HOUSTON--(BUSINESS WIRE)--Race Rock Infrastructure (Race Rock), a Houston, TX based manufacturer of critical infrastructure products and solutions for transportation, energy transmission/distribution, telecommunications, and other end markets, has acquired Highway Safety LLC (formerly known as Highway Safety Corporation) (HSC) and Ohio Galvanizing LLC (formerly known as Ohio Galvanizing Corporation) (OGC). HSC and OGC join Fort Worth, TX based Structural and Steel Products (SSP), a leading manufacturer and distributor of engineered poles, sign structures, and highway safety products, in Race Rock’s portfolio of businesses.
HSC, a premier provider of guardrail, bridge rail, and solar panel support structures, was founded in 1978 by W. Patric Gregory III in Glastonbury, CT. In 1994, Mr. Gregory expanded operations to Marion, OH, to better serve the company’s nationwide customer base with additional metal fabrication and galvanizing services with the creation of Ohio Galvanizing Corporation. Following the transaction, Mr. Gregory will remain as President of HSC and OGC and join the Board of Directors of Race Rock.
Donald W. Young, Chairman and CEO of Race Rock Infrastructure, commented, “We are thrilled to partner with Patric Gregory and the talented people at HSC and OGC and support them in their continued growth. HSC and OGC fit well with our broader infrastructure strategy and provide increased scope and scale to our existing lines of business to further support critical infrastructure buildout in the United States.”
W. Patric Gregory III, founder of HSC and OGC, added, “Getting to know the team at Race Rock and SSP over the last six months, it became clear to me that they are the ideal partner for the business I’ve spent the last 40 years building. Our shared values of providing a quality product in a timely manner with an emphasis on customer service and environmentally sustainable operations makes this a natural next step in HSC and OGC’s journey. I’m excited for the future of our combined businesses.”
Race Rock Infrastructure funded the transaction with a combination of debt and equity capital. Debt financing was provided by a syndicate led by Woodforest National Bank. Locke Lord LLP acted as the legal advisor to Race Rock. Sperry Mitchell & Company served as the seller’s advisor on the transaction.
Andrea Bryan
(832) 920-1276
This email address is being protected from spambots. You need JavaScript enabled to view it.
PEP Research Team Reports Energy Cycle Has Just Begun
HOUSTON--(BUSINESS WIRE)--The energy sector has outperformed the S&P 500 by 146% over the last two years so investors often question if this cycle is about over. However, energy cycles typically don’t end until the capital investment cycle has peaked and this one has just begun. The economic cycle may create headwinds for energy stocks as a recession creates headwinds for all stocks, but we believe relative performance is more a function of the capital investment cycle. Reinvestment rates and upstream investment are at the lowest levels in years, which should continue to drive outperformance as global supply remains constrained. Major takeaways include:
Capital should continue to flow back into energy.
Low returns repel capital, making the paltry energy index weighting of the last few years seem completely logical. Conversely with increasing capital discipline, industry return on capital employed is back to levels comfortably above the cost of capital, and we see index weightings returning to historical levels as attractive returns continue to draw capital back into the sector.
We remain constructive on crude despite near-term uncertainty.
Global crude inventories are at the lowest point since 2004 when accounting for strategic reserves, OPEC+ spare capacity is limited, and global upstream investment costs have increased ~25% since 2020 despite limited increases in overall capital investment spending. This leaves us comfortable that the floor in crude is much higher than in past recessions. We see the potential for significant upside stemming from supply imbalances heading into 2023, particularly if China demand recovers to historic levels.
Stocks priced like the end of the cycle, not the beginning.
Energy sector relative multiples continue to languish near 30-year lows. Historically, energy sector relative multiples compressed after a period of sustained capital investment. The market appears to be pricing the end of the current cycle before it has even started. Despite outperforming the S&P 500 by 84% in 2022, S&P 500 Energy FCF yields are over 2x the market averages in both 2023/2024 despite lower commodity prices.
PEP Research Top Energy Stock Picks for 2023:
About PEP
Pickering Energy Partners (PEP) is an energy focused financial services platform. Our expertise spans decades across the entire energy landscape. We’ve deployed over $16 billion across all energy sub-sectors. We are, at our core, trusted energy advisors, investors, and partners alongside our clients. Headquartered in Houston, Texas, PEP delivers an experienced, opportunistic team that aims to provide guidance and long-term value for clients while having a positive impact on the companies and communities that PEP invests in. For more information, please visit www.PickeringEnergyPartners.com.
Pickering Energy Partners LP (“PEP”) is an SEC Registered Investment Advisor. Affiliated PEP Advisory LLC (“PEP BD”) is a registered broker-dealer, member FINRA/SIPC. The following commentary is provided by PEP Research, a division of PEP Advisory LLC.
For media inquiries, contact:
Jennifer Petree / Tina Tallant
This email address is being protected from spambots. You need JavaScript enabled to view it.
+1.713.269.3776
ARMONK, N.Y.--(BUSINESS WIRE)--#cleanenergy--Before becoming a leader in the sustainability arena, Brightcore Energy President, Mike Richter, had an illustrious career in professional ice hockey, including a prolific 15-year stint with the New York Rangers, where he was a three-time National Hockey League (NHL®) All-Star, a Stanley Cup® champion, and an Olympic medalist.
His passion for ice hockey began while playing in community rinks in his hometown of Germantown, Pennsylvania. Those rinks were modest, with outdated lighting and old equipment. Richter noticed early on that the facilities weren’t maintained and didn’t operate as optimal and high-performance as the dedicated players within them.
When the opportunity arose for Brightcore Energy to partner with the NHL® to advance innovations that would positively impact community rinks, Richter jumped at the chance to participate in advancing the industry where his career began.
"Youth hockey is the life blood of the NHL® and an opportunity for thousands of kids to enjoy this wonderful sport,” he said. “One of the largest single expenses in rinks is energy costs. Lowering these costs lowers the barrier for young boys and girls to enjoy this game."
To achieve such savings, Brightcore Energy will work with Signify, an official NHL® partner, to bring energy-efficient LED and connected lighting solutions to community ice rinks across the country.
"The NHL® is committed to advancing sustainable business practices and reducing the environmental impact of all levels of hockey for future generations of players and fans," said Max Paulsen, Director, Business Development, NHL®. "Upgrading to LED and connected lighting is better for our planet – and offers a practical and cost-effective solution for rinks across North America.”
These lighting upgrades can help hockey rink owners reduce their energy use in their facility and lower their carbon footprint, while also delivering an enhanced experience for spectators and athletes. Owners may also see lower operating costs and maintenance reduction savings as their facilities operate at the highest standards.
To Richter, potential is one of the most important words when it comes to sports performance.
“That one word is what sports are all about and what we strive to fulfill every day in our personal and professional lives,” he said. “Any form of waste inefficiencies – actually anything under maximum performance – makes reaching potential impossible.”
Richter’s pursuit of fulfilling his potential led him to his career as one of the most famous NY Rangers’ goalies. But the real impact came when Richter went on to receive his degree in Ethics, Politics and Economics with a concentration in Environmental Politics from Yale University. He quickly became a key spokesperson for environmental issues, such as resource efficiency and climate change.
The common thread in all of Richter’s experiences – from athletic to professional – is performance potential. Today, he is president of Brightcore Energy which was founded on the concept of fulfilling potential.
About Brightcore Energy
Brightcore Energy is a provider of end-to-end clean energy solutions to the commercial and institutional market, including commercial and community solar, high-efficiency renewable heating and cooling (geothermal), LED lighting and controls, electric vehicle (EV) charging, battery storage, smart building solutions and other emerging technologies. Brightcore Energy accelerates the deployment of a wide range of energy-efficiency and renewable energy technologies through its innovative Efficiency-as-a-Service (EaaS) model that requires no capital investment and provides for immediate operating cost savings, making it affordable and seamless for buildings to quickly and easily transition their legacy energy platforms to significantly more efficient and sustainable ones.
About the NHL
The National Hockey League (NHL®), founded in 1917, consists of 32 Member Clubs. Each team roster reflects the League’s international makeup with players from more than 20 countries represented, all vying for the most cherished and historic trophy in professional sports – the Stanley Cup®. Every year, the NHL entertains more than 670 million fans in-arena and through its partners on national television and radio; more than 191 million followers – league, team and player accounts combined – across Facebook, Twitter, Instagram, Snapchat, TikTok, and YouTube; and more than 100 million fans online at NHL.com. The League broadcasts games in more than 160 countries and territories through its rightsholders including ESPN, WBD Sports and NHL Network in the U.S.; Sportsnet and TVA Sports in Canada; Viaplay in the Nordics, Baltics and Poland; YLE in Finland; Nova in Czech Republic and Slovakia; Sky Sports and ProSieben in Germany; MySports in Switzerland; and CCTV5+ in China; and reaches fans worldwide with games available to stream in every country. Fans are engaged across the League’s digital assets on mobile devices via the free NHL® App; across nine social media platforms; on SiriusXM NHL Network Radio™; and on NHL.com, available in eight languages and featuring unprecedented access to player and team statistics as well as every regular-season and playoff game box score dating back to the League’s inception, powered by SAP. NHL Original Productions and NHL Studios produce compelling original programming featuring unprecedented access to players, coaches and League and team personnel for distribution across the NHL’s social and digital platforms.
