no hard copies of the report will be printed in an effort to reduce waste. You can view, download or print the report here.
About Emera
Emera Inc. is a geographically diverse energy and services company headquartered in Halifax, Nova Scotia, with approximately $31 billion in assets and 2020 revenues of more than $5.5 billion. The company primarily invests in regulated electricity generation and electricity and gas transmission and distribution with a strategic focus on transformation from high carbon to low carbon energy sources. Emera has investments in Canada, the United States and in four Caribbean countries. Emera’s common and preferred shares are listed on the Toronto Stock Exchange and trade respectively under the symbol EMA, EMA.PR.A, EMA.PR.B, EMA.PR.C, EMA.PR.E, EMA.PR.F, EMA.PR.H and EMA.PR.J. Depositary receipts representing common shares of Emera are listed on the Barbados Stock Exchange under the symbol EMABDR and on The Bahamas International Securities Exchange under the symbol EMAB. Additional information can be accessed at www.emera.com or at www.sedar.com.
Media:
Dina Seely
902-428-6951
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DUBLIN--(BUSINESS WIRE)--The "Emission Monitoring Systems Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Emission Monitoring Systems Market is expected to grow at a CAGR of 8.5% over the forecast period (2021-2026).
Companies Mentioned
Key Market Trends
Oil & Gas Segment is Expected to Witness Significant Growth
North America to Hold Significant Market Share
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.3 Industry Value Chain Analysis
5 MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Stringent Legal and Environmental Regulations
5.1.2 Increasing Health and Safety Issues
5.2 Market Restraints
5.2.1 High Cost of These Systems for Regular Maintenance
5.3 Assessment of Impact of Covid-19 on the Industry
6 MARKET SEGMENTATION
6.1 By Component
6.1.1 Hardware
6.1.2 Software
6.1.3 Service
6.2 By End User
6.2.1 Oil & Gas
6.2.2 Metal and Mining
6.2.3 Pharmaceutical
6.2.4 Power Generation
6.2.5 Chemicals
6.2.6 Other End Users
6.3 Geography
6.3.1 North America
6.3.2 Europe
6.3.3 Asia-Pacific
6.3.4 Latin America
6.3.5 Middle-East and Africa
7 COMPETITIVE LANDSCAPE
7.1 Vendor Market Share Analysis
7.2 Company Profiles
8 INVESTMENT ANALYSIS
9 FUTURE OF THE MARKET
For more information about this report visit https://www.researchandmarkets.com/r/eoga9r
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
Collaborative program educates the 6th Military Fire Brigade on the benefits of deploying PV safe solar with Tigo Energy rapid shutdown.
CAMPBELL, Calif.--(BUSINESS WIRE)--Tigo Energy, Inc., the solar industry’s leading Flex MLPE (Module Level Power Electronics) supplier, today announced a program to train firefighters on the basics of solar energy and the benefits of rapid shutdown as the residential and small commercial markets take off throughout Brazil. The initial training session in Camp Grande, Mato Grosso do Sul, covered all aspects of solar equipment selection, installation, and safety over a four-day period from June 15-18, 2021.
"The idea is to take this informational program to as many firefighters as possible, training them on the benefits of residential solar while warning them of the risks without adequate safety legislation," explains Manoel Monteiro, sales manager at Tigo. “While the United States has the National Electric Code to protect first responders, firefighters such as those in the 6th Military Fire Brigade must understand how to safely deal with solar in our neighborhoods.”
Tigo’s solar industry leading Flex MLPE (Module Level Power Electronics) gives installers the freedom to choose their preferred inverters and panels along with the right features for optimized, monitored and PV safe systems. All members of the TS4-A family of products provide the rapid shutdown feature, which is critical for PV safe systems. On a typical string inverter system, the DC conductors remain live as long as the sun is shining, even if the inverter is disabled. This means that the system will still have the high voltage of up to 600V to 1000V, impacting safety for first responders in the event of an emergency. Rapid shutdown was invented to lower the voltage in the DC system conductors to 30 volts or less within 30 seconds of rapid shutdown initiation. While a regulatory requirement in the United States and the Philippines, rapid shutdown is currently optional in other regions around the world.
