--Fong Led Spruce Power Before Merger with XL Fleet—
--Current CEO Eric Tech to Remain on Board of Directors--
--Headquarters Moved to Denver, Colorado Effective January 1--
DENVER--(BUSINESS WIRE)--Spruce Power (NYSE: SPRU) (“Spruce” or the “Company”; formerly known as XL Fleet), a leading owner and operator of distributed solar energy assets across the United States, today announced the anticipated timing of its previously indicated leadership transition.
On February 1, 2023, Spruce President and Director Christian Fong will assume the role of Chief Executive Officer from current CEO Eric Tech. Tech will remain on the Board of Directors. Fong has over fifteen years of executive leadership experience in the power and energy industry. Fong assumed leadership of Spruce Power in 2017, where he built Spruce into the largest privately held residential solar owner/operator in North America, with over 50,000 customers and over $1 billion of distributed generation solar and energy efficiency assets. Over the past twenty years, Fong has served on numerous boards of companies and NGOs, including Terraform Power, then the world’s largest public independent renewable power producer.
Fong commented, “Spruce enters 2023 as a pure play owner/operator of residential rooftop solar, an enormous and growing market. Our differentiated business model focused on acquiring existing portfolios enables us to have one of the industry’s lowest customer acquisition costs, and we are well-funded to drive growth with over $200 million of unrestricted cash. Even as the last several years of rapid expansion doubled the size of both our portfolio and our experienced management team, I have never been more excited about the growth opportunities ahead for us.”
Outgoing CEO Eric Tech added, “Following on the exit of the XL Fleet Drivetrain business announced in December, today’s actions effectively complete the post-merger transition plan between XL Fleet and Spruce Power. As we complete this strategic transformation, we are confident that Spruce is in great hands and its future is bright. We are excited about the attractiveness of the rooftop solar market, the power of Spruce’s differentiated model, and the strength of their management team. I believe Spruce will achieve great success in the years to come.”
Related to the transition plan, the Company officially moved its headquarters to Denver, Colorado, effective January 1, 2023. Christian Fong and several key members of the Spruce Power leadership team are already located in Denver, and other team members and leadership roles will relocate in the months ahead.
About Spruce Power
Spruce Power is a leading owner and operator of distributed solar energy assets across the United States. We provide subscription-based services that make it easy for homeowners and small businesses to own and maintain rooftop solar and battery storage. Our as-a-service model allows consumers to access new technology without making a significant upfront investment or incurring maintenance costs. Our company has more than 51,000 subscribers across the United States. For additional information, please visit www.sprucepower.com.
Forward Looking Statements
Certain statements in this press release may constitute “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of management and are not predictions of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including but not limited to: expectations regarding the growth of the solar industry, home electrification, electric vehicles and distributed energy resources; the ability to successfully integrate the Spruce Power acquisition; the highly competitive nature of the Company’s business and markets; the ability to execute on and consummate business plans in anticipated time frames; litigation, complaints, warranty claims, product liability claims and/or adverse publicity; results of operations, financial condition, regulatory compliance and customer experience; the potential loss of customers; privacy and data protection laws, privacy or data breaches, or the loss of data; general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; risks related to the rollout of the Company’s business and the timing of expected business milestones, including supply chain and labor shortage challenges in the solar panel markets; the effects of competition on the Company’s future business; the availability of capital; and the other risks discussed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K filed on March 31, 2022, subsequent Quarterly Reports on Form 10-Q and other documents that the Company files with the SEC in the future. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements speak only as of the date hereof and the Company specifically disclaims any obligation to update these forward-looking statements.
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Global top five energy company signs multi-year contract with $1M customer lifetime value
Calgary, Canada--(BUSINESS WIRE)--$BLN #TSX--Blackline Safety Corp. (TSX: BLN), a global leader in connected safety technology, today announced its largest ever order in its Rest of World geography, which includes regions outside North America and Europe.
The customer, one of the world’s largest energy and petrochemical companies, signed a new contract with a $1 million lifetime value. This customer continues Blackline’s impressive track record of adding to its extensive blue-chip customer base of high-quality operators that value the Company’s connected safety solutions.
Naming Blackline as a preferred supplier, the customer is purchasing G7c cellular wearables and G7 EXO area monitoring devices to protect their workers at various sites across the Middle East. Blackline’s all-in-one solution for lone worker and gas detection improves frontline worker safety and optimizes operations by providing access to real-time information.
“This record-breaking deployment demonstrates the return on investment we are receiving as a result of our marketing and sales efforts in the Middle East. We see significant growth potential in our Rest of World geography and this new deal represents the increased traction we are gaining in these regions. A growing number of global companies are investing in Blackline’s connected safety solutions to protect their workers while on the job,” said Sean Stinson, Chief Growth Officer, Blackline Safety.
“Our cloud-connected, location-enabled G7 safety wearables and G7 EXO portable area gas monitors offer 24/7 protection and visibility to workers and worksites of all types.”
About Blackline Safety
Blackline Safety is a technology leader driving innovation in the industrial workforce through IoT (Internet of Things). With connected safety devices and predictive analytics, Blackline Safety enables companies to drive towards zero safety incidents and improved operational performance. Blackline Safety provides wearable devices, personal and area gas monitoring, cloud-connected software and data analytics to meet demanding safety challenges and enhance overall productivity for organizations with coverage in more than 100 countries. Armed with cellular and satellite connectivity, Blackline Safety provides a lifeline to tens of thousands of people, having reported over 185 billion data-points and initiated over five million emergency alerts. For more information, visit BlacklineSafety.com and connect with us on Facebook, Twitter, LinkedIn and Instagram.
INVESTOR AND ANALYST CONTACTS:
Matt Glover or Jeff Grampp, CFA
Gateway Group, Inc.
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THOUSAND OAKS, Calif.--(BUSINESS WIRE)--Kolibri Global Energy Inc. (the “Company” or “KEI”) (TSX: KEI, OTCQX: KGEIF) is pleased to provide an update on the production exit rate and its latest wells in its Tishomingo field in Oklahoma.
Exit Rate
The Company exited the year with a production rate over 4,000 BOEPD (barrels of oil equivalent per day). This is 1,300 BOEPD, or 48% higher than the Company’s forecasted exit rate released in May of 2022.
Emery 17-2H Well, Brock 9-3H Well & Glenn 16-3H Well
The Emery 17-2H well (98.725% working interest) had a 30-day Initial Production Rate (“IP30”) of 715 BOEPD (560 BOPD) (barrels of oil per day).
The Brock 9-3H well (100% working interest) had an IP30 of 970 BOEPD (820 BOPD).
The Glenn 16-3H well (100% working interest) has averaged about 935 BOEPD (765 BOPD) for twenty-two production days while the well has been flowing back the completion stimulation fluid. The production from this well had been halted for a portion of December due to a packer malfunction, but production had resumed on the well by the end of the month.
Wolf Regener, President and CEO, commented, “These latest three wells have far exceeded our expectations and contributed to the Company significantly surpassing its year-end forecasted exit rate. The 4,000 BOEPD exit rate was achieved without the production contribution of one legacy well, which had been reworked in late December. We look forward to drilling our next wells later this quarter, as we have signed a drilling rig contract, where the rig is expected to arrive around March 1st, 2023.
“To put these excellent well results in perspective, the forecasted 30-day proved curve case (IP30) utilized by our third-party engineering firm for our December 31, 2021 reserve report was 388 BOEPD (“Reserve Report IP30”), while the initial 30-day type curve used by the Company’s management for wells in the corridor assumes a 472 BOEPD IP30 rate (“Management IP30”). The Emery 17-2H well IP-30 and the Brock 9-3H well IP-30 are about 1.8 and 2.5 times higher, respectively, than the Reserve Report IP30.
“While three of the wells are early in the production cycle, the five wells we drilled this year with our latest generation completion technique demonstrates some of the best results we have had in this field. This illustrates the consistency that management believes it can continue to achieve.
“Based on the current performance of the Glenn 16-3H well and the expectation that it will perform similarly to our previous core area wells, we anticipate that it will end up with an IP30 rate that is also much higher than the Reserve Report IP30 and above the Management IP30. However, there can be no assurance as to what the well’s IP30 rate or ultimate productivity will be.”