MEDIA CONTACT:
Michael Tracy
Vice President, Marketing
This email address is being protected from spambots. You need JavaScript enabled to view it.
914-719-6027
Reaffirms 2022 annual earnings per share guidance range of $1.75 to $1.80
Announces 2023 annual earnings per share guidance range of $1.85 to $1.90
Infrastructure investments of $3.3 billion through 2025
Reaffirms multiyear ESG commitments
BRYN MAWR, Pa.--(BUSINESS WIRE)--Essential Utilities Inc. (NYSE: WTRG) today announces earnings guidance, 3-year rate base guidance, 3-year infrastructure investment plans, and reaffirmation of ESG commitments.
“Our continued focus on operational excellence while growing our business through acquisition and capital investment has provided benefits to both customers and shareholders. This focus along with our dedication to sustainable business practices allows us to deliver critical resources with a high degree of reliability and resiliency to the communities we serve,” said Essential Chairman and Chief Executive Officer Christopher Franklin. “The long-term guidance we are issuing today is consistent with our long tradition of driving growth in earnings and delivering long-term value for our stakeholders.”
Essential Financial and Growth Guidance
ESG Guidance and Commitments
Essential reaffirms its commitment to substantially reduce Scope 1 and 2 greenhouse gas emissions by 2035. The company plans to achieve these reductions through extensive gas pipeline replacement, the purchase of renewable energy, accelerated methane leak detection and repair, and various other planned initiatives. Essential also reaffirms its commitment to diversity, equity, and inclusion efforts to ensure the diversity of its employees and suppliers reflects the diversity of its customer population. In August 2022, the company reported on its progress by announcing a 14% scope 1 and 2 emissions reduction towards its 60% reduction target, 16% of employees are people of color towards its 17% target, and almost 13% supplier diversity towards its 15% target.
Water Utility Growth by Acquisition
Essential’s continued growth by acquisition allows the company to provide safe and reliable water and wastewater service to an even larger customer base than it could from only organic customer growth. In 2022, Essential acquired three water and wastewater systems and added approximately $120 million in rate base and over 23,000 new customers or equivalent dwelling units to the company’s footprint.
The company has previously announced seven signed purchase agreements for additional water and wastewater systems in Pennsylvania, Illinois, Texas, and Ohio that are pending closing and are expected to serve approximately 218,000 equivalent retail customers or equivalent dwelling units and total over $377 million in purchase price. These systems include the recently announced agreement to acquire the 5,300 customer municipal wastewater system of Union Rome in Ohio for $25.5 million. The company’s $276.5 million agreement to acquire the Delaware County Regional Water Quality Control Authority (DELCORA), a Pennsylvania sewer authority that serves approximately 198,000 equivalent dwelling units in the Philadelphia suburbs, is included among these signed purchase agreements. The company expects a final decision from the Pennsylvania Public Utility Commission in mid-2023 based on their published calendar.
Essential Reaffirms 2022 Earnings Guidance
The company reaffirms 2022 net income per diluted common share guidance of $1.75 to 1.80.
Assumptions
Essential Utilities does not guarantee future results of any kind. Guidance is subject to risks and uncertainties, including, without limitation, those factors outlined in the “Forward Looking Statements” of this release and the “Risk Factors” section of the company’s annual and quarterly reports filed with the Securities and Exchange Commission.
The earnings per share, infrastructure investment and rate base guidance announced today includes these signed municipal water and wastewater acquisitions for which the company has entered into signed purchase agreements but does not include other potential municipal acquisitions from the company’s list of acquisition opportunities that currently represents approximately 430,000 customer equivalents. The average annual regulated water segment growth guidance announced today reflects the company’s proven acquisition track record of adding nearly 118,000 customers or equivalent dwelling units and over $481 million in rate base since 2015, its current backlog of over $377 million of signed pending acquisitions with approximately 218,000 equivalent customers, and the current acquisition landscape.
The guidance is also based on the company’s expectation that it will continue to issue equity on an as needed basis to support acquisitions and capital investment plans.
The company’s guidance does not include any impact from the recently announced agreement to sell its West Virginia natural gas utility, which is expected to close mid-year 2023, as it is not expected to materially impact the earnings per share, infrastructure investment and rate base guidance announced today.
Fourth Quarter and Full Year 2022 Earnings Call Information
Essential Utilities Inc. (NYSE: WTRG) expects to report earnings for the quarter and year ended Dec. 31, 2022 on Feb. 27, 2023.
Date: Feb. 27, 2023
Time: 11 a.m. EST (please dial in by 10:45 a.m.)
Webcast and slide presentation link: https://www.essential.co/events-and-presentations/events-calendar
Replay Dial-in #: 866.583.1035 (U.S.) & International callers can find their dial in here
Confirmation code: 7366261
The company’s conference call with financial analysts will take place on Monday, Feb. 27, 2023, at 11 a.m. Eastern Standard Time. The call and presentation will be webcast live so interested parties may listen over the internet by logging on to Essential.co and following the link for Investors. The conference call will be archived in the Investor Relations section of the company’s website for 90 days following the call. Additionally, the call will be recorded and made available for replay at 2 p.m. on Feb. 27, 2023, for 10 business days following the call. To access the audio replay in the U.S., dial 866.583.1035 (pass code 7366261). International callers can find their dial in number here (pass code 7366261).
Forward-Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which generally include words such as “believes,” “expects,” “intends,” “anticipates,” “estimates,” and similar expressions. The Company can give no assurance that any actual or future results or events discussed in these statements will be achieved. Any forward-looking statements represent its views only as of today and should not be relied upon as representing its views as of any subsequent date. Readers are cautioned that such forward-looking statements are subject to a variety of risks and uncertainties that could cause the company’s actual results to differ materially from the statements contained in this release. Such forward-looking statements include, among others: the guidance range of net income per diluted common share for the fiscal years ending in 2022 and 2023; the continuation of the three-year period of earnings growth through 2025; the anticipated amount of capital investment in 2023; the anticipated amount of capital investment from 2023 through 2025; the reduction of Scope 1 and Scope 2 greenhouse gas emissions by 60% by 2035 from the company’s 2019 baseline; that the company’s pipeline replacement program will lead to significant methane reductions; its multi-year plan to ensure that finished water does not exceed 13 parts per trillion of PFOA, PFOS, and PNFA compounds, that the company’s municipal growth pipeline is strong;; the company’s ability to increase diverse supplier spend to 15%; the company’s ability to achieve 17% employees of color; the company’s anticipated rate base growth from 2023 through 2025; and, the anticipated closing of the sale of its West Virginia natural gas utility. There are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements including: disruptions in the global economy; financial and workforce impacts from the COVID-19 pandemic; potential disruptions in the supply chain for raw and finished materials; the continuation of the company's growth-through-acquisition program; general economic business conditions; the company’s ability to raise additional equity, including on an as needed basis; housing and customer growth trends; unfavorable weather conditions; the success of certain cost-containment initiatives; changes in regulations or regulatory treatment; the company’s ability to successfully close municipally owned systems presently under agreement and successfully complete other acquisitions and dispositions; and other factors discussed in our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q, which are filed with the Securities and Exchange Commission. For more information regarding risks and uncertainties associated with Essential's business, please refer to Essential's annual, quarterly, and other SEC filings. Essential is not under any obligation - and expressly disclaims any such obligation - to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
About Essential
Essential Utilities, Inc. (NYSE: WTRG) delivers safe, clean, reliable services that improve quality of life for individuals, families, and entire communities. With a focus on water, wastewater and natural gas, Essential is committed to sustainable growth, operational excellence, a superior customer experience, and premier employer status. We are advocates for the communities we serve and are dedicated stewards of natural lands, protecting more than 7,600 acres of forests and other habitats throughout our footprint.
Operating as the Aqua and Peoples brands, Essential serves approximately 5.5 million people across 10 states. Essential is one of the most significant publicly traded water, wastewater service and natural gas providers in the U.S. Learn more at www.essential.co.