“The 6th Military Fire Brigade of the Military Fire Department of Mato Grosso do Sul would like to express our appreciation to Manoel and the Tigo team,” stated Lieutenant Colonel BM Danilo Santos Moreira Leite. “This training greatly contributed to a better understanding of the operation and possible risks, as an increased number of homes and businesses install solar. With this knowledge, we can avoid submitting our military firefighters to unnecessary danger as we help the community.”
To learn more about rapid shutdown and Tigo products sold in Brazil and around the world, please attend one of the many Tigo Energy webinars, found at https://www.tigoenergy.com/webinars.
About Tigo Energy
Tigo Energy is the worldwide leader in Flex MLPE (Module Level Power Electronics) with innovative solutions that increase solar energy production, decrease operating costs, and significantly enhance safety of solar energy systems. The Tigo TS4 platform maximizes the benefit of solar and provides customers with the most scalable, versatile, and reliable MLPE solution available. Tigo was founded in Silicon Valley in 2007 to accelerate the adoption of solar energy worldwide. Tigo systems operate on seven continents and produce gigawatt hours of reliable, clean, affordable, and safe solar energy daily. With a global team, Tigo Energy is dedicated to making the best MLPE on earth so more people can enjoy the benefits of solar. Find us online at www.tigoenergy.com.
Media Contact for Tigo in Brazil
Manoel Monteiro
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VIERSEN, Germany--(BUSINESS WIRE)--In response to demand for growing hydrogen fuel cell development and test, EA Elektro-Automatik, the global leader in DC power test equipment, offers a series of powerful bidirectional DC power supplies and regenerative DC loads ideal for fuel cell stack testing.
Fuel cell performance requires adherence to a variety of specifications, so test engineers must conduct a series of characterization, performance and durability tests. Fuel cells are characterized by determining their resistance. Fuel cell performance is usually indicated via polarization curves by measuring its voltage and current. A durability test is the test after a fuel cell stack reaches operating conditions, the stack is subjected to a continuous series of charge/discharge cycles to ensure that it will work safely and reliably in the field.
“In response to the demand for clean energy, the market for fuel cells is growing at a compound annual growth rate of 26.4% and is projected to reach $848 M by 2025. Uses for fuel cells include power generation for commercial vehicles such as buses and forklifts, backup power generation systems, and for other power sources. To ensure the design and manufacturing of quality fuel cells, EA Elektro-Automatik offers its EA-PSB 10000 2-quadrant power supplies and EA-ELR 10000 Series electronic loads. Both the PSB power supplies and the EA-ELR loads sink up to 30 kW and feed back the energy to the grid to enable testing of any size fuel cell stack,” said Markus Schyboll, CEO of EA Elektro-Automatik (EA).
Built-in Function Generator Simulates any Load Condition
Both the PSB Power Supplies and the ELR Electronic Loads have built-in function generators that include arbitrary waveform generation, which simplifies characterization, performance, and durability testing of fuel cells. Unlike other loads that need a separate AC instrument, the ELR load, with its built-in waveform generator, can perform the perturbation test to determine fuel cell resistance. In addition, both the PSB supplies and the ELR loads, with their built-in waveform generators, can subject the fuel cell-under-test to dynamic load variations for performance and durability testing.
PSB Series DC Supplies Simulate Fuel Cell Characteristics
The PSB DC Supply also has an internal X-Y generator that allows the supply to simulate the output of a fuel cell. At various voltages, the PSB supply can vary its output resistance to generate a current characteristic of the fuel cell at the programmed voltage. Thus, the PSB supply can emulate the three phases of a fuel cell’s characteristic output. The PSB supply can add ripple and noise onto its output to determine how well a fuel-cell powered device can perform under a wide range of conditions.
