SEATTLE--(BUSINESS WIRE)--#MMR--Seattle-based Ultra Safe Nuclear Corporation and Lappeenranta-Lahti University of Technology (LUT) in Lappeenranta, Finland today signed a Memorandum of Understanding (MOU) to further examine deployment of the Ultra Safe Nuclear Micro-Modular™ Reactor (MMR®) as a research and test reactor in city of Lappeenranta at or near the University’s campus. The reactor will be operated as a training, research and test facility and will connect to the district heating network of Lappeenrannan Energia, the municipally owned energy company providing carbon-free district heating to the university, city and surrounding area.
A leading energy research university, LUT research supports the world’s transition to carbon neutrality in all societal and industrial sectors. The MMR research and test reactor will test new technologies to decarbonize energy production, microgrid integration, and help train the future workforce through hands-on experience with a next-generation high-temperature gas-cooled microreactor.
“The work LUT is doing in transitioning to a carbon-neutral world is important and the MMR is the perfect research and training facility to advance their knowledge and experience, especially when it comes to decarbonizing district heating systems,” said Francesco Venneri, CEO and Founder of Ultra Safe Nuclear.
According to the World Nuclear Association, district heating is widely used in Finland but is largely fueled by fossil fuels such as peat and coal, which is to be phased out by 2029. At 15 MW to 30 MW of thermal energy, the MMR is small enough to be located near district heating loads. The unmatched safety of the MMR and its Fully Ceramic Micro-encapsulated (FCM®) fuel mean owners and regulators can site these MMR Energy Systems with confidence.
“The safety and design of the MMR makes partnering with Ultra Safe Nuclear the ideal choice for LUT and for Finland as we work toward decarbonized municipal and industrial heat supply and a carbon-neutral world,” said Juhani Hyvärinen, Professor of Modelling in Nuclear Engineering at LUT.
The project at LUT joins the growing list of global training, test, and research MMR projects at the University of Illinois Urbana-Champaign in the USA and at McMaster University in Canada.
About Ultra Safe Nuclear
Ultra Safe Nuclear Corporation, a U.S. corporation headquartered in Seattle, is a global leader and strong vertical integrator of nuclear technologies and services, on Earth and in Space. Major initiatives include the micro modular reactor MMR®, the fully ceramic micro-encapsulated FCM® nuclear fuel, and nuclear power and propulsion technologies for space exploration. The company is demonstrating MMR Energy Systems at the Canadian Nuclear Laboratories with Ontario Power Generation and at the University of Illinois Urbana-Champaign, with new deployment projects underway in the United States, Canada, and Europe.
Ultra Safe Nuclear is committed to bringing safe, commercially competitive, clean and reliable nuclear energy to global power and industrial markets. Ultra Safe Nuclear is working with NASA and the Defense Department on advanced radioisotope power, nuclear thermal propulsion systems and advanced materials using the same strict inherent and intrinsic safety principles to drive innovation in fuels, materials, and design.
Ultra Safe Nuclear is the only private company producing TRISO and FCM fuel. This is enabling the transformation of key power and industrial sectors. Ultra Safe Nuclear is Reliable Zero-Carbon Energy. Anywhere.
Brian Meeley
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703.282.0691
Professor Juhani Hyvärinen
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+358 50 5241512
NEW YORK--(BUSINESS WIRE)--New Fortress Energy Inc. (NASDAQ: NFE) (the “Company”) announced today the commencement of a proposed underwritten secondary public offering of 6,900,000 shares of the Company’s common stock by Energy Transition Holdings LLC (the “Selling Stockholder”), an entity managed by Great Mountain Partners LLC. The 6,900,000 shares of common stock being sold in this offering represent approximately 3.3% of the Company’s outstanding common stock as of the close of business on December 13, 2022 and represent 21.3% of the shares held by the Selling Stockholder in the Company as of that date. The Company is not selling any shares and will not receive any proceeds from the proposed offering.
J.P. Morgan is acting as sole underwriter for the proposed offering. The underwriter may offer the shares from time to time to purchasers directly or through agents, or through brokers in brokerage transactions on the Nasdaq Global Select Market, or to dealers in negotiated transactions or in a combination of such methods of sale, at a fixed price or prices, which may be changed, or at market prices prevailing at the time of sale, at prices related to such prevailing market prices or at negotiated prices.
The offering is being made only by means of a prospectus supplement and accompanying base prospectus. The Company has filed a registration statement (including a base prospectus) and will file a preliminary prospectus supplement with the U.S. Securities and Exchange Commission (“SEC”) for the offering to which this communication relates and a final prospectus supplement relating to the offering. Prospective investors should read the prospectus supplement and base prospectus in that registration statement and other documents the Company has filed or will file with the SEC for more complete information about the Company and the offering. When available, you may obtain these documents for free by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, copies of the preliminary prospectus supplement and the accompanying base prospectus for the offering may be obtained by contacting J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone (toll-free): 1-866-803-9204, or by email at This email address is being protected from spambots. You need JavaScript enabled to view it..
This press release does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The securities being offered have not been approved or disapproved by any regulatory authority, nor has any such authority passed upon the accuracy or adequacy of the prospectus supplement or the shelf registration statement or prospectus.
About New Fortress Energy Inc.
New Fortress Energy Inc. is a global energy infrastructure company founded to help address energy poverty and accelerate the world’s transition to reliable, affordable, and clean energy. The company owns and operates natural gas and liquefied natural gas (LNG) infrastructure and an integrated fleet of ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. Collectively, the company’s assets and operations reinforce global energy security, enable economic growth, enhance environmental stewardship and transform local industries and communities around the world.
Cautionary Note Regarding Forward Looking Statements
This press release contains forward-looking statements, including but not limited to, the Selling Stockholder’s intention to consummate the proposed offering. All statements other than statements of historical facts contained in this press release are forward-looking statements. The consummation of the offering is subject to market conditions and other factors that are beyond our control. Accordingly, no assurance can be given that the offering will be completed on the contemplated terms or at all and you should not place undue reliance on any forward-looking statements contained in this press release.
All forward-looking statements speak only as of the date on which it is made. When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements included in our annual, quarterly and other reports we file with the SEC. We undertake no duty to update these forward-looking statements, even though our situation may change in the future. Furthermore, we cannot guarantee future results, events, levels of activity, performance, projections or achievements.
Investors
Patrick Hughes
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Jake Suski
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14th annual California Green Innovation Index finds transportation pollution fell for the third straight year, even as in-state power sector emissions spiked
SAN FRANCISCO--(BUSINESS WIRE)--California’s greenhouse gas emission fell a remarkable 8.7% in 2020 amidst pandemic-induced economic disruptions and travel restrictions. But while the significant drop in emissions has helped the state make progress toward its 2030 climate targets, it masks a rise in pollution from in-state power generation, as stubbornly-slow renewable energy growth threatens California’s transition to carbon neutrality. At the same time, a drop in emissions from the transportation sector for the third-consecutive year could signal a breakthrough in the state’s largest source of climate pollution, if pandemic-era shifts towards hybrid work remain and electric vehicle adoption continues to rise.
That’s the finding of the fourteenth annual California Green Innovation Index—released today by the nonpartisan nonprofit Next 10 and prepared by Beacon Economics. The report’s analysis of the latest available emissions data found that while transportation-sector, commercial-sector, and industrial-sector emissions dropped in 2020, emissions from in-state electricity and agriculture increased.
“Despite the significant 2020 emissions drop, a closer look at the data from this year’s Index suggests California still faces challenges,” said F. Noel Perry, businessman and founder of Next 10. “The increase in in-state power generation pollution is worrisome. Not only is this pollution hurting the health of those living close to these facilities, this is the sector that overarching decarbonization depends on. We’ll need to see a significant increase in clean energy generation—at least 8% per year—in the coming years, to power homes, vehicles and industry.”
The report also analyzed the economic and jobs returns on investment from four of California’s signature climate and clean energy programs, and found that a cumulative $2.76 billion investment in these programs generated $5.35 billion in economic output and created 8,521 jobs—while reducing greenhouse gas emissions. The findings should inform California’s budget priorities, as the state pursues strategies to fend off a potential looming recession.
“California’s return on climate investments has been striking,” said Patrick Adler, research manager at Beacon Economics. “The state has shown that it can create jobs and strong economic growth—while also helping to cut the pollution that is driving climate change and adversely impacting communities across California.”
TRANSPORTATION EMISSIONS DROPPED FOR THIRD CONSECUTIVE YEAR, SIGNALING POTENTIAL BREAKTHROUGH, ALBEIT TEMPORARY; PUBLIC TRANSIT USE CONTINUES TO DECLINE
The Index found that transportation sector emissions—California’s largest source of greenhouse gas emissions—plunged by a staggering 16.1% in 2020, amidst pandemic-induced travel restrictions and a shift to working from home. The remarkable decrease was driven by a 19.8% reduction in emissions from light-duty passenger cars, a 18.5% decrease from SUVs and light-duty trucks, a 12.2% emissions decrease from off-road vehicles, and a 7.4% emissions decrease from heavy-duty trucks
“Due to the pandemic, the emissions drop from California’s transportation sector in 2020 was remarkable. This is the third straight year that we’ve seen a decline in pollution from the state’s largest and most stubborn source of emissions. The encouraging trends in this year’s Index on EV adoption and charging build-out show that EVs are reaching new, lower-income consumers and folks in rural areas,” noted Perry. “But to make continual progress in the transportation sector, we need structural changes to how we move around our cities and towns, and we urgently need to address the looming public transit crisis.”