WTRGF
Media Contact:
Jeanne Russo
Vice President, Communications
Media Hotline: 1.877.325.3477
This email address is being protected from spambots. You need JavaScript enabled to view it.
Investor Contact:
Brian Dingerdissen
Vice President, IR and Treasurer
O: 610.645.1191
This email address is being protected from spambots. You need JavaScript enabled to view it.
A $200 million investment will be made at Chemours’ Villers-Saint-Paul, France facility supporting global decarbonization initiatives and the acceleration of the Hydrogen Economy
WILMINGTON, Del.--(BUSINESS WIRE)--$CC--The Chemours Company (“Chemours”) (NYSE: CC), a global chemistry company with leading market positions in Titanium Technologies, Thermal & Specialized Solutions, and Advanced Performance Materials, today announced a $200 million investment to increase capacity and advance technology for its industry-leading Nafion™ ion exchange materials to be located at Chemours’ manufacturing facility in Villers-Saint-Paul, France. Chemours’ investment builds on the existing efforts in the U.S. to have a reliable supply chain and robust capacity to enable the hydrogen economy. It will support growing market demand for clean hydrogen generation using water electrolyzers, energy storage in flow batteries, and hydrogen conversion to power fuel cell vehicles, and contribute to European and broader global efforts to enable the clean energy transition. As part of the investment, the capabilities of Chemours’ regional manufacturing site will be expanded to support and advance technological progress and new products for the worldwide hydrogen economy.
“Our society has a tremendous opportunity to build a more sustainable future, and that must include transitioning to cleaner energy. Chemistry holds the keys to that future and will continue to play an important role in moving the hydrogen economy forward,” said Mark Newman, President and CEO at Chemours. “Chemours has chosen France for this investment in the hydrogen economy because of the strong alignment between our sustainable growth vision, the French government’s goal to create a reliable and strong hydrogen economy, and the European Union’s ambition to deliver a clean energy transition based on the objectives set in the EU Climate Law. With the outstanding team at our Villers-Saint-Paul site, the surrounding community, and the entire Hauts-de-France region, we will expand the impact of our Nafion™ Proton Exchange Membrane technology to help drive decarbonization at a global scale.”
Despite solid growth in the deployment of green hydrogen technologies, the scale-up of the hydrogen economy supply chain capability and capacity remains critical in realizing the full potential of hydrogen energy and meeting escalating demand. Nafion™ Proton Exchange Membrane (PEM) technology represents one of the most promising solutions for green hydrogen production, which has several advantages, including faster start-up, fewer components, a smaller footprint, simpler maintenance, and zero emissions when coupled with renewable energy.
“Advancing the hydrogen economy is a winning formula for people and the planet, but its success requires product performance, innovation, scalable supply, and responsible, sustainable manufacturing,” said Denise Dignam, President of Advance Performance Materials at Chemours. “Chemours is committed to enabling the transition to a global hydrogen economy, and our investment in Villers-Saint-Paul supports that ambition. Adding production capability in France provides direct, domestic access for Europe to our Nafion™ ion exchange materials while extending our global capacity to help our customers grow and fast-track implementation of hydrogen solutions.”
Chemours’ investment is subject to obtaining all customary permits and licenses necessary for the construction and operations at the 40-hectare Villers-Saint-Paul site, which will include the expansion of ionomer production and associated membranes to deliver additional capacity in the Nafion™ materials supply chain. The $200 million investment demonstrates Chemours’ continued commitment to responsible manufacturing while also supporting Chemours’ 2030 Corporate Responsibility Commitment goal to generate 50% or more of its revenue from products that contribute to the United Nation's Sustainable Development Goals. In addition, the site expansion will create jobs in the Hauts-de-France region, and Chemours anticipates approximately 80 full-time jobs and about 50 long-term contracted positions.
Chemours’ commitment to supporting the hydrogen economy also includes the company’s participation and support of the U.S. Department of Energy’s Hydrogen Shot and regional hydrogen hub initiative, as well as the launch of The Clean Hydrogen Partnership and Center for Clean Hydrogen with the University of Delaware. The company is also an active member of the Hydrogen Council, Hydrogen Europe, and the Renewable Hydrogen Coalition.
About The Chemours Company
The Chemours Company (NYSE: CC) is a global leader in Titanium Technologies, Thermal & Specialized Solutions, and Advanced Performance Materials providing its customers with solutions in a wide range of industries with market-defining products, application expertise and chemistry-based innovations. We deliver customized solutions with a wide range of industrial and specialty chemicals products for markets, including coatings, plastics, refrigeration and air conditioning, transportation, semiconductor and consumer electronics, general industrial, and oil and gas. Our flagship products include prominent brands such as Ti-Pure™, Opteon™, Freon™, Teflon™, Viton™, Nafion™, and Krytox™. The company has approximately 6,400 employees and 29 manufacturing sites serving approximately 3,200 customers in approximately 120 countries. Chemours is headquartered in Wilmington, Delaware and is listed on the NYSE under the symbol CC.
For more information, we invite you to visit chemours.com or follow us on Twitter @Chemours or LinkedIn.
Forward-Looking Statements
This press release contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which involve risks and uncertainties. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to a historical or current fact. The words "believe," "expect," "will," "anticipate," "plan," "estimate," "target," "project" and similar expressions, among others, generally identify "forward-looking statements," which speak only as of the date such statements were made. These forward-looking statements may address, among other things, the outcome or resolution of any pending or future environmental liabilities, the commencement, outcome or resolution of any regulatory inquiry, investigation or proceeding, the initiation, outcome or settlement of any litigation, changes in environmental regulations in the U.S. or other jurisdictions that affect demand for or adoption of our products, anticipated future operating and financial performance for our segments individually and our company as a whole, business plans, prospects, targets, goals and commitments, capital investments and projects and target capital expenditures, plans for dividends or share repurchases, sufficiency or longevity of intellectual property protection, cost reductions or savings targets, plans to increase profitability and growth, our ability to make acquisitions, integrate acquired businesses or assets into our operations, and achieve anticipated synergies or cost savings, all of which are subject to substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Forward-looking statements are based on certain assumptions and expectations of future events that may not be accurate or realized. These statements are not guarantees of future performance. Forward-looking statements also involve risks and uncertainties that are beyond Chemours' control. In addition, the current COVID-19 pandemic has significantly impacted the national and global economy and commodity and financial markets, which has had and we expect will continue to have a negative impact on our financial results. The full extent and impact of the pandemic is still being determined and to date has included significant volatility in financial and commodity markets and a severe disruption in economic activity. The public and private sector response has led to travel restrictions, temporary business closures, quarantines, stock market volatility, and interruptions in consumer and commercial activity globally. Matters outside our control have affected our business and operations and may or may continue to hinder our ability to provide goods and services to customers, cause disruptions in our supply chains, adversely affect our business partners, significantly reduce the demand for our products, adversely affect the health and welfare of our personnel or cause other unpredictable events. Additionally, there may be other risks and uncertainties that Chemours is unable to identify at this time or that Chemours does not currently expect to have a material impact on its business. Factors that could cause or contribute to these differences include the risks, uncertainties and other factors discussed in our filings with the U.S. Securities and Exchange Commission, including in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 and in our Annual Report on Form 10-K for the year ended December 31, 2021. Chemours assumes no obligation to revise or update any forward-looking statement for any reason, except as required by law.
INVESTORS
Jonathan Lock
SVP, Chief Development Officer
+1.302.773.2263
This email address is being protected from spambots. You need JavaScript enabled to view it.
Kurt Bonner
Manager, Investor Relations
+1.302.773.0026
This email address is being protected from spambots. You need JavaScript enabled to view it.
NEWS MEDIA
Cassie Olszewski
Media Relations and Financial Communications Manager
+1.302.219.7140
This email address is being protected from spambots. You need JavaScript enabled to view it.
Global Hospitality Leader to Offer Ultra-Premium Drinking Water at Select Hotels in Singapore
SINGAPORE--(BUSINESS WIRE)--Global hospitality leader Accor is partnering with SOURCE Global, PBC to bring the world’s first truly sustainable bottled drinking water brand to prominent hotels in Singapore.
With people, societies, and communities at the heart of its strategy, and a history of embracing innovation and environmentally friendly business practices, Accor will replace single-use plastic bottled water at key hotels in Singapore with premium drinking water packaged in reusable glass bottles and made by SOURCE Hydropanels – a ground-breaking solar-powered technology that harvests the pure, endlessly renewable water vapour in the air and transforms it into premium drinking water.
Each Hydropanel can offset more than 50,000 plastic bottles in its lifetime. SOURCE will deliver its water in reusable glass bottles, which will be collected, cleaned, and refilled near the SOURCE “Water Farm.”
