HOUSTON--(BUSINESS WIRE)--Microvast Holdings, Inc. (NASDAQ: MVST), a leading global provider of next-generation battery technologies for commercial vehicles, today announced the introduction of two new lithium ion battery cells to its product portfolio, as well as upgraded Gen 4 battery packs.
The new 48Ah and 53.5Ah NMC Li-ion battery cells were specifically designed to meet diverse technical requirements for powering commercial and specialty vehicles, where optimal battery design is challenging due to inherent tradeoffs between power and energy inputs. Both new pouch cells are available in the same dimensions and can be integrated into Microvast’s new Gen 4 battery packs. This flexibility offers customers the ability to choose between standardized cells designed for either high-power or high-energy requirements without changing the powertrain design, thereby offering customers a one-stop solution for a wide range of applications.
“The new cells enable our customers to easily optimize vehicle design in terms of energy density and cycle life, delivering improved overall performance and reducing total cost of ownership while preserving fast-charging capabilities. We expect these next generation battery cells to become pivotal revenue drivers for our business going forward,” said Mr. Yang Wu, Microvast’s President and Chief Executive Officer.
The 48Ah, 53.5Ah cells and Gen 4 battery packs are available for sample orders immediately. Microvast expects to begin high-volume production in 2023. Key specifications include:
Product: |
MpCO-48Ah |
HpCO-53.5Ah |
Energy Density: |
205 Wh/kg |
235 Wh/kg |
Pouch Cell: |
48Ah NMC |
53.5Ah NMC |
Cycle Life: |
≥7,000 cycles @25℃ |
≥5,000 cycles @25℃ |
Charging Time: |
16 minutes for 80% DOD @RT |
48 minutes for 80% DOD @RT |
Operation Temperature Range: |
-20°C – 55°C |
-20°C – 55°C |
The MpCO-48Ah cell offers a 10% increase in energy density (205 Wh/kg) compared with its predecessor, together with 3C fast-charging capability and a cycle life greater than 7,000 cycles. The HpCO-53.5Ah cell has an outstanding energy density of 235 Wh/kg and a life that can exceed 5,000 cycles, while still offering 1C fast charging.
The new Gen 4 battery packs maintain similar dimensions to the Gen 3 predecessors, while delivering up to 20% more energy and power. The new packs also have enhanced safety features at the module and pack level, leading to improved thermal management. The Gen 4 battery packs will be certified to meet cross-regional battery standards.
About Microvast
Microvast is a technology innovator that designs, develops and manufactures lithium-ion battery solutions. Microvast is renowned for its cutting-edge cell technology and its vertical integration capabilities which extend from core battery chemistry (cathode, anode, electrolyte, and separator) to modules and packs. By integrating the process from raw material to system assembly, Microvast has developed a family of products covering a breadth of market applications, including electric vehicles, energy storage and battery components. Microvast was founded in 2006 and is headquartered near Houston, Texas. For more information, please visit www.microvast.com or follow us on LinkedIn or Twitter (@microvast).
Cautionary Statement Regarding Forward-Looking Statements
This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about future financial and operating results, our plans, objectives, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimated,” “believe,” “intend,” “plan,” “projection,” “guidance,” “outlook” or words of similar meaning. These forward-looking statements include, but are not limited to, statements regarding Microvast’s industry and market sizes, future opportunities for Microvast and Microvast’s estimated future results. Such forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond our control. Actual results and the timing of events may differ materially from the results anticipated in these forward-looking statements.
Many factors could cause actual results and the timing of events to differ materially from anticipated results or other expectations expressed in the forward-looking statements, including, among others: (1) a delay or failure to realize the expected benefits from the business combination; (2) changes in the highly competitive market in which Microvast competes, including with respect to its hiring abilities, competitive landscape, technology evolution or regulatory changes; (3) changes in the markets that Microvast targets; (4) risk that Microvast may not be able to execute its growth strategies or achieve profitability; (5) the risk that Microvast is unable to secure or protect its intellectual property; (6) the risk that Microvast’s customers or third-party suppliers are unable to meet their obligations fully or in a timely manner; (7) the risk that Microvast’s customers will adjust, cancel, or suspend their orders for Microvast’s products; (8) the risk that Microvast will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all; (9) the risk of product liability or regulatory lawsuits or proceedings relating to Microvast’s products or services; (10) the risk that Microvast may not be able to develop and maintain effective internal controls; (11) the outcome of any legal proceedings that may be instituted against Microvast or any of its directors or officers; (12) risks of operations in the People’s Republic of China, (13) risks to operations resulting from the ongoing conflict in Ukraine and (14) the impact of the ongoing COVID-19 pandemic. Microvast’s annual, quarterly and other filings with the U.S. Securities and Exchange Commission identify, address and discuss these and other factors in the sections entitled “Risk Factors.”
Actual results, performance or achievements may differ materially, and potentially adversely, from any projections and forward-looking statements and the assumptions on which those forward-looking statements are based. There can be no assurance that the data contained herein is reflective of future performance to any degree. Readers are cautioned not to place undue reliance on forward-looking statements as a predictor of future performance as projected financial information and other information are based on estimates and assumptions that are inherently subject to various significant risks, uncertainties and other factors, many of which are beyond our control. All information set forth herein speaks only as of the date hereof in the case of information about Microvast or the date of such information in the case of information from persons other than Microvast, and we disclaim any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication. Forecasts and estimates regarding Microvast’s industry and end markets are based on sources we believe to be reliable, however there can be no assurance these forecasts and estimates will prove accurate in whole or in part.
Sarah Alexander
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(346) 309-2562
Sought-After Environmental & Energy Strategist Joins Board of Directors
SAN DIEGO--(BUSINESS WIRE)--ChargeNet Stations, an AI driven software company creating the opportunity for quick service restaurants to offer customers a superior electric vehicle (EV) charging experience, is announcing its newest board member, Lorraine Akiba.
Akiba is a renowned environmental and energy strategist with the technical and public policy expertise to better enable innovation and business transformation. She is an attorney, the CEO of LHA Ventures, and a senior advisor specializing in environmental, social and governance (ESG) issues.
Akiba, who is from Hawaii, currently chairs the governance committee of the Board of Directors of the Interstate Renewable Energy Council. She also serves on the U.S. Department of Energy Low Income Financing and Transactions for Solar Access Research Advisory Council, among others, and has also been a member of the U.S. Department of Energy and Lawrence Berkeley National Laboratory Future Utility Regulation Advisory Group.
“The transition to electric vehicles is a vital tool to lowering carbon emissions and reducing climate change,” said incoming ChargeNet Stations Board Member Lorraine Akiba. “ChargeNet Stations’ vision to make solar EV charging more convenient and accessible to everyone, including low-income communities, can make a significant difference in addressing climate impact challenges and displacing greenhouse gases,” Akiba said.
ChargeNet Stations is preparing to open its first set of fast, solar-powered EV charging stations at a South San Francisco Taco Bell®. The company enables restaurants to store renewable energy for fast EV charging and for use by restaurant franchisees who can save up to 30 percent on their energy costs. Customers who plug in get a 100-mile-plus charge in about 15 minutes, or less, for about $10, while enjoying a hot meal.
“Adding Lorraine Akiba helps us better navigate regulatory frameworks and develop actionable strategies in a constantly evolving market,” said ChargeNet Stations co-founder and CEO Tosh Dutt. “We can make a difference when it comes to decarbonizing business operations and, together, our goal is to make the transition as convenient and effective as possible – we know the EV transformation is coming and we intend to be part of the solution,” he said.
Akiba officially joined the ChargeNet Stations Board March 14, 2022. In addition to her experience on private and non-profit boards, she is co-author of “The Emerging Potential of Microgrids in the Transition to 100% Renewable Energy Systems” and a contributing author and editor of “The Green Book: A Practical Guide to Environmental Law.”
To learn more about ChargeNet, visit ChargeNetStations.com and on Twitter @ChargeNetStnUS.
About ChargeNet Stations
ChargeNet Stations is an AI driven software company. Our software platform creates a seamless opportunity for Quick Serve Restaurants to offer customers a superior EV charging experience in mere minutes. ChargeNet’s hardware-agnostic SaaS platform, ChargeOpt, optimizes EV chargers and renewable energy to transform parking lots into profit centers.