About Kolibri Global Energy Inc.
Kolibri Global Energy Inc. is a North American energy company focused on finding and exploiting energy projects in oil, gas, and clean and sustainable energy. Through various subsidiaries, the Company owns and operates energy properties in the United States. The Company continues to utilize its technical and operational expertise to identify and acquire additional projects. The Company's shares are traded on the Toronto Stock Exchange under the stock symbol KEI and on the OTCQX under the stock symbol KGEIF.
Cautionary Statements
In this news release and the Company’s other public disclosure: The references to barrels of oil equivalent ("Boes") reflect natural gas, natural gas liquids and oil. Boes may be misleading, particularly if used in isolation. A Boe conversion ratio of 6 Mcf:1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value. Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves. The type curve utilized by the Company’s management is the average of the 7 Caney wells that were drilled prior to December 31st, 2021, are located in the Corridor (well names can be found on the Company’s Corporate presentation), with lateral lengths normalized to a 4,900 ft lateral length, the other assumptions are the same as in the Company’s December 31, 2021 independent reserves evaluation.
Readers should be aware that references to initial production rates and other short-term production rates are preliminary in nature and are not necessarily indicative of long-term performance or of ultimate recovery. Readers are referred to the full description of the results of the Company's December 31, 2021 independent reserves evaluation and other oil and gas information contained in its Form 51-101F1 Statement of Reserves Data and Other Oil and Gas Information for the year ended December 31, 2021, which the Company filed on SEDAR on March 8, 2022.
Caution Regarding Forward-Looking Information
Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws and “forward-looking statements” within the meaning of United States securities laws (collectively, “forward looking information”), including statements regarding the timing of and expected results from planned wells development, the anticipated IP30 rate of the Glenn 16-3H well, and management’s expectation regarding achieving consistency in future wells. Forward-looking information is based on plans and estimates of management and interpretations of data by the Company's technical team at the date the data is provided and is subject to several factors and assumptions of management, including that that indications of early results are reasonably accurate predictors of the prospectiveness of the shale intervals, that required regulatory approvals will be available when required, that no unforeseen delays, unexpected geological or other effects, including flooding and extended interruptions due to inclement or hazardous weather conditions, equipment failures, permitting delays or labor or contract disputes are encountered, that the necessary labor and equipment will be obtained, that the development plans of the Company and its co-venturers will not change, that the offset operator’s operations will proceed as expected by management, that the demand for oil and gas will be sustained, that the price of oil will be sustained or increase, that the Company will continue to be able to access sufficient capital through financings, farm-ins or other participation arrangements to maintain its projects, and that global economic conditions will not deteriorate in a manner that has an adverse impact on the Company's business, its ability to advance its business strategy and the industry as a whole. Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions on which such forward looking information is based vary or prove to be invalid, including that the Company or its subsidiaries is not able for any reason to obtain and provide the information necessary to secure required approvals or that required regulatory approvals are otherwise not available when required, that unexpected geological results are encountered, that equipment failures, permitting delays, labor or contract disputes or shortages of equipment or labor are encountered, the risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration and development projects or capital expenditures; the uncertainty of reserve and resource estimates and projections relating to production, costs and expenses, and health, safety and environmental risks, including flooding and extended interruptions due to inclement or hazardous weather conditions), the risk of commodity price and foreign exchange rate fluctuations, that the offset operator’s operations have unexpected adverse effects on the Company’s operations, that completion techniques require further optimization, that production rates do not match the Company’s assumptions, that very low or no production rates are achieved, that the price of oil will decline, that the Company is unable to access required capital, that occurrences such as those that are assumed will not occur, do in fact occur, and those conditions that are assumed will continue or improve, do not continue or improve, and the other risks and uncertainties applicable to exploration and development activities and the Company's business as set forth in the Company's management discussion and analysis and its annual information form, both of which are available for viewing under the Company's profile at www.sedar.com, any of which could result in delays, cessation in planned work or loss of one or more concessions and have an adverse effect on the Company and its financial condition. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.
Wolf E. Regener +1 (805) 484-3613
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Website: www.kolibrienergy.com
BELOIT, Wis.--(BUSINESS WIRE)--#FM175D--Fairbanks Morse Defense (FMD), a portfolio company of Arcline Investment Management, is expanding its naval defense capabilities by offering the nForcer FM 175D engine, the defense contractor's first engine designed for high-speed applications. With more power density than competing high-speed engines in the maritime defense marketplace, the nForcer FM 175D is best suited to support the substantial power and propulsion needs of the Navy's unmanned programs.
"The Navy's future fleet will be electric, and the power requirements for each vessel to support advanced weapons and detection systems alongside standard operations will be greater than anything else we've seen over the past 20-30 years," said George Whittier, FMD CEO. "Fairbanks Morse Defense has provided the Navy with some of the most trusted power and propulsion systems on the planet for nearly 100 years, making us uniquely qualified to support the Navy's future efforts to protect the freedom of the seas with this high-speed engine."
The nForcer FM 175D engine will be available with 12, 16, or 20 cylinders and includes a 175-millimeter bore for mechanical or electric propulsion for onboard power generation. It operates at 1,800 – 2,000 RPMs and has a power output rating of 1,740 – 4,400 kW, making it one of the most power-dense high-speed engines available for maritime use.
FMD anticipates the nForcer FM 175D engine will be ready to integrate with naval fleets within the next two years.
Offered by FMD and serviced worldwide, their proven marine technology is engineered for excellence to ensure reliable operation, extended asset lifecycles, and minimal downtime. In addition to delivering its power and propulsion systems, the defense contractor has repeatedly been selected by the Navy and Military Sealift Command to provide mission-critical marine technology, turnkey services, and OEM parts throughout the vessel.
The nForcer FM 175D engine is among a growing number of solutions for FMD. As of recently, they created the Technology Center of Excellence, consolidating into one platform FMD's emerging technologies, including Artificial Intelligence (AI), Digital Defenses, SMART Engineering Solutions, Uncrewed Mission Management and FM OnBoard. While previously known primarily as an engine manufacturer, FMD has spent the last two years acquiring companies and expanding its capabilities to provide products and services for the entire ship.
Click here for a rendering of the nForcer FM 175D.
About Fairbanks Morse Defense (FMD)
Fairbanks Morse Defense (FMD) builds, maintains, and services the most trusted naval power and propulsion systems on the planet. For more than 100 years, FMD has been a principal supplier of a growing array of leading marine technologies, OEM parts, and turnkey services to the U.S. Navy, U.S. Coast Guard, Military Sealift Command, and Canadian Coast Guard. FMD stands ready to rapidly support the systems that power military fleets without compromising safety or quality. In times of peace and war, the experienced engineers, sailors, and technicians of FMD demonstrate our commitment to supporting the mission and vision of critical global naval operations wherever and whenever needed. FMD is a portfolio company of Arcline Investment Management.
To learn more, visit www.FairbanksMorseDefense.com.
Fairbanks Morse is a MAN Energy Solutions SE licensee.
Fairbanks Morse Media Contact:
Mercom Communications
Michelle Hargis
Tel: 512-215-4452
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DUBLIN--(BUSINESS WIRE)--The "Building-Integrated Photovoltaics (BIPV): Technologies and Global Markets" report has been added to ResearchAndMarkets.com's offering.
In this report, the market has been segmented based on technology, application, end user and geography. The report provides an overview of the global BIPV market and analyses market trends. Using 2021 as the base year, the report provides estimated market data for the forecast period, 2022-2027.
Buildings today are a leading global consumer of energy, and this trend is likely to continue well into the future, primarily driven by economic and population growth. This trend has been increasingly recognized by a multitude of countries worldwide.
Different governments at the federal, state and local levels are increasing their investment in green energy technologies for new and existing buildings as a means of achieving greenhouse gas reduction targets. Consequently, energy efficiency in buildings has evolved into a major factor of the green movement in recent years.
BIPVs make up a small but increasingly noticeable component of the global PV market. Some BIPV applications are emerging as major growth segments that will likely reach gigawatt-scale annual sales within a decade. When annual capacity installations are totaled, the entire BIPV sector is found to already be beyond the gigawatt level of annual capacity.