The project is part of Accor’s global commitment to increase circularity in its operation and eliminate single-use plastics in the guest experience, consistent with the UN Global Tourism Plastics Initiative and the Resource Sustainability Bill passed by the Singaporean Government in 2019, which is part of the Government's zero-waste initiatives.
“We are really proud to be partnering with SOURCE on this incredible solution that allows us to serve sustainable drinking water at our hotels,” says Nigel Moore, Senior Vice President, Food & Beverage, Southeast Asia, Japan & South Korea. “This partnership was a natural extension of the work we are doing to ensure our hotels operate more sustainably and make a positive impact on the communities in which we are present. We look forward to showcasing this great concept with our guests.”
“SOURCE® offers an innovative answer to industry leaders committed to sustainability and the conscious consumers they serve,” said Neil Grimmer, Brand President of SOURCE Global, PBC. “We’re proud to partner with Accor as they redefine sustainable luxury and offer a unique and exceptional experience for their guests.”
Image Link: CLICK HERE
ABOUT ACCOR
Accor is a world leading hospitality group consisting of 5,300 properties and 10,000 food and beverage venues throughout 110 countries. The Group has one of the industry’s most diverse and fully-integrated hospitality ecosystems encompassing more than 40 luxury, premium, midscale and economy hotel brands, entertainment and nightlife venues, restaurants and bars, branded private residences, shared accommodation properties, concierge services, co-working spaces and more. Accor’s unmatched position in lifestyle hospitality – one of the fastest growing categories in the industry – is led by Ennismore, a joint venture, which Accor holds a majority shareholding. Ennismore is a creative hospitality company with a global collective of entrepreneurial and founder-built brands with purpose at their heart. Accor boasts an unrivalled portfolio of distinctive brands and more than 230,000 team members worldwide. Members benefit from the company’s comprehensive loyalty program – ALL - Accor Live Limitless – a daily lifestyle companion that provides access to a wide variety of rewards, services and experiences. Through its global sustainability commitments (such as achieving Net Zero Carbon emissions by 2050, global elimination of single use plastics in its hotels’ guest experience, etc.), Accor Solidarity, RiiSE and ALL Heartist Fund initiatives, the Group is focused on driving positive action through business ethics, responsible tourism, environmental sustainability, community engagement, diversity and inclusivity. Founded in 1967, Accor SA is headquartered in France and publicly listed on the Euronext Paris Stock Exchange (ISIN code: FR0000120404) and on the OTC Market (Ticker: ACCYY) in the United States. For more information visit group.accor.com, or follow Accor on Twitter, Facebook, LinkedIn, Instagram and TikTok.
ABOUT SOURCE GLOBAL, PBC
A Public Benefit Corporation, SOURCE Global, PBC’s mission is to make drinking water an unlimited resource. The company’s SOURCE® Hydropanels create drinking water using sunlight and air as the only inputs, and can put the power of safe, sustainable drinking water in the hands of every person in nearly every climate and corner of the world. SOURCE is on Fast Company’s 2020 list of most innovative social good companies. Headquartered in Scottsdale, Arizona, the company operates in 52 countries and on six continents. SOURCE is a registered trademark of SOURCE Global, PBC. For more information, visit www.source.co and follow us on Facebook, LinkedIn, Twitter and Instagram.
Media Relations
Harry Greig
Director, Communications
Accor, Upper Southeast Asia
This email address is being protected from spambots. You need JavaScript enabled to view it.
Nontawan Laohakiat
Assistant Manager, Communications
Accor, Southeast Asia
This email address is being protected from spambots. You need JavaScript enabled to view it.
Lynne Boschee
Vice President, Corporate Communications
This email address is being protected from spambots. You need JavaScript enabled to view it.
Carole Akl
Manager, International Marketing Communications
This email address is being protected from spambots. You need JavaScript enabled to view it.
PASADENA, Calif.--(BUSINESS WIRE)--#consultingandengineering--Tetra Tech, Inc. (NASDAQ: TTEK), a leading provider of high-end consulting and engineering services, announced today the planned dates for its first quarter 2023 results and conference call.
On Wednesday, February 1, 2023, after market close, Tetra Tech intends to announce its first quarter 2023 results. On Thursday, February 2, 2023, at 8:00 a.m. Pacific Time, Tetra Tech plans to host a conference call to present and discuss the Company’s financial results and forward outlook.
Investors and other interested parties can access a live audio-visual webcast through a link posted on the Company's website at tetratech.com/investors. The webcast replay will be available following the call.
About Tetra Tech
Tetra Tech is a leading provider of high-end consulting and engineering services for projects worldwide. With 22,000 associates working together, Tetra Tech provides clear solutions to complex problems in water, environment, sustainable infrastructure, renewable energy, and international development. We are Leading with Science® to provide sustainable and resilient solutions for our clients. For more information about Tetra Tech, please visit tetratech.com or follow us on LinkedIn, Twitter, and Facebook.
Any statements made in this release that are not based on historical fact are forward-looking statements. Any forward-looking statements made in this release represent management’s best judgment as to what may occur in the future. However, Tetra Tech’s actual outcome and results are not guaranteed and are subject to certain risks, uncertainties and assumptions ("Future Factors"), and may differ materially from what is expressed. For a description of Future Factors that could cause actual results to differ materially from such forward-looking statements, see the discussion under the section "Risk Factors" included in the Company’s Form 10-K and Form 10-Q filings with the Securities and Exchange Commission.
Jim Wu, Investor Relations
Charlie MacPherson, Media & Public Relations
(626) 470-2844
TURKU, Finland--(BUSINESS WIRE)--#3DDesign--Cadmatic is part of a consortium of industrial companies and academic institutions that is leading the EU-funded Smart European Shipbuilding project (SEUS) that was launched 1 January 2023. SEUS is an EU Innovation Action with a focus on computational tools for shipbuilding. The consortium will create a framework for data-driven shipbuilding by developing a new integrated platform that incorporates early and detailed ship design solutions, data management, and collaboration software.
The platform solution aims to slash the time needed for ship engineering by 30% and cut assembly times by an ambitious 20%. It will be built with the best EU shipbuilding expertise provided by the academic and industrial consortium participants and evaluated at two leading European shipyards.
The platform solution will develop novel practices for human-centric knowledge management, data-driven AI design elements, intelligent technology, and an Industry 5.0 concept for shipbuilding. It will also support the growth of a European workforce that is highly skilled in the deployment and use of advanced computational tools in shipbuilding, particularly with respect to the integration of new technologies.
SEUS is part of Horizon Europe, the EU’s flagship research and innovation program with a budget of €95,5 billion. SEUS is funded to the tune of approximately €7 million, of which Cadmatic will receive €1,6 million. Cadmatic is responsible for leading the technical coordination of the four-year-long SEUS project.
The SEUS consortium consists of 8 organizations from 5 countries. The members include highly innovative partners such as well-established shipbuilding solution provider Cadmatic (Finland), PLM data management solution developer Contact Software (Germany), SARC BV (The Netherlands), two shipyards with different profiles in Ulstein Group (Norway) and Astilleros Gondan SA (Spain), and outstanding research institutes: the Norwegian University of Science and Technology (Norway), Turku University (Finland), and NHL Stenden University of Applied Sciences (The Netherlands).
“We are proud to be leading the technical coordination and working alongside the other consortium partners on this ambitious project. It is very exciting to use our shipbuilding expertise to incorporate CAE/CAD/CAM and PLM elements in a single innovative and groundbreaking platform that will take shipbuilding efficiency to the next level,” says Ludmila Seppälä, Business Development Director at Cadmatic.
About Cadmatic
Cadmatic is a leading developer of digital and intelligent 3D design and information management software solutions for the marine, power, process, and construction industries. It empowers engineers to build a brighter future and a better world by making the design, engineering, construction and operation of ships, industrial plants and buildings better, faster and easier. Cadmatic has over 6000 customer organizations in 60 countries.
For more information, please contact Ludmila Seppälä, ludmila.seppälä@cadmatic.com, or tel.+358 50 4329 726
AKRON, Ohio--(BUSINESS WIRE)--$BW #carboncapture--Babcock & Wilcox (B&W) (NYSE: BW) announced today that its B&W Environmental segment has been awarded a contract by Phillips 66 Limited to design a flue gas pre-treatment technology upstream from a planned carbon dioxide (CO2) capture system on the Phillips 66 Limited Humber Refinery’s Fluid Catalytic Cracker (FCC) in North Lincolnshire, United Kingdom.
“B&W has many decades of experience working with customers in the oil, gas and refining industries, providing technologies to make processes cleaner and more efficient,” said Joe Buckler, B&W Senior Vice President, Clean Energy. “As the global leader in pre-treatment technologies for post-combustion carbon capture, the opportunity to work with Phillips 66 Limited aligns well with our experience and expertise.”