While electric vehicle sales of all classes fell 16.5% from 2019 to 2020 due to pandemic-related uncertainty and supply chain challenges, sales data from 2021 paint a more encouraging picture. Electric vehicle sales shot up 79% in 2021 compared to 2020, and battery electric vehicles reached 9.5% of new vehicle registration in 2021, up from the previous peak of 6.2% in 2020.
The increase in electric vehicle ownership in rural areas showed the most encouraging signs of growth, increasing by an impressive 57.1% in 2021 compared to 2019. Roughly half of the growth in electric vehicles across the state of California in 2021 took place in rural areas compared to 2019. Promising electric vehicle growth is likely to continue in coming years, as California tracks towards achieving a landmark regulation adopted this year that will phase out the sale of gasoline cars by 2035.
The Index’s encouraging data on electric vehicle sales contrasts sharply with its findings on public transit ridership, which plunged a stunning 52% in 2020. More concerningly, ridership fell an additional 3% in 2021—even after pandemic restrictions began to lift and some people started returning to the office. The findings suggest that the pandemic could push California deeper into its historical trend of individual car ownership, despite the climate impacts. After a steady decline since the peak in 2018, the vehicle ownership rate rose to 78.4 per 100 persons in 2021, up from 74.7 in 2020.
Key findings include:
SLUGGISH RENEWABLE ENERGY GROWTH PAINTS WORRISOME PICTURE FOR STATE’S TRANSITION TO CARBON NEUTRALITY
The Index found that renewable energy as a share of California’s total power mix rose just 0.5% to 33.6% in 2021—even as the state repeatedly faced electricity supply shortfalls during climate-fueled heat waves, underscoring the need for more renewable energy resources. Since 2017, California’s pace of renewable energy growth has been slower than the U.S. average, and this year’s Index finds that the state is now at risk of missing its Renewable Energy Portfolio (RPS) standard target of 50% of energy from renewable sources by 2026.
The impact of not having enough renewable electricity was visible in the state’s increase in in-state power sector pollution, which rose 6.3% in 2020, due to increased reliance on natural gas power plants.
“For the first time, the state is at risk of missing its renewable energy targets. It is imperative that the state re-double its efforts to increase new, clean electricity generation to keep up with growing demand in buildings and transportation,” said Perry.
One bright spot in an otherwise worrisome picture for California’s transition to clean electricity is the state’s rapidly-expanding battery storage capacity, which increased by 7.5 times in 2021 compared to 2020—a record high. Battery storage has provided urgently-needed grid resiliency benefits, especially in the evening hours, when California’s robust supply of solar energy begins to drop off.
Key findings include:
ELECTRICITY FOR HOME HEATING TAKES OFF, IN A TREND LIKELY TO ACCELERATE
The Index found that electricity or solar energy use for home heating surged 7.5% in 2021—the most substantial long-term growth among all other fuels. This increase is set to accelerate in coming years, as local and state commitments to phase out polluting natural gas in buildings take hold. In 2022, California adopted a first-in-the-nation commitment to phasing out the use of gas furnaces and water heaters by 2030.
Electricity or solar energy is also the fastest-increasing primary heating fuel among renter households, increasing by 25.3% between 2008 and 2019, and continuing to rise in 2021 (+39.3% in renter-occupied units; +38.8% in owner-occupied units). Renter-occupied units (40.9%) were about twice as likely to be powered by electricity or solar energy than owner-occupied units (21.4%) in 2021.
Key findings include:
WILDFIRE EMISSIONS HIGHER THAN EVER, IN MAJOR CLIMATE CHALLENGE
The Index found that emissions stemming from wildfires broke new records in 2020, totaling over 127 MMTCO2e—more than any other sector except for transportation, and a roughly 16% percent jump in comparison to 2019. At the moment, wildfire emissions are not included in the GHG emissions inventory, however, CARB has started a process to include wildfire emissions in its future scoping plan outlining the pathway to achieving carbon neutrality by 2045.
“Emissions from wildfires threaten to undo the work the state has done to reduce emissions across the economy. Recent state budgets have included funding to reduce the risk of wildfires, and the state is working earnestly to reduce the number and severity of fires,” said Perry. “We need to take both the source of emissions, and the root cause of climate change, of this crisis seriously.”
About Next 10
Next 10 is an independent, nonpartisan, nonprofit organization that educates, engages and empowers Californians to improve the state’s future. With a focus on the intersection of the economy, the environment, and quality of life, Next 10 employs research from leading experts on complex state issues and creates a portfolio of nonpartisan educational materials to foster a deeper understanding of the critical issues affecting our state.
About Beacon Economics
Founded in 2007, Beacon Economics, an LLC and certified Small Business Enterprise with the state of California, is an independent research and consulting firm dedicated to delivering accurate, insightful, and objective economic analysis. Leveraging unique proprietary models, vast databases, and sophisticated data processing, the company’s specialized practice areas include sustainable growth and development, real estate market analysis, economic forecasting, industry analysis, economic policy analysis, and economic impact studies.
Chloe Zilliac
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650.644.8259
LADERA RANCH, Calif.--(BUSINESS WIRE)--SmartStop Self Storage REIT, Inc. (“SmartStop” or the “Company”), a self-managed and fully integrated self storage company, announced today it was named a top corporate solar user in 2022 by the Solar Energy Industries Association (SEIA). SmartStop ranked in the top one percent in the number of solar installations at its owned and managed properties. In addition, SmartStop ranked in the top six percent for solar adoption capacity (in megawatts) among the more than 5,000 businesses surveyed.
SEIA, the national trade association for the solar and storage industry, tracks and analyzes commercial solar adoption in the U.S. in its Solar Means Business 2022 report. According to the report released on November 29, 2022, American companies are installing record levels of solar to power their operations and now account for 14% of all installed solar capacity in the United States.
“SmartStop strives to be a leader in environmental sustainability and values the recognition of the SEIA,” said H. Michael Schwartz, Chairman and CEO of SmartStop. “Several years ago, we recognized that we could make an impact by powering our locations using renewable, clean energy.” said Schwartz. “We plan to continue the expansion of our solar program with installations at existing and newly acquired facilities across the country, and it’s a win-win because it improves profitability for our stockholders.”
SmartStop recognizes the importance of minimizing the impact of its operations on the environment and integrating environmental considerations into its business practices. SmartStop has implemented several energy-saving and waste-reduction initiatives along with solar panels. The majority of SmartStop locations feature interior motion-sensing lights, and energy-saving LED lights are used throughout the interiors and exteriors. SmartStop’s technology platform allows customers to use the company’s website or call center to generate paperless reservations and rentals.
“Solar Means Business highlights the incredible flexibility of solar, whether it’s installed on a warehouse roof, on a carport or at an offsite facility, showing the various ways that companies are meeting their needs with clean, affordable energy,” said SEIA president and CEO Abigail Ross Hopper.
Solar Means Business tracks over 47,000 corporate solar installations nationwide, which combined generate enough electricity to power 3.2 million homes and offset 20.4 million metric tons of CO2 annually. Total commercial solar installations are expected to double again over the next three years with nearly 27 GW of offsite corporate solar projects scheduled to come online by 2025.
About SmartStop Self Storage REIT, Inc. (SmartStop):
SmartStop Self Storage REIT, Inc. (“SmartStop”) is a self-managed REIT with a fully integrated operations team of approximately 450 self storage professionals focused on growing the SmartStop® Self Storage brand. SmartStop, through its indirect subsidiary SmartStop REIT Advisors, LLC, also sponsors other self storage programs. As of November 30, 2022, SmartStop has an owned or managed portfolio of 176 properties in 22 states and Ontario, Canada, comprising approximately 120,600 units and 13.7 million rentable square feet. SmartStop and its affiliates own or manage 20 operating self storage properties in the Greater Toronto Area, which total approximately 17,050 units and 1.7 million rentable square feet. Additional information regarding SmartStop is available at www.smartstopselfstorage.com.
David Corak
VP of Corporate Finance
SmartStop Self Storage REIT, Inc.
949-542-3331
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Grant Programs from PG&E and The PG&E Corporation Foundation Support Key Investments in Climate Action for Local Communities
OAKLAND, Calif.--(BUSINESS WIRE)--Building upon a long history of climate action and environmental stewardship, Pacific Gas and Electric Company (PG&E) and The PG&E Corporation Foundation (Foundation) have awarded $900,000 across two grant programs intended to support climate resilience efforts in PG&E’s hometowns, while also protecting and restoring land, water, and air in habitats and communities across California.
“When PG&E issued our Climate Strategy Report earlier this year, we recognized that our approach to climate action must be twofold – we have to become more resilient to the impacts being felt today, while also working to heal the planet and avoid the impacts of tomorrow. Through these two grant programs, we’re pleased to work collaboratively with organizations in our hometowns to address both of these challenges with a focus on equity,” said Carla Peterman, Executive Vice President, Corporate Affairs and Chief Sustainability Officer for PG&E Corporation and Chair of the Board of The PG&E Corporation Foundation.