Autoranging Maximizes Voltage and Current Curve for Testing Any Type or Size of Fuel Cell
Both the PSB Series supplies and the ELR Loads offer true autoranging performance. The PSB supplies have a constant power characteristic output that allows for a wider range of voltage and current output with one instrument. The supplies can have ranges from 0 – 60 V up to 0 – 2000 V. Current outputs can be up to 1000 A at 30 V with the 30 kW supply. Similarly, the ELR loads can sink up to 2000 V or 1000 A with the 30 kW load. Autoranging power supplies and loads enable users to obtain higher voltages and currents without having to oversize the supply or the load. Thus, one instrument provides a wider range of testing capacity and versatility for use in multiple test applications. The PSB supplies and ELR loads save test costs and test rack space compared with fixed range instruments.
High Efficiency Regenerative Energy Recovery Saves Costs and Cooling Requirements
The PSB Series power supplies have the added value of being a 2-quadrant instrument. These supplies, therefore, can function as both a source and a load. As a load, both the PSB supplies and the ERL loads are regenerative loads and can return the absorbed power to the grid with more than 96% efficiency. That significantly reduces the cooling requirements on the instrument. Less cooling enables saving space with a smaller instrument for a given power capacity and saves on power consumption costs. Fan noise is also significantly reduced. With high power loads, such as kilowatt loads, regenerative energy recovery offers substantial savings on utilities, smaller-sized instruments, and longer instrument life with less thermally stressed components.
Complete Portfolio of Interfaces for Automated Test
The PSB Series supplies and the ELR loads have USB and ethernet as standard interfaces. Furthermore, a number of optional interfaces allow control from a PC or a programmable controller. Some of the optional interfaces include RS-232, Profibus, CAN bus, and ModBus. With the CAN interface, the instruments can interface to an automotive control system.
Simplified Manual Operation
The supplies and the load have a multi-colored touchscreen display that shows all programmed and measured values and only two control knobs. The user has a choice of various languages: English, Spanish, French, German, Chinese and Russian. The learning curve for operating the instrument is short as the user can work in the language in which he or she is most comfortable.
Learn more fuel cell testing and simulation with the EA-PSB series power supplies and the EA-ELR series electronic loads.
About EA Elektro-Automatik
The EA Elektro-Automatik Group (EA) is Europe’s leading supplier of power electronics for R & D and industrial applications.
At the German headquarter in Viersen, North Rhine Westphalia, more than 200 qualified associates research, develop and produce high-tech equipment for laboratory power supplies, high power mains adaptors and electronic loads, with and without mains feedback. Specific to power electronics, made by EA, is the wide application spectrum. The units are used across many branches, from batteries, through fuel cell technology, to wind and solar power, from electrochemicals and process technology to telecommunication.
Results and experience from decades of R & D flow continually into new solutions. Automatic test systems with specially developed soft- and hardware assure a consistently high product quality. Flexible production processes support fast reaction to changing customer requirements.
As a mid-size company EA is totally responsible for the production location in Germany but acts globally with branches in China and USA, sales offices in Russia and Spain and a wide network of partners. Value sharing, mutual respect and open communication characterize our association.
The foundation of the company in 1974 was based on innovation, a tradition which is maintained today. What started with the development of simple mains adaptors is continued today in the overall concept of technology leadership. With highly specialized power supply systems for a multitude of applications, EA is driving the future of power electronics – technologically excellent, designed for resource protection and energy saving and conceived for a multitude of applications.
EA Elektro-Automatik GmbH & Co.KG
Craig Frahm
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MINNEAPOLIS--(BUSINESS WIRE)--On Thursday, July 29, 2021, Xcel Energy (NASDAQ: XEL) will host a conference call to review second quarter 2021 financial results. Earnings will be released prior to the opening of trading.
The call will begin at 9:00 a.m. Central Time. To participate in the conference call, please dial in at least 5-10 minutes prior to the scheduled start and follow the operator’s instructions. You will be asked for the conference ID number.
US Dial-In: 888-204-4368
International Dial-In: 400-120-9101
Conference ID: 9915304
The conference call will also be simultaneously broadcast and archived on our website, along with an MP3 download, at the following location:
http://www.xcelenergy.com
Under Company, select: Investors
If you are unable to participate in the live event, the call will be available for replay from 12:00 p.m. on July 29 through 12:00 p.m. on August 1, Central Time.