“B&W has a complete suite of proven environmental technologies in our portfolio, including the addition of the engineering expertise of our Hamon Research-Cottrell technology, which complements our decarbonization and carbon capture solutions,” Buckler said. “We thank Phillips 66 Limited for selecting us for this important clean energy project.”
Adam Young, Project Lead at the Phillips 66 Limited Humber Refinery, said, “We are pleased to be working with B&W, leveraging their expertise and knowledge. The pre-treatment is vital to the process to enable the planned carbon capture technology to work optimally.”
Young continued, “Our proposed project would be a first of a kind for an FCC. The knowledge learnt could help to support over 300 FCCs across the world to reduce carbon emissions and support industry to decarbonize.”
Phillips 66 Limited’s Humber Refinery carbon capture facility plans are part of the Humber Zero project, a world-scale carbon reduction project to support the decarbonization of critical UK industry. The project aims to capture up to 8 million tonnes of CO2 by 2030.
B&W Environmental is committed to environmental sustainability, designing, engineering and deploying technologies proven to help preserve the earth’s natural resources. B&W Environmental’s technologies can be utilized to remove many pollutants from flue gas, including nitrogen oxides, sulfur oxides, particulates, dioxins, metals and more.
About Babcock & Wilcox
Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises, Inc. is a leader in energy and environmental products and services for power and industrial markets worldwide. Follow us on LinkedIn and learn more at babcock.com.
Forward-Looking Statements
B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to the signing of a contract to design and supply flue gas pre-treatment technology. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties. For a more complete discussion of these risk factors, see our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. We caution readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and we undertake no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.
Investor Contact:
Investor Relations
Babcock & Wilcox
704.625.4944
This email address is being protected from spambots. You need JavaScript enabled to view it.
Media Contact:
Ryan Cornell
Public Relations
Babcock & Wilcox
330.860.1345
This email address is being protected from spambots. You need JavaScript enabled to view it.
EH Group has recently established an important foothold in India, with its wholly owned subsidiary EH Group Systems Pvt Ltd. Based at the prestigious IIT Madras Research Park, our new Innovation Lab will serve to further develop our fuel cell technologies and support our growing customer base in India. It coincides with our first fuel cell deployment in the country and India’s recent policy commitment to green hydrogen.
NYON, Switzerland--(BUSINESS WIRE)--#cleantech--EH Group is expanding its footprint by establishing an Innovation Lab in India, based at the IITM Research Park. Recently established EH Group Systems Pvt Ltd, is aimed at accelerating the development of our fuel cell products, primarily focusing on our proprietary control systems software.
It is led by Anand Vasappanavara, Principal Control/Automation engineer, who was instrumental in designing FC system control development programs at major OEMs before joining EH Group in 2019. He is supported by a pre-established team that have already been collaborating with us, as well as several additional hires, notably from the strong academic talent pool at IIT Madras. We expect our team to grow rapidly to meet the nascent market opportunity.
“India is demonstrating its ambition to be a leader in hydrogen technologies, as witnessed by strong policy support and industrial investment announcements. Our goal is not only to support our fuel cell technology development but to better service our clients in the rapidly growing hydrogen sector in India” says Mardit Matian, founder of EH Group.
“The time has never been better to invest in the hydrogen ecosystem in India. We are excited to benefit from its deep talent pool and to accelerate India’s journey towards decarbonisation and greater energy independence. ”, added Christopher Brandon, co-founder.
EH Group – Headquartered in Nyon, Switzerland since 2017. It is focused on the design and production of its innovative fuel cell technology, to decarbonise heavy duty mobility and large scale stationary applications. It offers high power density fuel cell stacks with greater efficiencies and a unique production process that radically reduces costs with scale.
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.ehgroup.ch
Competitive procurement seeks incremental resources that can come online no later than 2027 as part of the company’s Pathway 2045 vision for carbon neutrality
ROSEMEAD, Calif.--(BUSINESS WIRE)--Southern California Edison launched the 2022 Catalina Island Clean Energy All-Source Request for Offers (RFO) to solicit bids from interested parties, including project sponsors and developers. The successful offer(s) will be part of the Catalina Island Repower Project and SCE’s long-term clean energy strategy as part of its Pathway 2045 vision for carbon neutrality by 2045.
The company seeks commercially viable energy solutions, including eligible renewable resources, energy storage, demand response and energy efficiency. This competitive procurement seeks incremental resources that can come online no later than 2027 to serve Santa Catalina Island.
SCE encourages interested market participants to register on its RFO website to gain access to solicitation materials: www.poweradvocate.com/pR.do?okey=136960&pubEvent=true.www.poweradvocate.com/pR.do?okey=136960&pubEvent=true. The deadline to submit offers is May 1.
Last year marked the 60th anniversary of SCE serving as the electric, gas and water utility for Catalina, a popular getaway 22 miles from the Southern California coast. Last year marked the 60th anniversary of SCE serving as the electric, gas and water utility for Catalina, a popular getaway 22 miles from the Southern California coast.
The company provides electric service to Catalina Island and its 4,100 residents, its commercial and industrial customers and 1 million annual visitors. Since the 1920s, power for the island’s electrical grid has been supplied by diesel generators, with fuel barged in from the mainland.
The Catalina Island Repower Project will help meet the needs of the future generations of customers and visitors while helping to address the state’s clean air and energy goals.
About Southern California Edison
An Edison International (NYSE: EIX) company, Southern California Edison is one of the nation’s largest electric utilities, serving a population of approximately 15 million via 5 million customer accounts in a 50,000-square-mile service area within Central, Coastal and Southern California.
Media Contact: David Song, (626) 302-2255
Michael Farb joins as CEO to support growth in $60B recreational boating and outdoor leisure industry
MIAMI--(BUSINESS WIRE)--#boaters--Boatsetter, the leading marketplace for on-water experiences and boat rentals, today announced it has expanded its leadership team with the addition of Michael Farb as CEO. Farb succeeds Jaclyn Baumgarten, who co-founded Boatsetter and has served as CEO since the company’s inception in 2014. She will assume a Founder role moving forward. It was Baumgarten’s vision that led to the creation of an entirely new category within the sharing economy as well as a path to entrepreneurship for thousands of boat owners in the process. In addition, under her leadership, Boatsetter has grown to now offer more than 50,000 boat listings available in over 700 locations worldwide.
Despite global economic uncertainty, Boatsetter sustained over 200% growth in booking value since the pandemic (2020) through 2022. Having recently raised $38M in Series B funding, Boatsetter is poised for significant growth in 2023 and beyond. Farb has the experience and track record to lead that expansion. Most recently, he led Neon One to become the leading global marketplace platform for nonprofits organizations to connect with donors and raise over $16B to increase their impact in the world.
“Michael has an incredible track record of scaling multi-sided marketplaces and building software-based companies. He is laser-focused on growth and developing teams and we are fortunate to have him on board,” said Baumgarten. “I am confident that with the current Boatsetter team and Michael’s leadership, we are set to take this company to the heights we have all always imagined for Boatsetter.”
“As a lifelong boat lover and entrepreneur, I am excited to bring all of my skills, experiences and passions to help lead Boatsetter’s next chapter,” said Farb. “The company is well situated with strong management at every level of the business and is ideally positioned for sustained growth in 2023 and beyond.”
While Boatsetter has filled a much-needed void for consumers who may not have had access to the water before, it has also created paths to entrepreneurship for many boat owners who see the best in class return on investment they can achieve from renting their vessels via Boatsetter, as well as the peace of mind provided by Boatsetter’s turnkey service, which manages every aspect from matching them with qualified renters to putting the insurance in place to collecting payment. Renters can download the Boatsetter app or visit the website to book a boat in less than five minutes and be out on the water the next day.
About Boatsetter:
With more than 50,000 boat listings available in over 700 locations worldwide, Boatsetter is the leading marketplace for on-the-water experiences and boat rentals. Boatsetter makes it easy to discover and enjoy a wide array of on-water experiences by connecting qualified renters directly to boat owners and licensed captains. Featuring the largest database of USCG-certified captains, Boatsetter makes it possible for even those with no prior boating experience to tap into an incredible array of water activities. Credited with pioneering the first ever peer-to-peer boat rental insurance policy, Boatsetter has empowered boat owners with the tools and support to become entrepreneurs on the water. Launched commercially in 2014, over one million boaters and boat owners alike have turned to Boatsetter to discover the endless possibilities the water provides.
Mollie Leal, Double Forte, This email address is being protected from spambots. You need JavaScript enabled to view it.