Unlike the rapid progress made in building PV capacity with utility-scale power plants, no feasible method exists for complete vertical integration with BIPV projects in all existing and planned buildings. For this, companies need partners, affiliates, alliances, visionaries and champions.
The COVID-19 pandemic led to a significant change in consumer behavior and demand, affected purchasing patterns, re-routed supply chains, complicated the dynamics of current market forces and involved significant interventions of governments. Just like any other market, the BIPV market was impacted by the pandemic in 2020.
Two types of construction markets can include BIPV components: new-builds and retrofits. The economic upheaval caused by the COVID-19 pandemic severely depressed new construction in many regions of the world. In developed economies, renovations and retrofits will show more significant opportunities in the coming years since those projects, always necessary, are more likely to be eligible for public financial incentives and potential developer participation.
The silicon used to fabricate solar cells is either crystalline (single-crystal or multi-crystal) or amorphous. Presently, c-Si and multi-crystalline silicon (mc-Si) rigid modules are the dominant BIPV products, along with amorphous silicon (a-Si) flexible modules. However, copper indium gallium selenide (CIGS) and cadmium telluride (CdTe) technologies are growing rapidly as well.
The use of c-Si and mc-Si will change rapidly-and be used in ways that standard rigid modules cannot. The arrival of CIGS into the market, followed closely by the dye-sensitized solar cell (DSSC) and organic PV (OPV) products, will encourage an entirely new method and process of thinking about how to build, clad and color buildings.
A building consists of an outside shell, an inside, sides and a top. Nearly all PV applications involve the integration of the PV component in an exterior building component. An integrated PV product physically replaces a component and then serves both that component's original function and generates electricity. The table below provides an overview of the various regional markets.
Revenue forecasts for this period are segmented based on technology, application, end user and geography. Market values have been estimated based on the total revenue of BIPV providers.
The report covers the market for BIPV with regard to the user base across different regions. It also highlights major trends and challenges that affect the market and the vendor landscape. The report estimates the global market for BIPV in 2021 and provides projections for the expected market size through 2027.
The report also focuses on the major driving trends and challenges that affect the market and the vendor landscape. The report explains the value chain, competitive landscape, and current trends in the BIPV market. It concludes with an analysis of the BIPV vendor landscape and includes detailed profiles of the major players in the global BIPV market.
The following parameters define the scope of the report:
Report Includes
Profile descriptions of the leading market participants, including
Key Topics Covered:
Chapter 1 Introduction
Chapter 2 Summary and Highlights
Chapter 3 Market Overview
3.1 Global Energy Sources
3.2 Importance of Renewable Energy
3.3 Overview of Photovoltaics
3.4 BIPV Industry Outlook
3.5 Value Chain Analysis
3.6 Government Policies and Support
3.6.1 General Policy Programs and Support
3.7 Overview of BIPV Policies, Regulations, and Incentive Programs
3.7.1 General
3.7.2 Fits Vs. Rates Net Metering
3.7.3 BIPV Policies, Regulations, and Incentive Programs in North America
3.7.4 BIPV Policies, Regulations and Incentive Programs in Europe and the EU
3.7.5 Microanalysis of Individual European Countries
3.7.6 BIPV Policies, Regulations, and Incentive Programs in APAC
3.7.7 ASEAN Countries
3.7.8 BIPV Policies, Regulations, and Incentive Programs in the South America
3.7.9 BIPV Policies, Regulations, and Incentive Programs in the Rest of the World
3.8 BIPV-Relevant International Standards
3.8.1 International Certification Standards
3.8.2 Eu-Specific Certification Standards
3.9 Porter's Five Forces Analysis
3.10 Impact of Covid-19 on the BIPV Market
3.10.1 Impact on the Industry
3.10.2 Conclusion
Chapter 4 Market Dynamics
4.1 Market Dynamics
4.1.1 Market Drivers
4.1.2 Market Restraints
4.1.3 Market Opportunities
Chapter 5 Market Breakdown by Technology
5.1 Overview
5.2 Crystalline Silicon
5.2.1 Single-Crystal Silicon PVs
5.2.2 Polycrystalline Silicon PVs
5.3 Thin Film
5.3.1 Amorphous Silicon
5.3.2 Cadmium Telluride
5.3.3 Copper Indium Gallium Diselenide
5.4 Others
5.4.1 Multi-Junction Cells
5.4.2 Dye-Sensitized Solar Cells
5.4.3 Quantum Dot PVs
5.4.4 Organic Solar Cells
5.4.5 Nanomaterials
5.4.6 Other Third-Generation PV Materials
5.5 Additional Information
Chapter 6 Market Breakdown by Application
6.1 Introduction
6.2 Roofing
6.2.1 Roofing Shingles
6.2.2 Roofing Tiles
6.2.3 Standing Seam Metal Roofing
6.2.4 Single-Ply Membrane Roofing
6.3 Glazing
6.4 Skylights
6.5 Facades
6.5.1 Building Cladding
6.5.2 Green Parking
6.6 Architectural Shading
6.7 Additional Information
Chapter 7 Market Breakdown by End-user
7.1 Introduction
7.2 Industrial
7.3 Commercial
7.4 Residential
7.5 Additional Information
Chapter 8 Market Breakdown by Region
8.1 Global Market Value by Region
Chapter 9 Patent Analysis
9.1 Patent Analysis
9.1.1 Key Recently Granted Patents
Chapter 10 Competitive Landscape
10.1 Top Companies
10.2 Market Share Analysis
10.2.1 Key Market Developments
Chapter 11 Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/1r6xtg
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DUBLIN--(BUSINESS WIRE)--The "Company List - Gasoline Stations in United States" database has been added to ResearchAndMarkets.com's offering.
Company List - Gasoline Stations in United States is an Excel company list of companies involved in Gasoline Stations in United States. There are approximately 25000 companies in this list.
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Companies Mentioned
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Guzman Energy will continue delivering wholesale power savings to KCEC; savings estimated between $150-170 million
DENVER & TAOS, N.M.--(BUSINESS WIRE)--Guzman Energy and Kit Carson Electric Cooperative (KCEC) today announced the extension of their wholesale power supply agreement to continue through June 30, 2041. Established in 2016, the Guzman Energy partnership with KCEC provides KCEC with fixed wholesale power rates delivering savings and member rate stability. The existing contract has also enabled local decision-making for KCEC to expand local solar power generation and storage operations as they reach their goal of generating 100% summer daytime solar energy.
Key aspects of the contract extension include:
“The value that Guzman Energy provides our membership goes beyond cost savings. They have been consistent supporters of our community and share the KCEC Board vision to develop modern, resilient and locally managed renewable energy assets,” said Luis A. Reyes, Jr., CEO of KCEC. “Guzman Energy is a true partner for energy transition strategy and execution, helping KCEC become one of the cleanest, most cost-effective power distribution cooperatives in America.”
With the contract extension, the Guzman Energy – KCEC wholesale power partnership is anticipated to deliver increased savings reaching $150 million to $170 million over the total lifetime of the contract. Access to and ownership of transmission lines is an important variable in estimating cost savings. In addition to savings, the Guzman Energy – KCEC partnership has delivered KCEC with fixed wholesale power rate stability as well as a spate of local renewable power generation projects including development of 41 MW of distributed solar along with 15 MW of accompanying battery storage.
“The KCEC Board and leadership team are fully committed to delivering on the needs of their local member owners,” said Jeffrey M. Heit, Principal and Managing Director, Guzman Energy. “The Guzman Energy team looks forward to building on the success of the KCEC energy transition to-date. This is a partnership with big ideas and a track record of delivering.”
About Guzman Energy
Guzman Energy is a wholesale power provider dedicated to communities in search of affordable and reliable energy. We partner with cooperatives, municipalities, companies and tribes across North America to customize energy portfolios that make economic and environmental sense for today and tomorrow. Together, we are lighting the way forward. To learn more, visit www.GuzmanEnergy.com.
About Kit Carson Electric Cooperative
Formed in 1944, Kit Carson is a member owned electric distribution cooperative in northern New Mexico and is the second largest cooperative in the state. Kit Carson is one of 16 electric cooperatives that serve rural New Mexico communities, serving nearly 30,000 members in Taos, Colfax and Rio Arriba counties. To learn more about Kit Carson, visit www.kitcarson.com.