Replay Numbers
US Dial-In: 888-203-1112
International Dial-In: 719-457-0820
Replay Passcode: 9915304
Financial analysts may call:
Paul Johnson, Vice President - Treasurer & Investor Relations 612-215-4535
News media inquiries please call Xcel Energy Media Relations at 612-215-5300.
Internet: www.xcelenergy.com
About Xcel Energy
Xcel Energy (NASDAQ: XEL) provides the energy that powers millions of homes and businesses across eight Western and Midwestern states. Headquartered in Minneapolis, the company is an industry leader in responsibly reducing carbon emissions and producing and delivering clean energy solutions from a variety of renewable sources at competitive prices. For more information, visit xcelenergy.com or follow us on Twitter and Facebook.
Xcel Energy Media Relations
(612) 215-5300
www.xcelenergy.com
LOS ANGELES--(BUSINESS WIRE)--Faraday Future (“FF” or the “Company”), a California-based global shared intelligent mobility ecosystem company, successfully held supplier town hall meetings to update its valued suppliers who participate in the Faraday Vendor Trust program. The recent meetings, led by Benedikt Hartmann, Senior Vice President of Global Supply Chain at FF, gave an update to approximately 160 suppliers on June 30th and July 6th on the status of various Company topics including the FF 91 program timing. Jerry Wang, Vice President of Capital Markets, shared details of the upcoming business combination of FF and PSAC that is anticipated to close on July 21, 2021.
The FF Vendor Trust program provides enhanced collateral and repayment protections for its key suppliers in exchange for the suppliers’ commitment to support the production launch of the FF 91. At the closing of the business combination of FF and PSAC, the majority of the secured vendor trust program will convert to equity of FFIE and these critical suppliers will become stockholders of FFIE, thereby supporting its long-term success.
“The Faraday Vendor Trust is excited about Faraday Future’s recent progress towards becoming a public company,” said Jeremy Rosenthal, on behalf of the trustee of the Faraday Vendor Trust. “This milestone will allow Faraday Future to begin producing its innovative products and technologies and continue working with its world-class suppliers to create the vehicle of tomorrow.”
FF recognizes that the continued support of its suppliers, employees, and investors is critical to the Company’s mission. Over the past year, FF has achieved continued milestones with the support and partnership of its strong supplier base.
“The PAC Group has had the pleasure of supporting the FF journey from inception to present day, and we are proud to continue our support to ensure FF achieves the global success they deserve,” said Shah Firoozi, Chief Executive Officer, The Pac Group. “We have confidence in their technology, leadership, team-members and the passionate company culture which all affects how they treat suppliers and all their team members. We wish FF great success and are privileged to be a part of it.”
FF reminds PSAC stockholders of the Special Meeting to approve the pending business combination scheduled for July 20, 2021. In light of public health concerns regarding the novel coronavirus, the Special Meeting will be held in a virtual meeting format at https://www.cstproxy.com/propertysolutionsacquisition/sm2021. PSAC stockholders as of the close of business on June 21, 2021 are encouraged to vote before 11:59 p.m. Eastern Time on July 19, 2021.
For assistance voting your shares, please visit https://www.ff.com/us/investors/merge-vote/
Below are guidelines and instructions on the voting process for PSAC stockholders:
These are the two easiest and fastest ways to vote – and they are both free:
Additionally, you can vote by mail:
YOUR CONTROL NUMBER IS FOUND ON YOUR VOTING INSTRUCTION FORM. If you misplaced or did not receive your Voting Instruction Form, contact your bank, broker or other nominee to obtain your control number in order to vote. A bank, broker or other nominee is a person or firm that acts as an intermediary between an investor and the stock exchange who can help you vote your shares.
Holders of PSAC shares who need assistance voting or have questions regarding the Special Meeting may contact PSAC’s proxy solicitor, Morrow Sodali, toll-free at US: 1-(800)-252-1959, International: 1-(289)-695-3075, or send an email to This email address is being protected from spambots. You need JavaScript enabled to view it.. Banks and brokers may call 1-(203)-658-9400.
FF has been committed to promoting the transformation of the automotive industry through product and technological innovation, business model innovation, user ecosystem innovation and governance structure innovation. With I.A.I as the core driving force, FF has created a smart driving platform and a third Internet living space.