Media Contact:
Elizabeth L. Driscoll
480-766-3794
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Technology solution removes risk, providing a predictable, efficient system for global commerce
NEW YORK--(BUSINESS WIRE)--NYSHEX, the leader in two-way committed contracts, today announced revenue growth of 340 percent in 2021. In addition, shipping volumes more than tripled and the company grew its global footprint with the opening of a London office and has plans to open in Singapore early this year.
The pandemic has exacerbated supply chain disruptions and global ocean shipping reliability recently fell to a historic low. As a result, organizations need to improve reliability and control costs. NYSHEX’s contract framework and technology solutions remove the uncertainty of traditional shipping contracts so both shippers and carriers benefit from cargo moving as planned through two-way committed contracts.
“With supply chain disruption a constant, carriers and shippers are looking for innovative solutions to make their supply chains more resilient," said Gordon Downes, CEO of NYSHEX. "With a 98 percent contract fulfillment rate, our solutions deliver much-needed predictability. NYSHEX’s mission is to transform shipping by making trust and reliability the cornerstones of the industry."
Part of NYSHEX’s path to growth has been its gross volume retention rate of greater than 90 percent. Additionally, NYSHEX grew its shipper base from ~60 in 2020 to 170+ in 2021 and expects to more than triple that number again in 2022.
“With NYSHEX, we can rest easy knowing that there is space for every booking that we place at a fixed rate,” said Julius Tan, Director of Logistics, CarParts.com. “The predictability is great for our team and our customers, and the multi-year contract means that we can expect reliability in our supply chain for the next few years.”
NYSHEX is on track to grow its team from 80 to 200 in 2022 as it expands into new markets. The company will expand its offerings to include Asia to Europe, Asia to Latin America and Transatlantic extending its current footprint, which covers the Transpacific Eastbound, Transpacific Westbound, and US to Latin America southbound shipping lanes.
About NYSHEX
Founded in 2014, NYSHEX’s two-way committed contracts and neutral exchange provide shippers and carriers with a predictable, efficient, and accountable system for global commerce. The company’s technology keeps supply chains moving and strengthens relationships. Customers include seven of the leading global ocean carriers and over 190 shippers. The company’s headquarters are in NYC, with 100 employees across the globe. Learn more at NYSHEX and connect on LinkedIn.
Morgan Mitchell
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339-364-0587
Wind power agreement makes Brunsbüttel, Germany complex the company’s first to obtain all external power from renewable energy
BRUNSBÜTTEL, Germany--(BUSINESS WIRE)--Sasol Chemicals, a business unit of Sasol Ltd. (JSE: SOL; NYSE: SSL), announced today that its Brunsbüttel, Germany manufacturing facility is obtaining all of its external electricity from renewable sources.
“This is a significant step toward meeting Sasol Chemicals’ ambitious long-term sustainability objectives,” said Jens Straatmann, Senior Vice President, Eurasia Chemicals. "The Brunsbüttel facility is proof that we can obtain all external electricity for a major manufacturing site from green sources, and it can serve as a model for other facilities across the company.”
The recent move to full renewable external power was made possible by a power purchase agreement with MTB new energy, a German company that generates wind power at a site in the ChemCoast Park Brunsbüttel. This wind power adds to green energy already supplied by local power company Stadtwerke Brunsbüttel as well as origin-certified electricity from Norwegian hydropower.
This is the latest step in Brunsbüttel’s green transition. In 2014, the plant began receiving 80,000 tons of “green steam” annually from a local biomass cogeneration facility. It is also working with MTB and Stadtwerke Brunsbüttel to build a large-scale photovoltaic system on the site, generating up to 6 million kilowatts of solar power a year.
Sasol Chemicals has committed to a 30 percent reduction in its scope 1 and scope 2 greenhouse gas emissions by 2030. Using renewable energy to power its manufacturing facilities is a key lever in achieving this ambition, along with process improvements; investments in energy efficiency; and carbon capture, use and storage. These goals are part of parent company Sasol Ltd.’s commitment to net zero by 2050.
Sasol’s Brunsbüttel facility, its largest in Germany, is located 80 kilometres (50 miles) northwest of Hamburg near the Kiel Canal and produces a broad range of organic and inorganic products. The site's organic products are used in a range of daily applications including detergents and cleaning agents, cosmetics and pharmaceuticals, as well as in various technical applications. The site’s inorganic products are key components in catalysts, high-performance abrasives and polymer additives.
About Sasol Chemicals
Sasol Chemicals is a solutions provider focused on sustainability, circularity and specialties. It fulfills its purpose of “Innovating for a better world” by offering a broad, state-of-the-art portfolio of specialty and commodity chemicals for a wide range of applications and industries.
Our solutions are used by more than 7,500 customers, in 120 countries, in countless products that improve the quality of life for people around the world. They also provide the building blocks for a sustainable future by helping reduce energy usage, waste and packaging, and by providing solutions to the renewable energy industry.
Sasol Chemicals is a business of Sasol Limited, a leading chemicals and energy company focused on creating sustainable value for our stakeholders. For more information, visit https://www.sasol.com/.
In Germany:
Cristina Miranda Zerr
Communications Manager Germany
Sasol Chemicals Eurasia
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OMAHA, Neb.--(BUSINESS WIRE)--Valmont Industries, Inc. (NYSE: VMI), a leading global provider of engineered products and services for infrastructure development and irrigation equipment and services for agriculture, today released its 2022 Sustainability Report.
A lifelong dedication to sustainability is at the core of everything Valmont does. The Company’s tagline and purpose statement, Conserving Resources, Improving Life®, connects the business segments to how value to customers is delivered, how innovation is achieved, and how key resources are managed.
“In the past year, we’ve made remarkable strides to minimize our environmental impact, while also creating increasingly efficient and sustainable solutions for our customers,” said Stephen G. Kaniewski, President and Chief Executive Officer, “Our vision continues to be the leading provider for sustainable infrastructure and agriculture solutions in the markets we serve.”
Highlights of the 2022 Sustainability Report include:
“We are excited to highlight our commitments throughout the organization along with our plans to conserve resources and improve life in 2022 and the years beyond,” said Kaniewski.
Valmont will host a dedicated conference call on Tuesday, March 29, 2022 at 1:00 pm CDT to discuss its Sustainability Report and ESG priorities. Participants may join by dialing 1-877-407-6184 or 1-201-389-0877 (no Conference ID needed), or via webcast by pointing browsers to this link: Valmont Industries Sustainability Conference Call. A slide presentation will simultaneously be available for download on the Investors page at valmont.com to discuss the report. Questions can be submitted ahead of time to This email address is being protected from spambots. You need JavaScript enabled to view it.. Live Q&A via the “Ask a Question” chat feature will also be an option during the event. Additional details of our sustainability story can be found here.
About Valmont Industries, Inc.
For over 75 years, Valmont® has been a global leader in creating vital infrastructure and advancing agricultural productivity. Today, we remain committed to doing more with less by innovating through technology. Learn more about how we’re Conserving Resources. Improving Life.® at valmont.com.
Concerning Forward-Looking Statements
This release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on assumptions that management has made in light of experience in the industries in which Valmont operates, as well as management’s perceptions of historical trends, current conditions, expected future developments and other factors believed to be appropriate under the circumstances. As you read and consider this release, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties (some of which are beyond Valmont’s control) and assumptions. Although management believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect Valmont’s actual financial results and cause them to differ materially from those anticipated in the forward-looking statements. These factors include among other things, the continuing and developing effects of COVID-19 including the effects of the outbreak on the general economy and the specific economic effects on the Company’s business and that of its customers and suppliers, risk factors described from time to time in Valmont’s reports to the Securities and Exchange Commission, as well as future economic and market circumstances, industry conditions, company performance and financial results, operating efficiencies, availability and price of raw material, availability and market acceptance of new products, product pricing, domestic and international competitive environments, and actions and policy changes of domestic and foreign governments. The Company cautions that any forward-looking statement included in this press release is made as of the date of this press release and the Company does not undertake to update any forward-looking statement.