Guzman Energy
Amy Messenger
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DUBLIN--(BUSINESS WIRE)--The "Database of Fuel Retailers (Gasoline Stations and Petrol Stations) in Europe" database has been added to ResearchAndMarkets.com's offering.
The Database of Fuel Retailers (Gasoline Stations and Petrol Stations) in Europe is an Excel spreadsheet containing a list of the largest 8000 Fuel Retailers (Gasoline Stations and Petrol Stations) in Europe. Each of our company lists displays the leading companies ranked by revenue in $USm.
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The Microturbine Powered Combined Heat & Power (CHP) System for the Textile Finishing Company Will Be the First of Its Kind in Germany
The Offshore Systems Are a Repeat Order for an Existing Capstone Customer
LOS ANGELES--(BUSINESS WIRE)--$CGRN #CleanPower--Capstone Green Energy Corporation (NASDAQ: CGRN), announced that E-quad Power Systems GmbH, Capstone’s long-time distributor for Belgium, Denmark, Germany, and the Netherlands, has secured two new orders. The first is an order for a C200S microturbine-based combined heat and power (CHP) system for a leading textile finishing company. The second order is for four 65kW high-pressure natural gas (HPNG), dual mode (DM), high humidity offshore systems for an offshore gas production company with assets in the North Sea that is a loyal Capstone customer.
The C200S microturbine-based CHP system is for leading textile finishing company Gerhard van Clewe GmbH & Co.KG, based in Hamminkeln, Germany. The system is expected to be commissioned in May 2023 and will be fueled by high-pressure natural gas. The C200S will provide up to 200kW of electricity to the plant, while the exhaust produced by the microturbine will be captured for use in the material drying process as well as the production of warm water for the facility.
The company first considered microturbine technology due to rising electricity costs compared to the low cost of natural gas. As a company with a sustainability mission, they also valued the high efficiency and emissions reduction that a CHP system delivers.
“Between the cost savings and environmental benefits, we are especially excited to be a development partner in this first-of-its-kind application,” said Ansgar van Clewe, Principle at Gerhard van Clewe. “Given the technology’s ready availability and Capstone’s good reputation in the space, we felt comfortable working with their distributor E-quad Power Systems.”
The four C65 offshore systems will be deployed with an existing Capstone offshore gas exploration customer who is an advocate for sustainable energy sources. They strongly believe that until there are sufficient sustainable alternatives available, the use of natural gas is an effective method to reduce CO2 output immediately. Natural gas can therefore provide an optimal contribution towards providing climate neutral energy.
“The Capstone Green Energy microturbine-based CHP systems have proven time and again to be tremendously beneficial across the manufacturing space, providing reliable, highly efficient power, but also fulfilling facility heating, drying and cooling needs, which has the added benefit of lowering facility emissions,” said Darren Jamison, Chief Executive Officer of Capstone Green Energy.
“Capstone's green energy solutions align perfectly with the needs of the oil and gas industry and are currently used in all phases of production, including upstream, midstream, and downstream operations in both onshore and offshore applications. Capstone's technology provides the low operational cost, high availability, and high-reliability global energy producers need, particularly in a world where energy prices are not likely to be dropping any time soon,” concluded Jamison.
About Capstone Green Energy
Capstone Green Energy (www.CapstoneGreenEnergy.com) (NASDAQ: CGRN) is a leading provider of customized microgrid solutions and on-site energy technology systems focused on helping customers around the globe meet their environmental, energy savings, and resiliency goals. Capstone Green Energy focuses on four key business lines. Through its Energy as a Service (EaaS) business, it offers rental solutions utilizing its microturbine energy systems and battery storage systems, comprehensive Factory Protection Plan (FPP) service contracts that guarantee life-cycle costs, as well as aftermarket parts. Energy Generation Technologies (EGT) are driven by the Company's industry-leading, highly efficient, low-emission, resilient microturbine energy systems offering scalable solutions in addition to a broad range of customer-tailored solutions, including hybrid energy systems and larger frame industrial turbines. The Energy Storage Solutions (ESS) business line designs and installs microgrid storage systems creating customized solutions using a combination of battery technologies and monitoring software. Through Hydrogen & Sustainable Products (H2S), Capstone Green Energy offers customers a variety of hydrogen products, including the Company's microturbine energy systems.
To date, Capstone has shipped over 10,000 units to 83 countries and estimates that in FY22, it saved customers over $213 million in annual energy costs and approximately 388,000 tons of carbon. Total savings over the last four years are estimated to be approximately $911 million in energy savings and approximately 1,503,100 tons of carbon savings.
For more information about the Company, please visit: www.CapstoneGreenEnergy.com. Follow Capstone Green Energy on Twitter, LinkedIn, Instagram, Facebook, and YouTube.
Cautionary Note Regarding Forward-Looking Statements
This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding expectations for green initiatives and execution on the Company's growth strategy and other statements regarding the Company's expectations, beliefs, plans, intentions, and strategies. The Company has tried to identify these forward-looking statements by using words such as "expect," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, but not limited to, the following: the ongoing effects of the COVID-19 pandemic; the availability of credit and compliance with the agreements governing the Company's indebtedness; the Company's ability to develop new products and enhance existing products; product quality issues, including the adequacy of reserves therefor and warranty cost exposure; intense competition; financial performance of the oil and natural gas industry and other general business, industry and economic conditions; the Company's ability to adequately protect its intellectual property rights; and the impact of pending or threatened litigation. For a detailed discussion of factors that could affect the Company's future operating results, please see the Company's filings with the Securities and Exchange Commission, including the disclosures under "Risk Factors" in those filings. Except as expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason.
Capstone Green Energy
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VANCOUVER, British Columbia--(BUSINESS WIRE)--#ccs--In the wake of the new year, Vancouver-based carbon capture and removal solutions provider, Svante, has been awarded the Great Place to Work Certification™ by the eponymous workplace-culture auditing agency.
Operating for over three decades, Great Place to Work® acts as the global authority on workplace culture and employee experience, producing year-end lists that recognize certified workplaces in different regions, sectors, and progressive practices. The Great Place to Work® Institute reserves its certification for select companies that pass its employee audits, determined by the Trust Index© Score, which is calculated by the aggregate responses.
Svante’s survey results indicate an 86% Trust Index© Score from 121 survey respondents – 21% above the certification threshold. Additionally, 89% of Svante respondents agreed there was a sense of camaraderie within the company, while 87% of respondents believed Svante is credible and respectful, and that they were proud to work for the company.
“We’re delighted to be accredited as a Great Place to Work®” says Claude Letourneau, Svante’s President & CEO. “This certification speaks to the ethical and inclusive culture we strive to achieve at Svante. Our responsibility as an organization extends to more than just our partners and investors, but also to the satisfaction and wellbeing of our team that continues to propel us forward. We believe it’s instrumental to provide our employees with an environment that consistently supports and benefits them.”
On top of this certification, Svante has previously been ranked 2nd among privately owned companies in the Corporate Knights Future 50 Fastest-Growing Sustainable Companies in Canada ranking in June 2022. The company has also made it onto the prestigious Global Cleantech 100 list every year since 2019.
Founded in 2007, Svante has grown to employ over 200 employees from BC and other parts of the world. It is set to continue to hire throughout 2023. The company’s new world headquarters, the Centre of Excellence for Carbon Capture & Removal, currently under construction in Burnaby, BC, Canada, is expected to house over 300 employees, and will be the first facility in the world to manufacture Svante’s patented filter modules, which capture carbon dioxide emissions from the atmosphere and from industrial flue gas. The Centre of Excellence for Carbon Capture & Removal will produce enough filters to capture multi-millions of tonnes of CO2 each year across hundreds of carbon capture plants globally. The Great Place to Work® announcement follows Svante’s Series-E fundraising round in mid-December 2022, in which the company raised over US$318 million, led by Chevron New Energies.
About Svante
Founded in 2007, Svante offers companies in emission-intensive industries a commercially viable way to capture large-scale CO2 emissions from existing infrastructure, either for safe storage or to be used for further industrial use in a closed loop. With the ability to capture CO2 from industrial sources and directly from the atmosphere in an environmentally sustainable way, Svante makes industrial-scale carbon capture and carbon removal a reality. Svante’s Board of Directors includes Nobel Laureate and former Secretary of Energy, Steven Chu.