The FF 91 is FF’s flagship product offering, and features an industry-leading 1,050 HP, 0-60 mph sprint in less than 2.4 seconds, zero gravity rear seats with the industry's largest reclining seat angle of 60 degrees, and a revolutionary user experience designed to create a mobile, connected, and luxurious third Internet living space. FF 91 is scheduled to be delivered within twelve months after the business combination is closed.
ABOUT FARADAY FUTURE
Established in May 2014, Faraday Future (FF) is a global shared intelligent mobility ecosystem company, headquartered in Los Angeles, California. FF's vision is to create a shared intelligent mobility ecosystem that empowers everyone to move, connect, breathe, and live freely. FF aims to perpetually improve the way people move by creating a forward-thinking mobility ecosystem that integrates clean energy, AI, the Internet and new usership models. With the FF 91, FF has envisioned a vehicle that redefines transportation, mobility, and connectivity, creating a true “third Internet living space,” complementing users’ home and smartphone Internet experience.
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ABOUT PROPERTY SOLUTIONS ACQUISITION CORP.
Property Solutions Acquisition Corp. is a special purpose acquisition company formed for the purpose of effecting a merger, stock purchase or similar business combination with one or more differentiated businesses. The company is managed by Co-CEO’s Jordan Vogel and Aaron Feldman.
Property Solutions I is a $230 million SPAC formed in July 2020 and is traded on the Nasdaq under the ticker symbol “PSAC”.
IMPORTANT INFORMATION AND WHERE TO FIND IT
This press release relates to a proposed transaction between PSAC and FF. PSAC has filed with the Securities and Exchange Commission (“SEC”) a registration statement on Form S-4 that includes a proxy statement and prospectus of PSAC and a consent solicitation statement with respect to FF. The proxy statement/consent solicitation statement/prospectus has been mailed to stockholders of PSAC as of the June 21, 2021 record date established for voting on the proposed business combination. PSAC also will file other relevant documents from time to time regarding the proposed transaction with the SEC. INVESTORS AND SECURITY HOLDERS OF PSAC ARE URGED TO READ THE PROXY STATEMENT, PROSPECTUS AND OTHER RELEVANT DOCUMENTS THAT WILL BE FILED BY PSAC FROM TIME TO TIME WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders will be able to obtain free copies of the proxy statement/consent solicitation statement/prospectus and other documents containing important information about PSAC and FF once such documents are filed with the SEC, through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by PSAC when and if available, can also be obtained free of charge by directing a written request to Property Solutions Acquisition Corp., 654 Madison Avenue, Suite 1009, New York, New York 10065.
PARTICIPANTS IN THE SOLICITATION
PSAC and FF and their respective directors and executive officers, under SEC rules, may be deemed to be participants in the solicitation of proxies of PSAC’s stockholders in connection with the proposed transaction. Investors and security holders may obtain more detailed information regarding the names and interests in the proposed transaction of PSAC’s directors and officers in PSAC’s filings with the SEC, including PSAC’s Annual Report on Form 10-K for the period ended December 31, 2020, which was filed with the SEC on March 31, 2021. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to PSAC’s stockholders in connection with the proposed business combination is set forth in the proxy statement/consent solicitation statement/prospectus for the proposed business combination. Additional information regarding the interests of participants in the solicitation of proxies in connection with the proposed business combination is included in the proxy statement/consent solicitation statement/prospectus that PSAC has filed with the SEC.