ABERDEEN, Scotland--(BUSINESS WIRE)--KNOT Offshore Partners LP (NYSE:KNOP) (“The Partnership”)
Distribution
The Partnership announced today that its Board of Directors has declared a quarterly cash distribution with respect to the quarter ended December 31, 2022, of $0.026 per common unit.
This cash distribution will be paid on February 9, 2023 to all unitholders of record as of the close of business on January 26, 2023.
Gary Chapman, CEO and CFO of the Partnership, commented, “In this near-term period of heightened uncertainty for the shuttle tanker market, as we have previously set out, a top operational priority has been to secure additional charter coverage for our fleet at an acceptable rate that ensures the sustainability of our business. We have made progress in this regard and continue to believe that the medium-term market environment in the North Sea and Brazil should improve materially on the basis of significant committed growth capex in their respective offshore production sectors.
Nevertheless, as we approach another year with multiple drydocks, we currently lack the forward visibility on earnings that we have historically had. Although we expect to employ our open vessels in possibly a combination of short-term shuttle tanker and spot conventional opportunities, this is highly likely to lead to a temporary but material reduction in vessel utilization rates and income. Additionally, we have not yet finalized new charters for our four vessels operating on bareboat contracts in Brazil. In this context, and until such time as we have re-established a greater degree of forward visibility on earnings and liquidity, our Board has determined that a reduction in our quarterly distribution is prudent.
The Partnership continues to believe that a long-term, sustainable distribution is a key component of our strategy and value proposition. We believe that this reduced distribution level will position us not only to weather the challenging interim period and manage our 2023 drydocking schedule, but to take advantage of what we expect will be a strong medium-term market to the benefit of our unitholders.”
About KNOT Offshore Partners LP
KNOT Offshore Partners LP owns, operates and acquires shuttle tankers primarily under long-term charters in the offshore oil production regions of the North Sea and Brazil. KNOT Offshore Partners LP is structured as a publicly traded master limited partnership but is classified as a corporation for U.S. federal income tax purposes, and thus issues a Form 1099 to its unitholders, rather than a Form K-1. KNOT Offshore Partners LP’s common units trade on the New York Stock Exchange under the symbol “KNOP”.
Forward looking statements
This press release includes statements that may constitute forward-looking statements including, without limitation, statements related to the Partnership’s beliefs and strategies; future cash distributions to unitholders; market trends in the shuttle tanker or general tanker industries, including hire rates, factors affecting supply and demand, and opportunities for the profitable operations of shuttle tankers and conventional tankers; and market trends in the production of oil in the North Sea, Brazil and elsewhere. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management’s control. Factors that can affect future results are discussed in the Annual Report on Form 20-F and the other reports filed by the Partnership with SEC. The Partnership undertakes no obligation to update or revise any forward-looking statement to reflect new information or events.
KNOT Offshore Partners LP
Gary Chapman
Chief Executive Officer and Chief Financial Officer
Tel: +44 1224 618 420
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Source: KNOT Offshore Partners LP
TORONTO--(BUSINESS WIRE)--Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) (“Electra” or the “Company”) today released its inaugural Sustainability Report outlining the Company’s progress on environmental, social, and governance (“ESG”) matters in 2022 and commitments to sustainable, low-carbon production of battery grade materials at its refinery complex north of Toronto.
“2022 was marked by considerable progress on a number of ESG fronts,” said Trent Mell, Electra’s CEO. “Most notably, we launched our ESG policies and framework, appointed Renata Cardoso, an experienced sustainability expert, as VP of Sustainability and Low Carbon, became members of the Responsible Minerals Initiative, and signed a benefits agreement with the Métis Nation of Ontario. Our commitment to annual sustainability reporting will hold Electra accountable for transparent disclosure of the Company’s contribution to sustainable development.
“We will build on these milestones as we complete the commissioning of our cobalt sulfate refinery and our black mass recycling trial program over the coming months and begin commercial production in 2023. Key to our success will be to leverage our low-carbon hydrometallurgical production facilities and establish Electra as an ESG leader within the electric vehicle battery supply chain in North America.”
Highlights of Electra’s ESG Progress in 2022
“Making use of leading ESG frameworks, such as the Global Reporting Initiative and the Sustainability Accounting Standards Board, Electra has built a solid ESG foundation to drive our focus, operations, and performance for years to come,” said Renata Cardoso, Electra’s VP of Sustainability and Low Carbon. “Our results to date positions us at the forefront of ESG practices within the EV battery industry.”
Electra’s inaugural Sustainability Report can be found on the Company’s website, https://electrabmc.com/esg.
About Electra Battery Materials
Electra is a processor of low-carbon, ethically-sourced battery materials. Currently commissioning North America’s only cobalt sulfate refinery, Electra is executing a multipronged strategy focused on onshoring the electric vehicle supply chain. Keys to its strategy are integrating black mass recycling and nickel sulfate production at Electra’s refinery located north of Toronto, advancing Iron Creek, its cobalt-copper exploration-stage project in the Idaho Cobalt Belt, and expanding cobalt sulfate processing into Bécancour, Quebec. For more information visit www.ElectraBMC.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This news release may contain forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as “plans”, “expects', “estimates”, “intends”, “anticipates”, “believes” or variations of such words, or statements that certain actions, events or results “may”, “could”, “would”, “might”, “occur” or “be achieved”. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, and opportunities to differ materially from those implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements are set forth in the management discussion and analysis and other disclosures of risk factors for Electra Battery Materials Corporation, filed on SEDAR at www.sedar.com. Although Electra Battery Materials Corporation believes that the information and assumptions used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, Electra Battery Materials Corporation disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Joe Racanelli
Vice President, Investor Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
1.416.900.3891
Brian Brickhouse, Joao Faria to retire
DUBLIN--(BUSINESS WIRE)--Intelligent power management company Eaton (NYSE:ETN) today announced that Mike Yelton will succeed Brian Brickhouse as president, Americas Region, Electrical Sector, and Pete Denk will succeed Joao Faria as president, Vehicle Group, effective April 1, 2023. Yelton will report to Heath Monesmith, president and chief operating officer, Electrical Sector. Denk will report to Paulo Ruiz, president and chief operating officer, Industrial Sector. Both Yelton and Denk will join Eaton’s senior leadership team.
“Brian and Joao are highly respected leaders within their industries and their teams,” said Craig Arnold, chairman and chief executive officer, Eaton. “With more than 35 years of service each, they’ve both been instrumental in making Eaton the company it is today. I thank them for the tremendous impact they’ve had and wish them well in retirement.”
Mike Yelton, who currently holds the role of president, Assemblies and Residential Solutions, Electrical Sector, Americas Region, has been with Eaton for 29 years. During this time, he’s served as vice president and general manager of Electrical Engineering Services, senior vice president and general manager of Commercial Distribution Products and Assemblies, and president, Commercial and Residential Distribution Solutions.
Pete Denk, who joined Eaton in 2018, is currently serving as president, North America, Vehicle Group. Denk has run the North American Vehicle business for four years, following nearly two decades at Bosch, including a decade of business leadership, where he held roles of increasing responsibility across the Operations, Engineering and General Management functions in North America and Germany.
Eaton is an intelligent power management company dedicated to improving the quality of life and protecting the environment for people everywhere. We are guided by our commitment to do business right, to operate sustainably and to help our customers manage power ─ today and well into the future. By capitalizing on the global growth trends of electrification and digitalization, we’re accelerating the planet’s transition to renewable energy, helping to solve the world’s most urgent power management challenges, and doing what’s best for our stakeholders and all of society.
Founded in 1911, Eaton has been listed on the NYSE for nearly a century. We reported revenues of $19.6 billion in 2021 and serve customers in more than 170 countries. For more information, visit www.eaton.com. Follow us on Twitter and LinkedIn.
Jennifer Tolhurst
+1 (440) 523-4006
This email address is being protected from spambots. You need JavaScript enabled to view it.
NEW YORK & SYDNEY & LONDON--(BUSINESS WIRE)--Xpansiv, the premier infrastructure provider for environmental markets, today announced the completion of its acquisition of Evolution Markets Inc., a leading provider of transaction and advisory services in global carbon, renewable energy, and energy transition markets. The combination of the two companies will expand Xpansiv’s service offerings and product development capabilities to help empower the energy transition. The acquisition will also enhance Evolution Markets’ client services through its integration with Xpansiv’s technology infrastructure, market, and data platforms.
“Evolution Markets and Xpansiv are two market leaders who share a common vision of paving the way forward to a successful energy transition using the power of global markets,” said Evan Ard, CEO, Evolution Markets. “As our clients manage risk in global energy and environmental markets, we are eager to leverage the capabilities of both organizations to improve overall client outcomes.”