Renee Campbell
+1 402.963.1057
ROSEMONT, Ill.--(BUSINESS WIRE)--LPW Group (“LPW”), a Wynnchurch Capital, L.P. (“Wynnchurch”) portfolio company and the parent company of Penn Machine and Western Flange, announced the acquisition of El Mar Ventures, LLC (and its subsidiaries) and Advanced Industrial Technologies, LLC (together, the “Company”). Headquartered in Houston, Texas, the Company provides specialty valves, pneumatic actuators and gears used in chemical, petrochemical, LNG, refining, renewable, pulp & paper and other industrial applications. The Company goes to market through its four leading brands: Ladish Valves, Smith Valves, AIT and Diamond Gear.
“We are extremely proud of the customer relationships we have built by focusing on quality, service, lead times and highly customized products. Our partnership with Wynnchurch will allow us to accelerate growth while continuing to provide our customers with unique solutions in critical applications. The entire team at Ladish, Smith and AIT are excited to embark on this next stage of our Company’s evolution,” said Ryan Scott, President of El Mar.
Mark Bowie, CEO of LPW, said, “Ladish, Smith and AIT are leaders in the delivery of specialty valves, actuators and gears on a quick turn basis. Their products are highly complementary to our existing product offering of fittings and flanges. The combination makes us a one-stop shop for our customers with growth opportunities in new end-markets. We are extremely excited to partner with Ryan and the team and look forward to enhancing value for our customers.”
Greg Gleason, Managing Partner at Wynnchurch, commented, “Ryan and the entire team have done a tremendous job creating a very unique player in the engineered valve space. They have demonstrated a track record of significant growth and we look forward to future success with the combined platform.”
Piper Sandler served as exclusive financial advisor to El Mar and AIT.
About El Mar and Advanced Industrial Technologies:
Based in Houston, Texas, El Mar and Advanced Industrial Technologies go to market through four well-known, complementary brand names: Ladish Valves, Smith Valves, AIT and Diamond Gear. The Company specializes in engineered valves made with stainless steel, nickel alloys and other premium materials to withstand harsh critical environments. Products are found on all the leading Approved Manufacturers Lists and include gate valves, globe valves, check valves, ball valves, gears and actuators. For more information, please visit: ladishvalves.com, smithvalves.com, diamond-gear.com or aittexas.com.
About Wynnchurch Capital:
Wynnchurch Capital, L.P., headquartered in the Chicago suburb of Rosemont, Illinois, with offices in California, New York and an affiliate in Canada, was founded in 1999, and is a leading middle-market private equity investment firm. Wynnchurch’s strategy is to partner with middle market companies in the United States and Canada that possess the potential for substantial growth and profit improvement. Wynnchurch Capital manages a number of private equity funds with $4.2 billion of committed capital under management and specializes in recapitalizations, growth capital, management buyouts, corporate carve-outs and restructurings. For more information, please visit: https://www.wynnchurch.com.
Wynnchurch is actively seeking investment opportunities for its $2.3 billion Fund V. In December, Wynnchurch acquired Appvion, a leading provider of specialty and high-performance direct thermal coatings. Other recent Wynnchurch investments include: Owen, a leading provider of critical infrastructure equipment, aftermarket parts and services; Premier Franchise Management, the largest U.S. residential pool-build and pool-service franchisor; and Trimlite, a leading manufacturer and distributor of residential doors and related door products.
Greg Gleason
Managing Partner
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847-604-6121
Paul Ciolino
Partner
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630-853-8458
Scott Fitch
Partner
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310-933-5007
Kevin Hanley
Vice President
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847-604-6131
Maryland’s leading provider of home services rebrands following Constellation’s separation from Exelon
BALTIMORE--(BUSINESS WIRE)--Constellation (Nasdaq: CEG), America’s leading clean energy company, has announced that its Maryland-based home services business, formerly BGE HOME, is changing its name to Constellation Home. The name change is the result of Constellation’s separation from Exelon on Feb. 1, 2022. Constellation Home will remain headquartered in the Baltimore area.
Shortly following the separation, Constellation Home initiated the brand transition with customer communications and marketing highlighting the change. The company will progressively shift to its new logo and colors, including on signage, work wear and fleet vehicles, over the next several months. During the transition, customers can expect to see both the new and old names.
“Though our name is changing, our mission remains the same. We will continue to provide the same high-quality, reliable service that our customers have come to expect,” said David Donat, president & CEO, Constellation Home. “Our team will continue to partner with our customers, helping them manage their energy use and meeting their heating, cooling, plumbing, and electrical needs. Working in up to 1,000 homes per day on average, our team is proud to serve communities throughout central Maryland.”
To familiarize customers with the new name, the BGE HOME website will clearly identify the brand change and remain active until the Constellation Home website is ready for Maryland customers later this year. Both sites make customers aware of the name change and provide assurance that they are interacting with the same company they have relied on for nearly 30 years.
As Maryland’s No. 1 service provider and a leading installer of high efficiency HVAC systems, Constellation Home remains ready to respond to customers’ needs. Additionally, Constellation Home’s energy management expertise and high-efficiency products support Constellation’s purpose of accelerating the transition to a carbon-free future. For more information, visit constellationhome.com.
About Constellation
Constellation is the nation’s largest producer of carbon-free energy and the leading competitive retail supplier of power and energy products and services for homes and businesses across the United States. Headquartered in Baltimore, its generation fleet powers more than 20 million homes and businesses and is helping to accelerate the nation’s transition to clean energy with more than 32,400 megawatts of capacity and annual output that is 90 percent carbon-free. Constellation has set a goal to eliminate 100 percent of its greenhouse gas emissions by leveraging innovative technology and enhancing its diverse mix of hydro, wind and solar resources paired with the nation’s largest carbon-free nuclear fleet. Constellation’s family of retail businesses serves approximately 2 million residential, public sector and business customers, including three-fourths of the Fortune 100. Learn more at www.constellation.com or on Twitter at @ConstellationEG.
Linda Foy
Director
Commercial Communications
410-470-9700
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MILLBROOK, N.Y.--(BUSINESS WIRE)--Tankfarm, the tech-enabled propane distribution platform, has announced the release of its new service, Tankfarm Voice. The service allows Tankfarm customers to use their Alexa, Siri or Google powered devices to check their propane price, how much propane is left in their tank, the details of their last delivery, or to contact a Tankfarm representative live if they need assistance.
“Tankfarm Voice is an important addition to our tech stack that will continue to improve on what is already the premier user experience in the propane industry,” said Andrew Heaney, CEO and founder of Tankfarm. “We’re laser-focused on empowering and delighting our users and we believe that commitment will help to make us one of the largest propane suppliers in the world.”
Tankfarm is a Public Benefit Corporation that offsets 100% of its customers’ propane usage with high quality carbon credits. Tankfarm Voice is an important part of that mission, as it will help consumers better understand how much propane they are using, when they’re using it, and why.
“Awareness of our consumption, whether it’s the calories we eat or the propane we use, is the first step in changing behavior,” Heaney explained, “Tankfarm’s tech stack provides our customers with critical information about the systems that power their homes, and in the process helps them use their fuel more efficiently and responsibly.”
About Tankfarm
Tankfarm invests in proprietary software and sensors to meet modern propane consumers where they are. Tankfarm offers transparent and fair pricing, no fees, and 24/7/365 tank level monitoring and analysis. The Tankfarm supplier network spans 36 states and over 300 locations.
Tankfarm is a member of the National Propane Gas Association (NPGA), the Propane Gas Association of New England (PGANE), the Maine Energy Marketers Association, the New York Propane Gas Association (NYPGA), the New Jersey Propane Gas Association (NJPGA), the Pennsylvania Propane Gas Association (PAPGA), the Mid-Atlantic Propane Gas Association (MAPGA) the Virginia Propane Gas Association (VPGA), the Rocky Mountain Propane Association(RMPA), the Western Propane Gas Association (WPGA), the Pacific Propane Gas Association (PPGA), and the Texas Propane Gas Association (TPGA).
Tankfarm is headquartered in Millbrook, New York. For more information, visit: https://tankfarm.io.