NO OFFER OR SOLICITATION
This communication shall neither constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
FORWARD LOOKING STATEMENTS
This press release includes “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside PSAC’s or FF’s management’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: the inability to complete the transactions contemplated by the proposed business combination; the inability to recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things, the amount of cash available following any redemptions by PSAC stockholders; the ability to meet the Nasdaq’s listing standards following the consummation of the transactions contemplated by the proposed business combination; costs related to the proposed business combination; FF’s ability to execute on its plans to develop and market its vehicles and the timing of these development programs; FF’s estimates of the size of the markets for its vehicles; the rate and degree of market acceptance of FF’s vehicles; the success of other competing manufacturers; the performance and security of FF’s vehicles; potential litigation involving PSAC or FF; the result of future financing efforts and general economic and market conditions impacting demand for FF’s products. Other factors include the possibility that the proposed transaction does not close, including due to the failure to receive required security holder approvals, or the failure of other closing conditions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the registration statement on Form S-4 and proxy statement/consent solicitation statement/prospectus discussed above and other documents filed by PSAC from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and neither PSAC nor FF undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
For Faraday Future
Investors:
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John Schilling
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Funding enables expansion of its manufacturing supply chain at commercial scale
VANCOUVER, British Columbia--(BUSINESS WIRE)--#carboncapture--Svante Inc. announced that the Government of Canada made a CDN$25 million investment to support the industrialization and commercialization of its novel low-cost carbon capture technology within the North American market. Carbon capture is a technology that can recover up to 95% of the carbon dioxide (CO2) emissions produced from the use of fossil fuels in electricity generation and industrial processes, preventing the carbon dioxide from entering the atmosphere.
The investment announced today comes from the Strategic Innovation Fund’s Net Zero Accelerator initiative and aligns with Government of Canada’s strengthened climate plan – A Healthy Environment and a Healthy Economy, which will help Canada achieve its economic and environmental goals.
With this investment, Svante will set-up a new Centre of Excellence for Carbon Capture Use and Storage (CCUS) in Vancouver, BC that will allow the company to scale up its manufacturing operations to produce commercial scale structured absorbent filters and to test its proprietary rapid adsorption machine (RAM) designs.
“We are keen to partner with Canadian companies like Svante that are creating clean technologies that will help key industries around the world, including in Canada, significantly cut down their greenhouse gas emissions. This project will create good jobs in Burnaby and Vancouver in clean technologies, and it will grow Canada’s leadership in this increasingly important sector of our economy,” said the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry.
“Vancouver is the Silicon-Valley of carbon capture technology development and we are very proud to anchor our World Headquarter, R&D and Engineering test center, and first commercial filter manufacturing plant in Canada,” said Claude Letourneau, President & CEO from Svante Inc. “Lowering the capital cost of the capture of the CO2 emitted in industrial production is critical to the world’s net-zero carbon goals required to stabilize the climate. Leaders from industry, financial sectors and government agree on the enormity of the challenge and the critical need to deploy carbon capture and carbon removal solutions at Gigatons scale. The carbon pulled from earth as fossil fuel needs to go back into the earth in safe CO2 storage.”
Decarbonization of unavoidable emissions by heavy industries, such as cement, limestone and large-scale hydrogen production, will require significant deployment of point-source carbon capture projects over the next decade. Svante innovative net-zero solution will capture CO2, concentrate it, and release it for safe storage or industrial use, all in 60 seconds, by using nano materials called “solid sorbent”. Svante is expected to be the first industrial point-source carbon capture technology provider using solid sorbents to expand its manufacturing supply chain at commercial scale within the North American market. The filter manufacturing plant will have an annual capacity to delivery filter modules capable of removing 3 million tonnes of CO2 per year or the equivalent of project delivery of 3 world-scale carbon capture plants of 1 million tonnes per year.
Svante has now attracted more than USD$195 million in funding since it was founded in 2007 to develop and commercialize its breakthrough solid sorbent technology at half the capital cost of traditional engineered solutions. Its technology is currently being deployed in the field at pilot plant-scale by industry leaders in the energy and cement manufacturing sectors. The CO2MENT Pilot Plant Project – a partnership between LafargeHolcim and TOTAL S.A. – is operating a 1 tonne per day (TPD) plant in Richmond, British Columbia, Canada that will re-inject captured CO2 into concrete, while the construction and commissioning of a 30 TPD demonstration plant was completed in 2019 at an industrial facility in Lloydminster, Saskatchewan, Canada. A 25 TPD demonstration plant is currently under design and construction at Chevron U.S.A. located near Bakersfield, California. In addition, several feasibility studies for commercial scale carbon capture projects ranging from 500 to 4,500 TPD are underway in North America and Europe.