In addition, Xpansiv announced the closing of a $125 million capital raise designed to fuel continued growth in Xpansiv service offerings and the firm’s technology platforms. The raise was linked to the recent $400 million capital raise led by Blackstone Energy Partners which closed in August 2022. New strategic investors Bank of America and Goldman Sachs participated in the raise.
“Sustainability is part of discussions in boardrooms and with investors. Robust technology, reliable data, and accessible spot markets are crucial to promote liquidity and scale growth in voluntary carbon trading and environmental commodities. Bank of America supports innovation in these evolving markets,” said Jim DeMare, President of Global Markets at Bank of America.
“The development of a robust and transparent infrastructure for environmental markets plays a key part in driving energy transition and broader decarbonization,” said Patrick Street, head of Goldman Sachs’ Global Markets Net Zero Solutions. “We support Xpansiv’s effort to develop market infrastructure and trade advisory services to deliver seamless environmental solutions to companies globally.”
“Evolution Markets brings a world-class team of professionals with the same level of focus and dedication to enabling the energy transition and delivering client successes that we strive for every day. We are excited to work with them and our clients to build the future of environmental markets,” said John Melby, CEO, Xpansiv. “Our disciplined acquisition strategy is made possible through the backing of top-tier strategic investors, who share our belief in the environmental markets' important role addressing the climate crisis.”
Evolution Markets global client base of more than 2,000 customers, including many of the world’s largest energy firms, companies, utilities, and financial institutions, will have access to integrated market services including market intermediary services, net zero advisory, structured and managed transactions, trading platform access, and portfolio management. Evolution Markets operates as a wholly owned subsidiary of Xpansiv.
All regulatory approvals were secured prior to the transaction close. The Evolution Markets acquisition follows the acquisition of APX, the leading provider of registry infrastructure in the environmental, energy, and power markets in August 2022.
Venable LLP acted as legal advisor to Xpansiv on the acquisition. Evolution Markets was advised in the transaction by JMP Securities, a Citizens Company, which acted as the sole financial advisor, and Stroock & Stroock & Lavan LLP which served as legal advisor.
Perella Weinberg Partners LP served as financial advisor, and Morrison & Foerster LLP and Clifford Chance LLP served as legal counsel to Xpansiv on the capital raise.
Note to Editors: In addition to Blackstone Energy Partners, existing Xpansiv investors include BP Ventures, S&P Global Ventures, Aware Super, Atlas Merchant Capital, Vitruvian Partners, and other leading global investors.
# # #
About Xpansiv
Xpansiv provides the market infrastructure to rapidly scale the world’s energy transition. The company’s main business units include CBL, the largest spot exchange for environmental commodities, including carbon credits and renewable energy certificates; SRECTrade, one of the largest transaction and management firms in the solar renewable energy market, APX, the leading provider of registry infrastructure for energy, power, and environmental markets, and H2OX, a leading spot exchange for Australian water allocations. Xpansiv also provides end-of-day and historical market data and operates the leading multi-registry portfolio management system for environmental commodities. Xpansiv.com
About Evolution Markets
Evolution Markets Inc. provides strategic financial and industry-leading transactional and advisory services to participants in global environmental and energy markets. Formed in 2000, the company has become the green markets leader, leveraging its unrivaled experience and knowledge on behalf of participants in the global carbon, emissions, renewable energy, and over the counter (OTC) power, natural gas, oil, nuclear fuel, and biofuels markets. Additional market services include net zero advisory, structured transactions, and data and analytics. Based in White Plains, NY, Evolution Markets serves clients on six continents from offices in New York, Houston, London, and Nice. www.evomarkets.com
Peter Burton, Xpansiv
This email address is being protected from spambots. You need JavaScript enabled to view it.
Charlie Morrow and Taylor Fenske, Cognito Media
This email address is being protected from spambots. You need JavaScript enabled to view it.
Jessica Roemer, Evolution Markets
This email address is being protected from spambots. You need JavaScript enabled to view it.
HOUSTON--(BUSINESS WIRE)--Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood”) today announced that it expects fourth quarter 2022 financial results to be impacted by extreme winter weather events that adversely impacted volumes and well connect activity across Crestwood’s gathering & processing assets during the quarter. The severity and duration of these weather events forced producers to contend with surface equipment freezing, widespread power outages, and limited road accessibility, which resulted in well shut-ins, facility downtime, and delays in drilling and completion activity. Compared with previous expectations underpinning prior full-year 2022 guidance, Crestwood estimates fourth quarter Williston Basin gathering volumes to have decreased by approximately 15%, and Powder River Basin and Delaware Basin gas gathering volumes to have decreased by approximately 5% to 10%. As a result, Crestwood anticipates that its full-year 2022 financial results will be slightly below previously provided guidance ranges. Crestwood and its producer customers have fully resumed normal operations and expect these volume disruptions to be isolated to the fourth quarter.
Robert G. Phillips, Founder, Chairman, and Chief Executive Officer of Crestwood, commented, “As producers battled oilfield services constraints and labor and supply chain issues throughout the year, extreme weather events in the fourth quarter created difficult operational conditions that, when combined, materially impacted forecasted producer drilling and completion activity and drove a lower 2022 exit rate than expected. I am proud of our employees in the affected areas for their commitment to safety and peer group leading customer service during these extraordinary weather events. Through collaboration with our customers, Crestwood’s operating team’s preparation and previous winterization efforts mitigated further volume loss and allowed customers to recover as quickly as possible. As we take a preliminary look into 2023, based on current levels of field activity, which includes approximately 15 rigs running on Crestwood’s gathering systems, and conversations with our producer customers about their 2023 development plans, we continue to anticipate year-over-year EBITDA growth driven by an active well connect program and the full integration and contribution of our Oasis Midstream, Sendero Midstream, and CPJV acquisitions. Combined with an expected step down in 2023 capital expenditures, which will be focused largely on connecting new supplies to our gathering systems, Crestwood's free cash flow profile is poised to grow year-over-year which we will utilize to further strengthen our balance sheet and maximize unitholder value."
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities and Exchange Act of 1934. The words “expects,” “believes,” “anticipates,” “plans,” “will,” “shall,” “estimates,” and similar expressions identify forward-looking statements, which are generally not historical in nature. Forward-looking statements are subject to risks and uncertainties and are based on the beliefs and assumptions of management, based on information currently available to them. Although Crestwood believes that these forward-looking statements are based on reasonable assumptions, it can give no assurance that any such forward-looking statements will materialize. Important factors that could cause actual results to differ materially from those expressed in or implied from these forward-looking statements include the risks and uncertainties described in Crestwood’s reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K and its subsequent reports, which are available through the SEC’s EDGAR system at www.sec.gov and on our website. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management’s view only as of the date made, and Crestwood assumes no obligation to update these forward-looking statements.
About Crestwood Equity Partners LP
Houston, Texas, based Crestwood Equity Partners LP (NYSE: CEQP) is a master limited partnership that owns and operates midstream businesses in multiple shale resource plays across the United States. Crestwood is engaged in the gathering, processing, treating, compression, storage and transportation of natural gas; storage, transportation, terminalling, and marketing of NGLs; gathering, storage, terminalling and marketing of crude oil; and gathering and disposal of produced water. For more information, visit Crestwood Equity Partners LP at www.crestwoodlp.com; and to learn more about Crestwood’s sustainability efforts, please visit https://esg.crestwoodlp.com.
Crestwood Equity Partners LP
Investor Contacts
Andrew Thorington, 713-380-3028
This email address is being protected from spambots. You need JavaScript enabled to view it.
Vice President, Finance and Investor Relations
Rhianna Disch, 713-380-3006
This email address is being protected from spambots. You need JavaScript enabled to view it.
Director, Investor Relations
Sustainability and Media Contact
Joanne Howard, 832-519-2211
This email address is being protected from spambots. You need JavaScript enabled to view it.
Senior Vice President, Sustainability and Corporate Communications
DUBLIN--(BUSINESS WIRE)--The "Smart Port Market Share, Size, Trends, Industry Analysis Report, By Technology; By Port Type; By Throughput Capacity; By Element; By Region; Segment Forecast, 2022 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global smart port market size is expected to reach USD 11.15 billion by 2030, according to a new study. The report gives a detailed insight into current market dynamics and provides analysis on future market growth.
Growing technology advancement and the eventual results of ease of technology adoption are driving the adoption of smart technologies in all forms of ports. National and international trade via marine transportation has risen significantly in recent years. International trade relies heavily on maritime transport.
Ocean shipment is the primary mode of global trade. According to UNCTAD, approximately 80% of the capacity of international trade in goods is managed to carry by sea, with the percentage being even greater in most developing countries.