Morgan Gardella
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1-855-976-4141
Challenges Provide Open Source Hardware Community, Electronics Industry an Opportunity to Work Together to Improve the Future, Win Cash Prizes Totaling More Than $100,000
PASADENA, Calif.--(BUSINESS WIRE)--Supplyframe today announced that the ninth annual Hackaday Prize – a global hardware design challenge focused on widespread and impactful innovation that will award more than $100,000 in cash and a Supplyframe DesignLab residency – will focus on sustainability, circularity, and climate crisis resiliency.
“This year the Hackaday Prize is putting the planet first,” said Supplyframe CEO and founder Steve Flagg. “This is an opportunity for the open source hardware community and the electronics industry to work together to drive innovation; reinforce long-term sustainability initiatives with immediate, tangible solutions; and help to create a brighter tomorrow.”
Supplyframe and Hackaday founded the Hackaday Prize in 2014 and have hosted the challenge each year since then. This year’s challenge invites the open source hardware community of hundreds of thousands of designers, engineers, hackers, and scientists to work within the United Nations Sustainable Development Goals structure to tackle the planet’s most pressing issues by creating hardware that drives innovation, solving difficult problems, and serving to “hack the future.”
“We look forward to collaborating again this year with Supplyframe, and we appreciate our 2022 partners Digi-Key and the Decentralized Wireless Alliance,” said Elliot Williams, editor in chief of Hackaday, who added that “The Hackaday Prize challenges this year will address an array of topics, from clean energy to climate resilience.”
The full list of challenges include:
Representatives from ArtCenter, AT&T, Conservation X Labs, Crowd Supply, Intel, the Massachusetts Institute of Technology (MIT), Moog, NASA Jet Propulsion Laboratory (JPL), NYU, Tesla, the United Nations, and the University of Massachusetts Amherst will serve as judges for this year’s Hackaday Prize challenge entries and mentors for the challenge participants.
In addition to awarding more than $100,000 in cash prizes to the winning entries, the Hackaday Prize will offer the grand prize winner a residency at the Supplyframe DesignLab.
“We look forward to another successful Hackaday Prize challenge, for which the open source community will work to address important issues that stand to impact every person on the planet,” added Flagg. “This contest is yet another proof point of Supplyframe’s ongoing commitment to support and champion open source hardware innovation for social impact.”
Supplyframe held a March 18 pre-launch Hackaday conference at headquarters in Pasadena, Calif. Speakers included Todd Medema, product manager at Tesla; Kate McAndrew, partner at Bolt.io; Clarissa Redwine, grants program manager, and Joey Hiller, technical program manager, at Decentralized Wireless Alliance; Majenta Strongheart, head of design and partnerships at Supplyframe DesignLab; and Richard Barnett, chief marketing officer at Supplyframe. Cesar Jung-Harada, a professor at The University of Hong Kong and founder at MakerBay; Rob Ryan-Silva, global practice specialist, governance and director at DAI Maker Lab; Alicia Gibb, director at the Open Source Hardware Association; Sirina Nabhan and Matthew Ramirez, engineers at the NASA Jet Propulsion Laboratory (JPL); Sameera Chukkapalli, Obama leader at the Obama Foundation, UN Habitat Assembly Speaker, and founder and director at Needlab; Andrew Lamb, innovation lead-global at FieldReady.org; and Williams at Hackaday also spoke at the March 18 event.
About Supplyframe
Supplyframe’s unmatched industry ecosystem, and pioneering Design-to-Source Intelligence (DSI) Solutions, are transforming how people and businesses design, source, market, and sell products across the global electronics value chain. Leveraging billions of continuous signals of design intent, demand, supply, and risk factors, Supplyframe’s DSI Platform is the world’s richest intelligence resource for the electronics industry. Over 10 million engineering and supply chain professionals worldwide engage with our SaaS solutions, search engines, and media properties to power rapid innovation and optimize in excess of $120 billion in annual direct materials spend. Supplyframe is headquartered in Pasadena, Calif., with offices in Austin, Belgrade, Grenoble, Oxford, San Francisco, Shanghai, and Shenzhen. To join the Supplyframe community, visit supplyframe.com and follow us on Twitter, Instagram, and YouTube.
Kimberly Barnes
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440-506-2177
NEW YORK--(BUSINESS WIRE)--Piedmont Lithium Inc. (“Piedmont” or the “Company”) (Nasdaq:PLL; ASX:PLL) today announced the closing of its previously announced underwritten public offering of 2.01 million shares (“shares”) of its common stock, which includes the full exercise of the underwriters’ option to purchase 262,500 shares (“Public Offering”). The aggregate gross proceeds of the Public Offering, before underwriting discounts and commissions, totaled $130.8 million.
Piedmont intends to use the net proceeds from the offering to fund the Company’s share of the capital required to restart the operations at North American Lithium in Quebec, to fund exploration and definitive feasibility studies at Eyowaa in Ghana, to advance the Company’s merchant lithium hydroxide plant in the southeastern United States, and to continue development of the Carolina Lithium Project, including ongoing permitting activities, engineering design, and property acquisition. Additionally, the net proceeds may be used to fund possible strategic initiatives and for general corporate purposes.
J.P. Morgan and Evercore ISI acted as joint book-runners for the Public Offering. Canaccord Genuity, B. Riley Securities, BTIG, LLC, Clarksons Platou Securities, Inc., D.A. Davidson & Co., Jett Capital Advisors LLC, Loop Capital Markets, Roth Capital Partners, ThinkEquity and Tuohy Brothers acted as co-managers for the Public Offering.
The Public Offering was made pursuant to an effective shelf registration statement that has been filed with the U.S. Securities and Exchange Commission (the “SEC”). A final prospectus supplement related to the Public Offering has been filed with the SEC and is available on the SEC’s website at http://www.sec.gov and on the ASX website. Copies of the final prospectus supplement and the accompanying prospectus relating to the Public Offering may be obtained from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (866) 803-9204 or by e-mail at This email address is being protected from spambots. You need JavaScript enabled to view it.; and Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, NY 10055, by telephone at (888) 474-0200 or by e-mail at This email address is being protected from spambots. You need JavaScript enabled to view it..
This press release is not an offer or sale of the securities in the United States or in any other jurisdiction where such offer or sale is prohibited, and such securities may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act of 1933, as amended.
Forward-Looking Statements
This press release contains “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “expect,” “estimate,” “may,” “might,” “will,” “could,” “can,” “shall,” “should,” “would,” “leading,” “ objective,” “intend,” “contemplate,” “design,” “predict,” “potential,” “plan,” “target” and similar expressions are generally intended to identify forward-looking statements. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking statements. Such factors include, among others, risks related to: the anticipated use of the net proceeds of the Public Offering; the fact that the Company’s management will have broad discretion in the use of the proceeds from the sale of the shares; the risk that anticipated plans, development, production, revenues or costs are not attained; the Company’s operations being further disrupted and the Company’s financial results being adversely affected by public health threats, including the novel coronavirus pandemic; the Company’s limited operating history in the lithium industry; the Company’s status as a development stage company, including the Company’s ability to identify lithium mineralization and achieve commercial lithium mining; mining, exploration and mine construction, if warranted, on the Company’s properties, including timing and uncertainties related to acquiring and maintaining mining, exploration, environmental and other licenses, permits, access rights or approvals in Gaston County, North Carolina, the Province of Quebec, Canada and Cape Coast, Ghana as well as properties that Piedmont may acquire or obtain an equity interest in the future; completing required permitting activities required to commence processing operations for the LHP-2 Project; the Company’s ability to achieve and maintain profitability and to develop positive cash flows from the Company’s processing activities; the Company’s estimates of mineral reserves and resources and whether mineral resources will ever be developed into mineral reserves; investment risk and operational costs associated with the Company’s exploration activities; the Company’s ability to develop and achieve production on the Company’s properties; the Company’s ability to enter into and deliver products under supply agreements; the pace of adoption and cost of developing electric transportation and storage technologies dependent upon lithium batteries; the Company’s ability to access capital and the financial markets; recruiting, training and developing employees; possible defects in title of the Company’s properties; compliance with government regulations; environmental liabilities and reclamation costs; estimates of and volatility in lithium prices or demand for lithium; the Company’s common stock price and trading volume volatility; the development of an active trading market for the Company’s common stock; the Company’s failure to successfully execute its growth strategy, including any delays in the Company’s planned future growth; and other factors set forth in the Company’s most recent Transition Report on Form 10-KT and subsequent reports, as filed with the SEC.