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SAN ANTONIO--(BUSINESS WIRE)--EnCap Flatrock Midstream (“EnCap Flatrock”), a midstream energy investment manager, today announced the promotion of Brett Knowles to managing director from vice president.
“In Brett’s 10 years with our firm, he has assisted with the formation of many new portfolio companies, helped execute several of the largest transactions in EnCap Flatrock’s history and has grown tremendously in his role,” said EnCap Flatrock Managing Partner Sam Pitts. “Brett is an outstanding example of what it looks like to lead with humility, and he is a consummate team player. He has established himself as an integral part of the EnCap Flatrock investment team, and we are excited for this next chapter of his career.”
About Brett Knowles
Mr. Knowles joined EnCap Flatrock in 2013 and in that time has worked at all three of the firm’s office locations, first in Oklahoma City, then Houston and ultimately, San Antonio. He serves on the board of directors of several EnCap Flatrock portfolio companies, including Aspen Midstream, LLC; Clearfork Midstream, LLC; Edgewater Midstream, LLC; Elysian Midstream, LLC; Iron Horse Midstream, LLC; and Rangeland Energy III & IV, LLC. Mr. Knowles also serves as a member of the Dean’s Advisory Board of Mays Business School at Texas A&M University, is a CFA Charterholder and is an active supporter of the Marine Corps Scholarship Foundation.
Prior to joining EnCap Flatrock, Mr. Knowles worked in investment banking at Barclays. The EnCap Flatrock team worked closely with Mr. Knowles during his time as an analyst at Barclays where he supported the successful sale of Caiman Energy, an Encap Flatrock Fund I portfolio company, to Williams Companies in 2012. Mr. Knowles holds a Master’s degree in finance and a Bachelor of Business Administration degree in accounting, both from Texas A&M University.
About EnCap Flatrock Midstream
EnCap Flatrock Midstream provides value-added growth capital to proven management teams focused on midstream infrastructure opportunities across North America. The firm was formed in 2008 by a partnership between EnCap Investments L.P. and Flatrock Energy Advisors, LLC. Based in San Antonio with offices in Oklahoma City and Houston, the firm manages investment commitments of nearly $9 billion from a broad group of prestigious institutional investors. EnCap Flatrock Midstream is currently making commitments to new management teams from EFM Fund IV, a $3.25 billion fund. For more information, please visit www.efmidstream.com.
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FGS Global
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NEW YORK--(BUSINESS WIRE)--#ABS--We enter 2023 amid a challenging and uncertain economic backdrop. Thanks in large part to aggressive federal stimulus measures during the Coronavirus Disease (COVID-19) pandemic, the U.S. economy had been humming along over the 18 months leading up to the spring of 2022 when the first quarterly decline in real GDP was reported following six consecutive quarters of growth. The Federal Reserve reversed course and pulled back from its accommodative monetary policy measures, with the first of seven successive interest rate increases occurring in March 2022. Nonetheless, DBRS Morningstar has a stable credit rating outlook across U.S. asset-backed securities (ABS).
“While consumers have displayed remarkable resiliency throughout the pandemic, much of that strength has been heavily supported by federal stimulus measures, which have since expired,” said Stephanie Mah, Senior Vice President, Structured Finance Research. “The current labor market remains strong, with subdued unemployment levels and rising wages. However, job growth prospects are expected to deteriorate, albeit with a lag, in response to rising interest rates, and wages will be further pressured by inflation.”
To read the full report and access the data, click here: https://www.dbrsmorningstar.com/research/408194/us-abs-2023-outlook
The DBRS Morningstar group of companies consists of DBRS, Inc. (Delaware, U.S.)(NRSRO, DRO affiliate); DBRS Limited (Ontario, Canada)(DRO, NRSRO affiliate); DBRS Ratings GmbH (Frankfurt, Germany)(EU CRA, NRSRO affiliate, DRO affiliate); and DBRS Ratings Limited (England and Wales)(UK CRA, NRSRO affiliate, DRO affiliate). DBRS Morningstar does not hold an Australian financial services license. DBRS Morningstar credit ratings, and other types of credit opinions and reports, are no intended for Australian residents or entities. DBRS Morningstar does not authorize their distribution to Australian resident individuals or entities, and accepts no responsibility or liability whatsoever for the actions of third parties in this respect. For more information on regulatory registrations, recognitions and approvals of the DBRS Morningstar group of companies, please see: https://www.dbrsmorningstar.com/research/225752/highlights.pdf.
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Report highlights Convergent’s plans to build an energy landscape that is less expensive, more reliable, and increasingly sustainable
NEW YORK--(BUSINESS WIRE)--Convergent Energy and Power (Convergent), a leading provider of energy storage solutions in North America, today announced the publication of its 2022 Sustainability and Impact Report. The report details Convergent’s strong progress toward advancing the clean energy transition through its Environmental, Social, and Governance (ESG) work and its goals for 2023—the first year in history with a federal Investment Tax Credit (ITC) for stand-alone energy storage following the passage of the Inflation Reduction Act (IRA).
“Being a good corporate citizen is core to Convergent’s identity. I’m proud of the progress we’ve made and excited for the path we have charted in our 2022 Sustainability and Impact Report,” said Johannes Rittershausen, Convergent’s CEO. “This report makes clear our commitment to continuous improvement and leadership in ESG, positioning Convergent as a strong partner for businesses and utilities that prioritize mitigating the climate crisis, community engagement, safety, ethical governance, and diversity, equity, and inclusion. Energy storage is the linchpin of the clean energy transition and we are proud to accelerate this transition together with our customers.”
Highlights of the 2022 Sustainability and Impact Report include:
In addition to its ESG commitments, Convergent has made significant progress in developing the energy storage solutions that create a more reliable, economical, and renewable-powered electric grid. The company has more than 500 MW/800 MWh of storage and solar-plus-storage capacity operating or under development, with more than $500M invested in projects in operation or allocated to projects under development.
“As we begin 2023, which is sure to be a landmark year for the future of energy, I am incredibly confident in our business and believe it is optimally positioned to meet this moment,” said Frank Genova, Chief Operating and Financial Officer. “We now have the regulatory certainty that is needed for the private sector to invest more heavily in the clean energy transition and Convergent will continue to hold a leadership role in the future of energy.”
About Convergent Energy and Power
Convergent Energy and Power (Convergent) is a leading provider of energy storage solutions in North America. Convergent has over a decade of experience financing and managing all aspects of the energy storage development cycle to help customers reduce electricity costs and increase reliability. The company’s commercial, industrial, and utility-scale assets can yield seven-figure savings while advancing the clean energy transition. Convergent’s proprietary asset management platform, PEAK IQ® leverages machine learning and deep market knowledge to optimize asset performance and maximize value. Convergent has over $500M invested in or committed to projects in operation or under development across North America. For more information, visit convergentep.com or follow us on LinkedIn or Twitter.
Convergent Press Contact
Kate Siskel
SVP, Marketing and Communications
Convergent Energy and Power
ksiskel [at] convergentep.com
917-508-0274
DUBLIN--(BUSINESS WIRE)--The "Global Defense Logistics Market 2023-2027" report has been added to ResearchAndMarkets.com's offering.
The defense logistics market is poised to grow by $3998.66 mn during 2022-2027, accelerating at a CAGR of 2.05% during the forecast period. The report on the defense logistics market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.
The report offers an up-to-date analysis regarding the current global market scenario, the latest trends and drivers, and the overall market environment. The market is driven by the increasing number of military vehicles, the adoption of multidimensional defense logistics, and the growing military ammunition globally.
The defense logistics market is segmented as below:
By End-user
By Solution
By Geographical Landscape
This study identifies the collaborative logistics approach as one of the prime reasons driving the defense logistics market growth during the next few years. Also, the adoption of network-centric warfare communication infrastructure and vehicle management systems for defense logistics players will lead to sizable demand in the market.
The report on the defense logistics market covers the following areas:
The robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading defense logistics market vendors that include AECOM, Amentum Services Inc., Anham FZCO LLC, ASELSAN AS, BAE Systems Plc, Colak Group, Crane Worldwide Logistics, Crowley Maritime Corp., Defence Logistics Ltd., Fluor Corp., General Dynamics Corp., Honeywell International Inc., KBR Inc., Leonardo SpA, Northrop Grumman Corp., SEKO Logistics, Thales Group, Wincanton Plc, CEVA Logistics AG, and Lockheed Martin Corp.. Also, the defense logistics market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage all forthcoming growth opportunities.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.