This mode of transportation is less expensive and more practical for international trade than a street, rail, and air transport. Maritime transportation trade increased by 4.1% in the fiscal year 2021, according to UNCTAD, and is predicted to grow at a modest annual rate of much more than 2.4% from 2022 to 2026.
The international shipping fleet expanded by 3.0% in 2021, following similar trends. The enhanced global trade activity has increased the strain on shipyards and decks. The increased activities have compelled harbor authorities to adopt smart solutions and techniques for automating various harbor operations.
The market is expected to grow due to a growing emphasis on reducing operational expenses. With exhibited enhanced size, port traffic, and cargo amounts, global trade is expanding at a rapid pace. This has enhanced the workload on dockyards and ports. According to the United Nations Comtrade (UN Comtrade), the United States reported annual trade of over USD 949 billion in 2018, the highest in the world.
Such increased trade necessitates operational efficiency and a standardized workflow. To improve the operational efficiency of regular port activities, smart ports implement novel and cutting-edge technologies such as AI and IoT. It lowers logistics costs while also increasing efficiency. As a consequence, the market is expected to grow during the projected timeline.
Additionally, large market players are entering contracts with government agencies to establish advanced AI-based alternatives for dockyards and port construction infrastructure. In June 2022, the Port of Rotterdam in Germany and the Port of Baie Comeau in Canada also agreed to cooperate in investigating the Port of Baie-future Comeau's expansion and development.
The ports have committed to carrying out a Master Plan Study, which will include cargo flow analyses as well as technological port infrastructure evaluations. Such technological products and collaborative partnerships between organizations and government bodies are expected to drive the market throughout the forecast period.
Smart Port Market Report Highlights
Companies Mentioned
The publisher has segmented the smart port market report based on technology, element, throughput capacity, port type, and region:
Smart Port, Technology Outlook (Revenue - USD Billion, 2018 - 2030)
Smart Port, Throughput Capacity Outlook (Revenue - USD Billion, 2018 - 2030)
Smart Port, Port Type Outlook (Revenue - USD Billion, 2018 - 2030)
Smart Port, Element Outlook (Revenue - USD Billion, 2018 - 2030)
Smart Port, Regional Outlook (Revenue - USD Billion, 2018 - 2030)
For more information about this report visit https://www.researchandmarkets.com/r/lte8w3
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
Company with its Multi-State Utility Resources Awarded by Edison Electric Institute for 13th time
ORANGE, Conn.--(BUSINESS WIRE)--AVANGRID, Inc. (NYSE: AGR), a leading sustainable energy company and member of the Iberdrola Group, today announced that it received an award from the Edison Electric Institute (EEI) for its efforts in using its multi-state utility resources to respond to the impacts of Hurricane Fiona in Nova Scotia, Canada in September 2022. United Illuminating (UI) and Central Maine Power (CMP) received the EEI Emergency Assistance Award for its mutual aid efforts to support power restoration in Nova Scotia following hurricane damage that caused billions in damage to Canada’s shoreline and leaving hundreds of thousands without power. This award marks the 13th time EEI has recognized AVANGRID for its storm response efforts.
“I’m continually amazed by our team’s readiness and commitment to ensuring everyone has safe, reliable service – no matter if it is our customers or if it’s lending a hand to neighbors in need,” said AVANGRID CEO Pedro Azagra. “It is an honor to receive this recognition from EEI, and it is a testament to the hard work of our AVANGRID line workers. This was a team effort, while crews traveled to Canada, other members stepped up to cover their shifts at home. We are following the lead of the Iberdrola Group, who have always emphasized the importance of working together to bring energy to millions of people around the globe.”
EEI presented AVANGRID’s Emergency Response Award to Azagra today at its January board meeting. The award recognizes recovery and assistance efforts of electric companies following service disruptions caused by extreme weather or other natural events. The winners were chosen by a panel of judges following an international nomination process.
“Throughout the past six months, electric companies faced devastating hurricanes, unprecedented heat waves, and many other extreme weather events that impacted the customers and communities we serve,” said EEI President Tom Kuhn. “Mutual assistance is a hallmark of our industry, and I applaud AVANGRID’s sustained commitment to aiding neighboring electric companies in times of need. AVANGRID and its storm response teams undoubtedly are deserving of this national recognition, and I am honored to present them with these well-deserved awards.”
In September 2022, Hurricane Fiona made landfall in Nova Scotia as one of the strongest storms on record in the province, and the first major Atlantic hurricane of the 2022 storm season. Fiona was a Category 4 Hurricane with maximum sustained winds of 130 mph (215 km/h). An initial peak of 405,000 Nova Scotia Power electric customers lost power, with nearly 750,000 more experiencing service interruptions. The community experienced over $5B in damage – five times the damage caused by Hurricane Dorian which landed in Nova Scotia in 2019.
Nova Scotia Power issued a request for assistance through the North Atlantic Mutual Aid Group. Fifteen UI crews, 16 two-person CMP crews, along with additional support personnel and equipment, responded to the call and traveled north to help restore service for hundreds of thousands of customers without power. Per the agreement of the North Atlantic Mutual Aid Group, Nova Scotia Power incurred all the costs of restoration efforts. UI and CMP crews worked for over two weeks to return service to customers, sacrificing time with the families to assist those in need.
“The swift action UI workers took to assist those in Nova Scotia is a testament to the commitment of our company and employees to always answer the call to service and lend our skill and expertise to those in need of assistance, whether near or far,” said UI President and CEO Frank Reynolds. “This award represents the commitment to excellence our line workers demonstrate every day, and I thank EEI for recognizing their efforts to respond to the impacts of Hurricane Fiona.”
“This award belongs to the hardworking men and women of CMP,” added CMP President and CEO Joe Purington. “Our line workers are some of the best the industry has to offer, and the actions they took to assist our Canadian neighbors is an example of their unwavering commitment to our trade. I’m pleased that EEI is recognizing their hard work in response to the precedented destruction brought by Hurricane Fiona.”
About AVANGRID: AVANGRID, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $40 billion in assets and operations in 24 U.S. states, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs more than 7,000 people and has been recognized by JUST Capital in 2021, 2022 and 2023 as one of the JUST 100 companies – a ranking of America’s best corporate citizens. In 2023, AVANGRID ranked first within the utility sector for its commitment to the environment. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2022 for the fourth consecutive year by the Ethisphere Institute. AVANGRID is a member of the group of companies controlled by Iberdrola, S.A. For more information, visit www.avangrid.com.
About EEI: EEI is the association that represents all U.S. investor-owned electric companies. Our members provide electricity for more than 220 million Americans, and operate in all 50 states and the District of Columbia. As a whole, the electric power industry supports more than 7 million jobs in communities across the United States. In addition to our U.S. members, EEI has more than 65 international electric companies, with operations in more than 90 countries, as International Members, and hundreds of industry suppliers and related organizations as Associate Members.
MEDIA CONTACT:
Sarah Warren
This email address is being protected from spambots. You need JavaScript enabled to view it.
585-794-9253
DUBLIN--(BUSINESS WIRE)--The "Diesel Exhaust Fluid Aftermarket: Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
The global market for Diesel Exhaust Fluid Aftermarket estimated at US$38.4 Billion in the year 2020, is projected to reach a revised size of US$59.6 Billion by 2027, growing at a CAGR of 6.5% over the analysis period 2020-2027.
Bulk, one of the segments analyzed in the report, is projected to record a 7.8% CAGR and reach US$28.2 Billion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Intermediate Bulk Containers (IBC) segment is readjusted to a revised 6.7% CAGR for the next 7-year period.
The U.S. Market is Estimated at $11.3 Billion, While China is Forecast to Grow at 6% CAGR
The Diesel Exhaust Fluid Aftermarket market in the U.S. is estimated at US$11.3 Billion in the year 2020. China, the world's second largest economy, is forecast to reach a projected market size of US$10.4 Billion by the year 2027 trailing a CAGR of 6% over the analysis period 2020 to 2027.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 6.3% and 5% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 5.1% CAGR.
Cans Segment to Record 5.3% CAGR
In the global Cans segment, USA, Canada, Japan, China and Europe will drive the 5.3% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$5.8 Billion in the year 2020 will reach a projected size of US$8.4 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets.
Select Competitors (Total 48 Featured) -
What's New for 2022?
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/jr2bon
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
Offshore Source keeps you updated with relevant information concerning the Offshore Energy Sector.
Any views or opinions represented on this website belong solely to the author and do not represent those of the people, institutions or organizations that Offshore Source or collaborators may or may not have been associated with in a professional or personal capacity, unless explicitly stated.