About Svante
Svante offers companies in emissions-intensive industries a commercially viable way to capture large-scale CO2 emissions from existing infrastructure, either for safe storage or to be used for further industrial use in a closed loop. With the ability to capture CO2 directly from industrial sources at less than half the capital cost of existing solutions, Svante makes industrial-scale carbon capture a reality. Svante’s Board of Directors includes Nobel Laureate and former Secretary of Energy, Steven Chu, Chairman Steven Berkenfeld former Head of Industrial & Cleantech Practice at Barclays Capital, and CEO of OGCI Climate Investments Pratima Rangarajan. To learn more about Svante’s technology, click here or visit Svante’s website at www.svanteinc.com, LinkedIn or Twitter (@svantesolutions).
Svante
Julia McKenna
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+1 (778) 985 5722
CAMBRIDGE, Mass.--(BUSINESS WIRE)--#energystorage--Malta Inc., a pioneer in long-duration energy storage, today announced a partnership with Siemens Energy to co-develop the commercial design of innovative new turbomachinery components for Malta’s long-duration energy storage system.
Malta’s Pumped Heat Energy Storage (PHES) system uses components based on industry-proven thermo-mechanic systems adapted for a novel energy storage application. This storage is charged with electricity from any source to be stored as thermal energy, and dispatches at discharge electricity and heat on demand. The partnership will focus on the development of innovative heat pump and heat engine components to support a utility-scale 100MW system for 10-200 hours of storage and further scaling to GW power range.
“We are excited to work with Siemens Energy, a world leader in industrial technology and turbomachinery. Their vast experience and know-how have already brought significant value to our development,” said Ramya Swaminathan, CEO of Malta Inc. “We are confident that, together, we can reach our cost, performance and schedule goals.”
In addition to dispatchable electricity and heat, the components in co-development will support a range of services that the Malta pumped heat energy storage system will provide to grid operators, including synchronous inertia, reactive power, and fast ramping.
“Siemens Energy is committed to innovation for sustainable solutions, and we are excited to bring our expertise to bear on the novel components we are developing with Malta,” said Vinod Philip, Chief Technology and Strategy Officer at Siemens Energy.
About Malta Inc.
Malta is a developer of grid-scale long-duration storage solutions to deliver power and heat. Incubated at X, the Moonshot Factory (formerly Google [X]), Malta is based in Cambridge, Massachusetts. For more information visit www.maltainc.com.
Matt Burke
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Company Expands Capabilities in Internet of Things and Smart City Products
HOUSTON--(BUSINESS WIRE)--Geospace Technologies (NASDAQ: GEOS) today announced that it has acquired 100 percent of the outstanding shares of Aquana, LLC, a comprehensive wireless water monitoring and control system provider. Under terms of the agreement, Aquana will operate as a wholly owned subsidiary of Geospace Technologies. The Company intends to retain Aquana’s employees, further strengthening Geospace’s highly skilled technical workforce. Terms of the transaction include an initial cash payment of $1.4 million at closing, subject to adjustment, and additional contingent cash payments over a six-year earn-out period. The contingent cash payments will be derived from revenues generated during the earn-out period from products and services sold by Aquana, LLC.
Founded in 2017, Aquana provides a leading Internet of Things (IoT) water management platform that delivers remote shut-off valve control, remote AMI meter reading, as well as leak and burst protection for municipal water utilities, multi-dwelling properties, and commercial buildings. Aquana combines connected smart valve hardware with cloud-based software in a Software as a Service (SaaS) recurring revenue model.
Rick Wheeler, CEO and President of Geospace Technologies, said, “Building upon Geospace’s deep technology focus and targeted business diversification strategy, I’m pleased to announce the acquisition of Aquana. Aquana’s premier IoT platform offers multifunctional, modular, and enterprise-ready solutions serving the rapidly growing property management and water utility markets. Fully complementary to our existing products and market expertise, Aquana’s state-of-the-art systems incorporate sensors, are Internet connected, and use configurable algorithms to help clients maximize revenue, limit costs, and mitigate water damage.”