All forward-looking statements reflect Piedmont’s beliefs and assumptions based on information available at the time the assumption was made. These forward-looking statements are not based on historical facts but rather on management’s expectations regarding future activities, results of operations, performance, future capital and other expenditures, including the amount, nature and sources of funding thereof, competitive advantages, business prospects and opportunities. By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties, both general and specific, known and unknown, that contribute to the possibility that the predictions, forecasts, projections or other forward-looking statements will not occur. Although Piedmont has attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated, or expected. Piedmont cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Except as otherwise required by the securities laws of the United States, Piedmont disclaims any obligation to subsequently revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. Piedmont qualifies all the forward-looking statements contained in this release by the foregoing cautionary statements.
About Piedmont Lithium
Piedmont Lithium is developing a world-class, multi-asset, integrated lithium business focused on enabling the transition to a net zero world and the creation of a clean energy economy in North America. The centerpiece of our operations, located in the renowned Carolina Tin Spodumene Belt of North Carolina, when combined with equally strategic and in-demand mineral resources, and production assets in Quebec, and Ghana, positions us to be one of the largest, lowest cost, most sustainable producers of battery-grade lithium hydroxide in the world. We will also be strategically located to best serve the fast-growing North American electric vehicle supply chain. The unique geology, geography and proximity of our resources, production operations and customer base, will allow us to deliver valuable continuity of supply of a high-quality, sustainably produced lithium hydroxide from spodumene concentrate, preferred by most EV manufacturers. Our planned diversified operations should enable us to play a pivotal role in supporting America’s move toward decarbonization and the electrification of transportation and energy storage. As a member of organizations like the International Responsible Mining Association, and the Zero Emissions Transportation Association, we are committed to protecting and preserving our planet for future generations, and to making economic and social contributions to the communities we serve.
Keith Phillips
President & CEO
T: +1 973 809 0505
E: This email address is being protected from spambots. You need JavaScript enabled to view it.
Patrick Brindle
EVP – Chief Operating Officer
T: +1 412 818 0376
E: This email address is being protected from spambots. You need JavaScript enabled to view it.
DUBLIN--(BUSINESS WIRE)--The "LPG Tanker Market Size, Share & Trends Analysis Report by Vessel Size (VLGC, LGC, MGC, SGC), by Refrigeration & Pressurization (Full-pressurized, Semi-refrigerated), by Region (Europe, MEA), and Segment Forecasts, 2022-2030" report has been added to ResearchAndMarkets.com's offering.
The global LPG tanker market size is expected to reach USD 286.48 million by 2030. The market is expected to expand at a CAGR of 5.3% from 2022 to 2030.
Companies Mentioned
Strong growth in shale gas production is likely to propel the market growth over the coming years. The volatility of crude oil prices coupled with developments in hydraulic fracturing and horizontal drilling methods resulted in major companies shifting their attention towards the production of oil and gas from shale rock. Change in focus towards the production of shale gas is further projected to enhance market growth over the estimated period. The Very Large Gas Carriers (VLGC) segment led the market in 2021.
However, the Large Gas Carrier (LGC) is anticipated to take over the forecast period by a small margin. Very large gas carriers are widely used for the transportation of liquified petroleum gas (LPG) for longer distances across various countries. Growing liquefied petroleum gas trade relationships between various regions, such as the Middle East and Asian countries, Western Africa and Europe, and the United States, is the major factor projected to boost the VLGC segment growth. The full-pressurized segment led the market in 2021 and will maintain its lead throughout the forecast period. The market is anticipated to have a steady growth in all segments as the amount of LPG transported increases.
The supply chain of the LPG and ancillary industries was affected due to the shutdown of production facilities, especially in Asia Pacific, as it was the epicenter of the COVID-19. The manufacturing and energy & power sectors globally experienced a considerable slowdown due to the COVID-19. In addition, local and international travel restrictions, quarantine requirements, and lockdowns further delayed shipments of LPG that were in process of being delivered.
The market growth is determined by improved LPG trading around the globe. Shale gas extraction is likely to rise at a rapid pace, which will drive growth over the forecast years. Factors including capacity expansion of shale gas from untapped stocks enhanced global gas trade, and ongoing usage of liquefied petroleum gas as a cooking fuel is contributing to the development of the market for liquefied petroleum gas tankers.
LPG Tanker Market Report Highlights
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Market Variables, Trends & Scope
3.1 Penetration and Growth Prospects Mapping
3.2 Industry Value Chain Analysis
3.3 Regulatory Framework
3.3.1 Europe LPG regulatory scenario
3.3.1.1 Main Regulator: European Commission (EC)
3.4 Market Dynamics
3.4.1 Market Driver Analysis
3.4.1.1 Growing trade relations & increasing shale gas extraction
3.4.2 Market Restraint Analysis
3.4.2.1 Increasing trends and usage of CNG and natural gas
3.4.3 Opportunity assessment
3.5 LPG Tanker Industry Analysis - Porter's
3.6 LPG Tanker Industry Analysis - PESTEL analysis
3.7 Impact of COVID-19 on LPG Tanker Market
3.7.1 Challenges
3.7.1.1 Disruptions in supply chain due to low production of LPG
3.7.1.2 preventive Steps Taken by Service Providers
3.7.2 Impact Analysis - Medium
Chapter 4. LPG Tanker Market : Vessel Size Estimates & Trend Analysis
Chapter 5. LPG Tanker Market : Refrigeration & Pressurization Estimates & Trend Analysis
Chapter 6. LPG Tanker Market : Regional Estimates & Trend Analysis
Chapter 7. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/d2gkj4
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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SAN ANTONIO--(BUSINESS WIRE)--NuStar Energy L.P. (NYSE: NS) announced today that members of management will participate in meetings with members of the investment community at the US Capital Advisors Midstream Corporate Access Day on Wednesday, March 30, 2022. The materials to be discussed in the meetings will be available on the partnership’s website at 8:30 a.m. Central Time, Wednesday, March 30, 2022.
NuStar Energy L.P., a publicly traded master limited partnership based in San Antonio, Texas, is one of the largest independent liquids terminal and pipeline operators in the nation. NuStar currently has approximately 10,000 miles of pipeline and 64 terminal and storage facilities that store and distribute crude oil, refined products, renewable fuels, ammonia and specialty liquids. The partnership’s combined system has approximately 57 million barrels of storage capacity, and NuStar has operations in the United States, Canada and Mexico. For more information, visit NuStar Energy L.P.’s website at www.nustarenergy.com and its Sustainability page at https://sustainability.nustarenergy.com/.
NuStar Energy L.P., San Antonio
Investors, Pam Schmidt, Vice President, Investor Relations
Investor Relations: 210-918-INVR (4687)
or
Media, Mary Rose Brown, Executive Vice President and Chief Administrative Officer,
Corporate Communications: 210-918-2314/210-410-8926
Option Favored by Majority of Americans Including Independents Appears to Be Obvious Choice for Biden Administration
WASHINGTON--(BUSINESS WIRE)--#2022Election--A majority of Americans across every demographic (60%) believe the only way to bring down record high gasoline prices is to begin immediate domestic energy production, with a mere 8% believing the U.S. should ask foreign countries to produce more, a new poll from Consumer Energy Alliance (CEA) reveals.
Furthermore, the poll found that 63% overall felt the White House was not doing enough to lower gasoline prices for consumers. This includes 68% of those identifying as independents and 42% as Democrats.
“These results demonstrate that the solution to high gas prices is obvious to the majority of Americans – produce more domestic energy including unleashing oil and gas,” CEA President David Holt said. “Overwhelmingly, Americans of all political stripes and demographics support more American energy production, and they all agree that the White House is not doing enough to bring prices down.
“The obvious solution is usually the best one, especially when it can create American jobs, help protect the global environment, and bring energy prices back down to affordable levels. We urge the White House to stop looking for irresponsible options in all the wrong places like Venezuela and Iran when the easy, obvious choice is to produce energy in America for Americans.”