Better Together Nature Positive Innovation Grants
As one of the largest landowners in California, PG&E has a long history of responsible stewardship of the natural environment. Through the Better Together Nature Positive Innovation grant program, the Foundation is reinforcing its focus on environmental stewardship and pursuing opportunities to invest in partnerships that will promote protecting and restoring land, water, and air in habitats and communities across our service area.
For 2022, the Better Together Nature Positive Innovation grant program has awarded five $100,000 grants to the following organizations:
“We appreciate The PG&E Corporation Foundation for recognizing our proposal to engage and work with property owners along the Cobb Area Watershed, which feeds directly into Clear Lake. This stewardship project targets watershed management practices in the Cobb Mountain community by recruiting local property owners to participate in “hands-on” workshops interweaving resource management training with direct actions to match site conditions and landowner concerns. Every workshop we hold involves tribal knowledge holders and teachers, who will combine their expertise with that of other topical specialists,” said Eliot Hurwitz, Executive Director of the Seigler Springs Community Redevelopment Association.
For more information about the Better Together Nature Positive Innovation grant program, click here.
Resilience Hubs Grants
Recognizing that communities across California face growing threats from extreme weather events such as coastal and inland flooding, heat waves, wildfires, and more powerful storms, the Resilience Hubs grant program seeks to fund and establish physical spaces, or a set of resources, that support community resilience in the face of these climate-driven events. Once developed, these hubs can also be accessed year-round to build and sustain community-adaptive capacity in a trusted location.
For 2022, the Resilience Hubs grant program has awarded $400,000 to the seven organizations listed below. These grants will be funded by PG&E shareholders as part of the company’s investments in statewide wildfire resiliency and response, in accordance with a mandate from the California Public Utilities Commission.
The program awarded $25,000 each to four Feasibility Projects to fund an assessment of resilience hub needs and/or conceptual ideas for a resilience hub:
Additionally, the program awarded $100,000 each to three Design and Build Projects toward the design and/or creation of a resilience hub. Through these projects, the organizations will either plan and design new physical spaces or mobile resources, or retrofit existing buildings or structures to support community resilience:
“The Food Bank of Contra Costa and Solano is thrilled to receive funding to strengthen our partners’ ability to serve their communities, especially in times of acute crisis. By storing emergency food in central locations, we will ensure the community has access to critical services—without delay,” said Joel Sjostrom, President and CEO of the Food Bank of Contra Costa and Solano.
For more information about the Resilience Hubs grant program, click here.
About PG&E
Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is a combined natural gas and electric utility serving more than 16 million people across 70,000 square miles in Northern and Central California. For more information, visit pge.com and pge.com/news.
About The PG&E Corporation Foundation
The PG&E Corporation Foundation is an independent 501(c)(3) nonprofit organization, separate from PG&E and sponsored by PG&E Corporation.
Marketing & Communications | 415.973.5930 | www.pge.com
NEW YORK--(BUSINESS WIRE)--New Fortress Energy Inc. (NASDAQ: NFE) (the “Company”) announced today the pricing of the previously announced secondary public offering of 6,900,000 shares of its common stock by Energy Transition Holdings LLC (the “Selling Stockholder”), an entity managed by Great Mountain Partners LLC, at a price to the public of $46.00 per share. The 6,900,000 shares of common stock being sold in this offering represent approximately 3.3% of the Company’s outstanding common stock as of the close of business on December 13, 2022 and represent 21.3% of the shares held by the Selling Stockholder in the Company as of that date. The Company will not receive any proceeds from the sale of the shares by the Selling Stockholder. The offering is expected to close on December 19, 2022, subject to customary closing conditions.
J.P. Morgan is acting as the sole underwriter for the offering.
The offering is being made only by means of a prospectus supplement and accompanying base prospectus. The Company has filed a registration statement (including a base prospectus) and a preliminary prospectus supplement with the U.S. Securities and Exchange Commission (“SEC”) for the offering to which this communication relates and will file a final prospectus supplement relating to the offering. Prospective investors should read the prospectus supplement and base prospectus in that registration statement and other documents the Company has filed or will file with the SEC for more complete information about the Company and the offering. You may obtain these documents for free by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, copies of the final prospectus supplement, when available, and the accompanying base prospectus for the offering may be obtained by contacting J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone (toll-free): 1-866-803-9204, or by email at This email address is being protected from spambots. You need JavaScript enabled to view it..
This press release does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The securities being offered have not been approved or disapproved by any regulatory authority, nor has any such authority passed upon the accuracy or adequacy of the prospectus supplement or the shelf registration statement or prospectus.
About New Fortress Energy Inc.
New Fortress Energy Inc. is a global energy infrastructure company founded to help address energy poverty and accelerate the world’s transition to reliable, affordable, and clean energy. The company owns and operates natural gas and liquefied natural gas (LNG) infrastructure and an integrated fleet of ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. Collectively, the company’s assets and operations reinforce global energy security, enable economic growth, enhance environmental stewardship and transform local industries and communities around the world.
Cautionary Note Regarding Forward Looking Statements
This press release contains forward-looking statements, including but not limited to, the Selling Stockholder’s intention to consummate the offering. All statements other than statements of historical facts contained in this press release are forward-looking statements. The consummation of the offering is subject to market conditions and other factors that are beyond our control. Accordingly, no assurance can be given that the offering will be completed on the contemplated terms or at all and you should not place undue reliance on any forward-looking statements contained in this press release.
All forward-looking statements speak only as of the date on which it is made. When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements included in our annual, quarterly and other reports we file with the SEC. We undertake no duty to update these forward-looking statements, even though our situation may change in the future. Furthermore, we cannot guarantee future results, events, levels of activity, performance, projections or achievements.
Investors
Patrick Hughes
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Media
Jake Suski
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NEW YORK--(BUSINESS WIRE)--Hess Corporation (NYSE: HES) has earned a place on the prestigious Dow Jones Sustainability Index (DJSI) North America for the 13th consecutive year and for the first time has been included in the Dow Jones Sustainability World Index (DJSI World), which comprises global sustainability leaders identified by S&P Global through its Corporate Sustainability Assessment. Only the most sustainable companies are considered each year for DJSI membership. This year, Hess is the only North American oil and gas company listed on DJSI World and one of only three North American oil and gas companies included in DJSI North America.
In addition, Newsweek just published its fourth annual ranking of America's Most Responsible Companies and once again included Hess. Of the 500 companies on the 2023 list, Hess is the highest ranked oil and gas producer. The ranking is based on an analysis of 2,000 public companies with U.S. headquarters by a research firm using an independent survey and publicly available environmental, social and corporate governance (ESG) performance indicators. The complete list and methodology are available here.
“We are honored to be recognized for delivering industry leading ESG performance and disclosure,” said Alex Sagebien, Vice President, Environment, Health and Safety. “Hess will continue to be guided by our longstanding commitment to sustainability as we help to meet the world’s growing need for affordable, reliable and cleaner energy.”
Hess’ Sustainability Report describes the company’s sustainability strategy and performance on ESG programs and initiatives. The report is available at: www.hess.com/sustainability/sustainability-reports.
Hess Corporation is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas. More information about the company is available at www.hess.com.
Investor Contact:
Jay Wilson
(212) 536-8940
Media Contact:
Lorrie Hecker
(212) 536-8250
DUBLIN--(BUSINESS WIRE)--The "USA Wind Farms Database" database has been added to ResearchAndMarkets.com's offering.
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It includes 2055 entries, representing 14,796 GW onshore and 4,435 GW offshore.
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ResearchAndMarkets.com
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FRESNO, Calif.--(BUSINESS WIRE)--#circulareconomy--ERI, the nation’s largest fully integrated IT and electronics asset disposition (ITAD) provider and cybersecurity-focused hardware destruction company, has launched its new internal system designed to harness proprietary A.I. and machine learning technology innovations to further enhance operational efficiency. The new system, called “SOAR,” is now fully operational.
SOAR utilizes ERI’s proprietary Optical Character Recognition (OCR) technology to highlight text on a picture, allowing the user to easily make selections during the receiving process. The second phase of the SOAR platform, announced this week, takes the process to the next level of efficiency. Driven by machine learning and artificial intelligence, the system provides automated selections of the appropriate text from the OCR scans of images, which eliminates the need for user decision-making.
SOAR moves the overall receiving process of assets such as desktops, laptops and other electronic devices to a near-automated experience where the user has minimal interaction with the data itself. The technology streamlines the intake process procedure, simply requiring the user to take a photo of the device. ERI’s proprietary cloud-based software Optech does all the work from there, printing a coded tag for the user to stick to the device.
“We are proud to be pioneering a new realm of efficiency for the electronics recycling industry with SOAR,” said ERI’s Chairman and CEO, John Shegerian. “We expect that this innovative system will once again increase efficiency gains by approximately 50% or more and further improve the accuracy of captured data. We are taking a process that was already best-in-class and taking it to a whole new level of excellence.”