Steve Askew, CEO of Aquana, LLC, said, “We are excited to join the Geospace team. Backed by Geospace’s decades of technology development, manufacturing, and extensive customer service, Aquana can better serve our customers, scale more rapidly, and develop new products. Moreover, property managers and water utility operators alike will be able to deploy intelligent leak detection and remote disconnect capabilities to provide more benefits to consumers and tenants.”
Aquana’s leak detection systems serve a valuable role in the property management sector, identifying and alerting property owners of water damaging events in their initial stages. Analysts estimate that approximately two percent of U.S. properties experience leak-related damage each year, resulting in a corresponding increase in insurance claims. 2017 water damage insurance claims payments were $13 billion. The rise in such claims has facilitated the growth of leak detection systems by the more than 400 Water Utilities that serve approximately 140 million domestic customers. Aquana’s business strategy seeks to capture 5% of the remote shut-off valve market which represents a $1.4B opportunity. In addition, Aquana’s submetering, compliance, and automation features play a valuable role in helping users conserve water, ensure compliance with municipal regulations, and justify premium rents.”
Additionally, Aquana’s Internet connected remote value platform improves a utility’s ability to save time, money, and expense. Industry analysts estimate that approximately five to ten percent of water utility users don’t pay their bills, and that each time a utility is forced to disconnect and then reconnect service, significant labor and operational costs are incurred. Aquana’s sensors and actuators enable utilities to disconnect and reconnect services remotely from a secure central location.
The Aquana business division will reside in Geospace’s Adjacent Markets segment. This segment generated a 10% increase in year-over-year revenue for the six-month period ending March 31, 2021, despite the debilitating effects of the worldwide COVID-19 pandemic. Management believes that its technology focused diversification strategy will continue to pay strong dividends.
Wheeler concluded, “I’d like to welcome the highly innovative and talented Aquana personnel to our Geospace team. Through the combination of our technologies, engineering, and core manufacturing competencies, we look forward to forging a profitable and successful enterprise as we continue to drive results for our valued clients and trusted shareholders.”
About Geospace Technologies
Geospace principally designs and manufactures seismic instruments and equipment. We market our seismic products to the oil and gas industry to locate, characterize and monitor hydrocarbon-producing reservoirs. We also market our seismic products to other industries for vibration monitoring, border and perimeter security and various geotechnical applications. We design and manufacture other products of a non-seismic nature, including water meter products, imaging equipment and offshore cables.
About Aquana
Aquana’s premier Internet of Things (IoT) platform offers multifunctional, modular, and enterprise ready solutions serving the rapidly growing water utility and property management markets. The Company’s water management solutions deliver remote shut-off valve control, remote AMI meter reading, as well as leak and burst protection for multi-family properties, commercial buildings, and utilities. Aquana combines connected smart valve hardware with cloud-based software in a Software as a Service (SaaS) recurring revenue model.
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. These forward-looking statements can be identified by terminology such as “may”, “will”, “should”, “intend”, “expect”, “plan”, “budget”, “forecast”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “continue”, “evaluating” or similar words. Statements that contain these words should be read carefully because they discuss our future expectations, contain projections of our future results of operations or of our financial position or state other forward-looking information. Examples of forward-looking statements include, among others, statements that we make regarding the success of our transaction with Aquana and our diversification strategy. These forward-looking statements reflect our current judgment about future events and trends based on the information currently available to us. However, there will likely be events in the future that we are not able to predict or control. The factors listed under the caption “Risk Factors” in our most recent Annual Report on Form 10-K which is on file with the Securities and Exchange Commission, as well as other cautionary language in such Annual Report, any subsequent Quarterly Report on Form 10-Q, or in our other periodic reports, provide examples of risks, uncertainties and events that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements. Such examples include, but are not limited to, the failure of the Aquana transaction and our diversification strategy to yield positive operating results. The occurrence of the events described in these risk factors and elsewhere in our most recent Annual Report on Form 10-K or in our other periodic reports could have a material adverse effect on our business, results of operations and financial position, and actual events and results of operations may vary materially from our current expectations. We assume no obligation to revise or update any forward-looking statement, whether written or oral, that we may make from time to time, whether as a result of new information, future developments or otherwise.
Rick Wheeler
President and CEO
TEL: 713.986.4444
FAX: 713.986.4445
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