Additionally, 86% of those polled said they were personally affected by high gas prices. Those respondents rated President Biden’s net job approval at -13% (40% Approve / 53% Disapprove). That is almost three times worse than the general topline of -5% (43% Approve / 48% Disapprove).
Other key findings include:
The poll was conducted by smartphone, tablet, and Internet from March 19th to March 21st with 1,043 likely national voters. The margin of error is +/- 3.09% with a 95% confidence interval.
The polling data and graphics may be accessed here.
About Consumer Energy Alliance
Consumer Energy Alliance (CEA) is the leading voice for sensible energy and environmental policies for consumers, bringing together families, farmers, small businesses, distributors, producers, and manufacturers to support America’s environmentally sustainable energy future. With more than 550,000 members nationwide, we are committed to leading the nation’s dialogue around energy, its critical role in the economy, and how it supports the vital supply chains for the families and businesses that depend on them. CEA works daily to encourage communities across the nation to seek sensible, realistic, and environmentally responsible solutions to meet our nation’s energy needs.
Bryson Hull
(202) 657-2855
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STAMFORD, Conn.--(BUSINESS WIRE)--United Rentals, Inc. (NYSE: URI), the world’s largest equipment rental company, today announced that it will offer its customers zero-emission power systems with the introduction of POWRBANK battery systems in its rental fleet. The company’s partnership with manufacturer POWR2 Energy Solutions represents a significant investment in sustainable worksite solutions for United Rentals customers in North America.
The POWRBANK is a portable energy storage system that integrates with diesel generators, enabling the user to significantly reduce generator run-time and reduce emissions, noise and fuel waste. The system is comprised of high-density lithium batteries, inverters and load-sensing technology. The POWRBANK model designed for United Rentals is rated for 40KW to 60KW of power output and provides between 60KW and 120KW hours of storage.
David Scott, senior vice president, specialty operations, of United Rentals, said, “POWR2 is the type of sustainability partner we look for — innovative and willing to invest the time in understanding the unique demands of equipment rental. Hybrid power is a particular focus of ours as we explore adding more low- and zero-emission equipment to our rental fleet. Our introductions of reduced emission worksite solutions help our customers meet their own sustainability objectives.”
POWRBANK inverters are pure sine wave and emission-free for completely clean energy. The system is designed to absorb fluctuations in load while providing power; then engage the diesel generator when the batteries are close to depletion. The equipment is essentially maintenance-free, with a recharge time of three and four hours that can be reduced by adding renewable power sources, such as solar.
Director Tim Doling of POWR2 said, “We’re proud to work closely with United Rentals in providing a custom solution that fits their fleet operations and sustainability goals, and importantly, the needs of their customers. United Rentals’ industry-leading scale will ensure that their investment in emissions reduction will have a widespread impact.”
United Rentals has nearly 1,300 rental branches and the largest generator rental fleet in North America. The company has set a goal of reducing the greenhouse gas emissions intensity of its business by 35% by 2030, from 2018. More information about United Rentals’ environmental management strategy can be found in its Corporate Responsibility Report at unitedrentals.com.
About United Rentals
United Rentals, Inc. is the largest equipment rental company in the world. The company has an integrated network of 1,288 rental locations in North America, 11 in Europe, 28 in Australia and 18 in New Zealand. In North America, the company operates in 49 states and every Canadian province. The company’s approximately 20,400 employees serve construction and industrial customers, utilities, municipalities, homeowners and others. The company offers approximately 4,300 classes of equipment for rent with a total original cost of $15.79 billion. United Rentals is a member of the Standard & Poor’s 500 Index, the Barron’s 400 Index and the Russell 3000 Index® and is headquartered in Stamford, Conn. Additional information about United Rentals is available at unitedrentals.com.
Ted Grace
(203) 618-7122
Cell: (203) 399-8951
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ROSWELL, Ga.--(BUSINESS WIRE)--GS Yuasa Lithium Power (GYLP) announced today the successful completion of the Preliminary Design Review (PDR) for a new scalable small form factor battery design. With PDR complete the battery design will now move into the critical design phase.
GYLP’s design integrates the recently qualified LSE12x Lithium-ion Cell developed by GS Yuasa Technology LTD (GYT) and seeks to align with smaller spacecraft, including those with high power requirements and those supporting human rated missions. The flexible approach accommodates 16 to 96 cells (720Wh to 4320Wh nominal) and can be electrically configurated to support both low and high voltage bus applications.
“GS Yuasa leads the industry with more than 4.4MWh of Lithium-ion energy storage flown in space,” said Curtis Aldrich, President of GS Yuasa Lithium Power. “Our customers demand outstanding performance, reliability and value. With the introduction of a 12Ah cell and GYLP’s forthcoming scalable battery design, we’re bringing the attributes responsible for our success in medium and large spacecraft to a solution that can be optimized for smaller spacecraft.”
Cells and batteries will be fully configuration controlled and built to AS9100 Aerospace Quality Standards with an auditable manufacturing and change record. This approach mitigates the need to repeat the full qualification and life performance test for each new production lot. End-users can verify the materials and processes employed remain consistent lot to lot. This provides our customers a significant reduction in program testing costs compared to other similarly sized solutions.
The next milestone will be the completion of the Critical Design Review (CDR) which will address the battery configuration identified for our internal qualification program. The qualification model is a 72-cell configuration wired as an 8s9p battery (30Vnom 108Ah, 3240Wh). This configuration incorporates all manufacturing and inspection processes present on smaller and larger configurations. A full qualification test suite is planned including environmental survivability.
The design approach for the 72-cell battery seeks to optimize the volumetric packing efficiency while providing robust survivability for the majority of the available launch vehicle dynamic environments. Thermally the battery is designed to reject heat by conduction through a baseplate tied to the host vehicle’s thermal management system. Connector interface is flexible and can be tailored to match each vehicle’s specifications. Battery monitoring and available telemetry will also be tailorable with options for temperature monitoring points, individual cell or mid and full stack voltage reporting, as well as redundant heater options.
Fault tolerance and anomaly mitigation have also been carefully considered. In the unlikely event of a cell fault, each 8-cell string can be isolated in the battery through a commandable relay. Using the battery telemetry, the satellite operator is able to detect the event and issue a command to clear or isolate the fault.
The battery design includes provisions to mitigate propagation of a thermal runaway event and to collect and direct effluent material. Although a thermal runaway event is extremely unlikely, it is best to manage the effect on both safety and continued operation. For human rated missions subject to the requirements outlined in JSC20793, such provisions are mandatory. GS Yuasa Lithium Power has recently been awarded a US patent for systems and methods relating to effluent containment.
For additional Information, please contact:
Tom Pusateri – Dir. Business Development
GS Yuasa Lithium Power, Inc.
1150 Northmeadow PKWY Suite 118
Roswell, GA 30076 USA
888.GSYUASA (888.479.8272)
678.892.7501 (Fax)
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http://www.gsyuasa-lp.com
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
TORONTO--(BUSINESS WIRE)--Superior Plus Corp. (“Superior”) (TSX:SPB) announced today that it has completed the previously announced acquisition of the equity interests of Kamps Propane, Inc., High Country Propane, Inc., Pick Up Propane, Inc., Competitive Capital, Inc. and Propane Construction and Meter Services (collectively, “Kamps Propane”) and Kiva Energy, Inc. (“Kiva Energy”) for a purchase price of approximately US$240 million (CDN $302 million) (the “Transaction”). The purchase price was paid with funds drawn from Superior’s existing credit facility.
“We are pleased to complete this acquisition as it provides us with a substantial retail propane distribution platform on the west coast of the U.S. in addition to providing anticipated annual run-rate synergies of approximately US $7 million after 24 months,” said Luc Desjardins, President and Chief Executive Officer of Superior.
Andy Peyton, President of Superior’s U.S. propane distribution business added, “I am excited to welcome Kamps Propane, its people and its customers to the Superior Plus Propane family. The acquisition of Kamps Propane creates a strong platform for us in California to further expand our service in an attractive region.”