The first iteration of SOAR was initially launched in April of this year. The proprietary concept designed by ERI’s in-house technology team immediately improved receiving times of ITAD equipment coming through ERI’s warehouse doors. Originally, a small number of workstations were set up to test and gain feedback on the SOAR platform. ERI now has more than 50 stations deployed across the country in ERI’s facilities. Efficiency improvements, nationwide, have reached approximately 250% while also increasing accuracy. ERI’s IT team continue to make enhancements to the system, including those announced this week.
ERI works with all of its partners to increase the volume of material captured within a closed loop and is the recipient of an overall “A” rating from the Ellen MacArthur Foundation’s Circulytics tool which measures progress towards a circular economy.
ERI is the nation’s leading fully integrated IT and electronics asset disposition provider and cybersecurity-focused hardware destruction company.
ERI is the largest fully integrated IT and electronics asset disposition provider and cybersecurity-focused hardware destruction company in the United States. ERI is certified at the highest level by all leading environmental and data security oversight organizations to de-manufacture, recycle, and refurbish every type of electronic device in an environmentally responsible manner. It is the first and only company in its industry to achieve SOC 2 certification for security and data protection. ERI has the capacity to process more than a billion pounds of electronic waste annually at its eight certified locations, serving every zip code in the United States. ERI’s mission is to protect people, the planet and privacy. For more information about e-waste recycling and ERI, call 1-800-ERI-DIRECT or visit https://eridirect.com.
Paul Williams, 310/569-0023, This email address is being protected from spambots. You need JavaScript enabled to view it.
SHENZHEN, China--(BUSINESS WIRE)--Shenzhen, a southern Chinese coastal city and high-tech hub, saw 315 projects with a total investment of 879 billion yuan (about 126.31 billion U.S. dollars) inked at a conference on December 9, as the metropolis strives to boost global investor confidence in its future development.
The 2022 Shenzhen Global Investment Promotion Conference featured a series of activities, including 12 regional investment promotion conferences and a number of overseas parallel sessions and industrial investment promotion activities. Branch venues have been established in 16 cities on five continents.
The projects signed at the conference cover the fields of new-generation electronic information, biomedicine and health, as well as the green and low-carbon industry and the marine industry.
The conference attracted global companies in a wide range of fields, including Amazon, Intel and Maersk.
Wu Bingqing, President of Maersk Greater China, said that 50 percent of Maersk's supply chain management business in Greater China comes from Shenzhen. "Maersk is highly aligned with Shenzhen's development strategy and will continue to increase investment in Shenzhen in the future."
"Shenzhen is embracing historical development opportunities and is proving to be a hotspot for global investors in China," said James Chang, Managing Partner of Regional Economic Clusters, PwC China.
From 2019 to 2021, the Shenzhen Global Investment Promotion Conference signed more than 600 projects, involving over 2 trillion yuan of intended investment.
As a front-runner of China's high-tech industrial development, Shenzhen boasts a host of Chinese startups and tech heavyweights, including Huawei and Tencent.
Company: Commerce Bureau of Shenzhen Municipality
Contact Person: Zhang jiaqi
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Website: http://commerce.sz.gov.cn/
Telephone: 86-0755-88107023
Address: 12/F, Great China International Exchange Square, No 1, Fuhua Road 1, Futian District, Shenzhen
MINNEAPOLIS--(BUSINESS WIRE)--The Board of Directors of Xcel Energy Inc. (NASDAQ: XEL) today declared a quarterly dividend on its common stock of 48.75 cents per share. The dividends are payable January 20, 2023, to shareholders of record on December 29, 2022.
Xcel Energy is a major U.S. electricity and natural gas company, with operations in 8 Western and Midwestern states. Xcel Energy provides a comprehensive portfolio of energy-related products and services to 3.7 million electricity customers and 2.1 million natural gas customers through its regulated operating companies. Company headquarters are located in Minneapolis. More information is available at www.xcelenergy.com.
This information is not given in connection with any sale or offer for sale or offer to buy any securities.
Statements in this press release regarding Xcel Energy’s business which are not historical facts are “forward-looking statements” that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” in the Company's Annual Report on Form 10-K for the most recently ended fiscal year.
Xcel Energy, Minneapolis
Shareholder Services
Darin Norman (612) 337-2310
or
Paul Johnson, Vice President, Treasurer & Investor Relations (612) 215-4535
or
Xcel Energy Media Relations Representatives (612) 215-5300
LONDON--(BUSINESS WIRE)--Commodity AI firm ChAI has begun a project with BASF-YPC to forecast olefin prices including Ethylene, Propylene and Butadiene. BASF-YPC Company Limited is a large-scale petrochemical 50:50 joint venture between the world's two largest chemical companies BASF and Sinopec. ChAI provides BASF-YPC with Olefin price forecasts to support the company’s market intelligence and enhance its feedstock cost management.
ChAI is a data-driven market insights tool for companies exposed to commodity prices. ChAI uses proprietary AI technology to provide forecasts that update daily to enable companies to understand raw material price changes in their cost base fully. This information can help companies to enhance their hedging strategies, enable more accurate budgeting and justify purchasing decisions.
ChAI is democratizing the tools, techniques and data that have long given speculators a competitive edge: combining state-of-the-art AI techniques with exciting new alternative data sources to reduce the risk in physical supply chains. Their innovation helps better mitigate shocks to company cash flows and P&Ls – enabling businesses to plan better for the future and be more resilient.
Tristan Fletcher, CEO at ChAI, said: “It is a real honour to be able to serve two of the world’s largest and most prestigious chemicals companies, forecasting the raw materials in their cost base.”
Website: www.chaipredict.com
Linkedin: www.linkedin.com/company/chaipredict
Felix Orchard
07506450284
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IRVING, Texas--(BUSINESS WIRE)--ExxonMobil today announced successful startup of one of the largest advanced recycling facilities in North America. The facility at the company’s integrated manufacturing complex in Baytown, Texas, uses proprietary technology to break down hard-to-recycle plastics and transform them into raw materials for new products. It is capable of processing more than 80 million pounds of plastic waste per year, supporting a circular economy for post-use plastics and helping divert plastic waste currently sent to landfills.
“We’ve proven our proprietary advanced recycling technology at Baytown, and now we’re leveraging our scale and integration to increase production of certified circular plastics to meet growing demand,” said Karen McKee, president of ExxonMobil Product Solutions Company. “There is substantial demand for recycled plastics, and advanced recycling can play an important role by breaking down plastics that could not be recycled in traditional, mechanical methods. We are collaborating with government, industry and communities to scale up the collection and sorting of plastic waste that will improve recycling rates and help our customers around the world meet their sustainability goals.”
Since the start of pilot operations at Baytown last year, ExxonMobil has recycled nearly 15 million pounds of plastic waste. The proprietary ExxtendTM technology enables the breakdown of plastic waste that would previously be destined for landfills – from synthetic athletic fields to bubble wrap and motor oil bottles.
The company helped form Cyclyx International LLC, a joint venture created to collect and sort large volumes of plastic waste and is investing in a first-of-its-kind plastic waste processing facility in Houston to help supply ExxonMobil’s Baytown advanced recycling facility.
To accelerate advanced recycling, ExxonMobil is a founding member of the Houston Recycling Collaboration, which brings government and industry together to increase access to recycling programs and expand infrastructure for mechanical and advanced recycling technologies.
ExxonMobil plans to build advanced recycling facilities at many of its other manufacturing sites around the world, which would give it the capacity to process up to 1 billion pounds of plastic waste annually by year-end 2026. The company is assessing facilities in Baton Rouge, Louisiana; Beaumont, Texas; and Joliet, Illinois; as well as at sites in Belgium, the Netherlands, Singapore and Canada.
ExxonMobil is also collaborating with third parties to assess the potential for large-scale implementation of advanced recycling technologies and opportunities to support improvements to plastic waste collection and sorting in Malaysia and Indonesia.
ExxonMobil has commercial contracts to sell certified circular plastics to customers around the world for use in food-safe plastic packaging, including collaborations with Sealed Air and Ahold Delhaize USA, Berry Global, and Amcor.
Advanced recycling is a proven technology that can help accelerate a circular economy and address the challenge of plastic waste. With effective government policies in place to modernize the recycling system and improve waste collection, more plastic materials can be collected, sorted and recycled, especially plastics that aren’t easily recycled today.
About ExxonMobil
ExxonMobil, one of the largest publicly traded international energy and petrochemical companies, creates solutions that improve quality of life and meet society’s evolving needs.
The corporation’s primary businesses - Upstream, Product Solutions and Low Carbon Solutions - provide products that enable modern life, including energy, chemicals, lubricants, and lower-emissions technologies. ExxonMobil holds an industry-leading portfolio of resources, and is one of the largest integrated fuels, lubricants and chemical companies in the world.
In 2021, ExxonMobil announced Scope 1 and 2 greenhouse gas emission-reduction plans for 2030 for operated assets, compared to 2016 levels. The plans are to achieve a 20-30% reduction in corporate-wide greenhouse gas intensity; a 40-50% reduction in greenhouse gas intensity of upstream operations; a 70-80% reduction in corporate-wide methane intensity; and a 60-70% reduction in corporate-wide flaring intensity.
With advancements in technology and the support of clear and consistent government policies, ExxonMobil aims to achieve net-zero Scope 1 and 2 greenhouse gas emissions from its operated assets by 2050. To learn more, visit exxonmobil.com, the Energy Factor, and ExxonMobil’s Advancing Climate Solutions.