The publisher presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers. The data presented is comprehensive, reliable, and a result of extensive research - both primary and secondary. The market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast accurate market growth.
Key Topics Covered:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Solution
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/9zhj83
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
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WASHINGTON--(BUSINESS WIRE)--Nodal Exchange announced today that it achieved record trading volumes in 2022 in both power and environmental markets.
Nodal achieved a record 2.4 billion MWh power futures volume traded in 2022, representing 8.3% growth over 2021. Nodal is the market leader in North American power futures having the majority share of the open interest with a record 1.1 billion MWh as of end of year 2022. The open interest represents over $133 billion of notional value (both sides).
Nodal, with its collaborator IncubEx, continued to grow trading in the environmental futures and options markets. Nodal achieved a record 280,603 lots of environmental futures and options volume traded in 2022, representing 13% growth over 2021. Nodal also set a calendar month environmental trading record in December with 32,642 lots, up 21% from 26,915 lots in December 2021. Nodal US environmental futures and options open interest at year end 2022 was 223,275 lots, up 31% from 170,770 at the end of 2021. Total notional value of environmental products traded on Nodal hit a new record of $2.1 billion in 2022.
In 2022, Nodal introduced new contracts in the voluntary and compliance carbon markets and first-ever products in renewable energy certificates and renewable fuel credits. The new listings pushed the number of environmental products offered on Nodal to more than 100, extending the largest suite of environmental products offered on any exchange.
“Nodal plays a key role in providing price, credit and liquidity risk management solutions to the markets we serve, and we appreciate the confidence of our trading community which resulted in significant growth in our power and environmental markets in 2022,” said Paul Cusenza, Chairman and CEO of Nodal Exchange. “As we begin the new year, we look forward to further developing all our markets and expanding our product portfolio in order to best meet the needs of the markets we serve.”
ABOUT NODAL
Nodal Exchange is a derivatives exchange providing price, credit and liquidity risk management solutions to participants in the North American commodities markets. Nodal Exchange is a leader in innovation, having introduced the world’s largest set of electric power locational (nodal) futures contracts and the world’s largest set of environmental contracts. As part of EEX Group, a group of companies serving international commodity markets, Nodal Exchange currently offers over 1,000 contracts on hundreds of unique locations, providing the most effective basis risk management available to market participants. In addition, Nodal Exchange offers natural gas and environmental contracts. All Nodal Exchange contracts are cleared by Nodal Clear which is a CFTC registered derivatives clearing organization. Nodal Exchange is a designated contract market regulated by the CFTC. For more information, visit www.nodalexchange.com
Nicole Ricard
Nodal Exchange Public Relations
P: 703-962-9816
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HOUSTON--(BUSINESS WIRE)--Consolidated Asset Management Services (CAMS), a fully-integrated service provider for owners of energy infrastructure assets, announced it has expanded its offerings by introducing new Strategic Control Services (SCS). Through its next generation remote operations center located in downtown Houston, CAMS SCS monitors and controls power generation assets in real time leading to increased reliability, reduced risk and optimal profitability.
The state-of-the-art services combine CAMS industry-leading O&M best practices with a fully compliant NERC facility. CAMS SCS provides 24/7 coverage of power generation assets and includes multiple redundancies to ensure reliable operations. It was designed with cybersecurity and compliance operability in mind to reduce risks.
"We are excited to continue our legacy of creating value for our customers by strategically enhancing our suite of services," said CEO and Founder Joseph W. Sutton. "Incorporating CAMS SCS further strengthens our existing capabilities in the power generation industry and provides more depth for our clients from which we can flexibly offer additional cost savings, improved operations and more efficient staffing.”
CAMS SCS includes access to CAMS eTRAC, a proprietary digital tool to enhance flexibility, visibility, and analytics for optimal dispatch. It provides real-time data regarding market exposure and the effectiveness of current optimization strategies.
About CAMS
CAMS is a privately held company providing Operations and Maintenance (O&M), Asset Management, Environmental, Social, and Governance (ESG), and Optimization services for energy and infrastructure assets. We add value through superior management and operation of our clients’ assets located throughout the U.S. and internationally. To this end, we empower our employees to pursue creative and sustainable business practices in the field and at our corporate office that contribute to operational excellence, financial performance, a safe workplace, and a better community and environment. For more information, visit www.camstex.com.
Corporate Communications
Hailey Bui
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RICHMOND, Calif.--(BUSINESS WIRE)--Raven SR Inc. (Raven SR), a renewable fuels company, Chevron New Energies, a division of Chevron U.S.A. Inc., and Hyzon Motors Inc. (NASDAQ: HYZN) today announced they are collaborating to commercialize operations of a green waste-to-hydrogen production facility in Richmond intended to supply hydrogen fuel to transportation markets in Northern California.
The facility will be owned by a newly formed company, Raven SR S1 LLC (Raven SR S1). Raven SR will be the operator of the facility, which is targeted to come online in the first quarter of 2024. Chevron holds a 50% equity stake in Raven SR 1. Raven SR holds a 30% stake and Hyzon owns the remaining 20%.
To produce the hydrogen, the project is expected to divert up to 99 wet tons of green and food waste per day from Republic Services’ West Contra Costa Sanitary Landfill into its non-combustion Steam/CO2 Reforming process, producing up to 2,400 metric-tons per year of renewable hydrogen. Diversion of this organic waste will help fulfill SB 1383 mandates, and will potentially avoid up to 7,200 metric-tons per year of CO2 emissions from the landfill. In addition, Raven’s technology uses no fresh water, an important element given drought risks in California, and uses less electricity to power its units than competing processes. The project is expected to produce at least 60% of its own electricity by upgrading the currently permitted and zoned landfill gas electric generators at the landfill, further reducing both the current air emissions and the need for grid power for its non-combustion process.
Chevron plans to market its share of the hydrogen in Bay Area and Northern California fueling stations, enabling the energy transition to zero emission vehicles. Hyzon, a global supplier of fuel cell electric commercial vehicles, plans to provide refueling for hydrogen fuel cell trucks at a hydrogen hub in Richmond.
"Our strategic partners’ commitment to the first non-combustion Steam/CO2 facility in the world will help drive our commercial operations in Richmond and accelerate similar facilities globally," said Matt Murdock, CEO of Raven. “This facility will be the first hydrogen production plant in the world to reduce greenhouse gases, including critically important short-lived climate pollutants, through its process and its product. By removing waste from the landfill, it will help reduce methane emissions. Not only will the greater Richmond community benefit from reduced emissions, investments, and jobs, it will also see economic benefits as local gas stations have a consistent supply of clean, zero-carbon hydrogen fuel for fuel cell vehicles. We are grateful to work with partners who share our mission to make cleaner fuel options available as soon as possible.”
Ahead of teaming with Raven SR on the Raven SR S1 facility, Chevron and Hyzon were among Raven SR’s initial strategic investors, along with ITOCHU, Ascent Hydrogen Fund and Samsung Ventures.
“We are excited about this collaboration and our expanded commitment to Raven and its waste-to-hydrogen technology,” said Austin Knight, vice president of Hydrogen for Chevron New Energies. “Not only are we positioned to commercialize a first-of-its-kind lower carbon hydrogen project, we are working to reduce emissions in a community in which we have a long and proud history. With a relatively short lead time, we will be able to further develop the hydrogen ecosystem in the region.”
The Raven SR technology is a non-combustion thermal, chemical reductive process that converts organic waste and landfill gas to hydrogen and Fischer-Tropsch synthetic fuels. Unlike other hydrogen production technologies, its Steam/CO2 Reformation does not require fresh water as a feedstock and uses less than half the energy of electrolysis. The process is more efficient than conventional hydrogen production and can deliver fuel with low to negative carbon intensity. Additionally, Raven SR’s goal is to generate as much of its own power onsite as possible to reduce reliance on, and/or be independent of the grid. Its modular design provides a scalable means to locally produce renewable hydrogen and synthetic liquid fuels from local waste.