“I am excited to welcome the Kiva Energy employees and customers to the Superior Plus family,” said Shawn Vammen, Senior Vice President of Superior’s Supply Portfolio Management business. “We’re looking forward to servicing Kiva’s wholesale customers, and achieving anticipated cost savings through our expanded wholesale platform in the western region of the U.S.”
Overview of Kamps Propane and Kiva Energy:
On a normalized basis, including the achievement of expected synergies and weather consistent with the five-year average, Superior expects Kamps Propane and Kiva Energy to generate approximately US $34 million (CDN $42 million) in Adjusted EBITDA on a run-rate basis in the next 24 months.
About the Corporation
Superior is a leading North American distributor and marketer of propane and distillates and related products and services, servicing approximately 890,000 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, Capital Markets, 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”, and similar expressions. In particular, this news release contains forward-looking statements with respect to, among other things, expected benefits of the Transaction, estimated run-rate Adjusted EBITDA of Kamps Propane and Kiva Energy twenty-four months after closing and the anticipated run-rate synergies.
Forward-looking information is not a guarantee of future performance. By its very nature, forward-looking information involves inherent assumptions, risks and uncertainties, both general and specific, and risks that predictions, forecasts, projections and other forward-looking information will not be achieved, including risks relating to the operating and financial performance of the Energy Distribution business which are described in Superior’s management’s discussion and analysis for the year ended December 31, 2021 and in Superior’s annual information form for the year ended December 31, 2021. Key assumptions or risk factors to the forward-looking information include, but are not limited to, financial market conditions, Superior’s future debt levels, Superior’s ability to generate sufficient cash flows from operations to meet its current and future obligations, access to, and terms of, future sources of funding for Superior’s capital expenditures and acquisitions, no investigation or other actions are taken by any competition authority relating to the Transaction, the integration of businesses into Superior’s operations, competitive action by other companies, availability and timing of acquisition targets, actions by governmental authorities including increases in taxes and changes in environmental and other regulations, general economic, market and business conditions, accuracy of and ability to realize estimated synergies, timing to achieve synergies and the regulatory framework that governs the operations of Superior’s business and industry capacity. Should one or more of these risks and uncertainties materialize, or should assumptions described above prove incorrect, Superior’s actual performance and results in future periods may differ materially from any projections of future performance or results expressed or implied by such forward-looking information. We caution readers not to place undue reliance on this information as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations and anticipations, estimates and intentions expressed in such forward-looking information.
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 law.
Non-GAAP Financial Measures
______________________________________________________________________________________________________________________________________________________________________________________
In this press release, Superior has used the following terms (“Non-GAAP Financial Measures”) that are not defined by International Financial Reporting Standards (“IFRS”) but are used by management to evaluate the performance of Superior and its business: Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”). This measure may also be used by investors, financial institutions and credit rating agencies to assess Superior’s performance. Non-GAAP Financial Measures do not have standardized meanings prescribed by GAAP and are therefore unlikely to be comparable to similar measures presented by other companies. Securities regulations require that Non-GAAP Financial Measures are clearly defined, qualified and reconciled to their most comparable IFRS financial measures. Except as otherwise indicated, this Non-GAAP Financial Measure is calculated and disclosed on a consistent basis from period to period. Specific items may only be relevant in certain periods. See “Non-GAAP Financial Measures” in Superior’s most recent Management’s Discussion and Analysis (“MD&A”) for a discussion of Non-GAAP Financial Measures used by Superior and certain reconciliations to IFRS financial measures.
The intent of Non-GAAP Financial Measures is to provide additional useful information to investors and analysts, and the measures do not have any standardized meaning under IFRS. The measures should not, therefore, be considered in isolation or used in substitute for measures of performance prepared in accordance with IFRS. Other issuers may calculate Non-GAAP Financial Measures differently. Investors should be cautioned that Adjusted EBITDA should not be construed as an alternative to net earnings, cash flow from operating activities or other measures of financial results determined in accordance with IFRS as an indicator of Superior’s performance. Non-GAAP Financial Measures are identified and defined as follows:
Adjusted EBITDA
Adjusted EBITDA represents earnings before interest, taxes, depreciation, amortization, losses (gains) on disposal of assets, finance expense, restructuring costs, transaction and other costs, and unrealized gains (losses) on derivative financial instruments. Adjusted EBITDA is used by Superior and investors to assess its consolidated results and ability to service debt. Adjusted EBITDA is reconciled to net earnings before income taxes.
Beth Summers
Executive Vice President and Chief Financial Officer
Tel: (416) 340-6015,
or
Rob Dorran, Vice President, Capital Markets
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).
TULSA, Okla.--(BUSINESS WIRE)--Superior Pipeline Company, L.L.C. (Superior) announced today the following promotions to its senior management team:
Bill Ward joined the company in February 2008 and served as Vice President of Gas Supply and Business Development until December 2014 when he was promoted to the position of Senior Vice President of Commercial Activity.
Ed Alexander joined the company in July 2003 as Financial Analyst. Since then, he has served in different roles, including Business Manager, and Director of Accounting and Administration, until his most recent assignment of Senior Vice President of Accounting and Administration in January 2013.
Kevin Koerner joined the company in November 2005 and served as Engineering Manager until January 2010 when he was promoted to the position of Director of Engineering which he held until January 2013 when he was promoted to Vice President of Project Development. He has served in the role of Vice President of Operations and Engineering since December 2014.
Kevin Clement, a member of Superior’s Board, said: “Bill, Ed and Kevin have all performed in an exemplary fashion in all of their roles over the years which has prepared them to assume these key management positions in the company. They all have a proven track record which will help set the stage for future success.”
Superior is a joint venture owned 50% by Unit Corporation and 50% by SP Investor Holdings, LLC, a holding company jointly owned by OPTrust and funds managed and/or advised by Partners Group, a global private markets investment manager.
Bill Ward
President, Superior Pipeline Company
(918) 382-7200
www.superiorpipeline.com
ATLANTA--(BUSINESS WIRE)--PIC Group, today announced the appointment of Michael Cox as Vice President to lead the Operations and Maintenance Business Development Group.
Mr. Cox joins PIC Group from Worley, where he was most recently General Manager Operations and Maintenance (O&M) Services. In this role, he maintained P&L responsibility for a growing and diverse global business unit supporting projects in the global fleet and leading project development. Michael brings over 35 years of power generation and power industry commercial experience with his power generating experience spanning over 30 years of increasing levels of responsibilities. Michael brings expertise in understanding the solutions and services customers want as well as a successful track record of developing strong customer relationships and exceeding year-over-year strategic growth targets.
“We are harnessing our core strengths as an advantage to continue to grow in our traditional markets and accelerate our entry into new ones. I’m confident Michael is the right leader to take on this critical role and move us into the next level of our expansion,” said Frank Avery, PIC Group CEO and President.
In his new role, Cox will oversee PIC Group’s global O&M sales and commercial teams, leading the company’s efforts to foster innovative sales approaches that broaden PIC Group’s business opportunities and deepen customer relationships worldwide.
About PIC Group
Founded in 1988, PIC Group, Inc. is dedicated to delivering value by providing global energy services to facilities across four continents – North America, South America, Asia, and Africa. PIC provides O&M Services (Care, Custody and Control), Commissioning and Startup, Documentation & Training and Staffing services and serves the power generation, oil and gas, petrochemical, pulp and paper and manufacturing industries.
PIC Group, Inc. is a wholly owned subsidiary of Marubeni Corporation, a Fortune Global 500 Company. Marubeni is a major Japanese sogo shosha (international trading company) and the third largest global independent power producer (IPP).
About Marubeni
Marubeni Corporation and its consolidated subsidiaries use their broad business networks, both within Japan and overseas, to conduct importing and exporting (including third country trading), as well as domestic business, encompassing a diverse range of business including consumer products, food, agriculture, chemicals, energy and metals and power business machinery and infrastructure.
For press inquiries, contact:
Douglas Shuda, Marketing Director
678-627-4142
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DALLAS--(BUSINESS WIRE)--#acquisition--Concentric, LLC, the national leader in DC power management and on-site maintenance for the material handling and critical power industries, has acquired Power Grid, an industrial power expert in the Midwest. Offering services and supplies to keep operations running at peak performance through strong power management, Power Grid’s team brings 75 years of industry experience. The company has been headquartered in Indianapolis, Indiana since 2004 and is an authorized dealer for Hawker Powersource products.