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Cautionary Statement
Statements of future events, investments, conditions, strategic and operating plans and objectives, the development of technologies, and other statements of future ambitions in this release are forward-looking statements.
Actual future results, including business and project plans, operating performance, partner participation, timing, capacities, and costs could differ materially due to a number of factors. These include the ability to execute operational objectives on a timely and successful basis; timely completion of construction projects; unforeseen technical or operational difficulties; unplanned maintenance; global or regional changes in the supply and demand for post-use plastics; unexpected technological developments; the ability to scale different technologies on a cost-competitive basis; the outcome of future commercial negotiations; actions of competitors and commercial counterparties; government policies; and other market factors.
Any forward-looking statement speaks only as of the date of this press release and the companies named herein disclaim any obligation to update any forward-looking statement.
Exxon Mobil Corporation has numerous affiliates, many with names that include ExxonMobil, Exxon, Mobil, Esso, and XTO. For convenience and simplicity, those terms and terms such as corporation, company, our, we, and its are sometimes used as abbreviated references to specific affiliates or affiliate groups. Abbreviated references describing global or regional operational organizations, and global or regional business lines are also sometimes used for convenience and simplicity. Nothing contained herein is intended to override the corporate separateness of affiliated companies.
Media Relations
972-940-6007
The Company will advance the capabilities of its multipurpose satellite constellation with in-orbit demonstrations of new technology developments
VIENNA, Va.--(BUSINESS WIRE)--Spire Global, Inc. (NYSE: SPIR) (“Spire” or “the Company”), a leading global provider of space-based data, analytics and space services, will launch six satellites on the SpaceX Transporter-6 mission from Cape Canaveral Space Force Station no earlier than January 2023. The satellites will demonstrate advancements and new capabilities for Spire’s weather and aviation solutions.
Spire will launch two demonstration satellites carrying next-generation Automatic Dependent Surveillance-Broadcast (ADS-B) payloads, which collect aircraft position data. The satellites will expand Spire’s existing ADS-B constellation and play an integral role in improving coverage and latency for the Company’s aviation products. They will demonstrate sophisticated technology for global aircraft tracking, including an advanced antenna design based on years of in-orbit ADS-B payload experience and state-of-the-art inter-satellite links. The satellites will be Spire’s first to have propulsion systems on board. The multipurpose satellites will also carry payloads to monitor Automatic Identification System (AIS) signals for vessel tracking data and for Space Services customer Myriota, a provider of global Internet of Things (IoT) service from satellites.
One of the satellites on the launch will fly a polarimetric radio occultation (PRO) payload that collects data on precipitation profiles and patterns. The mission will validate PRO sensitivity to precipitation using several global navigation satellite systems as signals of opportunity. This will be the first step towards the assimilation of PRO data into weather models, which will enhance the value and accuracy of global weather forecasts along with the weather variables currently gathered by Spire’s constellation. The PRO payload, which will be the first launched by a private company, was designed as part of the ESA InCubed Programme, a co-funding program focused on developing innovative and commercially viable products and services that generate or exploit the value of Earth observation imagery and dataset. This activity is supported by the Luxembourg Space Agency (LSA). Spire is the largest producer of radio occultation data, which is leveraged by government agencies like NOAA, NASA, ECMWF, and EUMETSAT to drive global weather predictions.
“We at ESA are very happy with the efficiency, focus, and speed of implementation of this activity, and if we can see it resulting in measurement data and processing results for systematic evaluation of their assimilation into numerical weather prediction, that will be a rewarding completion,” said Thomas Burger, ESA Technical Officer for Spire.
“Satellites and payloads are continuing to get smaller and more powerful,” said Jeroen Cappaert, Spire CTO and Co-founder. “We’re capitalizing on this rapid pace of innovation and miniaturization to continue to enhance our constellation with cutting-edge technology that drives new applications of satellite data. The applications we’re demonstrating for aviation tracking and precipitation data will play a crucial role in solving some of the greatest challenges we face on Earth, such as overcoming climate change with more accurate weather forecasting and bringing transparency to the supply chain.”
The Company is also launching three satellites to replenish its fully deployed constellation of more than 100 multipurpose satellites. Spire designs and builds its satellites entirely in house at its manufacturing facility in Glasgow. The Company has built and launched more than 150 satellites, carrying over 500 years of spaceflight heritage across its fleet.
The satellites are manifested on the mission through a multi-launch agreement between Spire and Exolaunch, which includes access to the Transporter missions through Exolaunch’s long-term launch arrangements with SpaceX. Exolaunch, a global provider of launch, in-space logistics and deployment services, will also provide Spire with deployment and integration services.
About Spire Global, Inc.
Spire (NYSE: SPIR) is a leading global provider of space-based data, analytics and space services, offering access to unique datasets and powerful insights about Earth from the ultimate vantage point so that organizations can make decisions with confidence, accuracy, and speed. Spire uses one of the world’s largest multipurpose satellite constellations to source hard to acquire, valuable data and enriches it with predictive solutions. Spire then provides this data as a subscription to organizations around the world so they can improve business operations, decrease their environmental footprint, deploy resources for growth and competitive advantage, and mitigate risk. Spire gives commercial and government organizations the competitive advantage they seek to innovate and solve some of the world’s toughest problems with insights from space. Spire has offices in San Francisco, Boulder, Washington DC, Ontario, Glasgow, Oxfordshire, Luxembourg, and Singapore. To learn more, visit www.spire.com.
Kristina Spychalski
Senior Manager, Communications
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ROCKVILLE, Md.--(BUSINESS WIRE)--Argan, Inc. (NYSE: AGX) (“Argan” or the “Company”) today announces that its Board of Directors (the “Board”) approved an increase to the Company’s existing share repurchase program from $100 million to $125 million and declared a regular quarterly cash dividend in the amount of $0.25 per share of common stock, payable January 31, 2023 to stockholders of record at the close of business on January 20, 2023.
“The expansion of our share repurchase program, along with our regularly quarterly dividend, reflects the Board’s commitment to our disciplined capital allocation strategy and the confidence in our business,” said David Watson, Argan’s President and Chief Executive Officer. “Under the share repurchase authorization, we have repurchased approximately 14% of our outstanding shares at a cost of approximately $84 million since November 2021. As our subsidiaries continue to contribute to the growth in backlog, currently exceeding $0.8 billion, and to successfully execute on their work, we believe the future for Argan is substantial.”
The Board’s authorization permits the Company to make purchases of its common stock from time to time in the open market or through privately negotiated transactions, subject to market and other conditions, up to the aggregate amount authorized by the Board. The Board’s authorization allows the repurchase of shares through January 2024.
About Argan
Argan’s primary business is providing a full range of services to the power industry, including the renewable energy sector. Argan’s service offerings focus on the engineering, procurement and construction of natural gas-fired power plants and renewable energy facilities, along with related commissioning, operations management, maintenance, project development and consulting services, through its Gemma Power Systems and Atlantic Projects Company operations. Argan also owns The Roberts Company, which is a fully integrated fabrication, construction and industrial plant services company, and SMC Infrastructure Solutions, which provides telecommunications infrastructure services.
Certain matters discussed in this press release may constitute forward-looking statements within the meaning of the federal securities laws. Reference is hereby made to the cautionary statements made by the Company with respect to risk factors set forth in its most recent reports on Form 10-K, Forms 10-Q and other SEC filings. The Company’s future financial performance is subject to risks and uncertainties including, but not limited to, the successful addition of new contracts to project backlog, the receipt of corresponding notices to proceed with contract activities, and the Company’s ability to successfully complete the projects that it obtains. The Company has several signed EPC contracts that have not started and may not start as forecasted due to market and other circumstances beyond its control. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to the risk factors highlighted above and described regularly in the Company’s SEC filings.
David Watson
301.315.0027
ST. CATHARINES, Ontario--(BUSINESS WIRE)--#yourmarinecarrierofchoice--Algoma Central Corporation (“Algoma” or “the Company”) (TSX: ALC), a leading provider of marine transportation services, today announced that the Company’s Board of Directors authorized payment of a Special Dividend to shareholders of $1.35 per common share.
The dividend is payable on January 18, 2023 to shareholders of record on January 4, 2023.
“Algoma has continued to demonstrate its ability to deliver strong financial results in a variety of economic conditions, resulting in cash flow levels to support our investment in sustaining and growing our earnings,” said Gregg Ruhl, President and Chief Executive Officer of Algoma. “We have also accumulated sufficient cash resources to reward our shareholders for their continued support, which we are doing with this Special Dividend” Mr. Ruhl continued.
With the payment of this dividend, Algoma will have paid Special Dividends in three of the past five years for a total of $4.75 per share.