“The Richmond hub enables a local, renewable hydrogen ecosystem by aligning hydrogen production, refueling infrastructure and vehicle availability geographically and technologically. This alignment is expected to reduce total costs to fleet operators, accelerating the transition to zero-emissions vehicles and global decarbonization,” said Parker Meeks, Hyzon president and interim CEO.
“This marks a significant step in demonstrating the commercial viability of a localized, low-to-negative carbon intensity hydrogen economy,” he added. “Through Hyzon’s partnership with Raven, hydrogen supply can be synchronized with the demand for hydrogen fuel cell electric vehicles. Raven’s deployment of scalable hydrogen production facilities allows supply and demand to grow together as clean hydrogen for transport continues to gain market and regulatory support.”
About Raven SR
Raven SR, headquartered in Wyoming, transforms biomass, mixed municipal solid waste, bio-solids, sewage, medical waste, and natural or biogas into renewable fuels. Using its proprietary, non-combustion, non-catalytic “Steam/CO2 Reformation” technology, Raven SR dependably produces a hydrogen-rich syngas regardless of feedstock utilized. Raven SR, led by co-founders Matt Murdock and Matt Scanlon, is committed to adding value to local resources and communities while responsibly reducing greenhouse gases and achieving a low carbon economy. By using modular systems and producing low air emissions, their systems can be located closer to customers and feedstock, creating local fuel from local waste for local mobility. Visit https://ravensr.com/.
About Chevron
Chevron Corporation (NYSE: CVX) is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to achieving a more prosperous and sustainable world. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We are focused on lowering the carbon intensity in our operations and growing lower carbon businesses along with our traditional business lines. More information about Chevron is available at www.chevron.com.
About Hyzon
Hyzon is a global supplier in fuel cell electric mobility, with US operations in the Rochester, Chicago and Detroit areas, and international operations in the Netherlands, Australia, Germany, and China. Hyzon is an energy transition accelerator and technology innovator, providing end-to-end solutions in the transport sector with a focus on commercial vehicles and hydrogen supply infrastructure. Utilizing its proven and proprietary hydrogen fuel cell technology, Hyzon aims to supply zero-emission heavy duty trucks and buses to customers in North America, Europe and around the world to mitigate emissions from diesel transportation, which is one of the single largest sources of carbon emissions globally. The Company is contributing to the escalating adoption of fuel cell electric vehicles through its demonstrated technology advantage, leading fuel cell performance and history of rapid innovation. Visit www.hyzonmotors.com.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This news release contains forward-looking statements relating to Chevron’s operations and energy transition plans that are based on management's current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “advances,” “commits,” “drives,” “aims,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential,” “ambitions,” “aspires” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for the company’s products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changes to government policies in the countries in which the company operates; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and actions; disruptions in the company’s global supply chain, including supply chain constraints and escalation of the cost of goods and services; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic and political conditions, including the military conflict between Russia and Ukraine and the global response to such conflict; changing refining, marketing and chemicals margins; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; development of large carbon capture and offset markets; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates, particularly during the COVID-19 pandemic; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce greenhouse gas emissions; the potential liability resulting from pending or future litigation; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; material reductions in corporate liquidity and access to debt markets; the receipt of required Board authorizations to implement capital allocation strategies, including future stock repurchase programs and dividend payments; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 20 through 25 of the company’s 2021 Annual Report on Form 10-K and in subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements.
Media Contacts:
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DOHA, Qatar--(BUSINESS WIRE)--QatarEnergy and Chevron Phillips Chemical Company LLC announced today they will proceed on construction of a $6 billion integrated polymers complex in Ras Laffan Industrial City, Qatar.
An agreement marking the positive final investment decision for the project was signed by His Excellency Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy, and by Bruce Chinn, President and CEO of Chevron Phillips Chemical, at a ceremony in Doha. The companies created a joint venture, Ras Laffan Petrochemicals, in which QatarEnergy owns a 70% equity share and Chevron Phillips Chemical owns 30%.
The 435-acre project site will include an ethane cracker with a capacity of 2080 KTA of ethylene, making it the largest ethane cracker in the Middle East and one of the largest in the world. It will also include two high-density polyethylene derivative units with a total capacity of 1680 KTA.
Chevron Phillips Chemical will provide project management services. Construction began with early works at the site in June 2022, and startup is expected in late 2026. The engineering, procurement and construction of the ethane cracker will be executed by a joint venture between Samsung Engineering CO., Ltd. and CTCI Corporation. Tecnimont S.p.A. will execute engineering, procurement and construction for the polyethylene units.
The polyethylene units will use Chevron Phillips Chemical’s MarTech™ loop slurry process to produce high-density polyethylene, which will primarily be exported from the state of Qatar. Polyethylene is used in the production of durable goods like pipe for natural gas and water delivery and recreational products such as kayaks and coolers. It is also used in packaging applications to protect and preserve food and keep medical supplies sterile.
The facility will be constructed with modern, energy-saving technology and use ethane for feedstock, which along with other measures, is expected to result in lower greenhouse gas emissions than similar global facilities.
“At Chevron Phillips Chemical, we continue to grow our global asset base where there is access to reliable, affordable feedstock. This investment will help meet global demand for polyethylene products,” Chinn said. “We are excited to expand on the long and successful history we have with QatarEnergy to safely construct and operate world-scale facilities.”
Attending the signing ceremony were senior executives from QatarEnergy, Chevron Phillips Chemical and its owner companies, Chevron U.S.A. Inc. and Phillips 66.
Chevron Phillips Chemical and QatarEnergy operate joint ventures in Qatar and recently announced construction of a similar integrated polymers facility in Orange, Texas.
About Chevron Phillips Chemical
Chevron Phillips Chemical is one of the world’s top producers of olefins and polyolefins and a leading supplier of aromatics, alpha olefins, styrenics, specialty chemicals, plastic piping and polymer resins. With approximately 5,000 employees, Chevron Phillips Chemical and its affiliates own nearly $18 billion in assets, including 31 manufacturing and research facilities in six countries. Chevron Phillips Chemical is equally owned indirectly by Chevron Corporation U.S.A. Inc. and Phillips 66 Company and is headquartered in The Woodlands, Texas. For more information about Chevron Phillips Chemical, visit www.cpchem.com. Also, follow us on Twitter: @chevronphillips.
“Chevron Phillips Chemical” or “CPChem” may refer to one or more Chevron Phillips Chemical subsidiaries or affiliates or to all of them taken as a whole. All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, each of which manages its own affairs.
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HOUSTON--(BUSINESS WIRE)--SilverBow Resources, Inc. (NYSE: SBOW) (“SilverBow” or “the Company”) announced today the appointments of Jennifer M. Grigsby and Kathleen McAllister to the SilverBow Board of Directors (the “Board”) effective immediately. Ms. Grigsby and Ms. McAllister join the Board as independent directors following a comprehensive search process, conducted with the assistance of a nationally recognized search firm, to complement the Board's existing credentials and qualifications.
Ms. Grigsby, a seasoned executive with experience in accounting, risk management, corporate governance and finance, primarily in the oil and gas exploration and production industry, served as the Secretary of Economic Administration for the State of Oklahoma, from March 2021 through November 2022. Prior to this role, Ms. Grigsby served as Executive Vice President and Chief Financial Officer of Ascent Resources, LLC from 2015 until 2020 and in various roles at Chesapeake Energy Corporation. She also currently serves as an independent director for CrossFirst Bankshares, Inc., Cetarus Ltd. and CompSource Mutual Insurance Company.
Ms. McAllister is an experienced public company executive and director with operational and financial expertise at companies in the energy value chain. She most recently served as President, Chief Executive Officer and Chief Financial Officer of Transocean Partners LLC from 2014 through the merger of Transocean Partners LLC with Transocean Ltd. in 2016. She also currently serves as an independent director for The Metals Company, Black Hills Corporation and Höegh LNG Partners LP.
Marcus C. Rowland, Independent Chairman of the Board, commented, “We are delighted to have Jennifer and Kathleen, two proven leaders and experienced directors in the oil and gas industry, join the Board. Each has a long history of enhancing the performance of major public companies as directors and executives. Their insight, knowledge and dedication will be valuable to SilverBow’s future growth and successful development.”