“Power Grid’s team of service technicians are highly regarded for their expertise in battery and charger diagnostics. We are enthusiastic to welcome them to the Concentric team, along with President Michael Galyen who brings extensive engineering, data science and innovation knowledge,” said Concentric Chief Operating Officer, John Winter. “This acquisition further solidifies Concentric’s forklift power business and reach throughout the critical Illinois and Indiana markets.”
Power Grid’s service capabilities range from battery and charger diagnostics and repairs to professional planned maintenance programs and as a destination for new equipment, rental and used battery and charger purchases.
“Our mission at Power Grid has been to bring our customers’ expertise and know-how to maintain smooth operations while servicing their power needs. Our primary goal is to provide successful and expedient solutions for their everyday challenges. As we join Concentric, I’m thrilled to not only maintain this important mission but to further our capabilities and offerings, such as GuaranteedPOWER®, for an even broader customer base,” said Power Grid President, Michael Galyen.
Concentric is an OnPoint Group company, the only national material handling and facility services organization. For additional information about Concentric or this acquisition, visit www.concentricusa.com or www.onpointgroup.com/mergers-acquisitions.
About Concentric
Concentric, an OnPoint Group Company, is the national leader in DC power management and on-site maintenance for the material handling and critical power industries. The company’s signature solution, GuaranteedPOWER® is an industry-first, enabling leading manufacturers, and distributors to improve safety and consistency through a fixed cost program delivering 30% average total cost savings. Concentric partners with both facility and corporate teams, helping them find a better way to manage consistency across the nation as they design, integrate and operate their forklift and backup power systems. Learn more at concentricusa.com.
About OnPoint Group
OnPoint Group is changing the way companies manage material handling and critical facility services by driving productivity, increasing safety, and lowering costs through custom engineered solutions, data-driven decisions, and lifecycle management services. Headquartered in Perrysburg, OH, OnPoint Group’s portfolio of companies includes Miner, TrueSource, Concentric, and TFS, providing services in everything from forklift fleet management to forklift power, critical backup power, docks, doors, and many critical facility maintenance trades. More than 1,700 industry professionals, 40,000 service affiliates and a scaling technology ecosystem support manufacturers, distributors, and retailers nationwide with system-wide improvements, total cost control and risk mitigation. For more information, visit www.onpointgroup.com.
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- Announces 2024 Adjusted EBITDA Target of $300 Million, Double 2021 Levels –
- Articulates Expanding and Rapidly Growing Addressable Markets -
- Provides Details on Expected/Targeted RNG Asset Build Schedule -
- Provides Updates on SCE BESS Project -
FRAMINGHAM, Mass.--(BUSINESS WIRE)--#carbonreduction--Ameresco, Inc. (NYSE:AMRC), a leading cleantech integrator specializing in energy efficiency and renewable energy, hosted its previously announced 2022 Investor Day in NYC today. Members of the leadership team discussed key growth opportunities highlighting the Company’s portfolio of innovative solutions which makes Ameresco a preferred partner for complex and comprehensive advanced energy projects highlighting Ameresco’s integrated business model and long-term growth opportunities at the nexus of cost savings, energy resiliency and carbon footprint reduction. A copy of the investor day presentation will also be available in the “Investor Relations” section of the Company’s website along with a replay of the day’s presentations.
“In conjunction with our first investor day we were pleased to set a 2024 target of $300 million in Adjusted EBITDA, or double our recently reported 2021 Adjusted EBITDA results. Ameresco’s expanding addressable markets along with the continued rapid growth of our Energy Asset business gives us confidence in setting this goal,” said George P. Sakellaris, President and Chief Executive Officer. “Our management team and board are fully aligned on executing this impressive profit growth goal.”
Increased corporate and macro drivers, along with a favorable policy environment, has continued to expand Ameresco’s addressable markets at a rapid rate. Our strong market share position in the ESCO market as well as our reputation for executing on complex projects put us in a strong position to benefit from a total addressable market which is projected to grow from approximately $80B in 2022 to over $100B in 2026.
Ameresco provided more color to the roadmap previously outlined for the growth plan in its green gas business, including reaching mechanical completion of RNG assets by the end of 2024 that could result in a four-fold cumulative MMBtu output compared to 2021 levels when the plants are placed in service, with the company’s RNG Assets in Development as of the end of 2021 already in the permitting or construction phase. As noted previously, the company recently doubled its engineering and construction team to execute this aggressive RNG development strategy.
In addition, Ameresco provided an update on its transformational utility scale battery energy storage systems (BESS) at three sites for Southern California Edison (SCE). The company is pleased to report that it has placed purchase orders for all major equipment, has executed subcontracts for all major civil, electrical and mechanical work and that all sites have been mobilized in preparation for equipment deliveries. Ameresco is actively managing global supply chain challenges and continues to expect timely completion of the project.
“We are excited for the vast opportunity ahead of Ameresco. Our addressable markets continue to expand as customers continue to seek out Ameresco to solve their complex energy and environmental challenges. The breadth and depth of our technological expertise along with our proven track record across all our markets positions Ameresco well to benefit from the rapidly growing number of opportunities in front of us,” Mr. Sakellaris concluded.
About Ameresco, Inc.
Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading cleantech integrator and renewable energy asset developer, owner and operator. Our comprehensive portfolio includes energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions delivered to clients throughout North America and Europe. Ameresco’s sustainability services in support of clients’ pursuit of Net-Zero include upgrades to a facility’s energy infrastructure and the development, construction, and operation of distributed energy resources. Ameresco has successfully completed energy saving, environmentally responsible projects with Federal, state and local governments, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco has more than 1,200 employees providing local expertise in the United States, Canada, and Europe. For more information, visit www.ameresco.com.
Forward Looking Statements
Any statements in this press release about future expectations, plans and prospects for Ameresco, Inc., including statements about market conditions, pipeline and backlog, as well as expectation on estimated future financial results, statements about our long term outlook and our expected timeline of SCE Project, and other statements containing the words “projects,” “believes,” “anticipates,” “plans,” “expects,” “will” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward looking statements as a result of various important factors, including the timing of, and ability to, enter into contracts for awarded projects on the terms proposed or at all; the timing of work we do on projects where we recognize revenue on a percentage of completion basis, including the ability to perform under recently signed contracts without delay; demand for our energy efficiency and renewable energy solutions; our ability to arrange financing to fund our operations and projects and to comply with covenants in our existing debt agreements; changes in federal, state and local government policies and programs related to energy efficiency and renewable energy and the fiscal health of the government; the ability of customers to cancel or defer contracts included in our backlog; the effects of our acquisitions and joint ventures; seasonality in construction and in demand for our products and services; a customer’s decision to delay our work on, or other risks involved with, a particular project; availability and costs of labor and equipment particularly given global supply chain challenges; our reliance on third parties for our construction and installation work; the addition of new customers or the loss of existing customers including our reliance on the agreement with SCE for a significant portion of our revenues in 2022; the impact from Covid-19 on our business; market price of the Company's stock prevailing from time to time; the nature of other investment opportunities presented to the Company from time to time; the Company's cash flows from operations; cybersecurity incidents and breaches; and other factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the U.S. Securities and Exchange Commission (SEC) on March 1, 2022. The forward-looking statements included herein represent our views as of the date hereof. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date hereof.
Use of Non-GAAP Financial Measures
This press release includes references to adjusted EBITDA, which is a Non-GAAP financial measure. For a description of this Non-GAAP financial measure, the reasons management uses this measure, and a reconciliation of this Non-GAAP financial measure to the most directly comparable financial measures prepared in accordance with GAAP, please see the section titled “Non-GAAP Financial Measures” at the end of the supplemental earnings presentation for the fiscal year ended December 31, 2021 filed with the SEC on February 28, 2022 which is also available at Ameresco’s Investor Relations website at https://ir.ameresco.com/financial-results. Ameresco does not provide a reconciliation of non-GAAP measures that it discusses as part of its long-term outlook because certain significant information required for such reconciliation is not available without unreasonable efforts or at all.
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