About Algoma Central Corporation
Algoma owns and operates the largest fleet of dry and liquid bulk carriers operating on the Great Lakes - St. Lawrence Seaway, including self-unloading dry-bulk carriers, gearless dry-bulk carriers and product tankers. Since 2010 we have introduced 10 new build vessels to our domestic dry-bulk fleet, with two under construction and expected to arrive in 2024, making us the youngest, most efficient and environmentally sustainable fleet on the Great Lakes. Each new vessel reduces carbon emissions on average by 40% versus the ship replaced. Algoma also owns ocean self-unloading dry-bulk vessels operating in international markets and a 50% interest in NovaAlgoma, which owns and operates the world's largest fleet of pneumatic cement carriers and a global fleet of mini-bulk vessels serving regional markets. Algoma truly is Your Marine Carrier of Choice™. For more information about Algoma, visit the Company's website at www.algonet.com.
Gregg A. Ruhl
Algoma Central Corporation
President & CEO
905-687-7890
Peter D. Winkley, CPA, CA
Algoma Central Corporation
EVP & Chief Financial Officer
905-687-7897
NORTH BETHESDA, Md.--(BUSINESS WIRE)--$ESAB #ESABCorporation--ESAB Corporation (“ESAB” or the “Company”) (NYSE: ESAB), a world leader in fabrication and gas control technology, announced today that its Board of Directors has declared a quarterly cash dividend of $0.05 per share of the Company’s common stock. The dividend is payable on January 13, 2023 to shareholders of record as of December 30, 2022.
About ESAB Corporation
ESAB Corporation (NYSE: ESAB) is a world leader in fabrication and gas control technology, providing our partners with advanced equipment, consumables, gas control equipment, robotics, and digital solutions which enable the everyday and extraordinary work that shapes our world. To learn more, visit www.ESABcorporation.com.
Investor Relations Contact:
Mark Barbalato
Vice President, Investor Relations
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Phone: 1-301-323-9098
Media Contact:
Tilea Coleman
Vice President, Corporate Communications
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Phone: 1-301-323-9092
DURHAM, N.C.--(BUSINESS WIRE)--Rice Acquisition Corp. II (NYSE: RONI) (“RAC II”), a special purpose acquisition company focused on supply-side decarbonization solutions, and NET Power, LLC (“NET Power”) today announced a definitive agreement to enter into a business combination (the “transaction”) to accelerate deployment of NET Power’s proprietary technology that delivers clean, reliable, and low-cost power from natural gas. After the business combination, the company will be named NET Power Inc. (the “combined Company”). The transaction is expected to close in the second quarter of 2023 and the combined Company will be listed on the NYSE under the ticker symbol “NPWR”.
Upon closing of the transaction, Ron DeGregorio, current CEO of NET Power and 40-year power and energy veteran who successfully led NET Power through technology validation and establishment of key supplier partnerships, will be succeeded by Danny Rice, current director of RAC II and former CEO of Rice Energy, Inc., to lead NET Power through commercialization and beyond. The leadership team and board of directors of the combined Company have decades of experience in operations, engineering, management, and investment in energy and power generation.
“We have long believed that if you can use natural gas, generate reliable electricity, and capture the resulting emissions, you would change the world. For over a decade, NET Power has worked tirelessly to prove its game-changing technology, which we did through our demonstration facility in La Porte, Texas. Following the strategic investment and partnership with Baker Hughes to deliver key turbomachinery for future NET Power plants, this transaction properly capitalizes NET Power and enables the company to commercialize this revolutionary technology. The Rice Group is a logical strategic partner, and I am excited to hand the reins to Danny to lead NET Power,” said retiring CEO Ron DeGregorio.
Incoming CEO Danny Rice said, “Today, around 60% of global power generation comes from coal and natural gas-fired power plants that produce reliable and low-cost power. However, these plants collectively emit nearly 14 billion tonnes of CO2 per year, accounting for approximately 37% of total global emissions. By replacing these plants with NET Power’s proven technology, we can eliminate nearly 100% of these emissions while providing reliable and low-cost power that people deserve. I’m excited to help NET Power deliver the energy trifecta and become the global leader in clean power generation.”
Vicki Hollub, President and CEO of Occidental, said, “We are excited to support this transaction, which will further NET Power’s commercialization plans and help achieve decarbonization goals globally. We first invested in NET Power because we believe the technology can accelerate Oxy’s efforts to reduce emissions in our existing operations and ultimately supply emissions-free power to the Direct Air Capture (“DAC”) sites and sequestration hubs we are developing.”
Occidental is advancing feasibility studies to incorporate NET Power plants into DAC hubs being developed by its 1PointFive subsidiary, where approximately 30 – 40 plants could provide enough clean power for a DAC program capturing 100 – 135 million tonnes of CO2 per year.
Rod Christie, Executive Vice President of Industrial & Energy Technology at Baker Hughes, said, “Our strategic partnership focused on technology development and accelerating market positioning and deployment of the NET Power solution presents a clear path to commercialize near-zero emission natural gas power around the world. The combination of NET Power with Rice Acquisition Corp. II further reinforces the path towards making that progress a reality.”
Cam Hosie, CEO of 8 Rivers, said, “This transaction enables NET Power’s technology to become a cornerstone of the clean energy future. 8 Rivers is proud to have supported NET Power from the beginning, and we will continue to support NET Power’s global deployment by leveraging our commercial and project management expertise while driving deployments through our net-zero solutions business, Zero Degrees.”
Investment Highlights
Transaction Highlights
Advisors
Guggenheim Securities, LLC acted as lead financial advisor to RAC II. Barclays Capital Inc. also served as financial advisor to RAC II. Kirkland & Ellis LLP served as legal counsel to RAC II. Credit Suisse Securities (USA) LLC acted as financial advisor and capital markets advisor to NET Power. Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. served as legal counsel to NET Power. Barclays Capital Inc. and Citigroup Global Markets Inc. acted as capital markets advisors to RAC II. Barclays Capital Inc. and Citigroup Global Markets Inc. acted as lead placement agents and Credit Suisse Securities (USA) LLC acted as co-placement agent on the PIPE. Vinson & Elkins L.L.P. served as legal counsel to the capital markets advisors and placement agents.
Investor Presentation
For more information, please view the investor presentation on the NET Power website at https://netpower.com/investor-relations/. A recorded presentation from management discussing the business combination will also be available here on December 14th at 7:03 am Eastern Time and a transcript of this webcast will be filed by RAC II with the SEC.
About NET Power
NET Power is a clean energy technology company with a mission to globally deliver the “Energy Trifecta”: Reliable, Clean, and Low-Cost power. The company invents, develops and intends to license technology that provides reliable, on-demand natural gas power with life cycle emissions that are approximately 90% below today’s combined cycle natural gas systems and in line with renewables coupled with batteries. The technology also delivers a levelized cost of energy that is below both combined cycle gas turbines with carbon capture and renewables coupled with batteries. Founded in 2010 and headquartered in Durham, North Carolina, NET Power has received strategic investments from key industry partners including Occidental, Baker Hughes, Constellation, and 8 Rivers.
About Rice Acquisition Corp. II
RAC II is led by Daniel Rice IV and Kyle Derham, former executives of Rice Energy, Inc. (“RICE”) and Rice Midstream Partners (“RMP”). In 2018 and 2019, RICE and RMP merged with EQT Corporation (NYSE: EQT) and EQT’s midstream affiliates for over $10 billion to become the largest U.S. natural gas producer. Rice Acquisition Corp. led a 2021 business combination with Archaea Energy LLC and Aria Energy LLC to create Archaea Energy, Inc. (NYSE: LFG), an industry-leading renewable natural gas platform that BP p.l.c. (NYSE: BP) agreed to acquire for a cash consideration of $4.1 billion in October 2022, generating a 2.6x return on investment for LFG PIPE investors in approximately one year. Daniel Rice currently serves on the board of EQT and Archaea Energy, Inc. The RAC II website is https://ricespac.com/rac-ii/.