Michael Duginski, Chair of the Board’s Nominating and Strategy Committee, commented, “We undertook an extensive process of identifying, vetting, and evaluating director candidates. Jennifer’s and Kathleen’s track records of board leadership, along with managing organizations to achieve successful outcomes, will serve SilverBow and its stakeholders well in the years to come."
In connection with these appointments, the Board increased its size from seven to nine directors, eight of whom are independent directors. Collectively, the directors have broad operational and financial experience in the oil and gas industry, including health, safety and environmental affairs, regulatory affairs, environmental stewardship, risk management, capital markets, mergers and acquisitions, commodity hedging and accounting.
ABOUT JENNIFER GRIGSBY
Ms. Grigsby has over 30 years of progressive senior management experience in accounting, treasury, risk management, corporate governance, and corporate finance, primarily in the oil and gas exploration and production industry. Most recently, Ms. Grigsby served as Secretary of Economic Administration for the State of Oklahoma, from March 2021 through November 2022. In this role, Ms. Grigsby oversaw more than 20 state agencies including the Oklahoma Employment Security Commission, the Office of the State Treasurer, the Oklahoma Tax Commission, the Lottery Commission and the State’s Pension and Retirement Systems. Prior to this role, Ms. Grigsby served as Executive Vice President and Chief Financial Officer of Ascent Resources, LLC, an oil and gas exploration and production company located in Oklahoma City, Oklahoma, from 2015 until 2020. Ms. Grigsby previously served as CFO of American Energy – Woodford, LLC and CEO and CFO of American Energy Minerals, LLC from February 2015 to July 2015. Prior to her roles at American Energy, Ms. Grigsby spent almost 19 years with Chesapeake Energy Corporation (NYSE: CHK) and served in various executive roles, including Senior Vice President, Treasurer and Corporate Secretary and Senior Vice President – Corporate and Strategic Planning. Ms. Grigsby is also a principal and co-founder of Amethyst Investments, LLC, a passive financial investment company in Oklahoma City, Oklahoma. Ms. Grigsby currently serves on the board of directors and audit committee of each of CrossFirst Bankshares, Inc. (NASDAQ: CFB) as well as Cetarus Ltd. and on the board of directors and investment committee of CompSource Mutual Insurance Company. Ms. Grigsby serves as immediate past chair of the board of directors of the YMCA of Greater Oklahoma City and on the board of directors of the Oklahoma Hall of Fame and the United Way of Central Oklahoma. Ms. Grigsby holds a BS degree in Accounting from Oklahoma State University and an MBA from Oklahoma City University. Ms. Grigsby is a Certified Public Accountant and Chartered Global Management Accountant and is a member of the Oklahoma Society of Certified Public Accountants and the American Institute of Certified Public Accountants. Ms. Grigsby is also National Association of Corporate Directors (NACD) Directorship CertifiedTM.
ABOUT KATHLEEN MCALLISTER
Ms. McAllister is a seasoned public company executive and director who has held diverse leadership roles in global, capital-intensive companies in the energy value chain. Most recently, Ms. McAllister served as President, Chief Executive Officer, and Director of Transocean Partners LLC (NYSE: RIGP) from 2014 to 2016 and as Chief Financial Officer in 2016. From 2011 to 2014, Ms. McAllister served as Vice President and Treasurer of Transocean Ltd. (NYSE and SIX: RIG) and led the initial public offering of Transocean Partners in 2014 after holding roles of increasing responsibility in corporate and operations, finance, treasury, accounting and tax with Transocean Ltd. Ms. McAllister began her career at Deloitte & Touche LLP and served in various finance, treasury, accounting and tax roles at Baker Hughes Company (NASDAQ: BKR), Helix Energy Solutions Group, Inc. (NYSE: HLX) and Veritas DGC Inc. (NYSE and TSX: VTS) prior to joining Transocean. Ms. McAllister currently serves as an independent director and audit committee chair for The Metals Company (NASDAQ: TMC), an independent director and audit committee member of Black Hills Corporation (NYSE: BKH), and an independent director, audit committee member and conflicts committee member of Höegh LNG Partners LP. (private, formerly NYSE: HMLP). Ms. McAllister serves on the National Association of Corporate Directors (NACD) Texas TriCities Chapter Board, for the University of Houston-Clear Lake College of Business Dean’s Advisory Council and on the Board of Aid to Victims of Domestic Abuse. Ms. McAllister holds a BS degree in Accounting from the University of Houston-Clear Lake.
ABOUT SILVERBOW RESOURCES, INC.
SilverBow Resources, Inc. (NYSE: SBOW) is a Houston-based energy company actively engaged in the exploration, development, and production of oil and gas in the Eagle Ford Shale and Austin Chalk in South Texas. With over 30 years of history operating in South Texas, the Company possesses a significant understanding of regional reservoirs which it leverages to assemble high quality drilling inventory while continuously enhancing its operations to maximize returns on capital invested. For more information, please visit www.sbow.com. Information on the Company’s website is not part of this release.
FORWARD-LOOKING STATEMENTS
This release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements represent management's expectations or beliefs concerning future events, and it is possible that the results described in this release will not be achieved. These forward-looking statements are based on current expectations and assumptions and are subject to a number of risks and uncertainties, many of which are beyond our control. Important factors that could cause actual results to differ materially from our expectations include, but are not limited to, risks and uncertainties discussed in the Company’s reports filed with the U.S. Securities and Exchange Commission, including in its Annual Report on Form 10-K for the year ended December 31, 2021, and subsequent quarterly reports on Form 10-Q and current reports on Form 8-K. All forward-looking statements speak only as of the date of this news release. You should not place undue reliance on these forward-looking statements.
Jeff Magids
Director of Finance & Investor Relations
(281) 874-2700, (888) 991-SBOW
HOUSTON--(BUSINESS WIRE)--BP Prudhoe Bay Royalty Trust (NYSE: BPT) announced that unitholders will receive a dividend for the quarter ended December 31, 2022. The dividend information is as follows:
Ex-Dividend Date: |
January 13, 2023 |
Record Date: |
January 17, 2023 |
Payable Date: |
January 23, 2023 |
Dividend Rate: |
$0.2974297 per Unit |
As provided in the Trust Agreement, the quarterly royalty payment by Hilcorp North Slope, LLC to the Trust is the sum of the individual revenues attributed to the Trust as calculated each day during the quarter. The amount of revenue is determined by multiplying Royalty Production for each day in the calendar quarter by the Per Barrel Royalty for that day. Pursuant to the Trust Agreement, the Per Barrel Royalty for any day is the WTI Price for the day less the sum of (i) Chargeable Costs multiplied by the Cost Adjustment Factor and (ii) Production Taxes.
For the three months ended December 31, 2022, the Per Barrel Royalty was calculated based on the following information:
Average WTI Price |
$ 82.53 |
||||
Average Adjusted Chargeable Costs |
$ 73.36 |
||||
Average Production Taxes |
$ 2.93 |
||||
Average Per Barrel Royalty |
$ 6.25 |
||||
Average Net Production (mb/d) |
70.2 |
The average daily closing WTI price was above the “break-even” price for the quarter, resulting in a quarterly payment with respect to the Royalty Interest of $6,639,508 to the Trust, after an increase of $26,209 representing an underpayment to the Trust for the quarter ended September 30, 2022. In accordance with the Trust Agreement, the Trustee will pay all accrued expenses of the Trust, then distribute the excess, if any, of the cash received by the Trust over the Trust’s expenses to unitholders. After paying the Trust’s expenses accrued through December 31, 2022, $6,364,996 is available for distribution to unitholders.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements in this press release are subject to a number of risks and uncertainties beyond the control of the Trustee. The actual results, performance and prospects of the Trust could differ materially from those expressed or implied by forward-looking statements. Descriptions of some of the risks that could affect the future performance of the Trust appear in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2021, the Trust’s subsequent Quarterly Reports on Form 10-Q, and the Trust’s other filings with the Securities and Exchange Commission. The Trust’s annual, quarterly and other filed reports are or will be available over the Internet at the SEC’s website at http://www.sec.gov. Neither the Trust nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release.
Elaina Rodgers
Vice President
The Bank of New York Mellon Trust Company, N.A.
713-483-6020
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