Forward-Looking Statements
This communication may contain certain forward-looking statements within the meaning of the federal securities laws with respect to the combined Company and the proposed transaction between NET Power and RAC II. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “seek,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “could,” “will,” “would,” “will be,” “will continue,” “will likely result” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this communication, including but not limited to: (i) conditions to the completion of the proposed business combination and PIPE investment, including shareholder approval of the business combination, may not be satisfied or the regulatory approvals required for the proposed business combination may not be obtained on the terms expected or on the anticipated schedule; (ii) the occurrence of any event, change or other circumstance that could give rise to the termination of the business combination agreement between the parties or the termination of any PIPE investor’s subscription agreement; (iii) the effect of the announcement or pendency of the proposed business combination on NET Power’s business relationships, operating results, and business generally; (iv) risks that the proposed business combination disrupts NET Power’s current plans and operations; (v) risks related to diverting management’s attention from NET Power’s ongoing business operations; (vi) potential litigation that may be instituted against RAC II or NET Power or their respective directors or officers related to the proposed transaction or the business combination agreement or in relation to NET Power’s business; (vii) the amount of the costs, fees, expenses and other charges related to the proposed business combination and PIPE investment; (viii) risks relating to the uncertainty of the projected financial information with respect to NET Power or the combined Company; (ix) NET Power’s history of significant losses; (x) the combined Company’s ability to manage future growth effectively; (xi) the combined Company’s ability to utilize its net operating loss and tax credit carryforwards effectively; (xii) NET Power’s ability to continue as a going concern if the transactions contemplated herein are not completed; (xiii) the capital-intensive nature of NET Power’s business model, which may require the combined Company to raise additional capital in the future; (xiv) barriers the combined Company may face in its attempts to deploy and commercialize its technology; (xv) the complexity of the machinery NET Power relies on for its operations and development; (xvi) the combined Company’s ability to establish and maintain supply relationships; (xvii) risks related to NET Power’s arrangements with third parties for the development, commercialization and deployment of technology associated with NET Power’s technology; (xviii) risks related to NET Power’s other strategic investors and partners; (xix) the combined Company’s ability to successfully commercialize its operations; (xx) the availability and cost of raw materials; (xxi) the ability of NET Power’s supply base to scale to meet the combined Company’s anticipated growth; (xxii) risks related to NET Power’s or the combined Company’s ability to meet its projections; (xxiii) the combined Company’s ability to expand internationally; (xxiv) the combined Company’s ability to update the design, construction and operations of the NET Power technology; (xxv) the impact of potential delays in discovering manufacturing and construction issues; (xxvi) the possibility of damage to NET Power’s Texas facilities as a result of natural disasters; (xxvii) the ability of commercial plants using NET Power’s technology to efficiently provide net power output; (xxviii) the combined Company’s ability to obtain and retain licenses; (xxix) the combined Company’s ability to establish an initial commercial scale plant; (xxx) the combined Company’s ability to license to large customers; (xxxi) the combined Company’s or NET Power’s ability to accurately estimate future commercial demand; (xxxii) the combined Company’s ability to adapt to the rapidly evolving and competitive natural and renewable power industry; (xxxiii) the combined Company’s ability to comply with all applicable laws and regulations; (xxxiv) the impact of public perception of fossil fuel derived energy on the combined Company’s business; (xxxv) any political or other disruptions in gas producing nations; (xxxvi) the combined Company’s ability to protect its intellectual property and the intellectual property it licenses; (xxxvii) the ability to meet stock exchange listing standards following the consummation of the proposed business combination; (xxxviii) changes to the proposed structure of the proposed business combination that may be required or appropriate as a result of applicable laws or regulations, including recent proposals by the U.S. Securities and Exchange Commission (the “SEC”) or as a condition to obtaining regulatory approval of the proposed business combination; (xxxix) the impact of the global COVID-19 pandemic on any of the foregoing risks; and (xl) such other factors as are set forth in RAC II’s periodic public filings with the SEC, including but not limited to those described under the headings “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in its Annual Report on Form 10-K for the fiscal year ended December 31, 2021, its subsequent quarterly reports on Form 10-Q, and in its other filings made with the SEC from time to time, which are available via the SEC’s website at www.sec.gov. 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 NET Power and RAC II assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither NET Power nor RAC II gives any assurance that either NET Power or RAC II, or the combined Company, will achieve its expectations.
Important Information about the Transaction and Where to Find It
This press release relates to a proposed business combination transaction involving NET Power and RAC II. In connection with the transaction, RAC II intends to file with the SEC a registration statement on Form S-4 that will include a proxy statement and prospectus (the “Proxy Statement/Prospectus”). This document is not a substitute for the Proxy Statement/Prospectus. The definitive Proxy Statement/Prospectus (if and when available) will be delivered to RAC II’s shareholders. RAC II may also file other relevant documents regarding the proposed transaction with the SEC. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, SECURITY HOLDERS OF RAC II AND OTHER INTERESTED PARTIES ARE URGED TO READ THE REGISTRATION STATEMENT, PROXY STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTION, INCLUDING ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT RAC II, NET POWER, THE TRANSACTION AND RELATED MATTERS.
Investors and security holders of RAC II may obtain free copies of the Proxy Statement/Prospectus, when available, and other documents that are filed or will be filed with the SEC by RAC II through the website maintained by the SEC at www.sec.gov or at RAC II’s website at www.ricespac.com/rac-ii.
Participants in the Solicitation
RAC II and NET Power and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from RAC II’s shareholders in connection with the transaction. A list of the names of such directors and executive officers and information regarding their interests in the proposed transaction between RAC II and NET Power will be contained in the Proxy Statement/Prospectus, when available. You may obtain free copies of these documents as described in the preceding paragraph.
No Offer or Solicitation
This press release shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the business combination. This press release shall also not 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 states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Investor Relations:
Kyle Derham
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Media Relations:
Amy Rosenberg
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ALBANY, N.Y.--(BUSINESS WIRE)--Equinor and partner bp launched the first of three Industry Supplier Expos with an inaugural event in the Capitol Region at Hudson Valley Community College (HVCC), in Troy New York, yesterday. More than 80 manufacturers attended the expo which is designed to help local and regional manufacturers participate in New York’s new offshore wind industry and connect them directly with Equinor and its key suppliers. The event was also attended by Assemblyman John McDonald from the 108th District and Assemblywoman Patricia Fahy from the 109th District.
The Industry Supplier Expos are part of Equinor’s efforts to facilitate the growth and sustainability of a New York-focused supply chain to sell components and services in the offshore wind industry for decades to come. The series offers a springboard for New York businesses to find out more about working in the offshore wind industry and prepare for future industry opportunities. The supplier expos also seek to foster involvement from minority- and women –owned businesses and service-disabled veteran owned businesses.
“The Supply Chain Expo is a great opportunity for New York businesses to learn how to get involved in this exciting industry. Offshore wind is still new to the United States, and Equinor and bp are committed to helping create a new and vibrant regional supply chain. These events will help us connect with a variety of manufacturers, especially those in adjacent sectors like aerospace, maritime, and heavy industries that are well-positioned to join the offshore wind ecosystem.” said Molly Morris, President of Equinor Wind US.
At the expo, attendees heard from suppliers and industry leaders who are working with the Empire and Beacon Wind projects and participated in one on one “matchmaking” to find out more about how they can become a part of the supply chain. The second and third supplier events will occur in New York City and Long Island respectively in 2023.
Doreen M. Harris, President and CEO, NYSERDA said, “NYSERDA is working collaboratively to cultivate a New York-centered U.S. supply chain and develop clear pathways to well-paying, long-term careers in the offshore wind industry. This industry supplier roadshow hosted by Equinor and bp is another opportunity for businesses from the Capital Region and beyond to make connections with manufacturers and capitalize on prospects to join this growing ecosystem right here in New York.”
Key suppliers engaged in panels where they spoke about the importance of building local supply chains for a new industry.
“Nexans is committed to building a local and sustainable supply chain for offshore wind and are excited to participate in Equinor’s Supply Chain Expo to learn more about the opportunities in New York,” said Bjorn Ladegard of Nexans.
“GLDD is excited to share our success story of a U.S. firm moving into the Offshore Wind Industry, especially with the support of Equinor and NYSERDA,” said Michael Greenwood of Great Lakes Dredge and Dock.
“Edison Chouest Offshore are proud to play an important role in the prestigious Empire Wind I/II development by designing, building, owning and operating a US Flagged Service Operations Vessel. The deployment of offshore wind farms in the US is a fantastic opportunity to not only reduce greenhouse gas emissions utilizing a sustainable resource but also providing New York State organizations and residents opportunities to engage in the burgeoning industry,” said Michael Braid, Vice President of Renewables for Edison Chouset.
“We applaud Equinor and New York for their leadership and commitment to developing the US offshore wind industry. We look forward to building a sustainable supply chain in New York and deploying our V236-15 MW turbine to bring the 2.1 GW Empire Wind offshore project to operation. This event is a key step to collectively build a robust value chain and deliver reliable jobs and lasting benefits to New York State,” said Amy McGinty, Vice President of Offshore Construction and Operations, Vestas North America.
“Marmen Welcon is excited to be a part of bringing the off-shore wind industry to the Port of Albany. We look forward to the many partnerships with the community and businesses that this project will provide, as well as contributing to the development of the local workforce to support this exciting industry,” said Aimee Mairitello of Marmen Welcon.
Future supplier expos will take place in New York City at the CUNY Graduate Center on February 7th and on Long Island at Farmingdale State College on March 10th.
Equinor Renewables US
Equinor is one of the largest offshore wind developers in the world. Its work in the United States includes the development of two lease areas off of in New York, Empire Wind and Beacon Wind. The projects plan to provide New York State with 3.3 gigawatts (GWs) of energy—enough to power nearly two million homes—including more than 2 GWs from Empire Wind and 1,230 megawatts from Beacon Wind 1. www.equinor.com/NY
bp in the US
bp’s ambition is to become a net zero company by 2050 or sooner, and to help the world get to net zero. bp has a larger economic footprint in the United States than anywhere else in the world, investing more than $130 billion in the economy and supporting about 245,000 jobs. For more information on bp in the US, visit www.bp.com/us.
About Empire Wind
Empire Wind is being developed by Equinor and bp through their 50-50 strategic partnership in the US. Empire Wind will power more than 1 million homes and generate 2.1 GW of power. For more information, please visit www.empirewind.com.
About Beacon Wind
Beacon Wind is planned for an area of 128,000 acres in federal waters between Cape Cod and Long Island. The lease area was acquired in 2019 and is being developed in two phases. Beacon Wind 1 is on track to deliver 1.2 GW of renewable energy directly to New York City in the late 2020s – enough to power 1 million homes. Beacon Wind 2 has the capacity to generate another 1.2 GW of clean energy for consumers in the US Northeast. www.beaconwind.com
Lauren Shane, senior communications manager, Equinor Renewables US
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Brian Young, Senior Consultant Communications, Equinor US
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The new biodiversity and water ambitions are introduced in a dedicated report that outlines PMI's approach to preserve nature, building on its 2025 Roadmap
LAUSANNE, Switzerland--(BUSINESS WIRE)--As world leaders gather at the UN Biodiversity Conference (COP15), Philip Morris International (PMI) (NYSE: PM) is proud to announce ambitions that align with the Post-2020 Biodiversity Framework.
The company’s new ambitions on biodiversity and water strengthen PMI’s actions to address the environmental impacts of its business operations, which it currently manages through two main strategies: Tackle Climate Change and Preserve Nature. PMI intentionally structured the new ambitions to maximize their impact around a 10-year span, from 2023 to 2033.
Detailing its strategy to Tackle Climate Change, PMI’s 2021 Low-Carbon Transition Plan brought forward the company’s ambitions to achieve carbon neutrality in its direct operations (scopes 1+2) by 2025, and to achieve carbon neutrality across its entire value chain (scopes 1+2+3) by 2040. In addition, it introduced a new goal for the company’s critical suppliers to adopt science-based targets (SBTs) by 2025, in line with the SBTs to which PMI has already committed.
To Preserve Nature, the company published its 2020 Zero Deforestation Manifesto, achieved zero gross deforestation of primary and protected forests, and is working towards achieving zero net deforestation of managed natural forests and having a net positive impact on forests associated with the tobacco supply chain by 2025. In its paper and pulp-based materials supply chain, the company targets zero gross deforestation of primary and protected forests by 2025, as well as zero net deforestation of managed natural forests and no conversion of natural ecosystems by 2030.
Perfect Forest™
PMI is pleased to be at the forefront of promoting the sustainable management of forests and is encouraged that respected stakeholders recognize the importance of what the company is doing. Perfect Forest™ is the name of PMI’s operating nature-based solutions (NbS) projects to preserve forest resources. PMI believes that a constant effort at the landscape level is key in transforming the relationship the company has with forest ecosystems and local stakeholders, where “perfection” is the mutual contribution between the protection of nature and the resulting ecosystem services generated by it. In particular, Perfect Forest™ generates carbon sequestration, enhancing the potential of forestry systems to deliver sustainable forest products and social benefits. It also creates the conditions for protecting water resources, balancing soil elements, and preserving natural habitats—key to supporting biodiversity.
PMI’s New Ambitions to Preserve Nature
Biodiversity
Water stewardship
“As our new ambitions demonstrate, PMI understands that decarbonization, biodiversity protection, forestry management, and water stewardship are deeply connected. We aspire to lead by example in the responsible and sustainable management of natural resources that can allow the promotion and protection of natural ecosystems,” said Jennifer Motles, Chief Sustainability Officer. “It is important to recognize the linkages between biodiversity loss and vulnerability to climate change, and how these could exacerbate poverty and inequality. Adaptation strategies that promote the protection, preservation, and efficient use of natural resources help us build preparedness to manage potential environmental impacts that could affect our business.”
PMI’s strategies to Tackle Climate Change and Preserve Nature have been recognized by CDP, a not-for-profit charity that runs a global disclosure system for investors, companies, cities, and regions to manage their environmental impacts. As of Dec. 13, 2022, PMI has been honored with the Triple A score for its efforts across climate, forests, and water stewardship. The ranking places PMI among one in 1,000 companies worldwide to achieve the prestigious Triple A score and among the world's most pioneering companies leading on environmental transparency and performance.
“Natural capital is a wealth we all share and depend on. It is essential that we do our part to protect, sustainably manage, and nurture it—and we’re proud that CDP has once again recognized PMI’s efforts to do exactly that,” explained Massimo Andolina, SVP, Operations. “Further, preserving natural ecosystems by properly managing land and water resources helps increase the resilience of our production systems and reduce operational risks.”
Through its Integrated Report and CDP submissions, PMI seeks to align with and is proud to support the Task Force on Climate-Related Financial Disclosures (TCFD). Also reflected in the company’s Triple A rating from CDP are PMI’s contributions to the development of the parallel Task Force on Nature-Related Financial Disclosures (TNFD). TNFD centers on the importance of protecting ecosystems and promoting biodiversity. It states that its mission is, in part, “to develop and deliver a risk management and disclosure framework for organizations to report and act on evolving nature-related risks.”
Visit pmi.com/sustainability for more information and read PMI’s dedicated disclosure focused on Preserve Nature, published today. To learn more about PMI’s overall approach to sustainability, please refer to its latest Integrated Report 2021.
Philip Morris International: Delivering a Smoke-Free Future
Philip Morris International (PMI) is a leading international tobacco company working to deliver a smoke-free future and evolving its portfolio for the long term to include products outside of the tobacco and nicotine sector. The company’s current product portfolio primarily consists of cigarettes and smoke-free products, including heat-not-burn, vapor and oral nicotine products, which are sold in markets outside the U.S. Since 2008, PMI has invested more than USD 9 billion to develop, scientifically substantiate and commercialize innovative smoke-free products for adults who would otherwise continue to smoke, with the goal of completely ending the sale of cigarettes. This includes the building of world-class scientific assessment capabilities, notably in the areas of pre-clinical systems toxicology, clinical and behavioral research, as well as post-market studies. The U.S. Food and Drug Administration (FDA) has authorized the marketing of versions of PMI’s IQOS Platform 1 devices and consumables as a Modified Risk Tobacco Products (MRTPs), finding that an exposure modification orders for these products are appropriate to promote the public health. As of September 30, 2022, excluding Russia and Ukraine, PMI's smoke-free products are available for sale in 70 markets, and PMI estimates that approximately 13.5 million adults around the world had already switched to IQOS and stopped smoking. With a strong foundation and significant expertise in life sciences, in February 2021, PMI announced its ambition to expand into wellness and healthcare areas and deliver innovative products and solutions that aim to address unmet consumer and patient needs. For more information, please visit www.pmi.com and www.pmiscience.com.
Forward-Looking and Cautionary Statements
This press release contains projections of future results and goals and other forward-looking statements, including statements regarding operational plans and strategies. Achievement of future results is subject to risks, uncertainties and inaccurate assumptions. In the event that risks or uncertainties materialize, or underlying assumptions prove inaccurate, actual results could vary materially from those contained in such forward-looking statements. Pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, PMI is identifying important factors that, individually or in the aggregate, could cause actual results and outcomes to differ materially from those contained in any forward-looking statements made by PMI.
PMI's business risks include: excise tax increases and discriminatory tax structures; increasing marketing and regulatory restrictions that could reduce our competitiveness, eliminate our ability to communicate with adult consumers, or ban certain of our products in certain markets or countries; health concerns relating to the use of tobacco and other nicotine-containing products and exposure to environmental tobacco smoke; litigation related to tobacco use and intellectual property; intense competition; the effects of global and individual country economic, regulatory and political developments, natural disasters and conflicts; the impact and consequences of Russia's invasion of Ukraine; changes in adult smoker behavior; the impact of COVID-19 on PMI's business; lost revenues as a result of counterfeiting, contraband and cross-border purchases; governmental investigations; unfavorable currency exchange rates and currency devaluations, and limitations on the ability to repatriate funds; adverse changes in applicable corporate tax laws; adverse changes in the cost, availability, and quality of tobacco and other agricultural products and raw materials, as well as components and materials for our electronic devices; and the integrity of its information systems and effectiveness of its data privacy policies. PMI's future profitability may also be adversely affected should it be unsuccessful in its attempts to produce and commercialize reduced-risk products or if regulation or taxation do not differentiate between such products and cigarettes; if it is unable to successfully introduce new products, promote brand equity, enter new markets or improve its margins through increased prices and productivity gains; if it is unable to expand its brand portfolio internally or through acquisitions and the development of strategic business relationships; or if it is unable to attract and retain the best global talent, including women or diverse candidates. Future results are also subject to the lower predictability of our reduced-risk product category's performance.
In addition, important factors that could cause actual results to differ materially from those indicated by forward-looking statements include risks and uncertainties related to: the agreement with Altria and the benefits of the transaction; the possibility that expected benefits related to recent or pending acquisitions, including the transaction with Swedish Match, may not materialize as expected; the proposed transaction with Swedish Match not being timely completed; Swedish Match’s business experiencing disruptions due to transaction-related uncertainty or other factors making it more difficult to maintain relationships with employees, customers, licensees, other business partners or governmental entities; difficulty retaining key Swedish Match employees; the outcome of any legal proceedings related to the proposed transaction with Swedish Match; and the parties being unable to successfully implement integration strategies or to achieve expected synergies and operating efficiencies within the expected time-frames or at all.
PMI is further subject to other risks detailed from time to time in its publicly filed documents, including PMI's Annual Report on Form 10-K for the fourth quarter and year ended December 31, 2021 and the Form 10-Q for the quarter ended September 30, 2022. PMI cautions that the foregoing list of important factors is not a complete discussion of all potential risks and uncertainties. PMI does not undertake to update any forward-looking statement that it may make from time to time, except in the normal course of its public disclosure obligations.
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Philip Morris International
David Fraser
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